Andritz Ag · VIE:ANDR
Andritz — Andritz Ag Graz Akt — Q3 2025 Earnings Presentation
37 slides from Andritz's earnings presentation, Oct 31, 2025
Slide 1: Q1-3 2025 Financial Results
ANDRITZ GROUP Q1-3 2025 FINANCIAL RESULTS OCTOBER 30, 2025
Slide 2: Agenda
AGENDA CEO Key Messages & 01 Q1-3 2025 Highlights Financial Performance 02 Q1-3 2025 03 Update on Business Areas Guidance 2025 & 04 Mid-Term Targets 2027 2
Slide 3: CEO Key Messages & Q1-3 2025 Highlights
01 CEO KEY MESSAGES & Q1-3 2025 HIGHLIGHTS 3
Slide 4: Continued Strong Order Intake – Growth in All Quarters of 2025
CONTINUED STRONG ORDER INTAKE – GROWTH IN ALL QUARTERS OF 2025 Strong growth in order intake in Q1-3 2025 • Continuously increasing project activity, book-to-bill above 1 and growth in order backlog for fourth consecutive quarter • Increase in Q3 driven by strong growth in power generation in the Pu
Slide 5: Stable Profitability Despite Revenue Decline (Q1-3 2025)
STABLE PROFITABILITY DESPITE REVENUE DECLINE Major financial KPIs Q1-3 2025 ORDER INTAKE REVENUE ORDER BACKLOG € 6.9 bn € 5.5 bn € 10.8 bn (Q1-3 2024: € 5.7 bn // +20%) (Q1-3 2024: € 6.0 bn // -8%) (Q1-3 2024: € 9.4 bn // +15%) EBITA comparable | margin EBITA reported | margin NET INCOME incl. non-c
Slide 6: Stable Profitability Despite Revenue Decline (Q3 2025)
STABLE PROFITABILITY DESPITE REVENUE DECLINE Major financial KPIs Q3 2025 ORDER INTAKE REVENUE ORDER BACKLOG € 2.2 bn € 1.9 bn € 10.8 bn (Q3 2024: € 1.9 bn // +15%) (Q3 2024: € 2.0 bn // -8%) (Q3 2024: € 9.4 bn // +15%) EBITA comparable | margin EBITA reported | margin NET INCOME incl. non-controlli
Slide 7: 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 8: 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 9: 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 10: 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 11: 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 12: New ESG Targets 2030
NEW ESG TARGETS 2030 Base year 2023 GHG emissions, GHG emissions, relative Water use in E-impact revenue Residual waste absolute Own operations water-stressed areas* ENVIRONMENT > 50% Own operations -42% 18 → 10 -25% -25% Value chain -25% t/MEUR * Water-stressed areas as Women in Voluntary Employee
Slide 13: ESG Performance Is Externally Recognized
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 emissions 42% by 2030 (9/2025:
Slide 14: Continuation of Successful A A Strategy
CONTINUATION OF SUCCESSFUL A A STRATEGY Major acquisitions of complementary businesses 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 Metal
Slide 15: Service Business
SERVICE BUSINESS Steadily increasing Service revenue share to an all-time high of 44% DEVELOPMENT OF TOTAL REVENUE (€ mn) vs. SERVICE REVENUE (%) REVENUE SPLIT: CAPITAL / SERVICE Q1-3 2025 VS. Q1-3 2024 (%) 8,660 +5% 8,314 c.8,000 Capital 7,543 56% (60%) 6,674 6,700 6,463 5,889 6,031 Service 44% (40
Slide 16: Financial Performance Q1-3 2025
02 FINANCIAL PERFORMANCE Q1-3 2025 16
Slide 17: Across-the-Cycle Growth and Gradual EBITA Margin Improvements
L O N G - T E R M P R O F I TA B L E G R O W T H 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
Slide 18: EBITDA – Net Income Bridge Q1-3 2025
EBITDA – NET INCOME BRIDGE Q1-3 2025 in € mn 577.8 • Depreciation in line with last year (634.9)* • Higher IFRS 3 Amortization Driven by recent acquisitions (-127.8)* 448.6 - 129.2 (507.1)* (-37.4)* 397.3 8.6 405.9 • Improved financial result - 51.3 (469.7)* (-9.7)* (460.0)* • Lower cash balance & i
Slide 19: 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 20: 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 21: 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 22: 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 23: 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 24: 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 25: 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 26: Update on Business Areas
03 UPDATE ON BUSINESS AREAS 26
Slide 27: 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 28: 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 29: 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 30: 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 31: Guidance 2025 & Mid-Term Targets 2027
04 GUIDANCE 2025 & MID-TERM TARGETS 2027 31
Slide 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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