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Sulzer (SUN) investor relations material
Sulzer H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary24 Jul, 2025
Executive summary
Achieved strong sales growth above market, driven by backlog execution and double-digit growth in Flow and Services; profitability improved for the third consecutive year, with EBITDA and ROCE both rising.
Order intake remained robust except for Chemtech, which was impacted by geopolitical factors and market headwinds.
Net income rose to CHF 128.2 million from CHF 117.4 million year-over-year.
Total comprehensive income declined to CHF 63.3 million from CHF 185.9 million, mainly due to negative currency translation differences.
Acquisition of Davies & Mills Co.W.L.L. in Bahrain expanded the Services division.
Financial highlights
Group sales increased by 6.3% to CHF 1,743.9 million in H1 2025, with double-digit growth in Flow (+10.3%) and Services (+15%), but Chemtech sales declined by 13.6%.
EBITDA margin improved to 14.4%, up 90 basis points year-over-year; adjusted for FX, the increase would be 120 basis points.
ROCE rose to 20.0% from 17.3%, a 270 bps increase.
Free cash flow for H1 2025 was CHF 79.7 million, down from CHF 97.9 million in H1 2024, mainly due to increased inventory and receivables from project delays.
Net cash and cash equivalents at period end were CHF 921.6 million, slightly down from CHF 931.4 million a year earlier.
Outlook and guidance
Guidance confirmed: order intake expected up 2–5%, sales up 5–8%, and EBITDA margin above 15% for the full year.
H2 expected to be stronger than H1, especially for Chemtech, with a promising pipeline in environmental technologies and large projects.
No changes to midterm targets or strategy despite market uncertainties.
Estimated average annual tax rate for 2025 is 24.2%, slightly lower than 24.9% in H1 2024.
No material impact expected from new or upcoming accounting standards.
How did lower interest rates impact income?
Explain the Flow division's reorganisation.
What criteria trigger additional payments for Davies and Mills?
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Q3 202524 Oct, 2025
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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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