Valmet Corp · OMXHEX:VALMT
Valmet — Q1 2026 Earnings Presentation
30 slides from Valmet's earnings presentation, Apr 28, 2026
Slide 1: Strategy execution progressed in the first quarter, while sales mix impacted the results
Strategy execution progressed in the first quarter, while sales mix impacted the results Interim Review, January–March 2026 April 28, 2026 Thomas Hinnerskov, President and CEO Katri Hokkanen, CFO
Slide 2: Valmet improves the performance of industrial assets – across their lifecycle
Valmet improves the performance of industrial assets – across their lifecycle WE HELP CUSTOMERS TO: Delivered through lifecycle 2030 TARGETS services, upgrades and • Run their operations automation more reliably 5% Organic growth • Produce more efficiently WHAT THIS MEANS FOR VALMET • Use fewer reso
Slide 3: Proof point: Lifecycle automation driving performance in marine
Proof point: Lifecycle automation driving performance in marine Mission-critical system that saves cost, reduces risk and generates recurring revenue Proven position in marine automation • Over 500 advanced vessels globally • #1-2 global position in cruise segment • Trusted by leading shipyards and
Slide 4: Q1/2026 highlights
Q1/2026 highlights Valmet <>
Slide 5: Strategy execution progressed in Q1; sales mix impacted the results
Strategy execution progressed in Q1; sales mix impacted the results Operating model renewal Global Supply strategy Cost Costsavings savingsfrom fromthe the early bold Actions planned to improve early bold choices choices production footprint Orders received Net sales Comparable EBITA EUR 1.1 billion
Slide 6: Orders received amounted close to EUR 1.1 billion in Q1/2026
Orders received amounted close to EUR 1.1 billion in Q1/2026 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 1,092 1,000 2,000 500 -36% -7% -1% >100% 23% 21% 7% -46% -15% 1,000 0 0 Q1/24
Slide 7: Process Performance Solutions: Q1 margin supported by cost savings
Process Performance Solutions: Q1 margin supported by cost savings Orders received (EUR million and growth y/y) 443 406 376 400 352 345 372 Q1 2026 performance 328 322 Orders received increased 4% organically -16% 4% 11% 39% 24% 7% 7% -16% -2% • Similar organic growth in both Automation Solutions an
Slide 8: Biomaterial Solutions and Services: Profitability impacted by sales mix
Biomaterial Solutions and Services: Profitability impacted by sales mix Orders received (EUR million) ■ Biomaterial services 2,020 Q1 2026 performance 1,144 930 926 908 722 719 738 693 Orders received decreased mainly due to capital project timing 527 568 534 506 497 412 479 404 439 • Service orders
Slide 9: Financial development
Financial development Valmet <>
Slide 10: 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 1,244 156 159 141 143 -11% -12% -8% -5% -6% -4% 2% -1% 9% 121 121 114 12.6% 12.3% 13.3% 12.0% 11.5% 10.0% 10.6% 10.2
Slide 11: Comparable SG&A reflects operating model renewal
Comparable SG&A reflects operating model renewal Comparable SG&A expenses EUR million and % of net sales BASELINE 984 Comparable SG&A costs reduction 936 EUR 918 66 million 18.4% 18.0% 17.5% 2024 2025 Q1/26 LTM EUR million % of net sales 11 April 28, 2026 © Valmet | Interim Review, January–March 202
Slide 12: Order backlog amounted to EUR 4.2 billion at the end of Q1/2026
Order backlog amounted to EUR 4.2 billion at the end of Q1/2026 Order backlog (EUR million) and book-to-bill (orders received / net sales) 4,403 4,452 4,306 4,200 3,973 1.02 1.09 1.00 0.95 0.90 2022 2023 2024 2025 Q1/2026 LTM • Order backlog was EUR 106 million lower than at the end of 2025 • Based
Slide 13: Cash flow decreased due to change in net working capital
Cash flow decreased due to change in net working capital Cash flow from operating activities (EUR million) Net working capital and orders received (EUR million) 581 191 554 4% 134 1% 399 -2% 2% 352 -3% 29 -82 -131 36 2022 2023 2024 2025 Q1/26 LTM 2022 2023 2024 2025 Q1/26 Net working capital Net wor
