Metso Corporation · OMXHEX:METSO
Metso — Investor Presentation (September 2025)
63 slides from Metso's investor presentation, September 2025
Slide 1: Investor presentation August - September 2025
Investor presentation August - September 2025
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: Metso investment highlights
Metso investment highlights Leading offering in Committed to Industry leader in Strong aftermarket aggregates and further performance sustainability and presence & minerals processing improvement customer service capabilities 3
Slide 4: Enabling sustainable modern life
Enabling sustainable modern life Megatrends Vision Top priorities Urbanization To be customers’ number one choice for sustainable Financial performance Electrification use of Earth’s natural resources. Together we deliver Customer success Sustainability service, reliability, innovation and results –
Slide 5: Becoming an industry leader
Becoming an industry leader Strong platform Leading position to grow and in technology and create value customer service Business model Continuous supporting profitability achievement of improvement targets 5
Slide 6: Our businesses
Our businesses Aggregates Minerals Services Consumables Crushing and Comprehensive Spare parts, Comprehensive screening equipment solutions for minerals refurbishments and offering of wear for aggregates processing, professional services parts for mining production hydrometallurgical for mining and
Slide 7: 2024 key numbers
2024 key numbers Sales by destination Sales EUR 4.9 ~50 countries 15% 18% Europe billion North and Central America 23% Asia Pacific 22% South America Adjusted EBITA Africa, Middle- EUR 804 million ~ 17,000 21% East and India employees 16.5% Sales by segment 25% Metso Plus sales EUR 1.3 100+ Aggregat
Slide 8: Strategy implemented via priority areas
Strategy implemented via priority areas Customer Sustainability Performance Financial success culture performance 8
Slide 9: Positive development in strategic priorities
eNPS Positive development in strategic priorities 59 Engaged people ➔ customer value ➔ business results Top 5%* 100 18% 16.5% 16.6% 16.5 % 16.0% 15.8 % 90 16% 14.4% 80 12.9% 13.1% 14% 70 12% 58 59 60 55 54 56 51 10% 50 43 8% 40 37 6% 30 4% 20 10 2% 0 0% Q4 2021 Q2 2022 Q4 2022 Q2 2023 Q4 2023 Q2 202
Slide 10: Financial targets support our value creation
Financial targets support our value creation Adjusted EBITA- margin of Maintaining LTM Baa2/ >17% 15.8% Investment Grade BBB over the cycle credit rating Dividend payout of at least Progress in sustainability in 50% 2024: alignment with the On of earnings per share 63% 1.5°C track commitment 10
Slide 11: Profitability has strengthened after the merger
Profitability has strengthened after the merger EUR million Completion of merger Target over 17% 8,000 16.5% 16.5% % 16 14.4% 7,000 12.9% 14 6,000 11.5% 11.2% 12 5,000 10 4,000 5,390 8 6.7% 4,970 4,863 3,000 4,159 4,132 4,236 6 3,897 2,000 4 1,000 2 0 0 2018 2019 2020 2021 2022 2023 2024 Sales Adjus
Slide 12: Emphasizing services and product development
Emphasizing services and product development CONTINUOUSLY FOCUS ON PRODUCT GROW SERVICES DEVELOPMENT • Reinforce presence in Insert Background Picture • Building on our end-to- service-intensive Forend process best knowledge result, use businesses an image that is 16:9 • Standardized and pre- • Prof
Slide 13: Broad range of sustainability initiatives
Broad range of sustainability initiatives EQUIPMENT AFTERMARKET CAPABILITIES • Metso Plus products • Recycling of consumables • Industry-leading metallurgical expertise Examples: Concorde Cell, • Significant increase of product Geminex and digital, hydro, lifetime • Supply chain battery chemicals, r
Slide 14: Digitalization drives growth and aftermarket captivity
Digitalization drives growth and aftermarket captivity Focusing on Enabling creating Digital and Growth of automation Higher equipment and technologies customer aftermarket and value business capabilities Customer segment specific offerings Intelligent Fleet Process & operations equipment management
Slide 15: Focus areas for acquired growth
Focus areas for acquired growth Products with Sustainable high aftermarket offering intensity Automation & Supply chain digitalization competitiveness 15
Slide 16: Construction activity has stagnated in the US while Europe continues to recover slowly
