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| Land | Finland |
|---|---|
| Lista | Large Cap Helsinki |
| Sektor | Tjänster |
| Industri | Industri |
Valmet's Interim Review January 1 - September 30, 2025: Improving performance and landmark wins in a challenging market
Valmet Oyj's stock exchange release on October, 29, 2025 at 9:00 a.m EET
Figures in brackets, unless otherwise stated, refer to the comparison period, i.e., the same period of the previous year.
July-September 2025: Orders received increased organically
· Orders received remained at the previous year's level at EUR 1,083 million (EUR 1,041 million). Organically orders received increased 7 percent.
· Net sales remained at the previous year's level at EUR 1,295 million (EUR 1,295 million).
· Comparable EBITA remained at the previous year's level at EUR 159 million (EUR 156 million).
· Comparable EBITA margin was 12.3 percent (12.0%).
· Earnings per share (EPS) increased to EUR 0.46 (EUR 0.37). The increase in EPS is mainly related to lower SG&A costs.
· Adjusted EPS increased to EUR 0.54 (EUR 0.49).
· Cash flow provided by operating activities totaled EUR 94 million (EUR 110 million).
January-September 2025: Comparable EBITA margin increased to 11.4 percent
· Orders received increased 17 percent to EUR 3,936 million (EUR 3,374 million). Organically orders received increased 18%.
· Net sales remained at the previous year's level at EUR 3,720 million (EUR 3,831 million).
· Comparable EBITA remained at the previous year's level at EUR 423 million (EUR 417 million).
· Comparable EBITA margin was 11.4 percent (10.9%).
· EPS was EUR 0.95 (EUR 0.99). Adjusted EPS was EUR 1.18 (EUR 1.33).
· Cash flow provided by operating activities totaled EUR 391 million (EUR 376 million).
Key figures1
| EUR million, or as indicated | Q3/2025 | Q3/2024 | Change | Q1-Q3/ | Q1-Q3/ | Change |
| Orders received | 1,083 | 1,041 | 4 % | 3,936 | 3,374 | 17 % |
| Order backlog2 | 4,526 | 3,536 | 28 % | 4,526 | 3,536 | 28 % |
| Net sales | 1,295 | 1,295 | 0 % | 3,720 | 3,831 | -3 % |
| Comparable EBITA | 159 | 156 | 2 % | 423 | 417 | 1 % |
| % of net sales | 12.3 % | 12.0 % |
| 11.4 % | 10.9 % |
|
| EBITA | 149 | 138 | 8 % | 343 | 384 | -11 % |
| Profit for the period | 86 | 68 | 26 % | 175 | 182 | -4 % |
| Earnings per share, EUR | 0.46 | 0.37 | 26 % | 0.95 | 0.99 | -4 % |
| Adjusted earnings per share, EUR | 0.54 | 0.49 | 11 % | 1.18 | 1.33 | -12 % |
| Cash flow provided by operating activities | 94 | 110 | -14 % | 391 | 376 | 4 % |
| Comparable ROCE (LTM)3 |
|
|
| 13.1 % | 13.2 % |
|
| ROCE (LTM)3 |
|
|
| 10.6 % | 12.0 % |
|
| Net debt to EBITDA4 ratio |
|
|
| 1.50 | 1.59 |
|
| Gearing2 |
|
|
| 38 % | 43 % |
|
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.
4 Last twelve months' EBITDA.
LTM = Last twelve months.
Guidance for 2025 unchanged
Valmet reiterates its guidance issued on February 13, 2025, in which Valmet estimates that net sales in 2025 will remain at the previous year's level in comparison with 2024 (EUR 5,359 million) and Comparable EBITA in 2025 will remain at the previous year's level in comparison with 2024 (EUR 609 million).
Short-term market outlook (October 2025 - March 2026)
Valmet's short-term market outlook covers the period October 2025 - March 2026, compared with July-September 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 estimates that the market environment will remain stable. However, uncertainty related to global economic outlook remains high.
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 sees a risk of further softening in the biomaterial services market in the coming quarters.
It is also typical that individual large investment decisions by customers can influence the overall market significantly within a single quarter.
