Slides
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A N D R I T Z G R O U P Q3 2026 FINANCIAL RESULTS OCTOBER 29, 2026
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AGENDA CEO Key Messages & Q3 2026 Highlights Financial Performance Q3 2026 Update on Business Areas Guidance 2026 & New Mid-term Targets 2029 01 02 03 04 2
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CEO KEY MESSAGES & Q3 2026 HIGHLIGHTS 01 3
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4 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 growth in Hydropower and Metals Strong revenue growth and high Service share • Revenue growth continued strong in Q3 2026 • Continued growth in Service revenue, continuously high Service revenue share Significant growth in comparable EBITA and high margin • Stable operating profitability at high level in Pulp & Paper • Significant margin expansion in Hydropower and Metals based on restructuring benefits and continued phase-out of legacy projects in Hydropower • Margin decline in Environment & Energy mainly driven by higher project costs and learning curve effects for green growth projects FY 2026 guidance confirmed, new 2029 mid-term financial targets STRONG RESULTS IN Q3 2026 Record order backlog, strong revenue growth and improved operating profitability
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5 ORDER INTAKE € 2.2 bn (Q3 2025: € 2.2 bn // -1%) REVENUE € 2.1 bn (Q3 2025: € 1.9 bn // +9%) ORDER BACKLOG € 12.7 bn (Q3 2025: € 10.8 bn // +18%) EBITA comparable | margin € 185 mn | 9.0% (Q3 2025: € 168 mn | 8.9% // +10%) EBITA reported | margin € 176 mn | 8.5% (Q3 2025: € 160 mn | 8.5% // +10%) NET INCOME incl. non-controlling interests | margin € 127 mn | 6.2% (Q3 2025: € 111 mn | 5.9% // +14%) Major financial KPIs Q3 2026 RECORD ORDER BACKLOG , STRONG REVENUE GROWTH AND HIGH PROFITABILITY
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6 Continuously strong order intake momentum • Continued strong order intake of € 2.2 bn in Q3 2026 • 8th consecutive quarter of order intake above € 2 bn • Book-to-bill at 1.4 for Q1-3 2026 DEVELOPMENT OF ORDER INTAKE (in € mn) PROJECT ACTIVITY REMAINS AT HIGH LEVEL -1.0 -0.5 0.0 0.5 1.0 1.5 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 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 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Quarterly Order Intake Quarterly Order Intake (12 months rolling) Book-to-Bill Quarterly Order Intake (12 months rolling)
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7 , ORDER INTAKE (in € mn) Q3 2026 Q3 2025 +/- Pulp & Paper 706.8 935.7 -24% Metals 357.4 295.8 21% Hydropower 703.9 524.5 34% Environment & Energy 398.1 424.0 -6% ANDRITZ Group 2,166.2 2,180.0 -1% ORDER INTAKE (in € mn) Q1-Q3 2026 Q1-Q3 2025 +/- Pulp & Paper 2,593.1 2,669.0 -3% Metals 1,267.5 1,168.1 9% Hydropower 3,149.8 1,869.9 68% Environment & Energy 1,075.5 1,199.6 -10% ANDRITZ Group 8,085.9 6,906.6 17% ORDER INTAKE BY REGION Q1-3 2026 vs. Q1-3 2025 (%) ORDER INTAKE Continued high level of order intake in Q3 2026, significant increase in Q1 -3 2026 North America 21% (23%) Europe 30% (37%) South America 12% (9%) Asia excl. China 19% (16%) China 11% (12%) RoW 7% (3%) • Pulp & Paper: Decline in Q3 only driven by high comparison base (three major power boiler orders booked in Q3 2025) • Metals: Growth driven by continued improved demand in the steel industry; signs of stabilization in the automotive industry • Hydropower: Continued strong demand for renewable and electrical energy generation and storage, and grid stability solutions • Environment & Energy: Satisfactory development compared to solid comparison base; project pipeline active but investment climate remains uncertain 2,332 3,598 2,394 2,322 2,180 2,166 2025 2026 6,907 8,086 +17% Q1 Q2 Q3 -3% +54% -1%
