Metso (METSO) Q4 2025 earnings summary

Executive summary

• Orders received in Q4 2025 reached EUR 1.5 billion, up 2% year-over-year, with full-year orders at EUR 5,471 million, up 4%; sales grew 11% in Q4 to EUR 1.443 billion and 4% for the year to EUR 5.24 billion.

• Adjusted EBITA for Q4 was EUR 232 million (16.1% margin), with full-year Adjusted EBITA at EUR 829 million (15.8% margin); strong cash generation highlighted.

• Board proposes a dividend payout of EUR 331 million, or EUR 0.40 per share (69% of EPS), to be paid in two installments.

• The company launched a new strategy, completed several acquisitions (including MRA Automation), and made key divestments during the year.

• SBTi approved new sustainability targets; a new rubber products plant is under construction in China.

Financial highlights

• Q4 Adjusted EBITDA rose by EUR 22 million to EUR 232 million, margin flat at 16.1%; full-year EBITDA margin at 15.8%.

• Q4 EPS from continuing operations was EUR 0.14, up EUR 0.01 year-over-year; full-year EPS was EUR 0.58.

• Net debt at period end was EUR 1.1 billion; net debt/EBITDA at 1.2x, below the 1.5x target; gearing at 40.8%.

• Q4 cash flow from operations was EUR 365 million, up 28% year-over-year; full-year total was EUR 974 million, up 69% year-over-year.

• Full-year operating profit was EUR 735 million (14.0% margin).

Outlook and guidance

• Market activity in both Minerals and Aggregates is expected to remain at current levels for the next two quarters, with potential risks from tariff-related turbulence and global economic uncertainty.

• Similar market activity anticipated for Q1 2026 as seen in Q4 2025.