Andritz Ag · VIE:ANDR
Andritz — Investor Presentation (November 2025)
54 slides from Andritz's investor presentation, November 2025
Slide 1: Investor Presentation November 2025
ANDRITZ GROUP I N V E S T O R P R E S E N TAT I O N NOVEMBER 2025
Slide 2: Agenda
AGENDA 01 ANDRITZ AT A GLANCE 02 GROWTH STRATEGY 03 FINANCIAL PERFORMANCE 04 GUIDANCE 2025 & TARGETS 2027 05 Q3 / Q1-3 2025 FINANCIAL RESULTS 2
Slide 3: ANDRITZ at a Glance
01 ANDRITZ AT A GLANCE 3
Slide 4: Diversified end markets, high exposure to service and future technologies
A N D R I T Z AT A G L A N C E DIVERSIFIED END MARKETS, HIGH EXPOSURE TO SERVICE AND FUTURE TECHNOLOGIES ANDRITZ GROUP 2024 Order Intake € 8,277 mn Backlog € 9,750 mn Revenue € 8,314 mn EBITA comparable € 743 mn Service business share 41% PULP & PAPER METALS HYDROPOWER ENVIRONMENT & ENERGY Structura
Slide 5: Key Attributes
A N D R I T Z AT A G L A N C E KEY ATTRIBUTES Our core DNA – strong market positions, resilient business model, high Service share Resilient business model and strong positioning Leading market positions in attractive markets Pulp: #1 Forming: #1 Hydropower: Environment & Paper: #3 Processing: #1-2
Slide 6: Key Attributes
A N D R I T Z AT A G L A N C E KEY ATTRIBUTES Our core DNA – strong market positions, resilient business model, high Service share Strong financials and attractive shareholder return Conservative balance sheet € 984 mn 0.36 ~17x Strong net cash position Net liquidity Debt to equity ratio Interest co
Slide 7: 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 REVENUE BY REGION DISTRIBUTION OF EMPLOYEES 2024 Rest of the world Asia (without China) 4% Africa, Australia Asia Europe Rest of >32% working in engineering, 28% 31% China 8% 23% Europe technology or project manageme
Slide 8: Growth Strategy
02 GROWTH STRATEGY 8
Slide 9: Long-term profitable growth
C O R P O R AT E S T R AT E G Y LONG-TERM PROFITABLE GROWTH DECARBONIZATION LONG-TERM PROFITABLE GROWTH DIGITALIZATION • Growth in Revenue • Growth in Profitability • Growth in Service Share CUSTOMER SERVICE 9
Slide 10: On track to meet 2025 ESG targets
E S G AT A N D R I T Z ON TRACK TO MEET 2025 ESG TARGETS – MAJORITY ALREADY ACHIEVED (STATUS H1 2025 ) ENVIRONMENT SOCIAL GOVERNANCE 44% Share of revenue from sustainable solutions 56% Reduction in the annual accident frequency rate 90% Procurement volume covered by assessed and products** (>1 day o
Slide 11: Our ESG commitment 2030
E S G AT A N D R I T Z OUR ESG COMMITMENT 2030 - SHAPING A MORE SUSTAINABLE FUTURE Enabling the We provide INNOVATIVE, RESOURCE-EFFICIENT ENVIRONMENT solutions for our customers and reduce the green transition environmental footprint of our own operations. Supporting We create a SAFE AND FAIR work S
Slide 12: New 2030 ESG targets
E S G AT A N D R I T Z NEW 2030 ESG TARGETS GHG emissions, GHG emissions, relative Water use in ENVIRONMENT E-impact revenue Residual waste absolute Own operations water-stressed areas* > 50% Own operations -42% 18 → 10 -25% -25% Value chain -25% t/MEUR * Water-stressed areas as Women in Voluntary E
Slide 13: ESG performance is externally recognized
E S G AT A N D R I T Z ESG PERFORMANCE IS EXTERNALLY RECOGNIZED Gold in EcoVadis and Prime in ISS ESG, climate targets now validated by the SBTi 2025 2024 GOLD RATING RATING TOP 5% PRIME ESG SCORE 47 RATING RATING RATING C ANDRITZ commits to reduce absolute MEDIUM RISK BBB scope 1 and 2 GHG emission
