Slides
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11 February 2026 Record 2025 financial performance Phosphorus Analysis, Sweden Géraldine Picaud CEO Marta VlatchkovaCFO
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HIGHLY CONFIDENTIAL 2025 business highlights Géraldine Picaud CEO 2025 full year results | 11 February 2026 Advanced Trace Metals Analytical Testing , USA2
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3 2025 full year results | 11 February 2026 Another year of excellent performance 2025 business highlights Contamination Profiling and Risk Assessment, Canada Financial performance 2025 Record sales of CHF 6 945 million, up 2.2% year-on-year Strong organic sales growth of 5.6% Record AOI of CHF 1 108 million; 16.0% margin, up 70 basis points Record Free Cash Flow of CHF 841 million (CHF 774 million before HQ disposal) EPS of CHF 3.48, up 12.3% (CHF 3.21 before HQ disposal) Industry-leading ROIC of 24% 5% to 7% organic sales growth 5% to 7% additional sales from acquisitions, including ATS ≥ 16% Adjusted Operating Income (AOI) margin, in reported terms > 50% cash conversion Outlook 2026
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4 2025 full year results | 11 February 2026 Pillars of Strategy 27 fully implemented 2025 business highlights High-value offerings successfully launched FY25 sales already above 75% of 2027 targets Sustained annual organic growth at c. 15% Sustainability and Digital Trust Portfolio Focus Sales in North America in USD nearly doubled Robust bolt-on acquisition pipeline in the US Increased exposure to sustainable growth markets Strong Financial & ESG Profile Leverage1 at 1.7x Attractive dividend maintained Continued excellence across ESG criteria On track to exceed 2027 targets Further improvement deliveredGeographical mix rebalanced HQ relocation completed; CHF 100 million Lean Operating Model fully executed Cash discipline and accountability implemented AOI margin already at 16.0% Further procurement savings to be accounted for in 2026 Targets achieved ahead of plan People, Performance & Agility 1 Net debt after leases / Adjusted EBITDA
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5 2025 full year results | 11 February 2026 CHF 800 million of sales from Sustainability services Growth: Sustainability 400 1 000 2023 2027 Total growth of 15.1% in 2025 Climate – growth led by renewable energy services as well as greenhouse gas emissions verification and monitoring Nature – growth driven by PFAS testing and acquisitions in environmental monitoring and remediation services such as Ecoloss in Europe Circularity – growth from rising demand for testing and certification of recycled-based materials & products ESG Assurance – continued strong momentum from social and environmental audits across all regions 800 2025 Proforma 1 Sales, CHF million 2027 target: at least CHF 600 million incremental sales by 2027 1 Including full scope of acquisitions to date
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6 2025 full year results | 11 February 2026 CHF 260 million of sales from Digital Trust services Growth: Digital Trust 150 350 260 Total growth of 19.2% in 2025 Connected Products and Technologies benefited from acceleration in high-assurance cybersecurity evaluations Digital Services & Infrastructure was supported by selective acquisitions in System Integration capabilities Data and Artificial Intelligence was powered by CertX and strategic partnership with Nvidia Organizations & People was underpinned by growth acceleration in Digital Trust audit and certification services Sales, CHF million 2023 2027 2027 target: at least CHF 200 million incremental sales by 2027 2025 Proforma 1 1 Including full scope of acquisitions to date
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7 2025 full year results | 11 February 2026 North America growth target mostly achieved Growth: Portfolio focus Achieved 83%1 of target to at least double North America sales Expanded presence to capture long-term secular growth drivers: North America re-industrialization AI, data centers and digital infrastructure build-out Trade fragmentation and regionalization of supply chains Increased outsourcing of quality, safety and compliance Rising safety, health and transparency requirements 0.9 1.8 1.5 Sales, USD billion 2027 target: at least double USD sales in North America 2025 Proforma 1 1 Including full scope of acquisitions to date 2023 2027
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8 2025 full year results | 11 February 2026 19 bolt-on acquisitions closed in 2025, 5 in early 2026 Bolt-on activity Representing total annual sales of more than CHF 190 million
