Siegfried (SFZN) H2 2025 earnings summary

Executive summary

• Net sales reached CHF 1,327.8 million in 2025, up 4.3% in local currencies and 2.6% in CHF.

• Core EBITDA rose 9.3% to CHF 312.3 million, with margin expanding to 23.5% from 22.1%.

• Noramco and Extractas acquisitions are expected to add significant drug substance capacity and lift revenue and earnings.

• Commercial momentum strengthened, with 30% more requests for proposals and 31% more project wins in 2025.

• Sustainability leadership recognized by top ESG ratings; carbon emissions reduced nearly 50% since 2020.

Financial highlights

• Core gross profit rose 7.6% to CHF 354.0 million; core gross profit margin increased to 26.7% from 25.4%.

• Core net profit increased to CHF 162.1 million from CHF 158.9 million, including CHF 7.5 million of one-off insurance income.

• Operating cash flow rose 35% to CHF 228.2 million; free cash flow was CHF -3.1 million, improved from CHF -11.6 million.

• CHF 231.5 million invested in PPE and intangibles; PPE investment was CHF 211.9 million, or 16.0% of net sales.

• Operating expenses held at 11.4% of sales; effective tax rate was 19.3%.

Outlook and guidance

• 2026 guidance, excluding acquisitions: high single-digit growth in Drug Products and low single-digit growth in Drug Substances, in local currencies.

• 2026 net sales guidance is low single-digit growth in local currencies, with Core EBITDA margin expected above 23%.

• Positive midterm outlook for profitable growth above market, excluding M&A; capital expenditures expected in the low teens percentage of sales.