Slides
Page 1
cerlikon metco surface two cerlikon 150 YEARS Half - year 2026 Financial Results 6 August 2026
Page 2
It's not allowed to change the master safe space 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Version January 2021 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Page 2 H1’26 summary Financials Key messages H2’26 priorities Strong financials supported by Aviation, Energy and General Industries CHF 790m Sales 19.7% Op. EBITDA margin ▪ Order intake and sales increased YoY, driven by Aviation, Energy (industrial gas turbines) and General Industries, successfully leveraging strong demand and pricing power in materials business despite geopolitical uncertainties ▪ EBITDA margin strongly improving, supported by volume / operational leverage, cost-out actions launched in 2025, business mix and positive pricing effects ▪ Strategy execution on-track, including accelerating the innovation pipeline, leveraging core competencies into growth markets such as Aviation and Energy, optimizing the portfolio towards structurally higher profitability CHF 920m Order intake Focused investment to drive growth Improve efficiency and resilience Strengthen customer excellence 9.8% Op. EBIT margin
Page 3
It's not allowed to change the master safe space 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Version January 2021 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Page 3 Improving end markets in H1’26 Aviation 3 15% 1) Includes semicon and medical; 2) includes HRS; 3) includes defense; 4) includes power gen and oil & gas 5) Source LMC as per May 26; 6) Source IATA; 7) Source JSC as per May 26; 8) Source ADS Group; 9) Source IHS Markit ▪ Industrial PMIs improving across major regions, moving above neutral level ▪ Geopolitical risks and supply chain disruptions keep impacting customers behavior, incl. precautionary stocking ▪ Semicon dynamics remain strong ▪ H2’2026 expected to remain balanced between improving fundamentals and ongoing geopolitical uncertainties ▪ Light vehicle production flat in H1’265 YoY, Europe and Americas still in contraction ▪ Continuing muted conditions in EU driven by macro, geopolitical uncertainties and changing industrial policies ▪ New car model launches decreased in H1’265 mainly in Europe and Asia, Americas remaining stable ▪ Early indications of potential recovery towards end of 20265 ▪ Record high of new plane production and order backlog8, supported by increasing traffic and demand for energy efficiency; manufacturing capacities and supply chain continue to improve ▪ Continuous supporting environment also driven by MRO activities, with increasing flying hours and passenger growth6 ▪ Increase in AI datacenter power needs drive demand for industrial gas turbines9 ▪ Strong outlook also for H2’26 and beyond H1’26 marked by improving markets, yet geopolitics-related uncertainties remaining in H2 ▪ End market demand remaining subdued, mainly due to soft demand in China, as well as tensions in the Middle East ▪ Swiss watch exports flat in H1’26 YoY, with improving trend towards end of H1 ▪ Continuing positive market sentiment towards more sustainable coating technology, i.e. PVD H1’26 markets H2’26E markets H1’26 markets H2’26E markets H1’26 markets H2’26 marketsH1’26 markets H2’26 markets Energy 4 5% Luxury 10% Automotive 2 27% General Industries 1 25% of H1’26 total sales Tooling 18%
Page 4
It's not allowed to change the master safe space 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Version January 2021 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Page 4 Oerlikon delivers strong financials in first half 2026 Markets Orders Sales Profitability ▪ Improving PMIs in all 3 main regions, to above neutral level supporting Tooling and General Industries ▪ Strong tailwind from continuing growth of Aviation passenger traffic and AI datacenter capacity building (Energy) ▪ Continued mixed environment in Automotive impacted by macro environment and changing regulations ▪ H1 increased 19% FX adjusted YoY ▪ Q2 up 20% at constant FX YoY driven by Aviation, Energy and General Industries-oriented materials and equipment business, leveraging strong customer demand and pricing power ▪ Continuing strong book-to-bill ratio at 1.2 ▪ H1 increased 6.7% FX adjusted YoY ▪ Q2 up 8% at constant FX YoY, with same industry pattern as for orders yet higher materials contribution; weaker hot runners and friction systems business ▪ Strong execution in meeting high customer demand despite geopolitical / supply chain challenges resulting in volume and pricing contribution ▪ Strong increase in the EBITDA margin +19% H1’26 YoY ▪ Supported by volume, mix, pricing power and inventory revaluation due to increasing critical minerals prices ▪ Operational leverage and cost focus (e.g. 7% reduction in Admin costs in H1’26 YoY) ▪ Operational ROCE2 