Andritz Ag · VIE:ANDR
Andritz — Andritz Ag Graz Akt — Q4 2025 Earnings Presentation
54 slides from Andritz's earnings presentation, Mar 5, 2026
Slide 1: ANDRITZ Group Investor Presentation
ANDRITZ GROUP I N V E S T O R P R E S E N TAT I O N MARCH 2026
Slide 2: Agenda
AGENDA 01 ANDRITZ AT A GLANCE 02 GROWTH STRATEGY 03 FINANCIAL PERFORMANCE 04 GUIDANCE 2026 & TARGETS 2027 05 Q4 / FY 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 2025 Order Intake € 8,910 mn Backlog € 10,458 mn Revenue € 7,883 mn EBITA comparable € 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: The majority of our 2025 targets were met
THE MAJORITY OF OUR 2025 TARGETS WERE MET - SEVERAL OF THEM EVEN AHEAD OF SCHEDULE (S t a t u s a t t h e e n d o f 2 0 2 5 ) ENVIRONMENT SOCIAL GOVERNANCE 47% Share of revenue from sustainable solutions 45% Reduction in the annual injury frequency rate 90% Procurement volume covered by assessed and
Slide 11: Our new sustainability program 2026-2030
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 operations. Supporting We
Slide 12: New ESG targets 2030
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 areas as Women in people Vo
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: Environment & Energy
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 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 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 ► 10k
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 • Significant Service market size Service market estimated 5-8x larger than Capital market Significant
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 3.473 +8% 3.305 3.428 • Service business as backbone of resilient and profitable growth 2.969 2.589 2.555 • Significantly higher growth rates and 2.38
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 #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 23: Portfolio expansion in all business areas
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 2007 Tigép 2006 CONTEC
Slide 24: Continuation of successful M&A strategy
CONTINUATION OF SUCCESSFUL M&A STRATEGY Major acquisitions of complementary businesses in 2025 PORTFOLIO DECARBONIZATION CUSTOMER CUSTOMER SERVICE SERVICE Q4 Q2 Q1 Salico Group (Italy) 2025 LDX Solutions (USA) Diamond Power (USA) Q2 2025 2025 2025 Metals Environment & Energy Pulp & Paper • Acquisiti
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% 8,9% 8,3% 8,5% 8,5% 8,7% 7,2% 7,2% 7,5% 8.660 Across-the-cycle growth 6,9% 6,8% 7,1% 6,9% 6,8% 7,0% 6,3% 6,1% 6,1% 6,4% 6,5% 8.314 • Exposed to various sectors with somewhat 7.883 5,2% 5,3% 5,1% 5,1% Covid 7.543 phased cycles 4,7% So
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 8,910 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 6,108 5,580 655 intake, gradual increase in Se
Slide 28: Recovery in backlog to record level
RECOVERY IN BACKLOG TO RECORD LEVEL DEVELOPMENT OF ORDER BACKLOG (in € mn) ORDER BACKLOG BY BUSINESS AREA FY 2025 10,822 10,569 10,799 10,408 10,361 10,398 10,457 10,170 9,859 9,977 9,873 10,003 9,709 9,750 9,435 9,383 Environment & Pulp & Energy Paper 8,166 14% 27% 7,403 7,342 7,071 8,530 8,143 8,0
Slide 29: Cash flow development
CASH FLOW DEVELOPMENT OPERATING CASH FLOW OPERATING CASH FLOW per quarter in € mn • Operating Cash Flow 604 711 637 653 increased in FY-2025 567 574 555 in € mn 530 538 due to operating Net 462 Working Capital 430 improvements 346 375 339 300 285 • Quarterly Operating 268 227 233 Cash Flow influence
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 FY 2025 vs. FY 2024 (in € mn) Acquisition Schuler: Acquisition Xerium: € 600 mn € 770 mn 2.051 +653 Operating cash flow 1.8
Slide 31: Operating net working capital development
OPERATING NET WORKING CAPITAL DEVELOPMENT Decrease in Operating Net Working Capital in Q4 0 1.200 1.052 1.024 982 980 985 Calculation methodology 5 963 1.000 886 898 860 817 805 + Inventories 0 730 800 687 + Trade accounts receivable 671 670 658 631 617 576 - Trade accounts payable 5 525 537 13% 600
Slide 32: Operating net working capital development
OPERATING NET WORKING CAPITAL DEVELOPMENT Decrease in Trade Working Capital in Q4, stable prepayments 1.614 1.532 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 1.191 1.218 1.218 • Relatively stable at c.
