Valmet Corp · OMXHEX:VALMT

Valmet — Non-Deal Roadshow (June 2023)

98 slides from Valmet's roadshow presentation, June 2023

1. Slide 1: Valmet – unique offering to support a growing market

   Valmet – unique offering to support a growing market Roadshow presentation June 2023

2. Slide 2: Agenda

   Agenda Valmet roadshow presentation 1 Valmet in brief 2 Investment highlights 3 Financial targets and acquisitions 4 Q1/2023 financials, guidance and short-term market outlook 5 Summary 2 June 2023 © Valmet | Roadshow presentation

3. Slide 3: Valmet in brief

   Valmet in brief Valmet <>

4. Slide 4: Valmet's offering is unique and the widest in the market

   Valmet’s offering is unique and the widest in the market Board and tissue Pulp Energy • Board, paper and tissue production lines • Wood and pulp handling • Heat and power generation • Rebuilds • Fiber processing • Air emission control • Stand-alone products • Recovery • Biofuels Process technology A

5. Slide 5: We have strong market positions

   We have strong market positions Process technologies Services Automation Board and Pulp and Flow Control Automation Tissue Energy Systems Market position Market position Market position Market position Market position Pulp Energy Pulp and Energy and #1 #1–2 Pulp and Renewable paper process #2 #1–3 p

6. Slide 6: Valmet's development since 2013

   Valmet’s development since 2013 Orders received Net sales Comparable EBITA Comparable EBITA margin (EUR billion) (EUR billion) (EUR million) (%) 5.5 5.5 700 12% 5.0 5.0 600 4.5 4.5 10% 4.0 4.0 500 3.5 8% 3.5 3.0 3.0 400 6% 2.5 2.5 300 2.0 2.0 4% 1.5 1.5 200 1.0 1.0 2% 100 0.5 0.5 0.0 0.0 0 0% 2013 2

7. Slide 7: Valmet's key figures

   Valmet’s key figures Q1/2023 LTM Net sales by segment Net sales by area Orders received EUR 5,422 million 12% 22% Net sales 31% EUR 5,435 million 15% 46% Comparable EBITA EUR 587 million 14% Comparable EBITA margin 10.8% 23% 37% Order backlog EUR 4,595 million Services North America Employees South

8. Slide 8: Valmet has three strong segments

   Valmet has three strong segments Q1/2023 LTM figures Net sales Comparable EBITA Comparable EBITA margin (excl. Other) (excl. Other) EUR EUR 134 16.0% EUR 1,678 million EUR million 2,501 269 million million EUR 18.2% EUR 229 1,255 million million 5.4% Services Services Services Automation Automation

9. Slide 9: Global presence creating a good platform for growth in Services and Automation

   Global presence creating a good platform for growth in Services and Automation EMEA 10,864 employees ~140 service centers China 2,341 employees 54 North America production units 2,141 employees 24 R&D centers Asia-Pacific 8 1,588 employees Performance South America Centers 835 employees Personnel as

10. Slide 10: Valmet's Way Forward

    Valmet’s Way Forward Vision Continuous improvement and To become the global champion in serving our customers and in Strategy renewal moving the industries forward Valmet develops and supplies competitive and Must-Wins reliable process technologies, services and  Customer excellence automation to t

11. Slide 11: Valmet's R&D is aiming to address global megatrends

    Valmet’s R&D is aiming to address global megatrends R&D focus areas • Promotion of renewable materials • Raw material, water and energy efficiency • Emission reductions • Circularity • Productivity and environmental improvements with digitalization 28 EUR 95 million ~1,300 research and R&D spending

12. Slide 12: Acknowledged leader in sustainability

    Acknowledged leader in sustainability 360º approach to sustainability across value chain Environmental Engaged efficiency workplace Good sustainability ratings  In Dow Jones Sustainability Index for the Climate Health and safety ninth consecutive year  AAA rating in the MSCI ESG Ratings assessment

13. Slide 13: Valmet's Climate Program: Forward to a carbon neutral future

    Valmet´s Climate Program: Forward to a carbon neutral future Targets by 2030 for the entire value chain SUPPLY CHAIN OWN OPERATIONS USE PHASE OF VALMET’S TECHNOLOGIES -20% -80% -20% 100% CO2 emission reduction CO2 emission reduction Further reduced energy use Carbon neutral production of Valmet’s cu