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Strong revenue growth in Q3 2026 driven by significant increase in Hydropower 8 , REVENUE (in € mn) REVENUE BY REGION Q1-3 2026 vs. Q1-3 2025 (%) REVENUE (in € mn) • Pulp & Paper: Fourth consecutive quarter of revenue growth, driven by conversion of growing order backlog, supported by growth in Service revenue • Metals: Stagnant markets driven by structural challenges in steel and automotive; solid growth in Service revenue • Hydropower: Significant growth driven by execution of record backlog and sustained demand for renewable energy & storage, expansion in grid stability • Environment & Energy: Slight revenue growth driven by Clean Air Technologies and Feed & Biofuels Q3 2026 Q3 2025 +/- Pulp & Paper 767.3 705.3 9% Metals 422.3 424.0 0% Hydropower 501.1 399.7 25% Environment & Energy 368.9 357.9 3% ANDRITZ Group 2,059.6 1,886.9 9% REVENUE Q1-Q3 2026 Q1-Q3 2025 +/- Pulp & Paper 2,237.3 2,084.0 7% Metals 1,231.7 1,217.8 1% Hydropower 1,373.8 1,175.2 17% Environment & Energy 1,058.1 1,061.4 0% ANDRITZ Group 5,900.9 5,538.4 7% North America 28% (26%) Europe 32% (32%) South America 10% (11%) Asia excl. China 14% (14%) China 13% (13%) RoW 3% (4%) 1,761 1,791 1,890 2,051 1,887 2,060 2025 2026 5,538 5,901 +7% Q1 Q2 Q3 +8% +1% +9%
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9 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 2,385 Q2 24 2,253 Q3 24 2,234 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 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 5,693 5,647 6,530 7,261 7,562 8,530 7,927 8,060 8,233 1,710 7,758 7,561 2,442 7,324 7,130 7,516 7,623 2,547 7,857 2,541 8,053 2,656 7,858 2,600 3,168 3,302 9,199 9,301 3,320 9,409 12,729 8,143 Capital Service DEVELOPMENT OF ORDER BACKLOG (in € mn) BACKLOG AT ANOTHER RECORD LEVEL Pulp & Paper MetalsHydropower Environment & Energy ORDER BACKLOG BY BUSINESS AREA Q1-3 2026 Hydropower backlog increases revenue visibility • Growing Hydropower order intake and backlog share reduce near-term revenue conversion • Longer project lead times increase visibility on future revenue and growth 25% 13% 50% 11%
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Strong growth in EBITA, continued progress on EBITA margin 10 EBITA AND EBITA MARGIN* (REPORTED) EBITA AND EBITA MARGIN* (COMPARABLE) Strong growth in EBITA and margin • Increase in EBITA and EBITA margin • Improved project execution • Low-margin legacy-projects phasing out • Ongoing restructuring bearing fruit • Non-operating items (NOI) • Q3 2026: € -9mn, Q1-3: € -27mn • Ongoing restructuring in Metals • Right-sizing in Pulp & Paper and Environment & Energy EBITA AND MARGIN EBITA in € mn | EBITA margin in % 160 (8.5%) 147 (7.8%) 142 (8.1%) 2025 168 (8.2%) 145 (8.1%) 2026 449 (7.9%) 488 (8.1%) 176 (8.5%) +9% 159 (8.4%) 145 (8.2%) 2025 182 (8.9%) 147 (8.2%) 2026 471 (8.3%) 515 (8.6%) 168 (8.9%) 185 (9.0%) +9% Q3 Q2 Q1 Q3 Q2 Q1
