Chemtech

Business review

Core business stabilizing, headwinds in new technologies

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 Chemtech division order intake decreased by 22.7% (H1 2025: -21.5%)1, due to slower than expected development of new technology (biopolymers, Carbon Capture and Sustainable Aviation Fuels) projects and geopolitical uncertainty in the Middle East, with the Mass Transfer Components and Systems (MTCS) business remaining stable. Sales declined in this period by 4.9% (H1 2025: -15.1%)1, with customer delivery timelines delayed. EBITDA margin stood at 11.7% same as the prior-year period1, as the impact of lower sales volumes was largely mitigated by the continued execution of operational excellence initiatives and additional cost reduction measures which were already started in H2 2025.

Supporting industrial transformation through technology

During the first half of the year, customer decision-making for large projects remained cautious, reflecting broader macroeconomic uncertainty and geopolitical developments in the Middle East. At the same time, the chemical and petrochemical industries continued to face lower demand, particularly in Europe and Asia.

Against this backdrop, the division continued to secure strategically important projects, including an order from WPU, part of Vitol, for Sulzer’s PyroCon™ technology at a new chemical recycling facility in the Netherlands. Designed to process up to 80,000 tonnes of plastic waste annually and convert it into reusable feedstock, the project highlights Chemtech’s role in enabling circular economy solutions at an industrial scale.

In the Middle East, Sulzer secured its first reference for advanced 6-pass tray technology at ADNOC’s Habshan facility, demonstrating its ability to solve complex process challenges while maintaining performance requirements. In China, the division contributed to a large-scale hydrogen cyanide (HCN) plant project, leveraging advanced design and material expertise to meet demanding purity and operational requirements.

At the same time, Chemtech further stabilized its competitiveness through supply chain localization, standardized solutions, and optimized project execution. Many operational as well as commercial excellence initiatives and the implementation of additional cost measures in H2 2025 enhanced the efficiency across the organization while laying out the foundation to capture future growth opportunities as market conditions evolve.

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 Chemtech (January 1 – June 30)

millions of CHF

 

2026

 

2025 3)

 

Change in +/–%

 

+/–% adjusted 1)

 

+/–% organic 2)

Order intake

 

285.3

 

389.0

 

–26.7

 

–22.7

 

–22.7

Order intake gross margin

 

32.3%

 

35.9%

 

 

 

 

 

 

Order backlog as of June 30 / December 31

 

515.8

 

510.1

 

1.1

 

 

 

 

Sales

 

285.0

 

314.0

 

–9.2

 

–4.9

 

–4.9

EBITDA 4)

 

33.4

 

36.8

 

–9.3

 

–2.3

 

–2.3

EBITDA margin 4)

 

11.7%

 

11.7%

 

 

 

 

 

 

EBIT 4)

 

22.5

 

26.3

 

–14.5

 

 

 

 

Employees (number of full-time equivalents) as of June 30 / December 31

 

2’444

 

2’736

 

–10.7

 

 

 

 

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

Order intake decreased by 22.7% in the first half of 2026 (H1 2025: -21.5%)1, due to slower than expected development of new technology (biopolymers, Carbon Capture and Sustainable Aviation Fuels) projects and the increased geopolitical uncertainty in the Middle East. The MTCS business remained stable.

Order intake by market segment

H1 2026

Order intake by region

H1 2026

Sales and profitability

Sales in the first half of 2026 declined by 4.9% (H1 2025: -15.1%)1, with customer delivery timelines delayed. EBITDA margin remained stable at 11.7%, same as the prior-year period1, as the impact of lower sales volumes and higher under-absorption was largely mitigated by the continued execution of operational excellence initiatives and the additional cost reduction measures which were initiated in H2 2025. Based on the underlying market performance in H1 2026, Sulzer Chemtech has accelerated additional cost measures to further simplify the organizational set-up and to better position the division for the future.

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”.