| KPI | [EUR m] | Q3 2025 | FY 2025 | Q3 2026 E | Q4 2026 E | FY 2026 E | FY 2027 E | FY 2028 E |
|---|---|---|---|---|---|---|---|---|
| Orders received | Number of Estimates | 7 | 7 | 7 | 7 | 7 | ||
| Orders received | Highest | 1,241 | 1,445 | 5,150 | 5,859 | 6,451 | ||
| Orders received | Consensus | 1,083 | 5,216 | 1,197 | 1,323 | 4,978 | 5,408 | 5,726 |
| Orders received | Median | 1,205 | 1,320 | 4,983 | 5,471 | 5,684 | ||
| Orders received | Lowest | 1,150 | 1,171 | 4,841 | 5,027 | 5,148 | ||
| Net sales | Number of Estimates | 9 | 9 | 9 | 9 | 9 | ||
| Net sales | Highest | 1,361 | 1,528 | 5,436 | 5,650 | 6,128 | ||
| Net sales | Consensus | 1,295 | 5,197 | 1,333 | 1,451 | 5,343 | 5,446 | 5,683 |
| Net sales | Median | 1,340 | 1,451 | 5,343 | 5,434 | 5,599 | ||
| Net sales | Lowest | 1,305 | 1,352 | 5,260 | 5,274 | 5,333 | ||
| Comparable EBITA | Number of Estimates | 9 | 9 | 9 | 9 | 9 | ||
| Comparable EBITA | Highest | 173 | 202 | 641 | 749 | 837 | ||
| Comparable EBITA | Consensus | 159 | 620 | 165 | 197 | 629 | 684 | 740 |
| Comparable EBITA | Median | 166 | 197 | 628 | 673 | 722 | ||
| Comparable EBITA | Lowest | 156 | 193 | 617 | 647 | 678 | ||
| Comparable EBITA Margin (%) | Number of Estimates | 9 | 9 | 9 | 9 | 9 | ||
| Comparable EBITA Margin (%) | Highest | 12.9 | 14.9 | 12.1 | 13.4 | 13.9 | ||
| Comparable EBITA Margin (%) | Consensus | 12.3 | 11.9 | 12.4 | 13.6 | 11.8 | 12.6 | 13.0 |
| Comparable EBITA Margin (%) | Median | 12.4 | 13.6 | 11.8 | 12.5 | 13.0 | ||
| Comparable EBITA Margin (%) | Lowest | 11.6 | 12.8 | 11.4 | 12.1 | 12.2 | ||
| Items affecting comparability | Number of Estimates | 8 | 8 | 8 | 8 | 8 | ||
| Items affecting comparability | Highest | 0.0 | 0.0 | -33.0 | 1.0 | 2.0 | ||
| Items affecting comparability | Consensus | -10.0 | -85.0 | -4.5 | -4.5 | -42.9 | -7.8 | -2.7 |
| Items affecting comparability | Median | 0.0 | 0.0 | -35.0 | 0.0 | 0.0 | ||
| Items affecting comparability | Lowest | -15.0 | -15.0 | -64.0 | -24.0 | -24.0 | ||
| EBITA reported | Number of Estimates | 9 | 9 | 9 | 9 | 9 | ||
| EBITA reported | Highest | 173.0 | 233.1 | 636.0 | 749.3 | 837.2 | ||
| EBITA reported | Consensus | 149.0 | 534.0 | 161.3 | 196.9 | 590.5 | 677.5 | 737.2 |
| EBITA reported | Median | 164.0 | 195.0 | 592.0 | 657.3 | 722.0 | ||
| EBITA reported | Lowest | 147.4 | 184.0 | 564.9 | 636.0 | 680.0 | ||
| EBIT reported | Number of Estimates | 9 | 9 | 9 | 9 | 9 | ||
| EBIT reported | Highest | 145.9 | 209.1 | 540.0 | 649.0 | 737.0 | ||
| EBIT reported | Consensus | 125.0 | 438.0 | 134.4 | 168.8 | 487.9 | 576.9 | 637.7 |
| EBIT reported | Median | 136.0 | 168.0 | 489.0 | 560.0 | 621.6 | ||
