Sika Ag · SIX:SIKA
Sika — FY2025 Earnings Presentation
58 slides from Sika's earnings presentation, Feb 20, 2026
Slide 1: Full-Year 2025 Results: Executing Plan to Accelerate Growth
FULL-YEAR 2025 RESULTS EXECUTING PLAN TO ACCELERATE GROWTH Sika Media and Investor Presentation Zurich, February 20, 2026
Slide 2: Agenda
AGENDA 1. Highlights 2025 Thomas Hasler (CEO) 2. Strategy Execution Thomas Hasler (CEO) 3. Business Implementation Thomas Hasler (CEO), Christoph Ganz (EMEA), Mike Campion (Americas), Philippe Jost (Asia/Pacific) 4. Financial Results Adrian Widmer (CFO) 5. Outlook Thomas Hasler (CEO) 6. Questions an
Slide 3: Agenda
AGENDA 1. Highlights 2025 Thomas Hasler (CEO) 2. Strategy Execution Thomas Hasler (CEO) 3. Business Implementation Thomas Hasler (CEO), Christoph Ganz (EMEA), Mike Campion (AMERICAS), Philippe Jost (Asia/Pacific) 4. Financial Results Adrian Widmer (CFO) 5. Outlook Thomas Hasler (CEO) 6. Questions an
Slide 4: Sika is standing on a strong foundation
SIKA IS STANDING ON A STRONG FOUNDATION 4 OUTGROWING MARKETS – DRIVING MARGINS Sika is the leader in an attractive, fragmented market Winning share and leading through innovation Near-term cyclical headwinds are dampening construction market activity Accelerating efficiency programs and investing in
Slide 5: 2025 – A challenging year for the industry
2025 – A CHALLENGING YEAR FOR THE INDUSTRY 5 SIKA DELIVERS MARKET OUTPERFORMANCE Relevant market decline ⁓2.5% Tariff uncertainty negative sentiment China residential market fell sharply USA government shutdown (2023 to 2025) -45% 43 days
Slide 6: 2025 – Investing for a stronger Sika
2025 – INVESTING FOR A STRONGER SIKA 6 ALL FAST FORWARD ONE-OFF COSTS TAKEN IN 2025 CHF 86 mn one-off costs EBITDA margin ex one-off costs 19.2%
Slide 7: 2025 – Taking action: Fast Forward
2025 – TAKING ACTION 7 HOW SIKA REACTED – FAST FORWARD One-off costs Investments CHF 108 million* CHF 120 – 150 million Benefits < 2-yr payback CHF 150 – 200 million Up to 100% ROI (CHF 80 million in 2026) + share gains *CHF 86.2 million were recognized in EBITDA in 2025
Slide 8: Global growth of 0.6% in local currencies
GLOBAL GROWTH OF 0.6% IN LOCAL CURRENCIES 8 2.2% EXCLUDING CHINA CONSTRUCTION +2.2 % +2.2% -5.2% +0.6% 3.88 5.03 2.30 11.20 Americas EMEA Asia/Pacific GROUP -0.4 organic growth +1.0% acquisition effect FY 2024 FY 2025 (in CHF billion, growth in LC) -5.4% currency impact
Slide 9: Sika is consistently gaining market share
SIKA IS CONSISTENTLY GAINING MARKET SHARE 9 OUTGROWING PEERS Sika vs Peers, Organic Growth Sika excl. China Construction vs Peers Avg. outperformance: +2.0% per year Avg. outperformance: +2.9% per year 3.0% 3.0% 1.8% 2.0% 1.2% 1.1% 2.0% 1.2% 1.0% 1.0% 0.1% -0.4% 0.0% 0.0% -0.9% -0.9% -1.0% -1.6% -1.