Slide 14: Growth pockets driven by green transition
GREEN PRODUCTS GROWTH POCKETS DRIVEN BY GREEN TRANSITION Business Quotation Construction Operation Service Area Green Hydrogen EE Key enabler of green transition • Developing economically feasible Carbon Capture EE key technologies for the green transition Textile recycling PP • Providing full life
Slide 15: Comprehensive portfolio of sustainable solutions
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 16: Redefining the future: unleashing our innovation engine
I N N O V AT I O N REDEFINING THE FUTURE: UNLEASHING OUR INNOVATION ENGINE R&D at ANDRITZ Among top 500 most research-intensive companies globally1) • Global R&D footprint Multiple dedicated research centers across Europe, Asia and North America • R&D team strength >1,200 employees in R&D, technolog
Slide 17: Supporting customers throughout plant life cycle
D I G I TA L I Z AT I O N SUPPORTING CUSTOMERS THROUGHOUT PLANT LIFE CYCLE PROCESS OPTIMIZATION PLANT MANAGEMENT ASSET OPTIMIZATION CYBERSECURITY TRAINING Maximize Maximize the Maximize Proactively Boost customer plant process value of data – productivity, manage digital expertise and performance fr
Slide 18: Metris - the open and scalable digital platform
D I G I TA L I Z AT I O N METRIS - THE OPEN AND SCALABLE DIGITAL PLATFORM PULP & PAPER METALS HYDROPOWER ENVIRONMENT & ENERGY Cyber Security built in Asset Process Plant optimization optimization management Latest Gen.AI Autonomous models leveraged Smart products Metris X (soft PLC) Simulation & dig
Slide 19: Broad service portfolio
SERVICE BUSINESS BROAD SERVICE PORTFOLIO Broad Service offering across four business areas Spare parts Wear parts, consumables, fast-turn items, critical components, generally high margin products Maintenance & field services On-site repair, inspections, emergency support, shutdown assistance Upgrad
Slide 20: Growth in service business is management priority
SERVICE BUSINESS GROWTH IN SERVICE BUSINESS IS MANAGEMENT PRIORITY Ø Lifecycle Value Contribution (exemplary for Pulp & Paper industry) Significant potential for further growth in Service business 3 14 • Significant Service market size Service market estimated 5-8x larger than Capital market 9 Signi
Slide 21: High service growth
SERVICE BUSINESS HIGH SERVICE GROWTH DEVELOPMENT OF SERVICE REVENUES AND SERVICE REVENUE SHARE Service business: strong growth and attractive margins 3,428 +8% 3,305 • Service business as backbone of resilient 2,969 and profitable growth 2,589 2,555 • Significantly higher growth rates and 2,385 marg
Slide 22: ANDRITZ – a M&A success story
M & A S T R AT E G Y ANDRITZ – A M&A SUCCESS STORY M&A - Strong track record of selection and value creation #31 #88 • M&A focus areas: Acquisitions Acquisitions High service share, digitalization & automation offering, technology additions to since 2018 alone since 2002 complement current value cha
Slide 23: Portfolio expansion in all business areas
M & A S T R AT E G Y PORTFOLIO EXPANSION IN ALL BUSINESS AREAS PULP & PAPER METALS HYDROPOWER ENVIRONMENT & ENERGY 2002 ABB Drying 2016 SHW CastingTech 2002 SELAS SAS Furnace Div. 2006 VA TECH HYDRO 2002 3SYS 2003 IDEAS Simulation 2017 Paperchine 2004 Kaiser 2007 Tigép 2003 Fiedler 2003 Acutest Oy 2
Slide 24: Continuation of acquiring complementary businesses
