Slides
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A N D R I T Z G R O U P Q2/H1 2025 FINANCIAL RESULTS JULY 31, 2025
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AGENDA CEO Key Messages & Q2/H1 2025 Highlights Financial Performance Q2/H1 2025 Update on Business Areas Outlook 2025 & Targets 2027 01 02 03 04 2
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CEO KEY MESSAGES & Q2/H1 2025 HIGHLIGHTS 01 3
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4 Strong order intake in both Q2 and H1 • Continued increasing project activity, still no significant tariff impact recorded • Increase in Q2 driven by strong growth in Metals and Hydropower • Satisfactory level in Pulp & Paper in Q2, decline in Environment & Energy • Book-to-bill above 1 and growth in order backlog for third consecutive quarter Decrease in revenue • No impact from tariffs, high revenue base in Q2 last year • Moderately negative FX impact in H1 (-2%) Stable comparable EBITA margin • Project execution improved, selectively better pricing • Service share increased year-on-year HIGH ORDER INTAKE WITH STRONG GROWTH IN Q2 AND H1
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5 ORDER INTAKE € 2.4 bn (Q2 2024: € 1.9 bn // +26%) REVENUE € 1.9 bn (Q2 2024: € 2.1 bn // -10%) ORDER BACKLOG € 10.4 bn (Q2 2024: € 9.7 bn // +7%) EBITA comparable | margin € 159 mn | 8.4% (Q2 2024: € 175 mn // -9% | 8.3%) EBITA reported | margin € 147 mn | 7.8% (Q2 2024: € 181 mn // -19% | 8.6%) NET INCOME incl. non-controlling interests | margin € 102 mn | 5.4% (Q2 2024: € 120 mn // -14% | 5.7%) Major financial KPIs Q2 2025 STABLE PROFITABILITY DESPITE REVENUE DECLINE
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6 ORDER INTAKE € 4.7 bn (H1 2024: € 3.8 bn // +23%) REVENUE € 3.7 bn (H1 2024: € 4.0 bn // -8%) ORDER BACKLOG € 10.4 bn (H1 2024: € 9.7 bn // +7%) EBITA comparable | margin € 303 mn | 8.3% (H1 2024: € 329 mn // -8% | 8.2%) EBITA reported | margin € 289 mn | 7.9% (H1 2024: € 333 mn // -13% | 8.4%) NET INCOME incl. non-controlling interests | margin € 192 mn | 5.2% (H1 2024: € 224 mn // -14% | 5.6%) Major financial KPIs H1 2025 STABLE PROFITABILITY DESPITE REVENUE DECLINE
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7 Strong Order Intake • Order intake significantly above € 2 bn in last three quarters • Driven by all Business Areas • Book-to-bill above 1 for third consecutive quarter DEVELOPMENT OF ORDER INTAKE (in € mn) PROJECT ACTIVITY INCREASING 0 500 1,000 1,500 2,000 2,500 3,000 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Quarterly Order Intake Quarterly Order Intake (12mo rolling) Reflected in improving Order Intake momentum
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8 , ORDER INTAKE (in € mn) Q2 2025 Q2 2024 +/- Pulp & Paper 758.7 842.8 -10% Metals 526.7 321.0 64% Hydropower 776.5 284.1 173% Environment & Energy 332.5 447.2 -26% ANDRITZ Group 2,394.4 1,895.1 26% ORDER INTAKE (in € mn) • Pulp & Paper: Strong growth driven by the US and Asia • Metals: Significant growth fueled by the US and China • Hydropower: Strong demand for renewable energy and grid stability continues, supported by growing Service business • Environment & Energy: Decline from record order intake in H1 2024 due to weaker markets; growth in FEED studies H1 2025 H1 2024 +/- Pulp & Paper 1,733.3 1,485.3 17% Metals 872.3 670.1 30% Hydropower 1,345.4 781.7 72% Environment & Energy 775.6 908.3 -15% ANDRITZ Group 4,726.6 3,845.4 23% 1,950 2,332 1,895 2,394 2024 2025 3,845 4,727 +23% Q1 Q2 +26% +20% ORDER INTAKE BY REGION H1 2025 VS. H1 2024 (%) Emerging Markets 43% (41%) Europe / North America 57% (59%) ORDER INTAKE Significant increase in order intake