Slide 10: Highlights 2025: Growing material margin
HIGHLIGHTS 2025 10 GROWING MATERIAL MARGIN – INNOVATION & VALUE SELLING 56 % 55 54.9 54.5 54 53.6 Gross result as % of net sales 53 52 54.9% 51.8 51 50 49.4 49 48 47 46 2021 2022 2023 2024 2025
Slide 11: Highlights 2025: Strong cash generation
HIGHLIGHTS 2025 11 STRONG CASH GENERATION % 14 12.8 12 11.9 12.1 Operating free cash flow as % of sales 10 9.8 12.1% 8 8.2 6 4 2 0 2021 2022 2023 2024 2025
Slide 12: Highlights 2025: Safety first
HIGHLIGHTS 2025 12 SAFETY FIRST – PROTECTING OUR PEOPLE 9.2 Since 2021, we have significantly 7.1 improved our Lost Time Accidents (LTA) rate* 5.4 from 9.2 3.5 3.0 to 3.0 2021 2022 2023 2024 2025 *Lost Time Accidents per 1,000 FTEs
Slide 13: Key non-financial metrics
HIGHLIGHTS 2025 – KEY NON-FINANCIAL METRICS 13 IMPROVEMENTS IN SUSTAINABILITY PERFORMANCE GHG Emissions (scope 1 and 2) Water Discharge per Ton Sold -6.1% -3.4% Waste Disposed per Ton Sold Lost Time Accidents per 1,000 FTEs -5.7% -14.1%
Slide 14: Sika announces seven acquisitions in 2025
SIKA ANNOUNCES SEVEN ACQUISITIONS IN 2025 14 STRONG PIPELINE OF VALUE-ACCRETIVE BOLT-ON ACQUISITIONS Acquisitions in Singapore, United Kingdom, North America, Denmark, Qatar, Saudi Arabia, and Sweden Elmich Pte Ltd HPS North America, Inc. Cromar Building Products Gulf Additive Factory LLC Innovative
Slide 15: Key investments in future growth and efficiency
KEY INVESTMENTS IN FUTURE GROWTH AND EFFICIENCY 15 COMMISSIONING OF SEVEN NEW PLANTS IN 2025 New plants in China New plant in Kazakhstan ▪ Xi'an plant: tile adhesives, Concrete admixtures waterproofing, and flooring solutions and mortars ▪ Suzhou site extension: highly automated, advanced bonding an
Slide 16: Early actions to accelerate profitable growth in 2026
EARLY ACTIONS TO ACCELERATE PROFITABLE GROWTH IN 2026
Slide 17: Demand-driven investments in five new plants
ACTIONS TO ACCELERATE PROFITABLE GROWTH IN 2026 17 DEMAND-DRIVEN INVESTMENTS IN FIVE NEW PLANTS New plant in the US State-of-the art concrete admixture facility New plant in Bangladesh Concrete admixtures and mortars New plant in Colombia Mortars, tile adhesives, interior wall finishing, acrylic coa
Slide 18: Acquisitions – closing of Finja, signing of Akkim
ACTIONS TO ACCELERATE PROFITABLE GROWTH IN 2026 18 ACQUISITIONS – CLOSING OF FINJA, SIGNING OF AKKIM Finja: Leading Swedish Akkim: Leading producer of wide range manufacturer of of mortars and adhesives and sealants integrated solutions. based in Turkey. Expected to close in Q3. CHF 62 million CHF 2
Slide 19: The attractiveness of the adhesive business
THE ATTRACTIVENESS OF THE ADHESIVE BUSINESS 19 A STRUCTURAL GROWTH AND VALUE DRIVER Adhesives are mission-critical in all our markets and channels Enabled by megatrends Technology shift Attractive business ▪ Urbanization and Replacing welding, screws fundamentals renovation (insulation, and rivets e
Slide 20: Agenda
AGENDA 1. Highlights 2025 Thomas Hasler (CEO) 2. Strategy Execution Thomas Hasler (CEO) 3. Business Implementation Thomas Hasler (CEO), Christoph Ganz (EMEA), Mike Campion (AMERICAS), Philippe Jost (Asia/Pacific) 4. Financial Results Adrian Widmer (CFO) 5. Outlook Thomas Hasler (CEO) 6. Questions an
Slide 21: Strategy 2028
STRATEGY 2028 21 GAIN SHARE AND OUTGROW THE MARKET, PROFITABILITY *Sika’s growth above market, including bolt-on acquisitions **Once MBCC synergies materialized
Slide 22: Attractive fragmented market
ATTRACTIVE FRAGMENTED MARKET 22 GLOBAL LEADER IN A CHF 100 BN INDUSTRY Sika Market Share 12% Sika Target Markets 2x size of closest peer Value-add product focus Concrete Waterproofing Roofing Building Finishing 12% ~15% of total sales ~10% of total sales ~15% of total sales ~20% of total sales Floor
