Andritz Ag · VIE:ANDR
Andritz — Investor Presentation (November 2026)
56 slides from Andritz's investor presentation, November 2026
Slide 1: ANDRITZ Group Investor Presentation November 2026
ANDRITZ GROUP I N V E S T O R P R E S E N TAT I O N NOVEMBER 2026
Slide 2: Agenda
AGENDA 01 ANDRITZ AT A GLANCE 02 GROWTH STRATEGY 03 FINANCIAL PERFORMANCE GUIDANCE 2026 & 04 NEW MID-TERM TARGETS 2029 05 Q3 2026 FINANCIAL RESULTS 2
Slide 3: ANDRITZ at a Glance
01 ANDRITZ AT A GLANCE 3
Slide 4: ANDRITZ remains relevant in the future
A N D R I T Z AT A G L A N C E ANDRITZ REMAINS RELEVANT IN THE FUTURE LONG-TERM DRIVERS – FOR GROWTH THAT MATTERS Electrical energy Renewable energy Circular economy Digitalization PULP & PAPER METALS HYDROPOWER ENVIRONMENT & ENERGY Pulp #1 38% Paper #3 21% #1 22% #1 19% #1-3 Revenue share Market sh
Slide 5: A truly global player, servicing customers worldwide
A N D R I T Z AT A G L A N C E A TRULY GLOBAL PLAYER, SERVICING CUSTOMERS WORLDWIDE GLOBAL CUSTOMER PROXIMITY REVENUE BY REGION Employees across key regions support local service and project execution Rest of world China 4% 12% Europe 24% 31% Rest of Europe Asia excl. China 14% 12% 16% Germany Austr
Slide 6: A leading, well-diversified industrial technology group with high returns
K E Y AT T R I B U T E S A LEADING, WELL-DIVERSIFIED INDUSTRIAL TECHNOLOGY GROUP WITH HIGH RETURNS LEADING TECHNOLOGY DIVERSIFIED SERVICE-DRIVEN STRONG FINANCIAL POSITIONS PORTFOLIO MIX GROWTH ENGINE POSITION • Leading positions in attractive • Four business areas exposed • 45% Service revenue share
Slide 7: One operating model with global reach
K E Y AT T R I B U T E S ONE OPERATING MODEL WITH GLOBAL REACH ENGINEER TO ORDER & GLOBAL REACH & SYNERGIES ACROSS PROJECT EXECUTION LOCAL EXECUTION BUSINESS AREAS Complementarities across engineering, Complex customized solutions engineered, A worldwide footprint with 280 locations, of sourcing, pr
Slide 8: Asset-light model converts margin progress into high ROIC
K E Y AT T R I B U T E S ASSET-LIGHT MODEL CONVERTS MARGIN PROGRESS INTO HIGH ROIC AND CAPITAL ALLOCATION FLEXIBILITY 2018 2026 ASSET-LIGHT BUSINESS MODEL POWERING LONG-TERM PROFITABLE GROWTH 6.9% 9.0% Comparable Comparable Engineering-led value creation EBITA margin EBITA margin* 1 High value-added
Slide 9: Most divisions positioned for cyclical upside
MARKET ENVIRONMENT MOST DIVISIONS POSITIONED FOR CYCLICAL UPSIDE Jan. 2024 Oct. 2026 Cyclical progress DIVISION PULP & PAPER METALS HYDROPOWER ENVIRONMENT & ENERGY Rehabs Pumped storage Separation CYCLE Green Hydrogen Pulp Paper Upgrades SynCons Pumps POSITION Carbon Capture Modernizations Turbo Gen
Slide 10: Energy is a dominant exposure at ANDRITZ
ENERGY EXPOSURE ENERGY IS A DOMINANT EXPOSURE AT ANDRITZ 36% of Group revenue* linked to power generation, storage, grid stability and electrification Energy-related ANDRITZ’s energy businesses in detail* ANDRITZ – a sizeable revenue exposure energy platform Storage, grid Energy Power stability, tra
Slide 11: Growth Strategy
02 GROWTH STRATEGY 11
Slide 12: Long-term profitable growth
G R O W T H S T R AT E G Y LONG-TERM PROFITABLE GROWTH LONG-TERM CUSTOMER SERVICE PROFITABLE GROWTH Growth in Revenue DIGITALIZATION Growth in Profitability Growth in Service Share DECARBONIZATION Supported by bolt-on M&A strategy 12
