Sulzer (SUN) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 order intake reached CHF 853 million, down 8.6% year-over-year, reflecting fewer large orders compared to Q1 2025.

• Order intake is expected to strengthen in the second half of 2026, with guidance for the year confirmed.

Financial highlights

• Flow segment order intake declined 3.8% year-over-year to CHF 358 million, with Energy stable at -0.5% and Industry & Water down 6.0%.

• Services segment order intake decreased 2.6% to CHF 347 million, impacted by geopolitical factors in the Middle East.

• Chemtech segment order intake dropped 27.7% to CHF 148 million, due to phasing of major projects and a large prior-year order.

Outlook and guidance

• Improved order intake is anticipated in Q2 2026, with a strong second half expected based on a solid order pipeline.

• Full-year 2026 guidance is confirmed.