Results reflecting a challenging year

Note: Unless otherwise indicated, changes from the previous year are based on organic figures (adjusted for currency effects, acquisitions / divestitures and deconsolidations)

Order intake in the Chemtech division decreased by 12.5%, reflecting a challenging market environment due to overcapacity in China and weak investment sentiment in the chemical industry. Nevertheless, the short‑cycle and smaller project business remained stable and the aftermarket segment has grown. Chemtech reported a solid Q4 2025 order intake. Sales development showed an increase in H2 compared to H1, while overall sales growth remains negative at -13.6%. This was mainly due to customer induced delays in major projects and lower order intake. Inspite of the significant decrease in sales, the EBITDA margin reached 13.7% (2024: 15.7%). Restructuring, cost measures and good supply chain management have partly compensated for the lower sales volumes.

Expertise for essential industries

In 2025, Chemtech focused more closely on customer needs through increased segmentation and specialization. In response to challenging market conditions and delays in major projects, Chemtech’s core business – mass transfer components and services – put greater focus on lifecycle management. Existing aftermarket offerings such as revamps, turnaround services, tower field services and automated weld overlay were strengthened and expanded globally. Existing service centers such as the hub in Essen, Germany, opened in 2024, are now serving as fast response centers, helping customers avoid unplanned downtime. In new markets such as Carbon Capture Utilization and Storage (CCUS), the division was selected as key supplier for the mega scale Net Zero Teesside Power project. Chemtech will deliver structured packing, capturing up to two million tonnes of CO₂ annually.

Through its Process Solutions unit, Chemtech delivers advanced separation and purification technology for critical chemical processes. In 2025, the offering was standardized and focused on key industries to better align with customer needs. With Avalon Energy, Chemtech signed a strategic alliance to scale up the production of Sustainable Aviation Fuels. Avalon selected BioFlux™ technology for its 200 KTA Sustainable Aviation Fuel project in Panama and secured a global right to deploy BioFlux technology in SAF plants across Latin America, India, South Africa, Kenya, Eswatini, and the United States. Sulzer licenses the BioFlux technology globally under an exclusive cooperation agreement with Duke Technologies LLC.

BioFlux technology has also been selected by SEDC Energy for a sustainable aviation fuel plant project in Sarawak, Malaysia. The plant will convert locally sourced oils from algae, palms and other sources to advance sustainable aviation across Southeast Asia.

In Polymer and Crystallization, the interest for biobased polymers continues to grow. Chemtech is the market leader in PLA (Polylactic Acid), the most important bioplastic today, and provides a one-stop solution from licensing to engineering and services. The division continues to invest in the growing biopolymer market with the opening of a new InTecH (Innovation Technology Hub) facility in Winterthur-Töss in Switzerland. Shortly after the opening, several application development projects together with customers showed the demand for developing advanced biobased materials and circular business models.

Sulzer also started an innovative cooperation project with TripleW, a pioneer in circular chemistry, to launch the world’s first PLA (Polylactic Acid) bioplastic made entirely from food waste. With TripleW valorizing the food waste streams, Sulzer’s technology transforms the lactic acid into PLA bioplastic at scale, enabling the transition from a pilot project to full industrial production. The division launched a licensed EcoStyrene technology for the chemical recycling of contaminated polystyrene materials. This technology provides a practical and economically viable solution for materials that have been previously considered too contaminated for conventional recycling methods.

As part of Sulzer Excellence, Chemtech launched a global initiative to improve factory efficiency. Standardization and benchmarking across factories give customers more flexibility in choosing production sites and shorten overall delivery times.

Key figures Chemtech

Reduced order intake

Order intake in the Chemtech division decreased by 12.5%, reflecting a generally challenging market environment with delayed customer decisions. The short-cycle and small projects business remained stable, while the aftermarket business grew. Chemtech reported a solid Q4 2025 order intake.

Lower sales and profitability

Chemtech sales were also affected by the weak market sentiment and decreased by -13.6%. This was mainly due to phasing of major projects by customers and lower order intake. Thanks to strong excellence and cost cutting measures taken in 2025, the division succeeded to partly compensate the lower sales with the result of a reduced but still high value creating EBITDA margin of 13.7% (2024: 15.7%).

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.”

Services

Safety performance