Ad hoc announcement pursuant to Art. 53 LR
July 24, 2025Strong sales growth, profit increase and growing order backlog
Sulzer reports strong operational performance in the first half of 2025 with increasing sales of CHF 1’743.9 million (+6.3%) and increasing order backlog of CHF 2’327.5 million (+5.2%). The EBITDA margin increased by 90 basis points to 14.4%. Sulzer continues to implement its strategy: profitable growth and excellence along the value chain.
Midyear 2025 HIGHLIGHTS
- Sales: CHF 1’743.9m, +6.3% demonstrating good momentum
- EBITDA: CHF 251.0m, +15.9% due to higher sales and reduced costs
- EBITDA margin: +90bpts to 14.4% reflecting stringent implementation of “Sulzer Excellence”
- Orders: CHF 1’961.4m, -2.4% reflecting some project postponements
- 2025 guidance confirmed
Note: If not otherwise indicated, changes in % compared to the previous year are based on organic figures (adjusted for currency effects, acquisitions / divestitures and deconsolidations).
Executive Chairwoman Suzanne Thoma stated: “Our ongoing commitment to ‘Sulzer Excellence’ is driving significant impact in the face of global uncertainties. This is reflected in our strong sales and profitability. As a key contributor to essential industries, we continue to create long-term value in structurally growing markets.”
Strong sales growth
Sales for the Flow division increased by 10.3% to CHF 757.3 million, supported by solid growth in both business units. The Services division also delivered double-digit growth in sales, increasing by 14.8% to CHF 657.1 million. Chemtech’s sales were impacted by fewer large projects and headwinds in the Asia-Pacific markets, decreasing sales by 13.6% to CHF 329.5 million.
EBITDA totaled CHF 251.0 million, representing an EBITDA margin improvement of 90 basis points year-on-year, from 13.5% in 2024 to 14.4% in 2025. This reflects the combined effect of higher revenue generation coupled with improved operational efficiency due to “Sulzer Excellence”.
Free Cash Flow amounted to CHF 43.2 million compared with CHF 55.4 million in H1 2024, due to customer project delays resulting in higher inventories, coupled with the negative impact of currency translations.
Slightly lower order intake, continued growth in order backlog
The aftermarket business, representing 50% of Sulzer’s total business, reported strong order intake in all three divisions. Due to the global uncertainties regarding trade barriers and the economic situation, some customers opted to postpone large investment decisions. This led to a slightly lower order intake in the project business compared to the strong project business in the first half of 2024.
In the Flow division, order intake declined by 3.1%, with the Water and Industrial business achieving solid growth of 5.0% and the Energy and Infrastructure orders decreasing by 13.2%. This compares against H1 2024, which included one exceptionally large order.
Order intake in the Services division continued to capitalize on favorable market conditions and its increased presence in the Middle East, delivering strong year-on-year order growth of 12.0%.
Chemtech’s order intake was highly impacted by the postponements of planned projects in addition to the reduced activity in Asia’s refining business in the first half of 2025. Coupled with a strong 8.3% order intake growth in H1 2024, the division reported a year-on-year decrease in order intake of 20.3%. Larger projects for biobased polymers, carbon capture and sustainable aviation fuels were ordered in H1 2025, demonstrating good momentum and an accelerated adoption of these technologies moving forward.
2025 guidance confirmed
Based on our expectations, we are confident that we will achieve full-year profitability above 15% of sales, up from 14.2% in 2024, with year-on-year organic growth of 2% to 5% for order intake and of 5% to 8% for sales.
Midyear report and presentation
The documents related to the Midyear results are available on our website under Investor Relations
The online version of the Midyear report can be found here: Midyear Report 2025
The analyst and media presentation can be found here: Midyear Presentation 2025
The Midyear analyst and media webcast will take place on Thursday July 24, 2025, at 10:00 a.m. CET Please use the following link to register.
This document may contain forward-looking statements including, but not limited to, projections of financial developments, market activity, or future performance of products and solutions containing risks and uncertainties. These forward-looking statements are subject to change based on known or unknown risks and various other factors that could cause actual results or performance to differ materially from the statements made herein.
Your spokesperson
Media Relations
Marlène Betschart
Head Corporate Communications
Sulzer Management Ltd
Neuwiesenstrasse 15
Switzerland
Investor Relations
Thomas Zickler
Chief Financial Officer
Sulzer Management Ltd
Neuwiesenstrasse 15
Switzerland