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9 2025 full year results | 11 February 2026 Strategy 27 execution driving superior performance 2025 business highlights 6 642 6 622 6 794 6 945 20252022 2023 2024 5.8% 5.6% 7.5% 8.1% Adjusted Operating Income (AOI) 481 604 748 774 20252022 2023 2024 37% 57%57% 48% 1 023 971 1 040 1 108 20252022 2023 2024 15.4% 16.0% 15.3% 14.7% 3.15 3.00 3.10 3.21 20252022 2023 2024 -4.0% +3.5% +3.3% -4.8% CHF FCF % cash conversion on adjusted EBITDA Sales Free Cash Flow 1 Earnings per Share (EPS) 1 CHF million CHF million CHF million Sales % organic growth AOI % AOI margin EPS % EPS growth 1 Excluding HQ disposal impact in 2025
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10 2025 full year results | 11 February 2026 Strong growth driven by Safety and Inspection Testing & Inspection: Industries & Environment Continued strong momentum in Safety, with double-digit organic growth driven by strong demand in the Americas and EEMEA Inspection & Supervision delivered strong organic growth supported by new project wins and robust execution in Latin America and Asia Pacific Strong performance in Industrial Testing in all regions supported by calibration and construction materials testing, partly offset by completion of low-margin contracts Solid organic growth in Environment, with sustained momentum in field monitoring and sustainability-related servicesIndoor Air Quality Testing, China CHF million 2024 2025 Sales 2 214 2 295 T otal change 3.7% of which organic 6.5% of which scope 2.1% of which FX -4.9% Adjusted Operating Income (AOI) 267 300 AOI margin 12.1% 13.1% 33% of Group sales I&E
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11 2025 full year results | 11 February 2026 A solid year driven by metallurgy activities Testing & Inspection: Natural Resources Minerals delivered solid growth led by trade services in Europe, Latin America and Asia Pacific Double-digit growth in metallurgical testing driven by gold, copper and critical minerals Oil, Gas and Chemicals achieved solid growth reflecting sustained client activity and resilient demand in Asia Pacific and Latin America Agriculture grew moderately, underpinned by strong activity in the Americas, while Europe remained soft 24% of Group sales Chemical Analysis, Peru CHF million 2024 2025 Sales 1 655 1 636 T otal change -1.1% of which organic 3.4% of which scope 1.0% of which FX -5.5% Adjusted Operating Income (AOI) 238 223 AOI margin 14.4% 13.6% NR
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12 2025 full year results | 11 February 2026 Positive momentum across all segments Testing & Inspection: Connectivity & Products Strong organic growth in Connectivity, led by product safety, continued EV momentum in Asia Pacific and wireless demand in North America Excellent organic growth in Hardlines benefiting from high demand for home appliances and supply chain shifting opportunities in Southeast Asia Strong organic growth in Softlines driven by performance testing in athleisure & wellness products and high demand for eco -friendly products Solid organic growth in Government services, led by anti-fraud and conformity assessment services 19% of Group sales Playground Safety Testing and Inspection, USA CHF million 2024 2025 Sales 1 329 1 352 T otal change 1.7% of which organic 6.4% of which scope 1.0% of which FX -5.7% Adjusted Operating Income (AOI) 287 308 AOI margin 21.6% 22.8% C&P
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13 2025 full year results | 11 February 2026 Strong performance driven by Food Testing & Inspection: Health & Nutrition Double-digit organic growth in Food driven by strong demand for contaminants, safety testing and advisory services Continued strong double-digit growth in nutraceutical and dietary supplements, underpinned by sustained demand for product certification Solid growth in Pharma led by clinical research in Europe and improving pipeline in the US, partly offset by softer drug development activity Solid organic growth in Cosmetics & Personal Care partly impacted by mid- year tariffs, followed by recovery in Q4 13% of Group sales Food Safety Testing, UK CHF million 2024 2025 Sales 835 882 T otal change 5.6% of which organic 7.3% of which scope 1.6% of which FX -3.3% Adjusted Operating Income (AOI) 95 124 AOI margin 11.4% 14.1% H&N
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14 2025 full year results | 11 February 2026 On-Site Compliance Review, Netherlands Certification: Business Assurance Growth led by Sustainability and Digital Trust Continued double-digit growth in Sustainability, driven by strong demand for greenhouse gas emissions verification and supply chain audits Food and Medical Devices certification maintained double-digit growth, mainly driven by tightening regulatory requirements Strong double-digit growth in Digital Trust led by information security certification and robust performance of recently acquired businesses Quality management systems was impacted by a high comparable from a post-certification year. Consulting also remained soft 11% of Group sales CHF million 2024 2025 Sales 761 780 T otal change 2.5% of which organic 4.2% of which scope 3.0% of which FX -4.7% Adjusted Operating Income (AOI) 153 153 AOI margin 20.1% 19.6% BA
