Andritz Ag · VIE:ANDR
Andritz — Q1 2026 Earnings Presentation
33 slides from Andritz's earnings presentation, Apr 29, 2026
Slide 1: Q1 2026 Financial Results
ANDRITZ GROUP Q1 2026 FINANCIAL RESULTS APRIL 29, 2026
Slide 2: Agenda
AGENDA CEO Key Messages & 01 Q1 2026 Highlights Financial Performance 02 Q1 2026 03 Update on Business Areas Guidance 2026 & 04 Mid-Term Targets 2027 2
Slide 3: CEO Key Messages & Q1 2026 Highlights
01 CEO KEY MESSAGES & Q1 2026 HIGHLIGHTS 3
Slide 4: Strong Results in Q1 2026
STRONG RESULTS IN Q1 2026 Record order intake, slight growth in revenue and stable comparable EBITA margins Record order intake and order backlog • Record order intake despite geopolitical tensions • Strong growth driven by Hydropower and Pulp & Paper • Stable development in Metals: decline in autom
Slide 5: Record Order Intake, Slight Revenue Growth and Stable Profitability
RECORD ORDER INTAKE, SLIGHT REVENUE GROWTH AND STABLE PROFITABILITY Major financial KPIs Q1 2026 ORDER INTAKE REVENUE ORDER BACKLOG € 3.6 bn € 1.8 bn € 12.4 bn (Q1 2025: € 2.3 bn // +54%) (Q1 2025: € 1.8 bn // +2%) (Q1 2025: € 10.2 bn // +22%) EBITA comparable | margin EBITA reported | margin NET IN
Slide 6: Strong Demand for Renewable Energy, Energy Storage and Grid Stability
STRONG DEMAND FOR RENEWABLE ENERGY, ENERGY STORAGE AND GRID STABILITY DEVELOPMENT OF ORDER INTAKE (in € mn) 4,000 3,500 Continuously strong order intake momentum 3,000 2,500 • Record order intake of € 3.6bn in Q1 2026 2,000 1,500 • 6th consecutive quarter of order intake above € 2bn 1,000 500 • Book
Slide 7: Order Intake
ORDER INTAKE Record order intake in company history; not to be extrapolated to the coming quarters ORDER INTAKE (in € mn) ORDER INTAKE (in € mn) ORDER INTAKE BY REGION +/- Q1 2026 VS. Q1 2025 (%) +54% Q1 2026 Q1 2025 Pulp & Paper 1,005.8 974.6 3% 3,598 RoW Metals 337.2 345.6 -2% 11% (2%) Hydropower
Slide 8: Revenue
REVENUE Increase in revenue despite continued negative FX translation impact REVENUE (in € mn) REVENUE (in € mn) REVENUE BY REGION +/- Q1 2026 VS. Q1 2025 (%) +2% Q1 2026 Q1 2025 Pulp & Paper 667.4 644.9 3% 1,761 1,791 RoW Metals 394.3 411.8 -4% China 4% (4%) Hydropower 404.0 372.8 8% 11% (12%) Envi
Slide 9: Recovery in Backlog to Record Level
RECOVERY IN BACKLOG TO RECORD LEVEL DEVELOPMENT OF ORDER BACKLOG (in € mn) ORDER BACKLOG BY BUSINESS AREA Q1 2026 12,367 Environment & Pulp & 10,569 10,799 10,822 Energy Paper 10,408 10,457 10,361 10,170 10,398 12% 9,859 9,977 9,873 10,003 9,709 9,750 9,435 9,383 26% 8,166 7,403 7,342 9,199 13% 7,07
Slide 10: EBITA and Margin
EBITA AND MARGIN Growth in EBITA and stable (comparable) EBITA margin EBITA AND EBITA MARGIN* EBITA AND EBITA MARGIN* (COMPARABLE) (REPORTED) Slight growth in EBITA and stable margin +2% +2% • Comparable EBITA margin on high level 145 147 142 145 • Improved project execution (8.2%) (8.2%) (8.1%) (8.
