Metso Corporation's stock exchange release on February 12, 2026, at 09:00 a.m. EET
Figures in brackets refer to the corresponding period in 2024, unless otherwise stated.
Fourth quarter 2025 in brief
- Overall market activity remained at the previous quarter's level
- Orders received increased 2% to EUR 1,501 million (EUR 1,466 million); Aggregates +4% and Minerals +2%
- Sales grew 11% to EUR 1,443 million (EUR 1,300 million); Aggregates +14% and Minerals +10%
- Adjusted EBITA was EUR 232 million, or 16.1% of sales (EUR 210 million, or 16.1%)
- Operating profit was EUR 184 million, or 12.7% of sales (EUR 172 million, or 13.2%)
- Cash flow from operations was EUR 365 million (EUR 286 million)
January-December 2025 in brief
- Orders received increased 4% to EUR 5,471 million (EUR 5,278 million)
- Sales grew 4% to EUR 5,240 million (EUR 5,026 million)
- Adjusted EBITA was EUR 829 million, or 15.8% of sales (EUR 830 million, or 16.5%)
- Operating profit was EUR 735 million, or 14.0% of sales (EUR 749 million, or 14.9%)
- For continuing operations, earnings per share were EUR 0.58 (EUR 0.61). Earnings per share were EUR 0.51 (EUR 0.40)
- Cash flow from operations was EUR 974 million (EUR 576 million)
- New strategy and financial targets were published in September
- The Board proposes a dividend of EUR 0.40 for 2025 (EUR 0.38), to be paid in two installments
President and CEO Sami Takaluoma:
We delivered a solid performance in the fourth quarter. The overall market activity remained stable, supported by high metal prices and healthy infrastructure activity. This sustained good investment appetite in both Minerals and Aggregates, increasing order intake by 2% year-on-year to EUR 1,501 million. Aggregates orders grew by 4%, driven by equipment demand, while Minerals recorded 2% growth against a tough comparison period, supported by two major equipment orders and continued aftermarket strength. Organic growth was somewhat higher, as exchange rates had a negative impact in both segments.
Sales in the fourth quarter increased by 11% to EUR 1,443 million, with both segments contributing to the growth. Equipment sales were particularly strong, rising by 23% in Aggregates and by 27% in Minerals, supported by healthy revenue recognition in Minerals equipment and a high level of Aggregates equipment deliveries from the backlog. Adjusted EBITA improved to EUR 232 million, and the equipment-weighted mix combined with flat aftermarket sales resulted in a stable adjusted EBITA margin of 16.1%. Operational cash flow strengthened to EUR 365 million, reflecting our strong delivery execution and continued discipline in working capital management.
For the full year 2025, orders received grew by 4% to EUR 5,471 million, and sales increased by 4% to EUR 5,240 million. Equipment orders rose by 4%, and aftermarket orders increased by 3%. Adjusted EBITA was EUR 829 million, with a margin of 15.8%. Cash flow from operations reached EUR 974 million, a significant improvement from the previous year, reinforcing our financial position and enabling continued investment in future growth.
During 2025, we sharpened our strategy and financial targets to focus on delivering the best customer experience, accelerating aftermarket growth, leading in sustainability, and achieving financial excellence. Employee engagement reached an all-time high, reflecting our commitment to a strong, customer-centric growth culture. We also advanced our strategic agenda with four acquisitions, including Swiss Tower Mills Minerals, two divestments, and expansion of our production capacity and service network to be even closer to our customers.
Looking ahead, we are excited to begin executing our 'We go beyond.' strategy and expect the market environment to continue supporting our customers and creating new opportunities. Metso's broad geographical footprint, competitive offering, and dedicated Metsonites provide a strong foundation for continued progress toward our targets. With our solid performance in 2025 and a clear strategic direction, we are well positioned to keep advancing in pursuit of our ambition of becoming the industry benchmark. I want to thank all Metsonites for their contributions in 2025. My extended gratitude also goes to our customers, partners, and shareholders for their continued support.
Market outlook
Metso expects that market activity in both Minerals and Aggregates will remain at the current level. Tariff-related turbulence could potentially affect global economic growth and market activity.
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 | Q4/2025 | Q4/2024 | Change % | 2025 | 2024 | Change % |
| Orders received* | 1,501 | 1,466 | 2 | 5,471 | 5,278 | 4 |
| Orders received by aftermarket business* | 731 | 700 | 4 | 3,000 | 2,904 | 3 |
| % of orders received* | 49 | 48 | - | 55 | 55 | - |
| Order backlog* | 3,457 | 3,223 | 7 | |||
| Sales* | 1,443 | 1,300 | 11 | 5,240 | 5,026 | 4 |
| Sales by aftermarket business* | 734 | 736 | 0 | 2,805 | 2,846 | -1 |
| % of sales* | 51 | 57 | - | 54 | 57 | - |
| Adjusted EBITA* | 232 | 210 | 11 | 829 | 830 | 0 |
| % of sales* | 16.1 | 16.1 | - | 15.8 | 16.5 | - |
| Operating profit* | 184 | 172 | 7 | 735 | 749 | -2 |
| % of sales* | 12.7 | 13.2 | - | 14.0 | 14.9 | - |
| Earnings per share, continuing operations, EUR* | 0.14 | 0.13 | 8 | 0.58 | 0.61 | -5 |
| Cash flow from operations | 365 | 286 | 28 | 974 | 576 | 69 |
| Gearing, % | 40.8 | 44.9 | - | |||
| Net debt/EBITDA, last 12 months* | 1.2 | 1.3 | - | |||
| Personnel at end of period | 17,982 | 16,832 | 7 |
* Comparative figures for 2024 have been restated. 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. EET.
The?audiocast can be followedat the company's website.?A recording and a transcript will be available at the same webpage after the event has finished.
The teleconference can be accessed by registering on the link below.
https://events.inderes.com/metso/q4-2025/dial-in
The complete Financial Statements Review is available as an attachment to this release.
Further information, please contact:
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
www.metso.com
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. metso.com
