Andritz Ag · VIE:ANDR
Andritz — FY2025 Earnings Presentation
42 slides from Andritz's earnings presentation, Mar 5, 2026
Slide 1: ANDRITZ Group FY 2025 Financial Results
ANDRITZ GROUP FY 2025 FINANCIAL RESULTS MARCH 5, 2026
Slide 2: Agenda
AGENDA CEO Key Messages & 01 FY 2025 Highlights Financial Performance 02 FY 2025 03 Update on Business Areas Guidance 2026 & 04 Mid-Term Targets 2027 2
Slide 3: CEO Key Messages & FY 2025 Highlights
01 CEO KEY MESSAGES & FY 2025 HIGHLIGHTS 3
Slide 4: Satisfactory results in FY 2025
SATISFACTORY RESULTS IN FY 2025 Growth in order intake, decline in revenue but stable comparable EBITA margin Growth in order intake in FY 2025 • Increasing project activity, book-to-bill above 1 and record order backlog • Strong growth driven by Pulp & Paper and Hydropower • Slight decline in Envir
Slide 5: Stable profitability despite revenue decline: Q4 2025 KPIs
STABLE PROFITABILITY DESPITE REVENUE DECLINE Major financial KPIs Q4 2025 ORDER INTAKE REVENUE ORDER BACKLOG € 2.0 bn € 2.3 bn € 10.5 bn (Q4 2024: € 2.5 bn // -21%) (Q4 2024: € 2.3 bn // +3%) (Q4 2024: € 9.7 bn // +7%) EBITA comparable | margin EBITA reported | margin NET INCOME incl. non-controllin
Slide 6: Stable profitability despite revenue decline: FY 2025 KPIs
STABLE PROFITABILITY DESPITE REVENUE DECLINE Major financial KPIs FY 2025 ORDER INTAKE REVENUE ORDER BACKLOG € 8.9 bn € 7.9 bn € 10.5 bn (FY 2024: € 8.3 bn // +8%) (FY 2024: € 8.3 bn // -5%) (FY 2024: € 9.7 bn // +7%) EBITA comparable | margin EBITA reported | margin NET INCOME incl. non-controlling
Slide 7: 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 8: 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 9: 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 10: 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 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 -6% -9% 743 713 • Comparable EBITA margin on high level (8.9%) 698 (8.6%) 648 (8.9%) (8.2%) • Improved project execution
Slide 12: 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 13: 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 14: 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 15: 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 GOLD RATING RATING TOP 5% PRIME ESG SCORE 53 RATING RATING RATING B ANDRITZ commits to reduce absolute MEDIUM RISK BBB Scope 1 and Scope 2 GHG emissions by (9/2025: SCORE 20.5) 4
Slide 16: 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 Salico Group (Italy) Q2 2025 LDX Solutions (USA) Q1 Diamond Power (USA) Q2 2025 2025 2025 Metals Environment & Energy Pulp & Paper • Acquisiti
Slide 17: Service business
SERVICE BUSINESS Strong Service revenue growth to an all-time high of € 3,473 mn DEVELOPMENT OF SERVICE REVENUE Service revenue growth +7% 3.305 3.428 3.473 above Group level 2.969 • Increase of Service revenue 2.589 2.555 share to all-time high of 44% 2.385 2.084 • Stable Service revenue in 2025 1.
Slide 18: Service business: revenue share
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 FY 2025 VS. FY 2024 (%) +4% 8,660 8,314 7,883 7,543 Capital 6,674 6,700 6,463 56% (59%) 5,889 6,031 Service 44% (41%) 39%
Slide 19: Financial Performance FY 2025
02 FINANCIAL PERFORMANCE FY 2025 19
Slide 20: Enhanced capital allocation, improved working capital
ENHANCED CAPITAL ALLOCATION, IMPROVED WORKING CAPITAL Major financial KPIs FY 2025 STRONG OP. CASH FLOW ENHANCED M&A CAPEX STRONG NET LIQUIDITY € 653 mn € 344 mn € 713 mn (FY 2024: € 637 mn // +3%) (FY 2024: € 76 mn // >+100%) (FY 2024: € 905 mn // -21% | € -192 mn) ROIC >> WACC IMPROVED OP. NWC** I
Slide 21: EBITDA – Net income bridge FY 2025
EBITDA – NET INCOME BRIDGE FY 2025 in € mn 823.4 (887.9)* • Depreciation in line with last year 648.2 • Higher IFRS 3 Amortization - 175.2 582.8 16.5 599.3 driven by recent acquisitions (713.0)* (-174.9)* - 65.4 (661.9)* (-15.4)* (646.5)* (-51.1)* • Improved financial result 457.1 • Lower cash balan
Slide 22: EBITDA to free cash flow bridge FY 2025
EBITDA TO FREE CASH FLOW BRIDGE FY 2025 (887.9)* • CF from changes in NWC (€ mn) 823.4 - 1.4 in € mn -52.7 ∆ Inventories (-114.7)* (636.5)* -118.8 ∆ Trade receivables 652.7 +55.2 ∆ Trade payables - 149.8 - 2.1 (-152.3)* (24.4)* - 17.4 (-8.8)* -33.7 ∆ Adv. payments made -11.4 ∆ Contract assets (399.0
Slide 23: 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 24: Operating net working capital development: trade working capital
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 1,218 1,218 1,191 • Relatively stable at c.
Slide 25: Steady cash flow generation
STEADY CASH FLOW GENERATION OPERATING CASH FLOW OPERATING CASH FLOW per quarter in € mn • Operating Cash Flow 604 711 637 574 653 increased in FY-2025 567 555 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 inf
Slide 26: 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 26 *Subject to appr
Slide 27: 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 28: 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 29: 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: 17.8% • Underlying EBITA decline 17.2% 16.9% • IFRS3 amortization impact from 13.0% consolidation of acquisitions 12.3% • ROIC 2025 incl. M&A in 2025
Slide 30: 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% • Notable increase in order intake in FY Revenue € mn 2,344.7 2,285.6 3% 7,883.1 8,313.
Slide 31: Update on Business Areas
03 UPDATE ON BUSINESS AREAS 31
Slide 32: 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 33: 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 34: 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 35: 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 36: Guidance 2026 & Mid-Term Targets 2027
04 GUIDANCE 2026 & MID-TERM 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
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 10.0 9.9 11.7 11.1 10.5 11.0 10.8 Margin Target 2027 target 2027 ✓ 6-8% >9% 6.1 5.1 5.5 3.7 2.0 2.0 0.5 -0.8 2018 2019 2020 2021
Slide 42: 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