Slide 14: Balance sheet remains strong and gearing below the 50% target
Balance sheet remains strong and gearing below the 50% target Net debt (EUR million) and gearing (%) Net debt to EBITDA* ratio 1,094 1.63 1.59 1.60 1,057 1,032 1.55 992 1.50 1.45 939 945 1.40 904 1.36 875 42% 888 1.30 45% 43% 39% 39% 38% 36% 37% 35% Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1
Slide 15: Capital employed, Comparable ROCE and EPS
Capital employed, Comparable ROCE and EPS Capital employed (EUR million) and Comparable ROCE (%) Adjusted EPS, EUR 4,158 4,051 3,928 1.93 1.82 13.4% 1.67 12.7% 13.0% 2024 2025 Q1/26 LTM 2024 2025 Q1/26 LTM Capital employed Comparable ROCE (before taxes), LTM • Comparable ROCE improved to 13.4%, driv
Slide 16: Key figures
Key figures EUR million Q1/2026 Q1/2025 Change Orders received 1,092 1,332 -18% Order backlog1 4,200 4,574 -8% Net sales 1,244 1,184 5% Comparable EBITA 114 121 -6% % of net sales 9.2% 10.2% -1.1 pp Items affecting comparability -32 -8 EBITA 82 113 -28% Operating profit (EBIT) 58 89 -36% Profit befo
Slide 17: Guidance and short-term market outlook
Guidance and short-term market outlook
Slide 18: Guidance and short-term market outlook
Guidance and short-term market outlook Guidance for 2026 Guidance Valmet reiterates its guidance issued on February 6, 2026, in which 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
Slide 19: Q1/2026 key insights
Q1/2026 key insights Q1 benefited from the early bold choices made last year to renew the operating model Strategic actions planned to improve production footprint Comparable EBITA margin was impacted by sales mix Guidance for 2026 remains unchanged Valmet improves the performance of industrial asse
Slide 20: Q&A
Q&A 20 April 28, 2026 © Valmet | Interim Review, January–March 2026
Slide 21: Half Year Financial Review, January–June for 2026
Half Year Financial Review, January–June for 2026 July 24, 2026 www.valmet.com/investors 21 April 28, 2026 © Valmet | Interim Review, January–March 2026
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 Q1/2026
Valmet in Q1/2026 Orders received Net sales Comparable EBITA (excl. Other) EUR EUR EUR 904 341 EUR 693 million million EUR EUR million 400 64 million 63 million million Biomaterial services Biomaterial services EUR 506 million EUR 414 million Process Performance Solutions Process Performance Solutio
Slide 25: Segment key figures
Segment key figures Orders received, EUR million Q1/2026 Q1/2025 Change Process Performance Solutions 400 406 -2% Biomaterial Solutions and Services 693 926 -25% Total 1,092 1,332 -18% Net sales, EUR million Q1/2026 Q1/2025 Change Process Performance Solutions 341 339 1% Biomaterial Solutions and Se
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% 28.4% 27.7% 25.8% 24.9% 18.4% 18.0% 17.5% 16.3% 16.3% 1,513 1,478 1,454 1,429 1,263 984 936 918 829 901 2022 2023 2024 2025 Q
Slide 27: Long-term development of Valmet's orders received, EUR million
Long-term development of Valmet’s orders received, EUR million 5,837 5,194 5,216 4,955 4,977 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 Q1/26 LTM 27 April 28, 2026 © Valmet | Interim Review, January–March 2026 LTM = Last twelve months
Slide 28: Long-term development of Valmet's net sales, EUR million
Long-term development of Valmet’s net sales, EUR million 5,532 5,359 5,074 5,197 5,257 3,740 3,935 3,547 3,325 2,928 2,926 3,058 2,473 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1/2026 LTM 28 April 28, 2026 © Valmet | Interim Review, January–March 2026 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 619 609 620 612 533 429 365 11.9% 11.4% 11.6% 316 10.9% 11.2% 10.5% 257 9.8% 218 8.9% 182 196 7.7% 7.1% 106 6.7% 6.2% 4.3% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1/2026 LTM 29 April 28,
Slide 30: Valmet
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