Slide 1: Q2 2026 Financial Results
ANDRITZ GROUP Q2 2026 FINANCIAL RESULTS JULY 30, 2026
Slide 2: Agenda
AGENDA CEO Key Messages & 01 Q2 2026 Highlights Financial Performance 02 Q2 2026 03 Update on Business Areas Guidance 2026 & 04 Mid-Term Targets 2027 2
Slide 3: CEO Key Messages & Q2 2026 Highlights
01 CEO KEY MESSAGES & Q2 2026 HIGHLIGHTS 3
Slide 4: Strong Results in Q2 2026
STRONG RESULTS IN Q2 2026 Record order backlog, accelerating revenue growth and improved operating profitability High project activity and record order backlog • Following an exceptionally strong record in Q1, order intake remained at high level in Q2 • Growth in Metals mainly driven by steel, first
Slide 5: Record Order Backlog, Strong Revenue Growth and Improved Profitability (Q2)
RECORD ORDER BACKLOG, STRONG REVENUE GROWTH AND IMPROVED PROFITABILITY Major financial KPIs Q2 2026 ORDER INTAKE REVENUE ORDER BACKLOG € 2.3 bn € 2.1 bn € 12.6 bn (Q2 2025: € 2.4 bn // -3%) (Q2 2025: € 1.9 bn // +8%) (Q2 2025: € 10.4 bn // +21%) EBITA comparable | margin EBITA reported | margin NET
Slide 6: Record Order Backlog, Strong Revenue Growth and Improved Profitability (H1)
RECORD ORDER BACKLOG, STRONG REVENUE GROWTH AND IMPROVED PROFITABILITY Major financial KPIs H1 2026 ORDER INTAKE REVENUE ORDER BACKLOG € 5.9 bn € 3.8 bn € 12.6 bn (H1 2025: € 4.7 bn // +25%) (H1 2025: € 3.7 bn // +5%) (H1 2025: € 10.4 bn // +21%) EBITA comparable | margin EBITA reported | margin NET
Slide 7: Project Activity Remains at High Level
PROJECT ACTIVITY REMAINS AT HIGH LEVEL DEVELOPMENT OF ORDER INTAKE (in € mn) 4,000 Continuously strong order 3,500 intake momentum 3,000 • Continued strong order intake 2,500 of € 2.3 bn in Q2 2026 following the record order intake of 2,000 € 3.6 bn in Q1 2026 1,500 • 7th consecutive quarter of orde
Slide 8: Order Intake
ORDER INTAKE Strong increase in order intake in H1 ORDER INTAKE (in € mn) ORDER INTAKE (in € mn) ORDER INTAKE BY REGION Q2 Q2 H1 2026 vs. H1 2025 (%) 2026 2025 +/- +25% Pulp & Paper 880.4 758.7 16% Metals 572.9 526.7 9% RoW 5,920 9% (3%) Hydropower 569.1 776.5 -27% China Europe 4,726 Environment & E
Slide 9: Revenue
REVENUE Strong increase in total revenue REVENUE (in € mn) REVENUE (in € mn) REVENUE BY REGION Q2 Q2 H1 2026 vs. H1 2025 (%) 2026 2025 +/- +5% Pulp & Paper 802.5 733.8 9% RoW 3,841 Metals 415.1 382.0 9% 3,651 China 3% (4%) Hydropower 468.7 402.7 16% 13% (12%) Environment & Energy 364.3 371.7 -2% AND
Slide 10: Recovery in Backlog to Record Level
RECOVERY IN BACKLOG TO RECORD LEVEL DEVELOPMENT OF ORDER BACKLOG (in € mn) ORDER BACKLOG BY BUSINESS AREA H1 2026 12,367 12,602 Environment & Pulp & 10,569 10,799 Energy Paper 10,822 10,408 10,003 10,457 9,977 10,361 10,170 10,398 11% 9,859 9,873 9,709 9,750 26% 9,435 9,383 8,166 7,403 7,342 9,199 9
Slide 11: EBITA and Margin
EBITA AND MARGIN Strong growth in (comparable) EBITA and (comparable) EBITA margin EBITA AND EBITA MARGIN* EBITA AND EBITA MARGIN* (COMPARABLE) (REPORTED) Strong growth in EBITA and margin +9% +8% • Increase in (comparable) EBITA and 330 312 (comparable) EBITA margin 303 (8.6%) 289 (8.1%) (8.3%) (7.
