Continued momentum, strengthened market leadership, and strong financial performance in 2025
- Revenues reached USD 1.263 billion, +23.5% year-on-year
- Operational EBITA increased to USD 321.0 million (+22.6% YoY)
- Net income increased to USD 243.7 million (+35.8% YoY)
- Dividend of CHF 1.50 proposed (+20% YoY)
- Share buyback program of CHF 100 million to be launched
- Growth driven by strong marine business, as well as demand for prime power and data center backup solutions
- Reto Suter proposed as new Board member
Baden, Switzerland, March 12, 2026 – Accelleron, a global technology leader in turbocharging, fuel injection, and digital solutions in the marine and energy industries, recorded another year of high growth, high earnings, and high cash generation. “In 2025, we successfully executed our growth strategy, strengthening Accelleron’s role as a market leader in marine and energy efficiency solutions. While the marine market remained strong, the energy market emerged as a powerful additional growth driver in 2025,” said Accelleron CEO Daniel Bischofberger.
Net income increased by 35.8%
Revenues rose to USD 1,263.1 million, increasing by 23.5% year-on-year (21.6% in constant currency, 20.9% organic). Growth in 2025 outpaced the upgraded expectations set in summer, as energy resilience emerged alongside decarbonization and digitalization as a key structural force shaping Accelleron’s core markets.
Operational EBITA reached USD 321.0 million, up 22.6%, with a margin of 25.4% – only slightly below last year (2024: 25.6%), and just above the last guidance of 24–25%. Net income increased by USD 64.3 million, or 35.8%, to USD 243.7 million. Free cash flow conversion stood at 87.9% (2024: 99.1%), with free cash flow reaching USD 214.3 million in 2025 (2024: USD 177.7 million). The net leverage came in at a low 0.5.
Medium & Low Speed segment
Revenues in the Medium & Low Speed segment increased by USD 156.1 million, or 20.2% (+17.2% organic), to USD 929.6 million, compared to the previous year.
The marine business continued to perform exceptionally well, supported by further gains in new‑build market share and the delivery of more than 1,000 low‑speed turbochargers. Demand for upgrades, retrofits, and fuel injectors remained strong throughout the year.
Growth was further supported by rising demand for gas‑fired prime‑power solutions across multiple geographies. In China, strong domestic demand and export activity resulted in high revenues from turbochargers for diesel‑electric locomotives.
Operational EBITA increased by USD 40.3 million, or 20.2%, to USD 239.4 million, compared to the previous year. The operational EBITA margin increased by 0.1 percentage points to 25.8% in 2025. A strong increase in new business activity – with lower margins than in the service business – was offset by operational leverage.
High Speed segment
Revenues in the High Speed segment increased by USD 84.5 million, or 33.9% (31.0% organic), to USD 333.5 million, compared to the previous year.
Growth was driven by sustained momentum in data center backup and prime power solutions in the U.S. Accelleron delivered 15,800 high‑speed turbochargers, including a record 8,000 TPX44 units for data center and other critical‑infrastructure applications – more than tripling the TPX44 production year‑on‑year.
In backup power, Accelleron‑equipped diesel engines surpassed a 10% market share, generating around USD 40 million in revenue and achieving +230% year‑on‑year growth. In gas-fired prime power applications, where Accelleron has a substantial market share, the company grew in line with this rapidly expanding market.
Operational EBITA increased by USD 18.8 million, or 29.9%, to USD 81.6 million, compared to 2024. The operational EBITA margin decreased to 24.5% (2024: 25.2%), as the rapid expansion of new business and tariff costs were largely offset by operational leverage.
Increased dividend and share buyback program
In light of the strong financial results and healthy balance sheet, the Board of Directors will propose a dividend payment of CHF 1.50 per share (+20%; 2024: CHF 1.25) to the Annual General Meeting on April 28, 2026.
In addition, Accelleron will launch its first share buyback program totaling CHF 100 million, as part of its balanced and disciplined capital allocation framework. The program is expected to start in Q2 2026 and is planned to run until Q2 2028. It will be executed on a second trading line on the SIX Swiss Exchange. Accelleron intends to use the capital band for the cancellation of the shares repurchased under this program.
Changes to the Board of Directors
The Board of Directors has decided to propose Reto Suter for election to the Board of Directors at the upcoming Annual General Meeting on April 28, 2026, and to appoint him as Chair of the Audit Committee. Reto Suter – currently CFO of Siegfried Holding – is an experienced non-‑executive director and serves on the Boards of Inficon Holding AG, chairing the audit committee, and Swiss Cement-Industry Corporation. Reto Suter has more than 25 years of international experience in finance, private equity and M&A. He holds a master’s degree and a PhD in Banking and Finance from the University of Zurich.
Positive outlook
In the marine industry, Accelleron expects more moderate growth, but fundamentals remain solid as shipyard order books stay at high levels. The postponement of the International Maritime Organization’s Net Zero Framework decision has already resulted in fewer orders for methanol- and ammonia-powered dual fuel engines. The fuel injection business is therefore expected to grow at a slower pace. Efficiency measures continue to represent the most attractive path forward for decarbonization, however.
In the energy industry, Accelleron expects comparatively high growth. Decentralized power generation continues to gain importance, as balancing and prime power applications benefit from rising demand for on‑site, dispatchable capacity. Data center power needs remain exceptionally high. Because data center build‑out is capped by power availability, backup power demand is expected to grow more steadily in 2026 and beyond.
“We expect continued positive dynamics, particularly in the energy sector. Robust product demand is anticipated from ongoing data center expansion and sustained activity in marine new‑builds,” said Bischofberger. “Delivering for our customers remains our top priority. We are strengthening our value chain’s resilience, while continuing to modernize, expand capacity and invest.”
For 2026, Accelleron forecasts organic revenue growth of 9–14% and an operational EBITA margin of 25–26%. However, heightened geopolitical uncertainties, including escalating tensions in the Middle East, and other unexpected events, could affect the company’s markets and businesses, making forward-looking statements challenging.
| 12-month period ended Dec. 31 | 2025 | 2024 | Change in % | Organic¹ |
|---|---|---|---|---|
| Revenues (USD in millions) | 1,263.1 | 1,022.5 | 23.5% | 20.9% |
| Gross profit | 553.0 | 471.2 | 17.4% | – |
| as % of revenues | 43.8% | 46.1% | (2.3 ppts) | – |
| Income from operations | 302.9 | 237.9 | 27.3% | – |
| Operational EBITA¹ | 321.0 | 261.9 | 22.6% | – |
| as % of revenues | 25.4% | 25.6% | (0.2 ppts) | – |
| Net income | 243.7 | 179.4 | 35.8% | – |
| as % of revenues | 19.3% | 17.5% | 1.8 ppts | – |
| Cash flow from operating activities | 272.7 | 216.1 | 26.2% | – |
| Free cash flow¹ | 214.3 | 177.7 | 20.6% | – |
| Free cash flow conversion¹ | 87.9% | 99.1% | (11.2 ppts) | – |
| Basic earnings per share (USD) | 2.48 | 1.81 | 67.0% | – |
| Net leverage¹ | 0.5 | 0.7 | (16.0%) | – |
