Accelleron Industries AG

Reported H1 2025 revenue was USD 608 million, up 20.3% year on year (20.1% at constant currency; 18.5% organically). Operational EBITA was USD 154.9 million, up 20.8%, with margin of 25.5% (up 10 bps). Net income was USD 115 million, up 29.5%, and free cash flow was USD 81 million, with cash conversion of 70% versus 34% in H1 2024. Segment revenue was USD 458.8 million for Medium/Low Speed and USD 149.2 million for High Speed. Full-year 2025 guidance was raised to 16% to 19% revenue growth at constant currency, while operational EBITA margin guidance was lowered to 24% to 25% because of tariffs.

Daniel Bischofberger said the business is seeing resilient demand across core markets and that Accelleron is gaining share in turbochargers, especially in merchant marine and data centers. He highlighted strong momentum in Marine retrofits, fuel injection, and backup power, and said the company is well positioned for continued growth. His tone was upbeat but pragmatic, emphasizing active mitigation of tariff impact through pricing, supply-chain reconfiguration, and operational adjustments.

Adrian Grossenbacher focused on the numbers: USD 608 million in revenue, USD 154.9 million in operational EBITA, 25.5% margin, USD 115 million in net income, and USD 81 million of free cash flow. He said one-offs and non-operating costs were USD 9 million, including almost USD 5 million of temporary unrealized FX loss, and that capex is expected to rise to about 4% to 5% of revenue this year. He also noted the business is still investing in Italy, Switzerland, and China, while cash conversion improved sharply despite higher working capital.

Analysts focused heavily on the 39% U.S. tariff on Swiss goods, asking about pass-through, customer absorption, and whether pricing will fully offset the impact. Management said customers were informed quickly, price increases are being pursued, but the company is balancing customer relationships against margin protection and also looking to reconfigure the value chain over time. Questions also covered data-center growth, market share gains, retrofit opportunity, leverage and capital returns; management said data-center demand remains strong, retrofits could be a meaningful growth driver, net leverage has declined to 0.8, and excess cash could support dividends or buybacks if M&A is absent.