| EBIT reported | Lowest | 121.0 | 153.5 | 460.0 | 520.0 | 579.0 | ||
| Pre-tax profit | Number of Estimates | 9 | 9 | 9 | 9 | 9 | ||
| Pre-tax profit | Highest | 139.8 | 208.9 | 507.7 | 629.0 | 732.0 | ||
| Pre-tax profit | Consensus | 112.0 | 376.0 | 121.4 | 156.0 | 436.2 | 525.9 | 592.3 |
| Pre-tax profit | Median | 121.0 | 153.2 | 429.0 | 511.0 | 554.5 | ||
| Pre-tax profit | Lowest | 101.0 | 134.0 | 394.0 | 440.0 | 531.0 | ||
| Net result after minorities | Number of Estimates | 9 | 9 | 9 | 9 | 9 | ||
| Net result after minorities | Highest | 106.3 | 166.9 | 380.8 | 478.3 | 560.0 | ||
| Net result after minorities | Consensus | 86.0 | 279.0 | 91.6 | 127.0 | 326.6 | 396.8 | 448.5 |
| Net result after minorities | Median | 92.0 | 116.0 | 312.0 | 386.0 | 424.0 | ||
| Net result after minorities | Lowest | 75.0 | 101.0 | 284.0 | 339.0 | 403.0 | ||
| Shares outstanding | Number of Estimates | 9 | 9 | 9 | 9 | 9 | ||
| Shares outstanding | Highest | 184.2 | 184.2 | 184.2 | 184.2 | 184.2 | ||
| Shares outstanding | Consensus | 184.2 | 184.2 | 184.2 | 184.2 | 184.2 | 184.2 | 184.2 |
| Shares outstanding | Median | 184.2 | 184.2 | 184.2 | 184.2 | 184.2 | ||
| Shares outstanding | Lowest | 184.2 | 184.2 | 184.2 | 184.2 | 184.2 | ||
| EPS reported (in Euro) | Number of Estimates | 9 | 9 | 9 | 9 | 9 | ||
| EPS reported (in Euro) | Highest | 0.58 | 0.91 | 2.07 | 2.60 | 3.04 | ||
| EPS reported (in Euro) | Consensus | 0.46 | 1.52 | 0.50 | 0.69 | 1.77 | 2.15 | 2.43 |
| EPS reported (in Euro) | Median | 0.50 | 0.63 | 1.69 | 2.10 | 2.30 | ||
| EPS reported (in Euro) | Lowest | 0.41 | 0.55 | 1.54 | 1.84 | 2.19 | ||
| Dividend per share | Number of Estimates | - | - | 8 | 8 | 8 | ||
| Dividend per share | Highest | - | - | 1.65 | 1.80 | 1.90 | ||
| Dividend per share | Consensus | - | 1.35 | - | - | 1.41 | 1.49 | 1.56 |
| Dividend per share | Median | - | - | 1.38 | 1.48 | 1.53 | ||
| Dividend per share | Lowest | - | - | 1.35 | 1.35 | 1.40 | ||
| Operating cash flow | Number of Estimates | - | - | 8 | 8 | 8 | ||
| Operating cash flow | Highest | - | - | 594.0 | 784.4 | 816.0 | ||
| Operating cash flow | Consensus | - | 581.0 | - | - | 479.6 | 633.9 | 668.1 |
| Operating cash flow | Median | - | - | 474.0 | 628.0 | 653.6 | ||
| Operating cash flow | Lowest | - | - | 398.6 | 510.0 | 593.0 | ||
| Capital expenditure | Number of Estimates | - | - | 7 | 8 | 8 | ||
| Capital expenditure | Highest | - | - | -81.0 | -86.0 | -91.0 | ||
| Capital expenditure | Consensus | - | -103.0 | - | - | -111.9 | -112.7 | -115.0 |
| Capital expenditure | Median | - | - | -110.0 | -110.7 | -112.3 | ||
| Capital expenditure | Lowest | - | - | -132.0 | -140.0 | -145.0 | ||
