Holcim and Sika, the two Zug-based building materials groups, published their figures on October 23, 2026. Holcim reports revenue up 15.5% in the third quarter and raises its earnings target for the year. Sika grows by 1.6% over nine months, by 4.8% in local currencies, and confirms its targets despite China. Two benchmarks for anyone following Sika shares and Holcim shares, without constituting a recommendation.
Holcim: a third quarter above expectations
Holcim generated revenue of 4.66 billion francs between July and the end of September 2026. The increase reaches 15.5% year on year, according to the press release relayed by the AWP news agency.
Profitability is keeping pace. Recurring operating profit (Ebit) rises by 16.8% to 976 million francs. The corresponding margin reaches 20.9%, up 0.2 points compared with the third quarter of 2025.
These figures exceed the expectations of the experts surveyed by AWP. CEO Miljan Gutovic attributes them in particular to "growing demand" and "cost discipline".
Management is once again slightly raising its targets for 2026. These are forecasts, not results:
- organic growth in recurring Ebit of 10% to 12%, compared with around 10% previously;
- recurring Ebit margin still improving;
- free cash flow of around 2 billion francs;
- organic revenue growth maintained at around 5%.
Sika shares: growth regained over nine months
Sika generated revenue of 8.71 billion francs in the first nine months of 2026. The increase is 1.6% in francs and 4.8% in local currencies. The group thus reverses the slight decline in francs it reported at the end of June.
Growth in local currencies breaks down into two parts. Organic growth, excluding acquisitions, reaches 3.5%. Scope effects, that is, the companies acquired, contribute 1.3%.
These figures include nothing from the adhesives division of Japan's Resonac. The agreement was announced on October 21, 2026 and its completion is expected in mid-2027: it does not yet weigh on the accounts. Our article on the acquisition of the Resonac adhesives business details this transaction.
Profitability is stagnating. The operating margin before depreciation and amortisation (Ebitda) remains at 19.2%, held back by rising costs, for a result of 1.68 billion francs. Net profit rises by 1.9% to 887.8 million, at the lower end of the range of forecasts gathered by AWP.
China weighs on Sika, Europe provides support
The regions moved in opposite directions over nine months, according to Sika's figures:
- Europe: +5.8%, to 4.05 billion francs, driven in particular by infrastructure investment in Germany;
- Americas: +0.8%, to 3.02 billion;
- Asia/Pacific: −6.3%, to 1.64 billion.
The Asian decline stems from construction in China, where the residential real estate market remains devastated. Excluding Chinese construction, the rest of the region grows by 7.7%, the group says.
The news report on Holcim does not mention China. It is therefore not possible to compare the two groups' exposure to this market on the basis of the available sources.
Holcim and Sika head to head
The two releases do not cover the same period, which limits the comparison. Holcim isolates the third quarter; Sika reports a cumulative nine-month figure.
| Indicator | Holcim | Sika |
|---|---|---|
| Period | Third quarter 2026 | Nine months 2026 |
| Revenue | 4.66 billion francs | 8.71 billion francs |
| Growth in francs | +15.5% | +1.6% |
| Growth in local currencies | Not specified in the news report | +4.8% |
| Operating result | Recurring Ebit of 976 million (20.9% margin) | Ebitda of 1.68 billion (19.2% margin) |
| 2026 targets | Raised | Confirmed |
The margins cannot be compared directly. Holcim's Ebit is calculated after depreciation and amortisation, Sika's Ebitda before.
The franc, a brake that is easing for Sika
The gap between 4.8% in local currencies and 1.6% in francs measures the weight of the strong franc. Sika reports its accounts in francs: its foreign sales are worth less once converted when the franc appreciates.
This effect has eased over the course of the year, according to Sika's press releases:
| 2026 period | Growth in local currencies | Growth in francs |
|---|---|---|
| First quarter | +0.9% | −7.0% |
| First half | +4.0% | −1.5% |
| Nine months | +4.8% | +1.6% |
Other Swiss groups show the same movement. Roche returns to growth over nine months, with +1.4% in francs and +6% in local currencies. At Nestlé, stable sales over nine months reflect organic growth of 3.7% wiped out by currency effects of the same magnitude.
Targets raised at Holcim, confirmed at Sika
Sika is sticking to its roadmap for 2026: growth of 3% to 6% excluding currency effects and an Ebitda margin of 19.0% to 19.5%. This range was set on July 28, 2026. In February and April, the group was still targeting 1% to 4% growth, but a margin of 19.5% to 20.0%.
At 19.2% over nine months, the margin lies within the target range. For the whole of 2025, it was 18.4%.
The Fast Forward savings programme is expected to generate 80 million francs from 2026, according to Sika. The group expects an additional contribution of 150 to 200 million francs to Ebitda by 2028: this is a target.
What these Swiss company results tell a saver
For a shareholder who thinks in francs, these Swiss company results are a reminder of the weight of currency conversion. Solid growth abroad does not always show up in the figures published in francs.
They are also a reminder of the difference between a quarter and a cumulative figure. A single quarter, such as Holcim's, can vary more than a nine-month average, such as Sika's.
What we don't know yet
- The share of Holcim's 15.5% increase that comes from organic growth, acquisitions or currencies. Holcim completed the acquisition of Xella on June 19, 2026, but the news report does not quantify its effect.
- Holcim's net profit for the quarter, which the news report does not mention.
- How long the crisis in Chinese residential real estate will last, and therefore how much it will weigh on Sika.
- The details of the acquisitions that make up Sika's 1.3% scope effect.
- The reaction of Sika shares and Holcim shares on the Swiss stock exchange, which the sources consulted do not describe.
