GEA Group (G1AG.DE) Updating estimates post 2Q pre release

Equity Research 27 July 2026 | 12:29PM BST

GEA Group (G1AG.DE): Updating estimates post 2Q pre-release

We increase FY26/27E order forecasts mechanically by 1%/1% and adj. EBITDA Daniela Costa | by 2%/2% on the back of the group level results pre-release and guidance Goldman Sachs International upgrade on 22 July. Orders/sales/margins were better than our expectations, which Meihan Yang we think could have been mainly driven by a better-than-expected acceleration in | the Nutrition Plant Engineering division after the 1Q weakness. However, we think Goldman Sachs International

investor focus will be on the order pipeline going forward given the positive Ines Lefranc | comment from Alfa Laval on dairy and prepared food & beverage (both showed DD Goldman Sachs International growth) and 2H sales/margin trajectory going forward. The upgrade in FY26 OSG guidance seems conservative, given the group expects an acceleration in OSG throughout the year (1Q/2Q OSG at 5.3%/11%) and further margin progression based on historical seasonality and mix tailwinds from lower OE sales (3Q/4Q historically saw 100bps/-50bps sequential development). Other key questions for the call would be if there are any outsized orders that contributed to the 2Q orders other than the mid DD euros already disclosed before and how much visibility the group has on its order book now to support future quarters at current or higher organic growth levels.

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Goldman Sachs GEA Group (G1AG.DE)

Exhibit 1: We increase FY26/27E order forecasts mechanically by 1%/1% and adj. EBITDA by 2%/2% on the back of pre-release New vs Old GS estimates

In EUR mn 2Q 2026E 2026E 2027E 2028E 2029E 2030E 2Q 2026E 2026E 2027E 2028E 2029E 2030E 2Q 2026E 2026E 2027E 2028E 2029E 2030E Orders Pure Flow Processing 521 2,115 2,163 2,250 2,351 2,433 521 2,120 2,172 2,259 2,361 2,444 0.0% -0.2% -0.4% -0.4% -0.4% -0.4% Nutrition Plant Engineering 496 2,116 2,150 2,214 2,369 2,488 464 2,076 2,114 2,177 2,330 2,446 6.9% 1.9% 1.7% 1.7% 1.7% 1.7% Pharma Food Applications 298 1,152 1,188 1,247 1,334 1,388 280 1,133 1,168 1,226 1,312 1,364 6.6% 1.7% 1.7% 1.7% 1.7% 1.7% Farm Technologies % 3.9% 3.9% 3.9% 3.9% 3.9% Other/Consolidation - % 1.4% 1.3% 1.3% 1.3% 1.3% Group orders 1,487 6,011 6,141 6,386 6,716 7,014 1,402 5,927 6,064 6,306 6,632 6,926 6.1% 1.4% 1.3% 1.3% 1.3% 1.3%

Organic Order Growth Pure Flow Processing 6.6% 6.0% 4.5% 4.0% 4.5% 3.5% 5.0% 6.0% 4.5% 4.0% 4.5% 3.5% 1.6% 0.0% 0.0% 0.0% 0.0% 0.0% Nutrition Plant Engineering 25.0% -2.0% 5.0% 3.0% 7.0% 5.0% 16.0% -4.0% 5.0% 3.0% 7.0% 5.0% 9.0% 2.0% 0.0% 0.0% 0.0% 0.0% Pharma Food Applications 15.0% 5.0% 3.0% 5.0% 7.0% 4.0% 7.0% 3.0% 3.0% 5.0% 7.0% 4.0% 8.0% 2.0% 0.0% 0.0% 0.0% 0.0% Farm Technologies 18.0% 2.0% 2.0% 5.0% 0.0% 6.0% -2.0% -2.0% 2.0% 5.0% 0.0% 6.0% 20.0% 4.0% 0.0% 0.0% 0.0% 0.0% Group orders growth 15.4% 2.5% 4.1% 4.0% 5.2% 4.4% 7.6% 0.8% 4.1% 4.0% 5.2% 4.4% 7.8% 1.6% 0.0% 0.0% 0.0% 0.0%

Sales Pure Flow Processing 497 2,038 2,182 2,270 2,372 2,455 486 2,032 2,175 2,262 2,364 2,447 2.2% 0.3% 0.3% 0.3% 0.3% 0.3% Nutrition Plant Engineering 512 2,097 2,223 2,290 2,405 2,525 475 2,061 2,185 2,251 2,363 2,482 7.9% 1.7% 1.7% 1.7% 1.7% 1.7% Pharma Food Applications 277 1,119 1,187 1,258 1,359 1,400 279 1,121 1,189 1,260 1,361 1,402 -0.7% -0.2% -0.2% -0.2% -0.2% -0.2% Farm Technologies % 0.8% 0.8% 0.8% 0.8% 0.8% Other/Consolidation - % 0.8% 0.8% 0.8% 0.8% 0.8% Group sales 1,440 5,815 6,202 6,485 6,790 7,051 1,388 5,770 6,154 6,436 6,738 6,997 3.7% 0.8% 0.8% 0.8% 0.8% 0.8%

Organic Sales Growth Pure Flow Processing 7.0% 5.5% 7.0% 4.0% 4.5% 3.5% 4.0% 5.0% 7.0% 4.0% 4.5% 3.5% 3.0% 0.5% 0.0% 0.0% 0.0% 0.0% Nutrition Plant Engineering…