Continued double-digit growth and record profitability
Note: Unless otherwise indicated, changes from the previous year are based on organic figures (adjusted for currency effects, acquisitions / divestitures and deconsolidations)
In 2025, the Services division delivered for the third consecutive year double-digit growth in both order intake and sales, together with a profit margin improvement to a record level. The strong performance was underpinned by strategic investments to develop the service center network. Order intake increased by +10.8% supported by strong demand for energy security and energy efficiency. Sales grew by +10.7% year-on-year. EBITDA margin reached 18.3%, improving significantly by 150 basis points compared to 2024 (2024: 16.8%), this reflects the first impacts from Sulzer Excellence and successful execution of high-impact projects across multiple regions.
Ensuring reliable operation of critical industrial assets
The division’s mission is to ensure the reliable operation of critical industrial assets by minimizing downtime, optimizing lifetime and improving both environmental and cost efficiency. This momentum is supported by a strong gas turbine market, which we expect to continue to grow in the future with the rising demand for electricity and nations prioritizing the stability and security of their power grids. Key successes include overhauling five open-cycle gas turbines in South Africa, bolstering national energy security, as well as executing a seven-day turnaround on gearbox and steam turbine repairs in Indonesia ensuring rapid return to operations. Sulzer strategy of growing across all product lines is exemplified in Iraq, where the team rehabilitated pumps, motors, and compressors for a major gas company. This enabled the recommissioning of idle equipment and ensured the reliability of critical assets.
The division also marked several first milestones in 2025, including its first gas compressor rerate in the Nordics, carried out on a North Sea production platform. Furthermore, Sulzer secured a contract to overhaul three GE Frame 6B generators for a major AI data center in Texas. Once completed, the project will be among the largest in the world.
These successes were driven by implementing lean principles in our Advanced Manufacturing Centers. The division has reduced cycle times and improved on-time delivery globally, underscoring Sulzer’s dedication to continuous improvement and customer-centric innovation.
Services continued to expand its global footprint to better serve customers in strategically important growing markets. In Ezeiza, Argentina, the division opened a new rotating equipment service center, supporting industries throughout the country and the broader Latin America region. In the Middle East, Sulzer acquired Bahrain-based Davies and Mills, a leading electromechanical services provider, strengthening Sulzer’s offering in the region. In North America, Sulzer invested in additional capacity at one of the world’s largest turbomachinery center of excellence in North America to meet growing customer demand.
Key figures Services
|
millions of CHF |
|
2025 |
|
2024 |
|
Change in +/–% |
|
+/–% adjusted 1) |
|
+/–% organic 2) |
|
Order intake |
|
1’449.8 |
|
1’378.3 |
|
5.2 |
|
11.5 |
|
10.8 |
|
Order intake gross margin |
|
39.6% |
|
39.0% |
|
|
|
|
|
|
|
Order backlog as of December 31 |
|
730.3 |
|
689.7 |
|
5.9 |
|
|
|
|
|
Sales |
|
1’312.8 |
|
1’249.1 |
|
5.1 |
|
11.3 |
|
10.7 |
|
EBITDA |
|
240.0 |
|
209.6 |
|
14.5 |
|
24.1 |
|
23.0 |
|
EBITDA margin |
|
18.3% |
|
16.8% |
|
|
|
|
|
|
|
EBIT |
|
201.3 |
|
171.5 |
|
17.3 |
|
|
|
|
|
Employees (number of full-time equivalents) as of December 31 |
|
4’855 |
|
4’832 |
|
0.5 |
|
|
|
|
1) Adjusted for currency effects.
2) Adjusted for acquisitions, divestitures / deconsolidations and currency effects.
Strong order intake growth across product lines and regions
All product lines (market segments) contributed positively to the strong growth. Driven by sustained demand, Europe, the Middle East and Africa (EMEA) achieved 10.5% and Americas (AME) recorded strong high digit growth of 12.7% while Asia-Pacific (APAC) was impacted by softening demand with a growth of 4.2%.
Order intake by market segment
2025
Order intake by region
2025
EBITDA margin at record level
Sales reached CHF 1’312.8 million in 2025 (up by 10.7%) driven mainly by AME and EMEA. With a continued focus on operational excellence, the division delivered strong improvement in EBITDA margin from 16.8% in 2024 to 18.3% in 2025, notably by reducing order cycle time and improving on-time delivery.
Abbreviations
EBIT: Earnings before interest and taxes
EBITDA: Earnings before interest, taxes, depreciation, amortization and impairment
For the definition of the alternative performance measures, please refer to “Supplementary information.”