Slide 1: Strong start for the year in the Services and Automation segments
Strong start for the year in the Services and Automation segments Interim Review, January–March 2025 April 23, 2025 Thomas Hinnerskov, President and CEO Katri Hokkanen, CFO
Slide 2: Agenda
Agenda Interim Review, January–March 2025 1 Q1/2025 in brief 2 Update on Valmet’s strategy renewal process 3 Financial development 4 Guidance and short-term market outlook 2 April 23, 2025 © Valmet | Interim Review, January–March 2025
Slide 3: Q1/2025 in brief
Q1/2025 in brief Valmet <>
Slide 4: Q1/2025 in brief
Q1/2025 in brief Orders received increased to EUR 1.3 billion Order backlog amounted close to EUR 4.6 billion Net sales remained at the previous year’s level and amounted close to EUR 1.2 billion Comparable EBITA remained at the previous year’s level and amounted to EUR 121 million and margin was 10
Slide 5: Orders received increased to EUR 1.3 billion in Q1/2025
Orders received increased to EUR 1.3 billion in Q1/2025 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 3,500 1,500 1,324 1,306 1,385 1,283 1,332 3,000 1,268 1,250 1,178 1,155 2,500 980 1,050 1,041 1,000 2,000 750 1,500 500 1,00
Slide 6: Stable business orders received totaled close to EUR 3.5 billion during the last twelve months
Stable business orders received totaled close to EUR 3.5 billion during the last twelve months Orders received (EUR million) in stable business Organic growth* 4,500 ~6% 4,000 CAGR 3,479 3,500 3,360 3,100 3,000 2,837 1,446 1,524 2,500 1,340 1,081 1,875 1,947 2,000 1,701 1,772 1,519 1,609 1,367 416 4
Slide 7: Valmet DNAe selected for power plant automation modernization in Finland
Valmet DNAe selected for power plant automation modernization in Finland Key highlights “After thorough evaluation, Valmet’s • DNAe automation win in Finnish energy sector – long-term value automation system proved to be the most creation through lifecycle engagement advanced and reliable for our Pu
Slide 8: Update on Valmet's strategy renewal process
Update on Valmet’s strategy renewal process
Slide 9: Organic growth and Comparable EBITA have plateaued, while ROCE has decreased
Organic growth and Comparable EBITA have plateaued, while ROCE has decreased Net sales and Comparable EBITA Capital employed (EUR million) and Comparable return on (EUR million and %) capital employed (ROCE), before taxes (%) 5,532 5,359 5,331 5,074 2,420 2,023 1,938 4,055 4,158 2,428 3,962 17.0% 3,
Slide 10: Plan to renew operating model as the first action in the strategy renewal
Plan to renew operating model as the first action in the strategy renewal Highlights of the plan Impact Lifecycle approach to serve customers better Expected reduction max 1,150 roles Strong business areas responsible for driving profitability and growth of both capital equipment Valmet estimates co
Slide 11: Renewed strategy to be communicated on Capital Markets Day
Renewed strategy to be communicated on Capital Markets Day Renewed strategy aims to • Identify future growth areas • Boost the expansion of Valmet’s current business • Simplify ways of working • Increase operational efficiency The renewed strategy will be communicated by June 5th in the CMD 11 April
Slide 12: Financial development
Financial development Valmet <>
Slide 13: Valmet in Q1/2025
Valmet in Q1/2025 Orders received Net sales Comparable EBITA (excl. Other) EUR 6 EUR EUR million EUR 358 EUR 413 million million 433 EUR 568 EUR million 55 million million 76 EUR million EUR 406 339 million million Services Services Services Automation Automation Automation Process Technologies Proc
Slide 14: Key figures
Key figures EUR million Q1/2025 Q1/2024 Change Orders received 1,332 1,050 27% Order backlog1 4,574 3,790 21% Net sales 1,184 1,212 -2% Comparable EBITA 121 121 0% % of net sales 10.2% 10.0% 0.3 pp EBITA 113 114 0% Operating profit (EBIT) 89 87 3% % of net sales 7.5% 7.2% 0.4 pp Adjusted earnings pe
Slide 15: Order backlog amounted close to EUR 4.6 billion at the end of Q1/2025
Order backlog amounted close to EUR 4.6 billion at the end of Q1/2025 Order backlog (EUR million) Structure of order backlog by segment 5,000 4,452 4,574 4,403 4,500 3,973 4,000 2,815 2,799 2,762 3,500 2,416 ~15% 3,000 2,500 ~25% ~60% 2,000 1,500 1,811 1,588 1,557 1,653 1,000 500 0 2022 2023 2024 Q1