Construction activity has stagnated in the US while Europe continues to recover slowly 115 US Germany 110 France EU Construction 105 projects 100 volume 95 (2023=100) 90 85 01/23 07/23 01/24 07/24 01/25 06/25 10 US, crushed stone EU, other mining and quarrying 5 Aggregates production 0 (y-o-y %) -5
Slide 17: Aggregates producers' capex outlook has seen moderation
Aggregates producers’ capex outlook has seen moderation, construction order development remains positive Bn EUR 17 Current year Next three years Aggregates customers* 16 Capex -2% estimates -2% 5 4 07/2024 09/2025 11/2024 01/2025 03/2025 05/2025 07/2025 Bn EUR 50 +7% +11% 40 Global construction 30 c
Slide 18: Favorable long-term outlook for gold, while copper and iron ore pressured
Favorable long-term outlook for gold, while recession and demand fears pressure copper and iron ore prices Last 12 M price development Price forecast and market balance 11 China stimulus Prices fluctuate on US tariff concerns 15,000 04/25 Price Forecast Market Balance 2,000 boosts prices 04/24 Price
Slide 19: Subdued near-term outlook for lithium and nickel
Subdued near-term outlook for lithium and nickel. Governments push to secure critical minerals supply Last 12 M price development Price forecast, market balance, EV sales 15,000 20,000 04/25 Price Forecast 04/24 Price Forecast Market Balance 200 100 10,000 0 USD/t Lithium 10,000 kT -100 5,000 -200 L
Slide 20: Sustainability and R&D
Sustainability and R&D Metso
Slide 21: Addressing the climate challenge
Addressing the climate challenge • For the world to get to net zero emissions, a major transformation is needed towards renewable energy sources and other low carbon technologies Up to 6.5 billion • Our customer industries are crucial for the transition from fossil fuels to low-carbon operations, el
Slide 22: 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 23: Making an environmental impact with Metso Plus offering
Making an environmental impact with Metso Plus offering • Demonstrably more energy or water efficient than comparison 100+ • Help our customers: products – cut their CO₂ emissions both directly and through reductions in the carbon intensity of manufacturing and delivering products – achieve other su
Slide 24: 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 25: 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 26: Industry-leading service expertise with global network
Industry-leading service expertise with global network • Comprehensive service portfolio from spares and wears to advanced lifecycle services • Deep understanding of customer process, product design, and technology • A world-class manufacturing network • Efficient logistic network in all main custom
Slide 27: Strong innovation and R&D capacity
Strong innovation and R&D capacity 24 103 ~40 97.5% ~ 7,900 million euros New Metso Plus Investment in Locations with R&D project Patents launches in 2024 research and R&D, testing or spend with development in laboratory sustainability 2024 capabilities targets in 2024 27
Slide 28: People and culture
People and culture Metso
Slide 29: Diverse group of professionals
Diverse group of professionals Key numbers at the end of 2024 Our people by 14% Europe geography 33% South America 14% Asia Pacific and Greater China North and Central America 14% Africa, Middle East and India 25% ~17,000 ~50 100+ 56/44% employees countries nationalities women/men in globally execut
Slide 30: Employee engagement (eNPS) is at all time high
Employee engagement (eNPS) is at all time high 30
Slide 31: 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 Carita Himberg Aggregates Minerals Services Consumables Markku Simula Piia Karhu Heikki Metsälä Saso Kitanosk
Slide 32: Our offering
Our offering Metso
Slide 33: Offering to our customer segments
Offering to our customer segments Aggregates 25% 75% Minerals customers range from of total sales of total sales customers range large international in 2024 in 2024 from large companies and super international mining quarries to small local and metals refining entrepreneurs or companies to smaller c
Slide 34: Aggregates to build modern societies
Aggregates to build modern societies Equipment and services for diverse customers Our customers • Large international and smaller local companies and contractors in the aggregates industry Customer benefits • Best cost, best availability, easy-to-buy, and easy-to-own solutions • Comprehensive range
Slide 35: Driven by electrification and digitalization
