Despite a challenging economic environment, Sika continued to grow in local currencies in the first half of 2025, achieving a year-over-year increase in its profit margin at EBITDA level. However, the weaker US dollar, which lost 10% against the Swiss franc in the second quarter, as well as ongoing uncertainties on the global markets, had an impact on the results.

Thomas Hasler, CEO: “In a challenging market environment, we once again outpaced the industry trend and continued to gain market share. Our position is especially strong in the project and infrastructure sector, which encompasses forward-looking and high-growth segments. This includes the global expansion of building structures related to artificial intelligence and digital infrastructure. With more than 1,000 data centers built using our technologies to date and a strong project pipeline, Sika has established itself as a preferred partner to technology leaders. Together with our customers around the world, we shape the digital infrastructure of the future.”

Sika increased its sales in local currencies by 1.6% in the first half of 2025. The foreign currency effect amounted to -4.3%, primarily due to the weakness of the US dollar. As a result, Sika generated sales in Swiss francs of CHF 5.68 billion (previous year: CHF 5.83 billion). In a contracting overall market, Sika managed to achieve positive organic growth of 0.6%.

At 55.1%, the material margin was kept at a consistently high level (previous year: 55.1%). The EBITDA margin increased to 18.9% (previous year: 18.7%) against the backdrop of stable input costs, additional efficiency gains, and strong synergy momentum. The MBCC synergy targets were raised by CHF 20 million (new target 2025: CHF 160-180 million, new target 2026: CHF 200-220 million). Operating profit before depreciation and amortization (EBITDA) reached CHF 1,070.4 million in the first half of the year, down slightly compared to the previous year due to strong foreign currency effects.

In line with the multi-year average, but lower than the exceptionally high previous year, Sika's operating free cash flow came in at CHF 181.9 million (previous year: CHF 401.3 million). The reduction is due to an increase in net working capital and unfavorable currency development as well as higher investments in future growth. The majority of operating free cash flow is generated in the second half of the year and will be supported by Group-wide net working capital initiatives.

Amid uncertain market development, arising in particular as a result of ongoing trade conflicts, Sika will continue to grow above the market and focus on margin improvement. For the 2025 business year, Sika expects a modest sales increase in local currencies. The company continues to expect an over-proportional increase in EBITDA and an EBITDA margin of between 19.5% and 19.8%.