| Free cash flow | Number of Estimates | - | - | 7 | 8 | 8 | ||
| Free cash flow | Highest | - | - | 464.0 | 684.4 | 716.0 | ||
| Free cash flow | Consensus | - | 478.0 | - | - | 365.3 | 521.3 | 553.2 |
| Free cash flow | Median | - | - | 353.0 | 522.5 | 532.6 | ||
| Free cash flow | Lowest | - | - | 298.6 | 403.0 | 487.0 | ||
| Orders received Process Performance Solutions | Number of Estimates | 7 | 7 | 7 | 7 | 7 | ||
| Orders received Process Performance Solutions | Highest | 415.0 | 462.7 | 1,655.9 | 1,956.0 | 2,122.0 | ||
| Orders received Process Performance Solutions | Consensus | 345.0 | 1,500.0 | 407.7 | 446.1 | 1,631.6 | 1,838.1 | 1,928.4 |
| Orders received Process Performance Solutions | Median | 407.0 | 441.0 | 1,635.0 | 1,842.8 | 1,909.0 | ||
| Orders received Process Performance Solutions | Lowest | 401.0 | 430.0 | 1,614.0 | 1,767.0 | 1,817.0 | ||
| Orders received Flow Control | Number of Estimates | 6 | 6 | 6 | 6 | 6 | ||
| Orders received Flow Control | Highest | 257.0 | 259.4 | 928.1 | 1,150.0 | 1,219.0 | ||
| Orders received Flow Control | Consensus | 196.0 | 798.0 | 251.8 | 245.1 | 911.8 | 1,073.5 | 1,121.6 |
| Orders received Flow Control | Median | 252.5 | 241.0 | 911.0 | 1,066.5 | 1,114.0 | ||
| Orders received Flow Control | Lowest | 245.0 | 234.0 | 899.0 | 1,025.0 | 1,051.0 | ||
| Orders received Automation Solutions | Number of Estimates | 6 | 6 | 6 | 6 | 6 | ||
| Orders received Automation Solutions | Highest | 160.5 | 204.0 | 727.8 | 806.0 | 903.0 | ||
| Orders received Automation Solutions | Consensus | 150.0 | 702.0 | 157.3 | 198.7 | 718.3 | 763.8 | 811.8 |
| Orders received Automation Solutions | Median | 158.5 | 198.5 | 719.0 | 755.3 | 794.9 | ||
| Orders received Automation Solutions | Lowest | 152.0 | 192.0 | 707.0 | 742.0 | 766.0 | ||
| Orders received Biomaterial Solutions and Services | Number of Estimates | 7 | 7 | 7 | 7 | 7 | ||
| Orders received Biomaterial Solutions and Services | Highest | 838.0 | 985.0 | 3,510.0 | 3,903.0 | 4,329.0 | ||
| Orders received Biomaterial Solutions and Services | Consensus | 738.0 | 3,716.0 | 789.4 | 876.9 | 3,346.2 | 3,570.0 | 3,797.6 |
| Orders received Biomaterial Solutions and Services | Median | 796.0 | 869.0 | 3,343.3 | 3,626.0 | 3,742.0 | ||
| Orders received Biomaterial Solutions and Services | Lowest | 740.1 | 742.0 | 3,224.0 | 3,260.0 | 3,331.0 | ||
| Orders received Pulp, Energy and Circularity | Number of Estimates | 4 | 4 | 4 | 4 | 4 | ||
| Orders received Pulp, Energy and Circularity | Highest | 310.0 | 419.0 | 1,384.0 | 1,600.0 | 1,820.0 | ||
| Orders received Pulp, Energy and Circularity | Consensus | 199.0 | 1,536.0 | 276.8 | 344.0 | 1,296.5 | 1,399.5 | 1,482.3 |
