Continued performance improvement amidst uncertain market climate
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 Services division continued to deliver solid performance, building on the strong momentum of previous years. Order intake grew by 0.2% year-on-year despite a high comparison including two exceptionally large orders in addition to a very strong base business in H1 2025 (12.0%) and customers deferring service cycles in response to high energy prices. Sales grew by 4.4% (H1 2025: 14.8%) compared with the same period in the previous year, notably in the regions of Americas and Europe, the Middle East, and Africa. EBITDA reached 17.7% (H1 2025: 16.7%), reflecting the division’s continued focus on operational excellence and execution. Performance was supported by ongoing strategic investments in the service center network and technical capabilities.
Supporting essential industries through local proximity
In the first half of 2026, the Services division order intake remained solid. However, the growth was subdued due to the high comparison base from exceptionally large orders received in H1 2025 and customers deferring service cycles in response to high energy prices. Overall demand remained robust driven by the ongoing need for asset reliability, energy security and operational efficiency.
Key strategic milestones underline the division’s continued expansion and positioning in core markets. In the Middle East, Sulzer signed a long-term Corporate Procurement Agreement with Aramco, establishing a multi-year framework for the supply of spare parts and aftermarket services across its global operations. This agreement strengthens Sulzer’s role as a trusted partner supporting high asset performance across critical energy infrastructure.
Further reinforcing its commitment to localization, Sulzer established a joint venture with Jawaby Services & Investments Ltd (JSIL), a subsidiary of Libya’s National Oil Corporation, to deliver rotating equipment services in Libya. The new entity, Jawaby Sulzer Services, will provide full-scope, OEM-grade maintenance, repair and upgrade services locally, reducing lead times and operational risks for customers while strengthening Sulzer’s footprint in North Africa.
Key figures Services (January 1 – June 30)
|
millions of CHF |
|
2026 |
|
2025 |
|
Change in +/–% |
|
+/–% adjusted 1) |
|
+/–% organic 2) |
|
Order intake |
|
711.7 |
|
757.2 |
|
–6.0 |
|
0.3 |
|
0.2 |
|
Order intake gross margin |
|
40.6% |
|
39.2% |
|
|
|
|
|
|
|
Order backlog as of June 30 / December 31 |
|
806.0 |
|
730.3 |
|
10.4 |
|
|
|
|
|
Sales |
|
645.0 |
|
657.1 |
|
–1.8 |
|
4.5 |
|
4.4 |
|
EBITDA 3) |
|
114.3 |
|
109.6 |
|
4.3 |
|
13.6 |
|
13.5 |
|
EBITDA margin 3) |
|
17.7% |
|
16.7% |
|
|
|
|
|
|
|
EBIT 3) |
|
97.0 |
|
92.4 |
|
5.0 |
|
|
|
|
|
Employees (number of full-time equivalents) as of June 30 / December 31 |
|
4’872 |
|
4’855 |
|
0.4 |
|
|
|
|
1) Adjusted for currency effects.
2) Adjusted for acquisition, divestiture / deconsolidation and currency effects.
3) 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
Order Intake is stable compared to a record H1 2025 at 0.2% (H1 2025: 12.0%) with a strong performance from Asia-Pacific (14.0%), Americas (0.7%) mitigating a slight decrease from Europe, the Middle East and Africa (-4.4%).
Order intake by market segment
H1 2026
Order intake by region
H1 2026
Sales and profitability
Sales grew by 4.4% (H1 2025: 14.8%) compared with H1 2025, notably in the Americas and Europe, the Middle East and Africa. EBITDA margin increased by 100 basis points driven by continued execution of Sulzer Excellence.