14. Slide 14: Investment highlights

    Investment highlights Valmet <>

15. Slide 15: Valmet's investment highlights

    Valmet’s investment highlights 1 Unique offering to support a growing market 2 Process Technologies segment benefiting from the growing demand for bio-based products and energy 3 EUR 3.2 billion recurring and steadily growing stable business 4 Services segment’s demand driven by large and growing gl

16. Slide 16: Unique offering to support a growing market

    Unique offering to support a growing market Unique offering Strong market drivers Competitive advantage from Process Technologies • E-commerce and global trade the widest offering in the market • Renewable materials replacing plastic packaging • Conversions from paper to board • Energy transition an

17. Slide 17: Process Technologies segment benefiting from the growing demand for bio-based products and energy

    Process Technologies segment benefiting from the growing demand for bio-based products and energy  New pulp and paper capacity is needed as demand for bio- Net sales (EUR million) based products continues to grow  Energy transition creates a growing market for Valmet’s 2,428 2,501 2,079 2,163 ener

18. Slide 18: EUR 3.2 billion recurring and steadily growing stable business

    EUR 3.2 billion recurring and steadily growing stable business • Valmet’s stable business has grown Orders received (EUR million) steadily since 2014 3,500 3,208 • Future growth possibilities are supported 3,000 2,837 1,326 by favorable megatrends 2,500 1,081 • Stable business provides resilience to

19. Slide 19: Services segment's demand driven by large and growing global installed base

    Services segment’s demand driven by large and growing global installed base Orders received (EUR million)  Valmet’s Services is a growing and recurring CAGR business 2,000 ~5% 1,756 1,882 1,459 1,481 1,356  Demand driven by large and growing global installed 1,500 1,035 1,055 1,119 1,182 1,242 1,3

20. Slide 20: Automation segment with high growth and profitability

    Automation segment with high growth and profitability  Valmet’s Automation is a growing and recurring Orders received (EUR million) business 1,400 1,200  Large addressable target market estimated to grow 1,000 793 ~3% annually 800 576 600  Target to continue to grow over two times the market 400

21. Slide 21: Future growth possibilities from new sustainable innovations

    Future growth possibilities from new sustainable innovations Textile fibres Valmet 3D fibre New bioproducts Flow Control and Automation Systems  Technology to produce  Next generation of molded  Lignin usage to replace  Solid position to grow in viscose pulp from recycled fiber fossil-based carb

22. Slide 22: Building Valmet on positive megatrends and strategy of renewal and continuous development

    Building Valmet on positive megatrends and strategy of renewal and continuous development Demand for bio-based New growth Steadily growing products and energy Strategy opportunities stable business continues to grow  The large pulp and paper  Future growth  EUR 3.2 billion stable  Strong track r

23. Slide 23: Financial targets and acquisitions

    Financial targets and acquisitions

24. Slide 24: Financial targets

    Financial targets Growth Profitability ROCE Dividend policy Net sales for Services and Comparable EBITA: Comparable return on Dividend payout at least Automation segments to 12–14% capital employed (ROCE) 50% of net profit grow over two times the before taxes1 at least 15% market growth Net sales fo

25. Slide 25: Concrete actions to reach Comparable EBITA target of 12–14% through must-wins

    Concrete actions to reach Comparable EBITA target of 12–14% through must-wins Customer Technology Processes People  Grow stable business  Leverage strong R&D  Ensure good project  Increase procurement, over two times the for new product operations to reach a production and market growth innovati

26. Slide 26: Improvement in Comparable EBITA is the biggest driver for ROCE

    Improvement in Comparable EBITA is the biggest driver for ROCE Main drivers for ROCE: Track record • Improvement in Comparable Capital employed (EUR million) Comparable ROCE (%, before taxes) EBITA is the biggest driver for ROCE Equity Interest-bearing liabilities ROCE • Capital employed increased i

