Sulzer Midyear Report 2025
Letter to the Shareholders
The first half of 2025 has seen significant shifts in global trade dynamics, driven largely by the introduction of U.S. tariffs and the resulting responses from international markets and governments. As the landscape continues to evolve, Sulzer remains steadfast in spite of the uncertainties influencing key decision makers globally – drawing on our presence in essential markets and industries and the solutions we provide for our customers’ aspirations, while we seize opportunities that live up to our vision of growth, prosperity and sustainable living.
With a focus on delivering value to our customers and communities, we continue to develop our business through disciplined operational execution, ongoing continuous improvement and robust global partnerships. Our contribution to essential industries and structurally growing markets is as necessary as ever and positions us to not only help manage the challenges ahead, but to lead through them.
A strong year with disciplined progress
The first half of 2025 has brought strong sales growth and good order intake for Flow and Services in spite of uncertainties in the market. Chemtech was more impacted by the geopolitical situation, which led to project postponements, not cancellations. We expect order intake to improve in the second half year of 2025.
Profitability improved for the third consecutive year, supported by our strategic excellence initiatives. By continuously improving processes and reducing complexity, we fuel the innovation that helps us create scalable impact for sustainable economic growth.
Excellence: Driving impact through innovation
We are unwavering in our pursuit of excellence, advancing transformative technologies that accelerate energy and resource efficiency, bolster resource security, reduce emissions and modernize process industries. Project wins and strategic collaborations – such as our water treatment project in Venice, our partnership with Hyme, a thermal energy storage expert in Denmark, our long-term service agreements in South Africa and the Middle East, and our scaled carbon capture collaboration in Teesside – underscore our ability to help overcome industry challenges and create meaningful value. By accelerating innovation and reducing complexity, we are not only responding to today’s market needs, we are actively shaping the essential industries of tomorrow.
Earning trust in a changing world
As a key contributor to the global industrial landscape, we are resolute in creating long-term value for you – dear shareholders, customers and employees – by living our values in all that we do.
Outlook
Based on our expectations, we are confident that we will achieve our full-year profitability above 15% of sales, up from 14.2% in 2024, with year-on-year organic growth of 2% to 5% for order intake and of 5% to 8% for sales.
I would like to take this opportunity, dear shareholders, to thank you for your continued trust and support. I would also like to thank our 13,500 employees, who have worked so diligently to bring life and momentum to our vision of sustainable economic prosperity. Together, we are building a more resilient and responsible world – earning a place in the future we all share.
Sincerely,
Suzanne Thoma
Executive Chair