Sulzer AG

Sulzer AG reported a 110 basis point improvement in its EBITDA margin to 15.5% for the first half of 2026, even as group order intake fell 3.9% year-over-year due to geopolitical tensions in the Middle East and delayed large projects. Sales edged up 1% despite a 5% negative foreign exchange impact of approximately CHF100 million, while net working capital rose by about CHF117 million to 26% of sales, weighing on free cash flow. The Flow division saw order intake rise 1.4% overall and its EBITDA margin increase by 100 basis points to 13.3%, while the Services division posted a 4.4% sales gain and a 100 basis point margin improvement. The Chemtech division experienced a 22.7% drop in order intake and a 4.9% sales decline, though its EBITDA margin remained stable with cost reduction programs, and the company confirmed full-year 2026 guidance for order intake growth of 1% to 5%, sales growth of 2% to 5%, and an EBITDA margin of approximately 16.5%.