| Orders received Pulp, Energy and Circularity | Median | 289.0 | 338.5 | 1,279.0 | 1,379.5 | 1,420.0 | ||
| Orders received Pulp, Energy and Circularity | Lowest | 219.0 | 280.0 | 1,244.0 | 1,239.0 | 1,269.0 | ||
| Orders received Packaging and Paper | Number of Estimates | 4 | 4 | 4 | 4 | 4 | ||
| Orders received Packaging and Paper | Highest | 330.0 | 340.0 | 1,310.0 | 1,540.0 | 1,800.0 | ||
| Orders received Packaging and Paper | Consensus | 306.0 | 1,368.0 | 316.5 | 300.8 | 1,257.5 | 1,347.8 | 1,437.3 |
| Orders received Packaging and Paper | Median | 315.0 | 293.0 | 1,247.0 | 1,302.5 | 1,351.0 | ||
| Orders received Packaging and Paper | Lowest | 306.0 | 277.0 | 1,226.0 | 1,246.0 | 1,247.0 | ||
| Orders received Tissue | Number of Estimates | 4 | 4 | 4 | 4 | 4 | ||
| Orders received Tissue | Highest | 221.0 | 218.0 | 794.0 | 834.0 | 875.0 | ||
| Orders received Tissue | Consensus | 233.0 | 812.0 | 199.0 | 197.5 | 767.5 | 794.0 | 810.8 |
| Orders received Tissue | Median | 207.5 | 195.5 | 763.5 | 789.5 | 829.5 | ||
| Orders received Tissue | Lowest | 160.0 | 181.0 | 749.0 | 763.0 | 709.0 | ||
| Orders received Biomaterial Services | Number of Estimates | 6 | 6 | 6 | 6 | 6 | ||
| Orders received Biomaterial Services | Highest | 450.0 | 487.0 | 1,929.0 | 2,083.0 | 2,229.0 | ||
| Orders received Biomaterial Services | Consensus | 404.0 | 1,948.0 | 423.4 | 465.9 | 1,888.4 | 1,993.5 | 2,096.9 |
| Orders received Biomaterial Services | Median | 418.1 | 463.0 | 1,878.3 | 1,972.1 | 2,078.5 | ||
| Orders received Biomaterial Services | Lowest | 408.0 | 446.0 | 1,855.0 | 1,925.0 | 2,002.0 | ||
| Net sales Process Performance Solutions | Number of Estimates | 8 | 8 | 8 | 8 | 8 | ||
| Net sales Process Performance Solutions | Highest | 436.0 | 500.2 | 1,639.8 | 1,916.0 | 2,081.0 | ||
| Net sales Process Performance Solutions | Consensus | 361.0 | 1,481.0 | 426.7 | 477.1 | 1,615.1 | 1,813.4 | 1,898.6 |
| Net sales Process Performance Solutions | Median | 426.3 | 471.5 | 1,612.5 | 1,792.5 | 1,868.5 | ||
| Net sales Process Performance Solutions | Lowest | 416.0 | 464.0 | 1,594.0 | 1,743.0 | 1,787.0 | ||
| Net sales Flow Control | Number of Estimates | 5 | 5 | 5 | 6 | 5 | ||
| Net sales Flow Control | Highest | 261.0 | 281.8 | 935.0 | 1,106.0 | 1,202.0 | ||
| Net sales Flow Control | Consensus | 196.0 | 788.0 | 256.3 | 268.8 | 923.9 | 1,079.0 | 1,136.9 |
| Net sales Flow Control | Median | 256.0 | 269.0 | 929.0 | 1,078.1 | 1,122.0 | ||
| Net sales Flow Control | Lowest | 251.0 | 260.0 | 908.0 | 1,056.0 | 1,098.0 | ||
| Net sales Automation Solutions | Number of Estimates | 5 | 5 | 5 | 6 | 5 | ||
