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Latest result publication:
Q2/2026

President and CEO Thomas Hinnerskov: Net sales and Comparable EBITA increased in the second quarter 
 

In the second quarter of 2026, the decisive actions we took last year to strengthen Valmet's competitiveness continued to deliver — net sales grew organically, and comparable EBITA increased. This came against a market environment that remained cautious
overall, though with early indications that capital project activity in our biomaterial businesses is gradually recovering from an unusually subdued start to the year.

Orders received totaled EUR 1.4 billion, with organic order intake down 9 percent against a demanding comparison period. Biomaterial capital orders totaled EUR 501 million, a clear step up from Q1 and consistent with our view of gradually improving
capital project activity. Biomaterial services markets remained soft, but the market is stabilizing. Process Performance Solutions delivered organic order growth of 1 percent, in line with the low-growth market environment we described in Q1, including
notable wins in the marine segment.

Net sales grew 6 percent organically. Comparable EBITA increased by EUR 9 million year-on-year, supported by higher net sales and cost savings. The comparable EBITA margin was 11.5 percent, flat year-on-year. On a year-to-date basis, comparable EBITA is now slightly ahead of last year, demonstrating the resilience of our full-year trajectory despite the softer start to 2026.

The measures taken to renew Valmet's operating model continue to deliver tangible results. On a last-twelve-months basis, our comparable SG&A costs are now EUR 79 million lower than in the full year 2024. We also continued to implement the production footprint plans we outlined earlier this year.

Shortly after the quarter ended, on 1 July, we closed the Severn acquisition and welcomed approximately 950 new colleagues to Valmet. Severn's offering is a natural complement to ours, and we see a strong cultural fit between our organizations. The
acquisition is another step in the systematic development of Valmet’s portfolio and further strengthens the strategic role of the Process Performance Solutions business as an important driver of the Group’s growth and profitability. Severn expands the segment’s addressable market and increases the segment’s annualized net sales to approximately EUR 1.7 billion. At this scale, we can respond faster to customers wherever they operate and invest with more conviction in the technology and service capabilities they need.

We are reiterating our guidance for 2026. Looking ahead, geopolitical and macroeconomic uncertainty remains elevated, and customers are likely to remain selective in their investment decisions. With Severn now part of Valmet and the cost
discipline we have demonstrated over the past year continuing, we are well positioned to deliver and to keep building a stronger, more resilient Valmet, over the long term.”