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Decrease in total revenue, increase in Service share 9 , REVENUE (in € mn) REVENUE BY REGION H1 2025 VS. H1 2024 (%) Emerging Markets 41% (44%) Europe / North America 59% (56%) REVENUE (in € mn) • Pulp & Paper: Decrease driven by low order intake in 2024; capacity reductions implemented • Metals: Decline driven by low order intake in 2024; capacity reductions implemented • Hydropower: Strong increase driven by execution of large order backlog and Service growth • Environment & Energy: Revenue in H1 2025 at all time high; solid growth in Service revenue Q2 2025 Q2 2024 +/- Pulp & Paper 733.8 905.7 -19% Metals 382.0 454.5 -16% Hydropower 402.7 361.4 11% Environment & Energy 371.7 378.6 -2% ANDRITZ Group 1,890.2 2,100.2 -10% H1 2025 H1 2024 +/- Pulp & Paper 1,378.7 1,738.0 -21% Metals 793.8 894.0 -11% Hydropower 775.5 663.7 17% Environment & Energy 703.5 690.9 2% ANDRITZ Group 3,651.5 3,986.6 -8% 1,886 1,761 2,100 1,890 2024 2025 3,987 3,652 -8% Q1 Q2 -10% -7% REVENUE
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10 1,633 Q1 20 5,820 1,577 Q2 20 5,840 1,490 Q3 20 5,335 1,439 Q4 20 5,479 1,592 Q1 21 5,693 1,710 Q2 21 5,647 1,695 Q3 21 6,530 1,636 Q4 21 7,261 2,174 Q1 22 7,562 2,297 Q2 22 8,530 2,292 Q3 22 7,927 2,050 Q4 22 8,060 2,348 Q1 23 8,233 2,336 Q2 23 8,053 2,308 Q3 23 7,758 2,115 Q4 23 7,561 2,442 Q1 24 7,324 2,385 Q2 24 7,130 2,253 Q3 24 7,516 2,234 Q4 24 7,623 2,547 Q1 25 7,857 2,541 Q2 25 6,292 7,397 7,330 6,774 7,071 7,403 7,342 8,166 9,435 9,859 10,822 7,925 10,408 10,569 10,361 9,873 10,003 9,709 9,383 9,750 10,170 10,398 9,977 26% 18%42% 14% Pulp & Paper MetalsHydropower Environment & Energy ORDER BACKLOG BY BUSINESS AREA H1 2025 Capital Service DEVELOPMENT OF ORDER BACKLOG (in € mn) SEQUENTIAL RECOVERY IN BACKLOG TO HISTORICALLY HIGH LEVEL Backlog revenue conversion rate • ~2/3 within 12 months • ~1/3 after 12 months
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Stable comparable EBITA margin despite decline in revenue 11 EBITA AND EBITA MARGIN* (REPORTED) EBITA AND EBITA MARGIN* (COMPARABLE) • Stable comparable EBITA margin • Stable or increasing comparable EBITA margins in Pulp & Paper, Metals, and Environment & Energy, margin expansion in Hydropower • Decline in reported EBITA and margins • Decline in revenue • One-offs due to capacity reductions in Pulp & Paper and Metals * EBITA (IN € MN) / EBITA MARGIN (IN %) 181 (8.6%) 152 (8.1%) 2024 147 (7.8%) 142 (8.1%) 2025 333 (8.4%) 289 (7.9%) -13% 175 (8.3%) 154 (8.1%) 2024 159 (8.4%) 145 (8.2%) 2025 329 (8.2%) 303 (8.3%) -8% Q1 Q2Q1 Q2 EBITA DEVELOPMENT
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ENVIRONMENT Reduction in the annual accident frequency rate (>1 day of absence) y/y Share of women in the workforce Yearly fluctuation rate as a result of voluntary resignations No infringements, achieved by implementing the highest corporate compliance standards No event-driven profit warnings, achieved by detecting company risks at an early stage 2025 target: 20% 2025 target: <4.5% y/y target: 0% SOCIAL GOVERNANCE 56% y/y target: 30% 17% 4.0% 90% 0 0 y/y target: 0% Reduction in water consumption 2025 target: 10% Revised 2025 target: 18%*** 10% Reduction in waste volume 2025 target: 10% Revised 2025 target: 40%*** 36% 44% Share of revenue from sustainable solutions and products** 2025 target: >50% Reduction in greenhouse gas emissions (Scope1+2)53% 2025 target: 50%* Note: * Reference year 2019 ** As defined by ANDRITZ, including EU Taxonomy-eligible activities (33.5%), plus additional activities not yet covered by the EU Taxonomy. *** -10% target for water and waste was already achieved in 2023. An additional reduction target of -5% was integrated into the base year calculation to develop a revised 2025 target. 12 Procurement volume covered by assessed suppliers 2025 target: 85% (Status H1 2025) ✓ ✓✓ ✓ ✓ ✓ ✓ ✓ ON TRACK TO MEET 2025 ESG TARGETS – MAJORITY ALREADY ACHIEVED