| Net sales Automation Solutions | Highest | 175.0 | 218.4 | 707.3 | 810.0 | 879.0 | ||
| Net sales Automation Solutions | Consensus | 165.0 | 694.0 | 171.6 | 211.3 | 695.1 | 750.9 | 801.6 |
| Net sales Automation Solutions | Median | 174.9 | 213.0 | 698.0 | 744.8 | 794.8 | ||
| Net sales Automation Solutions | Lowest | 162.0 | 201.0 | 681.0 | 716.0 | 758.0 | ||
| Net sales Biomaterial Solutions and Services | Number of Estimates | 8 | 8 | 8 | 8 | 8 | ||
| Net sales Biomaterial Solutions and Services | Highest | 932.0 | 1,062.0 | 3,842.0 | 3,906.0 | 4,053.5 | ||
| Net sales Biomaterial Solutions and Services | Consensus | 934.0 | 3,716.0 | 904.1 | 986.6 | 3,739.0 | 3,612.0 | 3,728.3 |
| Net sales Biomaterial Solutions and Services | Median | 908.0 | 979.0 | 3,726.6 | 3,584.5 | 3,665.0 | ||
| Net sales Biomaterial Solutions and Services | Lowest | 876.5 | 925.0 | 3,659.0 | 3,460.0 | 3,460.0 | ||
| Net sales Pulp, Energy and Circularity | Number of Estimates | 5 | 5 | 5 | 5 | 4 | ||
| Net sales Pulp, Energy and Circularity | Highest | 525.0 | 630.0 | 2,000.0 | 1,950.0 | 1,784.0 | ||
| Net sales Pulp, Energy and Circularity | Consensus | 400.0 | 1,610.0 | 416.4 | 488.2 | 1,749.6 | 1,644.0 | 1,534.3 |
| Net sales Pulp, Energy and Circularity | Median | 405.0 | 453.0 | 1,703.0 | 1,625.0 | 1,506.0 | ||
| Net sales Pulp, Energy and Circularity | Lowest | 340.0 | 419.0 | 1,604.0 | 1,414.0 | 1,341.0 | ||
| Net sales Packaging and Paper | Number of Estimates | 5 | 5 | 5 | 4 | 4 | ||
| Net sales Packaging and Paper | Highest | 335.0 | 365.0 | 1,395.0 | 1,465.0 | 1,550.0 | ||
| Net sales Packaging and Paper | Consensus | 347.0 | 1,483.0 | 292.1 | 316.1 | 1,303.0 | 1,353.5 | 1,427.3 |
| Net sales Packaging and Paper | Median | 319.0 | 332.0 | 1,337.0 | 1,351.5 | 1,419.5 | ||
| Net sales Packaging and Paper | Lowest | 191.5 | 210.6 | 1,097.2 | 1,246.0 | 1,320.0 | ||
| Net sales Tissue | Number of Estimates | 5 | 5 | 5 | 4 | 4 | ||
| Net sales Tissue | Highest | 245.0 | 211.0 | 764.0 | 800.0 | 824.0 | ||
| Net sales Tissue | Consensus | 187.0 | 622.0 | 192.4 | 188.2 | 688.8 | 726.3 | 785.5 |
| Net sales Tissue | Median | 185.0 | 190.0 | 685.0 | 730.5 | 800.0 | ||
| Net sales Tissue | Lowest | 160.0 | 160.0 | 628.0 | 644.0 | 718.0 | ||
| Net sales Biomaterial Services | Number of Estimates | 6 | 6 | 6 | 6 | 6 | ||
| Net sales Biomaterial Services | Highest | 470.0 | 537.0 | 1,888.0 | 2,006.0 | 2,156.0 | ||
| Net sales Biomaterial Services | Consensus | 449.0 | 1,856.0 | 452.0 | 507.1 | 1,847.8 | 1,940.3 | 2,032.0 |
| Net sales Biomaterial Services | Median | 451.5 | 513.4 | 1,849.9 | 1,938.0 | 2,025.0 | ||
