Oerlikon reported second-quarter figures that outpaced market expectations and subsequently raised its outlook for full-year 2026. The company said group order intake for the quarter reached CHF465 million, above the consensus estimate of CHF455 million and UBS's CHF451 million forecast, representing organic year-over-year growth of 20%.
Group sales in Q2 were CHF412 million, exceeding the consensus of CHF404 million and UBS's CHF406 million estimate, and marking organic sales growth of 8% year-over-year.
For the first half of 2026, adjusted EBITDA totaled CHF156 million, in line with the UBS estimate and ahead of the consensus forecast of CHF150 million. The adjusted EBITDA margin for the period was reported at 19.7%, higher than both the consensus and UBS expectations of 19.2%.
Net income for the first half reached CHF40 million, reversing a loss of CHF46 million in the same period last year. That result came in above the consensus estimate of CHF36 million and UBS's CHF39 million estimate.
Performance by segment
- Coating Services: revenues of CHF303 million with an adjusted EBITDA margin of 18.8%.
- Material & Equipment: sales of CHF265 million with an adjusted EBITDA margin of 23.8%.
- Components: revenues of CHF222 million with an adjusted EBITDA margin of 11.9%.
Following the stronger results, Oerlikon updated its full-year 2026 expectations. The company now forecasts mid-single-digit organic growth and an adjusted EBITDA margin in the range of 18.5% to 19.5% for 2026. This guidance replaces its earlier outlook of low-single-digit organic sales growth and a 17.5% operating EBITDA margin.
Oerlikon said it plans to implement additional cost reductions in the second half of 2026 to support operating margins.
What the results show
The reported quarterly order intake and sales exceeded the cited consensus and UBS estimates, while first-half adjusted EBITDA matched or beat analyst forecasts and net income moved into positive territory compared with the prior-year period. Management has raised its full-year organic growth and margin targets and indicated further cost-saving measures for H2 2026.