27. Slide 27: Valmet has paid attractive dividend

    Valmet has paid attractive dividend DPS  Payout target at least 50% of net Payout % 1.30 profit Payout % target, at least 50% 1.20  Target has been exceeded every year 81% 0.90 68% 76% 68% 0.80 68%  Constant dividend growth 64% 59% 61% 58% 0.65 0.55 0.42 Total payout (EUR) 0.25 0.35 in dividends

28. Slide 28: Opportunities to strengthen segments through acquisitions

    Opportunities to strengthen Services, Automation and Process Technologies segments through acquisitions Strong track record of successful acquisitions Acquisition strategy • Opportunities to strengthen Services, Automation and • Ten acquisitions made since becoming an independent Process Technologie

29. Slide 29: Q1/2023 financials, guidance and short-term market outlook

    Q1/2023 financials, guidance and short- term market outlook

30. Slide 30: Key figures

    Key figures EUR million Q1/2023 Q1/2022 Change 2022 Orders received 1,552 1,324 17% 5,194 Order backlog1 4,595 4,459 3% 4,403 Net sales 1,321 960 38% 5,074 Comparable EBITA 133 79 68% 533 % of net sales 10.1% 8.3% 1.8 pp 10.5% EBITA 131 74 76% 550 Operating profit (EBIT) 97 63 54% 436 % of net sales

31. Slide 31: Segment key figures

    Segment key figures Orders received, EUR million Q1/2023 Q1/2022 Change 2022 Services 577 451 28% 1,756 Automation 391 147 >100% 1,081 Process Technologies 584 727 -20% 2,356 Total 1,552 1,324 17% 5,194 Net sales, EUR million Q1/2023 Q1/2022 Change 2022 Services 389 317 23% 1,606 Automation 304 88 >

32. Slide 32: Comparable EBITA margin development

    Comparable EBITA margin development Net sales and Comparable EBITA (EUR million and %)1 5,435 Target 12–14% 5,074 10.8% 10.9% 10.5% 9.8% 8.9% 3,935 3,740 3,325 3,058 3,547 Capital Business 2,928 2,926 2,501 7.7% 2,428 2,473 6.2% 7.1% 6.7% 2,934 Stable business 4.3% 2,646 1,832 2,079 2,163 1,473 1,58

33. Slide 33: Strong balance sheet enabling solid operations, dividends and growth

    Strong balance sheet enabling solid operations, dividends and growth also through acquisitions Net debt (EUR million) and gearing (%) Net debt to EBITDA ratio 600 30% 1.00 0.84 0.78 500 21% 0.80 502 400 20% 0.60 0.49 15% 300 13% 20% 0.35 345 0.40 0.22 200 6% 10% 0.20 100 178 149 0.00 52 0 0% -0.20 -

34. Slide 34: Guidance and short-term market outlook

    Guidance and short-term market outlook Guidance for 2023 (Published on February 2, 2023) Guidance Valmet estimates that net sales in 2023 will increase in comparison with 2022 (EUR 5,074 million) and Comparable EBITA in 2023 will increase in comparison with 2022 (EUR 533 million). Short-term market

35. Slide 35: Summary

    Summary Valmet <>

36. Slide 36: Valmet's investment highlights

    Valmet’s investment highlights 1 Unique offering to support a growing market 2 Process Technologies segment benefiting from the growing demand for bio-based products and energy 3 EUR 3.2 billion recurring and steadily growing stable business 4 Services segment’s demand driven by large and growing gl

37. Slide 37: Important notice

    Important notice It should be noted that certain statements herein which are not historical facts, including, without limitation, those regarding expectations for general economic development and the market situation, expectations for growth, profitability and investment willingness, expectations fo

38. Slide 38: FORWARD

    FORWARD

39. Slide 39: Appendix

    Appendix 1 Financials 2 Growth and profitability improvement 3 Shareholders and share price development 4 Offering 5 Management and remuneration 39 June 2023 © Valmet | Roadshow presentation

40. Slide 40: Financials

    Appendix ; Financials Valmet <>

41. Slide 41: Quarterly Comparable EBITA margin development

    Quarterly Comparable EBITA margin development Target 12–14% Net sales and Comparable EBITA (EUR million and %) 12.2% 12.7% 11.5% 12.5% 11.4% 10.7% 1,540 10.9% 10.1% 10.5% 10.1% 1,2861,288 1,321 8.3% 1,167 1,199 8.3%9.5% 8.4% 7.7%9.5%1,103 9.4% 7.3% 8.0% 6.9% 7.1% 7.2% 967 7.2% 984 943 935 960 6.4% 8

