Slide 1: Strong organic growth in orders received and the new 'Lead the Way' strategy launched
Strong organic growth in orders received and the new ‘Lead the Way’ strategy launched in the second quarter Half Year Financial Review, January–June 2025 July 23, 2025 Thomas Hinnerskov, President and CEO Katri Hokkanen, CFO
Slide 2: Agenda
Agenda Half Year Financial Review, January–June 2025 1 Q2/2025 in brief 2 New ‘Lead the Way’ strategy and 2030 financial targets 3 Financial development 4 Guidance and short-term market outlook 2 July 23, 2025 © Valmet | Half Year Financial Review, January–June 2025
Slide 3: Q2/2025 highlights
Q2/2025 highlights Valmet <>
Slide 4: Q2/2025 highlights
Q2/2025 highlights New ‘Lead the Way’ strategy and 2030 financial targets launched at the Capital Markets Day Valmet’s new segments introduced and effective as of July 1, 2025: Biomaterial Solutions and Services; and Process Performance Solutions Strong organic growth in orders received in Q2/2025 C
Slide 5: Orders received increased to EUR 1.5 billion in Q2/2025
Orders received increased to EUR 1.5 billion in Q2/2025 Orders received (EUR million) 3,250 6,500 3,000 6,000 2,750 5,500 2,463 2,500 5,000 2,250 4,500 2,000 4,000 1,750 1,552 1,520 3,500 1,500 1,324 1,306 1,385 1,332 3,000 1,268 1,283 1,250 1,178 1,155 2,500 980 1,050 1,041 1,000 2,000 750 1,500 50
Slide 6: Advancing circularity – future ready CHP plants with carbon capture potential
Advancing circularity – Valmet to deliver future ready CHP plants with carbon capture potential Customer Confidence Selected for our proven ability to deliver modern large-scale energy projects. Energy production security is crucial for both customers Seamless Lifecycle Approach Full lifecycle appro
Slide 7: New 'Lead the Way' strategy and 2030 financial targets
New ‘Lead the Way’ strategy and 2030 financial targets
Slide 8: Lead the Way
INTERNAL Lead the Way Transforming industries towards a regenerative tomorrow Biomaterial Process Performance Solutions and Services Solutions ADVANCING CIRCULARITY UNLOCKING RESOURCE EFFICIENCY Seamless lifecycle approach to Leading lifecycle value, reliability grow in services and technology and c
Slide 9: New 2030 financial targets reflect a step change in ambition
New 2030 financial targets reflect a step change in ambition 5% 15% 20% <50% Organic net sales growth Comparable EBITA Comparable ROCE Gearing (CAGR) over the cycle margin CAGR L10Y: ~4% Q2 2025 LTM: 11.7% Q2 2025 LTM: 13.1% Q2/2025: 42% Previous target: 12–14% Previous target: at least 15% Comparab
Slide 10: Targeting to double the organic growth in biomaterial services to 8%
Targeting to double the organic growth in biomaterial services to 8% Key growth enablers 1. Lifecycle approach: Embed services earlier in capital deliveries Double the organic to boost installed base monetization growth in biomaterial services to 2. Focused investments: Prioritize high-potential cat
Slide 11: Financial development
Financial development Valmet <>
Slide 12: Q2/2025 financial performance in brief
Q2/2025 financial performance in brief Orders received increased to EUR 1.5 billion Order backlog amounted to EUR 4.7 billion Net sales decreased to EUR 1.2 billion Comparable EBITA remained at the previous year’s level and amounted to EUR 143 million and margin increased to 11.5% Cash flow provided
Slide 13: Key figures
Key figures EUR million Q2/2025 Q2/2024 Change Q1–Q2/2025 Q1–Q2/2024 Change Orders received 1,520 1,283 19% 2,852 2,333 22% Order backlog1 4,711 3,828 23% Net sales 1,241 1,324 -6% 2,426 2,536 -4% Comparable EBITA 143 141 2% 265 262 1% % of net sales 11.5% 10.6% 0.9 pp 10.9% 10.3% 0.6 pp EBITA 81 13
Slide 14: Order backlog amounted to EUR 4.7 billion at the end of Q2/2025
Order backlog amounted to EUR 4.7 billion at the end of Q2/2025 Order backlog (EUR million) 5,000 4,711 4,403 4,452 3,973 4,000 3,000 2,000 1,000 0 2022 2023 2024 Q2/25 • Order backlog was EUR 259 million higher than at the end of 2024 • Approximately EUR 2.3 billion of the order backlog is currentl
Slide 15: 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 capital and orders received (EUR million) 584 6,357 554 5,837 5,194 4,955 352 4% 2% -2% -2% -82 191 134 -139 36 2022 2023 2024 Q2/25 LTM 2022 2023 2024 Q2/25 Net wo
Slide 16: Net debt and gearing increased from the previous quarter's level
