Sika (SIKA) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 sales reached CHF 2.49 billion, reflecting 0.9% growth in local currencies but a 7.0% decline in CHF due to negative currency effects, with market share gains across all regions despite a subdued global construction market.

• Organic growth was -0.2%, with acquisitions contributing 1.1% to growth.

• Fast Forward initiatives and MBCC synergies are progressing, targeting CHF 80 million in savings and up to CHF 200 million EBITDA contribution in 2026.

• Continued strategic investments included completed acquisition of Finja (Sweden), announced Akkim (Turkey) acquisition, and opening of five new production sites globally.

• Strategic medium-term targets for 2028 focused on sustainable, profitable growth were reaffirmed.

Financial highlights

• Q1 2026 sales: CHF 2.49 billion, up 0.9% in local currencies, down 7.0% in CHF due to a -7.9% FX impact.

• Organic growth was -0.2%, with acquisitions adding 1.1%.

• EMEA region grew 3.6% in local currency; Americas declined 0.8% to 1.2%; Asia/Pacific declined 2.2% to 2.3%.

• Construction segment accounted for 83% of net sales; products for construction industry sales fell 7.6% to CHF 2.08 billion; industrial manufacturing products declined 4.2% to CHF 412.4 million.

• Foreign exchange had a -7.9% adverse impact, most pronounced in APAC (-10.5%) and Americas (-10%).

Outlook and guidance

• Full-year guidance confirmed: 1%-4% local currency sales growth and EBITDA margin of 19.5%-20%.

• Medium-term ambition to outperform the market by 3%-6% in local currencies reaffirmed.

• Global market conditions expected to remain muted in 2026, with gradual improvement anticipated in the second half.

• Foreign exchange headwind for the year expected to moderate to -3% to -4%.

• No change to guidance despite geopolitical events; pricing and supply chain agility seen as key levers.