Sika Ag · SIX:SIKA
Sika — Investor Day (November 2025)
52 slides from Sika's investor day presentation, Nov 27, 2025
Slide 1: Strategic Fast Forward Program for Profitable Growth and Digital Leadership
STRATEGIC FAST FORWARD PROGRAM FOR PROFITABLE GROWTH AND DIGITAL LEADERSHIP November 27, 2025 Thomas Hasler, CEO Adrian Widmer, CFO Philippe Jost, Regional Manager Asia/Pacific
Slide 2: Agenda
AGENDA 2 1. A Strong Foundation Thomas Hasler (CEO) and Adrian Widmer (CFO) 2. China Philippe Jost (Regional Manager Asia/Pacific) 3. Fast Forward Program Thomas Hasler (CEO) and Adrian Widmer (CFO) 4. Key Investment Initiatives Thomas Hasler (CEO) and Adrian Widmer (CFO) 5. Questions and Answers
Slide 3: A Strong Foundation
A STRONG FOUNDATION
Slide 4: Sika is standing on a strong foundation
SIKA IS STANDING ON A STRONG FOUNDATION 4 OUTGROWING MARKETS – INCREASING PROFITABILITY Execution of Strategy 2028 is on track Sika is outgrowing markets and peers Market growth has been weaker than expected while backlog is building Accelerating efficiency program and investing in digital leadershi
Slide 5: Strategy 2028 – with new growth guidance
STRATEGY 2028 – WITH NEW GROWTH GUIDANCE 5 3-6% LC GROWTH EXCLUDES MARKET GROWTH ELEMENT * ** ** * representing Sika’s market outgrowth and bolt-on acquisitions, excluding the market growth element ** once MBCC synergies materialized
Slide 6: 3-6% LC growth excludes market growth element
3-6% LC GROWTH EXCLUDES MARKET GROWTH ELEMENT 6 NO CHANGE IN MARKET OUTGROWTH & ACQUISITION IMPACT Previous LC sales growth CAGR target New LC sales growth CAGR target Sika, assuming market growth of 2.5% Sika, excluding market growth element Our growth Our growth ambition ambition 6-9% Sika’s avera
Slide 7: Strategy execution status – delivering on margins
STRATEGY EXECUTION STATUS – DELIVERING ON MARGINS 7 ACCELERATING EFFICIENCIES TO COMPENSATE MISSING LEVERAGE Execution Missing Market On track On track, On track Status Growth accelerating 20-23% 18.2% EBITDA 2023 Growth Leverage Material Margin Operational M&A EBITDA 2028 Management Efficiency
Slide 8: Headwind in core markets, overall decline with pockets of growth
HEADWIND IN CORE MARKETS… 8 Scope: OVERALL DECLINE WITH POCKETS OF GROWTH Key observed trends and market dynamics over the past 3 years Residential ▪ Elevated borrowing costs ▪ Spain: improving financing construction conditions ▪ Increased construction cost ▪ Italy and France: renovation ▪ Economic
Slide 9: Market backlog is growing, emerging opportunities in all segments
… BUT MARKET BACKLOG IS GROWING… 9 EMERGING OPPORTUNITIES IN ALL SEGMENTS Home shortages Aging infrastructure and increasing demand ~5 million ~4.3 million homes ▪ 220,000 bridges need repair; 74,000 should be homes supported by 1.5 replaced million housing plan Residential ▪ GBP 6.8 billion bridge
Slide 10: Sika is growing in key geographies
... AND SIKA IS GROWING IN KEY GEOGRAPHIES 10 WELL POSITIONED IN STRONG MARKETS Key geographies ▪ Africa ▪ Middle East ▪ India ▪ Southeast Asia ▪ Latin America
Slide 11: Net sales growth first nine months 2025
NET SALES GROWTH FIRST NINE MONTHS 2025 11 GROWTH IMPACTED BY CHINA CONSTRUCTION OPERATIONAL FX +2.5% 9,134.8 +1.1% +95.7 -120.2 -4.9% 9,014.6 8,914.9 +124.2 -436.5 -3.8% 8,578.1 9M 2024 Organic excl. Acquisitions 9M 2025 adj. in China 9M 2025 FX Impact 9M 2025 (reported) China LC excl. China Constr
Slide 12: Sika gaining market share in challenging markets
SIKA GAINING MARKET SHARE IN CHALLENGING MARKETS 12 OUTGROWING PEERS 2023 – 9M 2025 Sika vs Peers, Organic Growth Sika excl. China Construction vs Peers, Organic Growth Average Organic Growth Average Organic Growth difference per year 2.4% difference per year 2.8% 1.8% 1.5% 1.2% 1.1% 0.0% 0.1% 2023
Slide 13: Sika being more profitable