Driven by electrification and digitalization Crushers and screens • Mobile and portable machines and plants • Stationary crushing and screening plant systems Spare and wear parts and upgrades • Optimized lifetime performance Professional services Electrifying our equipment Digital customer experienc
Slide 36: Aggregates contractors and quarries worldwide served through independent brands
Aggregates contractors and quarries worldwide served through independent brands • The Aggregates business consists of products sold under the Metso brand, and an additional product offering sold under the Diamond Z, Jonsson, Lippman, McCloskey, McCloskey Environmental, MWS Equipment, Screen Machine
Slide 37: Minerals processing
Minerals processing Focus on smarter and more sustainable mining processes Examples of topical areas where Metso can support customers Preconcentration Tailings Battery minerals Sustainability Digitalization Solutions for energy- processing Sustainable solutions Optimized process Geminex and water-e
Slide 38: End-to-end solutions for minerals processing
End-to-end solutions for minerals processing Prospecting, exploration, Comminution/ Comminution/ Separation/ Separation/ Refining of base, precious and battery From ore development, extraction dry wet beneficiation dewatering metals ...to metal body… Leading Metso offering: Testing & piloting, flows
Slide 39: Capturing the value of ore responsibly
Capturing the value of ore responsibly Leading offering for mining and minerals processing Broad offering Driving sustainable ranging from pre-feasibility flowsheets studies, engineering and An extensive range of Planet process equipment to complete Positive products continuously process islands and
Slide 40: Unparalleled expertise and unique portfolio of sustainable and intelligent solutions
Unparalleled expertise and unique portfolio of 100+ sustainable and intelligent solutions solutions Global leader with combined offering portfolio; fragmented competition Grinding Separation Materials handling Plant Solutions Industry’s most comprehensive Maximized operations recovery. Transporting
Slide 41: Examples of our recent Metso Plus innovations for minerals processing
Examples of our recent Metso Plus innovations for minerals processing Foresight & FIT Black mass recycling Concorde Cell Geminex digital twin crushing stations Proprietary Three solutions: hydrometallurgical Primary gyratory technology to recover high-value battery raw stations, Jaw stations materia
Slide 42: Generating value in battery minerals
Generating value in battery minerals
Slide 43: Batteries require multiple minerals
Batteries require multiple minerals Typical sourcing processes Typical battery minerals Hard rock Copper Cobalt Graphite Brines Lithium Nickel Manganese Battery Recycling (Black mass) 43
Slide 44: Empowering responsible energy transition
Empowering responsible energy transition Full offering for the battery value chain From battery minerals extraction to refinement and recycling Mining & Chemical production Precursor Battery EVs Battery concentrates & metallurgy manufacturing production recycling Recycling: towards a closed loop Cir
Slide 45: Segment's widest technology offering
Segment’s widest technology offering High-performance solutions throughout the value chain Improving the efficiency New exploration and Developing efficient and of existing brownfield new greenfield sites responsible processes mining and extraction with state-of-the-art for recycling and sites, plan
Slide 46: Our competitive advantage…
Our competitive advantage… … amidst fast-moving market expectations Strategic Valuable Resilient Sustainable • 90% coverage of • Ability to maximize • Resilient tools make • Environmental processes across the value of present for more resilient performance such the value chain operations plants as r
Slide 47: Advanced solutions from ore or concentrate to metal
Advanced solutions from ore or concentrate to metal Global leader in process Unique portfolio with best-in- Leading solutions for R&D focus on carbon-free technologies for metal and class technology and expertise decreasing customers’ CO2 production with innovative chemical industries for throughout
Slide 48: Life Cycle Services - unique maintenance and optimization capabilities
