Slides
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A N D R I T Z G R O U P Q2 2026 FINANCIAL RESULTS JULY 30, 2026
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AGENDA CEO Key Messages & Q2 2026 Highlights Financial Performance Q2 2026 Update on Business Areas Guidance 2026 & Mid-Term Targets 2027 01 02 03 04 2
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CEO KEY MESSAGES & Q2 2026 HIGHLIGHTS 01 3
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4 High project activity and record order backlog • Following an exceptionally strong record in Q1, order intake remained at high level in Q2 • Growth in Metals mainly driven by steel, first signs of stabilization in automotive • Record order backlog underpins robustness of the business model Accelerating revenue growth and strong Service growth • Revenue growth accelerated in Q2 2026 • Continued growth in Service business, high Service revenue share Strong growth in comparable EBITA and operating profitability • Significant increase in comparable EBITA • Significant expansion of operating margins based on restructuring benefits and continued phase-out of legacy projects in Hydropower • 3 out of 4 Business Areas within 2027 target corridor for comparable EBITA margin FY 2026 guidance confirmed STRONG RESULTS IN Q2 2026 Record order backlog, accelerating revenue growth and improved operating profitability
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5 ORDER INTAKE € 2.3 bn (Q2 2025: € 2.4 bn // -3%) REVENUE € 2.1 bn (Q2 2025: € 1.9 bn // +8%) ORDER BACKLOG € 12.6 bn (Q2 2025: € 10.4 bn // +21%) EBITA comparable | margin € 182 mn | 8.9% (Q2 2025: € 159 mn | 8.4% // +15%) EBITA reported | margin € 168 mn | 8.2% (Q2 2025: € 147 mn | 7.8% // +14%) NET INCOME incl. non-controlling interests | margin € 109 mn | 5.3% (Q2 2025: € 102 mn | 5.4% // +7%) Major financial KPIs Q2 2026 RECORD ORDER BACKLOG , STRONG REVENUE GROWTH AND IMPROVED PROFITABILITY
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6 ORDER INTAKE € 5.9 bn (H1 2025: € 4.7 bn // +25%) REVENUE € 3.8 bn (H1 2025: € 3.7 bn // +5%) ORDER BACKLOG € 12.6 bn (H1 2025: € 10.4 bn // +21%) EBITA comparable | margin € 330 mn | 8.6% (H1 2025: € 303 mn | 8.3% // +9%) EBITA reported | margin € 312 mn | 8.1% (H1 2025: € 289 mn | 7.9% // +8%) NET INCOME incl. non-controlling interests | margin € 201 mn | 5.2% (H1 2025: € 192 mn | 5.2% // +5%) Major financial KPIs H1 2026 RECORD ORDER BACKLOG, STRONG REVENUE GROWTH AND IMPROVED PROFITABILITY
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7 Continuously strong order intake momentum • Continued strong order intake of € 2.3 bn in Q2 2026 following the record order intake of € 3.6 bn in Q1 2026 • 7th consecutive quarter of order intake above € 2 bn • Book-to-bill at 1.54 for H1 2026 DEVELOPMENT OF ORDER INTAKE (in € mn) PROJECT ACTIVITY REMAINS AT HIGH LEVEL 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 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 Q3 25 Q4 25 Q1 26 Q2 26 Quarterly Order Intake Quarterly Order Intake (12 months rolling)
