Valmet’s Financial Statements Review January 1 – December 31, 2025: ‘Lead the Way’ strategy delivered first results: Comparable EBITA margin increased to 11.9 percent in 2025
Valmet’s Financial Statements Review January 1 – December 31, 2025: ‘Lead the Way’ strategy delivered first results: Comparable EBITA margin increased to 11.9 percent in 2025
Valmet Oyj’s stock exchange release on February 6, 2026 at 9:00 a.m. EET
October–December 2025: Comparable EBITA margin reached an all-time high: 13.3 percent
• Orders received decreased 48 percent to EUR 1,281 million (EUR 2,463 million). Organically orders received decreased 46 percent. The decrease mainly reflects the comparison period during which a landmark pulp mill order valued at over EUR 1 billion was recorded.
• Net sales remained at the previous year’s level at EUR 1,477 million (EUR 1,528 million).
• Comparable EBITA remained at the previous year’s level at EUR 196 million (EUR 192 million).
• Comparable EBITA margin increased to 13.3 percent (12.6%) due to cost savings related to the operating model renewal.
• Earnings per share (EPS) increased to EUR 0.57 (EUR 0.53). The increase in EPS is mainly related to lower SG&A costs.
• Adjusted EPS increased to EUR 0.64 (EUR 0.60).
January–December 2025: Comparable EBITA margin increased to 11.9 percent
• Orders received decreased 11 percent to EUR 5,216 million (EUR 5,837 million). Organically orders received decreased 9 percent.
• Net sales remained at the previous year’s level at EUR 5,197 million (EUR 5,359 million).
• Comparable EBITA remained at the previous year’s level at EUR 620 million (EUR 609 million).
• Comparable EBITA margin was 11.9 percent (11.4%). The margin increased due to cost savings related to the operating model renewal.
• EPS was EUR 1.52 (EUR 1.52). Adjusted EPS was EUR 1.82 (EUR 1.93).
• Cash flow provided by operating activities totaled EUR 581 million (EUR 554 million).
Figures in brackets, unless otherwise stated, refer to the comparison period, i.e., the same period of the previous year.
Key figures1
|
EUR million, or as indicated |
Q4/2025 |
Q4/2024 |
Change |
2025 |
2024 |
Change |
|
|
Orders received |
1,281 |
2,463 |
-48 % |
5,216 |
5,837 |
-11% |
|
|
Order backlog2 |
|
|
|
4,306 |
4,452 |
-3% |
|
|
Net sales |
1,477 |
1,528 |
-3% |
5,197 |
5,359 |
-3% |
|
|
Comparable EBITA |
196 |
192 |
2 % |
620 |
609 |
2 % |
|
|
% of net sales |
13.3% |
12.6% |
0.7 pp |
11.9% |
11.4% |
0.6 pp |
|
|
EBITA |
191 |
173 |
10% |
534 |
557 |
-4% |
|
|
Profit for the period |
105 |
98 |
6 % |
279 |
281 |
0 % |
|
|
Earnings per share, EUR |
0.57 |
0.53 |
7% |
1.52 |
1.52 |
0 % |
|
|
Adjusted earnings per share, EUR |
0.64 |
0.60 |
8 % |
1.82 |
1.93 |
-6 % |
|
|
Cash flow provided by operating activities |
189 |
178 |
7% |
581 |
554 |
5 % |
|
|
Comparable ROCE3 |
|
|
|
13.0% |
12.7% |
0.2 pp |
|
|
ROCE3 |
|
|
|
10.9% |
11.4% |
-0.5 pp |
|
|
Net debt to EBITDA ratio |
|
|
|
1.40 |
1.55 |
-10% |
|
|
Gearing2 |
|
|
|
35 % |
39 % |
-4.6 pp |
|
|
1 The calculation of key figures is presented on section ‘Formulas for calculation of indicators’. 2 At end of period. 3 Return on capital employed before taxes. |
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Dividend proposal
The Board of Directors proposes to the Annual General Meeting, which is planned to be held on March 25, 2026, a dividend of EUR 1.35 per share for 2025. The proposed dividend equals 89 percent of the net result and it would be paid in two installments.
Guidance for 2026
Valmet estimates that net sales in 2026 will remain at the previous year's level in comparison with 2025 (EUR 5,197 million) and Comparable EBITA in 2026 will remain at the previous year's level or increase in comparison with 2025 (EUR 620 million).
Short-term market outlook
(January–June 2026)
Valmet’s short-term market outlook covers the period January–June 2026, compared with October–December 2025.
It reflects Valmet’s estimate of the expected growth rate of its key markets, based on ongoing discussions with customers and other market information.
The outlook describes underlying market trends, excluding the normal seasonal variation in Valmet’s business. It should not be interpreted as guidance for Valmet’s own orders received.
Process Performance Solutions
Valmet notes that the market environment in Process Performance Solutions softened in October-December. Valmet does not expect further softening from this level and anticipates the market to stabilize and improve modestly from the weaker Q4 level during the first half of 2026.