Slide 13: Growth driven by organic contribution and proven M&A model
G R O W T H S T R AT E G Y GROWTH DRIVEN BY MEANINGFUL ORGANIC CONTRIBUTION AND PROVEN M&A MODEL Topline growth reflects organic expansion and disciplined M&A, with profitability improving over time Revenues (in € mn) Comp. EBITA margin (in %) Balanced top line 8.7% 8.9% 8.9% 9.0% growth with qualit
Slide 14: Disciplined M&A as growth accelerator
M & A S T R AT E G Y DISCIPLINED M&A AS GROWTH ACCELERATOR M&A to acquire strategic capabilities, strengthen the portfolio and create long-term value STRATEGIC M&A FOCUS AREAS COMPLEMENTARY AUTOMATION & CUSTOMER SERVICE DECARBONIZATION TECHNOLOGIES DIGITALIZATION • Technology additions to • Increasi
Slide 15: Portfolio expansion in all business areas
M & A S T R AT E G Y PORTFOLIO EXPANSION IN ALL BUSINESS AREAS Acquisitions by business area since 2005 PULP & PAPER METALS HYDROPOWER ENVIRONMENT & ENERGY 2005 Cybermetrics 2018 Novimpianti 2005 Lynson 2006 VA TECH HYDRO 2005 Lenser Filtration 2005 Universal Dynamics Group 2018 Diatec 2008 Maerz 20
Slide 16: Growth in Service business as a key priority
S E R V I C E S T R AT E G Y GROWTH IN SERVICE BUSINESS AS A KEY PRIORITY SIGNIFICANT POTENTIAL FOR FURTHER GROWTH IN SERVICE BUSINESS Large installed base creates significant recurring Service potential • Service market estimated 5-8x larger than Capital market • Broad installed base across four bu
Slide 17: Broad Service portfolio & high Service share
S E R V I C E S T R AT E G Y BROAD SERVICE PORTFOLIO & HIGH SERVICE SHARE FULL-LIFECYCLE SERVICE OFFERING SERVICE REVENUE SHARE Q1-3 2026 ENVIRONMENT & PULP & PAPER ENERGY OPERATIONAL FIELD 4 1 MAINTENANCE SERVICES Service contracts and O&M On-site repair & inspections Predictive maintenance AI-powe
Slide 18: High Service growth
S E R V I C E S T R AT E G Y HIGH SERVICE GROWTH Above Group-level growth and significant expansion of Service revenue share DEVELOPMENT of TOTAL REVENUE (€ mn), SERVICE REVENUE (€ mn) and SERVICE REVENUE SHARE (%) Service business: a backbone of long- term profitable growth strategy • Strong growth
Slide 19: From automation to autonomy
D I G I TA L I Z AT I O N S T R AT E G Y FROM AUTOMATION TO AUTONOMY Providing measurable benefit and value for our customers GLOBAL AUTOM ATION PRESENCE > 100 > 2,000 > 40 > 12,000 L O C AT I O N S EMPLOYEES COUNTRIES INSTALLED BASE AS S E T PROCESS EFFICIENCY Keep assets productive throughout thei
Slide 20: From automation to autonomy: business volume
D I G I TA L I Z AT I O N S T R AT E G Y FROM AUTOMATION TO AUTONOMY A major contribution to ANDRITZ business success ~€800 mn Total business volume ~ 10% CAGR in the last 5 years AEI – AUTOMATION, ELECTRIFICATION, SMART SOLUTIONS DIGITALIZATION INSTRUMENTATION • Turnkey, all-in-one automation solut
Slide 21: Metris, the open and scalable digital platform
D I G I TA L I Z AT I O N S T R AT E G Y DIGITALIZATION: METRIS, THE OPEN AND SCALABLE DIGITAL PLATFORM One platform serving all ANDRITZ business areas, enabler for autonomous operation PULP & PAPER METALS HYDROPOWER ENVIRONMENT & ENERGY METRIS – OPEN, VENDOR -NEUTRAL DIGITAL PLATFORM Asset optimiza
Slide 22: Devoting significant resources into R&D
I N N O V AT I O N S T R AT E G Y DEVOTING SIGNIFICANT RESOURCES INTO R&D Among top 500 most research-intensive companies globally* R&D at ANDRITZ • Global R&D footprint Multiple dedicated research centers across Europe, Asia and North America • R&D team strength >1,200 employees in R&D, technology
