OC Oerlikon (OERL) Q2 2026 earnings summary

Executive summary

• Achieved strong H1 2026 financial results, with order intake up 19% to CHF 920 million and sales up 6.7% to CHF 790 million at constant FX, driven by Aviation, Energy, and General Industries.

• Profitability improved with operational EBITDA reaching CHF 156 million (19.7% margin), supported by cost-out actions, favorable business mix, and pricing power.

• Net profit for H1 2026 was CHF 328 million, including a significant gain from the Barmag Division sale, which streamlined the business and strengthened the balance sheet.

• Diversification across geographies and end markets enhanced resilience and growth opportunities.

• Strategy execution focused on innovation, portfolio optimization, and operational efficiency.

Financial highlights

• H1 2026 order intake: CHF 920 million (+19% YoY at constant FX); sales: CHF 790 million (+6.7% YoY at constant FX).

• Operational EBITDA: CHF 156 million (19.7% margin), up from CHF 131 million (16.7%) in H1 2025.

• Book-to-bill ratio at 1.2x, supporting future sales.

• Operational ROCE increased to 6.2%, driven by higher profitability.

• Net profit H1 2026: CHF 328 million, including Barmag divestment gain.

Outlook and guidance

• Full-year 2026 sales growth guidance raised to mid-single-digit percent (from low single-digit), with operational EBITDA margin guidance increased to 18.5%-19.5% (from ~17.5%), assuming stable critical mineral prices.

• H2 expected to benefit from seasonal inventory release and continued strong demand in key markets.

• Continued focus on profitability, capital return, and customer excellence.

• Management expects continued focus on core segments following the Barmag divestment.