Slide 12: Service Business
SERVICE BUSINESS Steadily increasing Service revenue share; Service revenue growth outpacing total revenue growth DEVELOPMENT of TOTAL REVENUE (€ mn), SERVICE REVENUE (€ mn) and SERVICE REVENUE SHARE (%) Service revenue growth outpacing Group revenue growth 8,660 8,314 7,883 7,543 • Record Service r
Slide 13: ESG Performance Externally Recognized
ESG PERFORMANCE EXTERNALLY RECOGNIZED Improvements in MSCI, ISS ESG & Sustainalytics; climate targets validated by the SBTi RATING RATING RATING A B- | PRIME 20.2 (MEDIUM RISK) 2025: BBB 2025: C+ | Prime 2025: 20.5 | Medium Risk ESG SCORE RATING RATING 53 GOLD | TOP 5% B ANDRITZ commits to reduce ab
Slide 14: ESG 2030 Targets – H1 2026 Status Update
ESG 2030 TARGETS – H1 2026 STATUS UPDATE Focus areas 2023: 2030 H1 Progress base year targets 2026 2026 ENVIRONMENT E-impact revenue GHG emissions, absolute 45% > 50% 50% ✓✓ Own operations Value chain - 0% (131 143 tCO e) 2 - 0% (60 463 465 tCO e) 2 - 42% - 25% 40.5*% Annual only ✓✓ GHG emissions, r
Slide 15: Financial Performance Q2 2026
02 FINANCIAL PERFORMANCE Q2 2026 15
Slide 16: Increased Operating Cash Flow & ROIC, Improved Operating Net Working Capital
INCREASED OPERATING CASH FLOW & ROIC, IMPROVED OPERATING NET WORKING CAPITAL Major financial KPIs H1 2026 INCREASED OP. CASH FLOW STRONG NET LIQUIDITY € 291 mn € 593 mn (H1 2025: € 169 mn // +72%) (H1 2025: € 519 mn // +15 %) ROIC >> WACC IMPROVED OP. NWC 18.5% € 874 mn vs. WACC 9.1% (H1 2025: € 980
Slide 17: EBITDA – Net Income Bridge H1 2026
EBITDA – NET INCOME BRIDGE H1 2026 in € mn 404.2 Depreciation slightly increased (374.3)* • Driven by capex and M&A 312.2 -92.0 (288.7)* 282.1 269.1 Financial result decreased (-85.6)* -30.1 (257.8)* -13.0 (257.3)* • Lower gross liquidity and interest income (-30.9)* (-0.5)* 201.0 • Higher financing
Slide 18: EBITDA to Free Cash Flow Bridge H1 2026
EBITDA TO FREE CASH FLOW BRIDGE H1 2026 in € mn (374.3)* 404.2 3.9 (-114.1)* (8.1)* • CF from changes in Op. NWC 4.1 (in € mn) - 71.9 (168.7)* -98.1 ∆ Inventories (-68.2)* 290.8 - 49.5 +45.1 ∆ Trade receivables (-31.4)* -160.7 ∆ Trade payables -23.6 ∆ Adv. payments made (70.3)* -75.5 ∆ Contract asse
Slide 19: Operating Net Working Capital Development
OPERATING NET WORKING CAPITAL DEVELOPMENT Further decrease in Operating Net Working Capital in Q2 2026 1,052 982 1,024 980 985 1.200 963 961 886 898 860 874 Calculation methodology 817 805 1.000 730 13% 671 670 13% 658 687 13% 12% + Inventories 631 12% 12% 617 12% 12% 576 11% + Trade accounts receiv
Slide 20: Operating Net Working Capital Development (Trade Working Capital)
OPERATING NET WORKING CAPITAL DEVELOPMENT Increase in Trade Working Capital on Service, M&A and seasonality; improving prepayments 1,659 1,657 TRADE WORKING CAPITAL 1,614 1,532 1,457 1,482 1,463 1,437 1,377 1,243 1,248 1,246 Trade Working Capital 1,218 1,222 1,226 1,218 1,191 1,104 • Inventories + r
Slide 21: 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 202 1
Slide 22: Strong Financial Position
STRONG FINANCIAL POSITION Enhanced capital allocation while still maintaining a strong financial position Changes in Net Liquidity H1 2026 vs. FY 2025 (in € mn) LIQUID FUNDS and NET LIQUIDITY (in € mn) +291 Operating cash flow -128 Capex spent Acquisition Schuler: Acquisition Xerium: € 600 mn € 770