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13 LDX (USA) Environment & Energy Q1 2025 • Acquisition of leading provider of emission reduction technologies • Expanding service offering in Clean Air Technologies in North America • Annual revenue: approx. $ 100mn DECARBONIZATION A. Celli Paper (Italy) Pulp & Paper Q2 2025 • Acquisition of A.Celli Paper – a global supplier of machinery, key components, and services for the production of tissue, paper and board grades • Strengthening role as full-line supplier and service specialist • Locations in Italy and China • Annual revenue: approx. € 70mn GROWTH Salico Group (Italy) Metals Q2 2025 • Acquisition of Salico Group – equipment for strip and plate finishing • Closes gap between Metals Processing and Metals Forming • Annual revenue: approx. € 100mn GROWTH Diamond Power (USA) Pulp & Paper Q2 2025 • Diamond Power has >120 years of experience in designing & manufacturing advanced boiler cleaning systems • Acquisition significantly strengthens our Service business for the recovery & power boilers • Annual revenue: approx. € 100mn CUSTOMER SERVICE Major acquisitions in 2025 CONTINUATION OF ACQUIRING COMPLEMENTARY BUSINESSES
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14 33% 2017 35% 2018 39% 2019 36% 2020 40% 2021 39% 2022 38% 2023 41% 2024 42% Last 12m 5,889 6,031 6,674 6,700 6,463 7,543 8,660 8,314 ~8,000 +5% Service revenue share Total revenue DEVELOPMENT OF TOTAL REVENUE (€ mn) vs. SERVICE REVENUE (%) Capital 56% (60%) Service 44% (40%) REVENUE SPLIT: CAPITAL / SERVICE H1 2025 VS. H1 2024 (%) SERVICE BUSINESS Steadily increasing Service revenue share to an all -time high of 44%
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FINANCIAL PERFORMANCE Q2/H1 2025 02 15
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937 1,319 1,110 1,225 1,481 1,744 2,710 3,283 3,610 3,198 3,554 4,596 5,177 5,711 5,859 6,377 6,039 5,889 6,031 6,674 6,700 6,463 7,543 8,660 8,314 4.7% 5.2% 5.3% 5.1% 6.3% 6.1% 6.1% 6.4% 6.5% 5.1% 7.2% 7.2% 6.9% 3.7% 6.8% 8.3% 7.5% 7.1% 6.9% 6.8% 7.0% 8.5% 8.5% 8.7% 8.9% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Sales Comparable EBITA margin Sovereign debt crisis impact 16 Note: 1998-2012: reported EBITA margin, 2013-2024: comparable EBITA margin Across-the-cycle growth • Exposed to various sectors with somewhat phased cycles • Increasing Service share • Bolt-on M&A on top of organic growth • Asset-light business model & outsourcing Low margin variability and gradual improvements • Flexibility & synergies across business areas • Cost consciousness & flexible cost base • Improved project execution and project deviation management • Increasing Service share • Strong growth in high-margin Pulp & Paper and Environment & Energy businesses • Global sourcing, improved pricing Great financial crisis impact Covid impact 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 in € mn
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EBITDA – NET INCOME BRIDGE H1 2025 17 * ( ) H1 2024 ** % of revenue H1 2025 in € mn 374.3 -85.6 288.7 -30.9 257.8 -0.5 257.3 -65.7 191.6 EBITDA Depreciation EBITA IFRS 3 Amortization EBIT Financial result EBT Income taxes Net income (423.4)* (-90.4)* (333.0)* (309.2)* (300.6)* (223.8)* (-23.8)* (-8.6)* (-76.8)* 10.3%** 7.9%** 7.1%** 7.0%** 5.2%** • Lower Depreciation Due to smaller impairment last year • Higher IFRS 3 Amortization Driven by recent acquisitions • Improved financial result Lower cash balance & interest rates; Improvement due to negative impairment effect last year vs positive valuation effect this year • Stable tax-rate 25.5% in H1 2025 (25.5% in H1 2024)