Segment key figures
| Orders received, EUR million | Q3/2025 | Q3/2024 | Change | Q1-Q3/ | Q1-Q3/ | Change |
| Process Performance Solutions | 345 | 322 | 7% | 1,128 | 1,002 | 13% |
| Biomaterial Solutions and Services | 738 | 719 | 3% | 2,808 | 2,372 | 18% |
| of which biomaterial services | 404 | 412 | -2% | 1,509 | 1,436 | 5% |
| Total | 1,083 | 1,041 | 4% | 3,936 | 3,374 | 17% |
| Net sales, EUR million | Q3/2025 | Q3/2024 | Change | Q1-Q3/ | Q1-Q3/ | Change |
| Process Performance Solutions | 361 | 354 | 2% | 1,072 | 1,013 | 6% |
| Biomaterial Solutions and Services | 934 | 941 | -1% | 2,649 | 2,818 | -6% |
| of which biomaterial services | 449 | 453 | -1% | 1,344 | 1,333 | 1% |
| Total | 1,295 | 1,295 | 0% | 3,720 | 3,831 | -3% |
| Comparable EBITA, EUR million | Q3/2025 | Q3/2024 | Change | Q1-Q3/ | Q1-Q3/ | Change |
| Process Performance Solutions | 79 | 65 | 22% | 200 | 174 | 15% |
| Biomaterial Solutions and Services | 89 | 101 | -12% | 258 | 276 | -7% |
| Other | -9 | -10 | -9% | -34 | -32 | 6% |
| Total | 159 | 156 | 2% | 423 | 417 | 1% |
| Comparable EBITA, % of net sales | Q3/2025 | Q3/2024 |
| Q1-Q3/ | Q1-Q3/ |
|
| Process Performance Solutions | 21.9 % | 18.3 % |
| 18.7 % | 17.1 % |
|
| Biomaterial Solutions and Services | 9.5 % | 10.7 % |
| 9.7 % | 9.8 % |
|
| Total | 12.3 % | 12.0 % |
| 11.4 % | 10.9 % |
|
| EBITA, EUR million | Q3/2025 | Q3/2024 | Change | Q1-Q3/ | Q1-Q3/ | Change |
| Process Performance Solutions | 81 | 64 | 25% | 187 | 172 | 9% |
| Biomaterial Solutions and Services | 75 | 84 | -10% | 206 | 248 | -17% |
| Other | -7 | -10 | -30% | -50 | -36 | 36% |
| Total | 149 | 138 | 8 % | 343 | 384 | -11% |
Letter from President and CEO Thomas Hinnerskov
"Valmet's orders received grew organically by seven percent to approximately EUR 1.1 billion in Q3, marking our fourth consecutive quarter of organic growth despite a subdued environment in parts of our end markets. Growth was led by Process Performance Solutions, where orders increased organically by 11% on the back of healthy demand and solid commercial execution. We also secured a large tissue order in the United States, setting a new benchmark and creating attractive lifecycle opportunities.
Net sales were stable at EUR 1.3 billion, and we delivered our best Q3 ever in Comparable EBITA and margin, which were EUR 159 million and 12.3%, respectively. Performance reflected continued strength in Process Performance Solutions and cost benefits from the operating model change. In Biomaterial Solutions and Services, the margin was lower across the project portfolio. This highlights the need for even tighter cost control. We are addressing this through our new Global Supply unit, which is a key part of our broader strategy to strengthen cost competitiveness in the segment.
The quality of our earnings and balance sheet remains robust. Cash flow from operating activities was EUR 94 million in Q3. Comparable Cash conversion ratio over the last twelve months was 92%, in line with our long-term average. Our order backlog stood at EUR 4.5 billion at the end of the quarter, up from year-end 2024 and providing good visibility into Q4/2025 and 2026.
Our `Lead the Way' strategy, launched earlier this year, is sharpening our priorities to accelerate growth, improve cost competitiveness, and reinforce accountability, speed, and high performance through a simpler operating model. The strategy is already delivering tangible results. In the third quarter, we began realizing savings from our renewed operating model, with approximately EUR 15 million already achieved, which was earlier than initially anticipated. This puts us well ahead of our original expectations and firmly on track to reach our EUR 80 million annual savings target by early 2026. To support delivery, we strengthened the leadership team with the new EVP for Tissue and made other key hires. Customer feedback remains positive, underscoring confidence in our lifecycle approach and purpose to transform industries toward a regenerative tomorrow.
Our 2025 guidance remains unchanged. We expect net sales and Comparable EBITA to remain at the previous year's level. Our guidance is supported by the healthy order backlog and cost savings from the operating model renewal. Going forward, the short-term market conditions remain mixed. While we expect the environment in Process Performance Solutions to remain favorable, the biomaterials market overall remains challenging. I'm confident that our simplified operating model and focused strategy position us to navigate near-term volatility and create long-term value for our customers and shareholders."
New reporting structure
To align with Valmet's new strategy and operating model, the company adopted a new financial reporting structure on July 1, 2025. Valmet now reports two segments: Process Performance Solutions, and Biomaterial Solutions and Services.
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/q3-2025 on Wednesday, October 29, 2025, 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/q3-2025/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.
Further information, please contact:
Pekka Rouhiainen, VP, Investor Relations, Valmet, tel. +358 10 672 0020
VALMET
Katri Hokkanen
CFO
Pekka Rouhiainen
VP, Investor Relations
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Valmet is a global technology leader serving process industries. We work together with our customers throughout the entire 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 over 19,000 professionals close to customers, we are uniquely positioned to transform industries toward a regenerative tomorrow.
In 2024, Valmet's net sales totaled approximately EUR 5.4 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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