SIKA BEING MORE PROFITABLE 13 EBITDA GROWTH OUTGROWING PEERS 2023 – 9M 2025 [CHF] Sika vs Peers, EBITDA Growth [CHF]* Sika excl. China Construction vs Peers, EBITDA Growth [CHF]* Average absolute growth Average absolute growth difference per year 6.3% difference per year 8.8% 20.0% 20.0% 14.3% 15.0%
Slide 14: Strong Net Promoter Score (NPS)
STRONG NET PROMOTER SCORE (NPS) 14 CUSTOMERS RECOMMEND SIKA AND PLAN TO BUY MORE The global customer survey showed that Sika’s NPS is high. Based on a strong brand, satisfied customers are ready to spend more in the future. Total Future NPS intent +39 41% of Sika customers plan to increase share of
Slide 15: Market penetration is ongoing – levers are intact
MARKET PENETRATION IS ONGOING – LEVERS ARE INTACT 15 GROWTH VECTORS TO INCREASE MARKET SHARE Innovation Leader Key geographies Go where the money is Multi-channel approach Cross- selling Leveraging strong position
Slide 16: Sika is an innovation powerhouse
SIKA IS AN INNOVATION POWERHOUSE 16 ABLE TO QUICKLY ADAPT TO MARKET NEEDS 892 Inventions and 520 initial applications since 2021 in 5 core technologies. Extensive Reach: Over 100 local and regional R&D facilities in 90 locations, supported by 18 global technology centers across regions. Agility and
Slide 17: Sika's unique culture and people
SIKA’S UNIQUE CULTURE AND PEOPLE 17 PERFORMANCE DRIVEN SIKA SPIRIT Engaged and highly skilled people on all levels Unique Sika Spirit: ▪ Performance driven ▪ Collaborative and curious ▪ Entrepreneurial mindset with high level of ownership
Slide 18: Strong business execution through acquisitions
STRONG BUSINESS EXECUTION THROUGH ACQUISITIONS 18 SIKA’S M&A STRATEGY IS HIGHLY ACCRETIVE Pre-synergy Multiple Post-synergy Multiple (EBITDA) (EBITDA) ▪ Strong track-record of accretive acquisitions, unlocking substantial post-synergy value ▪ Historic post-synergy acquisition multiples prove efficie
Slide 19: Sika completed acquisitions in 2025
SIKA COMPLETED 6 ACQUISITIONS IN 2025 19 THE PIPELINE OF BOLT-ON ACQUISITIONS IS STRONG Acquisitions in Singapore, United Kingdom, North America, Investment and Joint Venture Denmark, Qatar, and Saudi Arabia in Canada and Switzerland Gulf Additive Factory Sika and Sulzer: Elmich Pte Ltd: LLC: Includ
Slide 20: MBCC integration successfully completed
MBCC INTEGRATION SUCCESSFULLY COMPLETED 20 REALIZATION OF INCREASED SYNERGIES ON TRACK Synergy generation with exceptional progress Synergy targets raised by CHF 20 million 200 to 160 220 to 180 125 41 2023 2024 2025 2026 (in CHF million)
Slide 21: Successful MBCC integration driving profitability improvement
SUCCESSFUL MBCC INTEGRATION 21 DRIVING SIGNIFICANT PROFITABILITY IMPROVEMENT >20.0% 25% Revenue synergies ▪ SG&A ▪ Operations/ 75% Footprint Cost ⁓15.0% synergies ▪ Procurement CHF 166 mn synergies* MBCC pre-acquisition EBITDA MBCC current run rate EBITDA * Trailing 12-month synergies as per 9/25
Slide 22: EBITDA margin increased to 19.7% ex China
EBITDA MARGIN INCREASED TO 19.7% EX CHINA 22 MAT. MARGIN & SYNERGIES OVERCOMPENSATE NEG. LEVERAGE in CHF mn +0.6% -0.1% 19.7% +0.4% -0.2% -0.5% +0.5% 1,645 1,702 19.2% 19.1% Incremental Synergies 0.4% 2024 9M Organic Material Non-Mat M&A Synergies FX Impact 9M 2025 China 9M 2025 (reported) Margin In
Slide 23: Net debt/EBITDA – driving further deleveraging
23 NET DEBT/EBITDA – DRIVING FURTHER DELEVERAGING SIKA COMMITTED TO STRONG INVESTMENT GRADE Acquisition of Acquisition of 4.1 A- Credit Rating 3.4 2.6 2.0 2.5 2.2 1.9 1.4 1.0 2018 2019 2020 2021 2022 2023 2024 2025
Slide 24: Capital allocation policy
CAPITAL ALLOCATION POLICY 24 BASED ON STRATEGY AND RISK & RETURN CONSIDERATIONS 1 Invest in ▪ Capital Expenditures ▪ Invest in footprint expansion, capacity, and efficiency the Business ▪ Bolt-on Acquisitions ▪ Targeted acquisitions to create additional growth platforms with high returns 2 Attractiv
Slide 25: China
CHINA
Slide 26: China accounts for 10% of Group sales
