Strong first quarter for GEA: Accelerated growth and further profitability gains

Global machinery and plant manufacturer GEA delivered a very good performance in the first quarter of 2026. The Company improved all relevant financial performance metrics compared to the prior-year quarter. Both order intake and revenue recorded organic growth of more than five percent. This was significantly driven by a strong new machinery business. Profitability further increased over the comparative period, too.

• Order intake rose by 2.8 percent to EUR 1,454.2 million (Q1 2025: EUR 1,414.8 million); organic growth of 6.4 percent
• First-quarter revenue growth of 1.2 percent to EUR 1,273.1 million (Q1 2025: EUR 1,258.4 million); organic revenue growth of 5.3 percent
• EBITDA before restructuring expenses increased by 3.9 percent to EUR 205.9 million (Q1 2025: EUR 198.2 million); EBITDA margin before restructuring expenses rose accordingly from 15.8 percent in prior-year quarter to 16.2 percent
• Return on capital employed (ROCE) improved to 35.7 percent (Q1 2025: 34.9 percent)
• Launch of GEA SecurityPartner: new industrial security services for operators of GEA machinery and plants

Steady demand for GEA products and services led to renewed gains in order intake and revenue. Amidst simultaneous improvements in its key financials, the group established a solid foundation in the first quarter of 2026 and confirms its full-year guidance. The growth in order intake was due to a combination of strong base business with orders of up to EUR 1 million, new orders in the EUR 1 million to EUR 5 million range as well as three new large order wins for the Nutrition Plant Engineering division for a total of EUR 73.2 million.

“This first quarter marked a strong start into the year for GEA. As planned, we further improved all key performance indicators. We saw particularly strong progress in the new machinery business – at the same time, we once again managed to boost our profitability. In the current economic and political context, this demonstrates that our strategic focus on energy-efficient technologies for the processing industry is the right one,” said GEA CEO Stefan Klebert.

Higher order intake and revenue

Order intake in the first quarter of 2026 showed a year-on-year increase of 2.8 percent to EUR 1,454.2 million (Q1 2025: EUR 1,414.8 million). On an organic basis – adjusted for portfolio and exchange rate effects – growth stood at 6.4 percent. Order intake was again bolstered by a strong base business with orders of less than EUR 1 million, as well as by orders between EUR 1 million and EUR 5 million. As in the prior-year quarter, there were three large orders (in excess of EUR 15 million), for a total amount of EUR 73.2 million (Q1 2025: EUR 82.6 million). All three of those were secured in the Nutrition Plant Engineering (NPE) division. From a geographic perspective, Western Europe, the Middle East and Africa contributed most to the rise in order intake. Additional growth contributors were Northern and Central Europe as well as Asia-Pacific.

Revenue rose by 1.2 percent to EUR 1,273.1 million (Q1 2025: EUR 1,258.4 million). This was primarily driven by new machinery sales. Organic revenue growth accelerated to 5.3 percent (Q1 2025: 0.9 percent). The service share in group revenue, characterized by above-average profitability, fell slightly to 41.2 percent (Q1 2025: 41.7 percent), maintaining an overall high level.

Increased operating earnings and margin

EBITDA before restructuring expenses rose by 3.9 percent to EUR 205.9 million (Q1 2025: EUR 198.2 million). The corresponding margin improved from 15.8 percent in the prior-year quarter to 16.2 percent. This was mainly due to the improvement in gross profit. An increase in cost of sales expenses was partially offset by a decrease in general and administrative expenses. All divisions except Nutrition Plant Engineering contributed to the increase in profitability in the first quarter. Profit for the period grew by 5.7 percent to EUR 99.7 million (Q1 2025: EUR 94.3 million). Earnings per share before restructuring expenses consequently improved to EUR 0.64, compared to EUR 0.62 in the prior-year quarter. Earnings per share increased from EUR 0.57 to EUR 0.61.

Net liquidity down, continued strong ROCE

In line with expectations, net liquidity declined to EUR 162.4 million as of March 31, 2026 (December 31, 2025: EUR 378.9 million). This is due to the negative EUR 190.3 million free cash flow in the first quarter of 2026 as a result of an increase in net working capital from its exceptionally low level at the end of 2025. The latter stood at EUR 383.4 million as of March 31, 2026, an increase of EUR 208.2 million compared to the year-end reporting date (December 31, 2025: EUR 175.2 million; March 31, 2025: EUR 386.0 million). Net working capital as a percentage of revenue, at 7.0 percent, remained comfortably at the lower end of the 7.0 to 9.0 percent target range (March 31, 2025: 7.1 percent). Starting from a high level, return on capital employed (ROCE) improved from 34.9 to 35.7 percent. This was mainly due to higher EBIT before restructuring expenses.

Resilient despite the current geopolitical situation

Recent geopolitical developments in the Middle East triggered by the Iran conflict had no noticeable impact on GEA’s business performance. At present, the company does not expect this situation to change materially. The Middle East region accounts for about 3 percent of GEA’s total order intake. The Company does not operate any production facilities there. Indirect effects, particularly with regard to energy, raw materials and logistics costs, have also remained largely limited. GEA will continue to monitor the situation closely and stay in close alignment with customers and suppliers.

New business area in growing market for industrial security

In April, GEA expanded its portfolio with GEA SecurityPartner, a new offering that provides comprehensive protection for GEA systems at customer sites against cyber risks and related threats. It also supports compliance with regulatory requirements, including the EU NIS2 Directive and Cyber Resilience Act. This modular solution for connected production environments leverages GEA’s long-standing expertise in industrial information security, developed within its dedicated in-house unit.

Guidance for financial year 2026 confirmed 

GEA anticipates organic revenue growth of between 5.0 and 7.0 percent for financial year 2026. The Company expects an EBITDA margin before restructuring expenses of between 16.6 and 17.2 percent and ROCE of between 34.0 and 38.0 percent.

Figures in EUR million

^{1) Adjusted for portfolio and currency translation effects.
2) Including lease liabilities of EUR 251.4 million as of March 31, 2026 (March 31, 2026: EUR 184.5 million).
3) XETRA closing price as of March 31, 2026: EUR 61.20; XETRA closing price as of March 31, 2025: EUR 55.90. In the previous year the market capitalization included treasury shares.}