42. Slide 42: 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) 1,800 30% 1,800 30% 25% 1,500 25% 1,500 25% 1,373 1,200 20% 1,200 20% 17% 900 15% 900 15% 904 600 10% 600 10% 300 5% 300 5% 0 0% 0

43. Slide 43: Capital employed, Comparable ROCE and EPS

    Capital employed, Comparable ROCE and EPS Capital employed (EUR million) and Comparable return on capital Earnings per share (EPS) and Adjusted EPS, EUR employed (ROCE), before taxes (%) 3,308 3,101 2.50 2.37 23% 23% 22% 2.09 20% 19% 17% 16% 1.54 14% 1,808 13% 1,639 1.35 10% 1,231 1,314 1.01 1,195 1

44. Slide 44: Cash flow provided by operating activities and net working capital

    Cash flow provided by operating activities and net working capital Cash flow provided by operating activities (EUR million) Net working capital1 and orders received (EUR million) 600 6,000 50% 5,000 5,422 40% 5,194 500 532 4,740 4,000 482 30% 3,986 3,000 3,722 3,653 400 3,139 3,272 20% 3,071 2,878 2

45. Slide 45: Services: Orders received increased to EUR 577 million in Q1/2023

    Services: Orders received increased to EUR 577 million in Q1/2023 Orders received (EUR million) Net sales (EUR million) Comparable EBITA (EUR million and % of net sales) Q1/2022: Q1/2023: Q1/2022: Q1/2023: Q1/2022: Q1/2023: EUR 451 million EUR 577 million EUR 317 million EUR 389 million EUR 30 milli

46. Slide 46: Automation: Orders received increased to EUR 391 million in Q1/2023

    Automation: Orders received increased to EUR 391 million in Q1/2023 Automation segment includes Automation Systems and starting from Q2/2022 also Flow Control Orders received (EUR million) Net sales (EUR million) Comparable EBITA (EUR million and % of net sales) Q1/2022: Q1/2023: Q1/2022: Q1/2023: Q

47. Slide 47: Flow Control: Orders received amounted to EUR 217 million in Q1/2023

    Flow Control: Orders received amounted to EUR 217 million in Q1/2023 Orders received (EUR million)* Net sales (EUR million)* Q1/2022: Q1/2023: Q1/2022: Q1/2023: EUR 196 million* EUR 217 million EUR 166 million* EUR 188 million 900 800 800 700 700 600 600 500 500 576 551 400 400 793 739 681 300 660 6

48. Slide 48: Automation Systems: Orders received increased to EUR 175 million in Q1/2023

    Automation Systems: Orders received increased to EUR 175 million in Q1/2023 Orders received (EUR million) Net sales (EUR million) Q1/2022: Q1/2023: Q1/2022: Q1/2023: EUR 147 million EUR 175 million EUR 88 million EUR 116 million 600 533 600 505 517 467 489 500 500 416 415 393 402 412 368 386 400 337

49. Slide 49: Process Technologies: Orders received decreased to EUR 584 million in Q1/2023

    Process Technologies: Orders received decreased to EUR 584 million in Q1/2023 Orders received (EUR million) Net sales (EUR million) Comparable EBITA (EUR million and % of net sales) Q1/2022: Q1/2023: Q1/2022: Q1/2023: Q1/2022: Q1/2023: EUR 727 million EUR 584 million EUR 555 million EUR 628 million

50. Slide 50: Pulp and Energy business line: Orders received decreased to EUR 212 million

    Pulp and Energy business line: Orders received decreased to EUR 212 million in Q1/2023 Orders received (EUR million) Net sales (EUR million) Q1/2022: Q1/2023: Q1/2022: Q1/2023: EUR 327 million EUR 212 million EUR 276 million EUR 286 million 1,600 1,600 1,344 1,400 1,400 1,125 1,160 1,200 1,072 1,200