Slide 33: Proposed dividend of € 2.70 per share
PROPOSED DIVIDEND OF € 2.70 PER SHARE 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 33 *Subject to appr
Slide 34: 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 35: ROIC significantly above WACC
ROIC SIGNIFICANTLY ABOVE WACC Decline in 2025 driven by recent acquisitions DEVELOPMENT ROIC vs WACC 22.6% 22.5% 20.0% ROIC decline in 2025 driven by: 16.9% 17.8% • Underlying EBITA decline • IFRS3 amortization impact from 13.0% consolidation of acquisitions 12.3% • ROIC 2025 incl. M&A in 2025 on 10
Slide 36: Guidance 2026 & Targets 2027
04 GUIDANCE 2026 & TARGETS 2027 36
Slide 37: Impact of US tariffs & FX rates
IMPACT OF US TARIFFS & FX RATES No adverse impact from Negative FX translation impact increasing trade barriers yet on revenue of € -222mn in FY 2025 ANDRITZ is a truly global supplier (>280 locations) FX REVENUE TRANSLATION FX REVENUE TRANSLATION IMPACT PER QUARTER IMPACT BY CURRENCY IN FY 2025 • T
Slide 38: Guidance for 2026
GUIDANCE FOR 2026 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 profitabil
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 • Improved project execution, selective capacity
Slide 40: Revenue target 2027 € 9-10 bn
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 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 11.1 11.7 11.1 10.0 9.9 10.5 11.0 10.8 Margin Target 2027 target 2027 ✓ 6.1 6-8% >9% 2.0 2.0 3.7 5.1 5.5 0.5 -0.8 2018 2019 2020 2021
Slide 42: Q4 / FY 2025 Financial Results
05 Q4 / FY 2025 FINANCIAL RESULTS 42
Slide 43: Summary - key figures Q4 / FY 2025
SUMMARY - KEY FIGURES Q4 / FY 2025 Q4 Q4 FY FY UNIT 2025 2024 +/- 2025 2024 +/- Order intake € mn 2,003.2 2,528.4 -21% 8,909.8 8,276.9 8% Order backlog (end of period) € mn 10,457.5 9,749.9 7% 10,457.5 9,749.9 7% Revenue € mn 2,344.7 2,285.6 3% 7,883.1 8,313.7 -5% • Notable increase in order intake
Slide 44: Project activity remains at high level
PROJECT ACTIVITY REMAINS AT HIGH LEVEL DEVELOPMENT OF ORDER INTAKE (in € mn) 3.000 Continuously strong order intake momentum 2.500 • Order intake at or above € 2bn 2.000 in last five quarters 1.500 • Contributions from all Business Areas 1.000 • Book-to-bill at 1.13 for FY 2025 500 0 Q1 21 Q2 21 Q3
Slide 45: Order intake
ORDER INTAKE Strong increase in order intake ORDER INTAKE (in € mn) ORDER INTAKE (in € mn) ORDER INTAKE BY REGION Q4 Q4 FY 2025 VS. FY 2024 (%) +8% 2025 2024 +/- Pulp & Paper 679.1 811.6 -16% 8,910 RoW 8,277 Metals 311.3 403.0 -23% China 3% (9%) 2,003 Hydropower 646.2 941.6 -31% 13% (12%) -21% 2,528
Slide 46: Revenue
REVENUE Decrease in total revenue incl. continued negative FX translation impact REVENUE (in € mn) REVENUE (in € mn) REVENUE BY REGION Q4 Q4 FY 2025 VS. FY 2024 (%) -5% 2025 2024 +/- Pulp & Paper 872.9 855.8 2% 8,314 RoW 7,883 Metals 476.3 461.0 3% China 4% (4%) +3% Hydropower 554.3 505.4 10% 12% (1
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 -6% -9% 743 713 • Comparable EBITA margin on high level (8.9%) 698 (8.6%) 648 (8.9%) (8.2%) • Improved project execution
Slide 48: EBITDA to free cash flow bridge FY 2025
EBITDA TO FREE CASH FLOW BRIDGE FY 2025 (887.9)* • CF from changes in NWC (€ mn) in € mn -52.7 ∆ Inventories (-114.7)* (636.5)* -118.8 ∆ Trade receivables +55.2 ∆ Trade payables (-152.3)* (24.4)* (-8.8)* -33.7 ∆ Adv. payments made -11.4 ∆ Contract assets (399.0)* +160.0 ∆ Contract liabilities (-237.
Slide 49: Pulp & Paper
PULP & PAPER Q4 Q4 FY FY ORDER INTAKE BY REGION UNIT 2025 2024 +/- 2025 2024 +/- FY 2025 VS. FY 2024 (%) Order intake € mn 679.1 811.6 -16% 3,348.1 2,779.8 20% RoW Order backlog (as of end of China 2% (2%) € mn 2,833.0 2,459.1 15% 2,833.0 2,459.1 15% period) 14% (15%) Revenue € mn 872.9 855.8 2% 2,9
Slide 50: Metals
METALS Q4 Q4 FY FY ORDER INTAKE BY REGION UNIT 2025 2024 +/- 2025 2024 +/- FY 2025 VS. FY 2024 (%) Order intake € mn 311.3 403.0 -23% 1,479.4 1,707.2 -13% RoW Order backlog (as of end of 3% (4%) € mn 1,665.6 1,965.3 -15% 1,665.6 1,965.3 -15% period) Revenue € mn 476.3 461.0 3% 1,694.1 1,811.2 -6% Ch
Slide 51: Hydropower
HYDROPOWER Q4 Q4 FY FY ORDER INTAKE BY REGION UNIT 2025 2024 +/- 2025 2024 +/- FY 2025 VS. FY 2024 (%) Order intake € mn 646.2 941.6 -31% 2,516.1 2,170.5 16% China RoW Order backlog (as of end of 3% (1%) 2% (22%) € mn 4,535.2 3,933.7 15% 4,535.2 3,933.7 15% period) Revenue € mn 554.3 505.4 10% 1,729
Slide 52: Environment & Energy
ENVIRONMENT & ENERGY Q4 Q4 FY FY ORDER INTAKE BY REGION UNIT 2025 2024 +/- 2025 2024 +/- FY 2025 VS. FY 2024 (%) Order intake € mn 366.6 372.2 -2% 1,566.2 1,619.4 -3% RoW Order backlog (as of end of China 6% (6%) € mn 1,423.7 1,391.8 2% 1,423.7 1,391.8 2% period) 13% (14%) Revenue € mn 441.2 463.4 -
Slide 53: 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 54: ANDRITZ. For growth that matters.
ANDRITZ. FOR GROWTH THAT MATTERS. 54