Zurich, Feb 21, 2026, 07:52 CET — Market closed.
- Swiss stocks edged up by week’s end, propped up mainly by earnings reports and forward-looking guidance.
- Sika surged, while Zurich Insurance edged higher following positive annual updates. Swiss Re also advanced after news of a deal.
- Siegfried dropped hard, with wary eyes on 2026 projections stirring fresh jitters as Monday loomed.
Siegfried Holding dropped sharply on the SIX Swiss Exchange, rattled by uncertainty over a major client’s 2026 commitment. Sika and Zurich Insurance, on the other hand, gained ground following their yearly reports, both emphasizing margins and capital returns.
The Swiss Market Index (SMI) ended Friday at 13,836.89, gaining 0.27%. The benchmark stayed close to its 52-week peak, with moves largely driven by company headlines through the session.
This is relevant now, with Europe navigating earnings and central-bank timing literally day by day. Defensives have turned into a go-to shelter whenever volatility kicks up. On Friday, European shares finished at a record high, giving the region some stability—even as smaller stocks faced some cutthroat stock picking.
Sika shares notched a 3.54% gain Friday, closing at 158.15 Swiss francs after the construction chemicals group beat its full-year profit target and highlighted a brighter outlook for 2026. The company is projecting sales growth of 1% to 4% in local currencies for that year, aiming for an EBITDA margin between 19.5% and 19.8%.
Shares in Zurich Insurance climbed 1.61% to 567.80 francs after the company forecast record earnings for 2025 and bumped its proposed dividend up to 30 francs per share. The insurer posted a business operating profit of $8.9 billion, with a property-and-casualty combined ratio at 92.6%—comfortably in the black, since anything below 100% counts as profitable underwriting. CEO Mario Greco said the group remains “well on track” to hit its 2027 goals. Investing.com
Shares of Swiss Re climbed 1.10% to 129.20 francs after its Corporate Solutions division announced the acquisition of QBE’s Global Trade Credit and Surety business. The portfolio is expected to bring in around $200 million in annual revenue, according to the company. Ivan Gonzalez, CEO of Swiss Re Corporate Solutions, called the deal “an important milestone” and said it will broaden the group’s credit and surety platform. Regulatory approvals, both sides indicated, are likely to take several months. Investing.com
Nestlé shares slipped 0.64% to 80.91 francs by Friday’s close, giving back a fraction of Thursday’s sharp 3.86% rally that came on the heels of its full-year results. The Swiss food giant put 2025 sales at 89.49 billion francs, posting organic growth of 3.5%—that figure excludes currency moves and acquisitions. A 3.10-franc dividend is on the table. CEO Philipp Navratil pointed to better organic growth and “market share trends” in the back half, saying “our actions are working.” The outlook sees 2026 organic growth landing somewhere between 3% and 4%. On another front: Reuters said Nestlé is negotiating with PAI Partners to sell off a chunk of its ice cream business. Investing.com
Novartis ended almost unchanged, inching down just 0.02% to 126.46 francs, after a subdued run among Swiss pharma names this week. The company announced plans to offload its holding in Novartis India, aiming to raise as much as $159 million via an offer for sale. There’s also an option to unload more shares at the same price, trimming back an old position.
Siegfried tumbled 8.78% to 82.10 francs—easily the biggest decliner in the group—after the company matched solid 2025 profitability targets with a notably cautious approach for 2026. The contract drugmaker booked 1,327.8 million francs in net sales and core EBITDA at 312.3 million francs. Looking ahead, Siegfried projects only low-single-digit growth for its drug substances unit in 2026, citing a key customer’s order still up in the air for a major product. Drug products, on the other hand, are expected to grow at a high-single-digit clip.
The risk side practically writes itself. A firmer Swiss franc threatens to dent exporters’ reported sales; construction could falter if rates tick upward again. Siegfried’s “pending confirmation” guidance? That can reverse quickly, no guarantees. Deals aren’t immune, either — Swiss Re has already pointed to a drawn-out approval process before it can finally wrap things up.
Zurich trading picks up again Monday, Feb. 23. Eyes are on March 19—that’s when the Swiss National Bank delivers its next monetary policy assessment.
