Metso Corporation · OMXHEX:METSO
Metso — Investor Presentation (November 2025)
64 slides from Metso's investor presentation, November 2025
Slide 1: We go beyond. Investor presentation November 2025
We go beyond. Investor presentation November 2025
Slide 2: Forward looking statements
Forward looking statements 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 customer industry profitability and investment willingn
Slide 3: Purpose: Enabling sustainable modern life
Purpose Enabling sustainable modern life We provide solutions for producing the building materials of the modern world, sustainably.
Slide 4: Vision: Industry benchmark
Vision Industry benchmark We aim to become the definitive standard in our industry.
Slide 5: 2024 key figures
2024 key figures Sales by destination Sales EUR 4.9 ~50 countries 15% 18% Europe billion North and Central America 23% Asia Pacific 22% South America Adjusted EBITA Africa, Middle- EUR 804 million ~ 17,000 21% East and India employees 16.5% Sales by segment 25% Metso Plus sales EUR 1.3 100+ Aggregat
Slide 6: We have successfully delivered our post-merger commitments
eNPS We have successfully delivered Pulse survey our post-merger commitments eNPS 63 100 90 16.0% 16.5% 16.6% 16.5 % 15.8 % 18% 16% 59 Top 5%* 14.4% Top 5%* 80 13.1% 14% 12.9% 70 12% 58 59 60 56 55 54 10% 51 50 43 8% 40 37 6% 30 4% 20 10 2% 0 0% Q4 2021 Q2 2022 Q4 2022 Q2 2023 Q4 2023 Q2 2024 Q4 202
Slide 7: The next phase of our strategy is guided by three core principles
The next phase of our strategy is guided by three core principles Growth and #1 position Aftermarket profitability Prioritized growth areas Developing market position Growth in areas with Revised margin targets Ensuring customer centricity high aftermarket intensity
Slide 8: We go beyond.
ast J) We go beyond. Best customer Higher Sustainability & Financial experience aftermarket share safety frontrunner excellence Growth | Excellence | Metso #1 Customer-centric Engaged Industry leading growth culture Metsonites capabilities
Slide 9: 'We go beyond.' is driven by sharp focus and prioritization
'We go beyond.' is driven by sharp focus and prioritization Reach #1 position Portfolio Strengthen #1 position Improve profitability in in high-margin, aftermarket priorities in core solutions selected solutions intensive solutions Sales Capitalizing on strong market position. Continue aftermarket g
Slide 10: Financial targets for 2028 were revised to fast-track value creation
Financial targets for 2028 were revised to fast-track value creation Group financial targets for 2028 Annual sales growth (CAGR) Adjusted EBITA margin of 2024 2024: >7% -2% >18% 16.5% Aggregates >17% and Minerals >20% Net debt to EBITDA Dividend payout of at least 2024: 2024: <1.5x 1.3 50% 63% of ea
Slide 11: Metso investment proposition
Metso investment proposition Global leader in minerals and aggregates Financial excellence Shareholder value Technology & R&D Customer service Sustainability Targeted capital allocation Revised financial targets Strong existing position Industry benchmark Prioritized growth areas Attractive, growing
Slide 12: People and culture
People and culture Metso
Slide 13: Diverse group of professionals
Diverse group of professionals Key numbers at the end of 2024 Our people by 14% Europe geography 33% South America 14% Asia Pacific and Greater China North and Central America 14% Africa, Middle East and India 25% ~17,000 ~50 100+ 56/44% employees countries nationalities women/men in globally execut
Slide 14: Employee engagement (eNPS) is at all time high
Employee engagement (eNPS) is at all time high 14
Slide 15: We build on… And go beyond…
We build on… And go beyond… Focus on cutting edge technology Customer value powering our business Collaborating Crushing silos to rock as one Metso Steady and reliable Going beyond fast and fearlessly
Slide 16: Metso Leadership Team (MLT) and Market Areas
Metso Leadership Team (MLT) and Market Areas Metso Leadership Team (MLT) President and CEO Sami Takaluoma CFO Business Growth Legal & Compliance HR Pasi Kyckling Claudia Genin Nina Kiviranta Carita Himberg Aggregates Minerals Services Consumables Markku Simula Piia Karhu Heikki Metsälä Saso Kitanosk
Slide 17: Our businesses
Our businesses Metso
Slide 18: Offering to our customer segments
Offering to our customer segments Aggregates 25% 75% Minerals customers range from of total sales of total sales customers range large international in 2024 in 2024 from large companies and super international mining quarries to small local and metals refining entrepreneurs or companies to smaller c
Slide 19: Slide 19
Slide 20: We are harnessing our leadership in global aggregates markets...
