Valmet Corp · OMXHEX:VALMT

Valmet — Q3 2026 Earnings Presentation

30 slides from Valmet's earnings presentation, Oct 28, 2026

  1. Slide 1: Strong orders received and increased Comparable EBITA

    Strong orders received and increased Comparable EBITA Interim Review, January–September 2026 October 28, 2026 Thomas Hinnerskov, President and CEO Pekka Rouhiainen, Vice President, Investor Relations

  2. Slide 2: Q3/2026 highlights

    Q3/2026 highlights Valmet <>

  3. Slide 3: Strong biomaterial services growth, major project wins and record third-quarter Comparable EBITA

    Strong biomaterial services growth, major project wins and record third- quarter Comparable EBITA Orders received Net sales Comparable EBITA Highlights EUR 1,408 million EUR 1,360 million EUR 169 million +25% organically +1% organically Margin stable y/y at 12.4% Strong order intake, with biomateria

  4. Slide 4: Valmet improves the performance of industrial assets across their lifecycle

    Valmet improves the performance of industrial assets – across their lifecycle WE HELP CUSTOMERS TO: Delivered through lifecycle 2030 TARGETS services, upgrades and • Run their operations automation more reliably 5% Organic growth • Produce more efficiently WHAT THIS MEANS FOR VALMET • Use fewer reso

  5. Slide 5: Orders increased 25% organically, supported by strong biomaterial services growth

    Orders increased 25% organically, supported by strong biomaterial services growth and major project wins Orders received (EUR million and organic growth y/y) 3,500 7,000 3,000 6,000 2,463 2,500 5,000 2,000 4,000 1,520 1,408 1,500 1,332 1,281 1,373 3,000 1,041 1,083 1,092 1,000 2,000 500 -1% >100% 23

  6. Slide 6: Solid growth and strong Comparable EBITA margin

    Solid growth and strong Comparable EBITA margin PROCESS PERFORMANCE SOLUTIONS SEGMENT Orders received (EUR million and growth y/y) 443 406 376 400 379 399 372 Q3 2026 performance 322 345 Orders received increased 16% to EUR 399 million • Orders received increased 3% organically, with resilient devel

  7. Slide 7: Helping customers become more competitive on the path towards autonomous mills

    Helping customers become more competitive on the path towards autonomous mills The acquisition of market-leading manufacturing execution system (MES) business from Tieto STRATEGIC RATIONALE Further strengthens our leadership in pulp and paper 1 automation An established platform with recurring reven

  8. Slide 8: Strong service growth, major project wins and increasing profitability

    Strong service growth, major project wins and increasing profitability BIOMATERIAL SOLUTIONS AND SERVICES SEGMENT Orders received (EUR million) ■ Biomaterial services 2,020 Q3 2026 performance 1,144 1,009 Orders received increased to EUR 1.0 billion 719 926 738 908 994 693 • Biomaterial services ord

  9. Slide 9: Financial development

    Financial development Valmet <>

  10. Slide 10: Net sales and Comparable EBITA increased

    Net sales and Comparable EBITA increased Net sales (EUR million and organic growth y/y) Comparable EBITA (EUR million and % of net sales) 1,528 1,477 1,295 1,295 1,315 1,360 192 196 1,184 1,241 1,244 169 156 159 152 143 -8% -5% -6% -4% 2% -1% 9% 6% 1% 121 114 12.6% 12.3% 13.3% 12.4% 12.0% 11.5% 11.5

  11. Slide 11: Comparable SG&A reflects strategy execution

    Comparable SG&A reflects strategy execution Comparable SG&A expenses1 EUR million and % of net sales BASELINE Comparable SG&A1 984 cost reduction EUR 936 85 million 899 2024 2025 Q3/26 LTM EUR million 1) Excluding the impact of Severn Group Acquisition completed on July, 1 2026. 11 October 28, 2026

  12. Slide 12: Order backlog increased to close to EUR 4.5 billion at the end of Q3/2026

    Order backlog increased to close to EUR 4.5 billion at the end of Q3/2026 Order backlog (EUR million) and book-to-bill (orders received / net sales) 4,403 4,452 4,306 4,470 3,973 1.02 1.09 1.00 0.96 0.90 2022 2023 2024 2025 Q3/2026 LTM • Order backlog was EUR 164 million higher than at the end of 20

  13. Slide 13: Cash flow increased in Q3/2026, supported by the change in net working capital

    Cash flow increased in Q3/2026, supported by the change in net working capital Net working capital and as a percentage of orders Cash flow from operating activities (EUR million) received (EUR million) 554 581 500 191 4% 134 1% 1% 352 -2% 2% 45 29 -82 36 2022 2023 2024 2025 Q3/26 LTM 2022 2023 2024

  14. Slide 14: Healthy balance sheet maintained following the Severn acquisition

    Healthy balance sheet maintained following the Severn acquisition Net debt (EUR million) and gearing (%) Net debt to EBITDA1) ratio 1.78 1,204 1.59 1.60 1.55 1,057 1.50 1,032 1.45 1.42 992 1.40 945 965 47% 904 1.30 875 888 43% 42% 39% 38% 39% 36% 37% 35% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/