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EBITDA TO FREE CASH FLOW BRIDGE H1 2025 18 • CF from changes in NWC (€ mn) • Higher M&A spending € 99.3mn in H1 2025 vs. € 58.2mn in H1 2024 374.3 -114.1 -68.2 8.1 -31.4 168.7 -98.4 70.3 -99.3 EBITDA Change in net working capital Income taxes paid Interest received / paid Changes in provisions & other CF from operating activities Capex Free cash flow M&A capex -88.2 ∆ Inventories +26.0 ∆ Trade receivables -120.3 ∆ Trade payables -36.5 ∆ Adv. payments made -41.2 ∆ Contract assets +146.1 ∆ Contract liabilities in € mn (423.4)* (-30.8)* (18.4)* (-33.5)* (-107.0)* * ( ) H1 2024 (-69.0)* (308.5)* (201.5)* (-58.2)* Enhanced M&A delivery led to an increase in M&A capex
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19 OPERATING CASH FLOW ROLLING AVERAGE OPERATING CASH FLOW * 264 207 359 430 604 567 538 574 497 2017 2018 2019 2020 2021 2022 2023 2024 Last 12m 57 43 155 206 69 84 31 346 227 186 29 268 -31 -48 154 300 285 23 96 233 73 96 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 • Operating Cash Flow influenced by Working Capital fluctuations driven by project execution cycle • Maintaining overall higher operating Cash Flow levels compared to the past in € mnin € mn CASH FLOW DEVELOPMENT * 2017-2024: 3-year rolling average operating Cash Flow Last 12 months: operating Cash Flow H2 2024 – H1 2025
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STRONG FINANCIAL POSITION 20 LIQUID FUNDS and NET LIQUIDITY (in € mn) 1,517 1,702 1,449 1,507 1,772 1,280 1,610 1,719 1,838 2,051 1,787 1,434 1,060 893 1,065 984 945 908 -100 245 421 703 983 920 905 516 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1 2025 Liquid funds Net liquidity Liquid funds = cash & cash equivalents + term deposits + other short-term securities Net liquidity = Liquid funds - loans Note: Since January 1, 2019, lease liabilities are excluded from the calculation of net liquidity; 2018 adjusted Acquisition Schuler: € 600 mn Main changes in Net liquidity H1 2025 VS. FY 2024 • Operating cash flow: € +169 mn • Capex: € -98 mn • Dividend: € -254 mn • M&A Capex: € -99 mn • FX translation: € -47 mn Total changes in Net Liquidity • ∆ € -389 mn Acquisition Xerium: € 770 mn - 389 Enhanced capital allocation while still maintaining a strong financial position
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474 576 631 617 671 670 817 658 515 493 525 537 687 805 886 860 730 898 982 963 980 0 5 10 15 20 25 30 0 200 400 600 800 1.000 1.200 10% Q2 2021 13% Q3 2021 10% Q4 2021 8% 7% Q2 2022 7% Q3 2022 7% Q4 2022 Q1 2022 7% Q1 2023 10% Q1 2020 Q2 2023 10% 9% Q3 2023 10% 8% Q4 2023 9% Q2 2020 Q1 2024 11% 9% Q3 2020 12% 9% Q3 2024 12% Q4 2020 Q4 2024 Q2 2024 10% Q1 2025 12% Q1 2021 Q2 2025 1.024 13% 21 Operating Net Working Capital / 12M Revenue (%) Operating Net Working Capital (in € mn) Calculation methodology + Inventories + Trade accounts receivable - Trade accounts payable = Trade Working Capital + Contract assets + Advance payments made - Contract liabilities = Operating Net Working Capital OPERATING NET WORKING CAPITAL DEVELOPMENT Slight reduction of Operating Net Working Capital in Q2
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1,097 930 894 830 846 893 1,074 1,031 1,104 1,191 1,243 1,218 1,222 1,226 1,248 1,218 1,246 1,457 1,437 1,377 1,482 1,463 -623 -355 -264 -213 -175 -223 -257 -373 -589 -699 -718 -681 -535 -422 -362 -359 -516 -559 -455 -414 -458 -483 16% 14% 13% 12% 13% 14% 17% 16% 17% 18% 17% 16% 15% 15% 15% 14% 15% 17% 17% 17% 18% 18% -9% -5% -4% -3% -3% -3% -4% -6% -9% -10% -10% -9% -7% -5% -4% -4% -6% -7% -5% -5% -6% -6% 7% 8% 9% 9% 10% 10% 13% 10% 8% 7% 7% 7% 9% 10% 10% 10% 9% 11% 12% 12% 13% 12% Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Trade Working Capital (Inventories + Receivables - Payables) Contract Assets & Liabilities + Advance Payments made Trade