Slide 1: Annual Results 2025
Annual Results 2025 Suzanne Thoma | Executive Chairwoman Thomas Zickler | CFO
Slide 2: We serve essential industries.
We serve essential industries. Annual Results 2025 presentation, 26.2.2026
Slide 3: A glance at the 2025 market environment
A glance at the 2025 market environment Underlying growth momentum in most of our markets Volatile political environment with persistent uncertainties Unpredictable tariff situation Mostly subdued investment climate for new-build large projects Further strengthening of Swiss currency Annual Results
Slide 4: A glance at Sulzer in 2025
A glance at Sulzer in 2025 We concentrated on market and customers: – Invested in our sales force, distribution channels and supporting technologies for commercial excellence – Paved the way towards «One Sulzer» at customers Accelerated our quest for efficiency and effectiveness: Sulzer Excellence R
Slide 5: A glance at Sulzer in 2025
A glance at Sulzer in 2025 2.1% growth in Order Intake – strong Aftermarket & Water – strong short-cycle smaller projects – some delayed large customer projects in Oil & gas, Chemical Industry & new technologies Order intake above sales: book to bill 1.06 Customer project pipeline growing Robust sal
Slide 6: Key figures 2025
Key figures 2025 Order Intake (CHFm) Sales (CHFm) EBITDA (CHFm) 3’751.0 3’555.4 556.2 FCF (CHFm) ROCE Basic EPS (CHF) 212.5 21.1% 8.68 Annual Results 2025 presentation, 26.2.2026 6
Slide 7: Key figures 2025: comparison 2025 to 2024
Key figures 2025 Comparison 2025 to 2024 Order Intake* Sales* EBITDA* +2.1% +5.6% +18.0% FCF ROCE Basic EPS* -9.5% +140bps +18.8% * in constant currencies, adjusted for acquisitions, divestitures, and deconsolidation effects Annual Results 2025 presentation, 26.2.2026 7
Slide 8: The strategy works
The strategy works Strong financial KPIs for third consecutive year Sales | in CHFm and YoY growth EBITDA | in CHFm and % margin ROCE | in % +10% CAGR +710 bps +640 bps 15.6% 5.6% 14.2% 21.1% 13.3% 19.7% 10.8% 17.7% 556 3’555 14.7% 13.2% 503 8.5% 438 3’180 271 FY 2022 2023 2024 2025 FY 2025 2022 * 2
Slide 9: Dividend proposal: CHF 4.75 per share
Dividend proposal CHF 4.75 per share Annual Results 2025 presentation, 26.2.2026 9
Slide 10: Financials 2025
Financials 2025 Thomas Zickler | CFO 10
Slide 11: Robust organic growth showing resilience in volatile markets
Robust organic growth showing resilience in volatile markets Order intake | in CHFm Sales | in CHFm Order intake Strong growth in aftermarket and Water business, +2.1% as well as short cycle/smaller projects but less +5.6% large orders due to customer project delays 3’751 3’849 3’555 3’531 Order int
Slide 12: Record profitability and ROCE
Record profitability and ROCE EBITDA | in CHFm ROCE | in % Profitability and ROCE up 140 bps, sharply increasing in third consecutive year 21.1% 15.6% Supported by systematic implementation of 556 commercial and operational excellence 14.2% 19.7% ROCE 503 Continuously improving ROCE due to strong EB
Slide 13: Shareholder Value Creation 2023 – 2025
Shareholder Value Creation 2023 – 2025 130% Sulzer TSR Sulzer Swiss Performance Index (SPI) 1) +121% One Sulzer 100% 70% 40% SPI +33% 10% Significant shareholder value -20% Dec-23 Dec-24 Dec-25 creation of +121% Dividend | in CHF per share Market capitalization | in CHFbn Rewarding shareholders with
Slide 14: Flow: strong positive development on sales and profitability
Strong positive development on sales and profitability Flow Order intake Sales EBITDA in CHFm in CHFm in CHFm Flow +2.5% +12.3% 1’389 1’603 1’576 Profitability 1’551 Order intake 1’444 +160 bps Double digit growth in Water and stable Industry; Energy impacted by customer project delays 13.3% 11.7% S
Slide 15: Services: investments in growth are paying off
Investments in growth are paying off Services Order intake Sales EBITDA in CHFm in CHFm in CHFm Services +10.8% +10.7% 1’450 Profitability 1’313 Orders +150 bps 1’378 Robust growth across all regions and product lines, with 1’249 18.3% 16.8% good underlying momentum in Turbo and Pumps Services Sales
Slide 16: Chemtech: overcapacity in China and weak chemical sentiment
Overcapacity in China and weak market sentiment in chemical industry Chemtech Order intake Sales EBITDA in CHFm in CHFm in CHFm Chemtech -12.5% -13.6% 867 837 Profitability 725 691 Orders -200 bps Customer project delays; stable in smaller projects and growing aftermarket business with good developm
Slide 17: EBIT and Net Income at record levels
EBIT and Net Income at record levels EBIT | in CHFm Net Income | in CHFm EBIT significantly increased by +22.1% – Higher sales – Gross margin expansion supported by Sulzer 433 commercial and operational excellence +17.0% – Rigorous cost management across all activities 383 while investing for growth
Slide 18: Resilient Free Cash Flow in line with expectations
Resilient Free Cash Flow in line with expectations Free Cash Flow | in CHFm Net Working Capital | in CHFm FCF decrease due to higher NWC and tax payments and lower interest income 799 NWC increase mainly to support backlog 782 execution and impacted by project delays NWC increased to 22.5% as percen
Slide 19: Strong Balance Sheet with higher equity ratio
Strong Balance Sheet with higher equity ratio Net Debt to EBITDA ratio stable at 1.0x in CHFm Cash lower due to higher dividend payment and currency translation effects 640 653 1) Debt increase following higher refinancing of Cash & Equivalents maturing bond Net Debt to EBITDA stable at 1.0x due to
