Andritz Ag · VIE:ANDR
Andritz — Q3 2026 Earnings Presentation
34 slides from Andritz's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 Financial Results
ANDRITZ GROUP Q3 2026 FINANCIAL RESULTS OCTOBER 29, 2026
Slide 2: Agenda
AGENDA CEO Key Messages & 01 Q3 2026 Highlights Financial Performance 02 Q3 2026 03 Update on Business Areas Guidance 2026 & 04 New Mid-term Targets 2029 2
Slide 3: CEO Key Messages & Q3 2026 Highlights
01 CEO KEY MESSAGES & Q3 2026 HIGHLIGHTS 3
Slide 4: Strong Results in Q3 2026
STRONG RESULTS IN Q3 2026 Record order backlog, strong revenue growth and improved operating profitability High project activity and record order backlog • Order intake remained at high level in Q3, 8th consecutive quarter above € 2 bn • 8th consecutive quarter with book-to-bill >1 • Significant gro
Slide 5: Record Order Backlog, Strong Revenue Growth and High Profitability
RECORD ORDER BACKLOG, STRONG REVENUE GROWTH AND HIGH PROFITABILITY Major financial KPIs Q3 2026 ORDER INTAKE REVENUE ORDER BACKLOG € 2.2 bn € 2.1 bn € 12.7 bn (Q3 2025: € 2.2 bn // -1%) (Q3 2025: € 1.9 bn // +9%) (Q3 2025: € 10.8 bn // +18%) EBITA comparable | margin EBITA reported | margin NET INCO
Slide 6: Project Activity Remains at High Level
PROJECT ACTIVITY REMAINS AT HIGH LEVEL DEVELOPMENT OF ORDER INTAKE (in € mn) 5,000 1.5 4,500 4,000 1.0 Continuously strong order 3,500 intake momentum 3,000 0.5 • Continued strong order intake 2,500 of € 2.2 bn in Q3 2026 2,000 0.0 • 8th consecutive quarter of 1,500 order intake above € 2 bn 1,000 -
Slide 7: Order Intake
ORDER INTAKE Continued high level of order intake in Q3 2026, significant increase in Q1-3 2026 ORDER INTAKE (in € mn) ORDER INTAKE (in € mn) ORDER INTAKE BY REGION Q3 Q3 Q1-3 2026 vs. Q1-3 2025 (%) 2026 2025 +/- +17% Pulp & Paper 706.8 935.7 -24% Metals 357.4 295.8 21% RoW 8,086 7% (3%) Hydropower
Slide 8: Revenue
REVENUE Strong revenue growth in Q3 2026 driven by significant increase in Hydropower REVENUE (in € mn) REVENUE (in € mn) REVENUE BY REGION Q3 Q3 Q1-3 2026 vs. Q1-3 2025 (%) 2026 2025 +/- +7% Pulp & Paper 767.3 705.3 9% RoW 5,901 Metals 422.3 424.0 0% China 3% (4%) 5,538 Hydropower 501.1 399.7 25% 1
Slide 9: Backlog at Another Record Level
BACKLOG AT ANOTHER RECORD LEVEL DEVELOPMENT OF ORDER BACKLOG (in € mn) ORDER BACKLOG BY BUSINESS AREA Q1-3 2026 12,729 12,367 12,602 Environment & Energy Pulp & 10,569 10,799 Paper 10,822 10,408 10,361 10,003 10,398 10,457 11% 9,977 10,170 9,859 9,873 9,709 9,750 25% 9,435 9,383 8,166 9,301 9,409 13
Slide 10: EBITA and Margin
EBITA AND MARGIN Strong growth in EBITA, continued progress on EBITA margin EBITA AND EBITA MARGIN* EBITA AND EBITA MARGIN* (COMPARABLE) (REPORTED) +9% +9% Strong growth in EBITA and margin 515 488 471 (8.6%) 449 (8.1%) • Increase in EBITA and EBITA margin (8.3%) (7.9%) • Improved project execution
Slide 11: Service Business
SERVICE BUSINESS Steadily increasing Service revenue share; Service revenue growth outpacing total revenue growth DEVELOPMENT of TOTAL REVENUE (€ mn), SERVICE REVENUE (€ mn) and SERVICE REVENUE SHARE (%) High Service revenue growth and Service revenue share • High Service revenue 8,660 8,314 8,246 s
Slide 12: ESG Targets 2030
ESG TARGETS 2030* On track to meet new ESG targets 2030, already solid progress in 2026 E-impact revenue above 50% for the first time (Q1-3 2026) GHG emissions, GHG emissions, Water use in E-impact revenue Waste to landfill absolute (SBTi) relative Scope 1 + 2 water-stressed areas ENVIRONMENT > 50%
Slide 13: ESG Performance Externally Recognized