Working Capital / 12m Revenue Contract Assets & Liabilities + Advance Payments made / 12m Revenue Operating Net Working Capital / 12m Revenue22 Trade Working Capital • Inventories + Receivables – Payables • Relatively stable at c.16% of sales on longer-term average • Reduction in absolute terms in Q2 Contract Assets & Liabilities and Advance Payments made • Typically, somewhat higher fluctuation of 3-10% of revenue • Driven by prepayments and progress on project execution • Increase in net prepayments over last two quarters driven by strong OI TRADE WORKING CAPITAL CONTRACT ASSETS & LIABILITIES AND ADVANCED PAYMENTS MADE OPERATING NET WORKING CAPITAL DEVELOPMENT Trade Working Capital slightly improved in Q2, prepayments increasing
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23 0.50 1.00 1.65 2.10 2.50 2.60 2019 2020 2021 2022 2023 2024 39.4 48.1 50.3 50.7 48.5 51.8 2019 2020 2021 2022 2023 2024 DIVIDEND PER SHARE (EUR) PAYOUT RATIO (%) >50% DIVIDEND OF 2.60 EUR/SHARE PAID IN APRIL Gradually increasing dividend payments, >50% target payout
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8 822 462 530 711 375 637 127 173 139 159 214 221 233 157 156 50 99 163 208 248 5 40 18 5 16 117 758 91 31 84 80 52 77 2018 2019 2020 2021 2022 2023 2024 Operating cash flow Capex Dividends Share buyback M&A 347 473 481 674 1,047 460 238 34% 29% 5% 32% Capex Dividends Share buyback M&A 24 GRADUAL INCREASE IN CAPITAL ALLOCATION (in € mn) Increased spending on capex, M&A & dividends - capital allocation remains balanced and funded internally OPERATING CASH FLOW COVERS 95% OF CAPITAL ALLOCATION 2018-2024 ENHANCED AND BALANCED CAPITAL ALLOCATION Operating cash flow
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25 Note: ROIC as per definition Mauboussin/MS incl. 5% operating cash, based on EBITA reported *Rolling last four quarters 10.1% 2017 8.6% 2018 8.6% 2019 6.9% 2020 7.1% 2021 9.0% 2022 8.2% 2023 8.2% 2024 7.9% H1 2025 17.2% 13.0% 10.4% 12.3% 16.9% 20.0% 22.6% 22.5% 20.7% ROIC WACC ROIC SIGNIFICANTLY ABOVE WACC • ROIC above 20% in H1 2025 Slight decrease due to EBITA decline in H1-2025 • WACC on relatively stable level • ROIC significantly above WACC implies significant value generation ROIC significantly above average cost of capital DEVELOPMENT ROIC vs WACC
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26 • Significant increase in order intake driven by Pulp & Paper, Metals and Hydropower • Decline in revenue and net income • Comparable EBITA margin stable • Reported EBITA declining, higher NOI • Reduction in Operating Net Working Capital in Q2 • Enhanced capital allocation and higher M&A spend reducing Net Liquidity • Number of employees steady on Group level, despite significant reduction in Pulp & Paper and Metals UNIT Q2 2025 Q2 2024 +/- H1 2025 H1 2024 +/- 2024 Order intake € mn 2,394.4 1,895.1 26% 4,726.6 3,845.4 23% 8,276.9 Order backlog (as of end of period) € mn 10,398.3 9,709.1 7% 10,398.3 9,709.1 7% 9,749.9 Revenue € mn 1,890.2 2,100.2 -10% 3,651.5 3,986.6 -8% 8,313.7 EBITDA € mn 189.6 229.4 -17% 374.3 423.4 -12% 887.9 EBITDA margin % 10.0 10.9 -89bp 10.3 10.6 -37bp 10.7 Comparable EBITA € mn 158.7 175.1 -9% 303.2 328.6 -8% 742.8 Comparable EBITA margin % 8.4 8.3 6bp 8.3 8.2 6bp 8.9 Non-operating items € mn -11.8 5.5 -315% -14.5 4.4 -430% -29.8 EBITA € mn 146.9 180.6 -19% 288.7 333.0 -13% 713.0 EBITA margin % 7.8 8.6 -83bp 7.9 8.4 -45bp 8.6 Net income (including non-controlling interests) € mn 102.4 119.7 -14% 191.6 223.8 -14% 496.5 Net income margin % 5.4 5.7 -28bp 5.2 5.6 -37bp 6.0 Earnings per share € 1.05 1.20 - 1.96 2.25 - 5.02 Cash flow from operating activities € mn 95.5 23.2 - 168.7 308.5 - 636.5 Capital expenditure € mn 48.0 67.3 -29% 98.4 107.0 -8% 237.5 Liquid funds € mn 1,060.4 1,397.6 -24% 1,060.4 1,397.6 -24% 1,434.4 Net liquidity € mn 516.2 831.0 -38% 516.2 831.0 -38% 904.9 Net working capital € mn 228.7 27.6 729% 228.7 27.6 729% 51.6 Operating net working capital € mn 979.6 898.0 9% 979.6 898.0 9% 962.9 Employees (as of end of period; without apprentices) - 30,043 30,115 0% 30,043 30,115 0% 30,003 SUMMARY - KEY FIGURES Q2 / H1 2025