Slide 11: Service Business
SERVICE BUSINESS Strong Service revenue growth to an all-time high of € 3,473 mn in FY 2025 DEVELOPMENT OF SERVICE REVENUE (in € mn) Service revenue growth outpacing Group revenue growth (+4% CAGR) 3,584 3,428 3,473 • Increase of Service revenue 3,305 share to all-time high of 46% in 2,969 Q1 2026 (
Slide 12: Financial Performance Q1 2026
02 FINANCIAL PERFORMANCE Q1 2026 12
Slide 13: Increased Operating Cash Flow & ROIC, Improved Op. Net Working Capital
INCREASED OPERATING CASH FLOW & ROIC IMPROVED OP. NET WORKING CAPITAL Major financial KPIs Q1 2026 INCREASED OP. CASH FLOW STRONG NET LIQUIDITY € 89 mn € 724 mn (Q1 2025: € 73 mn // +22%) (FY 2025: € 713 mn // € +11 mn) ROIC >> WACC IMPROVED OP. NWC* 19.5% € 961 mn vs. WACC 8.8% (FY 2025: € 985 mn /
Slide 14: EBITDA – Net Income Bridge Q1 2026
EBITDA – NET INCOME BRIDGE Q1 2026 in € mn 190.2 (184.7)* • Depreciation and IFRS 3 Amortization slightly increased 144.5 • Incremental effect from recent - 45.7 (141.8)* 128.8 acquisitions (-42.9)* 121.4 - 15.7 (126.7)* (-15.1)* - 7.4 (120.0)* (-6.7)* 91.8 • Financial result broadly unchanged - 29.
Slide 15: EBITDA to Free Cash Flow Bridge Q1 2026
EBITDA TO FREE CASH FLOW BRIDGE Q1 2026 in € mn (184.7)* • CF from changes in NWC (€ mn) 190.2 -63.1 ∆ Inventories - 23.1 +16.2 ∆ Trade receivables (-66.0)* -120.1 ∆ Trade payables - 32.3 - 1.2 -25.3 ∆ Adv. payments made (-37.4)* (3.2)* (73.2)* -45.2 ∆ Contract assets 89.0 - 44.6 +214.4 ∆ Contract l
Slide 16: Operating Net Working Capital Development
OPERATING NET WORKING CAPITAL DEVELOPMENT Further decrease in Operating Net Working Capital in Q1 2026 1,052 982 1,024 980 985 1.200 963 961 886 898 860 Calculation methodology 817 805 1.000 730 13% 671 670 13% 658 687 13% 12% + Inventories 631 12% 12% 617 12% 12% 576 + Trade accounts receivable 10%
Slide 17: Operating Net Working Capital Development
OPERATING NET WORKING CAPITAL DEVELOPMENT Seasonal increase in Trade Working Capital in Q1, improving prepayments TRADE WORKING CAPITAL 1,659 1,614 1,532 1,457 1,437 1,482 1,463 Trade Working Capital 1,377 1,243 1,226 1,248 1,246 • Inventories + Receivables - Payables 1,191 1,218 1,222 1,218 1,097 1
Slide 18: Steady Cash Flow Generation
STEADY CASH FLOW GENERATION OPERATING CASH FLOW OPERATING CASH FLOW per quarter in € mn in € mn 346 339 604 711 637 574 653 • Quarterly Operating 567 555 300 530 538 Cash Flow influenced 285 268 462 by operating Working 233 430 Capital fluctuations driven 227 206 375 by project execution cycle 186 1
Slide 19: Strong Financial Position
STRONG FINANCIAL POSITION Enhanced capital allocation while still maintaining a strong financial position LIQUID FUNDS and NET LIQUIDITY (in € mn) Main changes in Net Liquidity Q1 2026 vs. FY 2025 (in € mn) Acquisition Schuler: Acquisition Xerium: € 600 mn € 770 mn 2,051 +89 Operating cash flow 1,83
Slide 20: ROIC Significantly Above WACC
ROIC SIGNIFICANTLY ABOVE WACC Increase in ROIC in Q1 2026 DEVELOPMENT ROIC vs WACC 22.6% 22.5% 20.0% 19.5% 17.2% 17.8% ROIC increased in Q1 2026 : 16.9% • Slight growth of EBITA 13.0% • Lower avg. invested capital 12.3% 10.4% • Mainly driven by increased contract liabilities and other liabilities 10
Slide 21: Summary - Key Figures Q1 2026
SUMMARY - KEY FIGURES Q1 2026 UNIT Q1 2026 Q1 2025 +/- 2025 Order intake € mn 3,597.8 2,332.2 54% 8,909.8 • Record order intake in Q1 2026 driven by Order backlog (end of period) € mn 12,367.4 10,169.8 22% 10,457.5 Hydropower and Pulp & Paper Revenue € mn 1,790.6 1,761.3 2% 7,883.1 EBITDA € mn 190.2
