“Our bolt-on acquisitions create a strong base for organic growth”
Sika is entering the next phase of Strategy 2028. In this interview, Chair of the Board of Directors Thierry F. J. Vanlancker and CEO Thomas Hasler discuss how disciplined execution, investment through cycles, and a clear focus on value creation have enabled the company to outperform, even as market conditions have become more challenging.
Two years into Strategy 2028, markets are more volatile than originally expected. What gives you confidence that Sika is still on the right trajectory?
Vanlancker: Since launching the strategy, the external environment has become more challenging, with geopolitical tensions, macroeconomic uncertainty, and pressure across several end markets. But Sika has continued to outperform and gain market share. The integration of the MBCC Group is complete, we are firmly on track with our non-financial targets, and the company has been willing to take difficult but necessary decisions to stay aligned with its long-term ambitions. That gives the Board and me confidence that we’re very much still on track.
In November, Sika refined its guidance to 3–6% local currency growth above market. Why?
Hasler: Previously, our growth guidance included an assumed contribution from general market growth, based on historical industry data. Recently, the market environment has been challenging, a trend further exacerbated by tariffs uncertainty and a correction in the Chinese residential construction industry. Therefore, we decided to take this element out of our guidance and focus on what we can control.
What does that mean in concrete terms?
Hasler: There are two main areas we can actively influence. First, market share gains, for example, through how we operate in the market, how close we are to customers, how relevant our solutions are, and whether customers choose to buy more from us than from our competitors. That customer proximity and value selling are central to Sika’s DNA. Second, we are a proven consolidator. We actively pursue bolt-on acquisitions – typically small to medium-sized companies – that strengthen our growth platform. These are aspects we can control, even when markets are tough.
Customer proximity and value selling are central to Sika’s DNA.”
CEO
Margins remained resilient in 2025 despite slower growth. What contributed most to that outcome?
Hasler: Pricing discipline was key. Even in challenging markets, we protected and, in many cases, increased prices as a result of our investments in innovative new products, which supported margins. In addition, synergies from the MBCC acquisition continued to deliver. In fact, we were able to increase our synergy guidance to CHF 200–220 million for 2026. Operational efficiency was a third important contributor.
Speaking about MBCC, how accretive is the acquisition?
Hasler: The acquisition is highly accretive. Less than three years after closing, MBCC EBITDA margins already are at around 20%, having been lifted by around 500 basis points.
From the Board’s perspective, what is the key to ensuring long-term value creation?
Vanlancker: Staying the course. This is often the moment when companies are tempted to deviate – to stop investing, or cut too deeply. Sika has taken a different path. We continue to invest in growth, pursue bolt-on acquisitions, and develop our people. Our view is that we should take advantage of the current downturn to build a stronger Sika. China is a good example. The market is facing strong headwinds, but rather than abandoning ship, we make structural adjustments to increase efficiency and rebase the business. This strengthens our position, so we are ready when the market rebounds.
We continue to invest in growth, pursue bolt-on acquisitions, and develop our people.”
Chair of the Board of Directors
Sika recently launched the Fast Forward initiative. Why now, and how does it support the strategy?
Hasler: Our market environment has recently been more challenging, so now is the right moment to adjust how we operate. Fast Forward focuses on two things: accelerating operational efficiency and accelerating digitalization and innovation. On the efficiency side, the goal is to offset weaker top-line growth through scale, process optimization, and cost discipline. We see digitalization, on the other hand, as a clear competitive component going forward. We want Sika to not only be a technology and innovation leader but also a digital leader in our industry.
Fast Forward focuses on two things: accelerating operational efficiency and accelerating digitalization and innovation.”
CEO
Can you provide some examples of what digital leadership looks like for Sika?
Hasler: One example is our end-to-end digital platform for retail distribution. It connects Sika, distributors, points of sale, applicators, and building owners, creating transparency on how products are used and where value is generated. The platform is already established in parts of Asia and is driving double-digit growth.
Another example is in R&D. By connecting data from our labs around the world, we’ve effectively created a digital laboratory that helps guide product development. With that data and the help of machine learning, we’ve reduced the number of experiments needed by up to 75% and shortened time to market by more than 50%.
What is the timeline for Fast Forward, and when will its full effect be realized?
Hasler: The benefits from the plan will become visible in 2026, with the full efficiency impact realized by the end of 2027. The benefits from digital and innovation investments will mainly be delivered in 2027 and 2028. Overall, we expect Fast Forward to deliver CHF 150–200 million in profitability uplift by 2028.