51. Slide 51: Paper business line: Orders received decreased to EUR 372 million

    Paper business line: Orders received decreased to EUR 372 million in Q1/2023 Orders received (EUR million) Net sales (EUR million) Q1/2022: Q1/2023: Q1/2022: Q1/2023: EUR 400 million EUR 372 million EUR 279 million EUR 342 million 1,800 1,634 1,800 1,600 1,600 1,285 1,257 1,347 1,410 1,400 1,400 1,2

52. Slide 52: Orders received increased to EUR 1,552 million in Q1/2023

    Orders received increased to EUR 1,552 million in Q1/2023 Orders received in Q1/2023 by area Orders received (EUR million) Asia- 2,200 5,500 Pacific 8% 2,000 5,000 North 1,800 4,500 China America 14% 28% 1,600 4,000 1,400 3,500 1,200 3,000 1,000 2,500 1,552 800 1,324 1,385 2,000 South 1,312 1,306 Am

53. Slide 53: Order backlog EUR 4,595 million at the end of Q1/2023

    Order backlog EUR 4,595 million at the end of Q1/2023 Order backlog (EUR million) Structure of order backlog by segment 5,000 4,595 4,403 ~15% 4,500 4,096 4,000 3,500 3,333 3,257 3,000 2,829 ~25% ~60% 2,458 2,500 2,283 1,998 2,074 2,000 1,500 1,000 Process Technologies 500 Services Automation 0 2014

54. Slide 54: Announced orders booked in H1/2023

    Announced orders booked in H1/2023 Booked Date Description Business line Country Value quarter Q1 Feb 23 Coated board machine to Graphic Packaging International Paper USA Not disclosed, but an order of this type and scope is typically valued at EUR 140–180 million. Q1 Mar 2 Tissue line order for Met

55. Slide 55: Announced orders booked in H2/2022

    Announced orders booked in H2/2022 Booked Date Description Business line Country Value quarter Q3 Sep 27 Key technology for Cheng Loong’s new board machine Paper Vietnam Not disclosed, but such an order is typically worth between EUR 20 and 30 million. Q3 Sep 28 A coated board making line Paper Asia

56. Slide 56: Announced orders booked in H1/2022

    Announced orders booked in H1/2022 Booked Date Description Business line Country Value quarter Q1 Feb 2 Waste-to-energy boiler to Thang Long Energy Environment Joint Pulp and Energy Vietnam Not disclosed. The value of an order of this type is around EUR 20–30 million. Stock Company Q1 Apr 5 Fiberlin

57. Slide 57: Orders received and profitability development, annual

    Orders received and profitability development, annual Orders received (EUR million)1 Net sales and Comparable EBITA (EUR million)1 5,194 Process 5,074 4,740 Technologies 10.9% 10.5% 9.8% (Pulp and 3,986 8.9% 3,935 Energy, Paper) 3,722 3,653 2,356 7.7% 3,740 6.7% 7.1% 3,547 6.4% 6.2% 3,325 Stable bus

58. Slide 58: Orders received and net sales split in 2022

    Orders received and net sales split in 2022 Orders received (EUR million and % of total) Net sales (EUR million and % of total) 1,285 1,347 25% 27% 1,606 1,756 32% 34% Services Services Flow Control Flow Control Automation Systems Automation Systems Pulp and Energy Pulp and Energy 1,072 1,081 551 Pa

59. Slide 59: Services segment: Orders received split in 2022

    Services segment: Orders received split in 2022 By business unit By customer segment By geographic area 4% 10% 18% 10% 35% 33% 34% 38% 13% 17% 37% 9% 17% 5% 20% Board North America Performance Parts Paper South America Board, Paper and Tissue Solutions Tissue EMEA Rolls Fabrics Pulp China Pulp and E

60. Slide 60: Automation segment: Orders received split in 2022

    Automation segment: Orders received split in 2022 By customer industry By product By area Flow Control1 9% Mainly 19% 12% 9% 28% OPEX-driven 10% 38% 7% CAPEX- 15% 66% driven Mainly OPEX-driven 32% 8% 47% Pulp & Paper MRO & Services North America Refining & Chemicals South America Projects Renewable

