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SGS (SGSN) investor relations material
SGS Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary25 Jul, 2025
Executive summary
Achieved 5.3% organic growth in H1 2025, with strong margin improvement and 34% increase in free cash flow year-over-year.
Major milestone reached with the signing of the ATS acquisition, expected to nearly double North American sales by 2027 and deliver at least USD 30 million in annual EBITDA synergies within three years.
Twelve bolt-on acquisitions completed in 2025, adding over CHF 90 million in annual sales and expanding capabilities in key markets.
Sustainability and Digital Trust services achieved double-digit growth, confirming their role as key growth engines.
Scrip dividend take-up rate exceeded 63%, redirecting CHF 400 million to growth opportunities.
Financial highlights
Sales reached CHF 3,422 million, up 2.6% in reported terms and 5.3% organically compared to H1 2024, with a -4.1% FX impact.
Adjusted operating income margin improved by 80 basis points to 14.9%, with operating income up 8.1% year-over-year.
Free cash flow (excluding HQ disposal) rose to CHF 208 million, a 34% increase year-over-year.
EPS was CHF 1.64, up 13.9% year-over-year; net profit attributable to shareholders increased to CHF 314 million.
EBITDA after restructuring reached CHF 728 million, up from CHF 655 million in H1 2024.
Outlook and guidance
2025 outlook confirmed: 5–7% organic sales growth, 1–2% bolt-on contribution, at least 30 basis points AOI margin improvement, and strong free cash flow generation.
2027 objectives: 5–7% annual organic growth, ≥150 bps AOI margin improvement vs. 2023, cash conversion >50%.
What synergies are expected from ATS?
How will the HQ move to Zug streamline SGS?
What drove the 19% growth in Sustainability?
ATS synergies: cost vs sales split?
Detail tariff impact on H2 2025.
BA reacceleration plan after leadership change?
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Q3 2025 TU23 Oct, 2025
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Frequently asked questions
Inspection and Verification
SGS SA is a Swiss company with multinational operations that specializes in inspection, verification, testing, and certification services. The company provides a range of services aimed at ensuring product quality, compliance with regulations, and operational efficiency in various sectors. Its services are designed to ensure that products or services meet the standards set by regulations or by the company’s customers themselves. SGS is headquartered in Geneva, Switzerland, and its shares are traded on the SGSN.
From Grain Inspections on the Seine to Global Company
SGS SA, founded in 1878 in Rouen, France, has evolved into a global leader in inspection, verification, testing, and certification services. Initially established as a grain shipment inspection house in the port of Rouen, the company expanded its services to cater to a broader range of commodities over time. In the early 20th century, SGS began offering vehicle inspection services, marking a significant diversification. Post-World War II, the firm accelerated its expansion, establishing offices worldwide. The 1980s and 1990s witnessed further growth through a series of strategic acquisitions, enabling SGS to offer a wider range of services across various sectors. Today, SGS operates a network spanning multiple countries, providing services critical to international trade and industry compliance standards.
The Services
SGS SA offers a diverse array of services across multiple sectors, focusing on inspection, verification, testing, and certification. In inspection, they assess products, processes, and installations across industries to ensure regulatory and standards compliance. Verification services involve checking the conformity of products and services against global standards, often crucial in international trade. Testing services are comprehensive, encompassing performance, safety, and regulatory compliance tests for various products. Lastly, certification services by SGS ensure that products, systems, or services meet the standards set by governments and standardization bodies. Some companies offering similar services are Bureeu Veritas, Intertek, and Eurofins Scientific.
Target customers
SGS SA serves a broad and diverse customer base spanning multiple sectors. These include industries such as agriculture, automotive, chemicals, construction, consumer goods, energy, environment, life sciences, industrial manufacturing, and mining. The company's services are crucial for businesses needing to ensure compliance with international standards and regulations, making them a vital partner for companies engaged in global trade. Additionally, SGS caters to governments and public institutions, offering services that aid in regulatory compliance and public safety.
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