Sika is continuing to invest long term through acquisitions and new factories. How does this support the company’s strategy?
Hasler: Both elements are essential. Our bolt-on acquisitions create a strong base for organic growth and lift the business to the next level. They strengthen market presence, channel access, and capabilities in specific regions. At the same time, we continue to invest organically by expanding production capacity so we can serve customers where demand exists. Growth should never be constrained by our footprint.
When it comes to capital allocation, what is Sika’s policy going forward?
Vanlancker: Our approach is consistent and designed to maximize shareholder value. We want to invest behind Sika’s organic growth, we will look at M&A where it can create further value for our shareholders and we will also look to shareholder returns, where it makes sense to do so. We have a strong credit rating and will protect that, so after a major acquisition like MBCC, deleveraging is a priority. Emphasis may vary slightly from year to year, but the overall approach is consistent.
Where do you currently see the strongest growth momentum?
Hasler: Even when markets are challenging, capital is still flowing somewhere. We saw that again last year with data centers, which are a major global growth driver. Infrastructure is another healthy contributor to growth, and it’s much less cyclical than other segments.
Regionally, Southeast Asia, India, the Middle East, Africa, and parts of Latin America are delivering strong growth. In Europe, the Southern and Eastern regions are more resilient, and Germany’s new infrastructure fund should support future demand.
Volatility and uncertainty have become constants in many regions. How has that shaped the Board’s approach to risk?
Vanlancker: Having a strong presence across so many countries helps balance out volatility over time. Also, Sika operates very locally, with local production, local teams, and local customers. This reduces exposure to geopolitical shocks compared with more centralized business models and shapes how the Board approaches risk and investment. We focus less on short-term fluctuations and more on where Sika is positioned in each country and market, which products are needed, and whether we have the right production footprint and capabilities on the ground to serve customers and support sustainable growth over time.
Does this focus on long-term positioning carry over into Sika’s approach to sustainability?
Vanlancker: Over the past few years, sustainability has become an important performance enhancer and a driver of innovation. For Sika, sustainability helps create new growth sectors: if it helps our customers, improves productivity, supports product innovation, or opens new markets, then it makes sense for us. What I find exciting is how clearly that translates into our results. Doing the right thing from a sustainability perspective is not just a question of good faith – it’s good business.
Can you give us an example of a Sika product that clearly reflects this approach?
Hasler: SikaFiber® is a good example. The solution replaces traditional steel reinforcement in concrete floors with high-performance fibers mixed directly into the concrete. This significantly reduces CO2 emissions while improving performance, as there is no corrosion risk and loads are distributed more evenly. From an application perspective, it simplifies installation, because the fibers are already in the concrete. That reduces labor and lowers costs. So it’s a triple win: better performance, lower cost, and a smaller carbon footprint.
I often hear about the “Sika Spirit”. What does that mean for you?
Vanlancker: For me, the Sika Spirit is less of a formal culture. At its core, it’s an entrepreneurial mindset, combined with a very strong performance culture. People feel real ownership for results at the local level. That combination – local responsibility supported by robust processes, systems, and technologies – is a key driver of Sika’s performance.
Hasler: The Sika Spirit is also about teamwork. Like in football, everyone has a role. People are encouraged to speak up and share ideas. Everyone’s contribution is important. This might take more time than a more topdown approach, but it creates engagement – and ultimately better outcomes.
What would you say is Sika’s biggest challenge – and its biggest opportunity going forward?
Hasler: The biggest challenge will be choosing wisely. There are so many opportunities across markets and segments. We operate in over 100 countries and have eight target markets. That means we have to focus very clearly on initiatives that matter in markets where we see growth. In terms of the biggest opportunity – for me it’s that Sika is stronger today than ever. If we can outperform in tough markets, we can outperform even more when they normalize.
Thierry, the final word?
Vanlancker: The most important thing is that Sika remains Sika. This is a company that performs extremely well, even when facing headwinds. In a more challenging environment, success can look different. The game may no longer be a 5-0 win; it may be a 1-0 win – but it’s still a win.
Our biggest strength lies in our people – 33,700 highly motivated colleagues who work close to our customers every day. As Sika continues to grow, we have to balance that spirit with greater efficiency. Getting that balance right is crucial. If we stay focused on what we do well and disciplined in how we operate, I’m very confident about Sika’s trajectory going forward.
The Sika Spirit is less of a formal culture. At its core, it’s an entrepreneurial mindset, combined with a very strong performance culture.”
Chair of the Board of Directors