ANDRITZ reports stable results for the first quarter of 2024

The revenue decreased slightly, but profitability remained stable and net income increased slightly compared to the first quarter of 2023. While total order intake declined from the high level of the previous year, orders for green technologies went up.

ANDRITZ CEO Joachim Schönbeck stated, “Considering the increasingly difficult economic and geopolitical environment, we are satisfied with our business performance in the first quarter. The growth trend in our green products and service business shows that we are on the right track.”

The Group’s revenue reached 1,886 million EUR (MEUR), a decrease of 4% compared to the first quarter of 2023. The EBITA margin remained at the level of Q1 2023 (8.1%) and net income increased by 1.6% compared to the first quarter of 2023.

Order intake reached 1,950 MEUR, down 19% compared to Q1 2023. While order intake in the service business was good, the markets for capital goods were very weak across the industries served.

The key financial figures developed as follows during the reporting period:

• Order intake amounted to 1,950.3 MEUR and was thus 19.4% below the high level of the previous year’s reference period (Q1 2023: 2,420.2 MEUR), which included several major orders in Pulp & Paper and Metals. The development of order intake varied considerably by business area. While Environment & Energy and Hydropower achieved significant increases in order intake by 30.5% and 15.9%, respectively, compared to Q1 2023, the order intake of Metals (-47.8%) and Pulp & Paper (-33.7%) decreased considerably.
• The order backlog as of March 31, 2024 amounted to 10,002.7 MEUR and has thus increased compared to the end of 2023 (December 31, 2023: 9,872.6 MEUR).
• With a slight decline of 3.9%, revenue at 1,886.4 MEUR proved resilient (Q1 2023: 1,962.6 MEUR). While Environment & Energy and Metals achieved increases by 4.8% and 4.2%, respectively, compared to Q1 2023, revenue in Hydropower and Pulp & Paper decreased by 15% and 6.2% respectively.
• The operating result (EBITA) reached 152.4 MEUR in the first quarter of 2024 (-3.8% versus Q1 2023: 158.5 MEUR). The Group’s profitability (EBITA margin) remained stable at 8.1% (Q1 2023: 8.1%).
• Net income (including non-controlling interests) increased to 104.1 MEUR (Q1 2023: 102.5 MEUR).
• Operating cashflow increased significantly to 285.3 MEUR compared to Q1 2023 (-31.4) due to improvements in net working capital.

Against the backdrop of the global economic environment, ANDRITZ does not expect a quick recovery of the markets and has adjusted its outlook, expecting stable revenue and profitability (EBITA margin) for the 2024 financial year.