Postcard from Baden-Baden - Feedback from German & Swiss Corporate Conference

Research evidence excerpt

Postcard from Baden-Baden - Feedback from German & Swiss Corporate Conference

Switzerland | Building, Construction & Housebuilders

Sika EquityJuneResearch24, 2026

FLASH NOTEPostcard from Baden-Baden - Feedback from

RATING BUYGerman & Swiss Corporate Conference

PRICE CHF163.60^

Yesterday we hosted Sika's IR (Jomi Lemmermann) at our inaugural

conference. The tone was cautiously optimistic, but the group continues PRICE TARGET | % TO PT CHF181.00 | +11%

to keep a lid on expectations given the highly uncertain macro outlook. 52W HIGH-LOW CHF221.20 - CHF120.35

However, with suggestions of no major deterioration in key markets, FLOAT (%) | ADV MM (USD) 93.8% | 110.83

pricing so far rational and significant cost inflation yet to be seen, we see MARKET CAP CHF26.3B | $32.5B

continuation of the reassuring delivery in the last two updates as not an TICKER SIKA SW ^Prior trading day's closing price unless otherwise

entirely implausible scenario. noted.

Latest trends by region. In the USA (Sika's largest market), infrastructure was said to be the

strong point with residential muted and non-residential (ex-data centres) still largely in wait-

and-see mode. In the Middle East, from March-April delivering c.80% of pre-war activity, there

has been sequential improvement recently but activity remains below normal. While China

remains weak with no clear signs of upside in the underlying market, it is said to not be

deteriorating further while we were also reminded of Sika's easier comparables into 2H26.

Europe is showing mixed trends with growth in smaller markets like Eastern Europe and the

Nordics, while bigger markets like France and Germany remain a bit trickier.

Raw material inflation yet to be fully seen alongside rational pricing, but keeping lid on

margin expectations.