Sulzer AG

Latest Results (27.04.2026):

Sulzer AG — Annual results for full‑year 2025 (Annual Report 2025): Sulzer reported full‑year 2025 sales of CHF 3,555.4m (organic +5.6%), order intake of CHF 3,751.0m (organic +2.1%), EBITDA of CHF 556.2m (margin 15.6%, a record), EBIT of CHF 433.1m and net income of CHF 294.7m. Core net income was CHF 322.6m and basic EPS rose to CHF 8.68. Free cash flow was CHF 212.5m and net debt increased to CHF 267.4m. Management proposes an ordinary dividend of CHF 4.75 per share and issues guidance for 2026 (organic order intake +1% to +5%, sales +2% to +5%, EBITDA margin ~16.5%).

Top‑line and orders

Sales: CHF 3,555.4m (2025), up 5.6% on an organic basis. Order intake: CHF 3,751.0m (2025), organic growth +2.1%. Order backlog at year‑end: CHF 2,255.6m (slightly below 2024, currency‑adjusted backlog higher).

Profitability

EBITDA: CHF 556.2m (+18.0% organic), EBITDA margin 15.6% (record, +140 bps vs. 2024). EBIT: CHF 433.1m. Core net income: CHF 322.6m (up vs. 2024).

Net income and EPS

Net income: CHF 294.7m (2025). Basic earnings per share: CHF 8.68 (vs. CHF 7.73 in 2024), a ~12% increase.

Divisional performance

Flow: strong sales growth (sales +12.3% organic) and EBITDA margin 13.3% (↑160 bps). Services: double‑digit sales growth and EBITDA margin 18.3% (↑150 bps). Chemtech: sales down (‑13.6%) and EBITDA margin 13.7% (decline vs. prior year).

Cash, debt and cash flow

Free cash flow: CHF 212.5m (down ~CHF 22.4m vs. 2024), impacted by higher net working capital, higher tax payments and lower interest income. Cash and cash equivalents at year‑end CHF 927.3m. Net debt rose to CHF 267.4m (from CHF 100.4m), Net debt / EBITDA ~0.48.

Returns to shareholders and market metrics

Proposed ordinary dividend CHF 4.75 per share (payout ratio ~55%). Year‑end share price CHF 147.40; market cap ~CHF 4,973m; P/E ~17.0x; dividend yield ~3.2%.

Taxes and financial items

Effective tax rate improved to 23.9%. Financial expenses increased (net CHF ~34.6m) driven by lower interest income and higher currency losses.

Outlook for 2026

Sulzer guides 2026 organic order intake growth of 1%–5%, sales growth of 2%–5% and an expected EBITDA margin around 16.5%, noting continued market uncertainty and a backend‑loaded outlook for order intake.