Sika AG

Sika has successfully placed its inaugural hybrid capital bond totaling EUR 1 billion, split into two EUR 500 million tranches. The first tranche is a 30NC5.75-year bond with a 4.375% coupon, first call date on February 26, 2032, and first reset date on May 26, 2032, issued at 99.397% with a yield of 4.500%. The second tranche is a 30NC8.75-year bond with a 4.875% coupon, first call date on February 26, 2035, and first reset date on May 26, 2035, issued at 99.153% with a yield of 5.000%. The bonds were placed into the European institutional fixed income investor base with Citigroup acting as Global Coordinator and BofA Securities, Citigroup, and UBS Investment Bank as active bookrunners, and will be listed on the regulated market of Euronext Dublin. The transaction is structured to receive 50% equity treatment at S&P and demonstrates Sika's commitment to the A- issuer rating by S&P, with the outlook having been revised from Negative to Stable on Monday, August 17, 2026. Net proceeds will be used for general corporate purposes including financing of bolt-on acquisitions and refinancing of existing financial indebtedness.

Sika has upgraded its full-year revenue growth guidance to 3% to 6% in local currencies, up from a previous range of 1% to 4%, following a 4.0% increase in local-currency sales in the first half of 2026. Reported sales reached CHF 5.59 billion, down 1.5% in Swiss francs due to a negative foreign-currency effect of 5.5%, while organic growth was 2.9% and acquisitions contributed 1.1%. EBITDA came in at CHF 1.06 billion, with the margin edging up 10 basis points to 19.0%, and the company said it is comfortable with current consensus CHF EBITDA expectations. The Fast Forward program remains on track to deliver CHF 80 million in savings this year, and Sika reaffirmed its medium-term targets under Strategy 2028.

The global methyl methacrylate adhesives market is projected to grow from USD 1.76 billion in 2025 to USD 2.46 billion by 2030, at a CAGR of 6.9%. Growth is driven by rising demand in automotive, construction, and wind energy sectors due to the adhesives' high strength and fast curing. The two-part pre-mix system segment is expected to hold the largest market share, favored for its reliability and adaptability. Asia Pacific leads the market, fueled by rapid industrialization in countries such as China, India, Japan, and South Korea. Key players include 3M, Henkel, and Sika AG.

The Swiss stock market ended lower on Thursday, with the benchmark SMI losing 46.96 points or 0.37% to close at 12,553.19. Rising inflation and a surge in coronavirus cases across several countries weighed on sentiment, while data showing a 1.5% monthly drop in Swiss exports during October added to the negative mood. Among major decliners, Logitech fell 2.46% and Holcim dropped 2.33%, while Credit Suisse and UBS Group both shed about 1.75%. On the upside, Sika climbed 2.2% and Givaudan gained 1.26%. The trade surplus widened to CHF 4.409 billion in October from CHF 4.328 billion in September, and watch exports rose 4.8% year-on-year.