OMV Operating Result Jumps 68% to €2,117 Million as Carlsberg and ANDRITZ Grow
Key Facts
Carlsberg, OMV and ANDRITZ reported growth in third-quarter 2026 results, but performance drivers varied, ranging from currency effects and market mix to oil and refining prices and demand for hydropower. OMV’s clean CCS-adjusted operating result rose 68% year on year to €2,117 million, alongside a 43% increase in revenue from continuing operations to €8,959 million. At Carlsberg, reported revenue increased 4.9% to 25,281 million Danish kroner, while organic growth was 3.0%. ANDRITZ lifted revenue 9.2% to €2,059.6 million and net income rose 14.4% to €127.3 million. The results present a mixed picture across the three companies, with revenue growth accompanied by stronger operating gains at OMV and a record order backlog at ANDRITZ.
Carlsberg’s reported revenue grew faster than organic revenue, a gap the company attributed in part to a positive currency effect. Organic sales volume grew just 0.3%, with Asia down 6.7%, against growth of 0.3% in Western Europe and 7.5% in Central and Eastern Europe and India. By organic revenue, Western Europe rose 2.5% and Central and Eastern Europe and India increased 11.7%, while Asia declined 4.6%. The chief executive said the group’s performance reflected "good momentum in many markets and the resilience of our diversified beverage portfolio, which more than offset trading challenges in China." Reuters reported that quarterly sales were in line with analysts’ expectations at 25.3 billion Danish kroner and that the company left its full-year profit guidance unchanged.
Carlsberg maintained its forecast for organic operating profit growth of 4% to 6% in 2026, based on 2025 operating profit of 13,686 million Danish kroner under the company’s measure. Unlike revenue growth, which benefited from currencies, organic sales volume remained limited, with clear variation across regions. The company explained the divergence by pointing to the resilience of its beverage portfolio amid a challenging trading environment in China. In the market, Carlsberg shares fell 0.66% in pre-market trading on October 29, according to the results-call summary published on Investing.com. The shares traded at $957, compared with a previous close of $963.4.
OMV attributed the stronger result to its fuels and energy segments, the main earnings drivers, while chemicals contributed less. The energy segment’s clean result was €936 million, up 51% from the same period, while the fuels segment’s clean CCS result reached €1,124 million, up 172%. By contrast, the chemicals segment’s clean operating result fell 72% to €63 million, as lower market prices weighed on the business. The company said higher refining margins, utilization rates and product mix supported the fuels segment. In energy, positive market effects of €515 million, reflecting higher realized oil and gas prices, offset lower sales volumes linked to logistical constraints and a shortage of shipments from the Middle East.
OMV raised its forecast for the average Brent crude price in 2026 to more than $95 a barrel, from its previous range of $85 to $95. It also raised its estimate for the European indicative refining margin to about $25 a barrel, from about $20 previously. At the same time, it increased its estimate for the group’s organic capital expenditure during the year to about €3.5 billion, compared with a previous forecast of about €3.4 billion. The revisions show the company’s outlook now reflects higher energy prices and stronger refining margins, alongside increased capital spending. OMVKY shares closed at $20.38 on October 28, 2026, according to EL7 data.
At ANDRITZ, hydropower was the leading driver of revenue growth, with segment revenue rising 25.4% to €501.1 million. Pulp and paper also contributed, with revenue of €767.3 million, up 8.8% year on year. Metals revenue was nearly flat at €422.3 million, down 0.4%. On earnings, the comparable EBITA margin rose to 9.0% from 8.9% in the same period, alongside growth in net income including non-controlling interests. The mix reflects varying contributions from the segments, with strong hydropower growth and near-flat metals performance.
ANDRITZ’s third-quarter order intake was €2,166.2 million, down 0.6% from the same period, but its order backlog reached a record €12,729.1 million on September 30, up 21.7% from the end of 2025. The chief executive said revenue and earnings grew strongly and the order backlog reached "a new record level," adding that the company would continue to improve performance and convert the backlog into profitable growth. The company reaffirmed its 2026 revenue forecast of €8.0 billion to €8.3 billion and a comparable EBITA margin of 8.7% to 9.1%. It also set a target of €10 billion in revenue and a 10% margin by 2029. CABJF shares closed at $144.51 on October 27, 2026, according to EL7 data.