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8 , ORDER INTAKE (in € mn) Q2 2026 Q2 2025 +/- Pulp & Paper 880.4 758.7 16% Metals 572.9 526.7 9% Hydropower 569.1 776.5 -27% Environment & Energy 299.4 332.5 -10% ANDRITZ Group 2,321.8 2,394.4 -3% ORDER INTAKE (in € mn) H1 2026 H1 2025 +/- Pulp & Paper 1,886.3 1,733.3 9% Metals 910.1 872.3 4% Hydropower 2,445.9 1,345.4 82% Environment & Energy 677.4 775.6 -13% ANDRITZ Group 5,919.7 4,726.6 25% ORDER INTAKE BY REGION H1 2026 vs. H1 2025 (%) ORDER INTAKE Strong increase in order intake in H1 North America 19% (24%) Europe 26% (34%) South America 14% (10%) Asia excl. China 21% (16%) China 10% (14%) RoW 9% (3%) • Pulp & Paper: Strong growth in Q2, mainly driven by strong momentum in Paper & Textile • Metals: Growth driven by continued improved demand in the steel industry; first signs of stabilization in the automotive industry • Hydropower: Decline in Q2 after record Q1; continued strong demand for renewable energy and grid stability solutions • Environment & Energy: Investment climate for the energy transition still uncertain, project pipeline active 2,332 3,598 2,394 2,322 2025 2026 4,726 5,920 +25% Q1 Q2 -3% +54%
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Strong increase in total revenue 9 , REVENUE (in € mn) REVENUE BY REGION H1 2026 vs. H1 2025 (%) REVENUE (in € mn) • Pulp & Paper: Third consecutive quarter of revenue growth, driven by the conversion of a growing order backlog, supported by growth in Service revenue • Metals: Market decline in automotive sector driven by structural challenges; continued improvement in the steel industry; growth in Service revenue • Hydropower: Strong growth driven by execution of record backlog and sustained demand for renewable energy & storage, expansion in grid stability • Environment & Energy: Subdued demand due to delays in investment decisions across various industries Q2 2026 Q2 2025 +/- Pulp & Paper 802.5 733.8 9% Metals 415.1 382.0 9% Hydropower 468.7 402.7 16% Environment & Energy 364.3 371.7 -2% ANDRITZ Group 2,050.6 1,890.2 8% REVENUE H1 2026 H1 2025 +/- Pulp & Paper 1,470.0 1,378.7 7% Metals 809.4 793.8 2% Hydropower 872.7 775.5 13% Environment & Energy 689.2 703.5 -2% ANDRITZ Group 3,841.3 3,651.5 5% North America 28% (27%) Europe 32% (32%) South America 10% (11%) Asia excl. China 14% (14%) China 13% (12%) RoW 3% (4%) 1,761 1,791 1,890 2,051 2025 2026 3,651 3,841 +5% Q1 Q2 -+8% +1%
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10 Q1 21 1,710 Q2 21 1,695 Q3 21 1,636 Q4 21 2,174 Q1 22 2,297 Q2 22 2,292 Q3 22 2,050 Q4 22 2,348 Q1 23 2,336 Q2 23 2,308 Q3 23 2,115 Q4 23 Q1 24 Q2 24 2,253 Q3 24 2,234 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 3,302 Q2 26 7,071 7,403 7,342 8,166 9,435 9,859 10,822 9,977 10,408 10,569 10,361 9,873 10,003 9,709 9,383 9,750 10,17010,398 10,799 10,457 12,367 12,602 5,479 5,693 5,647 6,530 7,261 7,562 8,530 1,592 8,060 8,233 8,053 7,758 7,561 2,442 7,324 2,385 7,130 7,5167,927 2,547 7,857 2,541 8,143 2,656 7,858 2,600 9,199 3,168 9,301 7,623 Capital Service DEVELOPMENT OF ORDER BACKLOG (in € mn) RECOVERY IN BACKLOG TO RECORD LEVEL Pulp & Paper MetalsHydropower Environment & Energy ORDER BACKLOG BY BUSINESS AREA H1 2026 Increasing lead times due to significant growth in Hydropower • Year-end backlog revenue conversion rate at Ø ~2/3 within 12 months historically • Revenue conversion decreasing (<60% end 2025) due to increasing Hydropower order intake and share of total backlog (49%) 26% 14%49% 11%