increased to 6.2% H1’25 H1’26 131 156 +18.6% Order intake H1’25 H1’26 826 920 FX adj.: +19.0% +11.4% Margin H1’25 H1’26 786 790 FX adj.: +6.7% +0.5% Sales (3rd party) Operational EBITDA1 19.7% 16.7% H1’26 sales split by markets 15% 18% Tooling 27% Auto- motiveAviation 25%General Industry 10% Luxury 5% Energy 48% 29% APAC Europe 23% Americas 1) Margin based on unrounded figures and total sales, intercompany sales including Others, 2) Return on Capital Employed (ROCE) is defined as NOPAT (Last 12 months Operational EBIT after Tax before Amortized of Acquired Intangibles (tax adjusted)) over the Capital Employed as per end of the period; Capital Employed is composed of third-party net operating assets before Amortized Intangibles assets (tax adjusted), current income tax receivables and current income taxes payable and deferred tax assets and liabilities
Page 5
It's not allowed to change the master safe space 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Version January 2021 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Page 5 Coating services: global coating activities for demanding applications Order intake & sales Profitability ▪ H1’26 sales up 5.5% YoY FX adjusted vs H1’25 ▪ All regions contributing to the growth, yet FX remains a headwind ▪ General Industries, in particular Semicon, and Tooling growing, Automotive business showing positive signs of stabilization ▪ Margin improvement supported by volume / operational leverage, business mix and pricing ▪ Cost-out actions launched in 2025, including footprint optimization, strong cost control and efficiency improvement with positive contribution H1’26 sales split by markets 49% 21% 30% APAC Europe Americas H1’25 H1’26 56 57 +3% Margin Operational EBITDA1 18.8%18.0% 38% of H1’26 sales Order intake and sales H1’25 H2’25 H1’26 307 306 292 293 306 303 FX adj.: +5.5% -0.9% Order Intake Sales 1) Margin based on unrounded figures and total sales, including intercompany sales
Page 6
It's not allowed to change the master safe space 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Version January 2021 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Page 6 Materials & Equipment: coating systems, aftersales and materials ▪ Sales up 19.7% YoY at constant FX, mainly driven by materials; strong order intake in equipment, expected to support sales in the second half ▪ Strong dynamics in Aviation, Energy (industrial gas turbines) and General Industries, with certain pre-stocking by some customers ▪ Ability to meet increasing demand despite difficult supply chain situation and leveraging pricing power (incl. surcharges for Yttrium and Tungsten) ▪ Margin significantly higher versus H1’25 ▪ Supported by operational leverage, pricing power and effects from inventory revaluation H1’26 sales split by markets 34% 32% APAC Europe 34% Americas Operational EBITDA1 Order intake and sales H1’25 H2’25 H1’26 279 238 332 278 387 265 FX adj.: +19.7% +11.7% Order Intake Sales 34% of H1’26 sales Order intake & sales Profitability H1’25 H1’26 43 66 +55% 16.9% 23.8% Margin 1) Margin based on unrounded figures and total sales, including intercompany sales
Page 7
It's not allowed to change the master safe space 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Version January 2021 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Page 7 Components1: precision parts manufacturing Order intake & sales Profitability ▪ Sales down 4.4% YoY at constant FX ▪ Friction systems and hot runners (HRSflow) businesses impacted by automotive headwinds; HRSflow successfully diversifying in PMCL (packaging, medical, consumer goods & logistics) from a lower base ▪ Aviation (Eldim) supports with a positive trend and Luxury flat pro forma2 versus H1’25 ▪ Margin affected by hot runners and frictions systems performance, actions launched to support the margin ▪ Positive effects in Luxury from cost-out actions implemented in 2025 ▪ Looking ahead, continuing ramp-up in Eldim for large aero engine programs, automotive diversification (thermal insulation systems for batteries) and AM with increasingly positive contribution H1’26 sales split by markets 1) Components segment comprises HRSflow, Luxury, Eldim, Thermal Insulation Shield (TIS), Friction Systems, Additive Manufacturing (AM), 2) closing of activities in 2025 in Italy ( AMOM); 3) Margin based on unrounded figures and total sales, including intercompany sales 25% 61% 14% APAC Europe Americas H1’25 H1’26 30 26 -13% Margin Operational EBITDA3 11.9%12.4% Order intake and sales H1’25 H2’25 H1’26 240 242 205 211 227 222 FX adj.: -4.4% -8.6% Order Intake Sales 28% of H1’26 sales HRS and Luxury 33%
Page 8
