Metso (METSO) Investor presentation summary

Strategy and financial targets

• Revised 2028 targets: annual sales CAGR >7%; adjusted EBITA margin >18%, with Aggregates >17% and Minerals >20%.

• Other 2028 targets: net debt/EBITDA <1.5x and dividend payout of at least 50% of EPS; 2025 levels were 1.2x and 69%, respectively.

• Strategy prioritizes #1 positions in core solutions, growth in high-margin aftermarket-intensive areas, profitability improvements and targeted capital allocation.

• Customer needs are shaped by supply-chain localization, sustainability transformation, digitalization and automation, and declining resource quality.

Segment strategy and markets

• Aggregates priorities include aftermarket growth, leadership in quarries and contractors, and stronger positions in aggregates and infrastructure recycling.

• Aggregates market outlook for 2024–30: natural aggregates growth of 3–4% CAGR; aggregates and infrastructure recycling growth of 5–7% CAGR.

• Minerals strategy targets leadership in energy-transition minerals and #1–2 positions in high-margin, aftermarket-intensive businesses; copper represented 43% of Minerals sales in 2025.

• Minerals has #1 global positions across crushing, grinding, separation, filtration, hydrometallurgy and smelting; aftermarket share was 66% in these areas in 2024.

• Installed base includes >20,000 crushers and screens, >8,000 grinding mills and >5,000 filters; aftermarket sales rose from EUR 1.6bn in 2020 to EUR 2.4bn for July 2024–June 2025.

Q3 2026 performance

• Orders received rose 28% YoY, or 24% organically in constant currencies; sales grew 3%, or 1% organically in constant currencies.

• Adjusted EBITA increased 4% to EUR 230m; margin was 16.8% versus 16.7% YoY. Book-to-bill was 1.18 and backlog grew 20% to EUR 3.9bn.

• Aftermarket sales increased 10% and accounted for 57% of sales versus 53% YoY; Minerals equipment orders rose 79% and aftermarket orders 11%.

• Aggregates orders rose 4% to EUR 292m and sales 5% to EUR 324m; adjusted EBITA was EUR 53m, with margin up to 16.4% from 15.6%.

• Minerals orders rose 34% to EUR 1,323m and sales 3% to EUR 1,049m; adjusted EBITA was EUR 189m and margin held at 18.0%.