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Strong growth in (comparable) EBITA and (comparable) EBITA margin 11 EBITA AND EBITA MARGIN* (REPORTED) EBITA AND EBITA MARGIN* (COMPARABLE) Strong growth in EBITA and margin • Increase in (comparable) EBITA and (comparable) EBITA margin • Improved project execution • Low-margin legacy-projects phasing out • Ongoing restructuring bearing fruit • Non-operating items • NOI: € -3 mn in Q1; € -15 mn in Q2 • Right-sizing in Pulp & Paper and Environment & Energy • Ongoing restructuring in Metals EBITA AND MARGIN EBITA in € mn | EBITA margin in % 147 (7.8%) 142 (8.1%) 2025 168 (8.2%) 145 (8.1%) 2026 289 (7.9%) 312 (8.1%) +8% 159 (8.4%) 145 (8.2%) 2025 182 (8.9%) 147 (8.2%) 2026 303 (8.3%) 330 (8.6%) +9% Q1 Q2Q1 Q2
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12 2,084 2,589 2,385 2,555 2,969 3,305 3,428 3,433 35% 2018 39% 2019 36% 2020 40% 2021 39% 2022 38% 2023 41% 2024 44% 2025 6,031 6,674 6,700 6,463 7,543 8,660 8,314 7,883 Service revenue and Service revenue share Total revenue DEVELOPMENT of TOTAL REVENUE (€ mn), SERVICE REVENUE (€ mn) and SERVICE REVENUE SHARE (%) Steadily increasing Service revenue share; Service revenue growth outpacing total revenue growth SERVICE BUSINESS CAGR = Compound annual growth rate Service revenue growth outpacing Group revenue growth • Record Service revenue share of 46% in H1 2026 (vs. 45% in H1 2025) • 6% yoy growth of Service revenue in H1 2026 • Capturing life cycle value • Key focus in organic expansion (Service centers) and M&A (high Service share)
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13 ANDRITZ commits to reduce absolute scope 1 and 2 GHG emissions 42% by 2030 from a 2023 base year. ANDRITZ also commits to reduce absolute scope 3 GHG emissions 25% within the same timeframe. ESG PERFORMANCE EXTERNALLY RECOGNIZED Improvements in MSCI, ISS ESG & Sustainalytics; climate targets validated by the SBTi RATING GOLD | TOP 5% 2024: Bronze RATING B- | PRIME 2025: C+ | Prime ESG SCORE 53 2024: 47 RATING 20.2 (MEDIUM RISK) 2025: 20.5 | Medium Risk RATING B 2024: C RATING A 2025: BBB ✓
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SOCIAL GOVERNANCE ENVIRONMENT ESG 2030 TARGETS – H1 2026 STATUS UPDATE Focus areas LTIFR Women in people leader positions Voluntary employee turnover Employee engagement index E-impact revenue GHG emissions, absolute Own operations Value chain GHG emissions, relative Own operations Water use in water- stressed areas Waste to landfill Supplier prequalification Supplier social audits Sustainability-rated suppliers Certified sustainability management index > 50% - 42% - 25% 18 → 10 t/MEUR - 25% - 25% < 1 > 15% < 4% > 75 > 90% > 100 in total 20,000** 100%*** 2030 targets * to compare YTD-6 2026 with YTD-12 2023, the YTD-6 2026 figure was extrapolated to the full year ** suppliers rated by third party *** of the set 2030 target 2.36 13.5% 5.1% 75 45% - 0% (131 143 tCO2e) - 0% (60 463 465 tCO2e) 18 t/MEUR - 0% (45.8 l/DLH) - 0% (1.1 kg/DLH) 90% 64 in total 9,000 48% 2023: base year Progress 2026 1.03 14.8% 4.2% Annual only 50% 40.5*% Annual only 11.1 (t/MEUR) -17.5% -10.9% 89.2% 41 5,400 Annual only H1 2026 14 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓✓ ✓ ✓✓ ✓✓ …achieved ✓ …on track
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FINANCIAL PERFORMANCE Q2 2026 02 15
