Excellent 2025 results
Pillars of Strategy 27 fully implemented
The pillars of Strategy 27 are now fully implemented across SGS. All actions are in place and the strategy is firmly embedded in how we run the Group, creating the momentum to deliver our 2027 objectives. This foundation has already translated into an exceptional year for SGS. We achieved record sales, adjusted operating income and free cash flow. Digital Trust and Sustainability services delivered strong, double-digit organic growth, and the acquisition of Applied Technical Services (ATS) marked a major step toward our ambition to at least double North America sales by 2027. At the same time, we continued to strengthen our financial and ESG profile, reinforcing the foundations for sustained performance.
Strengthening a high-performance culture with Strategy 27
I am proud of how SGS continued to deliver for our clients, our people and our stakeholders in another year marked by volatility and rapid change. Industries around the world faced shifting regulations, supply chain pressures and an accelerating wave of digital and sustainability demands. Through it all, our teams stayed focused, responsive and deeply committed to providing trust to our clients.
SGS has always been strongest in complex moments. Our global scale, across 115 countries, gives us the reach to support clients wherever they operate, while our business model allows us to adapt quickly to changing conditions. Combined with our 148-year legacy of excellence, these qualities reinforce our position as the global leader in Testing, Inspection and Certification (TIC) and give us a clear advantage to thrive in volatile markets.
Advancing growth across priority areas
Sustainability services remained a powerful driver of performance, delivering strong double-digit organic growth in 2025. Our IMPACT NOW for sustainability program was a key contributor to this performance. Even as the United States reduced federal sustainability regulation, voluntary demand for trusted sustainability assurance continued to rise. More companies are recognizing that strong environmental performance builds credibility, strengthens reputation and creates long-term value. A good example is our contract with the European Commission’s Joint Research Centre and LUCAS
Soils Survey.
Through this project, we are analyzing over 35 000 soil samples from across the EU to establish a baseline for key properties, including organic carbon, biodiversity and pollution risks, to enable effective long-term monitoring and restoration efforts. This demonstrates how science-driven solutions can support climate and environmental action.
Digital Trust services also advanced significantly in 2025, delivering strong double-digit organic growth. We launched the SGS DIGITAL TRUST framework, bringing together our capabilities across connected products & technologies, digital services & infrastructure, data & artificial intelligence, and organizations & people. Supported by our global network of cyber labs and more than 500 experts, the framework gives customers a structured way to navigate increasingly complex digital risks with confidence.
Our acquisition program gained speed as well. We completed 19 acquisitions during the year, strengthening our capabilities in high-growth segments, further enhancing the group’s portfolio and strengthening its margin potential.
Deepening our presence in North America
North America remains a key strategic priority. The region is undergoing a major structural shift of re-industrialization driving sustained demand for trusted Testing, Inspection and Certification services.
A major milestone this year was the acquisition of ATS, a leading US testing, inspection, calibration and forensics solutions provider with more than 2 000 professionals and 85 advanced facilities serving regulated and high-growth sectors. ATS significantly strengthens our US footprint, enhances our technical depth and expands our reach across attractive end-markets.
Importantly, the acquisition fulfils close to 80% of our objective to at least double North America sales by 2027, compared to 2023, underscoring the region’s strategic significance and the momentum behind Strategy 27.
Together, these developments position SGS for strong, long-term growth as North America continues its industrial transformation.
“Strategy 27 is now fully implemented across SGS. All actions are in place and the strategy is firmly embedded in how we run the Group, creating the momentum to deliver our 2027 objectives.”
Building performance, agility and alignment
Strengthening people, performance and agility, one of the core priorities of Strategy 27, remained a key focus in 2025. We embedded a clearer performance culture across the organization, supported by our CHF 150 million efficiency program, which is simplifying structures, improving procurement and driving productivity gains across the Group.
We continued to advance our organizational evolution. We welcomed Damien Rousseau and Fred Yang to the Executive Committee, further strengthening our leadership team. In May, we launched the SGS Business School – Executing Strategy 27. This initiative is designed to empower our senior leaders to accelerate growth and build trust, exploring themes of accountability, performance and challenging the status quo. We also relocated our headquarters to Baar, Switzerland. Our new headquarters provide a more efficient, collaborative and business-friendly environment for our teams.
Our values came to life beyond SGS as well. In 2025, we became the main sponsor of the Swiss rowing team 44west, who won the World’s Toughest Row across the Atlantic Ocean. Their challenge – demanding trust, teamwork, performance and environmental commitment – reflects the qualities that define SGS’s business culture. In addition, through IMPACT NOW for sustainability and their collaboration with rrreefs, we are helping restore marine biodiversity by rebuilding the coral reef. It is a powerful example of how performance and purpose reinforce one another, and a meaningful source of inspiration for our teams.
Strengthening our financial and ESG profile
We are fully on track toward our 2027 financial and sustainability targets. In 2025, we continued to deliver high growth expanding by 7.3% in constant currency. Organic growth contributed 5.6%, supplemented by 1.7% from scope effect. Adjusted operating income margin on sales of 16% improved by 70 basis points in reported terms, supported by our operating leverage and the successful execution of our operational efficiency plan. The strong profitable growth translated into excellent free cash flow generation of CHF 774 million¹.
At the same time, customer satisfaction remains a focus area of our strategy, and this year we achieved a score of 92%, marking a strong improvement and confirming progress toward our non-financial targets. This performance reinforces trust and reliability, driving retention and long-term sustainable growth in highly regulated markets. Our continued leadership in major ESG ratings reflects our long-standing culture of responsibility, integrity and long-term value creation.
Our role in a changing world
The megatrends shaping the TIC industry continue to intensify – from sustainability and digital transformation to supply chain migration, regulatory complexity and the rapid growth of artificial intelligence. These long-term structural drivers align directly with our strengths. Scale matters. It enables global reach, technical excellence and the ability to support customers across entire value chains. As the world’s leading TIC company, we will continue consolidating the market where we can create the greatest positive impact.
Above all, we will continue relying on the expertise and dedication of our teams. Their judgement, commitment and passion ensure that trust remains at the center of every SGS service, whether we are helping secure digital ecosystems, strengthen food safety, advance climate goals or support responsible industry growth.
A sincere thank you
A sincere thank you to our more than 100,000 colleagues around the world and to the many new colleagues who joined us this year as part of our growth journey.
Your professionalism, resilience and commitment make everything we achieved this year possible.
As we move forward, we will continue to accelerate Strategy 27. With clear priorities and a talented team, we are well positioned to achieve our 2027 objectives and deliver lasting value for all stakeholders.
Géraldine Picaud
Chief Executive Officer
1. Before HQ disposal