Slide 23: Balanced business mix
BALANCED BUSINESS MIX 23 DIVERSIFIED EXPOSURE SUPPORTS RESILIENCE SALES SALES 20% 30% 45% 55% RESIDENTIAL INFRASTRUCTURE New Build Refurbishment SALES SALES 35% 15% 41% 59% AUTOMOTIVE & Emerging Markets Mature Markets COMMERCIAL INDUSTRY
Slide 24: Market penetration
MARKET PENETRATION 24 GROWTH VECTORS TO INCREASE MARKET SHARE Innovation leader Key geographies Go where the money is Multi-channel approach Cross- selling Leveraging strong position
Slide 25: Innovation is our sustainable advantage
INNOVATION IS OUR SUSTAINABLE ADVANTAGE 25 R&D DRIVES DIFFERENTIATION, MARKET SHARE, MARGIN WE INVEST WE CREATE WE DELIVER CHF 280 mn 234 23-25% of sales annual R&D investment new inventions in 2025 alone from products younger than 5 years 1,800+ R&D specialists 5,500+ patents held +3-5 pp material
Slide 26: SikaProof A+ waterproofing membrane system
SIKAPROOF A+ WATERPROOFING MEMBRANE SYSTEM 26 PATENTED INNOVATION GROWING >25% ANNUALLY SikaProof® A+: The only patented, fully-bonded pre- and post- The world’s largest airport applied waterproofing membrane system. For basement and Al Maktoum International Airport, Dubai concrete protection. ▪ App
Slide 27: Patented value-add innovations for data centers
PATENTED VALUE-ADD INNOVATIONS FOR DATA CENTERS 27 THE WORLD’S FASTEST-GROWING INFRASTRUCTURE Self-healing membranes for flat roofs ▪ Self-healing properties prevent water damage to high-value assets ▪ Ensure long-term protection and reduce need for repair Sika fibers for reinforced concrete ▪ Elimi
Slide 28: Value creation through M&A
VALUE CREATION THROUGH M&A 28 M&A CONTRIBUTING TO GROWTH AND PROFITABILITY Pre-synergy multiple (EBITDA) ▪ Strong track record of accretive acquisitions, unlocking substantial post-synergy value Post-synergy multiple (EBITDA) ▪ Historic post-synergy acquisition multiples 4 turns improvement prove ef
Slide 29: Successful MBCC integration
SUCCESSFUL MBCC INTEGRATION 29 DRIVING SIGNIFICANT PROFITABILITY IMPROVEMENT >20.0% 25% Revenue synergies ▪ SG&A ▪ Operations/ 75% Footprint Cost ⁓15.0% synergies ▪ Procurement CHF 182 mn synergies MBCC pre-acquisition EBITDA MBCC 2025 EBITDA* *pro forma
Slide 30: Agenda
AGENDA 1. Highlights 2025 Thomas Hasler (CEO) 2. Strategy Execution Thomas Hasler (CEO) 3. Business Implementation Thomas Hasler (CEO), Christoph Ganz (EMEA), Mike Campion (AMERICAS), Philippe Jost (Asia/Pacific) 4. Financial Results Adrian Widmer (CFO) 5. Outlook Thomas Hasler (CEO) 6. Questions an
Slide 31: Powering the AI era: Sika's data center advantage
BUSINESS IMPLEMENTATION 31 POWERING THE AI ERA: SIKA’S DATA CENTER ADVANTAGE Demand for data center Roofing capacity is projected to Solar roof quadruple by 2030, with an solutions estimated global investment Flooring of CHF 880 billion by 2028. Solutions for precast concrete Joint sealing Sika solu
Slide 32: From urban growth to underground solutions
BUSINESS IMPLEMENTATION 32 FROM URBAN GROWTH TO UNDERGROUND SOLUTIONS Underground rail lines have become priorities to improve quality of life and sustainability in cities. Rail infrastructure projects expected to reach a value of CHF 2.0 trillion over the next four years. Sika supports global proje
Slide 33: Shaping the ports of the future
BUSINESS IMPLEMENTATION 33 SHAPING THE PORTS OF THE FUTURE Deep seaport under development on the northern coast near Hai Phong Over 80% of all goods traded worldwide travel by sea: global maritime trade will double by 2050. More than CHF 400 billion in port construction projects under way or in plan
Slide 34: Rollout of our successful retail model