Slide 23: Our new Sustainability Program 2026-2030
E S G S T R AT E G Y OUR NEW SUSTAINABILITY PROGRAM 2026 -2030 Shaping a more sustainable future with our ESG commitment and new KPIs Enabling the We provide INNOVATIVE, RESOURCE-EFFICIENT ENVIRONMENT solutions for our customers and reduce the green transition environmental footprint of our own oper
Slide 24: New ESG targets 2030
E S G S T R AT E G Y NEW ESG TARGETS 2030 On track to meet new ESG targets 2030, already solid progress in 2026 E-impact revenue above 50% for the first time (Q1-3 2026) GHG emissions, GHG emissions, Water use in E-impact revenue Waste to landfill absolute (SBTi) relative Scope 1 + 2 water-stressed
Slide 25: ESG 2030 targets – H1 2026 status update
E S G S T R AT E G Y 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 onl
Slide 26: ESG performance externally recognized
E S G S T R AT E G Y ESG PERFORMANCE EXTERNALLY RECOGNIZED Improvements in all major ESG ratings; climate targets validated by the SBTi RATING RATING RATING A B- | PRIME 20.2 (MEDIUM RISK) 2025: BBB 2025: C+ | Prime 2024: 26.6 | Medium Risk ESG SCORE RATING RATING ANDRITZ commits to reduce absolute
Slide 27: Environment & Energy: sustainable solutions portfolio
ENVIRONMENT & ENERGY COMPREHENSIVE PORTFOLIO OF SUSTAINABLE SOLUTIONS, STRONG MARKET SHARES IN NICHES SEPARATION FEED & BIOFUEL PUMPS CLEAN AIR TECHNOLOGIES GREEN HYDROGEN Offering & industries Emissions reduction equipment Mechanical & thermal, liquid & Pumping technology for water Plant solutions,
Slide 28: From growth ideas to market-ready solutions
I N N O V AT I O N FROM GROWTH IDEAS TO MARKET-READY SOLUTIONS Green markets currently challenging; our solutions are in place to capture growth as demand returns TECHNOLOGY CUSTOMER MARKET READY TO 1 DEVELOPED 2 VALIDATED 3 ESTABLISHED 4 SCALE Over the past three Solutions valued by Relevant refere
Slide 29: Financial Performance
03 FINANCIAL PERFORMANCE 29
Slide 30: Across-the-cycle growth and gradual EBITA margin improvements
ACROSS-THE-CYCLE GROWTH AND GRADUAL EBITA MARGIN IMPROVEMENTS 8.7% 8.9% 8.9% 8.5% 8.5% 8.3% Across-the-cycle growth 7.5% • Exposed to various sectors with somewhat 7.2% 7.2% 7.1% 7.0% 8,660 phased cycles 6.9% 6.8% 6.9% 6.8% 8,314 6.4% 6.5% 7,883 • Increasing Service share 6.3% Sovereign debt 6.1% 6.
Slide 31: Stable development of order intake in Service and base business
STABLE DEVELOPMENT OF ORDER INTAKE IN SERVICE AND BASE BUSINESS DEVELOPMENT OF ORDER INTAKE (in € mn) 9,263 8,910 Mid-size capital order intake steadily 8,552 8,277 747 7,880 1,767 924 growing 521 7,282 1,213 6,646 Stronger growth in Service order 1,394 5,580 655 6,108 4,294 intake, gradual increase
Slide 32: Backlog at another record level
BACKLOG AT ANOTHER RECORD LEVEL DEVELOPMENT OF ORDER BACKLOG (in € mn) ORDER BACKLOG BY BUSINESS AREA Q1-3 2026 12,729 12,367 12,602 Environment & Energy Pulp & 10,569 10,799 Paper 10,822 10,408 10,361 10,003 10,398 10,457 11% 9,977 10,170 9,859 9,873 9,709 9,750 25% 9,435 9,383 8,166 9,301 9,409 13
Slide 33: Operating net working capital development