Slide 20: Dividend increase reflecting net income at record level
Dividend increase reflecting net income at record level Proposal of CHF 4.75 per share for business year 2025 +11.8% y-o-y Dividend Net Income 4.75 Dividend increase of CHF 0.50 per 4.50 4.25 350 share 4.00 3.75 300 3.50 3.50 3.50 295 Continuous strong business 3.50 250 265 performance allows increa
Slide 21: Sulzer 2028 – Strategy & Outlook
Sulzer 2028 – Strategy & Outlook Dr. Suzanne Thoma | Executive Chairwoman 21
Slide 22: Making customers’ crucial processes and infrastructure better
Making customers’ crucial processes and infrastructure better Energy Chemical industry Water Our divisions serve the same markets. And often the same customers. Annual Results 2025 presentation, 26.2.2026 22
Slide 23: Energy
Energy Sulzer market perspective Investments for explorations, large extensions, downstream: momentum building within subdued investment sentiment safe, clean, reliable, compliant operations increasing power generation, security of supply, grid stability: focus area globally Annual Results 2025 pres
Slide 24: Chemical industry
Chemical industry Sulzer market perspective Investments for new capacity subdued, except for specialty segments sustaining safe, competitive operations increasing energy efficiency, emission reductions, compliance increasing critical chemicals in specialty applications growing Annual Results 2025 pr
Slide 25: Water
Water Sulzer market perspective Investments growing across all segments: Industrial water and wastewater Municipal water and wastewater Mining Desalination Water infrastructure pipeline Annual Results 2025 presentation, 26.2.2026 25
Slide 26: New technologies
New technologies Sulzer market perspective Momentum there, region-based uncertainty Biopolymer increasing interest, particularly in Middle East, India, South-East Asia Carbon Capture and Storage: growing niche market Alternative fuels growing Annual Results 2025 presentation, 26.2.2026 26
Slide 27: What we expect for Sulzer in 2026
What we expect for Sulzer in 2026 Solid order intake full year with little momentum in H1 Strong pipeline to materialize in H2 Strong growth in aftermarket business and Water industry Short-cycle smaller project growth New technology upward trajectory in Europe, Asia, Middle East and South America O
Slide 28: What we do in 2026
What we do in 2026 Accelerate and intensify strategy implementation Strengthen aftermarket business in Water Industry and Chemtech Streamline order winning process, customer engineering and tendering Move to integrated customer offers, solutions for industry segments Eliminate fragmentation in acces
Slide 29: Outlook
Outlook 2026 Guidance Order Intake Sales EBITDA Margin up 1–5% up 2–5% around 16.5% These forward-looking statements are subject to change based on known or unknown risks and various other factors, which could cause the actual results or performance to differ materially from the statements made here
Slide 30: Making traditional energy cleaner, less expensive and readily available
Making traditional energy cleaner, less expensive and readily available Engineered upgrade to live up to regulatory and operative challenges Gas compressor retrofit instead of full replacement 14% energy consumption savings, project time reduction of 12 months 5 years lifetime extension, enabling co
Slide 31: Keeping the energy transition moving
Keeping the energy transition moving Primary supplier for biofuel expansion project in Brazil Large expansion with over 600 pieces of equipment for transforming bio mass into renewable energy Installations starting in H1 2026 Total capacity expected: 16 million tonnes per year by 2027 Annual Results
Slide 32: Water treatment: Global Center of Excellence launched
Water treatment: Global Center of Excellence launched Worldwide hub with regional centers, uniting a broad portfolio “One Sulzer” access and segment specific solutions for industrial and municipal wastewater treatment Innovation hub integrating technologies. Enabling global expansion for regionally
Slide 33: Scaling global capabilities through Shared Business Hubs
Scaling global capabilities through Shared Business Hubs A key initiative in our journey toward operational excellence Regionalization, standardization and automation of business & finance functions Pune 2025 Sales and tendering, Madrid 2024 Suzhou 2018 engineering, supply chain support Mexico 2025
Slide 34: Key takeaways
Key takeaways Higher order intake and sales compared to previous year in a volatile market environment with a smaller number of large customer projects Strengthening foundation of Chemtech to return to growth Strongly improved profitability reflecting impact of Sulzer Excellence 2026: accelerate and
Slide 35: A top industrial company truly creating value
A top industrial company truly creating value Annual Results 2025 presentation, 26.2.2026
Slide 36: Q&A session
Q&A session 36
Slide 37: Thank you for your attention
Thank you for your attention 37
Slide 38: Disclaimer
Disclaimer This presentation may contain forward- looking statements, including but not limited to, projections of financial developments, market activities or future performance of products and solutions, containing risks and uncertainties. These forward-looking statements are subject to change bas