We are harnessing our leadership in global aggregates markets... Europe*: EUR ~1.2B Metso #1 North America**: EUR ~1.3B Competitor 1 Greater China: EUR ~1B Metso Competitor 2 #1-2 Metso #1 Metso #1 Competitor 1 Competitor 3 Competitor 1 Other Competitor 2 Competitor 2 Competitor 3 Competitor 3 Other
Slide 21: ...and industry trends to drive customer success
...and industry trends to drive customer success Increasing cost pressure Productivity and efficiency Recycling Reducing operational costs. Strong knowhow, digital channels Metso Plus offering supports Extending equipment life. and solutions customers to achieve → boosting efficiency, minimizing sus
Slide 22: Our customer segments face a positive growth outlook
Our customer segments face a positive growth outlook Markets and customers Growth drivers Growth outlook 3-4% (CAGR ’24-’30) NATURAL AGGREGATES • Construction & infrastructure activity (Quarries and Contractors) • Growth rates differ between market areas 5-7% • Increasing waste generation and growin
Slide 23: Construction activity in Europe shows signs of improvement while aggregates production lags behind
Construction activity in Europe shows signs of improvement while aggregates production lags behind 115 US Germany 110 EU France Construction 105 production 100 (2023=100) 95 90 85 01/23 07/23 01/24 07/24 01/25 07/25 10 US, crushed stone 5 EU, other mining and quarrying Aggregates production 0 (y-o-y
Slide 24: Aggregates producers continue their strategic focus on M&As
Aggregates producers continue their strategic focus on M&As Bn EUR 16,5 Current year Aggregates 16,0 Next three years -1% customers* Capex -1% 15,5 estimates 5,0 4,5 10/2024 12’2025 02/2025 04/2025 06/2025 08/2025 10/2025 Bn EUR 50 -3% -9% 40 Global construction 30 companies’ order intake 41 41 45 2
Slide 25: We go beyond by segment-focused strategy execution
We go beyond by segment-focused strategy execution 31% #1 in aggregates aftermarket 25 Service levels | Aftermarket captivity | 3rd party crushing offering 51% 43% 6% Strengthen position #1 in quarries #1 in contractors in aggregates and infra recycling Initiatives % • New product launches • Local a
Slide 26: Serving our customers with multi-brand approach and local footprint
Serving our customers with multi- brand approach and local footprint Europe China North America 30% of sales 94% supplied 9% of sales 96% supplied locally locally 35% 50% of sales supplied locally India 8% 100% of sales supplied South America locally 7% 89% of sales supplied locally ROW 11% 0% of sa
Slide 27: Crushing as the major profit contributor
Crushing as the major profit contributor 75% of Aggregates sales, technology leader and 3x closest competitor Harvesting Innovations High the rewards Multi-brand driving Digital aftermarket of regional synergies aftermarket intensity investments Continuous India, Expand leveraging Performance Indust
Slide 28: Aftermarket growth accelerated by digital services and market expansion
