Metso Corporation’s stock exchange release on July 24, 2026, at 09:00 a.m. EEST
Figures in brackets in this report refer to the corresponding period in 2025, unless otherwise stated. Comparative income statement, orders received and order backlog figures for the Group and Minerals segment have been re-presented following the reclassification of the Metals & Chemical Processing business as part of continuing operations since July 1, 2025.
Second-quarter 2026 in brief
- Strong customer activity in Minerals supported order growth and backlog expansion
- Orders received increased by 18% to EUR 1,462 million (EUR 1,241 million), driven by 24% growth in Minerals orders, while Aggregates orders were up 1%
- Organic order growth in constant currencies was 16%
- Sales increased by 6% to EUR 1,334 million (EUR 1,257 million), corresponding to 5% growth in constant currencies
- Adjusted EBITA increased to EUR 221 million (EUR 183 million), corresponding to a margin of 16.6% (14.5%)
- Operating profit amounted to EUR 185 million, corresponding to a margin of 13.9% (EUR 178 million and 14.1%)
- Cash flow from operations amounted to EUR 206 million (EUR 147 million)
- Net debt-to-EBITDA ratio was 1.3 (1.5)
January-June 2026 in brief
- Orders received increased 12% to EUR 3,017 million (EUR 2,706 million); Aggregates +6% and Minerals +14%
- Sales grew 5% to EUR 2,587 million (EUR 2,469 million); Aggregates +2% and Minerals +6%
- Adjusted EBITA increased 13% to EUR 424 million, or 16.4% of sales (EUR 375 million, or 15.2%)
- Operating profit was EUR 351 million, or 13.6% of sales (EUR 346 million, or 14.0%)
- Cash flow from operations was EUR 285 million (EUR 343 million)
- Earnings per share from continuing operations increased to EUR 0.29 (EUR 0.27)
President and CEO Sami Takaluoma:
The second quarter developed largely as expected. We delivered solid financial performance and continued to invest in our capabilities, service network and proximity to customers.
Orders received increased by 18% to EUR 1,462 million, corresponding to 16% organic growth in constant currencies. Growth was driven by healthy aftermarket demand and robust equipment activity in the Minerals segment, resulting in a book-to-bill ratio of 1.10 and further strengthening of our order backlog. Sales increased by 6% to EUR 1,334 million, while the adjusted EBITA margin was solid at 16.6%, reflecting good operational execution. Cash generation was healthy, resulting in a 12-month rolling cash conversion rate of 98%. Stronger profitability drove improvement of return on capital employed to 17.3%. Our balance sheet remains strong, providing flexibility to continue investing in growth while maintaining disciplined capital allocation.
In Aggregates, demand remained solid, particularly in North America, while activity in Europe was somewhat affected by higher fuel prices. Orders were stable year-on-year and sales increased by 7%. Profitability improved significantly, with the adjusted EBITA margin increasing to 16.3%, supported by higher volumes, solid commercial execution and disciplined cost management.
In Minerals, customer activity remained strong across both the equipment and aftermarket businesses. Orders increased by 24%, supported by double-digit growth in both equipment and aftermarket orders. Equipment orders increased by 50%, driven particularly by grinding and crushing solutions. The strength was broad based across commodities, geographies and product areas. Customer investment activity remains healthy across our end markets, and we continue to see attractive brownfield and greenfield opportunities, particularly in commodities supported by electrification and energy transition. At the same time, aftermarket demand remained robust, with orders increasing by 13%, providing further evidence of healthy customer activity across our installed base. Sales in Minerals increased by 6%, while the adjusted EBITA margin improved to 18.3%, supported by sales growth, operational efficiency and a favorable business mix.
We continued to implement our strategy through targeted investments that strengthen our proximity to customers and support long-term growth. During the quarter, we expanded our presence in Argentina with new local capabilities and opened a new office in San Juan, further enhancing our ability to support customers in one of the country's key mining regions. We also inaugurated an expanded Service Center and a new Training Center in Mesa, Arizona, USA, and opened a new service center in Prince George in Western Canada, bringing our expertise and services closer to customers in important mining markets. In addition, we decided to proceed with the second phase of our Aggregates technology center in Tampere, Finland including the construction of a new crusher factory. Together, these investments bring us closer to our customers and strengthen our ability to support their operations throughout the lifecycle of their assets.
Sustainability, safety and employee engagement remain fundamental to how we operate our business. During the quarter, we continued to advance our sustainability agenda and our roadmap toward net-zero Scope 1 and 2 emissions. Customer demand for our Metso Plus offering remained healthy, supporting the adoption of more efficient and sustainable technologies. We continued to strengthen our safety culture through new initiatives focused on fatal accident prevention and proactive risk management. I am particularly pleased that employee engagement (eNPS) remained high, reflecting the commitment of our people and the strength of our culture. Together, a strong safety culture and engaged employees provide an important foundation for executing our strategy and delivering value to our stakeholders.
