Strong sales growth, record profitability
Note: Unless otherwise indicated, changes from the previous year are based on organic figures (adjusted for currency effects, acquisitions / divestitures and deconsolidations)
The Flow division achieved a solid order intake growth of 2.5% in 2025. Order intake in Water grew double digit while Industry developed moderately. Order intake in the Energy business was muted. While the base and smaller size project business grew well, large projects were partly postponed due to geopolitical uncertainties. The Flow division showed excellent sales development with a strong growth of 12.3%. The Energy business grew by 21.1% supported by the large orders received in 2024. Water and Industrial showed continued growth of 7.1%, with Water growing double digit and Industrial being stable. EBITDA margin rose by 160 basis points year-on-year, showing ongoing progress in commercial and operational excellence, and disciplined cost management.
Important project wins – focus on Water Treatment Excellence
Launched officially at the beginning of 2026, a new Water Treatment Center of Excellence unites all of Sulzer’s water treatment expertise under one roof. By consolidating the strengths of Sulzer’s trusted brands including Nordic Water, FRC, IPEC, JWC Screens, Owatec, and Probig, Sulzer has created a powerful, end-to-end offering that minimizes complexity, reduces risk, and optimizes lifecycle costs for customers. An opportunity for growth lies also in Sulzer's newly established Rental solutions. In 2025, the existing portfolio of temporary solutions for pumping, aeration and water treatment was strengthened by a binding agreement to acquire a smaller bypass pumping rental company in Denmark. First project wins included the support of reconstructing a local Danish wastewater treatment plant and several projects in Sweden.
As for long-term customer and partner Veolia, a global environmental specialist in water, waste and energy management, Sulzer signed a 5-year-framework agreement. This covers a broad range of pumps, mixers and turbocompressors, establishing Sulzer as a partner supplier to Veolia.
Further important project wins include the equipment of a state-of-the-art treatment plant in the Venice region (see Midyear report 2025) and an agreement with the customer Inpasa in Brazil, covering the delivery of more than 600 pieces of equipment. These will be installed across ethanol, DDGS (Distiller's Dried Grains with Solubles), corn oil and renewable energy production facilities starting in H1 2026.
In collaboration with customers, Sulzer works on two research projects to explore pump solutions for ultra-deep geothermal technology and is making good progress on implementing leading-edge deep sea technology together with its customer partnership on the Brazilian HISEP® project.
The focus of research and development activities is on the continuous improvement of the energy efficiency, sustainability and reliability of all products. Pumping systems are responsible for around 10% of electricity consumption worldwide. Flow continuously invests in the further development of modern materials and sustainable manufacturing technologies. In addition, digital solutions are being developed to make the products smarter. These technologies help customers optimize the operation of their pump systems and keep an eye on the exact condition of the system at all times.
Key figures for Flow
|
millions of CHF |
|
2025 |
|
2024 |
|
Change in +/–% |
|
+/–% adjusted 1) |
|
+/–% organic 2) |
|
Order intake |
|
1’576.3 |
|
1’603.3 |
|
–1.7 |
|
3.0 |
|
2.5 |
|
Order intake gross margin |
|
32.8% |
|
31.3% |
|
|
|
|
|
|
|
Order backlog as of December 31 |
|
990.0 |
|
1’053.5 |
|
–6.0 |
|
|
|
|
|
Sales |
|
1’551.2 |
|
1’444.3 |
|
7.4 |
|
12.6 |
|
12.3 |
|
EBITDA |
|
206.6 |
|
169.6 |
|
21.8 |
|
29.1 |
|
28.7 |
|
EBITDA margin |
|
13.3% |
|
11.7% |
|
|
|
|
|
|
|
EBIT |
|
149.7 |
|
111.8 |
|
33.9 |
|
|
|
|
|
Employees (number of full-time equivalents) as of December 31 |
|
5’559 |
|
5’492 |
|
1.2 |
|
|
|
|
1) Adjusted for currency effects.
2) Adjusted for acquisitions, divestitures / deconsolidations and currency effects.
Growing order intake
The Flow division’s overall order intake showed with 2.5% an upward trend (2024: 12.3% increase). This result was impacted by the 3.1% order intake decrease in H1 2025 due to one exceptionally large order booked in H1 2024.
Order intake by market segment
2025
Order intake by region
2025
Record profitability
Sales growth has been strong in the Flow division, with both business units contributing to the positive result of +12.3%. A remarkable improvement in profitability was achieved in 2025, also thanks to the implementation of Sulzer Excellence – a pillar of the strategy EBITDA margin increased by 160 basis points from 11.7% to 13.3%.
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.”