Slide 22: Update on Business Areas
03 UPDATE ON BUSINESS AREAS 22
Slide 23: Pulp & Paper
PULP & PAPER Q1 Q1 FY ORDER INTAKE BY REGION UNIT 2026 2025 +/- 2025 Q1 2026 VS. Q1 2025 (%) Order intake € mn 1,005.8 974.6 3% 3,348.1 Order backlog (as of end of period) 3,212.4 2,728.8 18% 2,833.0 RoW € mn 18% (1%) Revenue € mn 667.4 644.9 3% 2,956.9 Europe EBITDA € mn 87.9 84.9 4% 384.0 China 29
Slide 24: Metals
METALS Q1 Q1 FY ORDER INTAKE BY REGION UNIT 2026 2025 +/- 2025 Q1 2026 VS. Q1 2025 (%) Order intake € mn 337.2 345.6 -2% 1,479.4 RoW Order backlog (as of end of period) € mn 1,605.4 1,813.1 -11% 1,665.6 1% (1%) Revenue € mn 394.3 411.8 -4% 1,694.1 China Europe EBITDA € mn 28.5 29.0 -2% 113.1 31% (23
Slide 25: Hydropower
HYDROPOWER Q1 Q1 FY ORDER INTAKE BY REGION UNIT 2026 2025 +/- 2025 Q1 2026 VS. Q1 2025 (%) Order intake € mn 1,876.8 568.9 230% 2,516.1 RoW Order backlog (as of end of period) € mn 6,060.2 4,088.5 48% 4,535.2 11% (2%) China Europe Revenue € mn 404.0 372.8 8% 1,729.5 0% (0%) 19% (55%) EBITDA € mn 33.
Slide 26: Environment & Energy
ENVIRONMENT & ENERGY Q1 Q1 FY ORDER INTAKE BY REGION UNIT 2026 2025 +/- 2025 Q1 2026 VS. Q1 2025 (%) Order intake € mn 378.0 443.1 -15% 1,566.2 RoW Order backlog (as of end of period) € mn 1,489.4 1,539.4 -3% 1,423.7 4% (6%) China Revenue € mn 324.9 331.8 -2% 1,502.6 14% (18%) EBITDA € mn 40.5 41.0
Slide 27: Guidance 2026 & Mid-Term Targets 2027
04 GUIDANCE 2026 & MID-TERM TARGETS 2027 27
Slide 28: Impact of Trade Barriers, Geopolitics & FX
IMPACT OF TRADE BARRIERS, GEOPOLITICS & FX No adverse impact from increasing trade Continued negative FX translation impact barriers and geopolitical escalations yet FX REVENUE TRANSLATION IMPACT PER QUARTER ANDRITZ is a truly global supplier (>280 locations) • The US is among its most important mar
Slide 29: Guidance for 2026 Confirmed
GUIDANCE FOR 2026 CONFIRMED ANDRITZ expects to grow revenues and maintain comparable EBITA margins on a high level in 2026 GUIDANCE 2026 Outlook for 2026 Revenue • Project activity stable on high level € 8.0 - 8.3 bn • Revenue growth, supported by record order backlog and Service growth • Improving
Slide 30: Mid-Term Targets 2027 Confirmed
MID-TERM TARGETS 2027 CONFIRMED Mid-term assumptions MID-TERM TARGETS 2027 • Growth in Capital sales, expansion of Service share Revenue • Increasing demand for green technologies • Increasing digitalization, continuation of (bolt-on) M&A € 9 - 10 bn • Improved project execution, selective capacity
Slide 31: Revenue Target 2027
REVENUE TARGET 2027 Revenue target Revenue growth 2027 CAGR 4.5% € 9-10 bn (to mid-point) € 9-10 bn € 8.3 bn Incremental growth • Accelerated growth in Service business • Accelerated demand for Base growth Green Products • Growth in Capital sales, • Large-scale orders expansion of Service share • La
Slide 32: Comparable EBITA Margin Targets 2027
COMPARABLE EBITA MARGIN TARGETS 2027 Comparable EBITA margin target range in % (changed from reported EBITA margin previously) Target 2027 PULP & PAPER 11-13% METALS 11.1 10.0 9.9 11.7 11.1 10.5 11.0 10.8 Margin Target 2027 target 2027 ✓ 6-8% >9% 6.1 5.1 5.5 3.7 2.0 2.0 0.5 -0.8 2018 2019 2020 2021
Slide 33: Legal Disclaimer
LEGAL DISCLAIMER © ANDRITZ AG 2026 This presentation contains valuable, proprietary property belonging to ANDRITZ AG or its affiliates (“the ANDRITZ Group”), an d no licenses or other intellectual property rights are granted herein, nor shall the contents of this presentation form part of any sales