Slide 1: Orders received increased, but Net sales and Comparable EBITA remained steady in 2024
Orders received increased, but Net sales and Comparable EBITA remained steady in 2024 Financial Statements Review 2024 February 13, 2025 Thomas Hinnerskov, President and CEO Katri Hokkanen, CFO
Slide 2: Agenda
Agenda Financial Statements Review 2024 1 2024 in brief 2 Development of the segments and the business lines 3 Financial development 4 Dividend proposal, guidance and short-term market outlook 2 February 13, 2025 © Valmet | Financial Statements Review 2024
Slide 3: 2024 in brief
2024 in brief Valmet <>
Slide 4: 2024 in brief
2024 in brief Orders received increased to EUR 5.8 billion Order backlog amounted close to EUR 4.5 billion Net sales remained at the previous year’s level and amounted close to EUR 5.4 billion Comparable EBITA remained at the previous year’s level and amounted to EUR 609 million and margin was 11.4%
Slide 5: Valmet in 2024
Valmet in 2024 Orders received Net sales Comparable EBITA (excl. Other) EUR EUR 73 EUR EUR million EUR 1,915 2,023 million 1,900 EUR 2,477 million million million EUR 331 255 million EUR EUR million 1,446 1,437 million million Services Services Services Automation Automation Automation Process Techn
Slide 6: Comparable EBITA margin development
Comparable EBITA margin development Net sales and Comparable EBITA (EUR million and %)1 5,532 5,359 5,074 Target 12–14% 11.2% 11.4% 3,935 3,740 10.5% 3,547 3,325 9.8% 2,023 3,058 10.9% 2,420 2,928 2,926 1,799 Comparable EBITA, % 8.9% 2,428 2 1,572 1,473 1,584 Capital Business 2 7.7% Stable Business
Slide 7: Orders received increased to EUR 5.8 billion in 2024
Orders received increased to EUR 5.8 billion in 2024 Orders received (EUR million) Orders received in 2024 by industry 3,000 6,000 2,750 5,500 2,463 23% 2,500 5,000 2,250 4,500 2,000 4,000 1,750 3,500 1,500 3,000 1,250 2,500 1,000 2,000 750 1,500 77% 500 1,000 250 500 Pulp & Paper 0 0 Energy & Other
Slide 8: Stable business orders received totaled close to EUR 3.4 billion in 2024
Stable business orders received totaled close to EUR 3.4 billion in 2024 Orders received (EUR million) in stable business Organic growth* 4,500 ~6% 4,000 CAGR 3,500 3,360 3,100 3,000 2,837 1,446 2,500 1,340 1,081 1,875 1,947 2,000 1,701 1,772 1,519 1,609 1,367 416 467 1,500 386 415 337 368 248 1,000
Slide 9: Order backlog amounted close to EUR 4.5 billion at the end of 2024
Order backlog amounted close to EUR 4.5 billion at the end of 2024 Order backlog (EUR million) Structure of order backlog by segment 5,000 4,403 4,452 4,500 4,096 3,973 4,000 2,815 2,799 3,500 3,333 3,257 2,995 2,416 ~15% 2,829 3,000 2,432 2,347 2,458 2,283 2,500 2,074 2,090 ~20% 2,000 1,834 1,541 1
Slide 10: Development of the segments and the business lines
Development of the segments and the business lines
Slide 11: Process Technologies: Orders received increased close to EUR 2.5 billion in 2024
Process Technologies: Orders received increased close to EUR 2.5 billion in 2024 Orders received (EUR million) Net sales (EUR million) Comparable EBITA (EUR million and % of net sales) 2023: 2024: 2023: 2024: 2023: 2024: EUR 1,856 million EUR 2,477 million EUR 2,420 million EUR 2,023 million EUR 110
Slide 12: Valmet to supply a complete pulp mill to Arauco in Brazil
Valmet to supply a complete pulp mill to Arauco in Brazil Project overview Valmet’s scope and targets Strategic impact • Customer: Arauco • Complete pulp mill delivery • A significant milestone showcasing Valmet’s sustainable technologies • Location: Inocência, Mato Grosso • Full-scope automation an