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UPDATE ON BUSINESS AREAS 03 27
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PULP & PAPER 28 REVENUE BY REGION H1 2025 VS. H1 2024 (%) REVENUE SPLIT: CAPITAL / SERVICE H1 2025 VS. H1 2024 (%) Emerging markets 45% (51%) Europe / North America 55% (49%) Capital 41% (51%) Service 59% (49%) UNIT Q2 2025 Q2 2024 +/- H1 2025 H1 2024 +/- 2024 Order intake € mn 758.7 842.8 -10% 1,733.3 1,485.3 17% 2,779.8 Order backlog (as of end of period) € mn 2,687.4 2,889.5 -7% 2,687.4 2,889.5 -7% 2,459.1 Revenue € mn 733.8 905.7 -19% 1,378.7 1,738.0 -21% 3,461.1 EBITDA € mn 89.9 117.8 -24% 174.8 221.0 -21% 457.8 EBITDA margin % 12.3 13.0 -75bp 12.7 12.7 -4bp 13.2 Comparable EBITA € mn 75.2 89.7 -16% 140.6 173.7 -19% 382.0 Comparable EBITA margin % 10.2 9.9 35bp 10.2 10.0 20bp 11.0 EBITA € mn 70.6 93.6 -25% 135.2 176.9 -24% 373.7 EBITA margin % 9.6 10.3 -70bp 9.8 10.2 -37bp 10.8 Employees (as of end of period; without apprentices) - 12,607 13,399 -6% 12,607 13,399 -6% 13,150 • Order intake: Strong growth driven by orders in pulp and paper sectors; complete lines and single islands mainly from the US and Asia • Revenu e: Decrease driven by low order intake in 2024; capacity reductions implemented; Service share increased • Comparable EBITA & profitability: Improved profitability despite revenue decline due to improved project management and higher Service share
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METALS 29 REVENUE BY REGION H1 2025 VS. H1 2024 (%) REVENUE SPLIT: CAPITAL / SERVICE H1 2025 VS. H1 2024 (%) Europe / North America 60% (62%) • Order intake: Significant growth fueled by large order wins in Metals Processing in China and the US in Q2; continued growth of Metals Forming in China • Revenue: Decline driven by low order intake in 2024; capacity reductions implemented • Comparable EBITA & profitability : Ongoing restructuring measures to compensate for volume declines, operational profitability maintained at stable level UNIT Q2 2025 Q2 2024 +/- H1 2025 H1 2024 +/- 2024 Order intake € mn 526.7 321.0 64% 872.3 670.1 30% 1,707.2 Order backlog (as of end of period) € mn 1,890.2 1,842.4 3% 1,890.2 1,842.4 3% 1,965.3 Revenue € mn 382.0 454.5 -16% 793.8 894.0 -11% 1,811.2 EBITDA € mn 22.2 31.6 -30% 51.2 61.6 -17% 110.0 EBITDA margin % 5.8 7.0 -115bp 6.4 6.9 -44bp 6.1 Comparable EBITA € mn 20.1 24.6 -18% 42.0 47.1 -11% 99.4 Comparable EBITA margin % 5.3 5.4 -15bp 5.3 5.3 3bp 5.5 EBITA € mn 13.2 19.2 -31% 33.3 40.1 -17% 73.0 EBITA margin % 3.5 4.2 -76bp 4.2 4.5 -29bp 4.0 Employees (as of end of period; without apprentices) - 5,849 6,091 -4% 5,849 6,091 -4% 6,109 Capital 73% (75%) Service 27% (25%) Emerging markets 40% (38%)
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HYDROPOWER 30 REVENUE BY REGION H1 2025 VS. H1 2024 (%) REVENUE SPLIT: CAPITAL / SERVICE H1 2025 VS. H1 2024 (%) Emerging markets 35% (38%) Europe / North America 65% (62%) Capital 64% (63%) Service 36% (37%) • Order intake: Ongoing shift to renewable energy continues; strong OI development based on several mid-sized and large orders in plant rehabilitation & modernizations as well as grid stability, and two major pumped storage projects in India; continued growth in Service business • Revenue: Continued strong increase driven by execution of high order backlog and further Service growth • Comparable EBITA & profitability: Significant EBITA and margin expansion