Presentation (presentation q3 2026 valmet)

‌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

Highlights

Strong order intake, with biomaterial services up 12% organically

Record third-quarter Comparable EBITA

Year-to-date net sales and Comparable EBITA above last year, 2026 guidance reiterated

Strategic review progressing according to plan

+25% organically

+1% organically

Margin stable y/y at 12.4%

Process Performance

Solutions

Orders received +3% organically, a resilient

result in a low-growth market

Comparable EBITA margin remained at a strong level of 20.2%

Biomaterial Solutions and

Services

Strong orders, with 12% organic growth in

services and EUR 552 million in capital orders

Comparable EBITA margin increased to 10.7%, supported by higher net sales and cost savings

5%

Organic growth

15%

Comparable EBITA

20%

Comparable ROCE

WE HELP CUSTOMERS TO:

• Run their operations more reliably

• Produce more efficiently

• Use fewer resources

• Operate with less manual effort

  Delivered through lifecycle services, upgrades and automation

  WHAT THIS MEANS FOR VALMET

  Drives recurring, lifecycle demand across our global installed base

  Reduces dependency on large capital projects

  2030 TARGETS

  ‌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

  3,000

  2,500

  2,000

  1,500

  1,000

  500

  0

  Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26

  7,000

  -1%

>100%

1,092

1,281

1,083

1,041

1,408

1,373

1,520

1,332

2,463

6,000

5,000

4,000

3,000

2,000

1,000

0

Orders received (LHS) Last 4 quarters (RHS)

• Orders received increased 25% organically to EUR 1.4 billion

• Biomaterial services orders increased 12% organically, with growth across regions, service categories and business areas

• Process Performance Solutions' orders increased 3% organically

• Major project wins supported growth and demonstrate our technological leadership and competitiveness globally

PROCESS PERFORMANCE SOLUTIONS SEGMENT

Orders received increased 16% to EUR 399 million

Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26

Net sales (EUR million and growth y/y)

customer decision-making during the quarter

Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26

Comparable EBITA (EUR million and % of net sales)

18.3%

19.1%

16.2% 17.8%

21.9% 21.9%

18.5%

18.7% 20.2%

82

79

81

90

Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26

The acquisition of market-leading manufacturing execution system (MES) business from Tieto

1

Further strengthens our leadership in pulp and paper

automation

2

Advances our offering towards autonomous mills

by connecting production planning with real-time process control

3

Creates long-term growth opportunities in process

industries

by building on Valmet's existing customer base, technology and global reach

An established platform with recurring revenue

~300

installations worldwide

EUR ~32 million

annual revenue

Recurring aftermarket opportunity

from software maintenance and support

STRATEGIC RATIONALE

BIOMATERIAL SOLUTIONS AND SERVICES SEGMENT

Orders received increased to EUR 1.0 billion

• Biomaterial services orders increased 12% organically, with growth across regions, service categories and business areas

  Orders received (EUR million)

  719

  926

  1,144

  738

  908

  994

  1,009

  693

  412

  404

  439

  506

  457

  493

534

479

2,020

• Biomaterial services

• Increasing lifecycle service penetration across our large installed base is a key growth priority under the Lead the Way strategy

• Capital project orders increased to EUR 552 million

• Major project wins reflect our global competitiveness and customers' confidence in our technology and long-term partnership

  Net sales amounted to EUR 952 million

• Net sales remained at the previous year's level (organically +1%)

• Biomaterial services net sales increased 4% organically

  Comparable EBITA increased to EUR 102 million and margin to 10.7%

• Supported by higher net sales and benefits from efficiency and cost reduction actions under the Lead the Way strategy

Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26

Net sales (EUR million)

941

1,104

1,067

846

869

934

904

945

952

471

475

414

453

511

449

460

433

567

Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26

10.7%

11.6%

11.6%

9.7%

10.0%

9.5%

10.4%

10.7%

7.1%

102

98

101

123

128

Comparable EBITA (EUR million and % of net sales)

Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26

1,295

1,528

1,184

1,241 1,295

1,477

192

196

156

159

169

121

12.0%

12.6%

12.3%

13.3%

12.4%

10.2%

114

9.2%

11.5%

143

11.5%

152

1,244 1,315 1,360

Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26

Net sales increased to EUR 1,360 million

• Net sales were EUR 66 million higher than in Q3/25

• Approximately EUR 13 million positive FX impact

• Engineered Severe Service contributed EUR 46 million

• Net sales 1% higher organically, supported by 4% organic growth in biomaterial services

Record third-quarter comparable EBITA

• Comparable EBITA increased to EUR 169 million and margin was 12.4%

• The increase was due to the consolidation of Engineered Severe Service and the positive impact of efficiency and cost reduction actions under the Lead the Way strategy

EUR million and % of net sales

936

BASELINE

984

85

2024 2025 Q3/26 LTM

EUR million

1) Excluding the impact of Severn Group Acquisition completed on July, 1 2026.

