Andritz: Q2‘26 first take - strong demand, good margins and cash flow

Research evidence excerpt

Andritz: Q2‘26 first take - strong demand, good margins and cash flow

J P M O R G A N Europe Equity Research

30 July 2026

Andritz Overweight

ANDR.VI, ANDR AV

Q2’26 first take - strong demand, good margins and Price (29 Jul 26):€74.20

cash flow Price Target (Dec-27):€87.00

Our Take: Andritz reported a strong Q2 order intake of €2.3bn, which came in European Capital Goods

AC15% ahead of JPMe and 20% above consensus. The beat vs. our estimates was Akash Gupta

driven primarily by Metals while Pulp & Paper and Hydropower also came in (44-20) 7742-7978

ahead. Revenues came in 4% above consensus and Adj EBITA beat consensus by akash.z.gupta@jpmorgan.com

10%, translating to a 8.9% margin or 50bps beat to consensus (40bps to JPMe). Phil Buller

Cash flow for H1 also improved y/y. While Andritz confirmed its full year (44-20) 3493-9403

guidance, we believe a strong Q2 brings more confidence in the range. We expect phil.buller@jpmorgan.com

the shares to outperform today. Chitrita C Sinha

(44-20) 7742-7176

• Noteworthy Areas: Details on the headline numbers and versus consensus/ chitrita.sinha@jpmorgan.com

JPMe are in Table 1. In Pulp & Paper, strong growth driven by strong Jeremy Caspar

momentum in Paper & Textile, while upstream integration trend in China (44-20) 3493-5188

remains intact. Hydropower, observed a a good level of demand (in absense of jeremy.caspar@jpmorgan.com

J.P. Morgan Securities plc

any very large orders). Demand remains strong for renewable energy and grid

stability solutions. Metals order intake growth was driven by continued Specialist Sales contact details:

improved demand in the steel industry and first signs of stabilization in the Sam Edmunds - Specialist Sales -

automotive industry. In Environment & Energy, an uncertain investment European Industrials