Metso Corporation · OMXHEX:METSO
Metso — Investor Presentation (April 2026)
65 slides from Metso's investor presentation, April 2026
Slide 1: We go beyond. Investor presentation March-April 2026
We go beyond. Investor presentation March-April 2026
Slide 2: Forward looking statements
Forward looking statements It should be noted that certain statements herein which are not historical facts, including, without limitation, those regarding expectations for general economic development and the market situation, expectations for customer industry profitability and investment willingn
Slide 3: Purpose: Enabling sustainable modern life
Purpose Enabling sustainable modern life We provide solutions for producing the building materials of the modern world, sustainably.
Slide 4: Vision: Industry benchmark
Vision Industry benchmark We aim to become the definitive standard in our industry.
Slide 5: We go beyond.
Laos) We go beyond. Best customer Higher Sustainability & Financial experience aftermarket share safety frontrunner excellence Growth | Excellence | Metso #1 Customer-centric Engaged Industry leading growth culture Metsonites capabilities
Slide 6: 2025 key figures
2025 key figures Sales by destination Sales EUR 5.3 ~50 countries 20% 21% Europe billion North and Central America Asia Pacific 20% 21% South America Adjusted EBITA Africa, Middle- EUR 829 million ~ 18,000 18% East and India employees 15.8% Sales by segment 24% Metso Plus sales EUR 1.5 100+ Aggregat
Slide 7: We have successfully delivered our post-merger commitments
eNPS We have successfully delivered our post-merger commitments 60 Top 5%* 100 18% 16.5% 16.6% 16.5 % 16.0% 15.8 % 15.8 % 90 16% 14.4% 80 13.1% 14% 12.9% 70 12% 59 60 60 58 55 56 54 10% 51 50 43 8% 40 37 6% 30 4% 20 10 2% 0 0% Q4 2021 Q2 2022 Q4 2022 Q2 2023 Q4 2023 Q2 2024 Q4 2024 Q2 2025 Q4 2025 E
Slide 8: The next phase of our strategy is guided by three core principles
The next phase of our strategy is guided by three core principles Growth and #1 position Aftermarket profitability Prioritized growth areas Developing market position Growth in areas with Revised margin targets Ensuring customer centricity high aftermarket intensity
Slide 9: 'We go beyond.' is driven by sharp focus and prioritization
'We go beyond.' is driven by sharp focus and prioritization Reach #1 position Portfolio Strengthen #1 position Improve profitability in in high-margin, aftermarket priorities in core solutions selected solutions intensive solutions Sales Capitalizing on strong market position. Continue aftermarket g
Slide 10: Financial targets for 2028 were revised to fast-track value creation
Financial targets for 2028 were revised to fast-track value creation Group financial targets for 2028 Annual sales growth (CAGR) Adjusted EBITA margin of 2024 2024: >7% -2% >18% 16.5% Aggregates >17% and Minerals >20% Net debt to EBITDA Dividend payout of at least 2024: 2024: <1.5x 1.3 50% 63% of ea
Slide 11: Metso investment proposition
Metso investment proposition Global leader in minerals and aggregates Financial excellence Shareholder value Technology & R&D Customer service Sustainability Targeted capital allocation Revised financial targets Strong existing position Industry benchmark Prioritized growth areas Attractive, growing
Slide 12: People and culture
People and culture Metso
Slide 13: Diverse group of professionals
Diverse group of professionals Key numbers at the end of 2025 Our people by 15% Europe geography 32% South America 13% Asia Pacific and Greater China North and Central America 14% Africa, Middle East and India 26% ~18,000 ~50 100+ 38/62% employees countries nationalities women/men in globally execut
Slide 14: Employee engagement (eNPS) is at all time high
Employee engagement (eNPS) is at all time high 14
Slide 15: We build on… And go beyond…
We build on… And go beyond… Focus on cutting edge technology Customer value powering our business Collaborating Crushing silos to rock as one Metso Steady and reliable Going beyond fast and fearlessly
Slide 16: Metso Leadership Team (MLT) and Market Areas
Metso Leadership Team (MLT) and Market Areas Metso Leadership Team (MLT) President and CEO Sami Takaluoma CFO Business Growth Legal & Compliance HR Pasi Kyckling Claudia Genin Nina Kiviranta Teija Saari Aggregates Minerals Services Consumables Markku Simula Piia Karhu Heikki Metsälä Saso Kitanoski M
Slide 17: Our businesses
Our businesses Metso
Slide 18: Offering to our customer segments
Offering to our customer segments Aggregates 24% 76% Minerals customers range from of total sales of total sales customers range large international in 2025 in 2025 from large companies and super international mining quarries to small local and metals refining entrepreneurs or companies to smaller c
Slide 19: Slide 19
Slide 20: We are harnessing our leadership in global aggregates markets...
