Sika: Q3 sales 1% ahead of consensus with EBITDA 2.5% ahead; FY guidance reiterated

Sika reported Q3-26 sales of CHF3,122m, 1.4% above company-compiled consensus of CHF3,079m (and 1% above JPMe at CHF3,094m), with LFL up ~4.6% (consensus: 4.2%). EBITDA for Q3-26 was CHF613m at a 19.6% margin, a 2.5% beat versus consensus of CHF598m (JPMe CHF599m). EBIT of CHF470m was slightly below consensus of CHF475m, while net profit of CHF335.7m was broadly in line with consensus of CHF336m. Material margins came in at 54.7% for Q3 versus 55.7% in H1. By division, EMEA LFL sales grew 6.2% (consensus 5.8%), Americas 6.5% (consensus 5.5%), while Asia Pacific declined 2.7% (consensus -1.2%) on a double-digit decline in Chinese construction; excluding China Construction, local currency growth would have been 6.2%. For FY26 Sika continues to expect sales growth of 3-6% in local currencies and an EBITDA margin of 19-19.5%. J.P. Morgan reiterates Overweight with a Dec-27 price target of CHF215, based on 16x EV/EBITDA applied to 2027E EBITDA.