Sulzer Ag Stock Earnings Reports

H1 2026 highlights for investors: Sulzer reported resilient profitability despite weaker order intake (group order intake -3.9%), with sales roughly flat (+1% in commentary; reported organic sales growth modest) and a stronger EBITDA margin (15.5% in H1, +110 bps year-on-year). Flow and Services are performing well and regained momentum in Q2 (both showing positive Q2 vs Q1 trends and improved margins). Chemtech is under pressure: order intake and sales are down materially (H1 order intake for Chemtech down ~22.7%; sales down ~4.9%) due to delays and slower customer decisions in new technologies (biopolymers, SAF, carbon capture). Management has accelerated restructuring in Chemtech (additional ~10% headcount reduction executed in July on top of earlier measures; R&D focus sharpened; reorganized into core MTCS and new technologies BU) and expects the full benefit to show in H1 2027. Currency headwinds (~CHF 100m / ~5% FX impact) and missing one large bioplastics order reduced H1 order intake; management expects many large orders to be back-end loaded into H2 (likely Q4). Net working capital increased (~CHF 100–117m vs prior H1), depressing free cash flow in H1; management expects NWC and cashflow to improve if larger H2 orders and downpayments materialize. Key guidance reiterated (Feb guidance): full-year 2026 order intake +1% to +5%, sales +2% to +5%, and EBITDA margin around 16.5%.