We are harnessing our leadership in global aggregates markets... Europe*: EUR ~1.2B Metso #1 North America**: EUR ~1.3B Competitor 1 Greater China: EUR ~1B Metso Competitor 2 #1-2 Metso #1 Metso #1 Competitor 1 Competitor 3 Competitor 1 Other Competitor 2 Competitor 2 Competitor 3 Competitor 3 Other
Slide 21: ...and industry trends to drive customer success
...and industry trends to drive customer success Increasing cost pressure Productivity and efficiency Recycling Reducing operational costs. Strong knowhow, digital channels Metso Plus offering supports Extending equipment life. and solutions customers to achieve → boosting efficiency, minimizing sus
Slide 22: Our customer segments face a positive growth outlook
Our customer segments face a positive growth outlook Markets and customers Growth drivers Growth outlook 3-4% (CAGR ’24-’30) NATURAL AGGREGATES • Construction & infrastructure activity (Quarries and Contractors) • Growth rates differ between market areas 5-7% • Increasing waste generation and growin
Slide 23: Aggregates production rebounded in US during Q3/25
Aggregates production rebounded in US during Q3/25 105 Germany France US EU 100 Construction production (2024=100) 95 Note: US data updates are still affected by goverment shutdown. 90 01/24 07/24 01/25 11/25 10 US, crushed stone EU, other mining and quarrying 5 Aggregates production 0 (y-o-y %) -5
Slide 24: Capex growth is expected to remain flat in 2026
Capex growth is expected to remain flat in 2026 Bn EUR Current year Next two years 12,0 +3% 11,5 Aggregates customers* 11,0 Capex 10,5 0% estimates 5,5 Current year: 2025 Current year: 2026 5,0 Next two years: Next two years: 2025 & 2026 2026 & 2027 4,5 01/25 03/25 05/25 07/25 09/25 11/25 01/26 Bn E
Slide 25: We go beyond by segment-focused strategy execution
We go beyond by segment-focused strategy execution 31% #1 in aggregates aftermarket 25 Service levels | Aftermarket captivity | 3rd party crushing offering 51% 43% 6% Strengthen position #1 in quarries #1 in contractors in aggregates and infra recycling Initiatives % • New product launches • Local a
Slide 26: Serving our customers with multi-brand approach and local footprint
Serving our customers with multi- brand approach and local footprint Europe China North America 30% of sales 94% supplied 9% of sales 96% supplied locally locally 35% 50% of sales supplied locally India 8% 100% of sales supplied South America locally 7% 89% of sales supplied locally ROW 11% 0% of sa
Slide 27: Crushing as the major profit contributor
Crushing as the major profit contributor 75% of Aggregates sales, technology leader and 3x closest competitor Harvesting Innovations High the rewards Multi-brand driving Digital aftermarket of regional synergies aftermarket intensity investments Continuous India, Expand leveraging Performance Indust
Slide 28: Aftermarket growth accelerated by digital services and market expansion
Aftermarket growth accelerated by digital services and market expansion Growth to materialize Expand Availability & offering for as fleet utilization picks up customer Increased captivity 3rd party satisfaction crushers Customer fleet utilization Easy to buy, Enhanced Stronger productized, deliverin
Slide 29: Maximizing aftermarket opportunities in quarries
Maximizing aftermarket opportunities in quarries 51% of Aggregates segment revenue, 44% aftermarket share Larger capacity Production Maximizing customer's Easy, safe and lowest quarries flexibility production value cost per ton operations Unmatched crushing and screening circuit expertise Future mat
Slide 30: R&D growth in key focus areas