M & A S T R AT E G Y CONTINUATION OF ACQUIRING COMPLEMENTARY BUSINESSES – MAJOR ACQUISITION IN 2025 DECARBONIZATION GROWTH CUSTOMER SERVICE GROWTH LDX (USA) Q1 A. Celli Paper (Italy) Q2 Diamond Power (USA) Q2 Salico Group (Italy) Q2 2025 2025 2025 2025 Environment & Energy Pulp & Paper Pulp & Paper
Slide 25: Financial Performance
03 FINANCIAL PERFORMANCE 25
Slide 26: Across-the-cycle growth and gradual EBITA margin improvements
ACROSS-THE-CYCLE GROWTH AND GRADUAL EBITA MARGIN IMPROVEMENTS 8.9% 8.5% 8.5% 8.7% Across-the-cycle growth 8.3% 7.5% 7.2% 7.2% 6.9% 6.8% 7.1% 6.9% 6.8% 7.0% 8,660 • Exposed to various sectors with somewhat 6.4% 6.5% 8,314 6.3% 6.1% 6.1% phased cycles 5.1% 5.2% 5.3% 5.1% Covid 4.7% 3.7% Sovereign debt
Slide 27: 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 8,552 Mid-size capital order intake steadily 8,277 7,880 1,767 924 growing 521 7,282 1,213 6,646 Stronger growth in Service order 1,394 6,108 5,580 655 intake, gradual increase in Service 635
Slide 28: Sequential recovery in backlog to historically high level
SEQUENTIAL RECOVERY IN BACKLOG TO HISTORICALLY HIGH LEVEL DEVELOPMENT OF ORDER BACKLOG (in € mn) ORDER BACKLOG BY BUSINESS AREA Q1-3 2025 10,822 10,569 10,799 10,408 10,361 10,170 10,398 Environment & Pulp & 9,859 9,977 9,873 10,003 9,709 9,750 9,435 9,383 Energy Paper 14% 8,166 28% 7,330 7,403 7,34
Slide 29: Cash flow development
CASH FLOW DEVELOPMENT OPERATING CASH FLOW ROLLING AVERAGE OPERATING CASH FLOW * 604 • Operating Cash 574 567 538 546 Flow influenced by in € mn in € mn Working Capital 430 fluctuations driven by project execution 359 346 cycle 300 285 268 264 227 233 • Maintaining overall 206 207 186 higher operatin
Slide 30: 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 Q1-3 2025 vs. FY 2024 (in € mn) Acquisition Schuler: Acquisition Xerium: € 600 mn € 770 mn 2,051 +314 Operating cash flow 1
Slide 31: Operating net working capital development
OPERATING NET WORKING CAPITAL DEVELOPMENT Increase in Operating Net Working Capital in Q3 1.200 1.052 1.024 982 980 Calculation methodology 963 1.000 886 898 860 817 805 + Inventories 730 800 687 + Trade accounts receivable 671 670 658 631 617 576 - Trade accounts payable 13% 515 525 537 13% 600 474
Slide 32: Operating net working capital development
OPERATING NET WORKING CAPITAL DEVELOPMENT Increase in Trade Working Capital in Q3, prepayments increasing 1,614 TRADE WORKING CAPITAL 1,457 1,482 1,463 Trade Working Capital 1,437 1,377 • Inventories + Receivables – Payables 1,243 1,222 1,226 1,248 1,246 1,218 1,218 1,191 • Relatively stable at c.16
Slide 33: Dividend of 2.60 EUR/share paid in April
DIVIDEND OF 2.60 EUR/SHARE PAID IN APRIL Gradually increasing dividend payments, >50% target payout DIVIDEND PER SHARE (EUR) 2.50 2.60 2.10 1.65 1.00 0.50 2019 2020 2021 2022 2023 2024 PAYOUT RATIO (%) 50.3 50.7 51.8 48.1 48.5 >50% 39.4 2019 2020 2021 2022 2023 2024 33
Slide 34: Enhanced and balanced capital allocation
ENHANCED AND BALANCED CAPITAL ALLOCATION Increased spending on capex, M&A & dividends - capital allocation remains balanced and funded internally 1,047 5 BALANCED CAPITAL ALLOCATION (in € mn) OPERATING CASH FLOW COVERS 95% OF CAPITAL ALLOCATION 822 711 674 758 637 117 5% 530 473 481 77 32% 460 462 1
Slide 35: ROIC significantly above WACC
ROIC SIGNIFICANTLY ABOVE WACC Decline in 2025 driven by recent acquisitions DEVELOPMENT ROIC vs WACC ROIC decline in Q1-3 2025 driven by: 22.6% 22.5% • Underlying EBITA decline 20.0% 18.6% • Significantly enhanced M&A 17.2% 16.9% activities (typical IFRS3 effects, EBITA only included on pro-rata 13.
