Sulzer AG

Latest Results (28.08.2026):

Sulzer AG — Midyear / first half results: For the six‑month period ended June 30, 2026 (H1 2026, covering Q1–Q2 2026), Sulzer AG reported resilient results despite geopolitical headwinds: order intake was CHF 1,786.6m, sales CHF 1,672.6m, EBITDA CHF 258.7m (EBITDA margin 15.5%), and net income CHF 138.8m. The company cites stronger aftermarket/base business, continued execution of its “Sulzer Excellence” program and a backend‑loaded project pipeline for the remainder of 2026.

Top‑line and orders

Order intake: CHF 1,786.6m (–3.9% organic vs. H1 2025). Reported sales: CHF 1,672.6m, up 1.0% on an organic basis year‑on‑year, driven by disciplined backlog execution and aftermarket growth. Order backlog stood at CHF 2,396.5m as of June 30, 2026.

Profitability and earnings

EBITDA: CHF 258.7m; EBITDA margin improved to 15.5% (up 110 basis points vs. H1 2025). EBIT: CHF 199.1m. Core net income: CHF 159.6m. Reported net income: CHF 138.8m; basic EPS CHF 4.07.

Cash flow and balance sheet

Free cash flow weakened to CHF 12.8m (H1 2025: CHF 43.2m) primarily due to a geopolitically induced build‑up of inventories and contract assets from delayed/paused projects. Net debt rose to CHF 358.5m; total cash and equivalents were CHF 843.2m at June 30, 2026.

Division performance

Flow: order intake +1.4% (organic), sales +0.5%, EBITDA margin 13.3% (up 100 bps). Services: order intake +0.2%, sales +4.4%, EBITDA margin 17.7% (up 100 bps). Chemtech: order intake –22.7%, sales –4.9%, EBITDA margin stable at 11.7%; Chemtech is implementing additional cost and simplification measures.

Drivers and risks

Management cites resilience from aftermarket and base business and margin gains from Sulzer Excellence. Major near‑term headwinds include Middle East geopolitical tensions, supply‑chain disruption and customers deferring large project decisions—leading to a slower H1 and higher working capital.

Outlook

Sulzer AG confirms a backend‑loaded 2026 outlook: organic order intake growth of 1–5% year‑on‑year, sales growth of 2–5% and an expected full‑year EBITDA margin of around 16.5%, assuming stronger second‑half project execution.