Sulzer Ltd (0QQ9) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

to Sulzer's half year 2025 results presentation. Welcome also to Thomas Zickler, my colleague and the CFO of Sulzer. We will lead together through the presentation. Also, we will answer questions at the end of our presentations. And so please ask them then. Investor Day 2024, in June 2024 at the airport in Zurich, Sulzer presented in detail the strategy and also our mid-term financial goals. Important growth above market, an EBITDA margin above 17%, and the return on capital employed of above 22%. Two pillars in the strategy, profitable organic growth and Zulzer excellence along the entire value chain. Now, the world has definitely moved on since June 2024. Let me just quickly mention what you all know. The geopolitical framework has changed. We have tariffs and counter tariffs and in general a higher uncertainty in the markets and low visibility. Let me also mention our reporting currency, Swiss Franc, which has increased in value 15% against the dollar since the 1st of January 2025. I think we all agree we do live in a phase of accelerated change and there is, well, not too much visibility. Now, what does not change? is a strategy, profitable growth and excellence along the value chain. And what does also not change are our mid-term financial goals of 17% EBITDA margin and return on capital employed of above 22%. Quite to the contrary, we are in the midst of implementing our strategy and we are doing so successfully. Now let's quickly look at the highlights of 2025. Definitely we have had a strong sales increase. We grew above the market and this is due to our capacity to execute on our large backlog in the first half of this year. Profitability improved again. This is now the third consecutive year in which profitability improved. 23, 24 and now in the first half,...