Biomaterial Solutions and Services
Uncertainty on global economic outlook remains high and continues to impact customers’ decision making, capacity utilization rates and profitability levels.
Valmet expects the biomaterial services market to remain soft in the coming quarters.
It is typical that large individual investment decisions by customers can influence the overall market significantly within a single quarter.
Segment key figures
|
Orders received, EUR million |
Q4/2025 |
Q4/2024 |
Change |
2025 |
2024 |
Change |
|
Process Performance Solutions |
372 |
443 |
-16% |
1,500 |
1,446 |
4% |
|
Biomaterial Solutions and Services |
908 |
2,020 |
-55% |
3,716 |
4,392 |
-15% |
|
of which biomaterial services |
439 |
479 |
-8% |
1,948 |
1,915 |
2% |
|
Total |
1,281 |
2,463 |
-48% |
5,216 |
5,837 |
-11% |
|
Net sales, EUR million |
Q4/2025 |
Q4/2024 |
Change |
2025 |
2024 |
Change |
|
Process Performance Solutions |
410 |
424 |
-3% |
1,481 |
1,437 |
3% |
|
Biomaterial Solutions and Services |
1,067 |
1,104 |
-3% |
3,716 |
3,922 |
-5% |
|
of which biomaterial services |
511 |
567 |
-10% |
1,856 |
1,900 |
-2% |
|
Total |
1,477 |
1,528 |
-3% |
5,197 |
5,359 |
-3% |
|
Comparable EBITA, EUR million |
Q4/2025 |
Q4/2024 |
Change |
2025 |
2024 |
Change |
|
Process Performance Solutions |
90 |
81 |
11% |
290 |
255 |
14% |
|
Biomaterial Solutions and Services |
123 |
128 |
-3% |
381 |
403 |
-5% |
|
Other |
-16 |
-17 |
-2% |
-51 |
-49 |
4% |
|
Total |
196 |
192 |
2% |
620 |
609 |
2% |
|
Comparable EBITA, % of net sales |
Q4/2025 |
Q4/2024 |
Change |
2025 |
2024 |
Change |
|
Process Performance Solutions |
21.9% |
19.1% |
2.8 pp |
19.6% |
17.7% |
1.8 pp |
|
Biomaterial Solutions and Services |
11.6% |
11.6% |
0.0 pp |
10.3% |
10.3% |
0.0 pp |
|
Total |
13.3% |
12.6% |
0.7 pp |
11.9% |
11.4% |
0.6 pp |
|
EBITA, EUR million |
Q4/2025 |
Q4/2024 |
Change |
2025 |
2024 |
Change |
|
Process Performance Solutions |
92 |
76 |
21% |
279 |
248 |
13% |
|
Biomaterial Solutions and Services |
118 |
116 |
1% |
323 |
364 |
-11% |
|
Other |
-18 |
-19 |
-6% |
-68 |
-56 |
22% |
|
Total |
191 |
173 |
10% |
534 |
557 |
-4% |
Letter from President and CEO
Valmet closed the year with record profitability in the fourth quarter, as the Comparable EBITA margin reached an all‑time high 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 the exceptionally strong comparison period, but we continued to win strategically important projects, including our largest‑ever energy order in Berlin. These strengthen our installed base and long‑term service opportunities. Our EUR 4.3 billion order backlog 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 rates and 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 for customers and shareholders.”
Thomas Hinnerskov
President and CEO
News conference and webcast for analysts, investors and media
Valmet will host a results webcast in English as a live webcast at https://valmet.events.inderes.com/q4-2025 on Friday, February 6, 2026, at 10:00 a.m. Finnish time (EET). President and CEO Thomas Hinnerskov and CFO Katri Hokkanen will be presenting the results.
Recording of the webcast will be available shortly after the event on the same address.
Participants may also join the news conference via a conference call by registering at:
https://events.inderes.com/valmet/q4-2025/dial-in
After the registration you will receive dial-in details and a conference ID. To ask a question during the call, please dial #5 on your telephone keypad.
The event is held in English.
VALMET
Corporate Communications
Further information:
Pekka Rouhiainen, VP, Investor Relations, Valmet, tel. +358 10 672 0020
Katri Hokkanen
CFO
Pekka Rouhiainen
VP, Investor Relations
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Valmet is a global technology leader in serving process industries. We work with our customers throughout the lifecycle, delivering cutting-edge technologies and services, as well as mission-critical automation and flow control solutions. Backed by more than 225 years of industrial experience and a global team of 18,500 professionals close to customers, we are uniquely positioned to transform industries toward a regenerative tomorrow.
In 2025, Valmet’s net sales totaled approximately EUR 5.2 billion. Our head office is in Espoo, Finland, and we have experts in approximately 40 countries around the world. Valmet’s shares are listed on Nasdaq Helsinki.
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