R&D growth in key focus areas Aggregates R&D spend Electric/ HP Series EUR million hybrid 20.0 crushers range 10.0 Super Digital, automation & materials 0.0 recycling 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 31: Aggregates journey towards >17% EBITA margin
Aggregates journey towards >17% EBITA margin 18% 17.0 % 17% 16% 15.0 % 15% 14% 13% 12% 11% 10% 2025 H1 Market growth Growth actions Self-help 2028
Slide 32: #1 in Minerals
‘¢ X 1 in Minerals #1 in energy Value driven High aftermarket transition minerals customers intensity Strengthen #1 Reach #1-2 position Improve profitability position in high-margin, and reinforce position aftermarket intense businesses Customer-centric Segment Technology & digital growth culture fo
Slide 33: We offer end-to-end solutions to Minerals customers
We offer end-to-end solutions to Minerals customers, and have a market #1 position in most areas Pumps #3-4 Tailings management #N Global market #1-2 position #1 #2-3 #1 #1 #1 #1 #1* Crushing Screening Grinding Separation Filtration Hydrometallurgy Smelting Sales split Crushing, Separation, Aftermar
Slide 34: Copper powers over 40% of sales with strong growth outlook
Copper powers over 40% of sales with strong growth outlook 77% Other Key growth drivers Electrification & data centers Minerals lithium & sales by copper nickel commodity 41% Ore grade depletion 2024 gold 14% iron ore Geopolitical factors 16%
Slide 35: Copper poised to outperform other key commodities
Copper poised to outperform other key commodities Volume of ore processed index (2024 – 2030, Indexed 2024 = 100) 130 Volume CAGR (’24-’30) / average additions per year 120 Copper 3% / 105mt Iron 2% / 94mt 110 Gold 1% / 7mt 100 90 2024 2025 2026 2027 2028 2029 2030 Source: S&P Global Note: Shown num
Slide 36: Copper and gold prices continue rallying in Q1 2026
Copper and gold prices continue rallying in Q1 2026 and continue to benefit from geopolitical uncertainty Price change vs previous CEO report Last 12 M Price development Forecast Price and Market balance Copper Investor optimism Current Price Forecast (LHS) 2,000 14 fuels price rally 12 +21% Market
Slide 37: Lithium and nickel prices surged in late 2025 and early 2026
Lithium and nickel prices surged in late 2025 and early 2026 Last 12 M Price development Forecast Price and Market balance Lithium 12 1,8 Current Price Forecast (LHS) Li-Hydroxide KUSD/t (LHS) Hydroxide 20 Previous Price Forecast (LHS) 400 Spodumene 11 Spodumene KUSD/t (RHS) 1,6 Market Balance (RHS)
Slide 38: Aftermarket success is driven by our large installed base
Aftermarket success is driven by our large installed base Aftermarket sales Aftermarket 7/24-06/25: annual growth 2020: EUR 2020-2024 EUR 1.6 bn 2.4 bn ~9% (CAGR) > 50 flotation plants > 20,000 crushers and screens > 8,000 grinding mills > 5,000 filters > 15,000 deliveries of flotation equipment
Slide 39: Global service centers close to customers
Global service centers close to customers Prince George, BC, Canada, Q4 2025 3,500 Service Experts Mesa, AZ, US, Q4 2025 50+ countries Field and Expert Services Parauapebas, Brazil, Q3 2025 500+ Life Cycle Services contracts Arequipa, Peru, Q2 2026 Karratha, WA, Australia, 2024 Antofagasta, Chile, 2
Slide 40: Strategy in action across the flowsheet
Strategy in action across the flowsheet Pumps #3-4 Tailings management #N Global market #1-2 position #1 #2-3 #1 #1 #1 #1 #1* Crushing Screening Grinding Separation Filtration Hydrometallurgy Smelting • Grow crushing • Expand product • Grow separation, • Grow in copper • Grow energy portfolio filtra
Slide 41: EUR 70 million annual R&D driving technology leadership
