GEA Group (G1A) Pre-close call summary

Executive summary

• Operating under a new divisional structure from January 2026, with four divisions and published pro forma figures for modeling.

• Group guidance for 2026 is confirmed: organic sales growth of 5%-7%, EBITA margin before restructuring expenses of 16.6%-17.2%, and ROCE of 34%-38%.

• Q1 2026 organic sales growth expected below full-year guidance, with acceleration anticipated in later quarters.

• Q4 2025 saw record order intake, but Q1 2026 order intake is expected to align with Q1 2025 levels, factoring in negative FX effects.

• No major supply chain or procurement issues reported; over 80% of procurement is local for local.

Trading performance and revenue trends

• Food business remains strong; beverages softer; dairy processing and farming show positive sentiment except in China.

• Pharma pipeline is promising; New Food order intake nearly doubled in 2025, with optimism for continued progress.

• Q1 2026 organic sales growth will be below the 5%-7% range, with growth expected to accelerate through the year.

• Translational FX effect expected to be negative in Q1 2026, similar to -3.3% in Q4 2025.

Profitability and margins

• EBITDA margin guidance for 2026 is 16.6%-17.2%, targeting improvement over 2025 (Q1 2025 margin was 15.8%).

• Margin improvement expected in Q1 2026 versus Q1 2025, but exact magnitude depends on sales composition.

• Margin expansion may be less pronounced in the second half as new machine sales accelerate.