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1,992 2,589 2,385 2,555 2,969 3,305 3,428 3,433 3,698 LTM 9M 2018 2019 2020 2021 2022 2023 2024 2025 LTM 9M 2026 Service revenue and Service revenue share Total revenue 11 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 High Service revenue growth and Service revenue share • High Service revenue share of 45% in Q3 2026 (vs. 45% in Q3 2025) • Service revenue growth: • +5% in Q3 2026 • +6% in Q1-3 2026 • Capturing life cycle value • Key focus on organic expansion (Service centers) and M&A (high Service share) 5,946 6,674 6,700 6,463 7,543 8,660 8,314 7,883 8,246 39%34% 36% 40% 39% 38% 41% 44% 45%
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12 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) 1) Suppliers evaluated and approved using criteria that include sustainability aspects before being added to the ANDRITZ pool of suppliers 2) Based on key sustainability ISO standards (environment., energy, operational health & safety, quality, compliance) *Base year 2013 ENVIRONMENT SOCIAL GOVERNANCE E-impact revenue > 50% GHG emissions, relative Scope 1 + 2 Water use in water-stressed areas Waste to landfill 18 → 10 t/MEUR -25% -25%Own operations -42% Value chain -25% GHG emissions, absolute (SBTi) LTIFR < 1 Women in people leadership positions > 15% Voluntary employee turnover < 4% Employee engagement index > 75 Supplier Prequalification1) > 90% Supplier social audits > 100 annually Sustainability-rated suppliers 20,000 suppliers rated by third party Certification Coverage2) 100% of the set 2030 target
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13 ESG PERFORMANCE EXTERNALLY RECOGNIZED Improvements in all major ESG ratings ; climate targets validated by the SBTi ✓ 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. RATING GOLD | TOP 5% 2025: Gold RATING B- | PRIME 2025: C+ | Prime ESG SCORE 61 2025: 53 RATING 20.2 (MEDIUM RISK) 2024: 26.6 | Medium Risk RATING B 2024: C RATING A 2025: BBB ✓
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FINANCIAL PERFORMANCE Q3 2026 02 14
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15 INCREASED OP. CASH FLOW € 320 mn (Q3 2025: € 145 mn // +121%) STRONG NET LIQUIDITY € 844 mn (Q3 2025: € 413 mn // +104 %) IMPROVED OP. NWC € 761 mn (Q3 2025: € 1,052 mn // -28%) ROIC >> WACC 18.1% vs. WACC 9.2% Major financial KPIs Q3 2026 STRONG FINANCIAL PERFORMANCE
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EBITDA – NET INCOME BRIDGE Q1 -3 2026 16 * ( ) Q1-3 2025 ** % of revenue Q1-3 2026 in € mn 627.3 -139.2 488.1 -42.3 445.8 429.2 -100.9 328.3 -16.6 EBITDA Depreciation EBITA IFRS 3 Amortization EBIT Financial result EBT Income taxes Net income (577.8)* (-129.2)* (448.6)* (397.3)* (405.9)* (302.9)* (-51.3)* (8.6)* (-103.0)* 10.6%** 8.3%** 7.6%** 7.3%** 5.6%** 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 2025 Improved tax rate • 23.5% in Q1-3 2026 • 25.4% in Q1-3 2025
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EBITDA TO FREE CASH FLOW BRIDGE Q 1-3 2026 17 • CF from changes in Op. NWC (in € mn) • Increased Operating Cash Flow • Strongly improved Free Cash Flow despite higher capex 128.0 -125.0 4.3 -24.0 610.6 -200.1 410.5 627.3 - 42.1 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 -165.0 ∆ Inventories +67.9 ∆ Trade receivables -125.4 ∆ Trade payables -26.3 ∆ Adv. payments made -39.0 ∆ Contract assets +415.7 ∆ Contract liabilities in € mn (577.8)* (-86.4)* (-64.4)* (1.9)* (-164.0)* * ( ) Q1-3 2025 (-115.2)* (313.5)* (149.5)* (-314.9)*
