Valmet’s Half Year Financial Review January–June 2026 Net sales and Comparable EBITA increased in the second quarter

Valmet Oyj’s stock exchange release on July 24, 2026 at 9:00 a.m. EEST

Valmet’s Half Year Financial Review January–June 2026 Net sales and Comparable EBITA increased in the second quarter

April–June 2026

•Orders received decreased 10 percent to EUR 1,373 million (EUR 1,520 million). Organically orders received decreased 9 percent. The decrease was mainly driven by capital project order intake in the Biomaterial Solutions and Services segment, which decreased from the comparison period but increased sequentially.

•Net sales increased 6 percent to EUR 1,315 million (EUR 1,241 million).

•Comparable EBITA increased 6 percent to EUR 152 million (EUR 143 million). The increase was supported by higher net sales and cost savings from the operating model renewal.

•Comparable EBITA margin remained at the previous year’s level at 11.5 percent (11.5%).

•Earnings per share (EPS) increased to EUR 0.40 (EUR 0.15) and adjusted EPS increased to EUR 0.47 (EUR 0.23). The increase in both EPS and adjusted EPS mainly reflects the restructuring expenses related to the operating model renewal in the comparison period.

January–June 2026

•Orders received decreased 14 percent to EUR 2,466 million (EUR 2,852 million). Organically orders received decreased 12 percent.

•Net sales increased 6 percent to EUR 2,560 million (EUR 2,426 million).

•Comparable EBITA remained at the previous year’s level and wasEUR266 million (EUR 265 million).

•Comparable EBITA margin was 10.4 percent (10.9%).

•EPS was EUR 0.59 (EUR 0.48). Adjusted EPS was EUR 0.73 (EUR 0.64).

•Cash flow provided by operating activities totaled EUR 100 million (EUR 297 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	Q2/2026	Q2/2025	Change	Q1-Q2/2026	Q1-Q2/2025	Change
Orders received	1,373	1,520	-10%	2,466	2,852	-14%
Order backlog2				4,259	4,711	-10%
Net sales	1,315	1,241	6%	2,560	2,426	6%
Comparable EBITA	152	143	6%	266	265	0%
% of net sales	11.5%	11.5%	0.0pp	10.4%	10.9%	-0.5 pp
EBITA	150	81	86%	232	194	19%
Profit for the period	75	28	>100%	109	89	22%
Earnings per share, EUR	0.40	0.15	>100%	0.59	0.48	22%
Adjusted earnings per share, EUR	0.47	0.23	>100%	0.73	0.64	15%
Cash flow provided by operating activities	65	79	-18%	100	297	-66%
Free cash flow	50	46	8%	68	240	-72%
Comparable ROCE (LTM)3				13.5%	13.1%	0.4 pp
ROCE (LTM)3				12.3%	10.4%	1.9 pp
Net debt to EBITDA ratio (LTM)				1.42	1.60	-11%
Gearing2				39%	42%	-3 pp
1The calculation of key figures is presented on section ‘Formulas for calculation of indicators’. 2At end of period. 3Return on capital employed before taxes. 4Last twelve months’ EBITDA. LTM = Last twelve months.

Guidance for 2026 unchanged

Valmet reiterates its guidance issued on February 6, 2026, in which 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
(July–December 2026)

Valmet’s short-term market outlook covers the period July–December 2026, compared with April–June 2026.

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 for Process Performance Solutions is expected to remain at low year-over-year growth. At the same time, uncertainty related to the geopolitical situation and global economic outlook remains high, which reduces short-term market visibility.

Biomaterial Solutions and Services

Valmet estimates that the market in Biomaterial Solutions and Services will remain similar to the second quarter. However, it is typical that the timing of customers' large investment decisions can have a significant impact on market activity in any individual quarter. The biomaterial services market is expected to remain soft in the coming quarters. Uncertainty related to the geopolitical situation and global economic outlook remains high, which reduces short-term market visibility.