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16 INCREASED OP. CASH FLOW € 291 mn (H1 2025: € 169 mn // +72%) STRONG NET LIQUIDITY € 593 mn (H1 2025: € 519 mn // +15 %) IMPROVED OP. NWC € 874 mn (H1 2025: € 980 mn // -11%) ROIC >> WACC 18.5% vs. WACC 9.1% Major financial KPIs H1 2026 INCREASED OPERATING CASH FLOW & ROIC, IMPROVED OPERATING NET WORKING CAPITAL
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EBITDA – NET INCOME BRIDGE H1 2026 17 * ( ) H1 2025 ** % of revenue H1 2026 in € mn 404.2 -92.0 312.2 -30.1 282.1 269.1 -68.1 201.0 -13.0 EBITDA Depreciation EBITA IFRS 3 Amortization EBIT Financial result EBT Income taxes Net income (374.3)* (-85.6)* (288.7)* (257.8)* (257.3)* (191.6)* (-30.9)* (-0.5)* (-65.7)* 10.5%** 8.1%** 7.3%** 7.0%** 5.2%** Depreciation slightly increased • Driven by capex and M&A Financial result decreased • Lower gross liquidity and interest income • Higher financing costs • Positive valuation effect of Armis shares in H1 2025 Tax rate stable • 25.3% in H1 2026 • 25.5% in H1 2025
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EBITDA TO FREE CASH FLOW BRIDGE H1 2026 18 • CF from changes in Op. NWC (in € mn) • Increased Operating Cash Flow • Strongly improved Free Cash Flow despite higher capex 3.9 - 71.9 4.1 - 49.5 290.8 - 131.1 159.7 404.2 - 37.9 EBITDA Change in operating net working capital Income taxes paid Interest received / paid Changes in provisions & other CF from operating activities Capex Free cash flow M&A capex -98.1 ∆ Inventories +45.1 ∆ Trade receivables -160.7 ∆ Trade payables -23.6 ∆ Adv. payments made -75.5 ∆ Contract assets +316.7 ∆ Contract liabilities in € mn (374.3)* (-114.1)* (-31.4)* (8.1)* (-98.4)* * ( ) H1 2025 (-68.2)* (168.7)* (70.3)* (-99.3)*
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1.000 1.200 19 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 Further decrease in Operating Net Working Capital in Q2 2026 474 576 631 617 671 670 817 658 515 493 525 537 687 805 886 860 730 898 982 963 1,024 980 1,052 985 961 874 7% 8% 9% 9% 10% 10% 13% 10% 8% 7% 7% 7% 9% 10% 10% 10% 9% 11% 12% 12% 13% 12% 13% 12% 12% 11% 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 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Operating net working capital (in € mn) Operating net working capital / 12m revenue (in %)
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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 1,614 1,532 1,659 1,657 -355 -264 -213 -175 -223 -257 -373 -589 -699 -718 -681 -535 -422 -362 -359 -516 -559 -455 -414 -458 -483 -562 -548 -698 -783 14% 13% 12% 13% 14% 17% 16% 17% 18% 17% 16% 15% 15% 15% 14% 15% 17% 17% 17% 18% 18% 21% 19% 21% 21% -5% -4% -3% -3% -3% -4% -6% -9% -10% -10% -9% -7% -5% -4% -4% -6% -7% -5% -5% -6% -6% -7% -7% -9% -10% 8% 9% 9% 10% 10% 13% 10% 8% 7% 7% 7% 9% 10% 10% 10% 9% 11% 12% 12% 13% 12% 13% 12% 12% 11% 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 Q3 2025 Q4 2025 Q1 2026 Q2 2026 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 Revenue 20 Trade Working Capital • Inventories + receivables - payables • Relatively stable at c.16% of revenue on longer-term average • Increase in 2025 driven by acquisitions • Typical seasonal increase in H1-26 Contract Working Capital • 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 prepayments and contract liabilities driven by strong OI TRADE WORKING CAPITAL CONTRACT WORKING CAPITAL OPERATING NET WORKING CAPITAL DEVELOPMENT Increase in Trade Working Capital on Service, M&A and seasonality ; improving prepayments
