Accelleron Industries AG

Latest Results (06.01.2026):

Accelleron Industries AG — reporting on the first half of 2025 (H1 2025, covering Q1–Q2, period ended June 30, 2025) delivered strong results: revenues of USD 608.0 million (+20.3% YoY; +18.5% organic), operational EBITA of USD 154.9 million (+20.8%) and an operational EBITA margin of 25.5% (up 0.1 ppt). Net income was USD 114.7 million (+29.5%), free cash flow conversion improved to 70.3% (vs 34.4% in H1 2024), and net leverage stood at 0.8. Management reaffirmed revenue guidance (constant-currency growth 16–19% for 2025) and narrowed the EBITA margin guidance to 24–25% due to a new U.S. tariff.

Revenue and growth

Revenues rose to USD 608.0m (+20.3% YoY, +18.5% organic), led by market-share gains in turbochargers, strong marine retrofit/service demand and growth in backup/balancing/prime power applications (notably data centers).

Profitability

Operational EBITA increased to USD 154.9m (+20.8%) with a 25.5% margin (+0.1 ppt). Net income was USD 114.7m (+29.5%), which included around USD 13.1m of one-off and non-operational costs, incl. USD 4.1m acquisition-related amortization.

Cash flow and balance sheet

Net cash from operations was USD 105.9m (vs USD 42.5m prior year); free cash flow was USD 80.6m and free cash flow conversion strengthened to 70.3%. Net debt rose to USD 255.9m (up USD 49.8m), largely reflecting FX movements; net leverage was 0.8.

Segment performance

High Speed: revenues USD 149.2m (+24.6%), operational EBITA USD 38.7m (margin 25.9%, -0.1 ppt). Medium & Low Speed: revenues USD 458.8m (+18.9%), operational EBITA USD 116.2m (margin 25.3%, +0.1 ppt). Growth driven by new-builds, retrofits and service agreements.

Investments and M&A

Planned investments and costs of ~USD 80m (capacity and site investments in Turin and Brescia through 2029). Recent bolt-ons (OMT, OMC2, TNM) contributed to growth and product/service expansion, including fuel injection capabilities.

Guidance and outlook

Company reaffirms July revenue guidance of +16–19% constant-currency for full-year 2025; operational EBITA margin guidance reduced by 1 ppt to 24–25% due to the new U.S. tariff on Swiss goods (impact from Aug 7).

Market drivers

Strength in marine (retrofits, new-builds), continued demand for data center backup/prime power (TPX44 turbocharger), recovering medium-speed power plant activity (U.S.), sustained fuel-injection demand and above-average rail orders in China.

Risks and headwinds

Key risks include geopolitical uncertainty, supply-chain and value-chain cost pressure, and the newly introduced 39% U.S. tariff on Swiss goods; management plans pricing, value-chain reconfiguration and operational efficiency actions to mitigate impacts.