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HIGHLY CONFIDENTIAL Environmental Monitoring Analysis, Belgium 2025 financial performance Marta Vlatchkova CFO 15 2025 full year results | 11 February 2026
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16 2025 full year results | 11 February 2026 CHF 6 945 million +5.6% organic growth CHF 1 108 million +70bps to 16.0% margin on sales Before HQ disposal CHF 3.21 +3.5% versus prior year Before HQ disposal CHF 774 million 57% cash conversion1 Adjusted Operating Income Sales Earnings per Share Free Cash Flow Record 2025 financial performance Financial KPIs 1 Free Cash Flow before HQ disposal / (Adjusted EBITDA – Lease payments) Reported Earnings per Share CHF 3.48 +12.3% versus prior year Free Cash Flow CHF 841 million +12.4% versus prior year
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17 2025 full year results | 11 February 2026 Strong organic sales growth of 5.6% 2025 sales CHF million Sales bridge +5.6% 2024 sales Organic Scope 2025 sales 6 794 6 945 +2.2% +377 -5.1% Forex -340+114 +1.7% +7.3% at constant currency
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18 2025 full year results | 11 February 2026 Strong organic sales supported by all operations 2025 performance by division Testing & Inspection Certification Europe Asia Pacific North America Latin America Eastern Europe, Middle East & Africa Business Assurance 2025 sales 2 027 1 994 778 616750 780 6 9452.4% 7.7% 3.9% 13.6%5.3% 5.7% 4.2% 5.6% SGS Group Sales by region Organic growth CHF million
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19 2025 full year results | 11 February 2026 971 +108 +26 Record AOI of CHF 1 108 million; 16.0% margin, up 70 bps 2025 Adjusted Operating Income (AOI) -66 1 108 AOI margin bridge 2024 AOI Organic Scope Forex 2025 AOI 15.3% CHF million 16.0% +70 basis points 1 040
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20 2025 full year results | 11 February 2026 CHF strong against all major currencies FX impact (CHFmillion) AUD PEN CLP Other KRW CAD GBP TWD 2025 AOI 1 174 1 108 2025 AOI at constant currency -20 bps on AOI margin -6.4% on AOI CNY EUR USD (CHFmillion) CNY AUD PEN EUR CLP Other USD KRW CAD GBP TWD 2025 sales 7 285 6 945 2025 sales at constant currency -1.0% -0.2% 0.0% -0.4% -0.2% -1.9% -0.6% -0.2% -0.3% -0.1% -0.1% -5.1% on sales Currency impact on sales growth Currency impact on Adjusted Operating Income (AOI)
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21 2025 full year results | 11 February 2026 Lean operating model New organization Corporate simplification Country structure simplification Fully executed Procurement savings Contracts renegotiation Consumables harmonization Indirect spend optimization Fully executed Efficiency plans fully executed CHF 150 million organizational efficiencies 100 m CHF CHF 150 million savings 1 run rate reached at the end of 2025 50 m CHF 1 At 2023 constant exchange rate CHF 115 million savings 1 accounted for since 2024
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22 2025 full year results | 11 February 2026 50 115 150 65 35 CHF 115 million savings realized on efficiency plans CHF 150 million organizational efficiencies 1 At 2023 constant exchange rate FY 2024 FY 2025 FY 2026 Total efficiency plans Savings accounted for as of December 2025 CHF million Phasing of savings impact1
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23 2025 full year results | 11 February 2026 Earnings per Share before HQ disposal of CHF 3.21 Full P&L + 2.2% + 6.5% + 3.5% CHF million 2024 2025 Change Sales 6 794 6 945 +151 Adjusted Operating Income (AOI) 1 040 1 108 +68 Amortization and impairment of acquired intangibles -30 -39 -9 Restructuring -82 -45 +37 Other non-recurring items and transaction costs -24 -10 +14 Operating income 904 1 014 +110 Financial expenses & JVs -57 -52 +5 Profit before taxes 847 962 +115 Income taxes -222 -245 -23 Effective tax rate 26% 25% Net profit 625 717 +92 Attributable to non-controlling interests -44 -49 -5 Net profit attributable to Group shareholders 581 668 +87 Reported EPS (CHF) 3.10 3.48 +0.38 EPS before HQ disposal (CHF) 3.10 3.21 +0.11 + 12.3%
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24 2025 full year results | 11 February 2026 2025 sales and EPS growth comparison in EUR and USD FX impact CHF EUR equivalent USD equivalent 2025 sales, in million 6 945 7 413 8 356 Organic growth +5.6% +5.6% +5.6% Scope +1.7% +1.7% +1.7% Forex -5.1% -3.4% +1.0% Total sales growth +2.2% +3.9% +8.3% Average exchange rates: CHF / EUR FY 2024 1.05, FY 2025 1.07; CHF / USD FY 2024 1.14, FY 2025 1.20 CHF EUR equivalent USD equivalent EPS before HQ disposal 3.21 3.43 3.86 EPS growth before HQ disposal +3.5% +5.3% +9.7%