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21 OPERATING CASH FLOW per quarter OPERATING CASH FLOW 462 530 711 375 637 653 430 604 567 538 574 555 Operating Cash Flow Rolling Average Operating Cash Flow* 2020 2021 2022 2023 2024 2025 • Quarterly Operating Cash Flow influenced by operating working capital fluctuations driven by project execution cycle • Operating Cash Flow increased in Q2 2026 year on year due to operating net working capital improvements in € mnin € mn STEADY CASH FLOW GENERATION * 2020-2025: 3-year rolling average operating Cash Flow 57 43 155 206 69 84 31 346 227 186 29 268 -31 -48 154 300 285 23 96 233 73 96 145 339 89 202 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 Q3 25 Q4 25 Q1 26 Q2 26
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STRONG FINANCIAL POSITION 22 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 1,261 964893 1,065 984 945 908 -100 245 421 703 983 920 905 713 593 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026 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 Acquisition Xerium: € 770 mn -120 Enhanced capital allocation while still maintaining a strong financial position Changes in Net Liquidity H1 2026 vs. FY 2025 (in € mn) Net Liquidity • H1 2026: € 593 mn • H1 2025: € 516 mn +291 Operating cash flow -128 Capex spent -37 M&A capex spent -265 Dividends +21 FX -3 Others -120 Changes in Net Liquidity
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23 Note: ROIC as per definition Mauboussin/MS incl. 5% operating cash, based on EBITA reported 8.6% 2019 6.9% 2020 7.1% 2021 9.0% 2022 8.2% 2023 8.2% 2024 8.4% 10.1% 9.1% H1 2026 17.2% 13.0% 10.4% 12.3% 16.9% 20.0% 22.6% 22.5% 17.8% 18.5% 2017 8.6% 2018 2025 ROIC WACC ROIC SIGNIFICANTLY ABOVE WACC ROIC increased in H1 2026 vs 2025: • Growth of EBITA • Stable average invested capital • Compared to 20.7% in H1 2025 WACC increased due to higher risk- free rate ROIC significantly above WACC implies material value generation Increase in ROIC in H1 2026 DEVELOPMENT ROIC vs WACC
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24 • Order intake remained at a high level in Q2 despite the record Q1, driven by Hydropower, Pulp & Paper and Metals • Backlog on record level • Accelerating revenue growth and no more FX headwind in Q2 • Strong growth in comparable EBITA and margin expansion in Q2 • Growth in net income and stable net income margin in H1 • Continued decrease in Operating Net Working Capital • Increase in Net Liquidity • Number of employees increased on Group level, including reduction in Metals and Environment & Energy and expansion in Pulp & Paper and Hydropower SUMMARY - KEY FIGURES Q 2 / H1 2026 UNIT Q2 2026 Q2 2025 +/- H1 2026 H1 2025 +/- FY 2025 Order intake € mn 2,321.9 2,394.4 -3% 5,919.7 4,726.6 25% 8,909.8 Order backlog (end of period) € mn 12,602.1 10,398.3 21% 12,602.1 10,398.3 21% 10,457.5 Revenue € mn 2,050.7 1,890.2 8% 3,841.3 3,651.5 5% 7,883.1 EBITDA € mn 214.0 189.6 13% 404.2 374.3 8% 823.4 EBITDA margin % 10.4 10.0 - 10.5 10.3 - 10.4 Comparable EBITA (excl. NOI) € mn 