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Valmet (VALMT) investor relations material
Valmet Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Orders received grew organically by 7% in Q3 2025 to EUR 1.1 billion, with a record tissue order from the U.S. and strong Process Performance segment growth; for the first nine months, orders reached EUR 3,936 million, up 17% year-over-year.
Net sales remained stable at EUR 1.3 billion in Q3 and EUR 3,720 million for the nine months, with 2% organic growth year-over-year despite EUR 31 million in currency headwinds.
Comparable EBITDA/EBITA reached a record EUR 159 million in Q3 (12.3% margin), with last 12 months at 11.7%; nine-month comparable EBITA was EUR 423 million (11.4% margin).
The 'Lead the Way' strategy delivered EUR 15 million in Q3 cost savings, with a full EUR 80 million annual run rate expected by early 2026.
Order backlog reached EUR 4.5 billion at quarter end, up 28% year-over-year, providing strong visibility into future quarters.
Financial highlights
Net sales stable at EUR 1.3 billion in Q3 and EUR 3,720 million for the nine months, with 2% organic growth year-over-year.
Comparable EBITDA/EBITA margin reached 12.3% in Q3 and 11.4% for the nine months.
Cash flow from operations was EUR 94 million in Q3 and EUR 391 million for the nine months; cash conversion ratio at 92%.
Net debt at EUR 945 million, gearing reduced to 38%, and net debt-to-EBITDA at 1.5.
Adjusted EPS for Q3 was EUR 0.54, up 11% year-over-year; reported EPS at EUR 0.46.
Outlook and guidance
2025 guidance unchanged: net sales and comparable EBITDA/EBITA expected to remain at previous year's level, supported by a EUR 4.5 billion order backlog.
Short-term market outlook remains mixed: Process Performance favorable and stable, biomaterial segment faces high uncertainty and risk of further softening.
Timing of large CapEx projects and mega projects remains uncertain.
Biomaterial Solutions margin decline drivers?
Operating model savings: Q3 sources and future?
Metsä Fibre lawsuit: basis for no material impact?
Q4 impact on Process Performance margins?
Biomaterials services: drivers of further softening?
Net EBIT impact of EUR 80M strategy savings?
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Frequently asked questions
Valmet Oyj develops and supplies process technologies, automation, and services for the pulp, paper, and energy industries. It offers boilers, bioenergy solutions and services for chemical recovery combined with its advanced combustion technologies; automation solutions for the pulp, paper, energy and marine industries; environmental systems for dust control and fabric filtration; treatment solutions for industrial wastewater and drinking water; nonwovens production technologies; and measurement products.
The company also provides advisory services consisting of consulting, training and technical support services that increase customer's operational performance in various areas. Valmet Oyj was formerly known as M-real Corporation Abp. The company was founded in 1832 is headquartered in Espoo, Finland.
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