CHINA ACCOUNTS FOR 10% OF GROUP SALES 26 SIKA'S BUSINESS SPLIT BY MARKET SEGMENT 10% 20% 80% of Group Automotive & Industry Construction Sales 70% 30% Distribution, mainly Direct Business, Sika in China with solid mainly exposed to exposed to residential double-digit profitability construction infra
Slide 27: Sika's business in China
SIKA'S BUSINESS IN CHINA 27 THREE PILLARS WITH DIFFERENT MACRO LEVERS CONSTRUCTION – DISTRIBUTION CONSTRUCTION – DIRECT AUTOMOTIVE & INDUSTRY Industrial Infrastructure Other non- Manufacturing of vehicles and wind Residential/interior finishing construction construction residential blades, etc. cons
Slide 28: Residential construction in China
RESIDENTIAL CONSTRUCTION IN CHINA 28 PATH TOWARD STABILIZATION FROM 2026 ONWARDS Residential real estate market Commentary New starts and new completed (billion m2) ▪ Property downturn continues until today 2.0 ▪ 70% decline in new starts over five years 1.7 ▪ 20% decline in housing prices over four
Slide 29: Industrial and infrastructure construction in China
INDUSTRIAL AND INFRASTRUCTURE CONSTRUCTION IN CHINA 29 ATTRACTIVE POTENTIAL IN A MATURING MARKET Industrial construction Infrastructure construction Refurbishment demand Growth rates of foreign direct investment Growth rates for infrastructure investment Maturing market leads to gradually increasing
Slide 30: Future footprint in China
FUTURE FOOTPRINT IN CHINA 30 EFFICIENCY THROUGH SIMPLIFICATION AND CONSOLIDATION From a legacy footprint in 2025… … to a highly efficient footprint in 2027 >30 Production sites, both through organic with 25 production sites investments and acquisitions ▪ Focus on footprint consolidation in 3 regions
Slide 31: China Fast Forward action plan
CHINA FAST FORWARD ACTION PLAN 31 STRONG TOP AND BOTTOM-LINE MEASURES PUT IN PLACE CONSTRUCTION – DISTRIBUTION CONSTRUCTION – DIRECT Residential construction Industrial construction Infrastructure construction ▪ Increase share of wallet with existing ▪ Increase activities with Chinese owners, develo
Slide 32: China's global market expansion
CHINA’S GLOBAL MARKET EXPANSION 32 DRIVING GROWTH BEYOND BORDERS Infrastructure and Industrial Projects The value of China’s Current project pipeline: overseas investment and ▪ 64 major global infrastructure construction combined projects – CHF 280 billion since 2005 has passed ▪ 167 industrial proj
Slide 33: China's global market expansion – showcasing projects worldwide
CHINA’S GLOBAL MARKET EXPANSION 33 SHOWCASING PROJECTS WORLDWIDE Infrastructure and Industrial Projects Automotive Market Expansion Metro Bogota Line 1 Chinese OEM Colombia China/ Thailand E-mobility Total investment: USD 4.4 billion King Salman Maritime Complex Chinese OEM Kingdom of Saudi Arabia C
Slide 34: Fast Forward Program
FAST FORWARD PROGRAM
Slide 35: Investment program Fast Forward in a nutshell
INVESTMENT PROGRAM FAST FORWARD 35 IN A NUTSHELL One-time costs Investments CHF 80 – 100 million CHF 120 – 150 million Benefits CHF 150 – 200 million (CHF 80 million in 2026)
Slide 36: Fast Forward overview
FAST FORWARD OVERVIEW 36 STRENGTHENING PERFORMANCE NOW AND IN THE FUTURE MEASURES Efficiency acceleration COST Supply chain footprint/portfolio optimization 2025 2026 2027 2028 INVESTMENTS Supply chain and operational efficiency - accelerators Customer value Supply chain and operational efficiency -
Slide 37: Fast Forward one-off costs of CHF 80-100 million
FAST FORWARD ONE-OFF COSTS OF CHF 80 – 100 MILLION 37 STREAMLINE ORGANIZATION AND DRIVE EFFICIENCY FTE reduction¹ One-off costs² Asia/Pacific³ EMEA Asia/Pacific³ EMEA ~1,500 80-100 Supply chain ▪ Further optimize production and supply mn chain footprint footprint/ Americas Americas ▪ Streamline capa
Slide 38: Fast Forward investments: accelerate digitalization
FAST FORWARD INVESTMENTS OF CHF 120 – 150 MILLION 38 ACCELERATE DIGITALIZATION ALONG THE VALUE CHAIN Investments Customer SC & OPs excellence: value ▪ Creating benefits for all stakeholders Foundations Customer ▪ Ease of doing business 120-150 value ▪ Accelerated time to market (Digital Lab) mn Digi
