Sulzer: Improving Margins and Rebounding Orders Underpin Buy Rating

Analyst Fabian Piasta of Jefferies maintained a Buy rating on Sulzer AG, with a price target of CHF181.00.

Fabian Piasta has given his Buy rating due to a combination of factors, notably Sulzer’s solid full-year performance and improving profitability profile. The company delivered FY25 margins modestly above consensus at 15.6%, and management’s new guidance points to a further uplift toward 16.5%, with EBITDA expectations sitting roughly 4% above market forecasts.

In addition, fourth-quarter order intake signals a clear inflection, with total orders growing organically in the low teens and Chemtech rebounding at a high-teens rate, underlining recovering demand in key segments. Even though management anticipates that FY26 orders will be weighted more toward the latter part of the year, the strong exit momentum and upgraded margin outlook support a favorable risk‑reward, justifying the Buy recommendation.