Life Cycle Services - unique maintenance and optimization capabilities and process expertise A market leader: Globally 500+ Life Cycle Services contracts Long-term solutions to help Common objectives: our customers exceed their performance targets through partnership Improved Highest safety, lowest
Slide 49: Our service solutions improve customers' equipment and process efficiency sustainably
Our service solutions improve customers’ equipment and process efficiency sustainably • Spare and wear parts Life Cycle Services • We produce solutions built to perform for the entire market, • Modernizations, not just for the upgrades Metso installed base and retrofits • Process optimization and co
Slide 50: Optimal wear solutions for the entire value chain
Optimal wear solutions for the entire value chain Crusher wear parts Loading and hauling Designed to the same Wide range of wear linings specifications and exacting covering chute, conveyor, standards as our crushing loading and hauling solutions, equipment, ensuring equipment and ground engaging to
Slide 51: Reliable spare parts for optimized lifetime performance
Reliable spare parts for optimized lifetime performance Screening Metso screen and feeder parts boast a strong design to suit tough operating conditions. Crushing Grinding Filtration Wide-ranging parts offering for A proven history of designing, Readily available parts, enabling gyratory, cone and j
Slide 52: Q2/2025 and half-year results
01 Q2/2025 and half-year results
Slide 53: Q2/2025 highlights
Q2/2025 highlights Market activity in line Healthy order growth with expectations Sales mix and Cash flow from temporary costs operations EUR 147 impacted profitability million April 24, 2025
Slide 54: Group Q2/2025 key figures
Group Q2/2025 key figures EUR million EUR million Q2/2025 Q2/2024 Change % Orders received 1,234 1,162 6 Sales 1,213 1,214 0 Adjusted EBITA 171 205 -16 % of sales 14.1 16.9 – Operating profit 173 195 -12 % of sales 14.2 16.1 – Earnings per share, continuing 0.12 0.16 -25 operations, EUR Cash flow fr
Slide 55: Aggregates orders grew
Aggregates orders grew EUR million • Orders received EUR 331 million (EUR 314 million) ◦ Strong orders in North America and Europe ◦ Further supported by acquisitions ◦ Equipment orders +14%, services -12% • Sales EUR 320 million (EUR 331 million) ◦ Equipment -1%, services -7% ◦ Services share 31% (
Slide 56: Solid orders in Minerals
Solid orders in Minerals EUR million • Orders EUR 903 million (EUR 847 million) ◦ Strong small equipment and services orders ◦ Copper and gold pipeline strong ◦ Equipment orders +10%, services +5% • Sales EUR 892 million (EUR 883 million) ◦ Services -3%, equipment +8% ◦ Services share of sales 64% (
Slide 57: Group Income Statement
Group Income Statement EUR EUR million Q2/2025 Q2/2024 Q1-Q2/2025 Q1-Q2/2024 2024 Sales 1,213 1,214 2,385 2,431 4,863 Adjusted EBITA 171 205 364 405 804 Operating profit 173 195 343 383 727 Net financial expenses -33 -16 -49 -38 -80 Profit before taxes 140 180 294 345 648 Income taxes -34 -45 -74 -8
Slide 58: Financial position
Financial position EUR million Jun 30, 2025 Jun 30, 2024 Dec 31, 2024 • Average interest rate of loans and derivatives 3.5% Liquid funds 432 348 431 • Q2 events: ◦ EUR 700 million committed credit facility to refinance Net debt 1,285 1,036 1,173 previous EUR 600 million facility ◦ New EUR 300 millio
Slide 59: Improving cash generation in H1
Improving cash generation in H1 EUR million Q2/2025 Q2/2024 Q1-Q2/2025 Q1-Q2/2024 2024 EUR million Profit for the period 63 129 181 250 330 Adjustments: Depreciation and amortization 47 40 92 82 165 Financial expenses, net 33 16 49 38 80 Income taxes 32 48 69 91 88 Other items 8 21 26 15 33 Total ad
Slide 60: Investing for the future
Investing for the future ◦ Acquisitions ◦ Swiss Tower Mills Minerals ◦ Screening business in China ◦ TL Solution (mill liner recycling) ◦ Ferrous business divestment ◦ Investments ◦ Service center in Western Canada ◦ Screen manufacturing center in Romania July 23, 2025
Slide 61: Mixed progress with sustainability KPIs continues
Mixed progress with sustainability KPIs continues Logistics CO2 Spend from suppliers Metso Plus Net zero emissions with science-based sales to grow faster CO2 emissions in own emissions targets than overall operations** by -20% sales 2030 by 2025 30% by 2025 H1/2025 H1/2025 H1/2025 H1/2025 EUR 1,244
Slide 62: 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 the market activity in both Miner
Slide 63: 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