Core Viewpoint - Sika reported preliminary sales of CHF 11.2 billion for 2025, reflecting a decline of 4.8% compared to the previous year, primarily due to challenging market conditions and currency effects [2][8]. Sales Performance - In 2025, Sika achieved a 0.6% growth in local currencies, with organic growth at -0.4% for the full year, and 1.2% excluding the Chinese construction businesses [2][8]. - The sales in Swiss francs amounted to CHF 11.20 billion, down from CHF 11.76 billion in the previous year, with a currency effect of -5.4% attributed to a weak US dollar [2][8]. Regional Performance - EMEA region saw sales growth of 2.2% in local currencies, with strong performance in the Middle East and Africa, while parts of Southern Europe also recorded solid growth [4]. - The Americas region experienced a 2.2% increase in sales in local currencies, although conditions softened in the second half of the year due to a government shutdown impacting commercial construction [5]. - Asia/Pacific region sales declined by 5.2% in local currencies, significantly affected by a double-digit decline in the Chinese construction business, while excluding China, the region recorded positive growth of 2.9% [6]. Strategic Initiatives - Sika launched the "Fast Forward" program to enhance innovation and digital transformation, aiming for structural adjustments and efficiency improvements across markets [7][8]. - The program is expected to generate annual savings of CHF 150 to 200 million by 2028, with CHF 80 million of these savings anticipated to take effect in 2026 [9]. Financial Outlook - The company expects the EBITDA margin for 2025 to be slightly above 19%, excluding approximately CHF 90 million in one-off costs related to the "Fast Forward" program [11].