182.4 158.7 15% 329.7 303.2 9% 698.4 Comparable EBITA margin (excl. NOI) % 8.9 8.4 - 8.6 8.3 - 8.9 NOI € mn -14.7 -11.8 -25% -17.5 -14.5 -21% -50.2 EBITA € mn 167.7 146.9 14% 312.2 288.7 8% 648.2 EBITA margin % 8.2 7.8 - 8.1 7.9 - 8.2 Net income (including non-controlling interests) € mn 109.2 102.4 7% 201.0 191.6 5% 457.1 Net income margin % 5.3 5.4 - 5.2 5.2 - 5.8 Earnings per share € 1.11 1.05 6% 2.04 1.96 4% 4.67 Cash flow from operating activities € mn 201.8 95.5 111% 290.8 168.7 72% 652.7 Capital expenditure € mn 66.6 48.0 39% 131.1 98.4 33% 269.5 Liquid funds € mn 963.6 1,060.4 -9% 963.6 1,060.4 -9% 1,260.9 Net liquidity € mn 593.3 516.2 15% 593.3 516.2 15% 713.3 Net working capital € mn 63.3 228.7 -72% 63.3 228.7 -72% 118.0 Operating net working capital € mn 874.0 979.6 -11% 874.0 979.6 -11% 984.9 Employees (end of period; without apprentices) 30,557 30,043 2% 30,557 30,043 2% 30,346
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UPDATE ON BUSINESS AREAS 03 25
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PULP & PAPER 26 REVENUE SPLIT: CAPITAL / SERVICE H1 2026 vs. H1 2025 (%) • Order intake: Strong growth in order intake in Q2 2026 on the back of small- and mid-sized orders, mainly driven by Paper & Textile ; upstream integration trend in China remains intact • Revenue: third consecutive quarter of yoy growth; growth accelerated to 9% as the higher order backlog increasingly converted into revenue; growth in Service business continued on high level • Comparable EBITA & profitability: significant increase, profitability improved further North America 21% (25%) Europe 28% (30%) South America 14% (17%) Asia excl. China 11% (12%) China 16% (14%) RoW 10% (3%) ORDER INTAKE BY REGION H1 2026 vs. H1 2025 (%) Capital 41% (41%) Service 59% (59%) UNIT Q2 2026 Q2 2025 +/- H1 2026 H1 2025 +/- FY 2025 Order intake € mn 880.4 758.7 16% 1,886.3 1,733.3 9% 3,348.1 Order backlog (as of end of period) € mn 3,278.0 2,687.4 22% 3,278.0 2,687.4 22% 2,833.0 Revenue € mn 802.5 733.8 9% 1,470.0 1,378.7 7% 2,956.9 EBITDA € mn 102.5 89.9 14% 190.4 174.8 9% 384.0 EBITDA margin % 12.8 12.3 - 13.0 12.7 - 13.0 EBITA (excl. NOI) € mn 84.0 75.2 12% 151.1 140.6 7% 318.3 EBITA margin (excl. NOI) % 10.5 10.2 - 10.3 10.2 - 10.8 EBITA € mn 81.5 70.6 15% 148.0 135.2 9% 304.6 EBITA margin % 10.2 9.6 - 10.1 9.8 - 10.3 Employees (as of end of period; without apprentices) 12,805 12,607 2% 12,805 12,607 2% 12,943
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METALS 27 • Order intake: Improving demand in the steel industry resulting in significant order intake growth (noteworthy orders: stainless steel plant in Turkey and processing line in India); first signs of stabilization in automotive industry and continued high demand in China • Revenue: Challenges in automotive sector ongoing but continued improvement in steel industry; solid revenue growth in Q2 • Comparable EBITA & profitability: Significantly improved EBITA and profitability driven by improved project execution, M&A and ongoing restructuring in Metals Forming; margin within 2027 target corridor REVENUE SPLIT: CAPITAL / SERVICE H1 2026 vs. H1 2025 (%) North America 23% (34%) Europe 21% (26%) South America 3% (2%) Asia excl. China 25% (4%) China 26% (32%) RoW 2% (1%) ORDER INTAKE BY REGION H1 2026 vs. H1 