Sparks

Oerlikon raised FY26 guidance alongside H126 results, with order intake up 19.0% y-o-y at constant fx to CHF920m (H125: CHF826m) and sales up 6.7% to CHF790m (H125: CHF786m). Book-to-bill was 1.2, with backlog up to CHF405m (H125: CHF227m). Operational EBITDA increased 18.6% to CHF156m, lifting the margin 300bp to 19.7% (H125: 16.7%) on 2025 cost-out actions launched in 2025, favourable business mix and inventory revaluation as critical minerals prices rose. Operational EBIT rose to CHF78m (H125: CHF46m), a 9.8% margin, with the result from continuing operations at CHF40m (H125: -CHF46m). The net result of CHF328m (H125: -CHF30m), or EPS of CHF0.99 (H125: -CHF0.10), includes CHF288m from discontinued operations, reflecting the CHF290m gain on the February Barmag divestment. Net debt fell to -CHF748m (December 2025: -CHF1,320m), and leverage reached 2.5x, six months ahead of schedule.

Under the new three-segment structure, Materials & Equipment drove performance, with sales up 19.7% at constant fx to CHF265m, mainly driven by materials on Aviation, Energy (industrial gas turbines) and General Industries demand and on pricing power including tungsten and yttrium surcharges, and operational EBITDA up to CHF66m (H125: CHF43m) at a 23.8% margin (H125: 16.9%). Segment backlog doubled to CHF352m (H125: CHF176m) on strong equipment order intake, expected to support H226 sales, with customers also securing critical minerals supply amid trade tensions. Coating Services sales grew 5.5% at constant fx to CHF303m, with operational EBITDA of CHF57m (H125: CHF56m) at an 18.8% margin (H125: 18.0%). Components sales declined 4.4% at constant fx to CHF222m, with operational EBITDA of CHF26m (H125: CHF30m) at an 11.9% margin (H125: 12.4%), as automotive weakness weighed on hot runners and friction systems. By end market in reported CHF, General Industries revenue rose 21% to CHF199m, Energy 16% and Aviation 5%, while Automotive fell 9%, Luxury 6%, Hot runners 18% and Tooling 7%.

Oerlikon now guides to mid-single-digit organic sales growth in FY26 at constant fx, from low single digit previously, and an operational EBITDA margin of 18.5–19.5%, from c 17.5%, assuming tungsten and yttrium prices stay broadly stable. Management continues to flag geopolitical and trade tensions, supply chain disruption, soft Chinese luxury end-market demand and a muted European automotive backdrop, and it targets leverage below 2x in the mid-term.