EUR 70 million annual R&D driving technology leadership Nordberg® Next- E-scrap Coarse Larox® HPe generation Vertimill® Super and other particle 3712 tailings cone crusher MX crusher 7000 materials secondary flotation filter series wears metal refining Customer needs Embedded safety Preconcentration
Slide 42: Digital & automation support value creation & efficiency
Digital & automation support value creation & efficiency Create new customer value Process Equipment Business Automation performance performance enablement Process Control, Analyzers Data, Simulation & AI- Intelligent data-driven Data, AI and intelligent and Samplers enabled solutions. services serv
Slide 43: Data-driven optimized performance and services
Data-driven optimized performance and services Crushing Screens Grinding Pumps Analyzers Flotation Filtration 4x increase in connected equipment in 2025 Technical Support Condition Monitoring Performance Monitoring Faster, secure and enhanced reactive Proactive failure detection, expert support Data
Slide 44: Self-help initiatives to support profitability journey
Self-help initiatives to support profitability journey Focused portfolio Supply chain & logistics Data and AI-driven productivity Design for manufacturing Quality management
Slide 45: Minerals journey towards >20% EBITA margin target
Minerals journey towards >20% EBITA margin target 21% >20% 20% 19% 18% 16.9 % 17% 16% 15% 14% 2025 H1 Market growth Growth actions Self-help 2028
Slide 46: Sustainability and R&D
Sustainability and R&D Metso
Slide 47: We'll be the frontrunner in safety and sustainability
We’ll be the frontrunner in safety and sustainability Lost Time Injury Frequency (H1/2025) Emission reduction in own operations (2024) R&D spend on projects with sustainability targets (2024) 1.0 -72% 97.5% Go Start with Net Zero beyond safety journey CO2e 47
Slide 48: We offer our customers solutions to meet their challenges
We offer our customers solutions to meet their challenges Energy and water efficiency Increased lifetime Product improvements in Optimization for renewables • Product improvements for super electrification materials and modular plants • Digitalization with sensors, analytics • Electrical calcining i
Slide 49: Making an environmental impact with Metso Plus offering
Making an environmental impact Over 100 with Metso Plus offering products • Demonstrably more energy or water efficient than comparison • Help our customers: – cut their CO₂ emissions both directly and through reductions in the carbon intensity of manufacturing and delivering products – achieve othe
Slide 50: Examples of our Metso Plus solutions
Examples of our Metso Plus solutions Minerals processing Energy- Energy efficient Concorde CellTM efficient Horizontal Mill for recovering fine modular In-pit Plant units for and ultra-fine crush and optimized particles with convey grinding minimized energy solutions circuit throughput and water con
Slide 51: Examples of our Metso Plus solutions
Examples of our Metso Plus solutions Spare and wear parts, upgrades and modernizations Truck body Optimized wear parts Repairs Lighter, more More efficient Extending payload & less processes the lifetime fuel per hauled Long lasting wears of customer ton Lower energy assets for consumption reduced S
Slide 52: Digital & AI play a role in driving value and efficiency
Digital & AI play a role in driving value and efficiency Create Improve customer internal value efficiency • Improve and • Enhance • Improve maintain customer people process and convenience performance equipment and improve and internal reliability and service levels processes performance
Slide 53: Strong innovation and R&D capacity
