Sulzer
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Sulzer (SUN) investor relations material

Sulzer Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Achieved record sales, order intake, and profitability in 2025, with strong growth in aftermarket, water, and services segments, and improved operational performance.

  • Strategy focused on operational excellence, commercial discipline, and customer-centric investments, strengthening supply chains and delivery.

  • Large project delays in oil & gas and chemicals shifted significant order volume into 2026, but underlying growth momentum remains robust.

  • Dividend proposed to increase by CHF 0.50 to CHF 4.75 per share, reflecting confidence in ongoing performance.

  • Free cash flow was CHF 212.5 million, with a strong cash position of CHF 927.3 million at year-end.

Financial highlights

  • Order intake grew by 2.1% year-over-year, with a book-to-bill ratio of 1.06 and strong aftermarket and water segments.

  • Sales increased by 5.6% year-over-year to CHF 3,555.4 million, with EBITDA reaching a record CHF 556.2 million (15.6% margin).

  • Basic earnings per share rose 18.8% to CHF 8.68; return on capital employed up 140 bps to 21.1%.

  • Negative FX impact reduced order intake and sales by CHF 190 million and EBITDA by CHF 40 million.

  • Net debt/EBITDA stable at 1.0; equity ratio improved to 28.3%.

Outlook and guidance

  • 2026 guidance: order intake growth of 1–5%, sales growth of 2–5%, EBITDA margin targeted above 16.5%.

  • H1 2026 expected to be muted due to timing of large projects; stronger momentum anticipated in H2.

  • Aftermarket, water, and small-scale projects expected to drive continued growth, with new technology segments growing in key regions.

  • CapEx expected to remain at similar levels for 2026 and 2027.

  • Order backlog at year-end was CHF 2,255.6 million, supporting future revenue.

What drove 2025 contingent consideration income?
GBP/USD FX impact on 2025 post-tax profit?
Impact of Tiwel Holding AG loan settlement on cash?
Chemtech: What drives 2026 profitability rebound?
Quantify 2026 large project pipeline not in guidance
One Sulzer: How will it drive 2026 growth and efficiency?
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Frequently asked questions

Sulzer Ltd is an industrial engineering company specializing in fluid engineering, with a focus on pumping, mixing, separation, and application technologies. The company serves a range of industries, including oil and gas, water, chemicals, power generation, and renewable energy. Sulzer’s solutions are used in applications such as fluid handling, wastewater treatment, and energy production. The company also provides aftermarket services such as maintenance and repair for its equipment and systems. The company is headquartered in Winterthur, Switzerland, and its shares are listed on the SIX Swiss Exchange.

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