This article first appeared on GuruFocus .
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Revenue:USD1.26 billion, a 24% increase year-on-year.
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Operational EBITDA:USD321 million, up 23% with a margin of 25.4%.
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Net Income:USD224 million, a 36% increase.
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Free Cash Flow Conversion:88%.
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Dividend Proposal:CHF1.50 per share, a 20% increase.
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Share Buyback Program:CHF100 million planned over two years.
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Medium and Low-Speed Segment Revenue:USD929.6 million, a 20.2% increase.
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High-Speed Segment Revenue:USD333.5 million, a 33.9% increase.
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Operational EBITDA Margin:25.4%, slightly below the previous year.
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Free Cash Flow:USD214 million, a USD37 million increase.
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Capital Expenditures:Increased by 50% for global production optimization.
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Prime Power Revenue:Over USD100 million, with 30% driven by data centers.
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2026 Revenue Growth Forecast:9% to 14% organic growth.
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2026 Operational EBITDA Margin Forecast:25% to 26%.
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Release Date: March 12, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Accelleron Industries AG ( ACLLY ) achieved a significant revenue increase of almost 24% year-on-year, reaching USD1.26 billion in 2025.
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Operational EBITDA rose by nearly 23% to USD321 million, demonstrating strong profitability.
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Net income increased by almost 36% to USD224 million, enabling a proposed dividend increase of 20%.
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The company launched its first share buyback program totaling CHF100 million, reflecting strong capital management.
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Accelleron expanded its market share in both marine and energy sectors, with notable growth in data center backup power solutions.
Negative Points
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The operational EBITDA margin slightly decreased to 25.4% from 25.6% the previous year, impacted by US tariffs and increased warranty provisions.
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The adoption of the IMO Net Zero framework was postponed, creating regulatory uncertainty in the marine sector.
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Growth in the marine sector is expected to moderate due to limited opportunities for further market share gains.
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The energy market's growth is constrained by OEM capacity rather than end market demand, potentially limiting future expansion.
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Increased capital expenditures are anticipated, which may impact free cash flow conversion, projected to be around 80% in 2026.
Q & A Highlights
Q: Can you provide a breakdown of revenue in the energy segment, specifically for gas compression, medium-speed power, high-speed power, and backup diesel? A: In the emergency power segment, we have USD40 million, and in prime power, we have USD100 million, with 30% coming from data centers. Gas compression accounts for close to USD20 million of new build. We are looking for acquisitions in both marine and energy sectors, but it depends on market availability and pricing.
Q: How have US tariffs impacted your financials, and how do you handle these costs? A: The tariffs had less than a 100 basis points impact on margins and up to 1% on revenue growth. We shared the costs with customers, and we expect to recover a single-digit million amount due to recent legal rulings.
Q: Have you experienced any delays or risks due to the current situation in the Middle East? A: There has been a minor impact, such as service delays in Dubai, but the main risk would be if oil prices rise significantly, potentially leading to a recession, which could affect the marine sector.
Q: With OEMs being bottlenecks in backup power, how quickly can they increase capacity, and what is your market share with them? A: OEMs are investing to increase capacity, and we are agile enough to keep up. We have an 80% market share in high-speed gas engines and 40% in medium-speed engines.
Q: How do you plan to match your CapEx with OEMs' CapEx increases, and what are your plans for capacity expansion? A: We plan to increase CapEx to 5% to 7% of revenues over the next three years to match OEM growth. We are optimizing our facilities in Switzerland and other locations to ensure we are not a bottleneck for OEMs.
Q: What is the expected impact of pricing on your 9% to 14% organic sales growth forecast? A: We expect little to no impact from pricing due to the strong Swiss franc and high market share. Our focus is on volume growth, and we have no plans to increase margins through price hikes.
Q: Can you provide an indication of the sales split between equipment and services for different segments? A: At the group level, roughly one-third of sales are from products and two-thirds from services. The high-speed segment has a higher product share, while the medium-speed segment has a higher service share.
Q: How do you see the service opportunity evolving from recent OE orders in marine and energy? A: Service revenue from prime power and data centers is expected in three to five years, while marine services typically start after five years. We are already seeing some service revenue from recent installations.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
