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Latest result publication:
Q4/2025

President and CEO Thomas Hinnerskov: ‘Lead the Way’: Delivering results in 2025 and fundamentally improving execution going forward
 

"Valmet closed the year with record profitability in the fourth quarter, as the Comparable EBITA margin reached an all-timehigh of 13.3 percent. For the full year, Comparable EBITA margin improved to 11.9 percent, with net sales and profitability in line with our guidance despite a subdued environment. The record performance reflects the early and bold choices we made under our ‘Lead the Way’ strategy to renew our operating model, ahead of the market slowdown in the second half of the year.

Process Performance Solutions delivered another very strong year with a 21.9 percent margin in the fourth quarter and 19.6 percent for the full year. Biomaterial Solutions and Services maintained stable margins at 11.6 percent in the fourth quarter and 10.3 
percent for the full year and secured important wins despite overcapacity and a weak global economy. As communicated at our Capital Markets Day, 2026 will include targeted investments to support the next phase of growth, and margins in Process 
Performance Solutions may ease slightly from these record levels but will remain solid.

Orders in the fourth quarter were lower year-on-year due to theexceptionally strong comparison period, but we continued to win strategically important projects, including our largest-ever energyorder in Berlin. These strengthen our installed base and long-term service opportunities. Our EUR 4.3 billion orderbacklog provides good visibility for 2026, with EUR 3.1 billion expected to convert into net sales.

Cash flow remained strong with EUR 581 million for the year, and our balance sheet is solid with gearing at 35 percent. The Board will propose a dividend of EUR 1.35 which is consistent with our policy and unchanged from last year.

A key strategic milestone was the announced acquisition of Severn Group in the fourth quarter. Severn brings leading severe-service valve technologies, a high-quality installed base,and strong customer relationships. This combination expands our addressable market, strengthens our Flow Control platform and supports growth beyond our traditional biomaterials core.

Looking ahead, market environment in the Process Performance Solutions market is expected to stabilize and improve modestly in the first half of 2026, after softening in the fourth quarter. In Biomaterial Solutions and Services, persistent macro-economic
uncertainty continues to weigh on customers’ utilization ratesand investment decisions, and we expect the market to remain soft in the coming quarters. Against this market backdrop, our guidance for 2026 is for net sales to remain at the 2025 level, while Comparable EBITA is expected to remain at the same level or improve.

‘Lead the Way’ is now being embedded across Valmet: our more focused strategy, simpler operating model, lifecycle approach and the creation of Global Supply unit - targeting EUR 100 million of structural savings by 2030 - are fundamentally improving how we execute. Together with the Severn acquisition, these actions strengthen Valmet’s position in creating long-lasting value forcustomers and shareholders.”