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1.000 1.200 18 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 Q3 2026 631 617 671 670 817 658 515 493 525 537 687 805 886 860 730 898 982 963 1,024 980 1,052 985 961 874 761 9% 9% 10% 10% 13% 10% 8% 7% 7% 7% 9% 10% 10% 10% 9% 11% 12% 12% 13% 12% 13% 12% 12% 11% 9% 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 Q3 2026 Operating net working capital (in € mn) Operating net working capital / 12m revenue (in %)
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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 1,682 -264 -213 -175 -223 -257 -373 -589 -699 -718 -681 -535 -422 -362 -359 -516 -559 -455 -414 -458 -483 -562 -548 -698 -783 -921 13% 12% 13% 14% 17% 16% 17% 18% 17% 16% 15% 15% 15% 14% 15% 17% 17% 17% 18% 18% 21% 19% 21% 21% 20% -4% -3% -3% -3% -4% -6% -9% -10% -10% -9% -7% -5% -4% -4% -6% -7% -5% -5% -6% -6% -7% -7% -9% -10% -11% 9% 9% 10% 10% 13% 10% 8% 7% 7% 7% 9% 10% 10% 10% 9% 11% 12% 12% 13% 12% 13% 12% 12% 11% 9% -25% -15% -5% 5% 15% 25% 35% -1000 -500 0 500 1000 1500 2000 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 Q3 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 19 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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20 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 Q3 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 89 202 320 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 Q3 26
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STRONG FINANCIAL POSITION 21 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 1,177 893 1,065 984 945 908 -100 245 421 703 983 920 905 713 844 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1-3 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 Enhanced capital allocation while still maintaining a strong financial position Changes in Net Liquidity Q3 2026 vs. FY 2025 (in € mn) Net Liquidity • Q1-3 2026: € 844 mn • Q1-3 2025: € 413 mn +611 Operating cash flow -201 Capex spent -42 M&A capex spent -265 Dividends +11 FX +16 Others +130 Changes in Net Liquidity +130
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22 Note: ROIC as per definition Mauboussin/MS incl. 5% operating cash, based on EBITA reported 8.6% 2018 8.6% 2019 6.9% 2020 7.1% 2021 9.0% 2022 8.2% 2023 8.2% 2024 8.4% 2025 9.2% Q1-3 2026 13.0% 10.4% 12.3% 16.9% 20.0% 22.6% 22.5% 17.8% 18.1% ROIC WACC ROIC SIGNIFICANTLY ABOVE WACC ROIC increased in Q1-3 26 vs FY 25: • Growth of EBITA (NOPAT) • Slightly increased in average invested capital WACC increased due to higher risk- free rate ROIC significantly above WACC implies material value generation Increase in ROIC in Q 1-3 2026 DEVELOPMENT ROIC vs WACC