OPERATING NET WORKING CAPITAL DEVELOPMENT Further decrease in Operating Net Working Capital in Q3 2026 1,052 982 1,024 980 985 1.200 963 961 886 898 860 874 Calculation methodology 817 805 1.000 761 730 13% 671 670 13% 658 687 13% 12% + Inventories 631 12% 12% 617 12% 12% 11% + Trade accounts receiv
Slide 34: Operating net working capital development
OPERATING NET WORKING CAPITAL DEVELOPMENT 2000Increase in Trade Working Capital on Service, M&A and seasonality; improving prepayments TRADE WORKING CAPITAL 1,659 1,682 35% 1,657 1,614 1500 1,457 1,437 1,482 1,463 1,532 Trade Working Capital 1,377 25% • Inventories + receivables - payables 1,243 1,2
Slide 35: Dividend of €2.70 per share for 2025
DIVIDEND OF € 2.70 PER SHARE FOR 2025 Increasing dividends with average payout ratio above 50% DIVIDEND PER SHARE (IN €) 2.60 2.70 2.50 2.10 1.65 1.00 2020 2021 2022 2023 2024 2025 PAYOUT RATIO (%) 57.8 50.3 50.7 48.5 51.8 48.1 Ø 51.2% payout ratio 2020 2021 2022 2023 2024 2025 35
Slide 36: Enhanced and balanced capital allocation
ENHANCED AND BALANCED CAPITAL ALLOCATION Increased spending on capex, dividends & M&A - capital allocation remains balanced and funded internally GRADUALLY ENHANCED CAPITAL ALLOCATION (in € mn) BALANCED AND COVERED BY OPERATING CASH FLOW BY 110% 110% 833 100% 5% 711 674 653 344 637 22% 117 530 481 7
Slide 37: Steady cash flow generation
STEADY CASH FLOW GENERATION OPERATING CASH FLOW OPERATING CASH FLOW per quarter in € mn in € mn 346 339 320 604 711 637 574 653 • 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 2
Slide 38: Strong financial position
STRONG FINANCIAL POSITION Enhanced capital allocation while still maintaining a strong financial position Changes in Net Liquidity LIQUID FUNDS and NET LIQUIDITY (in € mn) Q3 2026 vs. FY 2025 (in € mn) +611 Operating cash flow 2,051 -201 Capex spent 1,838 1,787 -42 M&A capex spent 1,772 1,719 1,702
Slide 39: ROIC significantly above WACC
ROIC SIGNIFICANTLY ABOVE WACC Increase in ROIC in Q1-3 2026 DEVELOPMENT ROIC vs WACC 22.6% 22.5% 20.0% ROIC increased in Q1-3 26 vs FY 25: 17.8% 18.1% 16.9% • Growth of EBITA (NOPAT) • Slightly increased in average 13.0% 12.3% invested capital 10.4% WACC increased due to higher risk- 9.0% 9.2% free
Slide 40: Guidance 2026 & New Mid-Term Targets 2029
04 GUIDANCE 2026 & NEW MID-TERM TARGETS 2029 40
Slide 41: Impact of trade barriers, geopolitics & FX
IMPACT OF TRADE BARRIERS, GEOPOLITICS & FX No adverse impact from increasing trade FX tailwind in Q3 2026 barriers and geopolitical escalations 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 Q4 25 Q1 26
Slide 42: Guidance for 2026 confirmed
GUIDANCE FOR 2026 CONFIRMED ANDRITZ expects to grow revenues and maintain comparable EBITA margins on a high level in 2026 FINANCIAL TARGETS 2026 OUTLOOK 2026 • Project activity stable on high level Revenue • Revenue growth, supported by record € 8.0 – 8.3 bn order backlog and Service growth • Impro
Slide 43: New mid-term targets 2029
NEW MID-TERM TARGETS 2029 LONG-TERM PROFITABLE GROWTH FINANCIAL TARGETS • Organic revenue growth in both Capital and Service business, supported by 2029 strong energy boom and existing backlog • Disciplined bolt-on M&A Revenue • Digitalization, automation and AI roll-out across the portfolio € 10 bn
Slide 44: New mid-term targets 2029: comp. EBITA margin