BUSINESS IMPLEMENTATION 34 ROLLOUT OF OUR SUCCESSFUL RETAIL MODEL POS in Asia/Pacific, excl. China Retail net sales growth, excl. China 350’000 300’000 +13% >15% CAGR 2023-2025 Expected 250’000 CAGR 2025-2028 200’000 150’000 ▪ Digitalized end-to-end processes 100’000 ▪ Customer loyalty ▪ Service lev
Slide 35: Region EMEA
BUSINESS IMPLEMENTATION 35 REGION EMEA Market expectations ▪ European Construction and Automotive & Industry markets remain challenging overall, with early recovery signs in Eastern Europe, some Nordic countries, and France; delayed momentum in Germany pending infrastructure budgets; continued stron
Slide 36: Region Americas
BUSINESS IMPLEMENTATION 36 REGION AMERICAS Market expectations ▪ Market uncertainties to remain in the USA in H1 2026, while sentiment in Canada and Latin America is slightly more optimistic ▪ Potential improvement in the USA in H2 2026. Backlog is building up. Continued high investments in data cen
Slide 37: Region Asia/Pacific
BUSINESS IMPLEMENTATION 37 REGION ASIA/PACIFIC Market expectations ▪ Continued challenging construction environment in China, with negative volumes expected in the residential segment for the year. Consumer confidence in China remains at low levels. Potential for improvement in the infrastructure se
Slide 38: Agenda
AGENDA 1. Highlights 2025 Thomas Hasler (CEO) 2. Strategy Execution Thomas Hasler (CEO) 3. Business Implementation Thomas Hasler (CEO), Christoph Ganz (EMEA), Mike Campion (AMERICAS), Philippe Jost (Asia/Pacific) 4. Financial Results Adrian Widmer (CFO) 5. Outlook Thomas Hasler (CEO) 6. Questions an
Slide 39: Financial highlights 2025
FINANCIAL HIGHLIGHTS 2025 39 ▪ Net sales: CHF 11,201.3 million (+0.6% in LC, -4.8% in CHF) ▪ Further expansion of material margin by +0.4% pts to 54.9% (PY 54.5%) ▪ EBITDA: CHF 2,064.7 million (-9.0%) or 18.4% of net sales (vs. 19.3% in PY), EBITDA excl. Fast Forward cost at CHF 2,150.9 million or 1
Slide 40: Net sales bridge 2025
NET SALES BRIDGE 2025 40 SALES GROWTH OF 0.6% IN LOCAL CURRENCY OPERATIONAL FX +0.6% -5.4% 11,833 11,763 122 -52 -632 -4.8% 11,201 2024 (reported) Organic Acquisitions 2025 adj. in LC FX Impact 2025 (reported)
Slide 41: Net sales growth by region 2025
NET SALES GROWTH BY REGION 2025 41 SALES GROWTH OF 0.6% IN LOCAL CURRENCIES Net Sales EMEA Americas Asia/Pacific Growth in LC +2.2% +2.2% - 5.3% Organic growth +1.5% +0.4% -5.7% Acquisition +0.7% +1.8% +0.4% 14% Currency impact - 3.5% - 7.5% - 5.5% 86% Net Sales (in CHF billion) Construction Acquisi
Slide 42: Net sales bridge 2025: impact of China construction
NET SALES BRIDGE 2025 42 ORGANIC GROWTH IMPACTED BY CHINA CONSTRUCTION OPERATIONAL FX +2.2% 12,015 +0.6 122 -5.4% -182 11,833 11,763 130 -632 -4.8% 11,201 2024 (reported) Organic excl. China Acquisitions FY 2025 adj. in LC excl. China Construction FY 2025 adj. in LC FX Impact 2025 (reported) Constru
Slide 43: Income statement
INCOME STATEMENT 43 STRONG MATERIAL MARGIN OFFSET BY FAST FORWARD COSTS in CHF mn 2024 NS 2025 NS Growth Net sales 11,763.1 100% 11,201.3 100% -4.8% Gross result 6,416.0 54.5% 6,153.6 54.9% -4.1% Personnel costs -2,143.6 -18.2% -2,179.1 -19.5% +1.7% Other OPEX -2,002.9 -17.0% -1,909.8 -17.0% -4.6% E
Slide 44: EBITDA bridge 2025
EBITDA BRIDGE 2025 44 MATERIAL MARGIN AND SYNERGIES DRIVING MARGIN SUPPORT in CHF mn -90 bp +0.5% 19.3% -0.7% -0.2% 19.2% +0.4% -0.7% Incremental synergies 0.4% 18.4% EBITDA FY 24 Organic Material Non-Mat Cost Growth M&A Synergies FX Impact EBITDA FY 25 Fast Forward EBITDA FY 25 (reported) Margin In
Slide 45: EBITDA bridge 2025: China construction impact