Looking ahead, we expect market activity in both Minerals and Aggregates to remain at the current level over the next six months. With a strong backlog, broad installed base and global presence, we are well positioned to continue executing our strategy and capturing growth opportunities across our end markets.
Market outlook
Metso expects that market activity in both Minerals and Aggregates will remain at the current level.
In its previously published outlook, Metso expected market activity in both Minerals and Aggregates to remain at the current level.
According to the company's disclosure policy, Metso’s market outlook describes the expected sequential development of market activity, adjusting for seasonality, during the following six-month period using three categories: improve, remain at the current level, or decline.
Key figures
| EUR million | Q2/2026 | Q2/2025 | Change % |
| Orders received* | 1,462 | 1,241 | 18 |
| Orders received by aftermarket business* | 809 | 723 | 12 |
| % of orders received* | 55 | 58 | – |
| Order backlog* | 3,662 | 3,239 | 13 |
| Sales* | 1,334 | 1,257 | 6 |
| Sales by aftermarket business* | 767 | 674 | 14 |
| % of sales* | 57 | 54 | – |
| Adjusted EBITA* | 221 | 183 | 21 |
| % of sales* | 16.6 | 14.5 | – |
| Operating profit* | 185 | 178 | 4 |
| % of sales* | 13.9 | 14.1 | – |
| Earnings per share, continuing operations, EUR* | 0.15 | 0.13 | 15 |
| Cash flow from operations (before financial items and taxes) | 206 | 147 | 40 |
| Return on capital employed, before taxes, % | 17.3 | 12.4 | – |
| Gearing, % | 46.4 | 53.0 | – |
| Net debt/EBITDA* | 1.3 | 1.5 | – |
| Personnel at end of period | 17,806 | 17,424 | 2 |
* Comparative figures for Q2/2025 have been re-presented. More information is available in Note 10. Discontinued operations.
| EUR million | Q1–Q2/2026 | Q1–Q2/2025 | Change % | 2025 |
| Orders received* | 3,017 | 2,706 | 12 | 5,471 |
| Orders received by aftermarket business* | 1,645 | 1,525 | 8 | 3,000 |
| % of orders received* | 55 | 56 | – | 55 |
| Order backlog* | 3,662 | 3,239 | 13 | 3,457 |
| Sales* | 2,587 | 2,469 | 5 | 5,240 |
| Sales by aftermarket business* | 1,451 | 1,363 | 6 | 2,805 |
| % of sales* | 56 | 55 | – | 54 |
| Adjusted EBITA* | 424 | 375 | 13 | 829 |
| % of sales* | 16.4 | 15.2 | – | 15.8 |
| Operating profit* | 351 | 346 | 1 | 735 |
| % of sales* | 13.6 | 14.0 | – | 14.0 |
| Earnings per share, continuing operations, EUR* | 0.29 | 0.27 | 7 | 0.58 |
| Cash flow from operations (before financial items and taxes) | 285 | 343 | -17 | 974 |
| Return on capital employed, before taxes, % | 17.3 | 12.4 | – | 15.9 |
| Gearing, % | 46.4 | 53.0 | – | 40.8 |
| Net debt/EBITDA* | 1.3 | 1.5 | – | 1.2 |
| Personnel at end of period | 17,806 | 17,424 | 2 | 17,982 |
* Comparative figures for Q1–Q2/2025 have been re-presented. More information is available in Note 10. Discontinued operations.
Audiocast and conference call details
President and CEO Sami Takaluoma and CFO Pasi Kyckling will present the results in an audiocast and a conference call for analysts and investors today at 1:00 p.m. EEST.
The audiocast can be followed at https://metso.events.inderes.com/q2-2026/register
A recording and a transcript will be available on the same webpage after the event has finished.
The teleconference can be accessed by registering at the link below:
https://events.inderes.com/metso/q2-2026/dial-in
The complete Half-Year Report is available as an attachment to this release.
Further information:
Juha Rouhiainen, Vice President, Investor Relations, Metso Corporation, tel. +358 20 484 3253, email: juha.rouhiainen(a)metso.com
Distribution:
Nasdaq Helsinki Ltd
Main media
Metso is a frontrunner in sustainable technologies, end-to-end solutions and services for the aggregates, minerals processing and metals refining industries globally. We improve our customers’ energy and water efficiency, increase their productivity, and reduce environmental risks with our product and service expertise. We are the partner for positive change.
Metso is headquartered in Espoo, Finland. At the end of 2025 Metso had close to 18,000 employees in around 50 countries, and sales in 2025 were about EUR 5.3 billion. Metso is listed on the Nasdaq Helsinki.
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