SGS FY Conference in Zurich: Plan 27 Is Becoming More Tangible

ZKB maintains an 'Outperform' rating on SGS following a convincing FY conference where management confirmed that its 'Plan 27' strategic targets are being met point by point.

Key Takeaways

• 1.Management demonstrated that all success factors for 'Plan 27', including organic growth and margin development, are on track.
• 2.SGS achieved impressive organic sales growth of 5.6% in 2025 despite a subdued global economy.
• 3.Adjusted EBIT margin improved by 70 bp in 2025, driven primarily by savings, which exceeded expectations.

Table of Contents

• Executive Summary
• Facts / Assessment
• Conclusion
• Recommendation
• Analyst team
• Disclosures and disclaimer
• Recording of remote business communications
• Financial analysts' statement
• Personal account trading by financial analysts
• Participation in capital market transactions
• Shareholdings of Zürcher Kantonalbank
• Relationship with the Canton of Zurich
• Net purchase and net sales positions of Zürcher Kantonalbank
• Disclosure of large loans
• Paid equity research
• Disclosure of further conflicts of interest
• List of all ratings of the last 12 months
• Rating distribution of companies in the Swiss Research Universe
• Relevant equity and real estate fund recommendation changes in the last 12 months
• Relevant credit rating changes / outlook changes in the last 12 months
• Fact check
• Explanation of the rating system
• Methodology
• Updates
• Citation of sources
• Competent supervisory authority
• Miscellaneous legal information
• Publications on request
• Use abroad
• Additional information for UK clients
• Additional information for U.S. Persons

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