Slide 1: Strong H1 2025 results, Strategy 27 accelerated by ATS acquisition
Strong H1 2025 results, Strategy 27 accelerated by ATS acquisition Géraldine Picaud CEO Marta Vlatchkova CFO Restricted Substance Testing, India 25 July 2025, Geneva
Slide 2: Business highlights
Business highlights Géraldine Picaud CEO 2 H1 2025 results | 25 July 2025 PFAS Contamination Testing, Sweden
Slide 3: Strong H1 results, Strategy 27 accelerated by ATS acquisition
Business highlights Strong H1 results Strategy 27 accelerated by ATS acquisition Strong financial performance, in line with Strategy 27 at full speed full year guidance Acquisition of Applied Technical Services (ATS)1, Solid organic sales growth of 5.3% a complementary major U.S. player: 80% of targ
Slide 4: Acquisition of ATS, a complementary major U.S. player
Acquisition of ATS Acquisition of ATS, a complementary major U.S. player Company overview Specialized provider of Testing, Inspection, Calibration and Forensics solutions in North America USD 460 million sales and USD 95 million EBITDA pre-synergies expected in 2026 Deal rationale Footprint rebalanc
Slide 5: ATS at a glance
Acquisition of ATS ATS at a glance Resilient and diversified pure U.S. player 85 Specialized, with complementary and well-balanced portfolio US locations Strong reputation, with decades of proven industry experience Present across regulated and critical end-markets Nationwide footprint with local re
Slide 6: Specialized testing
Acquisition of ATS Specialized testing End-to-end capabilities, from materials testing & products assessment to environmental simulation Advanced chemical and contaminant analysis Exposure to high-growth end-markets; high margins & efficient capital deployment ~275 specialized experts delivering tai
Slide 7: Specialized inspection
Acquisition of ATS Specialized inspection Highly advanced capabilities, ensuring integrity and reliability of critical systems Cutting-edge techniques to ensure safety and compliance of building and infrastructure Steady and recurring business; high margin and cash conversion ~825 certified experts
Slide 8: Calibration
Acquisition of ATS Calibration Precision services ensuring equipment accuracy, reliability and full traceability to national standards Comprehensive capabilities, including electrical, environmental and avionics calibration Recurring business in attractive end-markets; strong platform for future exp
Slide 9: Forensics
Acquisition of ATS Forensics Leading provider of forensic testing and engineering support for legal and insurance cases Broad capabilities spanning investigation, litigation, risk inspection, and building safety certification Advanced technologies, including Computed Tomography (CT) and 3D laser sca
Slide 10: Strategic rationale and synergies
Acquisition of ATS Strategic rationale and synergies Major milestone in Strategy 27 target to at least double North America sales, USD billion sales in North America by 2027 vs 2023 Strong complementarity, with at least USD 30 million in >2x sales in annual run rate EBITDA synergies within 3 years o
Slide 11: ATS acquisition creates sustainable long-term value
Acquisition of ATS ATS acquisition creates sustainable long-term value EV1 of USD 1 325 million, representing 11.2x 2026 EBITDA with run rate synergies Mainly financed through cash and debt, while maintaining leverage2 around 2.0x EPS accretive from year 1 SGS organic growth and AOI margin enhanced,
Slide 12: Strong contribution from Sustainability services
H1 2025 highlights Strong contribution from Sustainability services Signed partnership with The PLEDGE to support zero waste to landfill and promote circularity across food service supply chains Joined forces with CNETE to advance innovation in the battery sector in Canada and contribute to the glob
Slide 13: Leading the way in Digital Trust
Growth: Digital Trust services Leading the way in Digital Trust Achieved accreditation by ANAB, the world’s largest standards authority, to certify organizations for their responsible use of AI Entered strategic collaboration with NVIDIA, through CertX joining the Halos Lab ecosystem to advance safe
Slide 14: Twelve acquisitions announced to date in 2025
Accelerated bolt-on activity Twelve acquisitions announced to date in 2025 Representing total annual sales of more than CHF 90 million 14 H1 2025 results | 25 July 2025
Slide 15: Solid organic sales growth supported by all business lines
H1 2025 sales by business line Solid organic sales growth supported by all business lines Sales by business line1 CHF million Testing & Inspection Certification SGS Group 5.4% 4.4% 5.3% 5.3% 2.9% 1 129 3 422 6.5% 801 8.9% 672 440 380 Industries & Natural Connectivity & Health & Business H1 2025 sale
Slide 16: Solid performance led by Safety and Environment
Testing & Inspection: Industries & Environment Solid performance led by Safety and Environment CHF million H1 2024 H1 2025 I&E Sales 1 101 1 129 Total change 2.5% of which organic 5.3% 33% of which scope 1.7% of which FX -4.5% of Group Adjusted operating income 124 136 sales Adjusted operating incom
Slide 17: Resilient performance
Testing & Inspection: Natural Resources Resilient performance CHF million H1 2024 H1 2025 NR Sales 819 801 Total change -2.2% of which organic 2.9% 23% of which scope -0.3% of which FX -4.8% of Group Adjusted operating income 110 103 sales Adjusted operating income margin 13.4% 12.9% Solid organic g
Slide 18: Strong performance led by Sustainability & Connectivity