Slide 36: Guidance 2025 & Targets 2027
04 GUIDANCE 2025 & TARGETS 2027 36
Slide 37: Impact of US tariffs & FX rates
IMPACT OF US TARIFFS & FX RATES No adverse impact from increasing Negative FX translation impact trade barriers yet (no change vs H1) on revenues of € -137mn in Q1-Q3 2025 ANDRITZ is a truly global supplier (>280 locations) FX REVENUE TRANSLATION FX REVENUE TRANSLATION IMPACT PER QUARTER IMPACT BY C
Slide 38: Guidance 2025 confirmed
GUIDANCE 2025 CONFIRMED ANDRITZ expects to arrive at the low end of its FY 2025 guidance ranges for revenue and comparable EBITA margin. Market outlook 2025 GUIDANCE 2025 • Project activity has picked up across markets Revenue • Improving order backlog • Growing demand for green technologies € 8.0 -
Slide 39: 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 • Mix improvements, selective capacity adjustment
Slide 40: Revenue target 2027
REVENUE TARGET 2027 Revenue target 2027 Revenue growth € 9-10 bn CAGR 4.5% € 9-10 bn (to mid-point) Incremental growth • Accelerated growth in Service business € 8.3 bn • Accelerated demand for Base growth Green Products • Large-scale orders • Growth in Capital sales, expansion of Service share • La
Slide 41: 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 10.0 11.1 10.0 9.9 11.7 11.1 10.5 11.0 Margin Target 2027 target 2027 6-8% >9% 4.4 2.0 2.0 3.7 5.1 5.5 0.5 2017 2018 2019 2020 2021 20
Slide 42: Q3 / Q1-3 2025 Financial Results
05 Q3 / Q1-3 2025 FINANCIAL RESULTS 42
Slide 43: Summary - key figures Q3 / Q1-3 2025
SUMMARY - KEY FIGURES Q3 / Q1-3 2025 Q3 Q3 Q1-3 Q1-3 FY UNIT 2025 2024 +/- 2025 2024 +/- 2024 Order intake € mn 2,180.0 1,903.1 15% 6,906.6 5,748.5 20% 8,276.9 Order backlog (end of period) € mn 10,799.3 9,382.5 15% 10,799.3 9,382.5 15% 9,749.9 Revenue € mn 1,886.9 2,041.5 -8% 5,538.4 6,028.1 -8% 8,
Slide 44: Project activity increasing
PROJECT ACTIVITY INCREASING Reflected in improving order intake momentum DEVELOPMENT OF ORDER INTAKE (in € mn) 3,000 Continuously strong order intake momentum 2,500 2,000 • Order intake significantly above € 2 bn last four quarters 1,500 • Contributions from all 1,000 Business Areas 500 • Book-to-bi
Slide 45: Order intake
ORDER INTAKE Significant increase in order intake ORDER INTAKE (in € mn) ORDER INTAKE (in € mn) ORDER INTAKE BY REGION Q1-3 2025 VS. Q1-3 2024 (%) Q3 2025 Q3 2024 +/- +20% Pulp & Paper 935.7 482.9 94% RoW Metals 295.8 634.1 -53% China 6,907 3% (4%) Hydropower 524.5 447.2 17% 12% (11%) 5,749 Environm
Slide 46: Revenue
