Metso Corporation · OMXHEX:METSO
Metso — Investor Presentation (September 2026)
64 slides from Metso's investor presentation, September 2026
Slide 1: We go beyond. Investor presentation July-September 2026
We go beyond. Investor presentation July-September 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: 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: 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 62 100 18% Top 5%* 16.5% 16.6% 16.5 % 16.4 % 16.0% 15.8 % 15.8 % 90 16% 14.4% 80 13.1% 14% 70 12% 62 59 60 60 58 55 56 54 10% 51 50 43 8% 40 6% 30 4% 20 10 2% 0 0% Q2 2022 Q4 2022 Q2 2023 Q4 2023 Q2 2024 Q4 2024 Q2 2025 Q4 2025 Q2 2026
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 CFO Business Growth Legal & Compliance HR Pasi Kyckling Jonathan Allen Nina Kiviranta Teija Saari Aggregates Minerals Services Consumables Markku Simula Piia Karhu Heikki Metsälä Saso Kitanoski till February
Slide 17: Our businesses
Our businesses Metso
Slide 18: Metso's business
Metso’s 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 solu
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: Positive growth outlook for aggregates customers
Positive growth outlook for aggregates customers 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 growing (C
Slide 23: Strong growth in US aggregates production, prices have also increased
Strong growth in US aggregates production, prices have also increased 110 EU 27 Germany US France 105 Construction 100 production (2024=100) 95 90 01/24 07/24 01/25 07/25 01/26 04/26 10 US, crushed stone EU, other mining and quarrying 5 Aggregates production 0 (y-o-y %) -5 -10 01/24 07/24 01/25 07/2
Slide 24: No major changes in capex expectations and construction orders
No major changes in capex expectations and construction orders Bn EUR Current year: 2026 Current year: 2025 Next two years: Next two years: 0% 11.8 2026 & 2027 2025 & 2026 11.7 Aggregates 11.6 customers* 11.5 Capex 11.4 estimates +1% 5.8 5.7 Current year Next Two Years 5.0 07/25 08/25 09/25 10/25 11
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, and have a market #1 position in most areas
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 Minerals segment sales with strong growth outlook
Copper powers over 40% of Minerals segment sales with strong growth outlook 82% Other Key growth drivers Lithium & nickel Minerals Electrification & data centers segment sales by Copper Iron ore commodity 43% 17% Ore grade depletion 2025 Gold Geopolitical factors 20% 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 structurally tight, gold and iron ore pressured
Copper structurally tight, gold and iron ore pressured on fading geopolitical premium and China demand Last 12 M Price development Forecast Price and Market balance Current Price Forecast (LHS) Market Balance (RHS) Copper Price dips from rising 2,000 15 13 Previous Price Forecast (LHS) 14 energy cos
Slide 37: Lithium price has increased, nickel price volatile
Lithium price has increased, nickel price volatile Last 12 M Price development Forecast Price and Market balance Current Price Forecast (LHS) Market Balance (RHS) Lithium 25 3.0 Hydroxide Li-Hydroxide KUSD/t (LHS) Previous Price Forecast (LHS) 400 20 Spodumene 2.5 20 Spodumene KUSD/t (RHS) KUSD/t LC
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: Strong global service footprint close to our customers
Strong global service footprint close to our customers 1 20 21 21 Service 12 11 2 centers service centers 13 14 4 19 5 ~3,500 service 17 professionals 15 6 22 18 50+ 16 10 7 3 21 9 8 countries with field & expert services 1. Tampere, Finland 6. Surabaya, Indonesia 11. Sudbury, Canada 16. Antofagasta
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: Ask for more
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: Q2/2026 results
Q2/2026 results Metso
Slide 53: Key figures in Q2
Key figures in Q2 Orders received Sales 1,462 million 1,334 million +18% YoY +6% YoY +16% organic in +5% organic in constant currencies constant currencies Adjusted EBITA Operating cash flow 221 million 206 million +21% YoY 915 million rolling 12 months 16.6% margin 98% 12-month cash conversion 53
Slide 54: Strong order growth and margin improvement
Strong order growth and margin improvement Target 18% • Orders +18%, with 16% growth in constant currencies and book-to- bill of 1.10 (0.99) • Minerals drove growth with equipment orders +50% and aftermarket orders +13% • Backlog increased 13% to EUR 3.7bn, supporting visibility • Sales +6%, with af
Slide 55: Investing in service capacity, technology and customer proximity to support future growth
Investing in service capacity, technology and customer proximity to support future growth • Service footprint expanded ◦ San Juan, Argentina ◦ Mesa, Arizona, USA ◦ Prince George, BC, Western Canada • Technology portfolio strengthened ◦ Primarok , Optirok , and Durarok primary crushers ◦ Enhanced lit
Slide 56: Outlook unchanged; stable market activity expected
Outlook unchanged; stable market activity expected Market activity in both Minerals and Aggregates is expected to remain at the current level. According to the company's disclosure policy, Metso’s market outlook describes the expected sequential development of market activity, adjusting for seasonal
Slide 57: Broad Minerals momentum drove Q2 order growth
Broad Minerals momentum drove Q2 order growth +18% +6% 57
Slide 58: Margin expansion supported by volume, mix and operational efficiency
Margin expansion supported by volume, mix and operational efficiency 14.5% 16.6% *Other category includes other operating income and expenses, amortization and adjustment items. 58
Slide 59: Healthy cash generation; 12-month conversion at 98%
Healthy cash generation; 12-month conversion at 98% Cash conversion, % = Cash flow from operations, rolling 12 months / EBITDA, rolling 12 months 59
Slide 60: Strong balance sheet supports strategy execution
Strong balance sheet supports strategy execution Target <1.5 • Net debt / EBITDA at 1.3, below the target ceiling of 1.5 • Liquidity position remains robust • Cash and cash equivalents EUR 383 million • Undrawn EUR 700 million RCF, expanded to 2031 • Investment-grade credit profile; Moody's Baa2 lon
Slide 61: Aggregates: stable demand and improved profitability
Aggregates: stable demand and improved profitability Target • Orders EUR 333 million (EUR 331 million) 17% • +1% organic growth in constant currencies • Demand strong in North America; Europe somewhat softer • Equipment orders -1%, aftermarket* +6% • Sales EUR 342 million (EUR 320 million) • 8% orga
Slide 62: Minerals: strong equipment demand, aftermarket growth and higher margin
Minerals: strong equipment demand, aftermarket growth and higher margin Target 20% • Orders EUR 1,129 million (EUR 910 million) • +21% organic growth in constant currencies • Equipment orders +50%, driven by crushing and grinding solutions • Aftermarket orders +13%, reflecting broad installed- base
Slide 63: Summary
Summary • Strong Minerals demand drove orders growth • Healthy Minerals pipeline continues • Margin improvement in both segments • Cash conversion remained strong at 98% • Continued investment in future growth 63
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