Slide 1: 'Lead the Way' strategy delivered first results
‘Lead the Way’ strategy delivered first results: Comparable EBITA margin increased to 11.9 percent in 2025 Financial Statements Review 2025 February 6, 2026 Thomas Hinnerskov, President and CEO Katri Hokkanen, CFO
Slide 2: Agenda
Agenda Financial Statements Review 2025 1 Q4/2025 and 2025 highlights 2 Financial development 3 Dividend proposal, guidance and short-term market outlook 2 February 6, 2026 © Valmet | Financial Statements Review 2025
Slide 3: Q4/2025 and 2025 highlights
Q4/2025 and 2025 highlights Valmet <>
Slide 4: 2025 highlights
2025 highlights ‘Lead the Way’ strategy launched in 2025 with bold, early decisions on operating model renewal ahead of the market slowdown in the second half of 2025 Orders received decreased organically by 9% and were EUR 5.2 billion, a solid achievement considering the landmark pulp mill order in
Slide 5: Q4/2025 highlights
Q4/2025 highlights Orders received decreased to EUR 1.3 billion against a very demanding comparison that included the landmark Arauco project Subdued biomaterial services market continued as anticipated, but orders were close to last year’s level when excluding the Arauco project and FX impacts Secu
Slide 6: Orders received amounted close to EUR 1.3 billion in Q4/2025
Orders received amounted close to EUR 1.3 billion in Q4/2025 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 1,281 3,000 1,050 1,041 1,083 1,000 2,000 500 -36% -7% -1% >100% 23% 21% 7% -46% 1,000 0 0 Q1/24 Q2/24 Q3/24
Slide 7: Expanding the reach of Valmet's automation solutions
Expanding the reach of Valmet’s automation solutions Automation for next-generation Polarstern polar research vessel • Demonstrates the versatility of Valmet’s automation far beyond traditional process industries in mission-critical marine and research platforms • Proof of reliability in the most ex
Slide 8: Severn to strengthen Valmet's market position in valve solutions
Severn to strengthen Valmet’s market position in mission-critical valve and valve automation solutions Valmet to acquire Severn Group • Leading severe service valve technologies, high-quality installed base and strong customer relationships globally • Strong capabilities and proven track record in s
Slide 9: Process Performance Solutions: Comparable EBITA increased to a new record in Q4/2025
Process Performance Solutions: Comparable EBITA increased to a new record in Q4/2025 Orders received (EUR million and growth y/y) 443 406 376 372 Orders received decreased as anticipated 328 352 322 345 • Orders received decreased to EUR 372 million • Orders received decreased organically 12% -16% 4
Slide 10: Biomaterial Solutions and Services: Comparable EBITA margin supported by efficiencies
Biomaterial Solutions and Services: Comparable EBITA margin supported by operating model efficiencies in Q4/2025 Orders received (EUR million) 2,020 Largest-ever energy order secured in the fourth quarter 1,144 • Orders received amounted EUR 908 million 930 926 908 722 719 738 • Orders received decr
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 1,477 1,324 1,295 1,295 192 196 1,212 1,184 1,241 156 159 141 143 -11% -12% -8% -5% -6% -4% 2% -1% 121 121 12.6% 12.3% 13.3% 12.0% 11.5% 10.0% 10.6% 10.2% Q1/24 Q2/24
Slide 13: Order backlog amounted to EUR 4.3 billion at the end of 2025
Order backlog amounted to EUR 4.3 billion at the end of 2025 Order backlog (EUR million) and book-to-bill (orders received / net sales) 4,403 4,452 4,306 3,973 1.02 1.09 1.00 0.90 2022 2023 2024 2025 • Order backlog was EUR 146 million lower than at the end of 2024 • Based on our current delivery sc
Slide 14: Strong cash conversion ratio in line with long-term historical 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) 554 581 5,837 5,194 4,955 5,216 352 4% 2% 1% -2% -82 191 134 29 36 2022 2023 2024 2025 2022 2023 2024 2025 Net working capita
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 1.40 904 1.36 875 1.30 39% 45% 43% 42% 40% 39% 38% 36% 35% 542 531 0.78 0.77 0.74 502 345 23% 0.49 20% 21% 15% Q4/22
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 4,051 1.93 14.5% 1.82 3,308 12.7% 13.0% 2022 2023 2024 2025 2022 2023 2024 2025 Capital employed Comparable ROCE (before taxes), LTM • The acquisitions of An
Slide 17: Key figures
Key figures EUR million Q4/2025 Q4/2024 Change 2025 2024 Change Orders received 1,281 2,463 -48% 5,216 5,837 -11% Order backlog1 4,306 4,452 -3% Net sales 1,477 1,528 -3% 5,197 5,359 -3% Comparable EBITA 196 192 2% 620 609 2% % of net sales 13.3% 12.6% 0.7 pp 11.9% 11.4% 0.6 pp EBITA 191 173 10% 534
Slide 18: Dividend proposal, guidance and short-term market outlook
Dividend proposal, guidance and short-term market outlook
Slide 19: Dividend proposal
Dividend proposal Dividend policy • Dividend payout at least 50% of net profit Board of Directors’ proposal to the Annual General Meeting • EUR 1.35 dividend per share, which represents 89% payout ratio • The dividend shall be paid in two installments 19 February 6, 2026 © Valmet | Financial Stateme
Slide 20: Guidance and short-term market outlook
Guidance and short-term market outlook Guidance for 2026 Guidance 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 at the previous year's level or increase in comparison with 2025 (EU
Slide 21: Q&A
Q&A 21 February 6, 2026 © Valmet | Financial Statements Review 2025
Slide 22: Interim Review, January–March for 2026
Interim Review, January– March for 2026 April 28, 2026 www.valmet.com/investors 22 February 6, 2026 © Valmet | Financial Statements Review 2025
Slide 23: 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 24: Appendix
Appendix Valmet <>
Slide 25: Valmet in 2025
Valmet in 2025 Orders received Net sales Comparable EBITA (excl. Other) EUR EUR EUR EUR 3,716 1,481 3,716 1,500 million million EUR EUR million 290 million 381 million million Biomaterial services EUR 1,948 million Process Performance Solutions Process Performance Solutions Process Performance Solut
Slide 26: Segment key figures
Segment key figures Orders received, EUR million Q4/2025 Q4/2024 Change 2025 2024 Change Process Performance Solutions 372 443 -16% 1,500 1,446 4% Biomaterial Solutions and Services 908 2,020 -55% 3,716 4,392 -15% Total 1,281 2,463 -48% 5,216 5,837 -11% Net sales, EUR million Q4/2025 Q4/2024 Change
Slide 27: 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% 25.8% 24.9% 18.4% 18.0% 16.3% 16.3% 1,513 1,478 1,429 1,263 984 936 829 901 2022 2023 2024 2025 2022 2023 2024 2025 EUR
Slide 28: Long-term development of Valmet's orders received
Long-term development of Valmet’s orders received, EUR million 5,837 5,194 5,216 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 28 February 6, 2026 © Valmet | Financial Statements Review 2025
Slide 29: Long-term development of Valmet's net sales
Long-term development of Valmet’s net sales, EUR million 5,532 5,359 5,197 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 2025 29 February 6, 2026 © Valmet | Financial Statements Review 2025
Slide 30: 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 619 609 620 533 429 365 11.9% 316 11.0% 11.2% 11.4% 10.5% 257 10.0% 218 9.0% 182 196 8.0% 7.0% 7.0% 106 6.0% 4.0% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 30 February 6, 2026 © Valmet | Fi
Slide 31: FORWARD
FORWARD