Valmet Corp · OMXHEX:VALMT

Valmet — Q3 2025 Earnings Presentation

30 slides from Valmet's earnings presentation, Oct 29, 2025

Slide 1: Improving performance and landmark wins in a challenging market
Improving performance and landmark wins in a challenging market Interim Review, January–September 2025 October 29, 2025 Thomas Hinnerskov, President and CEO Katri Hokkanen, CFO
Slide 2: Agenda
Agenda Interim Review, January–September 2025 1 Q3/2025 highlights and strategy execution 2 Financial development 3 Guidance and short-term market outlook 2 October 29, 2025 © Valmet | Interim Review, January–September 2025
Slide 3: Q3/2025 highlights and strategy execution
Q3/2025 highlights and strategy execution
Slide 4: Q3/2025 highlights
Q3/2025 highlights Orders received increased organically by 7% and were EUR 1.1 billion, a solid achievement considering the overall subdued market environment Process Performance Solutions continued on a strong growth track, delivering 11% organic growth in orders received Large tissue order from t
Slide 5: Lead the Way strategy execution underway
Lead the Way strategy execution underway Lead the Way strategy launched in June 2025 • Operating model and reporting structure now in place • Teams aligning around lifecycle value creation and supply chain excellence Leadership strengthened • New EVP appointed for Tissue business • Key L3-level hire
Slide 6: Orders received increased organically by 7% in Q3/2025
Orders received increased organically by 7% and were EUR 1.1 billion in Q3/2025, Process Performance Solutions’ growth continued 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 1,500 1,283 1,332 3,000 1,050 1,041 1,083 1,000 2,000 500
Slide 7: Expanding the reach of Valmet's automation solutions
Expanding the reach of Valmet’s automation solutions Automation for 20 MW hydrogen fuel cell facility in Naepo New Town • Demonstrates versatility of Valmet’s automation in clean- energy applications beyond traditional pulp & paper • Strengthens our position in Asia’s energy transition and important
Slide 8: Process Performance Solutions: Strong performance in Q3
Process Performance Solutions: Strong performance in Q3 Orders received (EUR million and growth y/y) Strong growth in orders received 328 352 443 406 376 345 322 • Orders received increased to EUR 345 million • Orders received organic growth was 11% -16% 4% 11% 39% 24% 7% 7% • Organic growth was 16%
Slide 9: Landmark U.S. tissue win strengthens Valmet's market position
Landmark U.S. tissue win strengthens Valmet’s market position and lifecycle opportunities Strategic impact • Expands North American installed base, unlocking recurring lifecycle revenue • Strengthens Valmet’s leadership in ultra-premium tissue segment • Deepens the 30-year partnership with Sofidel,
Slide 10: Biomaterial Solutions and Services: Landmark tissue win, margin pressure in a softer market
Biomaterial Solutions and Services: Landmark tissue win, margin pressure in a softer market 2,020 Orders received (EUR million) Orders received growth supported by landmark tissue mill win 1,144 930 926 • Orders received amounted EUR 738 million 722 719 738 • Orders received increased organically by
Slide 11: Financial development
Financial development Valmet <>
Slide 12: Net sales and Comparable EBITA
Net sales and Comparable EBITA Net sales (EUR million and organic growth y/y) Comparable EBITA (EUR million and % of net sales) 1,528 1,324 1,295 1,295 192 1,212 1,184 1,241 156 159 141 143 -11% -12% -8% -5% -6% -4% 2% 121 121 12.0% 12.6% 11.5% 12.3% 10.0% 10.6% 10.2% Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q
Slide 13: Order backlog amounted to EUR 4.5 billion
Order backlog amounted to EUR 4.5 billion at the end of Q3/2025 Order backlog (EUR million) and book-to-bill (orders received / net sales) 4,403 4,452 4,526 3,973 1.06 1.02 1.09 0.90 2022 2023 2024 Q3/25 YTD • Order backlog was EUR 74 million higher than at the end of 2024 • Solid order backlog and
Slide 14: Strong cash conversion ratio in line with long-term average
Strong cash conversion ratio in line with long-term historical average Cash flow from operating activities (EUR million) Net working capital and orders received (EUR million) 554 569 6,399 5,837 5,194 4,955 352 4% 2% -2% -1% -82 191 134 -76 36 2022 2023 2024 Q3/25 LTM 2022 2023 2024 Q3/25 Net workin
Slide 15: Gearing decreased from the previous quarter's level
Gearing decreased from the previous quarter’s level Net debt (EUR million) and gearing (%) Net debt to EBITDA* ratio 1,094 1.63 1.59 1.60 1,027 1,057 1,032 1.55 992 1.46 1.50 939 945 1.36 875 1.30 39% 45% 43% 42% 40% 39% 38% 36% 542 531 0.78 0.77 502 0.74 345 23% 0.49 20% 21% 15% Q4/22 Q1/23 Q2/23 Q
Slide 16: Capital employed, Comparable ROCE and EPS
Capital employed, Comparable ROCE and EPS Capital employed (EUR million) and Comparable ROCE (%) Adjusted EPS, EUR 17.0% 2.37 2.28 4,055 4,158 3,910 1.93 14.5% 3,308 1.77 12.7% 13.1% 2022 2023 2024 Q3/25 2022 2023 2024 Q3/25 LTM Capital employed Comparable ROCE (before taxes), LTM • The acquisitions
Slide 17: Key figures
Key figures EUR million Q3/2025 Q3/2024 Change Q1–Q3/2025 Q1–Q3/2024 Change Orders received 1,083 1,041 4% 3,936 3,374 17% Order backlog1 4,526 3,536 28% Net sales 1,295 1,295 0% 3,720 3,831 -3% Comparable EBITA 159 156 2% 423 417 1% % of net sales 12.3% 12.0% 0.2 pp 11.4% 10.9% 0.5 pp EBITA 149 138
Slide 18: Guidance and short-term market outlook
Guidance and short-term market outlook
Slide 19: Guidance and short-term market outlook
Guidance and short-term market outlook Guidance for 2025 Guidance Valmet reiterates its guidance issued on February 13, 2025, in which Valmet estimates that net sales in 2025 will remain at the previous year's level in comparison with 2024 (EUR 5,359 million) and Comparable EBITA in 2025 will remain
Slide 21: Financial Statements Review for 2025
Financial Statements Review for 2025 February 6, 2026 www.valmet.com/investors 21 October 29, 2025 © Valmet | Interim Review, January–September 2025
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
Slide 23: Appendix
Appendix Valmet <>
Slide 24: Valmet in Q3/2025
Valmet in Q3/2025 Orders received Net sales Comparable EBITA (excl. Other) EUR EUR EUR EUR 934 361 million million 738 345 EUR EUR million million 89 79 million million Biomaterial services EUR 404 million Process Performance Solutions Process Performance Solutions Process Performance Solutions Biom
Slide 25: Segment key figures
Segment key figures Orders received, EUR million Q3/2025 Q3/2024 Change Q1–Q3/2025 Q1–Q3/2024 Change Process Performance Solutions 345 322 7% 1,128 1,002 13% Biomaterial Solutions and Services 738 719 3% 2,808 2,372 18% Total 1,083 1,041 4% 3,936 3,374 17% Net sales, EUR million Q3/2025 Q3/2024 Chan
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% 28.6% 25.8% 24.9% 18.4% 18.2% 16.3% 16.3% 1,513 1,500 1,429 1,263 984 954 829 901 2022 2023 2024 Q3/25 LTM 2022 2023 2024 Q3/
Slide 27: Long-term development of Valmet's orders received
Long-term development of Valmet’s orders received, EUR million 6,399 5,837 5,194 4,955 4,740 3,986 3,722 3,653 3,071 3,139 3,272 2,878 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3/2025 LTM 27 October 29, 2025 © Valmet | Interim Review, January–September 2025 LTM = Last twelve months
Slide 28: Long-term development of Valmet's net sales
Long-term development of Valmet’s net sales, EUR million 5,532 5,359 5,248 5,074 3,935 3,740 3,547 3,325 2,928 2,926 3,058 2,473 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3/2025 LTM 28 October 29, 2025 © Valmet | Interim Review, January–September 2025 LTM = Last twelve months
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 619 609 615 533 429 365 11.4% 11.7% 316 11.0% 11.2% 10.5% 257 10.0% 218 9.0% 182 196 8.0% 106 7.0% 7.0% 6.0% 4.0% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3/2025 LTM 29 October 29, 2025 © Valm
Slide 30: FORWARD
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Valmet — Q3 2025 Earnings Presentation on 6ix

