Valmet Oyj (VOYJF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Valmet's first quarter 2025 result publication webcast. Valmet's year started strongly in services and automation segments while the market conditions remained subdued in the process technology segment. I'm Pekka Rouhenen from IR, and with me today are Tomas Hindesku, president and CEO, as well as Katri Hokkanen, CFO. Today, Tomas will first go through the highlights of the quarter and provide an update on the strategy renewal process. After that, Katri will go through the financial development in more detail, also from the segment perspective, and Tomas will then conclude on the guidance and short-term market outlook. With that, I hand over to the presenters. Thomas, the floor is yours. Thank you, Pekka. I'm very happy to be here. Great to start the year in a good way. Let's start looking at Q1. Overall, orders received increased to 1.3 billion. Particularly pleased to see the performance in our stable business, and we'll come back to that several times during the presentation. Overall, also, order backlog amount to 4.6 billion, a bit higher than at the end of Q4, which, of course, is a positive development that we are happy about. Net sales were flat year over year, stable business grew, process technology decreased, which of course is unfortunate, but it is a consequence also of this subdued market that we're currently experiencing. Comparable EBITDA remained on the same level as last year, landing at 121 million, with a slightly better margin of 10.2%. Cash flow was very strong in 2024 and I'm very happy to say that the good trajectory really continued and our cash conversion was very strong in Q1 and cash flow landed at 217 million. Comparable row C increased a notch from a year end to now 13%. But maybe the biggest news of the quarte...