Siegfried Holding Ltd

Siegfried Holding AG reported first-half 2026 results with net sales growing 4.8% in local currencies and core EBITDA margin improving to 22.4% from 21.6% a year earlier. CEO Marcel Imwinkelried confirmed the performance was exactly according to plan, allowing the company to reiterate full-year guidance of high single-digit growth in local currencies and an EBITDA margin above 23%. CFO Tania Micki reported net sales of CHF633 million, a 2.2% increase on a reported basis, with Drug Substances sales at CHF431.1 million and Drug Products at CHF201.9 million. Operating cash flow decreased to CHF93.7 million from CHF149.6 million, driven by timing of tax payments, currency effects, and increased working capital from the acquisition of three US and Australian sites that closed on May 1. Net debt to core EBITDA rose to 2.3x following the acquisition, and the company aims to return to pre-acquisition leverage levels through strong cash generation and deleveraging.