| Net sales Biomaterial Services | Lowest | 439.0 | 465.0 | 1,812.0 | 1,900.0 | 1,953.0 | ||
| Comparable EBITA Process Performance Solutions | Number of Estimates | 7 | 7 | 8 | 8 | 8 | ||
| Comparable EBITA Process Performance Solutions | Highest | 90.0 | 101.0 | 323.0 | 372.0 | 410.0 | ||
| Comparable EBITA Process Performance Solutions | Consensus | 79.0 | 290.0 | 84.1 | 96.7 | 312.8 | 348.3 | 370.1 |
| Comparable EBITA Process Performance Solutions | Median | 83.0 | 96.8 | 312.0 | 345.3 | 363.0 | ||
| Comparable EBITA Process Performance Solutions | Lowest | 78.7 | 90.0 | 304.0 | 328.0 | 352.0 | ||
| Comparable EBITA Biomaterial Solutions and Services | Number of Estimates | 7 | 7 | 8 | 8 | 8 | ||
| Comparable EBITA Biomaterial Solutions and Services | Highest | 98.0 | 120.0 | 380.0 | 423.0 | 472.0 | ||
| Comparable EBITA Biomaterial Solutions and Services | Consensus | 89.0 | 381.0 | 93.4 | 114.2 | 368.4 | 385.3 | 417.1 |
| Comparable EBITA Biomaterial Solutions and Services | Median | 94.0 | 116.0 | 368.5 | 384.0 | 413.5 | ||
| Comparable EBITA Biomaterial Solutions and Services | Lowest | 85.0 | 107.0 | 359.0 | 338.0 | 377.0 | ||
| Comparable EBITA Other | Number of Estimates | 7 | 7 | 8 | 8 | 8 | ||
| Comparable EBITA Other | Highest | -9.0 | -11.0 | -50.0 | -45.0 | -45.0 | ||
| Comparable EBITA Other | Consensus | -9.0 | -51.0 | -11.7 | -13.9 | -53.9 | -53.3 | -54.0 |
| Comparable EBITA Other | Median | -12.0 | -14.0 | -53.5 | -53.5 | -53.5 | ||
| Comparable EBITA Other | Lowest | -15.0 | -16.0 | -60.0 | -62.0 | -64.0 | ||
| Comparable EBITA Margin (%) Process Perf. Solns. | Number of Estimates | 7 | 7 | 8 | 8 | 8 | ||
| Comparable EBITA Margin (%) Process Perf. Solns. | Highest | 20.7 | 21.1 | 19.7 | 20.1 | 20.4 | ||
| Comparable EBITA Margin (%) Process Perf. Solns. | Consensus | 21.9 | 19.6 | 19.6 | 20.2 | 19.4 | 19.2 | 19.5 |
| Comparable EBITA Margin (%) Process Perf. Solns. | Median | 19.6 | 20.4 | 19.5 | 19.2 | 19.6 | ||
| Comparable EBITA Margin (%) Process Perf. Solns. | Lowest | 18.4 | 19.4 | 18.8 | 18.4 | 18.6 | ||
| Comparable EBITA Margin (%) Biomaterial Solns. and Servs. | Number of Estimates | 7 | 7 | 8 | 8 | 8 | ||
| Comparable EBITA Margin (%) Biomaterial Solns. and Servs. | Highest | 11.0 | 12.2 | 10.1 | 11.5 | 12.0 | ||
| Comparable EBITA Margin (%) Biomaterial Solns. and Servs. | Consensus | 9.5 | 10.3 | 10.4 | 11.7 | 9.9 | 10.7 | 11.2 |
| Comparable EBITA Margin (%) Biomaterial Solns. and Servs. | Median | 10.5 | 11.8 | 9.9 | 10.6 | 11.1 | ||
| Comparable EBITA Margin (%) Biomaterial Solns. and Servs. | Lowest | 9.7 | 10.8 | 9.3 | 9.8 | 10.5 |
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.