61. Slide 61: Process Technologies segment: Net sales split in 2022

    Process Technologies segment: Net sales split in 2022 By industry By scope By area 10% 3% Pulp and Energy 23% 22% 13% 45% 48% 77% 7% 52% North America Pulp Complete mills South America Energy Rebuilds EMEA Single islands and products China Asia-Pacific 18% 8% 17% 14% Paper 13% 19% 14% 30% 68% 79% 21

62. Slide 62: Areas: Orders received and net sales development

    Areas: Orders received and net sales development North America South America EMEA China Asia-Pacific 2,098 (EUR million and % of total) 2,022 Orders received 1,690 1,594 1,606 1,470 1,508 1,420 1260 1,320 880 885 804 755 711 771 717 686 730 621 725 670 696 48% 46% 51% 46% 588 533 43% 42% 43% 40% 572

63. Slide 63: Areas: Business line split in 2022

    Areas: Business line split in 2022 North America South America EMEA China Asia-Pacific 9% 17% 24% 22% 22% 30% 31% Orders received 22% 47% 47% 8% 5% 55% 8% 29% 6% 8% 8% 9% 6% 13% 6% 35% 18% 14% Services Services Services Services Services Flow Control Flow Control Flow Control Flow Control Flow Contr

64. Slide 64: Growth and profitability improvement

    Appendix Growth and profitability improvement

65. Slide 65: Strong track record of net sales growth in all segments

    Strong track record of net sales growth in all segments Services Automation Process Technologies Net sales (EUR million) Net sales (EUR million) Net sales (EUR million) EUR 3,000 3,000 3,000 +921 million EUR 2,501 2,500 2,500 2,500 +646 million EUR 2,000 2,000 2,000 +939 1,678 million 1,580 1,500 1,

66. Slide 66: Unique offering to support a growing market

    Unique offering to support a growing market Unique offering Strong market drivers Competitive advantage from Process Technologies • E-commerce and global trade the widest offering in the market • Renewable materials replacing plastic packaging • Conversions from paper to board • Energy transition an

67. Slide 67: Building Valmet on positive megatrends and strategy of renewal and continuous development

    Building Valmet on positive megatrends and strategy of renewal and continuous development Demand for bio-based New growth Steadily growing products and energy Strategy opportunities stable business continues to grow  The large pulp and paper  Future growth  EUR 3.2 billion stable  Strong track r

68. Slide 68: Concrete actions to reach Comparable EBITA target of 12–14% through must-wins

    Concrete actions to reach Comparable EBITA target of 12–14% through must-wins Customer Technology Processes People  Grow stable business  Leverage strong R&D  Ensure good project  Increase procurement, over two times the for new product operations to reach a production and market growth innovati

69. Slide 69: Process Technologies segment benefiting from the growing demand for bio-based products and energy

    Process Technologies segment benefiting from the growing demand for bio-based products and energy  New pulp and paper capacity is needed as demand for bio- Net sales (EUR million) based products continues to grow  Energy transition creates a growing market for Valmet’s energy 2,079 2,163 2,428 off

70. Slide 70: Services segment's demand driven by large and growing global installed base

    Services segment’s demand driven by large and growing global installed base Orders received (EUR million)  Valmet’s Services is a growing and recurring CAGR business 2,000 ~5% 1,756 1,459 1,481  Demand driven by large and growing global installed 1,500 1,119 1,182 1,242 1,315 1,356 1,035 1,055 bas

71. Slide 71: Automation segment with high growth and profitability

    Automation segment with high growth and profitability  Valmet’s Automation is a growing and recurring Orders received (EUR million) business 1,200  Large addressable target market estimated to grow 1,000 800 576 ~3% annually 600  Target to continue to grow over two times the market 400 505 200 36

72. Slide 72: Procurement and quality cost development

    Procurement and quality cost development Implemented procurement savings of annual direct spend Quality costs (% of net sales) 4.3% 4.4% 4.3% 4.0% 3.8% 3.9% 3.7% 3.8% 4.0% 3.6% 3.3% 3.1% 2.9% 3.0% 2.6% 2.8% 2.4% 2.2%2.2% <1.5% 1.9% 1.9% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Annual goal 2