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23 • Order intake remained at a high level in Q3, driven by Hydropower and Metals • Backlog on another record level • Strong revenue growth with FX becoming a tailwind in Q3 • Significant growth in comparable EBITA and slight margin expansion in Q3 • Significant growth in net income and slightly improved net income margin in Q3 • Continued decrease in operating net working capital • Significant increase in net liquidity • Number of employees remained stable on Group level, including reduction in Pulp & Paper, Metals and Environment & Energy and expansion in Hydropower SUMMARY - KEY FIGURES Q3 / Q1 -3 2026 UNIT Q3 2026 Q3 2025 +/- Q1-3 2026 Q1-3 2025 +/- FY 2025 Order intake € mn 2,166.2 2,180.0 -1% 8,085.9 6,906.6 17% 8,909.8 Order backlog (end of period) € mn 12,729.1 10,799.3 18% 12,729.1 10,799.3 18% 10,457.5 Revenue € mn 2,059.6 1,886.9 9% 5,900.9 5,538.4 7% 7,883.1 EBITDA € mn 223.1 203.5 10% 627.3 577.8 9% 823.4 EBITDA margin % 10.8 10.8 - 10.6 10.4 - 10.4 Comparable EBITA (excl. NOI) € mn 184.9 167.6 10% 514.6 470.8 9% 698.4 Comparable EBITA margin (excl. NOI) % 9.0 8.9 - 8.7 8.5 - 8.9 NOI € mn -9.0 -7.7 -17% -26.5 -22.2 -19% -50.2 EBITA € mn 175.9 159.9 10% 488.1 448.6 9% 648.2 EBITA margin % 8.5 8.5 - 8.3 8.1 - 8.2 Net income (including non-controlling interests) € mn 127.3 111.3 14% 328.3 302.9 8% 457.1 Net income margin % 6.2 5.9 - 5.6 5.5 - 5.8 Earnings per share € 1.29 1.14 - 3.33 3.10 - 4.67 Cash flow from operating activities € mn 319.8 144.8 - 610.6 313.5 - 652.7 Capital expenditure € mn 69.0 65.6 5% 200.1 164.0 22% 269.5 Liquid funds € mn 1,177.3 1,006.6 17% 1,177.3 1,006.6 17% 1,260.9 Net liquidity € mn 843.5 412.8 104% 843.5 412.8 104% 713.3 Net working capital € mn -54.0 275.8 -120% -54.0 275.8 -120% 118.0 Operating net working capital € mn 761.1 1,051.8 -28% 761.1 1,051.8 -28% 984.9 Employees (end of period; without apprentices) 30,738 30,504 1% 30,738 30,504 1% 30,347
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UPDATE ON BUSINESS AREAS 03 24
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PULP & PAPER 25 • Order intake: Decline in Q3 was driven by high comparison base in Q3 2025; upstream integration trend in China remains intact, market leadership confirmed; solid growth in Service business • Revenue: Fourth consecutive quarter of revenue growth; strong 9% revenue growth as the higher order backlog is converting into revenue; continued growth in Service revenue • Comparable EBITA & profitability: Profitability remains at high level due to improved order execution and constantly high Service share; right-sizing measures largely completed North America 22% (24%) Europe 27% (37%) South America 13% (14%) Asia excl. China 13% (10%) China 17% (13%) RoW 7% (2%) ORDER INTAKE BY REGION Q1-3 2026 vs. Q1-3 2025 (%) Capital 42% (41%) Service 58% (59%) UNIT Q3 2026 Q3 2025 +/- Q1-3 2026 Q1-3 2025 +/- FY 2025 Order intake € mn 706.8 935.7 -24% 2,593.1 2,669.0 -3% 3,348.1 Order backlog (as of end of period) € mn 3,228.5 2,986.5 8% 3,228.5 2,986.5 8% 2,833.0 Revenue € mn 767.3 705.3 9% 2,237.3 2,084.0 7% 2,956.9 EBITDA € mn 102.1 93.2 10% 292.5 268.0 9% 384.0 EBITDA margin % 13.3 13.2 - 13.1 12.9 - 13.0 Comparable EBITA (excl. NOI) € mn 82.5 75.9 9% 233.6 216.5 8% 318.3 Comparable EBITA margin (excl. NOI) % 10.8 10.8 - 10.4 10.4 - 10.8 EBITA € mn 80.8 72.6 11% 228.8 207.8 10% 304.6 EBITA margin % 10.5 10.3 - 10.2 10.0 - 10.3 Employees (as of end of period; without apprentices) 12,766 12,987 -2% 12,766 12,987 -2% 12,944 REVENUE SPLIT: CAPITAL / SERVICE Q1-3 2026 vs. Q1-3 2025 (%)
