Despite the persistently strong impact of the coronavirus pandemic and the associated bottlenecks in the procurement of raw materials, Sika was able to continue on its consistent growth trajectory – closing the first nine months of 2021 with record results. Sales rose sharply to a record figure of CHF 6,862.7 million, corresponding to a growth of 18.1% in local currencies. The currency effect was 0.1%. The acquisition effect after nine months was 1.3%, resulting in an organic growth in the reporting period of 16.8%. Compared with the same period in 2019, organic growth was at 10.2%.

Thomas Hasler, Chief Executive Officer: "Sika has great potential for further growth and long-term success due to our position as a global leader with a market share of around 10 percent, megatrends driving our key markets, and an unprecedented need for sustainable solutions to meet the challenging global climate goals."

The sharp rise in raw material costs led to a lower gross margin of 52.6% in the first nine months (previous year: 54.6%). Economies of scale were realized thanks to higher volume, an increase in prices, and targeted efficiency gains in production workflows. The operating profit margin increased significantly to 15.4% (previous year: 13.7%) with operating profit (EBIT) rising to a new record of CHF 1,054.0 million (previous year: CHF 797.1 million) – up 32.2% compared to the previous year’s period. In addition to economies of scale, EBIT was positively impacted by productivity-enhancing measures and synergies related to acquisitions. Net profit increased to CHF 765.1 million (previous year: CHF 561.5 million).

Sika will reinforce its strategic pillars Innovation, Sustainability, and Operational Efficiency by separating Innovation and Sustainability from Operational Efficiency, Quality and EHS. Combining Innovation and Sustainability will allow Sika to accelerate its “Enabler” concept, while simultaneously driving operational efficiency across the organization. The following management changes are effective as of November 1, 2021.

Meanwhile, Patricia Heidtman will succeed Frank Hoefflin as a member of Group Management in the newly created position of Chief Innovation and Sustainability Officer. Patricia Heidtman joined Sika as a chemist in 1998. In 2000, she moved to the US, where she held various R&D positions in Automotive and ultimately assumed the role of Vice President R&D and Head of Innovation Management.

Frank Hoefflin will assume the newly created position of Head Operations, Quality and EHS. In his new role, he will continue to report directly to the CEO but will step down from Group Management.

Sika confirms its strategic targets 2023. The organization will continue to be aligned for sustainable, long-term success, and profitable growth. By targeting six strategic pillars – market penetration, innovation, operational efficiency, acquisitions, strong corporate values, and sustainability –, Sika is seeking to grow by 6%–8% a year in local currencies until 2023. As of 2021, the company is aiming for a higher EBIT margin of 15%–18%. Projects in the areas of operations, logistics, procurement, and product formulation should result in an annual improvement in operating costs equivalent to 0.5% of sales. Sika's overriding sustainability goal is to reduce CO2 emissions per ton sold by 12% until 2023. In addition, the company aims to make all product innovations even more sustainable while at the same time increasing product performance. 

For the 2021 fiscal year, Sika continues to expect sales growth in local currencies of 13%–17% as well as an over-proportional EBIT increase. The EBIT margin will reach 15% for the first time, despite a challenging raw material price development and supply chain restrictions.