Metso (METSO) Q3 2026 earnings summary

Executive summary

• Orders rose 28% YoY to €1,614m, up 24% organically in constant currencies; book-to-bill was 1.18 and backlog increased 20% to €3,883m.

• Sales increased 3% to €1,373m, or 1% organically in constant currencies; adjusted EBITA rose 4% to €230m, with a 16.8% margin.

• Customer activity drove strong orders, while sales progressed as expected and profitability remained solid across both segments.

Financial highlights

• Aftermarket sales rose 10% to 57% of total sales; Q3 gross profit was €440m and gross margin was 32.0%, versus 33.1% a year earlier.

• Operating profit was €197m versus €205m; net profit from continuing operations was €129m versus €141m, and EPS was €0.15 versus €0.17.

• Operating cash flow was €136m versus €266m; rolling 12-month cash flow was €786m, with 85% cash conversion versus 99% a year earlier.

• 9M sales increased 4% to €3,960m; adjusted EBITA rose 10% to €655m, or 16.5% of sales.

Outlook and guidance

• Market activity in Minerals and Aggregates is expected to remain at current levels over the next six months; outlook unchanged.

• Infrastructure activity supports Aggregates; high mining utilization and preparation for longer-term mineral demand support aftermarket and equipment opportunities.

• Minerals base orders are expected to remain good, with a healthy large-order pipeline; customer investment decisions and timing make major awards difficult to predict.

• Strong backlog supports future deliveries; equipment lead times range from 6 to 18 months, and capacity readiness could be tested if demand accelerates in 2027–2028.

• Q4 and H2 have historically been stronger cash-flow periods; planning assumes this seasonal pattern, with working-capital KPIs expected to remain stable over longer trends.