2025 HIGHLIGHTS

Record level* of sales and profit:

• Sales at CHF 3’555m, +5.6%*
• EBITDA at CHF 556m, +18.0%*
• EBITDA margin at 15.6%, +140 bps
• Net income at CHF 295m (CHF +29m)
• Earnings per share CHF 8.68 (CHF +0.95)
• Dividend proposal up from CHF 4.25 to CHF 4.75
• Free Cash Flow in line with expectations at CHF 213m (CHF -22m)

*Adjusted for currency effects, acquisitions/divestitures and deconsolidations for absolute and growth numbers.

Divisional performance

Flow achieved a new record level of EBITDA margin with 13.3% compared to 11.7% in 2024. Order intake amounted to CHF 1’576 million, +2.5% compared to 2024, with order intake in Water growing double digit. Sales amounted to CHF 1’551 million, +12.3% compared to 2024.

Services achieved a new record level of EBITDA margin with 18.3% compared to 16.8% in 2024. Order intake and sales grew double digit for the third consecutive year. Order intake increased by 10.8% to CHF 1’450 million, while sales grew by 10.7% to CHF 1’313 million.

Chemtech achieved a solid EBITDA margin with 13.7%, down from 15.7% in 2024, due to lower sales. Strong excellence and cost reduction measures helped sustain margins. Order intake amounted to CHF 725 million, down 12.5%, reflecting a challenging market environment due to overcapacity in China and weak investment sentiment in the chemical industry. Sales amounted to CHF 691 million, down 13.6%.

Accelerated strategy implementation

The company accelerated its strategy program and the implementation of initiatives for profitable growth and excellence along the value chain. “Sulzer Excellence contributed significantly to our results,” said Executive Chair Suzanne Thoma. “We are more efficient, as our profitability is clearly showing. We are progressing on our journey to become a top industrial company that truly creates value. This not only strengthens Sulzer’s global market positioning but also attracts ambitious professionals with successful track records. ” The global leadership team consists of 20 nationalities and 23.5% female leaders – up from 16.3% in 2023.

Outlook: higher market volatility

Due to the increased geopolitical uncertainties and the potential impact of possible further customer projects delays, the forecast of the timing of expected large orders has become more challenging in 2026. This especially counts for the year-on-year growth of order intake on quarterly basis. In general, for order intake, Sulzer expects in the first half of 2026 some muted development based on the backdrop of very high comparisons from 2025. Overall, the company expects a stronger, more backend-loaded, second half of 2026 for order intake. Given this higher market volatility causing investment uncertainties, the company guides a year-on-year organic order intake growth of 1% to 5% and a year-on-year sales growth between 2% and 5%. The EBITDA margin is expected to further increase to around 16.5% of sales.

Annual General Meeting: Proposal of the Board of Directors

A dividend of CHF 4.75 per share will be proposed by the Board of Directors at the Annual General Meeting on April 15, 2026, compared to an ordinary dividend of CHF 4.25 per share in 2025. This reflects Sulzer’s continuous strong business performance and strategy effectiveness.

Furthermore, the Board of Directors proposes the re-election of all current members of the Board of Directors (including the Board Chair) and the Remuneration Committee.

Annual report and media & IR conference:

The documents on the 2025 financial reporting will be available at 6.00 a.m. on February 26, 2026, on our website: Investor Relations 

An online version of the annual report 2025 is available here: Annual Report 2025

Non-financial report 2025: www.sulzer.com/nfr2025

The annual media and investors conference will take place on February 26, 2026, at 10:00 a.m. Please use the following link to register: Link