Solid performance and further strong margin expansion
Note: Unless otherwise indicated, changes from the previous year are based on organic figures (adjusted for currency effects, acquisitions / divestitures and deconsolidations).
In the first half of 2026, the Flow division delivered continued growth and improved profitability. Order intake increased by 1.4% (H1 2025: -2.8%)1, supported by 9.8% strong growth in the Energy business. This was partly offset by a 3.8% decline in Water and Industry business order intake, reflecting supply chain disruption due to the Middle East conflict. Sales grew by 0.5% year on year (H1 2025: 10.7%)1, reflecting a stable activity across both business units. EBITDA margin rose by 100 basis points to 13.3% (H1 2025: 12.3%)1, benefiting from higher gross margins and the continued execution of operational excellence initiatives, allowing for higher spent in the commercial organization.
Driving innovation and sustainable customer value creation
The division continued to strengthen its market position through targeted investments and innovation in water, energy, and industrial applications. Flow continued to support its clients on the energy transition through advanced pumping solutions. In Romania, Sulzer was selected to deliver pumps for a major sustainable aviation fuel (SAF) and renewable diesel facility, contributing to the development of scalable low-carbon fuel production infrastructure in Europe.
In North America, Sulzer supplied a comprehensive pumping solution for a large municipal water treatment plant, highlighting its ability to deliver complete technical systems and strong customer support. In Asia, early engagement with customers and consultants supported wins in municipal wastewater treatment projects, leveraging Sulzer’s Nordic Water technologies to deliver high-performance, space-efficient solutions.
1) The comparative figures for 2025 have been restated and aligned to reflect the focus on Water Treatment expertise in 2026. The “FRC” business, formerly included under “System Solutions” in the Chemtech division has been transferred to the Flow division and is now reported under “Water and Industrial”.
Key figures Flow (January 1 – June 30)
|
millions of CHF |
|
2026 |
|
2025 3) |
|
Change in +/–% |
|
+/–% adjusted 1) |
|
+/–% organic 2) |
|
Order intake |
|
789.5 |
|
815.1 |
|
–3.1 |
|
1.7 |
|
1.4 |
|
Order intake gross margin |
|
32.6% |
|
33.8% |
|
|
|
|
|
|
|
Order backlog as of June 30 / December 31 |
|
1’074.7 |
|
1’015.2 |
|
5.9 |
|
|
|
|
|
Sales |
|
742.5 |
|
772.8 |
|
–3.9 |
|
0.9 |
|
0.5 |
|
EBITDA 4) |
|
98.5 |
|
94.7 |
|
4.0 |
|
9.2 |
|
9.4 |
|
EBITDA margin 4) |
|
13.3% |
|
12.3% |
|
|
|
|
|
|
|
EBIT 4) |
|
70.2 |
|
66.5 |
|
5.5 |
|
|
|
|
|
Employees (number of full-time equivalents) as of June 30 / December 31 |
|
5’535 |
|
5’604 |
|
–1.2 |
|
|
|
|
1) Adjusted for currency effects.
2) Adjusted for acquisition, divestiture / deconsolidation and currency effects.
3) The comparative figures for 2025 have been restated and aligned to reflect the focus on Water Treatment expertise in 2026. The “FRC” business, formerly included under “System Solutions” in the Chemtech division has been transferred to the Flow division and is now reported under “Water and Industrial”.
4) In 2026, the impact of a new initiative associated with Sulzer 2028 was allocated exclusively to “Others”, as they were not attributable to the Divisions’ profit measures (EBIT, EBITDA, and EBITDA margin). This reflects consistency with the current and prior year consolidated financial statements.
Order intake
The Flow division’s overall order intake increased by 1.4% in the first half of 2026 (H1 2025: -2.8%)1, supported by solid growth in the Energy and Infrastructure business of 9.8%, while Water and Industry were slightly lower compared with the prior-year period, reflecting supply chain disruption due to the Middle East conflict.
Order intake by segment
H1 2026
Order intake by region
H1 2026
Sales and profitability
Sales increased by 0.5% (H1 2025: 10.7%)1, reflecting stable business activity across the division. EBITDA margin expanded by 100 basis points to 13.3% (H1 2025: 12.3%)1, mainly driven by higher gross margins and the continued execution of operational excellence initiatives.
1) The comparative figures for 2025 have been restated and aligned to reflect the focus on Water Treatment expertise in 2026. The “FRC” business, formerly included under “System Solutions” in the Chemtech division has been transferred to the Flow division and is now reported under “Water and Industrial”.