It's not allowed to change the master safe space 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Version January 2021 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Page 8 Strong cash flow management contributing to absorb higher raw materials inventories Pro forma1 cash flow from operating activities ▪ Reported cash flow from operating activities (CHF -8m) includes CHF -42m2 from discontinued operations (Barmag) ▪ Improving pro forma cash flow from operating activities vs. H1’25, despite higher inventories (incl. significant impact from critical minerals) ▪ Increased advance payments from customers as counteraction ▪ Usual seasonal inventory build-up in H1, expected to support cash flow in H2 1) Excluding effect from Barmag; 2) For pro forma calculation, CHF 7m and CHF 2m intercompany charges for H1’25 and H1’26 res pectively were deducted from the cash flow from operating activities of discontinued operations as per H1’26 report H1’25 H1’26 712 1512 +80m -55m +25m72 322 -119 -64 Cash flow from operating activities before change in net current assets Cash flow from change in net current Assets Cash flow from operating activities
Page 9
It's not allowed to change the master safe space 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Version January 2021 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Page 9 Ahead of plan on deleveraging and strengthening capital structure ▪ Repayment of CHF 475m term loan ▪ Reconfirmation of all 3 investment grade ratings ▪ Placement of CHF 200m Swiss bond in May 2026 and repayment of CHF 220m bond in June 2026 ▪ Access to ~CHF 900m liquidity (cash & RCF) ▪ Strong equity ratio of 41% Positive leverage development (Net debt to EBITDA) Dec 31, 2025 pro forma Oerlikon group incl. Barmag Jun 30, 2026 3.4x 2.5x ▪ Achieving 2.5x in H1’26, 6 months ahead of schedule ▪ Continue deleveraging towards below 2x in the mid-term Strengthening of capital structure Dec 31, 2025 Jun 30, 2026 24% 41%
Page 10
It's not allowed to change the master safe space 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Version January 2021 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Page 10 Outlook for full year 2026 increased Sales 1 EBITDA margin 2 1) organic, constant FX; 2) operational EBITDA ▪ 18.5% to 19.5% (previously ~17.5%) ▪ Building on strong H1, supported by market momentum and operational / commercial execution, and confident outlook for H2 ▪ Assumption of Tungsten and Yttrium prices broadly stable at current levels ▪ Mid-single digit % organic growth (previously low single digit % organic growth) ▪ Reflecting strong H1, especially in Aviation, Energy and General Industries, as well as encouraging outlook for H2
Page 11
It's not allowed to change the master safe space 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Version January 2021 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Deliver long-term value through profitable growth Page 11 H1’26 conclusion – strong performance and encouraging outlook Aviation, Energy and General Industries drove performance with Oerlikon successfully leveraging strong demand and pricing power in materials business despite geopolitical uncertainties Drive innovation and growth to remain at the competitive edge and seize opportunities in new markets and technologies On-track with efficiency measures and cost-out actions, gaining agility, resilience and creating the basis for higher value creation Page 11
Page 12
It's not allowed to change the master safe space 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Version January 2021 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 File NamePage 12 Join our Capital Markets Day 8 September 2026 sign up here
Page 13
It's not allowed to change the master safe space 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Version January 2021 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Q&A
Page 14
It's not allowed to change the master safe space 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Version January 2021 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Appendix
Page 15
It's not allowed to change the master safe space 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Version January 2021 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Page 15 Return on Capital Employed (ROCE) 1) Excluding effects from amortized acquired intangibles LTM refers to Last Twelve Months operational EBIT; Net operating assets is based on operating assets minus operating liabilit ies as per end of the period; Operating assets include total assets without cash and cash equivalents, current financial investme nts, current income tax receivables and deferred tax assets; Operating liabilities include total liabilities without financial and lease l iabilities, current income taxes payable, non-current post-employment benefit liabilities and deferred tax liabilities 2025 H1'26 LTM Operational EBIT 107 138 + Amortization of acquired intangibles 34 32 - Total current income tax -58 -58 - Total deferred income tax1 -1 0 NOPAT excluding amort/imp of acquired intangibles 82 113 Net Operating Assets (only third-party) 2,015 2,092 - Amortized Acquired Intangibles -275 -259 + Current income tax receivables 18 15 + Total deferred tax assets 68 64 - Current income tax provision -30 -41 - Deferred tax liabilities1 -59 -57 Capital Employed excluding amortized acquired intangibles 1,738 1,814 ROCE (excluding effects from amortized acquired intangibles) 4.7% 6.2%