Slide 13: Pulp and Energy business line in 2024
Pulp and Energy business line in 2024 Orders received Orders received by industry Orders received by area Orders received by scope EUR 1,581 million 1% 2% 5% 12% 19% Net sales EUR 870 million 18% 17% Employees 1,953 71% 74% Market position 81% #1 Pulp #1–3 Energy Pulp North America Complete mills En
Slide 14: Paper business line in 2024
Paper business line in 2024 Orders received Orders received by paper grade Orders received by area Orders received by scope EUR 897 million 4% 18% 7% Net sales 27% EUR 1,152 million 34% Employees 52% 4,402 4% 29% Market position 11% 24% #1 Tissue 89% #1-2 Board and paper Board New installments North
Slide 15: Services: Orders received increased to EUR 1.9 billion in 2024
Services: Orders received increased to EUR 1.9 billion in 2024 Orders received (EUR million) Net sales (EUR million) Comparable EBITA (EUR million and % of net sales) 2023: 2024: 2023: 2024: 2023: 2024: EUR 1,760 million EUR 1,915 million EUR 1,784 million EUR 1,900 million EUR 312 million EUR 331 m
Slide 16: Services segment in 2024
Services segment in 2024 Orders received Orders received by Orders received by area Orders received by business customer segment EUR 1,915 million 4% 10% Net sales 26% 9% EUR 1,900 million 33% 35% 37% 35% Employees 6,714 21% 36% Market position 12% 12% #1–2 Services 14% 16% Board North America Perfo
Slide 17: Automation: Orders received increased to EUR 1.4 billion in 2024
Automation: Orders received increased to EUR 1.4 billion in 2024 Orders received (EUR million) Net sales (EUR million) Comparable EBITA (EUR million and % of net sales) 2023: 2024: 2023: 2024: 2023: 2024: EUR 1,340 million EUR 1,446 million EUR 1,328 million EUR 1,437 million EUR 248 million EUR 255
Slide 18: Flow Control business line in 2024
Flow Control business line in 2024 Orders received by Orders received by area Orders received by business Orders received customer industry EUR 763 million 12% 14% 16% Net sales 24% EUR 791 million 8% 8% 37% 16% Employees 2,883 16% 68% 34% Market position 40% 7% #1 Pulp and Paper #1–2 Industrial Gas
Slide 19: Automation Systems business line in 2024
Automation Systems business line in 2024 Orders received by industry Orders received by area Orders received by product Orders received EUR 683 million 9% 9% Net sales 30% 31% EUR 646 million 42% 52% Employees 58% 2,565 12% 41% 18% Market position #1–2 Pulp and Paper Pulp and Paper North America Dis
Slide 20: Mercer International selects Valmet DNAe for their digitalization journey
Mercer International selects Valmet DNAe for their digitalization journey • Mercer International has selected Valmet DNAe Distributed Control System (DCS) for its ongoing pulp mill renewal in Canada • The system enables efficient operations through – better data utilization with built-in cybersecuri
Slide 21: Financial development
Financial development Valmet <>
Slide 22: Q4/2024 in brief
Q4/2024 in brief Orders received increased to close to EUR 2.5 billion Net sales remained at the previous year’s level and amounted to EUR 1.5 billion Comparable EBITA increased to EUR 192 million and margin was 12.6% Cash flow provided by operating activities amounted to EUR 178 million Gearing was
Slide 23: Key figures
Key figures EUR million Q4/2024 Q4/2023 Change 2024 2023 Change Orders received 2,463 1,155 >100% 5,837 4,955 18% Order backlog1 4,452 3,973 12% 4,452 3,973 12% Net sales 1,528 1,499 2% 5,359 5,532 -3% Comparable EBITA 192 183 5% 609 619 -2% % of net sales 12.6% 12.2% 0.4 pp 11.4% 11.2% 0.2 pp EBITA