Segment key figures

Orders received, EUR million	Q2/2026	Q2/2025	Change	Q1-Q2/2026	Q1-Q2/2025	Change
Process Performance Solutions	379	376	1%	779	782	0%
Biomaterial Solutions and Services	994	1,144	-13%	1,687	2,070	-19%
of which biomaterial services	493	534	-8%	999	1,102	-9%
Total	1,373	1,520	-10%	2,466	2,852	-14%

Net sales, EUR million	Q2/2026	Q2/2025	Change	Q1-Q2/2026	Q1-Q2/2025	Change
Process Performance Solutions	370	372	0%	711	711	0%
Biomaterial Solutions and Services	945	869	9%	1,849	1,715	8%
of which biomaterial services	475	460	3%	889	893	0%
Total	1,315	1,241	6%	2,560	2,426	6%

Comparable EBITA, EUR million	Q2/2026	Q2/2025	Change	Q1-Q2/2026	Q1-Q2/2025	Change
Process Performance Solutions	69	66	4%	132	121	9%
Biomaterial Solutions and Services	98	87	12%	162	169	-4%
Other	-15	-10	-52%	-28	-26	-11%
Total	152	143	6%	266	265	0%

Comparable EBITA, % of net sales	Q2/2026	Q2/2025	Change	Q1-Q2/2026	Q1-Q2/2025	Change
Process Performance Solutions	18.7%	17.8%	0.9 pp	18.6%	17.0%	1.5 pp
Biomaterial Solutions and Services	10.4%	10.0%	0.3 pp	8.8%	9.9%	-1.1 pp
Total	11.5%	11.5%	0.0 pp	10.4%	10.9%	-0.5 pp

EBITA, EUR million	Q2/2026	Q2/2025	Change	Q1-Q2/2026	Q1-Q2/2025	Change
Process Performance Solutions	71	53	34%	133	107	25%
Biomaterial Solutions and Services	96	50	90%	128	131	-2%
Other	-16	-22	27%	-29	-43	32%
Total	150	81	86%	232	194	19%

Letter from President and CEO:
Net sales and Comparable EBITA increased in the second quarter

“In the second quarter of 2026, the decisive actions we took last year to strengthen Valmet's competitiveness continued to deliver — net sales grew organically, and comparable EBITA increased. This came against a market environment that remained cautious overall, though with early indications that capital project activity in our biomaterial businesses is gradually recovering from an unusually subdued start to the year.

Orders received totaled EUR 1.4 billion, with organic order intake down 9 percent against a demanding comparison period. Biomaterial capital orders totaled EUR 501 million, a clear step up from Q1 and consistent with our view of gradually improving capital project activity. Biomaterial services markets remained soft, but the market is stabilizing. Process Performance Solutions delivered organic order growth of 1 percent, in line with the low-growth market environment we described in Q1, including notable wins in the marine segment.

Net sales grew 6 percent organically. Comparable EBITA increased by EUR 9 million year-on-year, supported by higher net sales and cost savings. The comparable EBITA margin was 11.5 percent, flat year-on-year. On a year-to-date basis, comparable EBITA is now slightly ahead of last year, demonstrating the resilience of our full-year trajectory despite the softer start to 2026.

The measures taken to renew Valmet's operating model continue to deliver tangible results. On a last-twelve-months basis, our comparable SG&A costs are now EUR 79 million lower than in the full year 2024. We also continued to implement the production footprint plans we outlined earlier this year.

Shortly after the quarter ended, on 1 July, we closed the Severn acquisition and welcomed approximately 950 new colleagues to Valmet. Severn's offering is a natural complement to ours, and we see a strong cultural fit between our organizations. The acquisition is another step in the systematic development of Valmet’s portfolio and further strengthens the strategic role of the Process Performance Solutions business as an important driver of the Group’s growth and profitability. Severn expands the segment’s addressable market and increases the segment’s annualized net sales to approximately EUR 1.7 billion. At this scale, we can respond faster to customers wherever they operate and invest with more conviction in the technology and service capabilities they need.

We are reiterating our guidance for 2026. Looking ahead, geopolitical and macroeconomic uncertainty remains elevated, and customers are likely to remain selective in their investment decisions. With Severn now part of Valmet and the cost discipline we have demonstrated over the past year continuing, we are well positioned to deliver and to keep building a stronger, more resilient Valmet, over the long term.”

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/q2-2026 on Friday, July 24, 2026, at 10:00 a.m. Finnish time (EEST). 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/q2-2026/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:

Pekka Rouhiainen, VP, Investor Relations, Valmet, tel. +358 10 672 0020

VALMET

Katri Hokkanen
CFO

Pekka Rouhiainen
VP, Investor Relations

DISTRIBUTION:
Nasdaq Helsinki
Major media
www.valmet.com

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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