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METALS 26 • Order intake: Improving demand in the steel industry resulting in significant order intake growth; signs of stabilization in automotive industry; strong order intake in steel and automotive with a particular low comparison (Q3 2025) • Revenue: Stagnant markets driven by structural challenges in steel and automotive; solid growth in Service revenue • Comparable EBITA & profitability: Significantly improved EBITA and profitability driven by improved project execution and ongoing restructuring; low end of new 2029 margin target corridor reached in Q3 REVENUE SPLIT: CAPITAL / SERVICE Q1-3 2026 vs. Q1-3 2025 (%) North America 27% (23%) Europe 22% (33%) South America 3% (2%) Asia excl. China 20% (10%) China 25% (30%) RoW 3% (2%) ORDER INTAKE BY REGION Q1-3 2026 vs. Q1-3 2025 (%) Capital 71% (72%) Service 29% (28%) UNIT Q3 2026 Q3 2025 +/- Q1-3 2026 Q1-3 2025 +/- FY 2025 Order intake € mn 357.4 295.8 21% 1,267.5 1,168.1 9% 1,479.4 Order backlog (as of end of period) € mn 1,707.4 1,828.5 -7% 1,707.4 1,828.5 -7% 1,665.6 Revenue € mn 422.3 424.0 0% 1,231.7 1,217.8 1% 1,694.1 EBITDA € mn 32.8 33.4 -2% 86.9 84.6 3% 113.1 EBITDA margin % 7.8 7.9 - 7.1 6.9 - 6.7 Comparable EBITA (excl. NOI) € mn 29.6 27.0 10% 77.9 69.0 13% 103.1 Comparable EBITA margin (excl. NOI) % 7.0 6.4 - 6.3 5.7 - 6.1 EBITA € mn 23.2 24.6 -6% 59.3 57.9 2% 75.4 EBITA margin % 5.5 5.8 - 4.8 4.8 - 4.5 Employees (as of end of period; without apprentices) 5,603 5,853 -4% 5,603 5,853 -4% 5,821
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HYDROPOWER 27 • Order intake: Significant growth in order intake driven by persistent demand for renewable energy and grid stability solutions, energy storage, and turbo generators; several mid -sized orders across all areas; major order win for the modernization of the Gabčíkovo hydroelectric power plant in Slovakia • Revenue: Significant revenue growth driven by ongoing execution of the record order backlog; continued strong growth in Service revenue • Comparable EBITA & profitability: Significant growth in comparable EBITA and margin expansion driven by continued phase -out of legacy projects and growth in revenue REVENUE SPLIT: CAPITAL / SERVICE Q1-3 2026 vs. Q1-3 2025 (%) North America 15% (19%) Europe 35% (42%) South America 16% (6%) Asia excl. China 25% (31%) China 0% (0%) RoW 9% (2%) ORDER INTAKE BY REGION Q1-3 2026 vs. Q1-3 2025 (%) Capital 66% (63%) Service 34% (37%) UNIT Q3 2026 Q3 2025 +/- Q1-3 2026 Q1-3 2025 +/- FY 2025 Order intake € mn 703.9 524.5 34% 3,149.8 1,869.9 68% 2,516.1 Order backlog (as of end of period) € mn 6,334.9 4,478.7 41% 6,334.9 4,478.7 41% 4,535.2 Revenue € mn 501.1 399.7 25% 1,373.8 1,175.2 17% 1,729.5 EBITDA € mn 52.4 32.7 60% 128.0 92.4 39% 137.9 EBITDA margin % 10.5 8.2 - 9.3 7.9 - 8.0 Comparable EBITA (excl. NOI) € mn 44.6 27.9 60% 106.3 75.4 41% 117.5 Comparable EBITA margin (excl. NOI) % 8.9 7.0 - 7.7 6.4 - 6.8 EBITA € mn 44.5 27.1 64% 106.1 74.3 43% 113.1 EBITA margin % 8.9 6.8 - 7.7 6.3 - 6.5 Employees (as of end of period; without apprentices) 7,260 6,419 13% 7,260 6,419 13% 6,359