Net debt and gearing increased from the previous quarter’s level Net debt (EUR million) and gearing (%) Net debt to EBITDA* ratio 1,200 60% 1,094 1.63 1.59 1.60 1,027 1,057 1,032 1.60 1.55 992 1.46 1,000 939 50% 1.36 875 1.30 39% 800 45% 40% 1.20 43% 42% 40% 39% 36% 600 542 531 30% 0.78 0.77 502 0.8
Slide 17: Capital employed, Comparable ROCE and EPS
Capital employed, Comparable ROCE and EPS Capital employed (EUR million) and Comparable return on capital Adjusted EPS, EUR employed (ROCE), before taxes (%) 17.0% 2.37 2.28 4,055 4,158 3,873 1.93 14.5% 3,308 1.72 13.1% 12.7% 2022 2023 2024 Q2/25 2022 2023 2024 Q2/25 LTM Capital employed Comparable
Slide 18: Segment key figures
Segment key figures Orders received, EUR million Q2/2025 Q2/2024 Change Q1–Q2/2025 Q1–Q2/2024 Change Services 534 497 7% 1,102 1,024 8% Automation 376 352 7% 782 681 15% Process Technologies 611 434 41% 968 628 54% Total 1,520 1,283 19% 2,852 2,333 22% Net sales, EUR million Q2/2025 Q2/2024 Change Q
Slide 19: Valmet in Q2/2025 according to the new reporting structure
Valmet in Q2/2025 according to the new reporting structure Orders received Net sales Comparable EBITA (excl. Other) Biomaterial services EUR 534 million EUR EUR 376 372 EUR EUR EUR million million 869 1,144 million 66 EUR million million 87 million Biomaterial Solutions and Services Biomaterial Solu
Slide 20: Biomaterial Solutions and Services: Strong growth in orders, while profitability decreased
Biomaterial Solutions and Services: Strong growth in orders, while profitability decreased 2,020 Orders received (EUR million) Orders received increased to EUR 1.1 billion 930 926 1,144 • Service orders increased 10% organically, driven by increase in mill 722 719 improvements and field services 527
Slide 21: Process Performance Solutions: Strong performance in Q2
Process Performance Solutions: Strong performance in Q2 Orders received (EUR million and growth y/y) 443 406 352 376 328 322 Orders received organic growth 11% • Orders received increased to EUR 376 million -16% 4% 11% 39% 24% 7% • Organic growth was 12% in Automation Solutions and 10% Q1/24 Q2/24 Q
Slide 22: Strategy execution progressing: New operating model drives EUR 80 million annual cost savings
Strategy execution progressing: New operating model drives EUR 80 million annual cost savings Strategic context • Simplifies structure, strengthens cost competitiveness, and reinforces accountability • Integral to Valmet’s new ‘Lead the Way’ strategy Current status • Operating model effective as of
Slide 23: Guidance and short-term market outlook
Guidance and short-term market outlook
Slide 24: 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 25: Q&A
Q&A 25 July 23, 2025 © Valmet | Half Year Financial Review, January–June 2025
Slide 26: Interim Review, January–September 2025
Interim Review, January– September 2025 October 29, 2025 www.valmet.com/investors 26 July 23, 2025 © Valmet | Half Year Financial Review, January–June 2025
Slide 27: 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 28: Appendix
Appendix Valmet <>
Slide 29: Process Technologies: Orders received increased in H1/2025
Process Technologies: Orders received increased to EUR 968 million in H1/2025 Orders received (EUR million) Net sales (EUR million) Comparable EBITA (EUR million and % of net sales) H1/2024: H1/2025: H1/2024: H1/2025: H1/2024: H1/2025: EUR 628 million EUR 968 million EUR 997 million EUR 822 million
Slide 30: Services: Orders received increased to EUR 1,102 million in H1/2025
Services: Orders received increased to EUR 1,102 million in H1/2025 Orders received (EUR million) Net sales (EUR million) Comparable EBITA (EUR million and % of net sales) H1/2024: H1/2025: H1/2024: H1/2025: H1/2024: H1/2025: EUR 1,024 million EUR 1,102 million EUR 880 million EUR 893 million EUR 14
Slide 31: Automation: Orders received increased in H1/2025
Automation: Orders received increased to EUR 782 million in H1/2025 Orders received (EUR million) Net sales (EUR million) Comparable EBITA (EUR million and % of net sales) H1/2024: H1/2025: H1/2024: H1/2025: H1/2024: H1/2025: EUR 681 million EUR 782 million EUR 659 million EUR 711 million EUR 109 mi
Slide 32: 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 35% 1,800 30% 28.2% 28.9% 30% 1,500 1,500 25% 25.8% 24.9% 25% 1,200 1,200 18.4% 18.7% 20% 16.3% 16.3% 20% 900 900 15% 1,513 1
Slide 33: FORWARD
FORWARD