Valmet — Q3 2025 Earnings Presentation

Slide 1: Improving performance and landmark wins in a challenging market

Slide 2: Agenda

Slide 3: Q3/2025 highlights and strategy execution

Slide 4: Q3/2025 highlights

Slide 5: Lead the Way strategy execution underway

Slide 6: Orders received increased organically by 7% in Q3/2025

Slide 7: Expanding the reach of Valmet's automation solutions

Slide 8: Process Performance Solutions: Strong performance in Q3

Slide 9: Landmark U.S. tissue win strengthens Valmet's market position

Slide 10: Biomaterial Solutions and Services: Landmark tissue win, margin pressure in a softer market

Slide 11: Financial development

Slide 12: Net sales and Comparable EBITA

Slide 13: Order backlog amounted to EUR 4.5 billion

Slide 14: Strong cash conversion ratio in line with long-term average

Slide 15: Gearing decreased from the previous quarter's level

Slide 16: Capital employed, Comparable ROCE and EPS

Slide 17: Key figures

Slide 18: Guidance and short-term market outlook

Slide 19: Guidance and short-term market outlook

Slide 20: Q&A

Slide 21: Financial Statements Review for 2025

Slide 22: Important notice

Slide 23: Appendix

Slide 24: Valmet in Q3/2025

Slide 25: Segment key figures

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

Slide 27: Long-term development of Valmet's orders received

Slide 28: Long-term development of Valmet's net sales

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

Slide 30: FORWARD