Slide 1: Net sales and Comparable EBITA increased in the second quarter
Net sales and Comparable EBITA increased in the second quarter Half Year Financial Review, January–June 2026 July 24, 2026 Thomas Hinnerskov, President and CEO Katri Hokkanen, CFO
Slide 2: Acquisition completed: Severn accelerates the growth of Process Performance Solutions
Acquisition completed: Severn accelerates the growth of Valmet’s high performing Process Performance Solutions segment SCALE & EARNINGS POWER NEW POTENTIAL NEW CAPABILITIES EUR ~1.7 bn Clear growth synergies +950 Valmeteers Process Performance Solutions net Synergy potential through complementary Ex
Slide 3: Strategic review to evaluate potential separation of two segments
Following the closing of the Severn acquisition, Valmet has initiated a strategic review to evaluate a potential separation of its two segments Today Potential separation being assessed Valmet Standalone Standalone listed listed Biomaterial Process Shareholder Biomaterial Process Solutions Performan
Slide 4: Why now? Process Performance Solutions has become a scaled, high-margin business
Why now? Process Performance solutions has become a scaled, high-margin business with nearly half of Valmet’s earnings Increasingly diversified: Most of order intake outside of P&P A major earnings contributor: 48% of Group Comparable EBITA Customer industry split1) EUR million Comparable EBITA Curr
Slide 5: Two strong businesses with distinct business models and growth paths
Two strong businesses with distinct business models, growth paths and the scale to succeed independently Process Performance Solutions Biomaterial Solutions and Services Scaled automation and flow-control Global lifecycle services and technology business leader • Mission-critical offering across div
Slide 6: How a separation could create additional value
How a separation could create additional value 1. Focused strategies Each business can make strategic and operating decisions based on its Potential outcome own customers, competitive environment and growth opportunities • Stronger execution 2. Tailored capital allocation • Independent growth Each b
Slide 7: Our focus remains on customers, strategy execution and performance
Our focus remains on customers, strategy execution and performance Business continues as normal Strategic review Customer commitments, deliveries and Strategic, financial and operational services remain unchanged implications will be assessed Focus on customers and executing our No decision
Slide 8: Q2/2026 highlights
Q2/2026 highlights Valmet <>
Slide 9: Net sales and Comparable EBITA increased in the second quarter
Net sales and Comparable EBITA increased in the second quarter Orders received Net sales Comparable EBITA Highlights EUR 152 million EUR 1,373 million EUR 1,315 million Decisive strategic actions to -9% organically +6% organically Margin remained at the previous strengthen our competitiveness year’s
Slide 10: Orders received amounted close to EUR 1.4 billion in Q2/2026
Orders received amounted close to EUR 1.4 billion in Q2/2026 Orders received (EUR million and organic growth y/y) -7% -1% >100% 23% 21% 7% -46% -15% -9% • Orders decreased 9% organically: The decrease was mainly driven by capital project order intake in the Biomaterial Solutions and Services segment
Slide 11: Process Performance Solutions: Q2 margin at a high level
Process Performance Solutions: Q2 margin at a high level Orders received (EUR million and growth y/y) Q2 2026 performance Orders received increased 1% organically 4% 11% 39% 24% 7% 7% -16% -2% 1% • Similar organic growth in both Automation Solutions and Flow Control, demonstrating resilience despite
Slide 12: Biomaterial Solutions and Services: Profitability improved
Biomaterial Solutions and Services: Profitability improved Orders received (EUR million) Biomaterial services Q2 2026 performance Orders received amounted to EUR 1.0 billion • Large project orders increased to EUR 501 million from Q1/26 • In Services, orders received decreased organically by 8%, ref
Slide 13: Financial development
Financial development Valmet <>
Slide 14: Net sales and Comparable EBITA increased
Net sales and Comparable EBITA increased Net sales (EUR million and organic growth y/y) Comparable EBITA (EUR million and % of net sales) -12% -8% -5% -6% -4% 2% -1% 9% 6% Net sales increased 6% organically Comparable EBITA increased • Net sales were EUR 74 million higher than in Q2/25 • Comparable
Slide 15: Comparable SG&A reflects strategy execution
Comparable SG&A reflects strategy execution Comparable SG&A expenses EUR million and % of net sales BASELINE Comparable SG&A costs reduction EUR 79 million 15 July 24, 2026 © Valmet | Half Year Financial Review, January–June 2026 LTM = Last twelve months
Slide 16: Order backlog amounted close to EUR 4.3 billion at the end of Q2/2026
Order backlog amounted close to EUR 4.3 billion at the end of Q2/2026 Order backlog (EUR million) and book-to-bill (orders received / net sales) • Order backlog was EUR 47 million lower than at the end of 2025 • Based on our current delivery schedules, we expect that approximately EUR 2.2 billion of