Aftermarket growth accelerated by digital services and market expansion Growth to materialize Expand Availability & offering for as fleet utilization picks up customer Increased captivity 3rd party satisfaction crushers Customer fleet utilization Easy to buy, Enhanced Stronger productized, deliverin
Slide 29: Maximizing aftermarket opportunities in quarries
Maximizing aftermarket opportunities in quarries 51% of Aggregates segment revenue, 44% aftermarket share Larger capacity Production Maximizing customer's Easy, safe and lowest quarries flexibility production value cost per ton operations Unmatched crushing and screening circuit expertise Future mat
Slide 30: R&D growth in key focus areas
R&D growth in key focus areas Aggregates R&D spend Electric/ HP Series EUR million hybrid 20.0 crushers range 10.0 Super Digital, automation & materials 0.0 recycling 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 31: Aggregates journey towards >17% EBITA margin
Aggregates journey towards >17% EBITA margin 18% 17.0 % 17% 16% 15.0 % 15% 14% 13% 12% 11% 10% 2025 H1 Market growth Growth actions Self-help 2028
Slide 32: #1 in energy transition minerals
1 in Minerals i¢ X #1 in energy transition minerals Value driven High aftermarket customers intensity Strengthen #1 Reach #1-2 position Improve profitability position in high-margin, and reinforce position aftermarket intense businesses Customer-centric Segment Technology & digital growth culture fo
Slide 33: We offer end-to-end solutions to Minerals customers, and have a market #1 position in most areas
We offer end-to-end solutions to Minerals customers, and have a market #1 position in most areas Pumps #3-4 Tailings management #N Global market #1-2 position #1 #2-3 #1 #1 #1 #1 #1* Crushing Screening Grinding Separation Filtration Hydrometallurgy Smelting Sales split Crushing, Separation, Aftermar
Slide 34: Copper powers over 40% of sales with strong growth outlook
Copper powers over 40% of sales with strong growth outlook 77% Other Key growth drivers Electrification & data centers Minerals lithium & sales by copper nickel commodity 41% Ore grade depletion 2024 gold 14% iron ore Geopolitical factors 16%
Slide 35: Copper poised to outperform other key commodities
Copper poised to outperform other key commodities Volume of ore processed index (2024 – 2030, Indexed 2024 = 100) 130 Volume CAGR (’24-’30) / average additions per year 120 Copper 3% / 105mt Iron 2% / 94mt 110 Gold 1% / 7mt 100 90 2024 2025 2026 2027 2028 2029 2030 Source: S&P Global Note: Shown num
Slide 36: Commodity prices holding up despite macro and geopolitical uncertainty
Commodity prices holding up despite macro and geopolitical uncertainty. Gold rally continues. Last 12 M price development Price forecast and market balance Current Price Forecast (LHS) 11 11 2,000 US Tariffs Market Balance (RHS) announcement Previous Price Forecast (LHS) 10 10 1,000 KUSD/oz Copper K
Slide 37: Lithium and nickel markets continue to be subdued. Long-term outlook unchanged.
