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Sika (SIKA) investor relations material
Sika Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
- Achieved 1.1% sales growth in local currencies for the first nine months, despite a double-digit decline in China's construction market and a -4.9% FX impact from a weaker US dollar. 
- Organic growth was flat year-to-date, with acquisitions contributing 1.1% to growth; excluding China, organic growth was 1.7%. 
- Five acquisitions and seven new factories strengthened the market position; MBCC integration completed with synergy realization on track. 
- Launched the Fast Forward investment and efficiency program, targeting CHF 150–200 million in annual savings by 2028, with significant restructuring in China and up to 1,500 job reductions. 
- Fast Forward program includes CHF 120–150 million in investments and CHF 80–100 million in one-off costs, focusing on digital acceleration and operational excellence. 
Financial highlights
- Net sales declined 3.8% to CHF 8,578.1 million, mainly due to FX impact. 
- Gross margin increased to 55.0% (up 30 bps YoY), driven by MBCC synergies and operational efficiencies. 
- EBITDA margin rose to 19.2% (up 10 bps YoY), but absolute EBITDA fell 3.3% to CHF 1.645 billion due to FX effects. 
- EBIT margin decreased to 14.4%; net profit margin declined to 10.1–10.2% of sales, with net profit at CHF 870.9 million. 
- Operating free cash flow was CHF 630 million, down 25.9% year-over-year, mainly due to FX and higher working capital. 
Outlook and guidance
- 2025 outlook: modest net sales increase in local currency and EBITDA margin of ~19%, including one-off Fast Forward costs. 
- Medium-term (2026): EBITDA margin guidance of 20%+; 2026–2028 net sales growth expected at 3–6% in local currency. 
- Cash conversion target of >10% of net sales reaffirmed for 2025 and 2026. 
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