JPM | European Industrials Conference: Andritz CEO - Spec Quick Notes

研报英文原文证据摘录

JPM | European Industrials Conference: Andritz CEO - Spec Quick Notes

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2.8m tons one) was commissioned and outperformed its remit.

• China competition makes Andritz stronger - it is a very competitive market and the Company has needed to localise as much

of the supply chain as possible. This has given confidence that Andritz can beat the Chinese in their own market - which gives

confidence they can be beaten in Europe and Latam.

• Hydro Power - great Q1 orders which you giuded not to extrapolate. What is the outlook/pipeline? If you take average order

intake of Q425, Q1 + Q226 then you get a good sense as to where the market is. There is growth. Pump storage is a growth

driver - working on 7 pump storage projects in India.

• Data centers - can they use hydro power? There's no correlation with location of a DC to a clean power source. Other

considerations take precedence.

• Hydro margins? See improvement in performance - and the division should not be dilutive to the group.

• Auto sector - outlook? Expect some market recovery at the end of the year, start of 2027. Still restructuring and taking an

additional 600 people out of the business. Lowers the break even point - have manged to improve operating prrofitability

despite ongoing revenue pressure over the past 8 years. See the opportunity to lift margins to a point where they are not a

concerns for investors.

• Steel Mills - outlook? see good demand for silicone steel. Decision to localise in China has also been the right one and offers

growth opportunities.

• Environment business - is there a risk to the margin targets? Have taken costs out to help - but have been hit by the significant

reversal in Lithium prices - do have exposure to copper - but these projects will take some time. We are restructuring to