Lithium and nickel markets continue to be subdued. Long-term outlook unchanged. Last 12 M price development Price forecast, market balance, EV sales 15,000 Current Price Forecast (LHS) 400 20 Previous Price Forecast (LHS) Market Balance (RHS) 300 KUSD/t LCE* 10,000 Lithium kT 10 200 5,000 100 Lithiu
Slide 38: Aftermarket success is driven by our large installed base
Aftermarket success is driven by our large installed base Aftermarket sales Aftermarket 7/24-06/25: annual growth 2020: EUR 2020-2024 EUR 1.6 bn 2.4 bn ~9% (CAGR) > 50 flotation plants > 20,000 crushers and screens > 8,000 grinding mills > 5,000 filters > 15,000 deliveries of flotation equipment
Slide 39: Global service centers close to customers
Global service centers close to customers Prince George, BC, Canada, Q4 2025 3,500 Service Experts Mesa, AZ, US, Q4 2025 50+ countries Field and Expert Services Parauapebas, Brazil, Q3 2025 500+ Life Cycle Services contracts Arequipa, Peru, Q2 2026 Karratha, WA, Australia, 2024 Antofagasta, Chile, 2
Slide 40: Strategy in action across the flowsheet
Strategy in action across the flowsheet Pumps #3-4 Tailings management #N Global market #1-2 position #1 #2-3 #1 #1 #1 #1 #1* Crushing Screening Grinding Separation Filtration Hydrometallurgy Smelting • Grow crushing • Expand product • Grow separation, • Grow in copper • Grow energy portfolio filtra
Slide 41: EUR 70 million annual R&D driving technology leadership
EUR 70 million annual R&D driving technology leadership Nordberg® Next- E-scrap Coarse Larox® HPe generation Vertimill® Super and other particle 3712 tailings cone crusher MX crusher 7000 materials secondary flotation filter series wears metal refining Customer needs Embedded safety Preconcentration
Slide 42: Digital & automation support value creation & efficiency
Digital & automation support value creation & efficiency Create new customer value Process Equipment Business Automation performance performance enablement Process Control, Analyzers Data, Simulation & AI- Intelligent data-driven Data, AI and intelligent and Samplers enabled solutions. services serv
Slide 43: Data-driven optimized performance and services
Data-driven optimized performance and services Crushing Screens Grinding Pumps Analyzers Flotation Filtration 4x increase in connected equipment in 2025 Technical Support Condition Monitoring Performance Monitoring Faster, secure and enhanced reactive Proactive failure detection, expert support Data
Slide 44: Self-help initiatives to support profitability journey
Self-help initiatives to support profitability journey Focused portfolio Supply chain & logistics Data and AI-driven productivity Design for manufacturing Quality management
Slide 45: Minerals journey towards >20% EBITA margin target
Minerals journey towards >20% EBITA margin target 21% >20% 20% 19% 18% 16.9 % 17% 16% 15% 14% 2025 H1 Market growth Growth actions Self-help 2028
Slide 46: Sustainability and R&D
Sustainability and R&D Metso
Slide 47: We'll be the frontrunner in safety and sustainability
We’ll be the frontrunner in safety and sustainability Lost Time Injury Frequency (H1/2025) Emission reduction in own operations (2024) R&D spend on projects with sustainability targets (2024) 1.0 -72% 97.5% Go Start with Net Zero beyond safety journey CO2e 47
Slide 48: We offer our customers solutions to meet their challenges
We offer our customers solutions to meet their challenges Energy and water efficiency Increased lifetime Product improvements in Optimization for renewables • Product improvements for super electrification materials and modular plants • Digitalization with sensors, analytics • Electrical calcining i
Slide 49: Making an environmental impact with Metso Plus offering
Making an environmental impact Over 100 with Metso Plus offering products • Demonstrably more energy or water efficient than comparison • Help our customers: – cut their CO₂ emissions both directly and through reductions in the carbon intensity of manufacturing and delivering products – achieve othe
Slide 50: Examples of our Metso Plus solutions
Examples of our Metso Plus solutions Minerals processing Energy- Energy efficient Concorde CellTM efficient Horizontal Mill for recovering fine modular In-pit Plant units for and ultra-fine crush and optimized particles with convey grinding minimized energy solutions circuit throughput and water con
