Siegfried (SFZN) H1 2026 earnings summary

Executive summary

• Net sales rose to CHF 633 million, up 4.8% in local currencies and 2.2% in CHF year-over-year, driven by sustained demand and strategic acquisitions.

• Core EBITDA increased to CHF 142 million, with margin improving to 22.4%, reflecting operational excellence and productivity gains.

• Core net profit reached CHF 75.5 million, up from CHF 65.7 million year-over-year.

• Integration of three newly acquired drug substance sites in the US and Australia is progressing as planned, strengthening US presence and contributing to increased sales.

• The EVOLVE+ strategy and strategic technology upgrades are advancing, supporting future growth and global positioning.

Financial highlights

• Net sales reached CHF 633 million, with drug substances sales at CHF 431.1 million and drug product sales at CHF 201.9 million.

• Core gross profit increased 4.7% year-over-year to CHF 170.7 million, with a gross margin of 27.0%.

• Core EBIT was CHF 90.5 million, up 0.6%, with a margin of 14.3%.

• Free cash flow remained positive at CHF 15.1 million despite significant acquisition-related outflows.

• Cash flow from operating activities was CHF 93.7 million, down from CHF 149.6 million year-over-year.

Outlook and guidance

• Full-year 2026 outlook confirmed: high single-digit sales growth in local currencies and core EBITDA margin above 23%.

• Positive mid-term outlook for continued profitable growth above market, excluding M&A.

• Drug product segment expected to be more second-half weighted due to new product ramp-ups and seasonality.

• First revenues from new exclusive products at Wilmington expected in 2027, with stepwise ramp-up from 2028.

• CapEx to be maintained in the low teens as a percentage of sales, trending toward 10%.