Sika reports resilient performance in first nine months of 2025

EBITDA margin expanded to 19.2% (previous year: 19.1%), driven by slightly falling input costs, strong synergy momentum from the successfully completed MBCC integration

Sika continued to outgrow the market in the first nine months of 2025. The company increased its sales in local currencies by 1.1% despite the challenging construction markets in China.

Excluding the Chinese construction business, Group growth in local currencies was at around 3%. The foreign currency effect amounted to -4.9% primarily due to the weak US dollar, with Sika’s sales in Swiss francs declining to CHF 8.58 billion (previous year: CHF 8.91 billion) as a result. The material margin rose to 55.0% (previous year: 54.7%).

EBITDA margin expanded to 19.2% (previous year: 19.1%), driven by slightly falling input costs, strong synergy momentum from the successfully completed MBCC integration, and despite an approximately 50 bps impact due to declining volumes in the Chinese market.

At CHF 1.64 billion, operating profit before depreciation and amortization (EBITDA) in the first nine months was lower than in the previous year (CHF 1.70 billion) due to substantial foreign currency effects.

"Even in a market environment with strong headwinds, we have continued to grow our business in the first nine months of the year and gained market share, a testament to the strength and resilience of our teams worldwide. We are proactively addressing ongoing weak markets through our structural adjustments. In China, our strong presence and commitment to innovation will allow us to fully capitalize on the country’s long-term opportunities driven by a maturing construction market, a leading e-mobility industry, and a growing addressable market. The Fast Forward investment and efficiency program will accelerate our digital transformation and create additional value for our customers," said Thomas Hasler, Chief Executive Officer, Sika.

Sika is making structural adjustments in ongoing weak markets, such as China, with anticipated one-off costs of CHF 80 to 100 million, incurring in 2025. The structural measures include a workforce reduction of up to 1,500 employees. These adjustments are part of an investment and efficiency program, “Fast Forward”, which builds on Sika’s leadership position as a global, integrated construction chemicals company. It is designed to accelerate innovation and growth as well as enhance customer value and improve operational excellence through digital acceleration. The program also includes investments of CHF 120 to 150 million and will drive overall annual savings of CHF 150 to 200 million. The full impact is expected in 2028.

For 2025, Sika expects a modest increase in local currency sales, despite an overall shrinking market and challenging market conditions in China. The EBITDA margin is expected to be approximately 19% after one-off costs. Excluding these costs, Sika expects an EBITDA margin of between 19.5% and 19.8%.

For the medium-term, Sika is confirming its Strategy 2028 target of an EBITDA margin of 20-23%. Sika is rebasing its growth guidance to 3-6% in local currencies, reflecting a revised market growth assumption over the remaining three years of the strategy period.