Sika AG Q3 2026 Earnings Recap

Sika shares fell 4.5% after the update, despite faster local-currency growth and higher margins. The likely concern is that China’s residential construction market is still declining at a strong double-digit rate, with no sign yet that it has stabilized; management also described markets overall as uncertain and Europe as the most challenged region.

Key Takeaways

• Nine-month sales were CHF 8.7 billion, with local-currency growth accelerating to 4.8%.
• Material margin expanded 40 basis points year over year; EBITDA margin was 19.2%, up 1.9% year over year, and net profit improved 1.9%.
• EMEA grew 8.3% in local currency, led by the Middle East and Africa; Europe remained the most challenged region, though management cited pockets of growth.
• Americas grew 4.1% over nine months, with Q3 growth above 6%; the U.S. data-center business accelerated.
• China remained a drag: the residential market was still declining at a strong double-digit rate, although Sika said its Chinese business remained profitable and was gaining in renovation and industrial applications.