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SGS
SGS (SGSN) investor relations material
SGS H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary11 Feb, 2026
Executive summary
Achieved record sales of CHF 6,945 million in 2025, with 5.6% organic growth and highest adjusted operating income and free cash flow in company history, despite global economic volatility and adverse currency effects.
Adjusted Operating Income reached CHF 1,108 million, a 16.0% margin, up 70 basis points, with EPS rising 12.3% to CHF 3.48, supported by improved profitability and HQ disposal gain.
Free Cash Flow before HQ disposal was CHF 774 million, with total free cash flow at CHF 841 million including HQ disposal; cash conversion at 57%.
Strategic focus on sustainability, digital trust, and North American expansion, including the acquisition of Applied Technical Services (ATS), drove growth and positioned the company for future trends.
Strategy 27 fully implemented ahead of schedule, setting a foundation for future growth.
Financial highlights
Sales reached CHF 6.95 billion, up 2.2% in reported terms, with 7.3% growth in constant currency and organic growth of 5.6%.
Adjusted operating income hit CHF 1.1 billion (16% margin), up 70 basis points from 2024.
Earnings per share before HQ disposal gain rose 3.5% to CHF 3.21; including the gain, EPS increased 12.3% to CHF 3.48.
Record free cash flow of CHF 774 million (57% cash conversion), with total free cash flow at CHF 841 million after HQ disposal.
Return on invested capital remained at 24%; net debt/EBITDA improved to 1.7x.
Outlook and guidance
2026 guidance targets 5–7% organic sales growth and 5–7% additional sales from acquisitions, with AOI margin expected at or above 16% and cash conversion above 50%.
Minimum 16% adjusted operating income margin targeted for 2026, maintaining flexibility for investment in innovation.
Continued focus on mega trends such as cybersecurity, AI, and sustainability to drive future growth.
Strategy 27 targets reconfirmed: annual organic sales growth of 5–7%, margin improvement of at least 1.5 percentage points by 2027, and cash conversion above 50%.
Capital Markets Event planned before end of 2026.
What new strategic pillars will follow Strategy 27?
How will ATS acquisition impact US market share?
What further efficiency gains are expected in 2026?
Detail 2026 margin reinvestment priorities
Which segments benefit most from US reindustrialization?
Outlook for Business Assurance soft segments?
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Next SGS earnings date
Q1 2026 TU23 Apr, 2026
SGS
Next SGS earnings date
Q1 2026 TU23 Apr, 2026
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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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