After the dry spell since the beginning of the year, the construction chemicals giant today delivered strong figures for the first quarter of 2026 and set a clear exclamation mark:
- Expectations exceeded: While the market expected a decline, Sika achieved sales growth of +0,9 % in local currencies (consensus was -0.7 %).
- Organically stable: Despite the difficult environment (weakness in China, geopolitics), organic growth of -0,2 % well above the feared -1.8%. Excluding the Chinese construction business, growth was even +1 % in the plus.
- Outlook confirmed: Management remains optimistic and confirms the targets for 2026 (1-4% sales growth, EBITDA margin 19.5-20%). The "Fast Forward" savings program is running according to plan.
- Analyst response: The major banks (UBS, Vontobel, Berenberg) are sticking to their buy recommendations with price targets of up to 220-226 CHF. The average price target is around 21 % above the current level.
