Metso (METSO) Q2 2026 earnings summary

Executive summary

• Orders received grew 18% year-over-year to EUR 1,462 million, driven by strong Minerals demand and robust aftermarket growth, with sales up 6% and adjusted EBITA rising 21% to EUR 221 million (margin 16.6%).

• Order backlog increased 13% to EUR 3.7 billion, providing strong revenue visibility.

• Aftermarket business now represents 57% of group sales, up from 54% a year ago.

• Strategic investments were made in service and technology centers in Argentina, the US, Canada, Finland, and China to support long-term growth and customer proximity.

• Continued disciplined capital allocation and investments in service capability, technology, and local presence.

Financial highlights

• Orders increased 18% year-over-year to EUR 1,462 million; sales grew 6% to EUR 1,334 million, with 5% organic growth.

• Adjusted EBITA rose to EUR 221 million (up 21% YOY), with margin improving to 16.6%.

• Operating cash flow was EUR 206 million in Q2, and rolling 12-month cash flow from operations reached EUR 915 million, with a 98% cash conversion rate.

• EPS from continuing operations increased to EUR 0.15; operating profit was EUR 185 million (13.9% margin); gross margin improved to 33.3%.

• Return on capital employed improved to 17.3%.

Outlook and guidance

• Market outlook for the next six months remains unchanged, with activity in minerals and aggregates expected to stay at current levels, adjusted for seasonality.

• Backlog growth supports future revenue, but management expects some volatility in equipment orders and stable market activity.