Andritz (ANDR) Q2 2025 earnings summary

Executive summary

• Order intake surged 26% in Q2 and 23% in H1 year-over-year, led by strong growth in Hydropower and Metals, while revenue declined 8–10% due to prior year order weakness and FX headwinds.

• Service revenue share reached an all-time high of 44%, supporting margin stability and profitability.

• Comparable EBITA/EBITDA margin remained stable at 8.4% in Q2 and 8.3% in H1, but net income fell 14% year-over-year.

• Four major acquisitions completed in H1 2025, expanding service and technology capabilities, especially in decarbonization and clean air.

• Order backlog increased 7% to a record €10.4bn, providing strong revenue visibility.

Financial highlights

• Q2 order intake: €2.4bn (+26% YoY); H1: €4.7bn (+23% YoY); Q2 revenue: €1.9bn (-8–10% YoY); H1: €3.7bn (-8% YoY).

• Q2 comparable EBITA: €159mn (margin 8.4%); H1: €303mn (margin 8.3%); Q2 net income: €102mn (margin 5.4%); H1: €192mn.

• EBITDA decreased 11.6% YoY to €374.3m; EBITA margin fell to 7.9%.

• Free cash flow for H1: €70m, impacted by working capital build and lower revenue.

• Liquid funds at €1.06bn, net liquidity at €516m at end of H1 2025.

Outlook and guidance

• FY 2025 revenue expected at the low end of €8.0–8.3bn, with comparable EBITA margin at the low end of 8.6–9.0%; mid-term 2027 targets reaffirmed (revenue €9–10bn, margin >9%).

• Book-to-bill ratio expected to remain above one in H2; strong project pipeline, especially in hydropower and green technologies.

• Capacity reductions in pulp & paper and metals to be fully implemented by Q4, with full-year margin benefits in 2026.

• Ongoing capacity adjustments and potential negative FX translation impact in H2 2025.