Sika (AO) | Buy | H1 preview: Organic sales could recover in Q2, 2026 guidance expected to be confirmed

研报英文原文证据摘录

Sika (AO) | Buy | H1 preview: Organic sales could recover in Q2, 2026 guidance expected to be confirmed

#EarningsPreview

Release date: 03 July 2026

Martin Flueckiger

Equity Research Analyst

+41 43 333 6005

mflueckiger@keplercheuvreux.com

BuySika

Switzerland | Constr., Infra & Materials MCap: CHF27.7bn

Target Price: CHF180.00 Bloomberg: SIKA SW Reuters: SIKA.S

Current Price: CHF172.70 Free float 100%

Up/downside: 4.2% Avg. daily volume (CHFm) 121.5

YTD abs performance 6.2% Market data: 02 July 2026

52-week high/low (CHF) 211.20/126.35

H1 preview: Organic sales could recover in Q2, 2026 guidance expected

to be confirmed

Key points:

Sika is scheduled to report its H1 results on Tuesday, 28 July. The time of the conference call/webcast and the dial-in details have

not been announced yet.

We expect investors to focus mainly on organic sales growth – including its components, volume-mix growth and pricing – the

material and EBITDA margins, and operating free cash flow, as well as management’s 2026 guidance. We also expect the company

to reiterate its financial targets for its Strategy 2028.

Overall, given the fact that our estimates are close to the latest Visible Alpha consensus, we consider the near-term market

expectations for Sika to be reasonable.

Although forward visibility remains limited given the current state of geopolitics, we are encouraged by Sika’s recent public

comments on its proactive countermeasures to deal with surging input prices and its confirmed commitment to its EBITDA

margin guidance. Assuming a waning impact of the conflict in the Middle East in the foreseeable future, we expect the company's

growth momentum and margin progression to clearly improve in H2.

Reporting date 28 July

Conference call TBA

Dial in number TBA