Valmet's Interim Review January 1 - September 30, 2026: Strong orders received and increased comparable EBITA
Valmet Oyj's stock exchange release on October 28, 2026 at 9:00 a.m. EET
July-September 2026
• Orders received increased 30 percent to EUR 1,408 million (EUR 1,083 million). Organically orders received increased 25 percent. Growth was supported by strong order intake in biomaterial services, continued growth in Process Performance Solutions and a strong quarter in biomaterial capital projects.
• Net sales increased 5 percent to EUR 1,360 million (EUR 1,295 million).
• Comparable EBITA increased 6 percent to EUR 169 million (EUR 159 million). The increase was due to consolidation of Severn Group (now Engineered Severe Service) into Valmet as of July 1, 2026 and the positive impact of efficiency and cost reduction actions as part of the Lead the Way strategy.
• Comparable EBITA margin remained at the previous year's level at 12.4 percent (12.3%).
• Earnings per share (EPS) decreased to EUR 0.38 (EUR 0.46) and adjusted EPS decreased to EUR 0.48 (EUR 0.54). EPS and adjusted EPS decreased due to lower operating profit and higher financing expenses.
January-September 2026
• Orders received remained at the previous year's level at EUR 3,874 million (EUR 3,936 million). Organically orders received remained at the previous year's level.
• Net sales increased 5 percent to EUR 3,920 million (EUR 3,720 million).
• Comparable EBITA remained at the previous year's level and was EUR 434 million (EUR 423 million).
• Comparable EBITA margin was 11.1 percent (11.4%).
• EPS was EUR 0.97 (EUR 0.95). Adjusted EPS was EUR 1.21 (EUR 1.18).
• Cash flow provided by operating activities totaled EUR 310 million (EUR 391 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 | Q3/2026 | Q3/2025 | Change | Q1-Q3/2026 | Q1-Q3/2025 | Change | |
Orders received | 1,408 | 1,083 | 30% | 3,874 | 3,936 | -2% | |
Order backlog2 | 4,470 | 4,526 | -1% | ||||
Net sales | 1,360 | 1,295 | 5% | 3,920 | 3,720 | 5% | |
Comparable EBITA | 169 | 159 | 6 % | 434 | 423 | 3 % | |
% of net sales | 12.4% | 12.3% | 0.2 pp | 11.1% | 11.4% | -0.3 pp | |
EBITA | 144 | 149 | -4% | 376 | 343 | 9% | |
Profit for the period | 70 | 86 | -18% | 179 | 175 | 3 % | |
Earnings per share, EUR | 0.38 | 0.46 | -18% | 0.97 | 0.95 | 2 % | |
Adjusted earnings per share, EUR | 0.48 | 0.54 | -11% | 1.21 | 1.18 | 3% | |
Cash flow provided by operating activities | 210 | 94 | >100% | 310 | 391 | -21% | |
Free cash flow | 183 | 70 | >100% | 251 | 310 | -19% | |
Comparable ROCE (LTM)3 | 12.9% | 13.1% | -0.2 pp | ||||
ROCE (LTM)3 | 11.4% | 10.6% | 0.7 pp | ||||
Net debt to EBITDA ratio (LTM)4 | 1.78 | 1.50 | 19% | ||||
Gearing2 | 47 % | 38 % | 8.4 pp | ||||
1 The calculation of key figures is presented on section 'Formulas for calculation of indicators'. 2 At end of period. 3 Return on capital employed before taxes. 4 Last twelve months' EBITDA. LTM = Last twelve months. | |||||||
Strategic review progressing according to plan
On July 24, 2026, Valmet announced that its Board of Directors had decided to initiate a strategic review to evaluate a potential separation of its two core businesses, Biomaterial Solutions and Services, and Process Performance Solutions, into two standalone publicly listed companies. The review is focused on assessing whether a separation of the two businesses and their operation as separately listed companies on Nasdaq Helsinki would create additional value for shareholders compared with the current combined structure.
The strategic review is progressing according to plan. While no decision on a potential separation has been made, Valmet will initiate activities in Q4 2026 to strengthen the segments' readiness to operate independently. Related costs are expected to be approximately EUR 10 million in Q4. Costs directly related to the strategic review will be reported as items affecting comparability and will not impact Comparable EBITA. Valmet will provide an update at the latest in connection with the publication of its full-year 2026 results.
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
(October 2026 -March 2027)
Valmet's short-term market outlook covers the period October 2026 - March 2027. It reflects Valmet's estimate of expected growth and demand trends in its key markets, based on ongoing discussions with customers and other market information. 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 broadly unchanged. 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 stabilize in the coming quarters. Uncertainty related to the geopolitical situation and global economic outlook remains high, causing short-term volatility and limiting market visibility.