Order backlog (EUR million) and book-to-bill (orders received / net sales)

4,403

4,452

3,973

4,306

4,470

0.90

1.00

0.96

1.09

1.02

2022 2023 2024 2025 Q3/2026 LTM

• Order backlog was EUR 164 million higher than at the end of 2025, including the impact of Severn

• Book-to-bill increased to 0.96 in Q3/2026 from 0.91 in Q2/2026 on LTM basis

• Based on our current delivery schedules, we expect that roughly EUR 3.7 billion of the order backlog will be recognized as net sales in Q4/26 and 2027 (corresponding Q3/25 estimate: EUR 3.6 billion)

Cash flow from operating activities (EUR million)

Net working capital and as a percentage of orders received (EUR million)

36

2022 2023 2024 2025 Q3/26 LTM

2022 2023 2024 2025 Q3/26

Net working capital Net working capital/orders received (LTM)

1) Comparable cash conversion ratio calculated as cash flow from operating activities / Comparable EBITA Reported net working capital benefitted from a EUR 123 million dividend liability, which had no cash impact Excluding the dividend liability, net working capital was EUR 138 million higher than at year-end 2025

Net debt (EUR million) and gearing (%) Net debt to EBITDA1) ratio

1,204

1,057

1,032

992

945

965

904

888

37%

36%

35%

39%

38%

42%

875

39%

43%

47%

1.78

1.59

1.55

1.60

1.50

1.40

1.45

1.42

1.30

Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26

Net debt Gearing

• Net debt increased by EUR 239 million from the end of Q2/2026 to EUR 1.2 billion following the completion of the Severn acquisition

• Gearing increased from 39% to 47%, remaining below the financial target of 50%

• Net debt to EBITDA* ratio was 1.78 in Q3/2026 (1.50 at the end of Q3/2025)

1) Last twelve months (LTM) EBITDA

The average interest rate of Valmet's total debt was 3.6 percent at the end of Q3/2026 (3.6% at the end of Q3/2025) Net financial expenses amounted to EUR -21 million in Q3/2026 (EUR -13 million in Q3/2025)

14 October 28, 2026 © Valmet | Interim Review, January-September 2026

Capital employed (EUR million) and Comparable ROCE (%) Adjusted EPS, EUR

6,000

5,000

4,000

3,000

2030 ROCE target: 20%

4,158

4,451

4,051

12.7%

13.0%

12.9%

20%

1.93

1.82

1.86

15%

10%

2,000

5%

1,000

0 0%

2024 2025 Q3/26 LTM

2024 2025 Q3/26 LTM

Capital employed Comparable ROCE (before taxes), LTM

Adjusted earnings per share is an alternative performance measure that excludes the impact of fair value adjustments arising from business combinations, net of tax.

15 October 28, 2026 © Valmet | Interim Review, January-September 2026

LTM = Last twelve months

EUR million Q3/2026 Q3/2025 Change Q1-Q3/2026 Q1-Q3/2025 Change

1. At end of period

2. Calculated as (income taxes during the period / profit before taxes for the period) x 100%

3. Adjusted earnings per share excludes the impact of fair value adjustments arising from business

   combinations, net of tax

4. Comparable return on capital employed (ROCE) before taxes (LTM=Last twelve months)

   Items affecting comparability: EUR -25 million in Q3/20

   EUR -59 million in

   -Q3/2025).

   R -80 million in Q1

   26 (EUR -10 millio

   n in Q3/2025) and

   Q1-Q3/2026 (EU

5. Last twelve months (LTM) EBITDA

Guidance for 2026

Guidance

Short-term market outlook for October 2026 - March 2027

Valmet's short-term market outlook covers the period October 2026 - March 2027. It reflects Valmet's estimate of expected growth and demand trends in its key markets, based on ongoing discussions with customers and other market information. It should not be interpreted as guidance for Valmet's own orders received.

Highlights

Strong order intake, with biomaterial services up 12% organically

Record third-quarter comparable EBITA

Year-to-date net sales and Comparable EBITA above last year, 2026 guidance reiterated

Strategic review progressing according to plan

+25% organically

+1% organically

Margin stable y/y at 12.4%

Process Performance Solutions

Orders received +3% organically, a resilient result in a low-growth market

Comparable EBITA margin remained at a strong level of 20.2%

Biomaterial Solutions and Services

Strong orders, with 12% organic growth in services and EUR 552 million in capital orders

Comparable EBITA margin increased to 10.7%, supported by higher net sales and cost savings

‌Financial Statements Review for 2026

February 4, 2027

https://www.valmet.com/investors

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 accessing the Information, you agree to be bound by the following terms and conditions.

