Sulzer AG

SIX:SUN

Order intake: Sulzer said H1 order intake fell 3.9%, hurt mainly by project delays and weak large-order activity, especially in Chemtech and parts of Flow.

Profitability: EBITDA margin improved again, reaching 15.5% in H1, driven by better gross margins and operational excellence despite a tough market.

Outlook: Management kept full-year 2026 guidance unchanged, including order intake up 1% to 5%, sales up 2% to 5%, and an EBITDA margin of around 16.5%.

Chemtech reset: Chemtech is in an accelerated transition, with another 10% personnel reduction and a stronger focus on core separation and purification, while new technologies remain delayed.

Cash flow: Free cash flow was pressured by higher net working capital and missing large customer down payments, but management expects working capital to improve toward year-end.

Q4 timing: Management said the larger orders they are counting on are now more likely to land in Q4 rather than Q3, but they still do not plan to change guidance based on a weak Q3 alone.