2025 (%) Capital 71% (72%) Service 29% (28%) UNIT Q2 2026 Q2 2025 +/- H1 2026 H1 2025 +/- FY 2025 Order intake € mn 572.9 526.7 9% 910.1 872.3 4% 1,479.5 Order backlog (as of end of period) € mn 1,774.9 1,890.2 -6% 1,774.9 1,890.2 -6% 1,665.6 Revenue € mn 415.1 382.0 9% 809.4 793.8 2% 1,694.1 EBITDA € mn 25.6 22.2 15% 54.1 51.2 6% 113.1 EBITDA margin % 6.2 5.8 - 6.7 6.4 - 6.7 EBITA (excl. NOI) € mn 27.5 20.1 37% 48.3 42.0 15% 103.1 EBITA margin (excl. NOI) % 6.6 5.3 - 6.0 5.3 - 6.1 EBITA € mn 16.6 13.2 26% 36.1 33.3 8% 75.4 EBITA margin % 4.0 3.5 - 4.5 4.2 - 4.5 Employees (as of end of period; without apprentices) 5,716 5,849 -2% 5,716 5,849 -2% 5,821
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HYDROPOWER 28 • Order intake: Following record Q1, order intake remained solid in Q2; persistent demand for renewable energy and grid stability solutions, energy storage, and turbo generators; several mid -sized orders across all areas, e.g. rehab & upgrade of the Strandfossen hydropower plant in Norway • Revenue: Strong revenue growth driven by increased execution of the record order backlog; significant increase in Service revenue • Comparable EBITA & profitability: Significant growth in comparable EBITA and margin expansion driven by continued phase -out of legacy projects, improved project execution; 2027 comparable EBITA margin targets of 7 -9% reached in H1 2026 REVENUE SPLIT: CAPITAL / SERVICE H1 2026 vs. H1 2025 (%) North America 15% (18%) Europe 24% (41%) South America 19% (7%) Asia excl. China 31% (32%) China 0% (0%) RoW 11% (2%) ORDER INTAKE BY REGION H1 2026 vs. H1 2025 (%) Capital 64% (62%) Service 36% (38%) UNIT Q2 2026 Q2 2025 +/- H1 2026 H1 2025 +/- FY 2025 Order intake € mn 569.1 776.5 -27% 2,445.9 1,345.4 82% 2,516.1 Order backlog (as of end of period) € mn 6,122.5 4,365.6 40% 6,122.5 4,365.6 40% 4,535.2 Revenue € mn 468.7 402.7 16% 872.7 775.5 13% 1,729.5 EBITDA € mn 42.3 29.9 41% 75.6 59.7 27% 137.9 EBITDA margin % 9.0 7.4 - 8.7 7.7 - 8.0 EBITA (excl. NOI) € mn 35.1 23.8 47% 61.7 47.5 30% 117.5 EBITA margin (excl. NOI) % 7.5 5.9 - 7.1 6.1 - 6.8 EBITA € mn 35.1 23.5 49% 61.6 47.2 31% 113.1 EBITA margin % 7.5 5.8 - 7.1 6.1 - 6.5 Employees (as of end of period; without apprentices) 6,882 6,337 9% 6,882 6,337 9% 6,359
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ENVIRONMENT & ENERGY 29 • Order intake : Subdued investment climate across several industries • Revenue : Slight revenue decline; solid development in Clean Air technologies and Feed & Biofuels • Comparable EBITA & profitability : margins remains satisfactory despite revenue decline, still within FY margin corridor REVENUE SPLIT: CAPITAL / SERVICE H1 2026 vs. H1 2025 (%) North America 26% (21%) Europe 36% (37%) South America 9% (8%) Asia excl. China 12% (13%) China 12% (15%) RoW 5% (6%) ORDER INTAKE BY REGION H1 2026 vs. H1 2025 (%) Capital 52% (52%) Service 48% (48%) UNIT Q2 2026 Q2 2025 +/- H1 2026 H1 2025 +/- FY 2025 Order intake € mn 299.4 332.5 -10% 677.4 775.6 -13% 1,566.2 Order backlog (as of end of period) € mn 1,426.8 1,455.1 -2% 1,426.8 1,455.1 -2% 1,423.7 Revenue € mn 364.3 371.7 -2% 689.2 703.5 -2% 1,502.6 EBITDA € mn 43.6 47.6 -8% 84.1 88.6 -5% 188.4 EBITDA margin % 12.0 12.8 - 12.2 12.6 - 12.5 Comparable EBITA (excl. NOI) € mn 35.8 39.6 -10% 68.6 73.1 -6% 159.6 Comparable EBITA margin (excl. NOI) % 9.8 10.7 - 10.0 10.4 - 10.6 EBITA € mn 34.5 39.6 -13% 66.5 73.0 -9% 155.1 EBITA margin % 9.5 10.7 - 9.6 10.4 - 10.3 Employees (as of end of period; without apprentices) 5,153 5,250 -2% 5,153 5,250 -2% 5,223