The Information is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of, or located in, any locality, state, country or other jurisdiction where such distribution or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The Information is not for publication, release or distribution in the United States, the United Kingdom, Australia, Canada or Japan.

The Information does not constitute or form part of and should not be construed as an offer or the solicitation of an offer to subscribe for or purchase any securities, and nothing contained therein shall form the basis of or be relied on in connection with any contract or commitment whatsoever, nor does it constitute a recommendation regarding any securities. Prospective investors are required to make their own independent investigations and appraisals of the business and financial condition of the Company before taking any investment decision with respect to securities of the Company.

No securities of the Company are being offered or sold, directly or indirectly, in or into the United States and no shares in the Company have been, or will be, registered under the Securities Act of 1933, as amended (the "Securities Act"), or under the securities laws of any state of the United States and, accordingly, may not be offered or sold, directly or indirectly, in or into the United States (as defined in Regulation S under the Securities Act), unless registered under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act and in compliance with any applicable state securities laws of the United States.

The Information is directed solely at: (i) persons outside the United Kingdom, (ii) persons with professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the "Order"), (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order and (iv) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities of the Company or any member of its group may otherwise lawfully be communicated or caused to be communicated (all such persons in (i)-(iv) above being "Relevant Persons"). Any investment activity to which the Information relates will only be available to and will only be engaged with Relevant Persons. Any person who is not a Relevant Person should not act or rely on the Information. By accessing the Information, you represent that you are a Relevant Person.

The Information contains forward-looking statements. All statements other than statements of historical fact included in the Information are forward-looking statements. Forward-looking statements give the Company's current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. These statements may include, without limitation, any statements preceded by, followed by or including words such as "target," "believe," "expect," "aim," "intend," "may," "anticipate," "estimate," "plan," "project," "will," "can have," "likely," "should," "would," "could" and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the Company's actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which it will operate in the future.

No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the Information or the opinions contained therein. The Information has not been independently verified and will not be updated. The Information, including but not limited to forward-looking statements, applies only as of the date of this document and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the Information, including any financial data or forward-looking statements, and will not publicly release any revisions it may make to the Information that may result from any change in the Company's expectations, any change in events, conditions or circumstances on which these forward-looking statements are based, or other events or circumstances arising after the date of this document. Market data used in the Information not attributed to a specific source are estimates of the Company and have not been independently verified.

Net sales

Comparable EBITA (excl. Other)

EUR

1,009

million

EUR

399

million

Biomaterial services

EUR 457 million

EUR

952

million

EUR

408

million

EUR

102

million

EUR

82

million

Biomaterial services

EUR 471 million

Process Performance Solutions Biomaterial Solutions and Services

Process Performance Solutions Biomaterial Solutions and Services

Process Performance Solutions Biomaterial Solutions and Services

Orders received

EUR 1,408 million

Net sales

EUR 1,360 million

Comparable EBITA

EUR 169 million

Comparable EBITA margin

12.4%

Order backlog

EUR 4,470 million

Employees

19,400

Orders received, EUR million Q3/2026 Q3/2025 Change Q1-Q3/2026 Q1-Q3/2025 Change 2025

Net sales, EUR million Q3/2026 Q3/2025 Change Q1-Q3/2026 Q1-Q3/2025 Change 2025

Comparable EBITA, EUR million Q3/2026 Q3/2025 Change Q1-Q3/2026 Q1-Q3/2025 Change 2025

Comparable EBITA margin, % of net sales Q3/2026 Q3/2025 Change Q1-Q3/2026 Q1-Q3/2025 Change 2025

Comparable gross profit

(EUR million and % of net sales)

Comparable SG&A expenses (EUR million and % of net sales)

28.2%

28.4%

27.3%

24.9%

25.8%

17.0%

16.3%

16.3%

18.0%

18.4%

2022 2023 2024 2025 Q3/26 LTM 2022 2023 2024 2025 Q3/26 LTM

EUR million (LHS) % of net sales (RHS) EUR million (LHS) % of net sales (RHS)

3,071 2,878 3,139 3,272

3,722 3,986 3,653

4,740

5,194 4,955

5,837

5,216 5,155

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3/26 LTM

2,473

2,928 2,926 3,058 3,325

3,547 3,740 3,935

5,074

5,532 5,359 5,197 5,397

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3/2026

LTM

EUR million and % of net sales

533

429

365

11.9%

316

10.9%

11.2%

11.4%

11.7%

257

10.5%

9.8%

182

196

218

8.9%

106

6.2%

6.7%

7.1%

7.7%

4.3%

619 609 620 631

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3/2026

LTM

‌