Slide 39: Key Investment Initiatives
KEY INVESTMENT INITIATIVES
Slide 40: Become the digital leader in the industry
BECOME THE DIGITAL LEADER IN THE INDUSTRY 40 KEY INITIATIVES ACCELERATED THROUGH INVESTMENTS Accelerated 1. Enhance customer value in direct and indirect business competitive to make business easier and faster for our customers advantage Become the 2. Advance supply chain and operational excellence
Slide 41: Investing in our people
INVESTING IN OUR PEOPLE 41 UPSKILLING DIGITAL CAPABILITIES Enhance digital / AI skills of the organization through trainings and communities Accelerate build-up of new capabilities through external recruiting Simplify, harmonize, and automate processes to maximize time with customers Invest in new i
Slide 42: Enhance customer value
ENHANCE CUSTOMER VALUE 42 MAKING BUSINESS EASIER FOR OUR CUSTOMERS STRENGTHEN THE DIGITAL RETAIL JOURNEY UNLOCK FULL VALUE ▪ Digital excellence in China developed over recent years to drive retail OF THE CRM business across the value chain, establishing strong market share ▪ Experience tailored and
Slide 43: Customer centricity at the core of retail business
CUSTOMER CENTRICITY AT THE CORE OF RETAIL BUSINESS 43 APAC RETAIL MODEL ENABLED BY DIGITALIZED E2E PROCESSES ACCESS TO BRAND ONLINE ORDERS LOYALTY & ENGAGEMENT Targeting hundreds of thousands of stores (POS) Having a platform IDENTIFY NETWORK DISTRIBUTOR MATCH STORE PENETRATION DATA INSIGHTS for mil
Slide 44: Customer centricity at the core of retail business
CUSTOMER CENTRICITY AT THE CORE OF RETAIL BUSINESS 44 WITH A STRONG BRAND AND A STRONG MARKET POSITION POS in Asia/Pacific, excl. China Retail net sales growth, excl. China 350’000 +12.7% >15% 300’000 CAGR 2023-20251 Expected CAGR 2025-2028 250’000 200’000 150’000 Sales 100’000 enhancer 50’000 Drive
Slide 45: Advance supply chain and operational excellence
ADVANCE SUPPLY CHAIN AND OPERATIONAL EXCELLENCE 45 ENHANCE RESILIENCE, EFFICIENCY, AND SERVICE QUALITY OPTIMIZE GLOBAL FOOTPRINT UNIFIED GLOBAL ERP ▪ Harmonized data transparency to drive footprint optimization SYSTEM which unlocks efficiency and customer proximity SCALE-UP TO DIGITAL FACTORIES ▪ Ki
Slide 46: Scale-up to digital factories
SCALE-UP TO DIGITAL FACTORIES 46 FOUNDATION FOR AUTONOMOUS PRODUCTION Data acquisition through sensors Successful design phase in 2025 and connected production environment First implementation Secured data connectivity across fully wave in 2026: integrated process landscape Scalable use cases that d
Slide 47: Innovation powerhouse – example: Nuage
INNOVATION POWERHOUSE – EXAMPLE: NUAGE 47 MACHINE LEARNING AS DEVELOPMENT CATALYST ▪ Nuage optimizes testing through advanced variable analysis ▪ Existing database of over 100,000 data points greatly reduces required tests ▪ Machine learning simulations further minimize need for physical testing Mac
Slide 48: Accelerate innovation
ACCELERATE INNOVATION 48 EXPLORING NEW TECHNOLOGIES AND MARKETS UNLOCK NEW FORMULATIONS LEVERAGE DATA OF ▪ Use AI to accelerate the discovery and optimization of product OUR DIGITAL LAB formulations based on our digital lab data ▪ First positive results in cement additives, mortars, and admixtures F
Slide 49: Sika's unique data lake
SIKA’S UNIQUE DATA LAKE 49 EXPLORING NEW BUSINESS MODELS WITH PROPRIETARY DATA Sika's competitive advantages are accelerated through proprietary data on our: ▪ Extensive markets ▪ Advanced technologies ▪ Global operations New business opportunities
Slide 50: Q&A
Q&A
Slide 51: Thank you.
THANK YOU.
Slide 52: Forward-looking statement
FORWARD-LOOKING STATEMENT 52 This presentation contains certain forward-looking statements. These forward-looking statements may be identified by words such as ‘expects’, ‘believes’, ‘estimates’, ‘anticipates’, ‘projects’, ‘intends’, ‘should’, ‘seeks’, ‘future’ or similar expressions or by discussio