EBITDA BRIDGE 2025 45 ... WHILE CHINA CONSTRUCTION IMPACTED UNDERLYING MARGINS in CHF mn +40 bp -0.4% -0.2% 19.7% +0.4% +0.7% 19.3% -0.5% 19.2% Incremental synergies 0.4% -0.7% 18.4% EBITDA FY 24 Organic Material Non-Mat Cost M&A Synergies FX Impact FY 25 adj. excl. Impact EBITDA FY 25 Fast Forward
Slide 46: Income statement
INCOME STATEMENT 46 STRONG MATERIAL MARGIN OFFSET BY FAST FORWARD COSTS in CHF mn 2024 NS 2025 NS Growth Net sales 11,763.1 100% 11,201.3 100% -4.8% Gross result 6,416.0 54.5% 6,153.6 54.9% -4.1% Personnel costs -2,143.6 -18.2% -2,179.1 -19.5% +1.7% Other OPEX -2,002.9 -17.0% -1,909.8 -17.0% -4.6% E
Slide 47: Consolidated balance sheet
CONSOLIDATED BALANCE SHEET 47 SOLID BALANCE SHEET WITH REDUCED NET DEBT in CHF mn 2024 2025 ∆% Cash and cash equivalents 707.5 801.8 +13.3% Other current assets 3,853.3 3,609.4 -6.3% Current assets 4,560.8 4,411.2 -3.3% Fixed assets 2,458.5 2,443.8 -0.6% Intangible assets 8,619.7 7,934.1 -8.0% Other
Slide 48: Operating free cash flow 2025
OPERATING FREE CASH FLOW 2025 48 DISCIPLINED NWC MANAGEMENT COMPENSATES LOWER PROFIT +67 -286 1,708 +572 -352 1,356 1,356 Net Profit Depr./Amort. Change NWC Tax / other CF operating CapEx OFCF before tax activities 2024 2025
Slide 49: Operating free cash flow
OPERATING FREE CASH FLOW 49 CONTINUED STRONG CASH CONVERSION AND RATIO IMPROVEMENT % 14 12.8 12 11.9 12.1 Operating free cash flow as % of sales 10 9.8 12.1% 8 8.2 6 4 2 0 2021 2022 2023 2024 2025
Slide 50: Net debt/EBITDA development
NET DEBT/EBITDA DEVELOPMENT 50 IN LINE WITH STRONG INVESTMENT GRADE RATING 4.1 3.4 2.6 2.5 2.2 2.3 1.9 (2.2)* 1.4 1.0 2019 2020 2021 2022 2023 2024 2025 (*) excl. Fast Forward impact in 2025
Slide 51: Capital allocation policy
CAPITAL ALLOCATION POLICY 51 PRIORITY ON HIGH, LONG-TERM VALUE CREATION 1 Invest in ▪ Capital Expenditures ▪ Organic investment in footprint expansion, capacity, and efficiency ▪ Bolt-on acquisitions create additional the Business ▪ Bolt-on Acquisitions growth platforms and attractive equity returns
Slide 52: Further dividend increase of 2.8%
FURTHER DIVIDEND INCREASE OF 2.8% 52 BOARD OF DIRECTORS PROPOSES CHF 3.70 DIVIDEND PER SHARE in CHF mn 2024 2025 Group profit (after minorities) 1’245.5 1’044.0 Dividend payment total 577.8 593.8 Dividend out of retained earnings 288.9 296.9 Dividend out of capital contribution reserve 288.9 296.9 D
Slide 53: Fast Forward investment to drive share gains
FAST FORWARD INVESTMENT TO DRIVE SHARE GAINS 53 LEANER COST STRUCTURE, DIGITAL LEADERSHIP One-off Costs (CHF mn) Investments (CHF mn) 2026 40% 2027 35% 2025 100% 2028 25% Total costs 108 million* Total investments 120-150 million Expected Benefits (CHF mn) Expected Benefits (CHF mn) 2026 15% 2026 65
Slide 54: Agenda
AGENDA 1. Highlights 2025 Thomas Hasler (CEO) 2. Strategy Execution Thomas Hasler (CEO) 3. Business Implementation Thomas Hasler (CEO), Christoph Ganz (EMEA), Mike Campion (AMERICAS), Philippe Jost (Asia/Pacific) 4. Financial Results Adrian Widmer (CFO) 5. Outlook Thomas Hasler (CEO) 6. Questions an
Slide 55: Outlook 2026
OUTLOOK 2026 SIKA EXPECTS LOCAL CURRENCY SALES AND MARGIN GROWTH Sales growth in local currencies of EBITDA margin of 1% to 4% 19.5% to 20.0% In line with company medium-term ambition expected to outperform the market by 3% to 6% in LC * *including bolt-on acquisitions 2028 medium-term strategic tar
Slide 56: Agenda
AGENDA 1. Highlights 2025 Thomas Hasler (CEO) 2. Strategy Execution Thomas Hasler (CEO) 3. Business Implementation Thomas Hasler (CEO), Christoph Ganz (EMEA), Mike Campion (AMERICAS), Philippe Jost (Asia/Pacific) 4. Financial Results Adrian Widmer (CFO) 5. Outlook Thomas Hasler (CEO) 6. Questions an
Slide 57: Questions and Answers
57 QUESTIONS AND ANSWERS
Slide 58: Thank you
THANK YOU.