Slide 24: Process Technologies segment key figures
Process Technologies segment key figures Q4 2024 in brief EUR million Q4/2024 Q4/2023 Change Orders received 1,541 432 >100% Net sales 537 615 -13% Comparable EBITA 15 25 -40% % of net sales 2.8% 4.1% -1.3 pp • Orders received increased to EUR 1,541 million – Orders received included the order for a
Slide 25: Services segment key figures
Services segment key figures Q4 2024 in brief EUR million Q4/2024 Q4/2023 Change Orders received 479 404 19% Net sales 567 508 12% Comparable EBITA 112 91 24% % of net sales 19.8% 17.9% 2.0 pp • Orders received increased to EUR 479 million – Orders received from Tissue Converting, amounted to EUR 33
Slide 26: Automation segment key figures
Automation segment key figures Q4 2024 in brief EUR million Q4/2024 Q4/2023 Change Orders received 443 319 39% Net sales 424 375 13% Comparable EBITA 81 79 2% % of net sales 19.1% 21.1% -2.0 pp • Orders received increased to EUR 443 million – Orders received included an order for a complete pulp mil
Slide 27: Segment key figures
Segment key figures Orders received, EUR million Q4/2024 Q4/2023 Change 2024 2023 Change Services 479 404 19% 1,915 1,760 9% Automation 443 319 39% 1,446 1,340 8% Process Technologies 1,541 432 >100% 2,477 1,856 33% Total 2,463 1,155 >100% 5,837 4,955 18% Net sales, EUR million Q4/2024 Q4/2023 Chang
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) 1,800 28.2% 30% 1,800 30% 25.2% 25.8% 24.6% 24.9% 24.2% 1,500 22.1% 23.1% 23.1% 23.0% 25% 1,500 25% 1,513 1,429 1,200 20% 1,200 17.
Slide 29: 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) 554 532 5,837 482 5,194 4,955 4,740 3,986 3,722 3,653 352 3,272 3,139 295 2,878 291 284 246 4% 2% -2% -238 -294 134 -387 -
Slide 30: Capital employed, Comparable ROCE and EPS
Capital employed, Comparable ROCE and EPS Capital employed (EUR million) and Comparable return on capital Earnings per share (EPS) and Adjusted EPS, EUR employed (ROCE), before taxes (%) 22.8% 2.37 22.6% 2.28 22.3% 4,158 4,055 2.09 1.93 20.0% 3,308 1.54 1.35 17.0% 1,808 1.01 15.7% 1,639 1,314 0.81 1
Slide 31: Net debt remained at the previous quarter's level
Net debt remained at the previous quarter’s level Net debt (EUR million) and gearing (%) Net debt to EBITDA* ratio 1,200 1,094 60% 1.631.59 1.55 1,027 1,032 1.60 1.46 939 1.36 1,000 1,057 50% 1.20 800 45% 43% 40% 0.90 542 531 40% 39% 39% 0.80 0.710.78 0.770.74 600 502 30% 22% 428 0.84 0.49 400 510 3
Slide 32: Dividend proposal, guidance and short-term market outlook
Dividend proposal, guidance and short-term market outlook
Slide 33: 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 33 February 13, 2025 © Valmet | Financial Statem
Slide 34: Guidance and short-term market outlook
Guidance and short-term market outlook Guidance for 2025 Guidance 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 at the previous year's level in comparison with 2024 (EUR 609 millio
Slide 35: Q&A
Q&A 35 February 13, 2025 © Valmet | Financial Statements Review 2024
Slide 36: Annual General Meeting, Interim Review and Capital Markets Day dates
Annual General Meeting Interim Review, January– March 2025 March 26, 2025 April 23, 2025 www.valmet.com/investors www.valmet.com/investors Capital Markets Day June 5, 2025 www.valmet.com/investors 36 February 13, 2025 © Valmet | Financial Statements Review 2024
Slide 37: 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 38: FORWARD
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