driven by continued phase-out of legacy projects, as well as improved project execution and pricing UNIT Q2 2025 Q2 2024 +/- H1 2025 H1 2024 +/- 2024 Order intake € mn 776.5 284.1 173% 1,345.4 781.7 72% 2,170.5 Order backlog (as of end of period) € mn 4,365.6 3,473.2 26% 4,365.6 3,473.2 26% 3,933.7 Revenue € mn 402.7 361.4 11% 775.5 663.7 17% 1,537.9 EBITDA € mn 29.9 29.6 1% 59.7 52.2 14% 121.9 EBITDA margin % 7.4 8.2 -74bp 7.7 7.9 -16bp 7.9 Comparable EBITA € mn 23.8 20.2 18% 47.5 35.6 33% 94.1 Comparable EBITA margin % 5.9 5.6 31bp 6.1 5.4 76bp 6.1 EBITA € mn 23.5 23.2 1% 47.2 39.8 19% 96.3 EBITA margin % 5.8 6.4 -61bp 6.1 6.0 9bp 6.3 Employees (as of end of period; without apprentices) - 6,337 5,958 6% 6,337 5,958 6% 6,004
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ENVIRONMENT & ENERGY 31 REVENUE SPLIT: CAPITAL / SERVICE H1 2025 VS. H1 2024 (%) Emerging markets 42% (42%) Europe / North America 58% (58%) Capital 57% (62%) Service 43% (38%) REVENUE BY REGION H1 2025 VS. H1 2024 (%) UNIT Q2 2025 Q2 2024 +/- H1 2025 H1 2024 +/- 2024 Order intake € mn 332.5 447.2 -26% 775.6 908.3 -15% 1,619.4 Order backlog (as of end of period) € mn 1,455.1 1,504.0 -3% 1,455.1 1,504.0 -3% 1,391.8 Revenue € mn 371.7 378.6 -2% 703.5 690.9 2% 1,503.5 EBITDA € mn 47.6 50.4 -6% 88.6 88.6 0% 198.2 EBITDA margin % 12.8 13.3 -51bp 12.6 12.8 -23bp 13.2 Comparable EBITA € mn 39.6 40.6 -2% 73.1 72.2 1% 167.3 Comparable EBITA margin % 10.7 10.7 -8bp 10.4 10.5 -7bp 11.1 EBITA € mn 39.6 44.6 -11% 73.0 76.2 -4% 170.0 EBITA margin % 10.7 11.8 -114bp 10.4 11.0 -65bp 11.3 Employees (as of end of period; without apprentices) - 5,250 4,667 12% 5,250 4,667 12% 4,740 • Order intake : Decline compared to record order intake in H1 2024 due to weaker markets; growth in FEED studies and in Clean Air Technologies • Revenue : Revenue in H1 2025 at all -time high; solid growth in Service business • Comparable EBITA & profitability : Stable comparable EBITA and margins in Q2 and H1 2025
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GUIDANCE 2025 & MID -TERM TARGETS 2027 04 32
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33 ANDRITZ is a truly global supplier with >280 locations • The US is among its most important markets, contributing c.17% of revenue (in 2024). • US-based purchasing of materials, parts & equipment accounts for the majority of US revenue, with an increasing trend. • US sourcing from China is negligible. ANDRITZ continues to see considerable opportunities in the US market in the medium-term • Potential re- and on-shoring activities (manufacturing) imply positive medium-term prospects. • In addition, ANDRITZ continues to develop sustainable technologies supporting our customers in mastering the green transition. • Potential realization of additional M&A opportunities. No adverse impact from increasing trade barriers on major ANDRITZ markets yet (no change vs Q1) • Still limited FX impact in H1 2025 (-2%) • Weakening of major operating currencies against the Euro since mid-March • Significant negative translation impact of low triple-digit Euro million amount possible in 2025 • No major transaction impact Limited FX impact in H1 2025 FX IMPACT BY CURRENCY IN H1 2025: Brazilian Real 37% Mexican Peso 18% Canadian Dollar 11% US Dollar 9% Others 24% IMPACT OF US TARIFFS & FX RATES
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ANDRITZ expects to arrive at the low end of its FY 2025 guidance ranges for revenue and comparable EBITA margin. GUIDANCE 2025 CONFIRMED 34 Market outlook 2025 • Project activity has picked up across markets • Improving order backlog • Growing demand for green technologies • Growth and strong margins in Service business • Continuation of successful bolt-on M&A model • Capacity adjustment initiatives ongoing • Potential negative FX translation effect in H2 2025 based on recent strengthening of the Euro against ANDRITZ’s major operating currencies GUIDANCE 2025 Revenue € 8.0 - 8.3 bn Comparable EBITA margin 8.6% - 9.0%