Page 16
It's not allowed to change the master safe space 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Version January 2021 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Page 16 H1 reconciliation of profitability measures – Oerlikon EBITDA to EBIT bridge Operational profitability reconciliation Total continuing operations H1 26 H1 25 EBITDA 157 122 Depreciation -44 -48 Impairments -1 -19 EBITA 112 54 Amortization of Acquired Intangibles -16 -18 Other Amortization -18 -18 Impairments -0 -23 EBIT 78 -5 H1 26 H1 25 Operational EBITDA 156 131 Restructuring expenses 0 -6 Discontinued activities -0 -0 Acquisition and Integration costs 0 0 Separation costs 1 -3 EBITDA 157 122 H1 26 H1 25 Operational EBIT 78 46 Restructuring expenses 0 -6 Impairments related to restructuring -0 -40 Discontinued activities -0 -1 Acquisition and Integration costs 0 0 Separation costs 1 -3 EBIT 78 -5
Page 17
It's not allowed to change the master safe space 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Version January 2021 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Page 17 Segment Information – quarterly view (continuing operations) Group CHFm Q1'25 Q2'25 Q3'25 Q4'25 2025 Q1'26 Q2'26 Order intake 421 405 396 433 1655 455 465 Sales 391 395 380 401 1568 378 412 Coating Services CHFm Q1'25 Q2'25 Q3'25 Q4'25 2025 Q1'26 Q2'26 Order intake 153 154 146 145 599 150 156 Sales 152 154 146 146 599 149 154 Materials & Equipment CHFm Q1'25 Q2'25 Q3'25 Q4'25 2025 Q1'26 Q2'26 Order intake 140 139 146 185 611 189 198 Sales 114 124 129 149 516 122 144 Components CHFm Q1'25 Q2'25 Q3'25 Q4'25 2025 Q1'26 Q2'26 Order intake 128 113 103 102 445 116 111 Sales 125 118 106 105 453 108 114
Page 18
It's not allowed to change the master safe space 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Version January 2021 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Investor Relations www.oerlikon.com/en/investors ir@oerlikon.com Aymeric Jamin Aymeric.jamin@oerlikon.com +41 58 360 96 59
Page 19
It's not allowed to change the master safe space 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Version January 2021 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 8,7 4,7 7,9 9,1 6,3 8,0 source footnote 1,1 0,5 12,2315,5 0,4 0,4 15,58,975,7 4,9 4,9 5,7 Page 19 Disclaimer OC Oerlikon Corporation AG, Pfäffikon, (together with its affiliates hereinafter referred to as “Oerlikon”) has made great efforts to include accurate and up-to-date information in this document. However, Oerlikon makes no representation or warranties, expressed or implied, as to the truth, accuracy or completeness of the information provided in this document, Neither Oerlikon nor any of its directors, officers, employees or advisors, nor any other person connected or otherwise associated with Oerlikon, shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this document. The contents of this document, including all statements made therein, is based on estimates, assumptions and other information currently available to the management of Oerlikon. This document contains certain statements related to the future business and financial performance or future events involving Oerlikon that may constitute forward- looking statements. The forward-looking statements contained herein could be substantially impacted by risks, influences and other factors, many of which are not foreseeable at present and/or are beyond Oerlikon’s control, so that the actual results, including Oerlikon’s financial results and operational results, may vary materially from and differ than those, expressly or implicitly, provided in the forward-looking statements, be they anticipated, expected or projected. Oerlikon does not give any assurance, representation or warranty, expressed or implied, that such forward-looking statements will be realized. Oerlikon is under no obligation to, and explicitly disclaims any obligation to, update or otherwise review its forward-looking statements, whether as a result of new information, future events or otherwise. This document, including any and all information contained therein, is not intended as, and may not be construed as, an offeror solicitation by Oerlikon for the purchase or disposal of, trading or any transaction in any Oerlikon securities. Investors must not rely on this information for investment decisions and are solely responsible for forming their own investment decisions.