General
Sulzer Q1 orders slip 8.6% as weak large-project intake hits start of 2026
But outlook stays firm, says the Swiss engineering group
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By ICN Bureau | April 14, 2026
Sulzer has reported a softer start to 2026, posting a 8.6% drop in first-quarter order intake, but reaffirmed its full-year outlook, pointing to a stronger second half ahead.
In an ad hoc announcement on April 13, the Swiss engineering group said Q1 order intake came in at CHF 853 million, down from CHF 1,020 million a year earlier. The company described the performance as a “moderate start to the year,” noting that the comparison was weighed down by fewer large orders than in Q1 2025.
By division, Flow recorded a 3.8% decline to CHF 358 million, while Services slipped 2.6% to CHF 347 million. Chemtech saw the sharpest fall, down 27.7% to CHF 148 million, largely due to project timing and the absence of a major biobased polymers order that boosted last year’s results.
Despite the weaker headline figures, Sulzer highlighted improving momentum through the quarter. Flow and Services both strengthened toward the end of Q1, while Chemtech still posted a 2.5% increase in underlying order intake compared to Q4 2025, even under challenging conditions.
The company attributed regional softness partly to geopolitical tensions in the Middle East and project delays, particularly in its water business. However, it emphasized that its order pipeline remains solid and expects stronger performance in the second half of the year, especially as large orders pick up.
Looking ahead, Sulzer expects Q2 to show improvement and reiterated its full-year guidance for 2026, signalling confidence in a back-loaded recovery in order intake.
