Andritz (ANDR) Q4 2025 earnings summary

Executive summary

• Order intake rose 8% year-over-year to €8.91 billion, driven by strong growth in Pulp & Paper (+20%) and Hydropower (+16%), with record order backlog at €10.46 billion.

• Revenue declined 5.2% year-over-year to €7.88 billion, mainly due to FX headwinds and lower prior-year order intake, but Q4 saw a return to growth.

• Comparable EBITA margin held steady at 8.9% for the year, supported by disciplined execution and cost management.

• Net income was €457.1 million (5.8% margin), with EPS at €4.67.

• Dividend proposal increased to €2.70 per share, raising payout ratio to 58%.

Financial highlights

• EBITDA was €823.4 million (10.4% margin), with EBITA at €648.2 million (8.2% margin); comparable EBITA was €698.4 million (8.9% margin).

• Operating cash flow reached €653 million, up 3% year-over-year.

• Free cash flow was €383 million, slightly below prior year due to higher CapEx and M&A outflows.

• Net liquidity at year-end was €713 million, down from €905 million, reflecting M&A and dividend payments.

• ROIC was 17.8%, remaining industry-leading despite a decline from prior year.

Outlook and guidance

• 2026 revenue guidance: €8.0–8.3 billion, with comparable EBITA margin between 8.7% and 9.1%.

• Mid-term targets confirmed; 2027 revenue expected at €9–10 billion with margin above 9%.

• Growth to be driven by capital sales, service expansion, green technologies, and digitalization.

• CapEx expected to increase, mainly for Hydropower capacity and modernization.

• Ongoing restructuring in Metals and Environment & Energy to further improve profitability.