Metso Corporation's stock exchange release on April 22, 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.
First quarter 2026 in brief
- Overall market activity remained at the previous quarter's level
- Orders received increased by 6% to EUR 1,555 million (EUR 1,465 million), with Aggregates up +10% and Minerals up +5%
- Organic order growth in constant currencies was +10%
- Sales increased by 3% to EUR 1,252 million (EUR 1,212 million), with Aggregates down -2% and Minerals up +5%
- Organic sales growth in constant currencies was +5%
- Adjusted EBITA amounted to EUR 203 million, corresponding to a margin of 16.2% (EUR 192 million and 15.9%)
- Operating profit amounted to EUR 165 million, corresponding to a margin of 13.2% (EUR 169 million and 13.9%)
- Cash flow from operations amounted to EUR 78 million (EUR 196 million)
- Net debt/EBITDA was 1.2 (1.2)
President and CEO Sami Takaluoma:
The year has started broadly in line with our expectations. While the geopolitical environment, particularly in the Middle East, has required increased attention, we have responded decisively to ensure the safety of our employees and the continuity of our operations. Targeted measures to manage supply chains and operational risks have been implemented. Our global footprint and well-diversified supply chains continue to provide resilience, and we remain vigilant in monitoring developments.
Overall market activity during the first quarter remained at the level of the previous quarter. Orders received increased 6% to EUR 1,555 million, corresponding to organic growth of 10% in constant currencies. Customer activity was strongest in the Aggregates equipment and Minerals aftermarket businesses. In addition, we secured a major Minerals equipment order for a greenfield copper mine in Peru. Sales grew 3% to EUR 1,252 million, or 5% organically in constant currencies. Book-to-bill was strong at 1.24, providing good backlog support for future periods. Adjusted EBITA remained solid at 16.2%, underpinned by operational leverage and internal efficiency measures. Cash flow from operations was lower than in the comparison period, mainly due to an inventory build-up driven by a high book-to-bill ratio, as well as the timing of cash flows in Minerals equipment deliveries. The balance sheet remained strong, with strong liquidity and a net debt-to-EBITDA ratio of 1.2. Overall, the Group's financial performance for the quarter reflected underlying strength and resilience in a challenging business environment.
In Aggregates, seasonally strong demand for new equipment, particularly in North America and Europe, supported order growth. Adjusted EBITA remained at 16.0%, although a softer aftermarket contribution weighed on sales development.
In Minerals, customer activity remained stable, with strong aftermarket demand and a major equipment order supporting the quarter's order intake. The adjusted EBITA margin strengthened to 17.6%, benefiting from operational leverage from higher equipment sales, while conversion of the aftermarket backlog to sales is expected to progress over the coming periods. Across both segments, we continued to manage profitability effectively in a more equipment-weighted sales mix environment.
We continued to advance our 'We go beyond.' strategy during the quarter through organic investments, acquisitions, partnerships and cultural development. We decided to invest in a new rubber products plant in China to expand our local supply of high-quality, reliable rubber and Poly-Met wear parts. In addition, we acquired Australian-based MRA Automation, a leading provider of automation and digitalization technology solutions for ports and terminals worldwide. Together, these actions support our ambition to strengthen our technology offering and enhance customer value. The cooperation launched with Loesche further strengthens our grinding solutions portfolio by introducing the Metso-Loesche vertical roller mill dry-grinding technology, enabling energy, water and resource-efficient, process-optimized solutions for mineral processing applications.
In the areas of sustainability and people, we continued to advance our agenda through strengthened sustainability (ESG) governance, customer-driven solutions, safety initiatives and a detailed execution plan to reduce our remaining Scope 1 and 2 carbon emissions to net zero. Employee engagement reached an all-time high, reflecting the strong commitment of our people and the strength of our culture. A robust safety culture remains at the core of our performance, and I am particularly proud of how our teams have continued to operate responsibly and professionally in a changing global environment.
Looking ahead, we expect market activity in both Minerals and Aggregates to remain at the current level during the next six months. Metso's strong order book, broad customer base and disciplined operating model provide a solid foundation as we continue executing our strategy and supporting our customers worldwide.
Market outlook
Metso expects that market activity in both Minerals and Aggregates will remain at the current level. Geopolitical 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 | Q1/2026 | Q1/2025 | Change % |
| Orders received* | 1,555 | 1,465 | 6 |
| Orders received by aftermarket business* | 836 | 801 | 4 |
| % of orders received* | 54 | 55 | - |
| Order backlog* | 3,610 | 3,399 | 6 |
| Sales* | 1,252 | 1,212 | 3 |
| Sales by aftermarket business* | 685 | 689 | -1 |
| % of sales* | 55 | 57 | - |
| Adjusted EBITA* | 203 | 192 | 5 |
| % of sales* | 16.2 | 15.9 | - |
| Operating profit* | 165 | 169 | -2 |
| % of sales* | 13.2 | 13.9 | - |
| Earnings per share, continuing operations, EUR* | 0.14 | 0.14 | - |
| Cash flow from operations | 78 | 196 | -60 |
| Gearing, % | 40.0 | 39.4 | - |
| Net debt/EBITDA* | 1.2 | 1.2 | - |
| Personnel at end of period | 17,572 | 16,987 | 3 |
* Comparative figures for Q1/2025 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 on the today at 12:00 p.m. EEST.?
The?audiocast can be followed?at https://metso.events.inderes.com/q1-2026
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/q1-2026/dial-in
The complete Interim 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
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