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25 2025 full year results | 11 February 2026 Record FCF before HQ disposal of CHF 774 million Free Cash Flow (FCF) review 1 Free Cash Flow / (Adjusted EBITDA – Lease payments) CHF million 2024 2025 Change Adjusted Operating Income (AOI) 1 040 1 108 +68 Depreciation and amortization 438 431 -7 Adjusted EBITDA 1 478 1 539 +61 Restructuring cash-out -44 -36 +8 Change in operating working capital 19 -39 -58 Taxespaid -228 -243 -15 Net Capex -239 -246 -7 Lease payments -176 -175 +1 Net interest paid -61 -38 +23 Other -1 +12 +13 Free cash flow before HQ disposal 748 774 +26 Cash conversion1 57% 57% - HQ disposal after-tax - 67 +67 Free Cash Flow 748 841 +93
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26 2025 full year results | 11 February 2026 Industry-leading ROIC of 24% Return on Invested Capital (ROIC) ROIC 1 Before HQ disposal 2023 2024 22% 24% 24% 20251
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27 2025 full year results | 11 February 2026 2023 2024 Leverage Strengthening financial profile Leverage Net debt after leases / Adjusted EBITDA 2.0x 1.8x 1.7x 2025
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28 2025 full year results | 11 February 2026 Attractive shareholder remuneration Proposed dividend Attractive shareholder remuneration through stable dividend of CHF 3.20 Scrip dividend, optional shares or cash, to be proposed at the next Annual General Meeting on 26 March 2026 Proposed dividend Environmental Chemical Analysis, China
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29 2025 full year results | 11 February 2026 2025 ESG performance Corporate sustainability Image credit: WORLD'S TOUGHEST ROW 29 2025 full year results | 11 February 2026 1 vs 2019 baseline in compliance with SBTi requirements Environment -16.1% reduction in Scope 3 emissions1 People 32.5% leadership positions held by women Education 7.7 million training hours Responsible Business 92% customer satisfaction score
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HIGHLY CONFIDENTIAL Outlook Géraldine Picaud CEO Sample Transport by Autonomous Drones, Belgium30 2025 full year results | 11 February 2026
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31 2025 full year results | 11 February 2026 2026 outlook Delivering Strategy 27: Accelerating growth, building trust Food Analysis, Germany 5% to 7% organic sales growth 5% to 7% additional sales from acquisitions, including ATS ≥ 16% Adjusted Operating Income margin, in reported terms > 50% cash conversion Capital Markets Event to be planned before the end of 2026
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32 2025 full year results | 11 February 2026 Appendix
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33 2025 full year results | 11 February 2026 Organic growth led by Industries & Environment and Connectivity & Products Q4 2025 sales by end -market CHF million Sales Organic growth Industries & Environment (I&E) 592 7.5% Natural Resources (NR) 430 3.6% Connectivity & Products (C&P) 341 6.4% Health & Nutrition (H&N) 224 5.4% Business Assurance (BA) 207 4.4% Total 1 794 5.7%
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34 2025 full year results | 11 February 2026 Strong organic sales growth of 5.7% in Q4 Sales bridge Q4 2025 +5.7% CHF million Q4 2024 sales Organic Scope Q4 2025 sales 1 760 1 794 Sales bridge +1.9% +100 -5.7% FX -100+34 +1.9%
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35 2025 full year results | 11 February 2026 Reminder of Strategy 27 targets Delivering Strategy 27: Accelerating growth, building trust Sales Adjusted Operating Income margin on sales Free Cash Flow After leases and interests 5% - 7% organic growth Significant improvement at least 1.5 percentage points vs 2023 > 50% cash conversion Annually By 2027 By 2027
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36 2025 full year results | 11 February 2026 Financial calendar Upcoming events 26 March 2026 H1 2026 results Virtual Q1 2026 sales update Virtual Annual General Meeting Zürich 23 April 2026 24 July 2026 Q3 2026 sales update Virtual 23 October 2026 FY 2026 results Zürich 11 February 2027 Capital Markets Event To be planned in 2026
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37 2025 full year results | 11 February 2026 Disclaimer SGS Certain matters discussed in this presentation may constitute forward-looking statements that are neither historical facts nor guarantees of future performance. These forward-looking statements reflect current assumptions, expectations and views of the management and are subject to known and unknown risks and uncertainties that are beyond control or estimation of SGS and that could cause actual results to differ materially from those expressed or implied by such statements. Further information on potential risk factors is contained in SGS's Integrated Report. These statements speak only as of the date of this presentation. Except as required by any applicable law or regulation, SGS expressly disclaims any obligation to publicly update or revise any forward-looking statements contained herein to reflect any change in SGS Group’s expectations or events or circumstances after the date of this presentation.
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