ESG PERFORMANCE EXTERNALLY RECOGNIZED Improvements in all major ESG ratings; climate targets validated by the SBTi RATING RATING RATING A B- | PRIME 20.2 (MEDIUM RISK) 2025: BBB 2025: C+ | Prime 2024: 26.6 | Medium Risk ESG SCORE RATING RATING ANDRITZ commits to reduce absolute 61 GOLD | TOP 5% B sc
Slide 14: Financial Performance Q3 2026
02 FINANCIAL PERFORMANCE Q3 2026 14
Slide 15: Strong Financial Performance
STRONG FINANCIAL PERFORMANCE Major financial KPIs Q3 2026 INCREASED OP. CASH FLOW STRONG NET LIQUIDITY € 320 mn € 844 mn (Q3 2025: € 145 mn // +121%) (Q3 2025: € 413 mn // +104 %) ROIC >> WACC IMPROVED OP. NWC 18.1% € 761 mn vs. WACC 9.2% (Q3 2025: € 1,052 mn // -28%) 15
Slide 16: EBITDA – Net Income Bridge Q1-3 2026
EBITDA – NET INCOME BRIDGE Q1-3 2026 in € mn 627.3 Depreciation slightly increased (577.8)* • Driven by capex and M&A 488.1 -139.2 (448.6)* 445.8 Financial result decreased 429.2 (-129.2)* -42.3 (397.3)* -16.6 (405.9)* • Lower gross liquidity and interest income (-51.3)* (8.6)* 328.3 • Higher financ
Slide 17: EBITDA to Free Cash Flow Bridge Q1-3 2026
EBITDA TO FREE CASH FLOW BRIDGE Q 1-3 2026 in € mn 128.0 (-86.4)* • CF from changes in Op. NWC 627.3 4.3 -125.0 610.6 (in € mn) (577.8)* (1.9)* -24.0 (313.5)* (-115.2)* (-64.4)* -165.0 ∆ Inventories +67.9 ∆ Trade receivables 410.5 -125.4 ∆ Trade payables -200.1 (149.5)* -26.3 ∆ Adv. payments made (-
Slide 18: Operating Net Working Capital Development
OPERATING NET WORKING CAPITAL DEVELOPMENT Further decrease in Operating Net Working Capital in Q3 2026 1,052 982 1,024 980 985 1.200 963 961 886 898 860 874 Calculation methodology 817 805 1.000 761 730 13% 671 670 13% 658 687 13% 12% + Inventories 631 12% 12% 617 12% 12% 11% + Trade accounts receiv
Slide 19: Operating Net Working Capital Development
OPERATING NET WORKING CAPITAL DEVELOPMENT 2000Increase in Trade Working Capital on Service, M&A and seasonality; improving prepayments TRADE WORKING CAPITAL 1,659 1,682 35% 1,657 1,614 1500 1,457 1,437 1,482 1,463 1,532 Trade Working Capital 1,377 25% • Inventories + receivables - payables 1,243 1,2
Slide 20: Steady Cash Flow Generation
STEADY CASH FLOW GENERATION OPERATING CASH FLOW OPERATING CASH FLOW per quarter in € mn in € mn 346 339 320 604 711 637 574 653 • 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 2
Slide 21: Strong Financial Position
STRONG FINANCIAL POSITION Enhanced capital allocation while still maintaining a strong financial position Changes in Net Liquidity LIQUID FUNDS and NET LIQUIDITY (in € mn) Q3 2026 vs. FY 2025 (in € mn) +611 Operating cash flow 2,051 -201 Capex spent 1,838 1,787 -42 M&A capex spent 1,772 1,719 1,702
Slide 22: ROIC Significantly Above WACC
ROIC SIGNIFICANTLY ABOVE WACC Increase in ROIC in Q1-3 2026 DEVELOPMENT ROIC vs WACC 22.6% 22.5% 20.0% ROIC increased in Q1-3 26 vs FY 25: 17.8% 18.1% 16.9% • Growth of EBITA (NOPAT) • Slightly increased in average 13.0% 12.3% invested capital 10.4% WACC increased due to higher risk- 9.0% 9.2% free
Slide 23: Summary - Key Figures Q3 / Q1-3 2026
SUMMARY - KEY FIGURES Q3 / Q1-3 2026 Q3 Q3 Q1-3 Q1-3 FY UNIT 2026 2025 +/- 2026 2025 +/- 2025 • Order intake remained at a high level in Q3, Order intake € mn 2,166.2 2,180.0 -1% 8,085.9 6,906.6 17% 8,909.8 driven by Hydropower and Metals Order backlog (end of period) € mn 12,729.1 10,799.3 18% 12,7
Slide 24: Update on Business Areas
03 UPDATE ON BUSINESS AREAS 24
Slide 25: Pulp & Paper
PULP & PAPER Q3 Q3 Q1-3 Q1-3 FY ORDER INTAKE BY REGION UNIT 2026 2025 +/- 2026 2025 +/- 2025 Q1-3 2026 vs. Q1-3 2025 (%) Order intake € mn 706.8 935.7 -24% 2,593.1 2,669.0 -3% 3,348.1 RoW Order backlog (as of end of 7% (2%) € mn 3,228.5 2,986.5 8% 3,228.5 2,986.5 8% 2,833.0 period) Revenue € mn 767.