NEW MID-TERM TARGETS 2029: COMP. EBITA MARGIN PULP & PAPER 2027: 11-13% = 2029: 11-13% METALS 2027: 6-8% 2029: 7-9% 11-13% 11.7 11.1 11.0 10.8 10.8 10.5 PULP & PAPER PULP & PAPER 7-9% 6.1 6.6 5.1 5.5 3.7 2.0 2021 2022 2023 2024 2025 LTM 2029 2021 2022 2023 2024 2025 LTM 2029 Q1-3 26 Q1-3 26 HYDROPOW
Slide 45: Q3 2026 Financial Results
05 Q3 2026 FINANCIAL RESULTS 45
Slide 46: Summary - key figures Q3 / Q1-3 2026
SUMMARY - KEY FIGURES Q3 / Q1-3 2026 Q3 Q3 Q1-3 Q1-3 FY UNIT 2026 2025 +/- 2026 2025 +/- 2025 • Order intake remained at a high level in Q3, Order intake € mn 2,166.2 2,180.0 -1% 8,085.9 6,906.6 17% 8,909.8 driven by Hydropower and Metals Order backlog (end of period) € mn 12,729.1 10,799.3 18% 12,7
Slide 47: Order intake
ORDER INTAKE Continued high level of order intake in Q3 2026, significant increase in Q1-3 2026 ORDER INTAKE (in € mn) ORDER INTAKE (in € mn) ORDER INTAKE BY REGION Q3 Q3 Q1-3 2026 vs. Q1-3 2025 (%) 2026 2025 +/- +17% Pulp & Paper 706.8 935.7 -24% Metals 357.4 295.8 21% RoW 8,086 7% (3%) Hydropower
Slide 48: Revenue
REVENUE Strong revenue growth in Q3 2026 driven by significant increase in Hydropower REVENUE (in € mn) REVENUE (in € mn) REVENUE BY REGION Q3 Q3 Q1-3 2026 vs. Q1-3 2025 (%) 2026 2025 +/- +7% Pulp & Paper 767.3 705.3 9% RoW 5,901 Metals 422.3 424.0 0% China 3% (4%) 5,538 Hydropower 501.1 399.7 25% 1
Slide 49: EBITA and margin
EBITA AND MARGIN Strong growth in EBITA, continued progress on EBITA margin EBITA AND EBITA MARGIN* EBITA AND EBITA MARGIN* (COMPARABLE) (REPORTED) +9% +9% Strong growth in EBITA and margin 515 488 471 (8.6%) 449 (8.1%) • Increase in EBITA and EBITA margin (8.3%) (7.9%) • Improved project execution
Slide 50: EBITDA to free cash flow bridge Q1-3 2026
EBITDA TO FREE CASH FLOW BRIDGE Q 1-3 2026 in € mn 128.0 (-86.4)* • CF from changes in Op. NWC 627.3 4.3 -125.0 610.6 (in € mn) (577.8)* (1.9)* -24.0 (313.5)* (-115.2)* (-64.4)* -165.0 ∆ Inventories +67.9 ∆ Trade receivables 410.5 -125.4 ∆ Trade payables -200.1 (149.5)* -26.3 ∆ Adv. payments made (-
Slide 51: Pulp & Paper
PULP & PAPER Q3 Q3 Q1-3 Q1-3 FY ORDER INTAKE BY REGION UNIT 2026 2025 +/- 2026 2025 +/- 2025 Q1-3 2026 vs. Q1-3 2025 (%) Order intake € mn 706.8 935.7 -24% 2,593.1 2,669.0 -3% 3,348.1 RoW Order backlog (as of end of 7% (2%) € mn 3,228.5 2,986.5 8% 3,228.5 2,986.5 8% 2,833.0 period) Revenue € mn 767.
Slide 52: Metals
METALS Q3 Q3 Q1-3 Q1-3 FY ORDER INTAKE BY REGION UNIT 2026 2025 +/- 2026 2025 +/- 2025 Q1-3 2026 vs. Q1-3 2025 (%) Order intake € mn 357.4 295.8 21% 1,267.5 1,168.1 9% 1,479.4 RoW Order backlog (as of end of 3% (2%) € mn 1,707.4 1,828.5 -7% 1,707.4 1,828.5 -7% 1,665.6 Europe period) 22% (33%) Revenu
Slide 53: Hydropower
HYDROPOWER Q3 Q3 Q1-3 Q1-3 FY ORDER INTAKE BY REGION UNIT 2026 2025 +/- 2026 2025 +/- 2025 Q1-3 2026 vs. Q1-3 2025 (%) Order intake € mn 703.9 524.5 34% 3,149.8 1,869.9 68% 2,516.1 RoW Order backlog (as of end of 9% (2%) € mn 6,334.9 4,478.7 41% 6,334.9 4,478.7 41% 4,535.2 period) China Revenue € mn
Slide 54: Environment & Energy
ENVIRONMENT & ENERGY Q3 Q3 Q1-3 Q1-3 FY ORDER INTAKE BY REGION UNIT 2026 2025 +/- 2026 2025 +/- 2025 Q1-3 2026 vs. Q1-3 2025 (%) Order intake € mn 398.1 424.0 -6% 1,075.5 1,199.6 -10% 1,566.2 RoW Order backlog (as of end of 4% (7%) € mn 1,458.4 1,505.6 -3% 1,458.4 1,505.6 -3% 1,423.7 China period) 1
Slide 55: 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
Slide 56: ANDRITZ. For growth that matters.
ANDRITZ. FOR GROWTH THAT MATTERS. 56