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GUIDANCE 2026 & MID -TERM TARGETS 2027 04 30
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31 ANDRITZ is a truly global supplier (>280 locations), US remains an important market • The US is among its most important markets • Contributing c.18% of revenue (in 2025) • US-based purchasing accounts for the majority of US revenue, with an increasing trend • Considerable US opportunities in the mid-term with potential re- and on-shoring activities (manufacturing) and potential realization of additional M&A opportunities Potential knock-on effects from war situations still limited • Potential impact is highly project-specific and depending on e.g., project status, timing, geography and material exposure • ANDRITZ benefits from a globally diversified supply chain and customer base, providing structural resilience No adverse impact from increasing trade barriers and geopolitical escalations yet Mildly positive FX translation impact of € 1.2 mn on revenue in Q2 2026 • Marking the first moderate tailwind after five consecutive quarters • Positive base effects following prior-year currency weakness against the euro • No major FX transaction impact No more FX headwinds in Q2 2026 IMPACT OF TRADE BARRIERS, GEOPOLITICS & FX FX REVENUE TRANSLATION IMPACT PER QUARTER -13.1 -66.0 -58.0 -84.8 -71.6 1.2-0.7% -3.5% -3.1% -4.2% -4.1% 0.1% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 FX impact FX impact (in % of revenues)
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ANDRITZ expects to grow revenues and maintain comparable EBITA margins on a high level in 2026 GUIDANCE FOR 2026 CONFIRMED 32 Outlook for 2026 • Project activity stable on high level • Revenue growth, supported by record order backlog and Service growth • Improving profitability • Restructuring ongoing GUIDANCE 2026 Revenue € 8.0 - 8.3 bn Comparable EBITA margin 8.7% - 9.1%
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MID -TERM TARGETS 2027 CONFIRMED 33 Mid-term assumptions • Growth in Capital sales, expansion of Service share • Increasing demand for green technologies • Increasing digitalization, continuation of (bolt-on) M&A • Improved project execution, selective capacity adjustments, phase-out of legacy projects MID-TERM TARGETS 2027 Revenue € 9 - 10 bn Comparable EBITA margin >9%
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34 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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7.0 7.2 5.4 6.0 5.6 6.2 6.1 6.8 7.1 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026 2.0 0.5 -0.8 2.0 3.7 5.1 5.5 6.1 6.0 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026 11.1 10.0 9.9 11.7 11.1 10.5 11.0 10.8 10.3 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026 5.8 7.8 10.9 10.9 11.1 11.4 11.1 10.6 10.0 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026 • 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% 35 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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