Valmet OYJ

Latest Results (21.11.2025):

Valmet OYJ — Quarter Q2 2025 summary: In Q2 2025 (April–June) Valmet reported stronger orders received but mixed operational results: orders rose to EUR 1,520m while net sales fell to EUR 1,241m; Comparable EBITA was stable at EUR 143m with a margin improvement to 11.5%. Earnings per share were lower due mainly to restructuring related to an operating model renewal. The company also launched its new "Lead the Way" strategy and set ambitious 2030 financial targets.

Orders received

Q2 2025 orders received increased to EUR 1,520 million (EUR 1,283m), up across all three legacy segments and in China, North America and EMEA. For January–June 2025 orders grew 22% to EUR 2,852 million (EUR 2,333m).

Net sales

Q2 2025 net sales declined 6% to EUR 1,241 million (EUR 1,324m). For H1 2025 net sales remained broadly at prior-year level: EUR 2,426 million (EUR 2,536m). Sales rose in Automation, were flat in Services, and fell in Process Technologies.

Comparable EBITA and margin

Q2 2025 Comparable EBITA was EUR 143 million (EUR 141m) with a margin of 11.5% (10.6%). For H1 2025 Comparable EBITA was EUR 265 million (EUR 262m) with a 10.9% margin (10.3%).

EPS, adjusted EPS and items affecting comparability

Q2 2025 EPS was EUR 0.15 (EUR 0.31) and adjusted EPS EUR 0.23 (EUR 0.43); H1 EPS was EUR 0.48 (EUR 0.62) and adjusted EPS EUR 0.64 (EUR 0.84). Items affecting comparability were EUR -62m in Q2 (EUR -9m) and EUR -70m for H1 (EUR -16m), mainly restructuring charges related to the operating model renewal.

Cash flow

Cash flow from operating activities was EUR 79 million in Q2 2025 (EUR 128m) and EUR 297 million for H1 2025 (EUR 267m).

Guidance for 2025

Valmet reiterates its February 13, 2025 guidance: 2025 net sales expected to remain at 2024 level (EUR 5,359m) and Comparable EBITA to remain at 2024 level (EUR 609m).

New strategy and 2030 targets

Valmet launched the "Lead the Way" strategy in Q2 2025 and set 2030 targets: organic net sales CAGR of 5%, Comparable EBITA margin of 15%, Comparable ROCE of 20%, and gearing below 50%. The strategy emphasizes Customer success, Lifecycle commitment, Global competitiveness and Accountability.

Operating model and reporting changes

The new operating model was implemented on July 1, 2025, and Valmet will report under two segments going forward: Biomaterial Solutions and Services, and Process Performance Solutions, with adjusted internal reporting and a new Global Supply unit.

Short-term market outlook (July–December 2025)

Valmet estimates slight decrease in biomaterial services customer activity and stable activity in Process Performance Solutions, noting high uncertainty in the global economic outlook that may affect customer decisions and large investment timing.