Slide 16: Process Technologies: Orders received increased to EUR 358 million in Q1/2025
Process Technologies: Orders received increased to EUR 358 million in Q1/2025 Orders received (EUR million) Net sales (EUR million) Comparable EBITA (EUR million and % of net sales) Q1/2024: Q1/2025: Q1/2024: Q1/2025: Q1/2024: Q1/2025: EUR 195 million EUR 358 million EUR 497 million EUR 413 million
Slide 17: Process Technologies segment key figures
Process Technologies segment key figures Q1 2025 in brief EUR million Q1/2025 Q1/2024 Change Orders received 358 195 84% Net sales 413 497 -17% Comparable EBITA 6 21 -71% % of net sales 1.5% 4.2% -2.7 pp • Orders received increased to EUR 358 million – Orders received increased compared with Q1/2024
Slide 18: Services: Orders received increased to EUR 568 million in Q1/2025
Services: Orders received increased to EUR 568 million in Q1/2025 Orders received (EUR million) Net sales (EUR million) Comparable EBITA (EUR million and % of net sales) Q1/2024: Q1/2025: Q1/2024: Q1/2025: Q1/2024: Q1/2025: EUR 527 million EUR 568 million EUR 406 million EUR 433 million EUR 60 milli
Slide 19: Services segment key figures
Services segment key figures Q1 2025 in brief EUR million Q1/2025 Q1/2024 Change Orders received 568 527 8% Net sales 433 406 7% Comparable EBITA 76 60 28% % of net sales 17.6% 14.6% 2.9 pp • Strong start for the year in Services • Orders received increased to EUR 568 million – Organic growth was 8%
Slide 20: Automation: Orders received increased to EUR 406 million in Q1/2025
Automation: Orders received increased to EUR 406 million in Q1/2025 Orders received (EUR million) Net sales (EUR million) Comparable EBITA (EUR million and % of net sales) Q1/2024: Q1/2025: Q1/2024: Q1/2025: Q1/2024: Q1/2025: EUR 328 million EUR 406 million EUR 309 million EUR 339 million EUR 51 mil
Slide 21: Automation segment key figures
Automation segment key figures Q1 2025 in brief EUR million Q1/2025 Q1/2024 Change Orders received 406 328 24% Net sales 339 309 10% Comparable EBITA 55 51 7% % of net sales 16.2% 16.5% -0.3 pp • Orders received increased to EUR 406 million – Organic growth was 12% – Orders received increased in Aut
Slide 22: Segment key figures
Segment key figures Orders received, EUR million Q1/2025 Q1/2024 Change Services 568 527 8% Automation 406 328 24% Process Technologies 358 195 84% Total 1,332 1,050 27% Net sales, EUR million Q1/2025 Q1/2024 Change Services 433 406 7% Automation 339 309 10% Process Technologies 413 497 -17% Total 1
Slide 23: 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) 28.2% 28.4% 1,800 30% 1,800 30% 24.9% 25.8% 1,500 25% 1,500 25% 1,513 1,513 1,429 18.4% 18.5% 1,200 1,263 20% 1,200 20% 16.3% 16.3%
Slide 24: 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) 633 554 5,837 6,119 5,194 4,955 352 4% 2% -2% -3% -82 191 134 -193 36 2022 2023 2024 Q1/25 LTM 2022 2023 2024 Q1/25 Net wo
Slide 25: Net debt and gearing decreased from the previous quarter's level
Net debt and gearing decreased 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 1,027 1,057 1,032 1.60 1.55 1.46 1,000 939 50% 1.36 875 1.30 39% 800 45% 40% 1.20 43% 40% 39% 36% 600 542 531 30% 0.78 0.77 502 0.80 0.74 400 34
Slide 26: 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 (%) 2.37 2.28 4,055 4,158 3,962 17.0% 1.93 1.93 3,308 14.5% 13.0% 12.7% 2022 2023 2024 Q1/25 2022 2023 2024 Q1/25 LTM Capital employed Comparable
Slide 27: Guidance and short-term market outlook
Guidance and short-term market outlook
Slide 28: 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 29: Q&A
Q&A 29 April 23, 2025 © Valmet | Interim Review, January–March 2025
Slide 30: Upcoming events: Capital Markets Day and Half Year Financial Review
Half Year Financial Review, Capital Markets Day January–June 2025 June 5, 2025 July 23, 2025 www.valmet.com/investors www.valmet.com/investors 30 April 23, 2025 © Valmet | Interim Review, January–March 2025
Slide 31: 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 32: Forward-looking statements
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