73. Slide 73: Opportunities to strengthen segments through acquisitions

    Opportunities to strengthen Services, Automation and Process Technologies segments through acquisitions Strong track record of successful acquisitions Acquisition strategy • Opportunities to strengthen Services, Automation and • Ten acquisitions made since becoming an independent Process Technologie

74. Slide 74: Merger of Valmet and Neles created a leading company with a unique offering

    Merger of Valmet and Neles created a leading company with a unique offering for process industries globally  Merger of Valmet and Neles was registered and the combination of Valmet’s and Neles’ business operations completed on April 1, 2022  Valmet acquired 29.5% of Neles shares in 2020 for EUR 45

75. Slide 75: Shareholders and share price development

    Appendix Shareholders and share price development

76. Slide 76: Largest shareholders on May 31, 2023

    Largest shareholders on May 31, 2023 Based on indicative data collected by Modular Finance # Shareholder name Number of shares % of shares and votes 1 Solidium Oy 1) 18,640,665 10.10 % 2 Oras Invest Oy 10,600,000 5.74 % 3 Varma Mutual Pension Insurance Company 7,012,789 3.80 % 4 Swedbank Robur Fonde

77. Slide 77: Shareholder structure on May 31, 2023

    Shareholder structure on May 31, 2023 Based on Euroclear data Sector Number of shareholders % of total shareholders Number of shares % of shares Nominee registered and non-Finnish holders 473 0.52 82,126,665 44.51 Finnish institutions, companies and foundations 4,417 4.84 72,751,905 39.43 Finnish pr

78. Slide 78: Share of non-Finnish holders and number of shareholders

    Share of non-Finnish holders and number of shareholders At the end of May 2023, Valmet had 91,246 shareholders and 44.5% of the shares are held by investors outside Finland 100,000 58% 57% 56% 90,000 55% 54% 53% 80,000 52% 51% 70,000 50% 49% 48% 60,000 47% 46% 45% 50,000 44% 43% 40,000 42% 12/2013 0

79. Slide 79: Valmet share price development

    Valmet share price development Valmet share price development vs OMXH price index, last 3 years Share price during 2023 Valmet OMX Helsinki December 31, 2022 25.16 10,808 40 May 31, 2023 27.53 9,973 High 32.30 11,409 35 Low 25.16 9,973 Market cap (EUR million) 5,080 30 Volume 2023 % of outstanding 2

80. Slide 80: Valmet's total shareholder return has outperformed 90% of European industrial companies

    Valmet’s total shareholder return has outperformed 90% of European industrial companies Development since January 2, 2014: Valmet’s share price has outperformed index  Valmet’s total shareholder return has been 449% EUR 45  Share price has increased by 370% 40  Cumulative dividend payout EUR 5.37

81. Slide 81: Offering

    Appendix Offering Valmet <>

82. Slide 82: Services: Strong market position with market's widest offering

    Services: Strong market position with market’s widest offering Rolls and workshop Board, Paper and Tissue Pulp and Energy Performance Parts Fabrics services Solutions Solutions  Spare parts  Paper machine clothing  Rolls  Improvement projects  Improvement projects Offering  Consumables  Filte

83. Slide 83: Services: Unified way to serve aims at excellent customer experience

    Services: Unified way to serve aims at excellent customer experience  We aim to  Sales actions  Continuous High customer understand customer planned based on collaboration through satisfaction strategy and needs customer needs lifecycle approach  Understanding customer strategy  Aligning custom

84. Slide 84: Flow Control: High-quality product portfolio for valve and valve automation needs

    Flow Control: High-quality product portfolio for valve and valve automation needs Flow Control market position1 Valve controllers • Valve controllers for control and on-off valves • Intelligent safety solenoids # 2–3 • Limit switches Actuators • Pneumatic actuators • Hydraulic actuators # 5–7 • Elec

85. Slide 85: Automation Systems: High technology and competitive offering

    Automation Systems: High technology and competitive offering Distributed Control Systems (DCS) Quality Management Systems (QMS) Analyzers and Measurements • Highly integrated, renewing Valmet DNA • Valmet IQ Quality control system for pulp and • For measuring and optimizing different Automation Syst

