Reports and presentations

President and CEO Pasi Laine: Comparable EBITA increased in the third quarter

"During the first nine months of 2023 Valmet’s orders received remained at the previous year's level. Orders increased in Automation, remained at the previous year's level in Services and decreased in Process Technologies. Automation’s orders grew well and the market activity was good. In Services, the market activity was at a very good level at the start of the year, and order intake in the first quarter was record breaking. The market activity in Services decreased during the second and third quarter. Even though there are projects in the pipeline and customers are discussing investments, we have seen some delays in project decision schedules in the Process Technologies segment. In the third quarter of 2023 Valmet’s orders received amounted to EUR 980 million.

Orders received in Valmet’s stable business totaled EUR 3.1 billion during the last four quarters. During this period, stable business represented 60% of Valmet’s orders received. This is a clear change in the company compared to 2014, when stable business represented 34% of orders received. Our order backlog amounted to EUR 4.1 billion.

During the third quarter, Valmet’s net sales remained at the previous year’s level and Comparable EBITA increased. Net sales increased in the Services and Automation segments, and decreased in Process Technologies. Comparable EBITA margin was 18.4% in Services, 18.7% in Automation and 4.5% in Process Technologies. Valmet’s Comparable EBITA increased to EUR 150 million and margin to 11.6%.

Valmet’s Climate Program is progressing well. I am very pleased to announce that we have already reached the first target in the program: Valmet can now enable carbon neutral production for all pulp and paper industry customers. We achieved this target well ahead of schedule, as the initial target year was 2030. In addition to this achievement, we’re on track with our three other Climate Program goals. By 2030, Valmet aims to enhance the energy efficiency of its existing technology offering by 20%. We are also committed to reducing our own operations’ CO₂ emissions by 80% and decreasing our supply chain’s CO₂ emissions by 20%.

On August 18, 2023, Valmet’s Board of Directors accepted my resignation as President and CEO and initiated the search for my successor. After a decade as CEO and 33 years as a Valmeteer, it is time for a new leader to continue the work alongside our renewed Executive Team. Until my successor is appointed and ready to step in as Valmet’s new CEO, I will remain fully committed to enhancing Valmet’s financial performance and serving our customers."