Segment key figures
Orders received, EUR million | Q3/2026 | Q3/2025 | Change | Q1-Q3/ | Q1-Q3/ | Change |
Process Performance Solutions | 399 | 345 | 16% | 1,178 | 1,128 | 4% |
Biomaterial Solutions and Services | 1,009 | 738 | 37% | 2,696 | 2,808 | -4% |
of which biomaterial services | 457 | 404 | 13% | 1,457 | 1,509 | -3% |
Total | 1,408 | 1,083 | 30% | 3,874 | 3,936 | -2% |
Net sales, EUR million | Q3/2026 | Q3/2025 | Change | Q1-Q3/ | Q1-Q3/ | Change |
Process Performance Solutions | 408 | 361 | 13% | 1,119 | 1,072 | 4% |
Biomaterial Solutions and Services | 952 | 934 | 2% | 2,801 | 2,649 | 6% |
of which biomaterial services | 471 | 449 | 5% | 1,361 | 1,344 | 1% |
Total | 1,360 | 1,295 | 5% | 3,920 | 3,720 | 5% |
Comparable EBITA, EUR million | Q3/2026 | Q3/2025 | Change | Q1-Q3/ | Q1-Q3/ | Change |
Process Performance Solutions | 82 | 79 | 5% | 215 | 200 | 7% |
Biomaterial Solutions and Services | 102 | 89 | 15% | 264 | 258 | 2% |
Other | -15 | -9 | -76% | -44 | -34 | -27% |
Total | 169 | 159 | 6% | 434 | 423 | 3% |
Comparable EBITA, % of net sales | Q3/2026 | Q3/2025 | Change | Q1-Q3/ | Q1-Q3/ | Change |
Process Performance Solutions | 20.2% | 21.9% | -1.6 pp | 19.2% | 18.7% | 0.5 pp |
Biomaterial Solutions and Services | 10.7% | 9.5% | 1.2 pp | 9.4% | 9.7% | -0.3 pp |
Total | 12.4% | 12.3% | 0.2 pp | 11.1% | 11.4% | -0.3 pp |
EBITA, EUR million | Q3/2026 | Q3/2025 | Change | Q1-Q3/ | Q1-Q3/ | Change |
Process Performance Solutions | 78 | 81 | -3% | 211 | 187 | 13% |
Biomaterial Solutions and Services | 89 | 75 | 19% | 217 | 206 | 5% |
Other | -23 | -7 | >-100% | -52 | -50 | -5% |
Total | 144 | 149 | -4 % | 376 | 343 | 9% |
Letter from President and CEO:
Capturing lifecycle growth across our unique and large installed base
"Everything we do at Valmet starts with one question: how can we help our customers become more competitive? In the third quarter, the trust they place in Valmet translated into strong demand: orders received increased 25 percent organically, while comparable EBITA reached a record level for a third quarter.
I am particularly pleased with our biomaterial services business, where orders grew 12 percent organically. Growth was broad-based across regions, service categories and business areas. The market developed in line with our earlier view that it was stabilizing.
Valmet has spent decades building a unique and large installed base around the world. In biomaterials, we have the largest installed base in the industry, representing a significant long-term growth opportunity. Our task is to serve our customers more broadly throughout the lifecycle of their assets. This builds deeper customer relationships and creates more recurring business for Valmet.
Biomaterial capital orders were also strong at EUR 552 million, including major project wins in China and Asia-Pacific. Customers choose Valmet for some of their largest and most critical investments, including in the world's most competitive markets. This reflects their confidence in our technology and in Valmet as a long-term partner. Each win also strengthens our installed base for decades to come.
Process Performance Solutions delivered three percent organic order growth in a low-growth market, with a comparable EBITA margin of 20.2 percent. With Severn now part of Valmet, we have a broader offering and a larger market to serve. The integration is progressing according to plan.
Comparable EBITA increased by EUR 10 million to EUR 169 million, supported by the Severn acquisition and the efficiency and cost reduction actions we are taking under our Lead the Way strategy. This is progress, but not the destination.
By 2030, our target is to grow 5 percent organically and reach a 15 percent comparable EBITA margin. Together, these take us to a 20 percent return on capital employed. We earn these returns by helping our customers run their assets more reliably and efficiently throughout their lifecycle. When customers win, Valmet wins. That is how we create long-term value for our shareholders and opportunities for our people.
Our strategic review is progressing according to plan. We are in the process of evaluating whether separating Biomaterial Solutions and Services and Process Performance Solutions into two standalone publicly listed companies would create additional value for shareholders compared with the current combined structure. We will provide an update at the latest in connection with our Financial Statements Review for 2026."
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/q3-2026 on Wednesday, October 28, 2026, at 9:30 a.m. Finnish time (EET).
Recording of the webcast will be available shortly after the event at the same address.
Participants may also join the news conference via a conference call by registering at:
https://events.inderes.com/valmet/q3-2026/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
Niklas Nylund
Interim 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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