Sika AG

Strong performance vs. muted markets (good): - Local currency growth accelerated to +4.8% in first 9 months (vs +6 months starting point; earlier acceleration), with Q3 strong supporting momentum. - Total sales: CHF 8.7bn (up from CHF 8.58bn). - Profitability expansion: EBITDA margin 19.2% (up +1.9% YoY), and material margin up +40 bps to 55.4% (pricing/offsetting inflation and procurement/efficiency).

Financial bridge & currency impact (mostly good, modest headwind): - Organic growth: +3.5% (9 months), acquisitions +1.3% → total +4.8% local currency growth. - Swiss franc revenue: FX headwind improved—negative FX reduced to -3.2% for 9 months; in Q3 FX was +1.5%. - Full-year FX expectation: -2% to -3% on current rates. - Net profit: CHF 888m (+1.9% YoY).

Regional picture: outperformance broadly, but China remains the drag (mixed / negative): - EMEA: +8.3% local currency (acquisitions + strong organic). Middle East especially strong (double-digit, strong Q3; positioned as “partner of choice” for infrastructure). - Americas: +4.1% local currency, with Q3 >6% acceleration; data centers and infrastructure/commercial (plus batteries/semis) cited as key engines. - Asia Pacific: China -2.3% in local currency (rebasing + residential market still down double-digit; market deterioration ongoing). - APAC ex-China: strong organic growth (company highlighted +7.7% organic), indicating China is the main drag.