Metso Corporation · OMXHEX:METSO
Metso — Investor Presentation (April 2026)
64 slides from Metso's investor presentation, April 2026
Slide 1: We go beyond. Investor presentation April-June 2026
We go beyond. Investor presentation April-June 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: Metso in brief
Metso in brief Sales by segment Metso is a frontrunner in sustainable technologies, end-to-end solutions and services for the aggregates, minerals processing and metals refining industries globally. We 24% Aggregates improve our customers’ energy and water efficiency, increase Minerals their product
Slide 4: Purpose: Enabling sustainable modern life
Purpose Enabling sustainable modern life We provide solutions for producing the building materials of the modern world, sustainably. 4
Slide 5: Vision: Industry benchmark
Vision Industry benchmark We aim to become the definitive standard in our industry. 5
Slide 6: Industry trends are redefining customer needs
Industry trends are redefining customer needs Deglobalization Sustainability Digitalization, AI Resource and geopolitics transformation and automation scarcity Drives minerals and Electrification is driving Demand for digital and Depleting ore grades aggregates industries to demand for metals, focus
Slide 7: 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 8: 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 9: 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 9
Slide 10: '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 11: 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 2025: 2025: >7% 4% >18% 15.8% Aggregates >17% and Minerals >20% Net debt to EBITDA Dividend payout of at least 2025: 2025: <1.5x 1.2 50% 69% of ea
Slide 12: 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 13: People and culture
People and culture Metso
Slide 14: Diverse group of professionals
Diverse group of professionals Key numbers at the end of 2025 Our people by 15% Europe geography 32% Asia-Pacific North and Central America South America 26% Africa, Middle East and India 14% 13% ~18,000 ~50 100+ 38/62% employees countries nationalities women/men in globally executive team (end of 2
Slide 15: Rocking a customer-centric growth culture
2026-2030 Rocking a customer-centric growth culture We build on… And go beyond… Focus on cutting edge technology with customer value powering our business Collaborating and crushing silos to rock as one Metso Steady and reliable going beyond fast and fearlessly Our behavioral foundation starts wit
Slide 16: Extended Metso Leadership Team
Extended Metso Leadership Team Metso Leadership Team (MLT) President and CEO Sami Takaluoma Business Growth CFO Legal & Compliance HR Jonathan Allen starting Pasi Kyckling Nina Kiviranta Teija Saari from May 1, 2026 Aggregates Minerals Services Consumables Markku Simula Piia Karhu Heikki Metsälä Sas
Slide 17: Our businesses
Our businesses Metso
Slide 18: Our business
Our business Aggregates Minerals Customers range from large Customers range from large international companies and super international mining and metals quarries to small local entrepreneurs refining companies to smaller local or contractors enterprises Equipment and solutions Equipment and solution
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 30
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 31
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% 34
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 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 Balance (RHS) 13 US Tariffs 11 Previous Price Forecast
Slide 37: Lithium and nickel prices surged lately
Lithium and nickel prices surged lately 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) 10 1,4 KUSD/t LCE* 3
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 38
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 44
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 45
Slide 46: Sustainability and R&D
Sustainability and R&D Metso
Slide 47: Solving today's challenges for a more sustainable future
Solving today’s challenges for a more sustainable future Examples of our solutions Energy transition and Decarbonization of Circularity Water electrification the steel industry We offer sustainable We decrease the steel We extend the life of We help customers solutions for the industry’s CO2 emissio
Slide 48: Metso Plus helps improve environmental performance
Metso Plus helps improve environmental performance • Demonstrably more energy or water efficient than comparison • Help our customers cut their CO₂ Metso Plus Ask for more 1,458 Sales emissions both directly and through + More value EUR million reductions in the carbon intensity of (in 2025) + More
Slide 49: Examples of environmental impact
Examples of environmental impact Elimination of compressed air Water press reduction in Replacing gas-based furnace with leaks production process an electric furnace Metso site, Australia Metso site, China Metso site, Brazil • Saving electricity 284 MWh per year • Saving natural gas 2,324 MWh per ye
Slide 50: Strong innovation and R&D capacity
Strong innovation and R&D capacity EUR 122 ~45 60.1% 7,962 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 50
Slide 51: Safety ambition 2030
Safety ambition 2030 | We aim to be the frontrunner in safety performance and ways of working Start with Proactive Improved safety safety safety management performance TRIF* (2025) 2.5 Safety is the starting point in all An effective safety management The development of Total Recordable decisions an
Slide 52: Q1/2026 results
Q1/2026 results Metso
Slide 53: Strong orders and solid margin in Q1
Strong orders and solid margin in Q1 Orders received Sales 1,555 million 1,252 million +6% YoY +3% YoY +10% organic in constant +5% organic in constant currencies currencies Adjusted EBITA Operating cash flow 203 million 78 million in Q1 +5% YoY 856 million rolling 12 months 16.2% margin 53 April 22
Slide 54: Strong order intake kicks off the year
Strong order intake kicks off the year Target 18% • Book-to-bill at 1.24 (1.21) • Order growth strongest in Aggregates equipment and Minerals aftermarket • Backlog up 6%, driven by aftermarket • Sales growth led by Minerals equipment • Minerals the main contributor to adjusted EBITA growth 54 April
Slide 55: Strategy execution focuses on high-value growth
Strategy execution focuses on high-value growth • Investment in a rubber products plant in China • Acquisition of MRA Automation • Partnership with Loesche to introduce VRM dry-grinding technology • Completion of divestments of the Ferrous and Loading and Hauling businesses • Completion of the ERP r
Slide 56: Outlook unchanged; stable activity expected
Outlook unchanged; stable activity expected Market activity in both Minerals and Aggregates expected to remain at the current level. Geopolitical turbulence could potentially affect global economic growth and market activity. According to the company's disclosure policy, Metso’s market outlook descr
Slide 57: Healthy order and sales development
Healthy order and sales development 57 April 22, 2026
Slide 58: Adj. EBITA improvement driven by sales growth
Adj. EBITA improvement driven by sales growth *Other category includes other operating income and expenses, amortization and adjustment items. 58 April 22, 2026
Slide 59: Lower cash generation in Q1
Lower cash generation in Q1 Cash conversion, % = Cash flow from operations, rolling 12 months / EBITDA, rolling 12 months 59 April 22, 2026
Slide 60: Strong balance sheet supports strategy execution
Strong balance sheet supports strategy execution • Net debt / EBITDA: 1.2 • Strong liquidity ◦ Cash and cash equivalents EUR 416 million ◦ Unused committed credit facility EUR 700 Target million • Investment-grade credit profile ◦ Moody's long term rating with positive outlook (December 22, 2025) •
Slide 61: Aggregates: all-time high order intake
Aggregates: all-time high order intake • Orders received EUR 440 million (EUR 400 million) Target 17% ◦ +17% organic growth in constant currencies ◦ Strong activity in North America and Europe ◦ Equipment orders +20%, aftermarket* -14% • Sales EUR 299 million (EUR 307 million) ◦ 3% organic growth in
Slide 62: Minerals: aftermarket order growth, stronger margin
Minerals: aftermarket order growth, stronger margin Target 20% • Orders EUR 1,115 million (EUR 1,066 million) ◦ +8% organic growth in constant currencies ◦ Aftermarket orders +7% ◦ Aftermarket share 66% (64%) ◦ One major equipment order • Sales EUR 953 million (EUR 906 million) ◦ +6% organic growth
Slide 63: Summary
Summary • Solid start to the year with strong orders and backlog • Heightened geopolitical uncertainty remains a risk • Strategy execution progressing well 63 April 22, 2026
Slide 64: 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