Slide 1: ANDRITZ Group Investor Presentation August 2026
ANDRITZ GROUP I N V E S T O R P R E S E N TAT I O N AUGUST 2026
Slide 2: Agenda
AGENDA 01 ANDRITZ AT A GLANCE 02 GROWTH STRATEGY 03 FINANCIAL PERFORMANCE 04 GUIDANCE 2026 & TARGETS 2027 05 Q2 2026 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 2025 Order Intake € 8,910 mn Backlog € 10,458 mn Revenue € 7,883 mn Comparable EBITA € 698 mn Service business share 44% PULP & PAPER METALS HYDROPOWER ENVIRONMENT & ENERGY Structur
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 € 713 mn 0.40 ~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 2025 Asia (without China) Rest of the world Africa, Australia China 4% 12% Rest of c.1/3 working in engineering, Europe China 8% Asia excl. China 31% 24% Europe technology
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: New ESG Targets 2030
E S G AT A N D R I T Z NEW ESG TARGETS 2030 Base year 2023 GHG emissions, GHG emissions, relative Water use in ENVIRONMENT E-impact revenue Waste to landfill absolute (SBTi) water-stressed areas* Own operations > 50% Own operations -42% 18 → 10 t/MEUR -25% -25% Value chain -25% * Water-stressed area
Slide 11: ESG 2030 Targets – H1 2026 Status Update
E S G AT A N D R I T Z 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 o
Slide 12: ESG performance externally recognized
E S G AT A N D R I T Z 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 ANDRI
Slide 13: 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 14: Environment & Energy: 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 15: 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 globally* • 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 16: 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 17: 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 18: 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 Upgra
Slide 19: 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 20: High Service growth
SERVICE BUSINESS HIGH SERVICE GROWTH DEVELOPMENT of Service business: backbone of sustainable, TOTAL REVENUE (€ mn), SERVICE REVENUE (€ mn) and SERVICE REVENUE SHARE (%) profitable growth • Strong growth and attractive margins, significantly outperforming the capital business 8,660 • +8% service rev
Slide 21: 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 #33 #90 • 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 22: 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 23: Continuation of successful M&A strategy
M & A S T R AT E G Y CONTINUATION OF SUCCESSFUL M&A STRATEGY Major acquisitions of complementary businesses in 2025 PORTFOLIO DECARBONIZATION CUSTOMER CUSTOMER SERVICE SERVICE Q4 Salico Group (Italy) Q2 2025 LDX Solutions (USA) Q1 Diamond Power (USA) Q2 2025 2025 2025 Metals Environment & Energy Pul
Slide 24: Financial Performance
03 FINANCIAL PERFORMANCE 24
Slide 25: 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% 7.2% 7.2% • Exposed to various sectors with somewhat 7.1% 7.0% 8,660 6.9% 6.8% 6.9% 6.8% 8,314 phased cycles 6.4% 6.5% 7,883 6.3% 6.1% 6.1% Sovereign debt Covid 7,543 • Increasing
Slide 26: 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 27: 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 28: 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 29: 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 30: 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 31: Operating net working capital development
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 32: 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 32
Slide 33: 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 34: 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 35: Guidance 2026 & Targets 2027
04 GUIDANCE 2026 & TARGETS 2027 35
Slide 36: 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 37: 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 38: 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 39: 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 40: 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 41: Q2 2026 Financial Results
05 Q2 2026 FINANCIAL RESULTS 41
Slide 42: 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 43: 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 44: 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 45: 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 46: 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 47: 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 48: 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 49: 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 50: 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 51: 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 52: 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 53: ANDRITZ. For growth that matters.
ANDRITZ. FOR GROWTH THAT MATTERS. 53