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MID -TERM TARGETS 2027 CONFIRMED 35 Mid-term assumptions • Growth in Capital sales, expansion of Service share • Increasing demand for green technologies • Increasing digitalization, continuation of (bolt-on) M&A • Mix improvements, selective capacity adjustments, phase-out of legacy projects MID-TERM TARGETS 2027 Revenue € 9 - 10 bn Comparable EBITA margin >9%
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36 Base growth • Growth in Capital sales, expansion of Service share • Demand for Green Products • Digitalization, bolt-on M&A 2024 € 8.3 bn Revenue growth CAGR 4.5% (to mid-point) Incremental growth • Accelerated growth in Service business • Accelerated demand for Green Products • Large-scale orders • Large-scale M&A 2027 Revenue target 2027 € 9-10 bn € 9-10 bn REVENUE TARGET 2027
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7.1 7.0 7.2 5.4 6.0 5.6 6.2 6.1 2017 2018 2019 2020 2021 2022 2023 2024 4.4 2.0 0.5 -0.8 2.0 3.7 5.1 5.5 2017 2018 2019 2020 2021 2022 2023 2024 10.0 11.1 10.0 9.9 11.7 11.1 10.5 11.0 2017 2018 2019 2020 2021 2022 2023 2024 5.7 5.8 7.8 10.9 10.9 11.1 11.4 11.1 2017 2018 2019 2020 2021 2022 2023 2024 • Capacity adjustments in P&P and ME • Phase-out of low- margin legacy orders in HY • Mix improvements (growing Service revenue share) HYDROPOWER METALSPULP & PAPER Target 2027 6-8% ENVIRONMENT & ENERGY Target 2027 10-13% Target 2027 7-9% Margin target 2027 >9% 37 Comparable EBITA margin target range in % (changed from reported EBITA margin previously) Target 2027 11-13% COMPARABLE EBITA MARGIN TARGETS 2027
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Q&A
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welcome@andritz.com This presentation contains forward -looking statements, which include statements about future events, future financial performanc e, plans, strategies, expectations, prospects, regulatory changes, and changes in customer investment activity. Such statements may be identified b y terminology including, but not limited to, "expect," "plan," "anticipate," "believe," "estimate," and similar expressions. These forward -looking statements are based on the current beliefs, estimates, and assumptions as well as forecasts of the ANDRITZ Group and are subject to significant r isks and uncertainties, many of which are beyond our control. As such, actual results may differ materially from those anticipated in the forward -looking statements due to factors including, but not limited to, changes in the economic, business, and investment environment, fluctuations in custome r demand and industry supply, and variations in exchange rates and interest rates. In light of these uncertainties, recipients of this presentation are cautioned not to place undue reliance on these forward -looking statements. ANDRITZ Group does not undertake any obligation to update or revise any forw ard-looking statements to reflect subsequent events or circumstances. All materials in this presentation, including text and graphics, are protected by copyright © ANDRITZ Group 2025. All rights reserved. No part of this information may be reproduced, retransmitted, displayed, distributed, or modified without prior written consent from ANDRITZ Group. All trademarks, logos, and service marks are the property of ANDRITZ Group. For any inquiries regarding permissions or use of the contents he rein, please contact ANDRITZ Group at welcome@andritz.com . Note: Rounding differences may arise from automatic processing of data. © ANDRITZ AG 2025 LEGAL DISCLAIMER 39