Testing & Inspection: Connectivity & Products Strong performance led by Sustainability & Connectivity CHF million H1 2024 H1 2025 C&P Sales 646 672 Total change 4.0% of which organic 6.5% 20% of which scope 1.5% of which FX -4.0% of Group Adjusted operating income 135 150 sales Adjusted operating in
Slide 19: Excellent results led by Food and improvement in Pharma
Testing & Inspection: Health & Nutrition Excellent results led by Food and improvement in Pharma CHF million H1 2024 H1 2025 H&N Sales 403 440 Total change 9.2% of which organic 8.9% 13% of which scope 2.3% of which FX -2.0% of Group Adjusted operating income 34 52 sales Adjusted operating income ma
Slide 20: Performance driven by Digital Trust and ESG
Certification: Business Assurance Performance driven by Digital Trust and ESG CHF million H1 2024 H1 2025 BA Sales 366 380 Total change 3.8% of which organic 4.4% 11% of which scope 3.0% of which FX -3.6% of Group Adjusted operating income 68 68 sales Adjusted operating income margin 18.6% 17.9% Mid
Slide 21: Financial performance
Financial performance Marta Vlatchkova CFO 21 H1 2025 results | 25 July 2025 Chemical Analysis, China
Slide 22: H1 2025 key figures
Financial performance H1 2025 key figures Sales Adjusted Operating Income CHF 3 422 million CHF 509 million +5.3% organic growth 14.9% AOI margin on sales [+2.6% reported] [+80 basis points versus H1 2024] Free cash flow excluding headquarters disposal CHF 208 million +34% versus H1 2024 22 H1 2025
Slide 23: Solid organic sales growth of 5.3%
H1 2025 sales bridge Solid organic sales growth of 5.3% Sales bridge CHF million +5.3% +1.4% -4.1% +2.6% +47 3 422 3 335 +175 -135 H1 2024 sales Organic Scope Forex H1 2025 sales 23 H1 2025 results | 25 July 2025
Slide 24: Growth supported by all regions
H1 2025 sales by region Growth supported by all regions Sales by region CHF million Testing & Inspection Certification SGS Group 5.4% 4.4% 5.3% 1.1% 6.5% 3 422 996 964 4.7% 8.4% 13.4% 403 385 294 380 Asia North Eastern Europe, Latin Europe America Business Assurance H1 2025 sales Pacific America Mid
Slide 25: Strong improvement of 80 basis points to 14.9%
H1 2025 adjusted operating income (AOI) Strong improvement of 80 basis points to 14.9% AOI margin bridge CHF million +80 basis points 14.1% 14.9% +52 +13 -27 +80 +20 -20 971 471 basis basis basis 509 points points points H1 2024 AOI Organic Scope Forex H1 2025 AOI 25 H1 2025 results | 25 July 2025
Slide 26: Efficiency plans well on track
CHF 150 million efficiency plans Efficiency plans well on track 100 m 1 50 m 1 CHF CHF Leaner operating model Procurement savings New organization Contracts renegotiation Corporate simplification Consumables harmonization Country structure simplification Indirect spend optimization Fully executed as
Slide 27: Close to CHF 100 million savings realized on efficiency plans
CHF 150 million efficiency plans Close to CHF 100 million savings realized on efficiency plans Phasing of savings impact1 CHF million 150 46 96 41 9 H1 2024 H2 2024 H1 2025 Savings H2 2025 2026 Total accounted for as efficiency of 30 June 2025 plans Leaner operating model Procurement savings 1 At 20
Slide 28: Earnings per share of CHF 1.64
Full P&L Earnings per share of CHF 1.64 CHF million H1 2024 H1 2025 Change Sales 3 335 3 422 + 87 + 2.6% Adjusted operating income 471 509 + 38 + 8.1% Amortization and impairment of acquired intangibles -15 -22 -7 Restructuring -34 -16 + 18 Gain on headquarters disposal, loss on divestments 0 34 + 3
Slide 29: Excellent free cash flow generation
Free cash flow review Excellent free cash flow generation CHF million H1 2024 H1 2025 Change EBITDA after restructuring 655 728 +73 Non-cash and non-operating items 29 -8 -37 Change in net working capital -170 -174 -4 Taxes paid -117 -124 -7 Net Capex -128 -107 +21 Lease payments -88 -87 +1 Net inte
Slide 30: Outlook 2025
Outlook 2025 Géraldine Picaud CEO 30 H1 2025 results | 25 July 2025 Quantitative Analysis for Environmental Contaminants, Spain
Slide 31: Outlook confirmed
Outlook 2025 Outlook confirmed 5% to 7% organic sales growth 1% to 2% bolt-on contribution to annual sales growth At least 30 basis points improvement in adjusted operating income margin on sales, in reported terms Strong free cash flow generation Collected Soil Sample for Testing, Portugal 31 H1 20
Slide 32: Appendix
Appendix 32 H1 2025 results | 25 July 2025
Slide 33: Strong appreciation of the CHF against all major currencies
FX impact Strong appreciation of the CHF against all major currencies Currency impact on sales growth Currency impact on adjusted operating income (CHF million) (CHF million) H1 2025 sales 3 557 H1 2025 AOI 536 at constant currency at constant currency CNY -0.6% CNY EUR -0.6% EUR USD -0.3% USD CAD -
Slide 34: Solid organic sales growth of 5.0%
Q2 2025 sales bridge Solid organic sales growth of 5.0% Q2 Sales bridge CHF million +5.0% +1.5% -7.5% -1.0% 1 758 +87 +26 1 741 -130 Q2 2024 sales Organic Scope Forex Q2 2025 sales 34 H1 2025 results | 25 July 2025
Slide 35: Financial calendar
Upcoming events Financial calendar Q3 2025 sales update FY 2025 results Annual General Meeting Virtual Zürich Zürich 23 October 2025 11 February 2026 26 March 2026 Q1 2026 sales update H1 2026 results Virtual Virtual 23 April 2026 24 July 2026 35 H1 2025 results | 25 July 2025
Slide 36: Disclaimer
SGS Disclaimer Certain matters discussed in this presentation may constitute forward-looking statements that are neither historical facts nor guarantees of future performance. Because these statements involve risks and uncertainties that are beyond control or estimation of SGS, there are important f
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