Georg Fischer (GF) H1 2026 earnings summary

Executive summary

• Achieved solid organic growth of 5.7% in H1, with order intake up 15.1% organically, driven by record semiconductor and infrastructure contract wins despite challenging markets.

• Proactive pricing, operational streamlining, and Fit for Growth program supported performance; cost savings target raised to CHF 60 million.

• Divestment of GF Casting Solutions' automotive business completed, with CHF 172 million deconsolidation loss; agreement to divest aerospace and industrial gas turbine operations for CHF 220 million.

• Strategy 2030 launched, focusing on profitable growth, innovation, and strategic investments in semiconductors and data centers.

• Sustainability portfolio reached 77% of sales, with progress on CO₂e emissions reduction and workplace safety.

Financial highlights

• Flow Solutions net sales reached CHF 1.6 billion, with organic growth of 5.7% and comparable EBITDA margin at 13.4%.

• Net profit attributable to shareholders was CHF -77 million, impacted by CHF 172 million divestment loss; adjusted net profit CHF 117 million.

• Free cash flow before M&A/divestments at CHF 35 million; net debt at CHF 1.6 billion, leverage ratio at 4.0x, expected to improve to 2.4–2.8x post-divestment.

• FX headwinds reduced sales by CHF 91 million and EBITDA by CHF 20 million.

• Return on invested capital (ROIC) for Flow Solutions at 17.6%.

Outlook and guidance

• Full-year and 2026 sales outlook upgraded to mid-single-digit organic growth, with comparable EBITDA margin guidance unchanged at 14–16%.

• H2 expected to be more profitable, driven by higher industrial sales and Fit for Growth savings.

• CapEx for Flow Solutions guided at CHF 100–110 million for the year; H1 CapEx at CHF 59 million.

• No significant de-stocking risk anticipated; strong order book supports outlook.

• Strategy 2030 targets: CHF 4.2–4.5 billion net sales, 16–18% EBITDA margin, >50% FCF/EBITDA conversion, and 21–26% ROIC.