  15. Slide 15: Higher returns on capital are a key financial priority

    Higher returns on capital are a key financial priority Capital employed (EUR million) and Comparable ROCE (%) Adjusted EPS, EUR 2030 ROCE target: 20% 6,000 20% 5,000 1.93 1.86 4,158 4,451 15% 1.82 4,051 4,000 12.7% 13.0% 12.9% 3,000 10% 2,000 5% 1,000 0 0% 2024 2025 Q3/26 LTM 2024 2025 Q3/26 LTM Cap

  16. Slide 16: Key figures

    Key figures EUR million Q3/2026 Q3/2025 Change Q1–Q3/2026 Q1–Q3/2025 Change 1) At end of period Orders received 1,408 1,083 30% 3,874 3,936 -2% 2) Calculated as (income taxes during the period / profit before taxes for the period) x 100% Order backlog1 4,470 4,526 -1% 3) Adjusted earnings per share

  17. Slide 17: Guidance and short-term market outlook

    Guidance and short-term market outlook

  18. Slide 18: Guidance and short-term market outlook

    Guidance and short-term market outlook Guidance for 2026 Guidance Valmet reiterates its guidance issued on February 6, 2026, in which Valmet estimates that net sales in 2026 will remain at the previous year's level in comparison with 2025 (EUR 5,197 million) and Comparable EBITA in 2026 will remain

  19. Slide 19: Strong biomaterial services growth, major project wins and record third-quarter comparable EBITA

    Strong biomaterial services growth, major project wins and record third- quarter comparable EBITA Orders received Net sales Comparable EBITA Highlights EUR 1,408 million EUR 1,360 million EUR 169 million +25% organically +1% organically Margin stable y/y at 12.4% Strong order intake, with biomateria

  20. Slide 20: Q&A

    Q&A 20 October 28, 2026 © Valmet | Interim Review, January–September 2026

  21. Slide 21: Financial Statements Review for 2026

    Financial Statements Review for 2026 February 4, 2027 www.valmet.com/investors 21 October 28, 2026 © Valmet | Interim Review, January–September 2026

  22. Slide 22: Important notice

    Important notice IMPORTANT: The following applies to this document, the oral presentation of the information in this document by Valmet (the “Company”) or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation (collectively, the “Information”). In

  23. Slide 23: Appendix

    Appendix Valmet <>

  24. Slide 24: Valmet in Q3/2026

    Valmet in Q3/2026 Orders received Net sales Comparable EBITA (excl. Other) EUR EUR EUR EUR 952 408 399 million million EUR EUR 1,009 million 82 million 102 million million Biomaterial services Biomaterial services EUR 457 million EUR 471 million Process Performance Solutions Process Performance Solu

  25. Slide 25: Segment key figures

    Segment key figures Orders received, EUR million Q3/2026 Q3/2025 Change Q1–Q3/2026 Q1–Q3/2025 Change 2025 Process Performance Solutions 399 345 16% 1,178 1,128 4% 1,500 Biomaterial Solutions and Services 1,009 738 37% 2,696 2,808 -4% 3,716 Total 1,408 1,083 30% 3,874 3,936 -2% 5,216 Net sales, EUR m

  26. Slide 26: Comparable gross profit and SG&A expenses development

    Comparable gross profit and SG&A expenses development Comparable gross profit Comparable SG&A expenses (EUR million and % of net sales) (EUR million and % of net sales) 28.2% 28.4% 27.3% 25.8% 24.9% 18.4% 18.0% 16.3% 16.3% 17.0% 1,513 1,478 1,472 1,429 1,263 901 984 936 916 829 2022 2023 2024 2025 Q

  27. Slide 27: Long-term development of Valmet's orders received, EUR million

    Long-term development of Valmet’s orders received, EUR million 5,837 5,194 5,216 5,155 4,955 4,740 3,986 3,722 3,653 3,139 3,272 3,071 2,878 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3/26 LTM 27 October 28, 2026 © Valmet | Interim Review, January–September 2026 LTM = Last twelve m

  28. Slide 28: Long-term development of Valmet's net sales, EUR million

    Long-term development of Valmet’s net sales, EUR million 5,532 5,359 5,397 5,074 5,197 3,740 3,935 3,547 3,325 2,928 2,926 3,058 2,473 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3/2026 LTM 28 October 28, 2026 © Valmet | Interim Review, January–September 2026 LTM = Last twelve month

  29. Slide 29: Long-term development of Valmet's Comparable EBITA and margin

    Long-term development of Valmet’s Comparable EBITA and margin EUR million and % of net sales 619 620 631 609 533 429 365 11.9% 11.4% 11.7% 316 10.9% 11.2% 10.5% 257 9.8% 218 8.9% 182 196 7.7% 7.1% 106 6.7% 6.2% 4.3% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3/2026 LTM 29 October 2

  30. Slide 30: Valmet

    Valmet ->

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