GEA Group (G1AG.DE): 2Q26 full release

Research evidence excerpt

Equity Research

10 August 2026 | 7:25AM BST

GEA Group (G1AG.DE): 2Q26 full release

GEA released its full 2Q26 results today after pre-releasing on 21 July with

guidance upgraded. On the divisional level, orders beat across divisions except

Pharma Food Applications with Nutrition Plant engineering surprising the most to

the upside, driven by very strong orders between €1-15mn and two large orders

(€34mn in total). Sales were stronger than Visible Alpha Consensus Data across

divisions and EBITDA margin before restructuring expenses was weaker than

expected in Farm Technologies and Pure Flow Processing. FCF was strong and GEA

also announced a new share buyback program of up to €500mn between August

2026 and the end of 2027. The FY26E OSG guidance upgrade is driven by all divisions

except Nutrition Plant Engineering. The upgrade in FY26 OSG guidance seems

conservative in our view (consensus at 6.7% vs. guidance at 6%-8%), given the group

expects an acceleration in OSG throughout the year (1Q/2Q OSG at 5.3%/11%) and

further margin progression (1H margin 16.8%, FY26E consensus at 17.1% vs.

guidance at 17.0-17.4%) based on historical seasonality and mix tailwinds from

lower OE sales (3Q/4Q historically saw 100bps/-50bps sequential development).

Daniela Costa

+44(20)7774-8354 |

Goldman Sachs International

Meihan Yang

+44(20)7051-6601 |

Goldman Sachs International

Ines Lefranc

+44(20)7051-8710 |

Goldman Sachs International

Key questions for the call: (1) What is their order pipeline and how much visibility

do they have on the order book to support future quarters at current or higher

organic growth levels? (2) Is there further room to upgrade guidance and do they

continue to expect an acceleration in OSG throughout the year? (3) What is the key

reason for lower-than-expected operating leverage in Pure Flow Processing division?

(4) Given the strong orders intake in Nutrition Plant Engineering, why did they not

upgrade OSG guidance for the division?

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should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.

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