86. Slide 86: Automation Systems: Customers investing in improving their operations

    Automation Systems: Customers investing in improving their operations Real-time & predictive control and optimization secure connection to cloud 5. Optimization Applications Optimized production of the entire mill, plant or fleet 1. Distributed Control Systems Reliable process control Data Control 3

87. Slide 87: Leading pulp and energy technology offering

    Leading pulp and energy technology offering Pulp Energy Complete mills and lines Single islands and products Boilers and power plants Rebuilds and conversions • Complete chemical pulp mills • Chemical pulp mill islands • Fluidized bed boilers – using • Boiler fuel conversions from from wood handling

88. Slide 88: Unmatched scope in Board, Paper and Tissue

    Unmatched scope in Board, Paper and Tissue New instalments Rebuilds Single products Board Stock preparation and Capacity and quality recycled fiber lines improvements e.g., headboxes, press rebuilds, Paper, board and tissue surface treatment, winders, refiners machinery Focus on productivity Paper A

89. Slide 89: Driving rebuilds towards resource-efficient board production

    Driving rebuilds towards resource-efficient board production Energy consumption1 Fiber savings1 Optimized performance Bio-packaging -18% -10% with Industrial Internet with new coating solutions 2012–2022: 2012–2022: solutions from 1,150 to 950 kWh/t from 100 to 90 g/m2 OptiFlo with OptiFormer OptiPr

90. Slide 90: Driving development of resource-efficient tissue production

    Driving development of resource-efficient tissue production 47% less energy1 80% less water1 Less fiber consumption2 Energy /ton paper [kWh/ton] Water /ton paper [m3/ton] 3,330 3,106 12.0 2,850 2,150 1,960 1,800 1,750 7.0 5.5 4.5 4.0 3.6 2.1 • Hybrid technologies • ViscoNip press 1990 2000 2006 2010

91. Slide 91: Management and remuneration

    Appendix Management and remuneration

92. Slide 92: Board of Directors

    Board of Directors Mikael Mäkinen Jaakko Eskola Aaro Cantell Anu Hämäläinen (b. 1956) (b. 1958) (b. 1964) (b. 1965) Chairman of Vice-Chairman of Board member Board member the Board the Board Finnish citizen Finnish citizen Finnish citizen Finnish citizen • M.Sc. (Econ.) • M.Sc. (Eng.) • M.Sc. (Eng.)

93. Slide 93: Executive Team

    Executive Team Corporate Pasi Laine Katri Hokkanen Julia Macharey Anu Salonsaari-Posti President and CEO CFO SVP, Human Resources and SVP, Marketing, Communications, Share ownership: 185,946 Share ownership: 7,145 Operational Development Sustainability and Corporate Relations Share ownership: 41,110

94. Slide 94: Remuneration of the President and CEO

    Remuneration of the President and CEO  The remuneration of the President and CEO is comprised of – fixed base salary (incl. taxable benefits1) – short-term and long-term incentives, and – pension and insurance benefits  In 2022, the President and CEO’s monthly fixed compensation was EUR 60,859 and

95. Slide 95: Remuneration of the Executive Team

    Remuneration of the Executive Team  The remuneration of the Executive Team members comprises – fixed base salary (incl. monthly salary and taxable benefits1) – short-term and long-term incentives, and – a supplementary pension plan  Additional pension benefit in the form of a defined contribution

96. Slide 96: The Performance Share Plan for CEO and Executive Team members

    The Performance Share Plan for CEO and Executive Team members  Includes a three-year performance period parallel to a one-year performance period  Measures for the one-year performance period are based on long-term strategic and financial targets. The measures have remained the same for the past e

97. Slide 97: Current Performance Share Plans and Deferred Share Plans

    Current Performance Share Plans and Deferred Share Plans LTI plan 2021-2023 LTI plan 2022-2024 LTI plan 2023-2025 Plan name Performance Share PSP PSP and DSP PSP PSP and DSP PSP Plan (PSP) and Deferred Share Plan (DSP) Performance period 2021 (1 year) 2021–2023 (3 years) 2022 (1 year) 2022–2024 (3 y

98. Slide 98: FORWARD

    FORWARD

Valmet — Non-Deal Roadshow (June 2023) on 6ix