Slide 26: Metals
METALS Q3 Q3 Q1-3 Q1-3 FY ORDER INTAKE BY REGION UNIT 2026 2025 +/- 2026 2025 +/- 2025 Q1-3 2026 vs. Q1-3 2025 (%) Order intake € mn 357.4 295.8 21% 1,267.5 1,168.1 9% 1,479.4 RoW Order backlog (as of end of 3% (2%) € mn 1,707.4 1,828.5 -7% 1,707.4 1,828.5 -7% 1,665.6 Europe period) 22% (33%) Revenu
Slide 27: Hydropower
HYDROPOWER Q3 Q3 Q1-3 Q1-3 FY ORDER INTAKE BY REGION UNIT 2026 2025 +/- 2026 2025 +/- 2025 Q1-3 2026 vs. Q1-3 2025 (%) Order intake € mn 703.9 524.5 34% 3,149.8 1,869.9 68% 2,516.1 RoW Order backlog (as of end of 9% (2%) € mn 6,334.9 4,478.7 41% 6,334.9 4,478.7 41% 4,535.2 period) China Revenue € mn
Slide 28: Environment & Energy
ENVIRONMENT & ENERGY Q3 Q3 Q1-3 Q1-3 FY ORDER INTAKE BY REGION UNIT 2026 2025 +/- 2026 2025 +/- 2025 Q1-3 2026 vs. Q1-3 2025 (%) Order intake € mn 398.1 424.0 -6% 1,075.5 1,199.6 -10% 1,566.2 RoW Order backlog (as of end of 4% (7%) € mn 1,458.4 1,505.6 -3% 1,458.4 1,505.6 -3% 1,423.7 China period) 1
Slide 29: Guidance 2026 & New Mid-term Targets 2029
04 GUIDANCE 2026 & NEW MID-TERM TARGETS 2029 29
Slide 30: Impact of Trade Barriers, Geopolitics & FX
IMPACT OF TRADE BARRIERS, GEOPOLITICS & FX No adverse impact from increasing trade FX tailwind in Q3 2026 barriers and geopolitical escalations 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 Q4 25 Q1 26
Slide 31: Guidance for 2026 Confirmed
GUIDANCE FOR 2026 CONFIRMED ANDRITZ expects to grow revenues and maintain comparable EBITA margins on a high level in 2026 FINANCIAL TARGETS 2026 OUTLOOK 2026 • Project activity stable on high level Revenue • Revenue growth, supported by record € 8.0 – 8.3 bn order backlog and Service growth • Impro
Slide 32: New Mid-term Targets 2029
NEW MID-TERM TARGETS 2029 LONG-TERM PROFITABLE GROWTH FINANCIAL TARGETS • Organic revenue growth in both Capital and Service business, supported by 2029 strong energy boom and existing backlog • Disciplined bolt-on M&A Revenue • Digitalization, automation and AI roll-out across the portfolio € 10 bn
Slide 33: New Mid-term Targets 2029: Comp. EBITA Margin
NEW MID-TERM TARGETS 2029: COMP. EBITA MARGIN PULP & PAPER 2027: 11-13% = 2029: 11-13% METALS 2027: 6-8% 2029: 7-9% 11-13% 11.7 11.1 11.0 10.8 10.8 10.5 PULP & PAPER PULP & PAPER 7-9% 6.1 6.6 5.1 5.5 3.7 2.0 2021 2022 2023 2024 2025 LTM 2029 2021 2022 2023 2024 2025 LTM 2029 Q1-3 26 Q1-3 26 HYDROPOW
Slide 34: 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