Slide 23: ROIC Significantly Above WACC
ROIC SIGNIFICANTLY ABOVE WACC Increase in ROIC in H1 2026 DEVELOPMENT ROIC vs WACC 22.6% 22.5% 20.0% 18.5% 17.8% ROIC increased in H1 2026 vs 2025: 17.2% 16.9% • Growth of EBITA 13.0% • Stable average invested capital 12.3% 10.4% • Compared to 20.7% in H1 2025 10.1% WACC increased due to higher risk
Slide 24: Summary - Key Figures Q2 / H1 2026
SUMMARY - KEY FIGURES Q2 / H1 2026 Q2 Q2 H1 H1 FY UNIT 2026 2025 +/- 2026 2025 +/- 2025 • Order intake remained at a high level in Q2 Order intake € mn 2,321.9 2,394.4 -3% 5,919.7 4,726.6 25% 8,909.8 despite the record Q1, driven by Order backlog (end of period) € mn 12,602.1 10,398.3 21% 12,602.1 1
Slide 25: Update on Business Areas
03 UPDATE ON BUSINESS AREAS 25
Slide 26: Pulp & Paper
PULP & PAPER Q2 Q2 H1 H1 FY ORDER INTAKE BY REGION UNIT 2026 2025 +/- 2026 2025 +/- 2025 H1 2026 vs. H1 2025 (%) Order intake € mn 880.4 758.7 16% 1,886.3 1,733.3 9% 3,348.1 RoW Order backlog (as of end of 10% (3%) € mn 3,278.0 2,687.4 22% 3,278.0 2,687.4 22% 2,833.0 period) Revenue € mn 802.5 733.8
Slide 27: Metals
METALS Q2 Q2 H1 H1 FY ORDER INTAKE BY REGION UNIT 2026 2025 +/- 2026 2025 +/- 2025 H1 2026 vs. H1 2025 (%) Order intake € mn 572.9 526.7 9% 910.1 872.3 4% 1,479.5 RoW Order backlog (as of end of 2% (1%) € mn 1,774.9 1,890.2 -6% 1,774.9 1,890.2 -6% 1,665.6 Europe period) China 21% (26%) Revenue € mn
Slide 28: Hydropower
HYDROPOWER Q2 Q2 H1 H1 FY ORDER INTAKE BY REGION UNIT 2026 2025 +/- 2026 2025 +/- 2025 H1 2026 vs. H1 2025 (%) Order intake € mn 569.1 776.5 -27% 2,445.9 1,345.4 82% 2,516.1 RoW Order backlog (as of end of 11% (2%) € mn 6,122.5 4,365.6 40% 6,122.5 4,365.6 40% 4,535.2 Europe period) China 24% (41%) R
Slide 29: Environment & Energy
ENVIRONMENT & ENERGY Q2 Q2 H1 H1 FY ORDER INTAKE BY REGION UNIT 2026 2025 +/- 2026 2025 +/- 2025 H1 2026 vs. H1 2025 (%) Order intake € mn 299.4 332.5 -10% 677.4 775.6 -13% 1,566.2 RoW Order backlog (as of end of 5% (6%) € mn 1,426.8 1,455.1 -2% 1,426.8 1,455.1 -2% 1,423.7 China period) 12% (15%) Re
Slide 30: Guidance 2026 & Mid-Term Targets 2027
04 GUIDANCE 2026 & MID-TERM TARGETS 2027 30
Slide 31: Impact of Trade Barriers, Geopolitics & FX
IMPACT OF TRADE BARRIERS, GEOPOLITICS & FX No adverse impact from increasing trade No more FX headwinds in Q2 2026 barriers and geopolitical escalations yet ANDRITZ is a truly global supplier (>280 locations), FX REVENUE TRANSLATION IMPACT PER QUARTER US remains an important market Q1 25 Q2 25 Q3 25
Slide 32: 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 33: Mid-Term Targets 2027 Confirmed
MID-TERM TARGETS 2027 CONFIRMED MID-TERM TARGETS 2027 Mid-term assumptions Revenue • Growth in Capital sales, expansion of Service share € 9 - 10 bn • Increasing demand for green technologies • Increasing digitalization, continuation of (bolt-on) M&A • Improved project execution, selective capacity
Slide 34: 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 35: 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 10.3 Margin Target 2027 target 2027 ✓ 6-8% >9% 6.1 6.0 5.1 5.5 3.7 2.0 2.0 0.5 -0.8 2018 2019 2
Slide 36: 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