Slide 17: Cash flow decreased due to change in net working capital
Cash flow decreased due to change in net working capital Cash flow from operating activities (EUR million) Net working capital and orders received (EUR million) • Cash flow from operating activities decreased to EUR 65 million due to increase in net working capital • Reported net working capital ben
Slide 18: Strong balance sheet supporting the Severn acquisition
Strong balance sheet supporting the Severn acquisition2) Net debt (EUR million) and gearing (%) Net debt to EBITDA1) ratio • Net debt was EUR 965 million and gearing 39 percent in Q2/2026 • Net debt to EBITDA* ratio was 1.42 in Q2/2026 (1.60 at the end of Q2/2025) • The average interest rate of Valm
Slide 19: Capital employed, Comparable ROCE and EPS
Capital employed, Comparable ROCE and EPS Capital employed (EUR million) and Comparable ROCE (%) Adjusted EPS, EUR • Comparable ROCE improved to 13.5 percent (13.1%) • The increase in both EPS and adjusted EPS mainly reflects the restructuring expenses related to the operating model renewal in the c
Slide 20: Key figures
Key figures EUR million Q2/2026 Q2/2025 Change Q1–Q2/2026 Q1–Q2/2025 Change 1) At end of period Orders received 1,373 1,520 -10% 2,466 2,852 -14% 2) Calculated as (income taxes during the period / profit before taxes for the period) x 100% Order backlog1 4,259 4,711 -10% 3) Adjusted earnings per sha
Slide 21: Guidance and short-term market outlook
Guidance and short-term market outlook
Slide 22: Guidance and short-term market outlook
Guidance and short-term market outlook Guidance for 2026 Valmet reiterates its guidance issued on February 6, 2026, in which Valmet estimates that net sales in 2026 Guidance will remain at the previous year's level in comparison with 2025 (EUR 5,197 million) and Comparable EBITA in 2026 will remain
Slide 23: Welcoming Pia Aaltonen-Forsell as our new CFO
Welcoming Pia Aaltonen-Forsell as our new CFO Extensive CFO experience in large listed companies 10+ years in CFO roles across listed companies — most recently Finnair, and previously Outokumpu, Ahlström-Munksjö, Vacon, and Northvolt Deep finance foundation from earlier management and finance ro
Slide 24: Net sales and Comparable EBITA increased in the second quarter
Net sales and Comparable EBITA increased in the second quarter Orders received Net sales Comparable EBITA Highlights EUR 152 million EUR 1,373 million EUR 1,315 million Decisive strategic actions to -9% organically +6% organically Margin remained at the previous strengthen our competitiveness year’s
Slide 25: Q&A
Q&A 25 July 24, 2026 © Valmet | Half Year Financial Review, January–June 2026
Slide 26: Interim Review, January–September 2026
Interim Review, January– September for 2026 October 28, 2026 www.valmet.com/investors 26 July 24, 2026 © Valmet | Half Year Financial Review, January–June 2026
Slide 27: 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 28: Appendix
Appendix Valmet <>
Slide 29: Valmet improves the performance of industrial assets across their lifecycle
Valmet improves the performance of industrial assets – across their lifecycle WE HELP CUSTOMERS TO: Delivered through lifecycle 2030 TARGETS services, upgrades and • Run their operations more automation reliably 5% Organic growth • Produce more efficiently WHAT THIS MEANS FOR VALMET • Use fewer reso
Slide 30: Valmet in Q2/2026
Valmet in Q2/2026 Orders received Net sales Comparable EBITA (excl. Other) EUR EUR EUR EUR EUR million million EUR million million million million Biomaterial services Biomaterial services EUR 493 million EUR 475 million Orders received Net sales Comparable EBITA Comparable EBITA margin Order backlo
Slide 31: Segment key figures
Segment key figures Orders received, EUR million Q2/2026 Q2/2025 Change Q1–Q2/2026 Q1–Q2/2025 Change 2025 Process Performance Solutions 379 376 1% 779 782 0% 1,500 Biomaterial Solutions and Services 994 1,144 -13% 1,687 2,070 -19% 3,716 Total 1,373 1,520 -10% 2,466 2,852 -14% 5,216 Net sales, EUR mi
Slide 32: 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) 32 July 24, 2026 © Valmet | Half Year Financial Review, January–June 2026 LTM = Last twelve months
Slide 33: Long-term development of Valmet's orders received
Long-term development of Valmet’s orders received, EUR million 33 July 24, 2026 © Valmet | Half Year Financial Review, January–June 2026 LTM = Last twelve months
Slide 34: Long-term development of Valmet's net sales
Long-term development of Valmet’s net sales, EUR million 34 July 24, 2026 © Valmet | Half Year Financial Review, January–June 2026 LTM = Last twelve months
Slide 35: Long-term development of Valmet's Comparable EBITA and margin
Long-term development of Valmet’s Comparable EBITA and margin EUR million and % of net sales 35 July 24, 2026 © Valmet | Half Year Financial Review, January–June 2026 LTM = Last twelve months
Slide 36: Valmet
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