GEA Group (G1A) Pre-close call summary

Executive summary

• FY26 guidance, raised in July, reaffirmed: organic sales growth 6%-8%, EBITDA margin before restructuring 17%-17.4%, and ROCE 36%-40%.

• Management expects FY26 order intake above €6bn, versus €5.9bn in FY25, supporting Mission 30’s >5% annual organic sales growth target over coming years.

Trading performance and revenue trends

• H1 FY26 organic order intake growth was 10.7%; management saw no reason the trend would not hold in Q3 and described the quarter as strong, with large orders totaling low triple-digit €m.

• Q3 FY25 included three large orders totaling €64m; Q4 FY25 order intake was €1.8bn, including >€400m in large orders, creating a high Q4 comparison.

• H1 FY26 organic sales growth was 8.2%; management indicated 6%-8% as a likely Q3 range amid tougher H2 comparisons.

• Backlog was up >13% at H1; large projects including Baladna are expected to support sales growth in 2027 and potentially 2028.

Profitability and margins

• H1 FY26 EBITDA margin before restructuring was 16.8%; management expects further improvement in Q3 versus 17.0% in Q3 FY25, citing sales growth and operating leverage.

• FY26 adjusted EBITDA margin guidance is 17%-17.4%, with management targeting further profitability progress over the year.