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ENVIRONMENT & ENERGY 28 • Order intake : Subdued investment climate across several industries continues; decline in Clean Air Technologies counterbalanced by improved demand in Separation and Pumps • Revenue : Slight revenue growth driven by Clean Air Technologies and Feed & Biofuels • Comparable EBITA & profitability : Margin decline mainly driven by impact from higher project costs and learning curve effects for green growth projects REVENUE SPLIT: CAPITAL / SERVICE Q1-3 2026 vs. Q1-3 2025 (%) North America 29% (26%) Europe 32% (34%) South America 9% (9%) Asia excl. China 14% (12%) China 11% (13%) RoW 4% (7%) ORDER INTAKE BY REGION Q1-3 2026 vs. Q1-3 2025 (%) Capital 51% (51%) Service 49% (49%) UNIT Q3 2026 Q3 2025 +/- Q1-3 2026 Q1-3 2025 +/- FY 2025 Order intake € mn 398.1 424.0 -6% 1,075.5 1,199.6 -10% 1,566.2 Order backlog (as of end of period) € mn 1,458.4 1,505.6 -3% 1,458.4 1,505.6 -3% 1,423.7 Revenue € mn 368.9 357.9 3% 1,058.1 1,061.4 0% 1,502.6 EBITDA € mn 35.8 44.2 -19% 119.9 132.8 -10% 188.4 EBITDA margin % 9.7 12.3 - 11.3 12.5 - 12.5 Comparable EBITA (excl. NOI) € mn 28.2 36.8 -23% 96.8 109.9 -12% 159.5 Comparable EBITA margin (excl. NOI) % 7.6 10.3 - 9.1 10.4 - 10.6 EBITA € mn 27.4 35.6 -23% 93.9 108.6 -14% 155.1 EBITA margin % 7.4 9.9 - 8.9 10.2 - 10.3 Employees (as of end of period; without apprentices) 5,110 5,246 -3% 5,110 5,246 -3% 5,223
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GUIDANCE 2026 & NEW MID -TERM TARGETS 2029 04 29
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30 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 Positive FX translation impact of € 36.5mn on revenue in Q3 2026 • Marking the second tailwind after five consecutive quarters • Positive base effects following prior-year currency weakness against the euro • No FX transaction impact FX tailwind in Q3 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 36.5 -0.7% -3.5% -3.1% -4.2% -4.1% 0.1% 1.7% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 FX impact FX impact (in % of revenues)
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31 Revenue € 8.0 – 8.3 bn Comparable EBITA margin 8.7% - 9.1% OUTLOOK 2026 • Project activity stable on high level • Revenue growth, supported by record order backlog and Service growth • Improving profitability • Restructuring ongoing FINANCIAL TARGETS 2026 ANDRITZ expects to grow revenues and maintain comparable EBITA margins on a high level in 2026 GUIDANCE FOR 2026 CONFIRMED
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NEW MID -TERM TARGETS 2029 32 Revenue € 10 bn by 2029 Comparable EBITA margin 10% (9% to 11% range) by 2029 LONG-TERM PROFITABLE GROWTH • Organic revenue growth in both Capital and Service business, supported by strong energy boom and existing backlog • Disciplined bolt-on M&A • Digitalization, automation and AI roll-out across the portfolio • Selective capacity adjustments • Improved project quality and execution, phase-out of legacy projects • Increased productivity • Higher manufacturing share in best-cost-countries FINANCIAL TARGETS 2029
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NEW MID -TERM TARGETS 2029: COMP. EBITA MARGIN 33 PULP & PAPER 11.7 11.1 10.5 11.0 10.8 10.8 2021 2022 2023 2024 2025 LTM H1 26 2029 PULP & PAPER 2027: 11-13% = 2029: 11-13% 11-13% 6.0 5.6 6.2 6.1 6.8 7.2 2021 2022 2023 2024 2025 LTM H1 26 2029 HYDROPOWER 2027: 7-9% 2029: 8-10% 8-10% PULP & PAPER 10.9 11.1 11.4 11.1 10.6 10.4 2021 2022 2023 2024 2025 LTM H1 26 2029 ENVIRONMENT & ENERGY 2027: 10-13% 2029: 10-12% 10-12% PULP & PAPER 2.0 3.7 5.1 5.5 6.1 6.4 2021 2022 2023 2024 2025 LTM H1 26 2029 METALS 2027: 6-8% 2029: 7-9% 7-9%
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