Andritz (ANDR) Q3 2025 earnings summary

Executive summary

• Order intake rose 20.1% year-over-year to €6.9bn, with strong growth in Hydropower (+52.2%) and Pulp & Paper (+35.6%), but declines in Metals (-10.4%) and Environment & Energy (-3.8%); book-to-bill remained above 1 for the fourth consecutive quarter.

• Revenue declined 8.1% year-over-year to €5.5bn, mainly due to negative FX impacts and lower sales in Pulp & Paper and Metals, partially offset by Hydropower and Environment & Energy.

• Comparable EBITDA/EBITA margin held steady at 8.5% (EUR 471mn), while reported margin dropped to 8.1% due to restructuring and lower earnings; net income decreased 11.5% to €303mn (margin 5.5%).

• Service business accounted for 44% of revenue, reaching an all-time high and reflecting a strategic shift.

• Major acquisitions in 2025 in the US and Italy expanded service and technology offerings, strengthening local presence.

Financial highlights

• Q3 2025 order intake up 15% year-over-year to €2.2bn; order backlog reached €10.8bn, up 15.1% year-over-year.

• Q3 revenue down 8% year-over-year; negative FX impact of €137mn YTD; comparable EBITDA/EBITA margin at 8.9%.

• Free cash flow for nine months at €150mn, down from €248mn last year, mainly due to higher M&A and capex spending.

• Net liquidity declined to €413mn by September, mainly due to M&A, dividend payments, and capex.

• Capital expenditure increased 4.8% to €170mn for nine months.

Outlook and guidance

• Full-year 2025 revenue expected at the low end of €8.0–8.3bn, with comparable EBITA margin targeted at 8.6–9.0%.

• Mid-term 2027 targets reaffirmed: revenue €9–10bn, comparable EBITA margin >9%.

• Large order backlog, strong service demand, and green technology projects support revenue stability.

• Further macroeconomic or geopolitical deterioration could negatively impact order intake and earnings.