Strong innovation and R&D capacity Eur 122 ~45 60.1% 7962 million Investment in Locations with R&D product Patents research and R&D, testing or development development in laboratory spend on Metso 2025 capabilities Plus portfolio 53
Slide 54: Q4/2025 and full-year results
Q4/2025 and full-year results
Slide 55: Q4/2025 highlights
Q4/2025 highlights Market activity in line Healthy order growth with expectations Sales growth drove Strong cash generation increase in adjusted EBITA February 12, 2026
Slide 56: Group Q4/2025 key figures
Group Q4/2025 key figures EUR million EUR million Q4/2025 Q4/2024 Change % Orders received 1,501 1,466 2 Sales 1,443 1,300 11 Adjusted EBITA 232 210 11 % of sales 16.1 16.1 – Operating profit 184 172 7 % of sales 12.7 13.2 – Earnings per share, continuing 0.14 0.13 8 operations, EUR Cash flow from o
Slide 57: Aggregates: strong orders and performance
Aggregates: strong orders and performance EUR million • Orders received EUR 307 million (EUR 294 million) ◦ +10% in constant currencies ◦ Growth driven by European market ◦ Equipment orders +7%, aftermarket +1% • Sales EUR 330 million (EUR 290 million) ◦ Equipment +23%, aftermarket -3% ◦ Aftermarket
Slide 58: Minerals: strong aftermarket orders and stable margin
Minerals: strong aftermarket orders and stable margin EUR million • Orders EUR 1,194 million (EUR 1,173 million) ◦ +5% in constant currencies ◦ Aftermarket orders grew by +5% ◦ Two major equipment orders • Sales EUR 1,113 million (EUR 1,011 million) ◦ Aftermarket flat, equipment +27% ◦ Aftermarket s
Slide 59: The Board proposes an increase in dividend
The Board proposes an increase in dividend EUR • Proposed dividend is 69% of EPS * from continuing operations • Two payments: EUR 0.20 in May and EUR 0.20 in October • Total payout EUR 331 million * Board's proposal to the AGM 2026 February 13, 2025
Slide 60: Group Income Statement
Group Income Statement EUR EUR million Q4/2025 Q4/2024 Q1-Q4/2025 Q1-Q4/2024 Sales 1,443 1,300 5,240 5,026 Adjusted EBITA 232 210 829 830 Operating profit 184 172 735 749 Net financial expenses -30 -24 -99 -80 Profit before taxes 153 149 636 670 Income taxes -32 -40 -150 -163 Income tax, % 21 27 24
Slide 61: Financial position
Financial position EUR million Dec 31, 2025 Dec 31, 2024 • Average interest rate of loans and derivatives 3.3% Liquid funds 501 431 • Available credit facilities ◦ EUR 700 million undrawn committed syndicated Net debt 1,092 1,173 revolver ◦ EUR 600 million commercial paper program Net debt/EBITDA, l
Slide 62: Strong cash flow from operations
Strong cash flow from operations EUR million Q4/2025 Q4/2024 Q1-Q4/2025 Q1-Q4/2024 EUR million Profit for the period 104 158 427 330 Adjustments: Depreciation and amortization 48 42 186 165 Financial expenses, net 30 24 99 80 Income taxes 36 6 150 88 Other items 18 12 42 33 Total adjustments 132 85
Slide 63: Strategy execution
Strategy execution ◦ Acquisitions ◦ MRA Automation ◦ Divestments ▪ Ferrous business ◦ Loading and hauling business ◦ Investments ◦ New rubber products plant in China ◦ New sustainability targets February 12, 2026
Slide 64: Market outlook
Market outlook Metso expects that the market activity in both Minerals and Aggregates will remain at the current level. Tariff-related turbulence could potentially affect global economic growth and market activity. In its previously published outlook, Metso expected market activity in both Minerals
Slide 65: Partner for positive change
Partner for positive change A black square with white letters in it A black and white logo A black and white x A black and white logo A black and white play button metso.com Description automatically generated Description automatically generated Description automatically generated Description automa