HIGHLIGHTS

• Year to date order intake -1.2%, a recovery compared to H1 2025 (-2.4%)
• Positive order intake momentum, except for a few large projects delayed into 2026
• 2025 guidance confirmed

Base load and aftermarket business as well as small projects showed continued growth in our Flow and Services divisions. Due to economic uncertainty, customers are reluctant to make decisions on some large projects. This adverse investment climate impacted our Flow division slightly and our Chemtech division substantially.

In the Flow division, order intake was -2.3% for the first nine months (H1: -3.1%). In general, the division saw solid growth but has been impacted by the postponement of large-scale customer projects in both business units.

The Services division again delivered double-digit order intake growth, reaching 13.2% (H1: 12.0%). The division continues to grow through its repair, maintenance and re-engineering (retrofit) business, particularly in the Americas and Europe, the Middle East and Africa (EMEA).

In the Chemtech division, order intake remained at -20.3%. This is mainly due to delayed large-scale projects. The Mass Transfer Components and Services business sees weak demand in China, while heightened interest in Biopolymers, Carbon Capture and Sustainable Aviation Fuel suggests positive market momentum for next year.

Outlook

In a volatile market environment with an adverse investment climate, Sulzer confirms its guidance for the full year with year-on-year organic growth for order intake of 2% to 5% and for sales of 5% to 8%. The EBITDA margin is expected to further increase to above 15% of sales.

Important dates

• Annual Results 2025: February 26, 2026
• Annual general meeting: April 15, 2026