Slide 51: Examples of our Metso Plus solutions
Examples of our Metso Plus solutions Spare and wear parts, upgrades and modernizations Truck body Optimized wear parts Repairs Lighter, more More efficient Extending payload & less processes the lifetime fuel per hauled Long lasting wears of customer ton Lower energy assets for consumption reduced S
Slide 52: Digital & AI play a role in driving value and efficiency
Digital & AI play a role in driving value and efficiency Create Improve customer internal value efficiency • Improve and • Enhance • Improve maintain customer people process and convenience performance equipment and improve and internal reliability and service levels processes performance
Slide 53: Strong innovation and R&D capacity
Strong innovation and R&D capacity 24 103 ~40 97.5% ~ 7,900 million euros New Metso Plus Investment in Locations with R&D project Patents launches in 2024 research and R&D, testing or spend with development in laboratory sustainability 2024 capabilities targets in 2024 53
Slide 54: Q3/2025 results
Q3/2025 results Metso
Slide 55: Q3/2025 highlights
Q3/2025 highlights Market activity in line Healthy order growth with expectations Strong sales growth Solid cash generation and adjusted EBITA October 23, 2025
Slide 56: Group Q3/2025 key figures
Group Q3/2025 key figures EUR million EUR million Q3/2025 Q3/2024 Change % Orders received 1,264 1,237 2 Sales 1,328 1,211 10 Adjusted EBITA 222 204 9 % of sales 16.7 16.8 – Operating profit 205 185 11 % of sales 15.5 15.3 – Earnings per share, continuing 0.17 0.16 6 operations, EUR Cash flow from o
Slide 57: Aggregates orders grew
Aggregates orders grew EUR million • Orders received EUR 280 million (EUR 259 million) ◦ +13% in constant currencies ◦ Growth driven by North America and Europe ◦ Equipment orders +11%, aftermarket +2% • Sales EUR 309 million (EUR 283 million) ◦ Equipment +14%, aftermarket +1% ◦ Aftermarket share 32
Slide 58: Solid quarter for Minerals
Solid quarter for Minerals EUR million • Orders EUR 984 million (EUR 978 million) ◦ +5% in constant currencies ◦ Aftermarket orders grew by +12% ◦ Solid increase in small and mid-sized equipment orders • Sales EUR 1,019 million (EUR 928 million) ◦ Aftermarket +4%, equipment +19% ◦ Aftermarket share
Slide 59: Group Income Statement
Group Income Statement EUR EUR million Q3/2025 Q3/2024 Q1-Q3/2025 Q1-Q3/2024 2024 Sales 1,328 1,211 3,797 3,725 5,026 Adjusted EBITA 222 204 597 620 830 Operating profit 205 185 551 577 749 Net financial expenses -20 -18 -69 -56 -80 Profit before taxes 186 167 483 521 670 Income taxes -44 -37 -119 -
Slide 60: Financial position
Financial position EUR million Sep 30, 2025 Sep 30, 2024 Dec 31, 2024 • Average interest rate of loans and derivatives 3.4% Liquid funds 461 467 431 • Available credit facilities ◦ EUR 700 million undrawn committed syndicated Net debt 1,135 1,156 1,173 revolver ◦ EUR 600 million commercial paper pro
Slide 61: Healthy cash flow from operations
Healthy cash flow from operations EUR million Q3/2025 Q3/2024 Q1-Q3/2025 Q1-Q3/2024 2024 EUR million Profit for the period 142 -79 323 172 330 Adjustments: Depreciation and amortization 47 41 138 122 165 Financial expenses, net 20 18 69 56 80 Income taxes 46 -10 115 81 88 Other items -1 6 25 21 33 T
Slide 62: Strategy execution
Strategy execution ◦ Acquisitions ◦ Screening business Saimu in China ◦ TL Solution (mill liner recycling) ◦ Q&R Industrial Hoses ◦ Review of loading and hauling business ◦ Investments ◦ Screen manufacturing center in Romania October 23, 2025
Slide 63: Market Outlook
Market Outlook Metso expects that the market activity in both Minerals and Aggregates will remain at the current level. Tariff-related turbulence could potentially affect global economic growth and market activity. In its previously published outlook, Metso expected the market activity in both Miner
Slide 64: Partner for positive change
Partner for positive change A black square with white letters in it A black and white logo A black and white x A black and white logo A black and white play button metso.com Description automatically generated Description automatically generated Description automatically generated Description automa