REVENUE Decrease in total revenue incl. continued negative FX translation impact REVENUE (in € mn) REVENUE (in € mn) REVENUE BY REGION Q1-3 2025 VS. Q1-3 2024 (%) Q3 2025 Q3 2024 +/- -8% Pulp & Paper 705.3 867.3 -19% RoW Metals 424.0 456.2 -7% China 6,028 4% (4%) 5,538 Hydropower 399.7 368.8 8% 13%
Slide 47: EBITA development
EBITA DEVELOPMENT Stable comparable EBITA margin despite decline in revenue EBITA AND EBITA MARGIN* EBITA AND EBITA MARGIN* (COMPARABLE) (REPORTED) Stable comparable EBITA margin -8% -12% • Comparable EBITA margin stability in all 510 507 (8.5%) 471 (8.4%) quarters in 2025 449 (8.5%) (8.1%) • Improv
Slide 48: EBITDA to free cash flow bridge Q1-Q3 2025
EBITDA TO FREE CASH FLOW BRIDGE Q1 -Q3 2025 Generated Free Cash Flow basically used for M&A capex spend • CF from changes in NWC (€ mn) (634.9)* 577.8 in € mn -128.5 ∆ Inventories -16.0 ∆ Trade receivables - 86.4 -87.4 ∆ Trade payables (-140.6)* (19.7)* 1.9 -64.2 ∆ Adv. payments made (404.0)* - 115.
Slide 49: Pulp & Paper
PULP & PAPER Q3 Q3 Q1-3 Q1-3 FY ORDER INTAKE BY REGION UNIT 2025 2024 +/- 2025 2024 +/- 2024 Q1-3 2025 VS. Q1-3 2024 (%) Order intake € mn 935.7 482.9 94% 2,669.0 1,968.2 36% 2,779.8 RoW Order backlog (as of end of China 2% (2%) € mn 2,986.5 2,480.4 20% 2,986.5 2,480.4 20% 2,459.1 period) 13% (11%)
Slide 50: Metals
METALS Q3 Q3 Q1-3 Q1-3 FY ORDER INTAKE BY REGION UNIT 2025 2024 +/- 2025 2024 +/- 2024 Q1-3 2025 VS. Q1-3 2024 (%) Order intake € mn 295.8 634.1 -53% 1,168.1 1,304.2 -10% 1,707.2 RoW Order backlog (as of end of 2% (4%) € mn 1,828.5 1,973.7 -7% 1,828.5 1,973.7 -7% 1,965.3 period) Revenue € mn 424.0 4
Slide 51: Hydropower
HYDROPOWER Q3 Q3 Q1-3 Q1-3 FY ORDER INTAKE BY REGION UNIT 2025 2024 +/- 2025 2024 +/- 2024 Q1-3 2025 VS. Q1-3 2024 (%) Order intake € mn 524.5 447.2 17% 1,869.9 1,228.9 52% 2,170.5 China RoW Order backlog (as of end of 0% (1%) 2% (3%) € mn 4,478.7 3,466.8 29% 4,478.7 3,466.8 29% 3,933.7 period) Reve
Slide 52: Environment & Energy
ENVIRONMENT & ENERGY Q3 Q3 Q1-3 Q1-3 FY ORDER INTAKE BY REGION UNIT 2025 2024 +/- 2025 2024 +/- 2024 Q1-3 2025 VS. Q1-3 2024 (%) Order intake € mn 424.0 338.9 25% 1,199.6 1,247.2 -4% 1,619.4 RoW Order backlog (as of end of China 7% (6%) € mn 1,505.6 1,461.6 3% 1,505.6 1,461.6 3% 1,391.8 period) 13%
Slide 53: Legal Disclaimer
LEGAL DISCLAIMER © ANDRITZ AG 2025 This presentation contains forward-looking statements, which include statements about future events, future financial performance, plans, strategies, expectations, prospects, regulatory changes, and changes in customer investment activity. Such statements may be id
Slide 54: ANDRITZ. For growth that matters.
ANDRITZ. FOR GROWTH THAT MATTERS. 54