Valmet Corp · OMXHEX:VALMT
Valmet — UBS European Conference 2025
32 slides from Valmet's conference presentation, Nov 11, 2025
Slide 1: Improving performance and landmark wins in a challenging market
Improving performance and landmark wins in a challenging market UBS European Conference London, November 11, 2025 Thomas Hinnerskov, President and CEO Pekka Rouhiainen, VP, Investor relations
Slide 2: Agenda
Agenda 1 Q3/2025 highlights and strategy execution 2 Financial development 3 Guidance and short-term market outlook 2 November 11, 2025 © Valmet | UBS European Conference in London
Slide 3: Q3/2025 highlights and strategy execution
Q3/2025 highlights and strategy execution
Slide 4: Our new Lead the Way strategy delivers a strong value proposition
Our new Lead the Way strategy delivers a strong value proposition 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, relia
Slide 5: 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% Q3 2025 LTM: 11.7% Q3 2025 LTM: 13.1% Q2/2025: 38% Previous target: 12–14% Previous target: at least 15% Comparab
Slide 6: 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 7: 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 8: Orders received increased organically by 7% and were EUR 1.1 billion 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) -36% -7% -1% >100% 23% 21% 7% • Four consecutive quarters of organic growth is a good achievement in the current marke
Slide 9: 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 10: 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 • Orders received increased to EUR 345 million • Orders received organic growth was 11% -16% 4% 11% 39% 24% 7% 7% • Organic growth was 16% in Automation Solutions and
Slide 11: Landmark U.S. tissue win strengthens Valmet's market position and lifecycle opportunities
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 12: 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 Orders received (EUR million) Orders received growth supported by landmark tissue mill win • Orders received amounted EUR 738 million • Orders received increased organically by 5% • Service orders were flat (
Slide 13: Financial development
Financial development Valmet >
Slide 14: 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) -11% -12% -8% -5% -6% -4% 2% Net sales stable at EUR 1.3 billion Record-high Q3 in Comparable EBITA margin • Currency headwind of roughly EUR 31 million • Comparable EBITA
Slide 15: Order backlog amounted to EUR 4.5 billion at the end of Q3/2025
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) • Order backlog was EUR 74 million higher than at the end of 2024 • Solid order backlog and book-to-bill ratio create a good foundation going into Q4/25 and 2026
Slide 16: 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) • Cash flow from operating activities amounted to EUR 94 million in Q3/2025 • Cash conversion1 ratio was 92% in Q3/25 LTM, in
Slide 17: 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 • Net debt was EUR 945 million and gearing decreased from Q2/2025 to 38% • Net debt to EBITDA* ratio decreased to 1.50 from Q2/2025 • The average interest rate of Valmet's total debt
Slide 18: Capital employed, Comparable ROCE and EPS
Capital employed, Comparable ROCE and EPS Capital employed (EUR million) and Comparable ROCE (%) Adjusted EPS, EUR • The acquisitions of Analyzer Products and Integration in 2024 and Tissue • Adjusted EPS decrease was mainly related to restructuring expenses Converting in 2023, and the integration o
Slide 19: 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 13
Slide 20: Guidance and short-term market outlook
Guidance and short-term market outlook
Slide 21: 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 22: Q&A
Q&A 22 November 11, 2025 © Valmet | UBS European Conference in London
Slide 23: Financial Statements Review for 2025
Financial Statements Review for 2025 February 6, 2026 www.valmet.com/investors 23 November 11, 2025 © Valmet | UBS European Conference in London
Slide 24: 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 25: Appendix
Appendix Valmet >
Slide 26: Valmet in Q3/2025
Valmet in Q3/2025 Orders received Net sales Comparable EBITA (excl. Other) EUR EUR EUR EUR million million EUR EUR million million million million Biomaterial services EUR 404 million Orders received Net sales Comparable EBITA Comparable EBITA margin Order backlog Employees EUR 1,083 million EUR 1,2
Slide 27: 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 28: 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 November 11, 2025 © Valmet | UBS European Conference in London LTM = Last twelve months
Slide 29: Long-term development of Valmet's orders received, EUR million
Long-term development of Valmet’s orders received, EUR million 29 November 11, 2025 © Valmet | UBS European Conference in London LTM = Last twelve months
Slide 30: Long-term development of Valmet's net sales, EUR million
Long-term development of Valmet’s net sales, EUR million 30 November 11, 2025 © Valmet | UBS European Conference in London LTM = Last twelve months
Slide 31: 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 31 November 11, 2025 © Valmet | UBS European Conference in London LTM = Last twelve months
Slide 32: FORWARD
FORWARD