Slides
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Q3/2026 results Sami Takaluoma, President and CEO Pasi Kyckling, CFO October 22, 2026
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October 22, 2026 Metso's strategy 2030: We go beyond. Agenda Q3 performance Strategy execution and outlook Financials Q&A
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Q3 performance Sami Takaluoma President and CEO
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October 22, 2026 Key figures in Q3 Orders received 1,614 million +28% YoY +24% organic in constant currencies Sales 1,373 million +3% YoY +1% organic in constant currencies Adjusted EBITA 230 million +4% YoY 16.8% margin Operating cash flow 136 million, -49% YoY 786 million rolling 12 months, -12% YoY 85% 12-month cash conversion (Q3/2025: 99%) October 22, 2026 4
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October 22, 2026 Strong order growth and solid profitability • Orders +28%, or +24% organically in constant currencies. Book-to-bill of 1.18 (0.95) • Minerals equipment orders +79% and aftermarket orders +11% • Backlog +20% to EUR 3.9bn, supporting future sales • Sales +3%. Aftermarket sales +10%, representing 57% (53%) of sales • Adjusted EBITA +4% to EUR 230 million. Margin 16.8% (16.7%) EUR million 1,383 1,191 1,237 1,466 1,465 1,241 1,264 1,501 1,555 1,462 1,614 1,264 1,251 1,211 1,300 1,212 1,257 1,328 1,443 1,252 1,334 1,373 16.4 16.7 16.8 16.1 15.9 14.5 16.7 16.1 16.2 16.6 16.8 Orders received, EUR millionSales, EUR million Adjusted EBITA, % of sales Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 0 300 600 900 1,200 1,500 1,800 0.0 3.0 6.0 9.0 12.0 15.0 18.0 Target 18% 5
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October 22, 2026 Investing in aftermarket and new technology • Service capacity ◦ New service center in Belo Horizonte, Brazil. Start- up expected in Q1/2028. • Technology and offering ◦ Sampo™ Cell flotation and Lokotrack® LT400RS™ and LT200HPX™ crushers. ◦ Three AI-enabled mining solutions for production, performance and safety. ◦ First commercial-scale order for low-emission DRI smelting technology. • Acquisitions ◦ Hose and progressive cavity pumps. ◦ Bronze alloy component manufacturer Italbronze announced in October. October 22, 2026 6
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October 22, 2026 We expect market activity in both Minerals and Aggregates to remain at the current level over the next six months. According to the company's disclosure policy, Metso’s market outlook describes the expected sequential development of market activity, adjusting for seasonality, during the following six-month period using three categories: improve, remain at the current level, or decline. Outlook unchanged; stable market activity expected October 22, 2026 7
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Financials Pasi Kyckling CFO
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October 22, 2026 Q3 orders grew 28%, sales increased 3% EUR million Order bridge 1,264 259 44 10 -3 42 -1 1,614 Q3/25 Minerals equipment Minerals aftermarket Aggregates equipment* Aggregates aftermarket* Currency impact Structural changes Q3/26 0 1,000 2,000 EUR million Sales bridge 1,328 -36 39 9 4 32 -3 1,373 Q3/25 Minerals equipment Minerals aftermarket Aggregates equipment* Aggregates aftermarket* Currency impact Structural changes Q3/26 0 1,000 2,000 +28% +3% * From January 1, 2026, certain products moved from aftermarket to equipment. The Q3/26 impact was EUR 8 million in orders and EUR 9 million in sales. Comparative figures have not been re-presented. 9
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October 22, 2026 Volume supported adjusted EBITA growth EUR Earnings per share, continuing operations 0.16 0.16 0.16 0.13 0.14 0.13 0.17 0.14 0.14 0.15 0.15 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 0.00 0.05 0.10 0.15 0.20 EUR million Adjusted EBITA 222 15 -15 -5 -3 3 13 230 Q3/25 Volume Gross marginSelling, general and administrative expenses Other operating income and expenses, net Amortization of intangible assets Adjustment items Q3/26 0 100 200 300 16.8%16.7% 10
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October 22, 2026 EUR million 12-month cash flow and cash conversion 597 686 506 576 615 610 895 974 856 915 786 63% 74% 54% 63% 69% 70% 99% 106% 93% 98% 85% Cash flow from operations, rolling 12 monthsCash conversion, % Q1/24Q2/24Q3/24Q4/24Q1/25Q2/25Q3/25Q4/25Q1/26Q2/26Q3/260 500 1000 1500 2000 25% 50% 75% 100% 125% Growing backlog reflected in working capital EUR million Cash flow from operations, Y-o-Y 266 -13 24 -140 136 Q3/25 Change in profit for the period Change in adjustments Change in net working capital Q3/26 0 50 100 150 200 250 300 Cash conversion, % = Cash flow from operations, rolling 12 months / EBITDA, rolling 12 months 11
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October 22, 2026 • Net debt / EBITDA at 1.3, below the target of <1.5 • Solid liquidity position • Cash and cash equivalents EUR 445 million • Undrawn EUR 700 million RCF due 2031 • Undrawn EUR 50 million three-year term loan • Moody’s Baa2 long-term rating with positive outlook (December 22, 2025) • Average interest rate of loans and derivatives 3.6% Strong balance sheet supports strategy execution EUR million 825 1,036 1,156 1,173 1,070 1,285 1,135 1,092 1,126 1,214 1,175 0.9 1.1 1.2 1.3 1.2 1.5 1.3 1.2 1.2 1.3 1.3 Net debt Net debt/EBITDA Q1/24Q2/24Q3/24Q4/24Q1/25Q2/25Q3/25Q4/25Q1/26Q2/26Q3/26 0 250 500 750 1,000 1,250 1,500 0.0 0.5 1.0 1.5 2.0 2.5 Target <1.5 12
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October 22, 2026 • Orders +4% to EUR 292 million • 2% organic growth in constant currencies • Orders grew in Europe and North America • Equipment orders +8%, aftermarket* -2% • Sales +5% to EUR 324 million • 4% organic growth in constant currencies • Equipment sales +5%, aftermarket* +5% • Aftermarket share of sales 33% (32%) • Adjusted EBITA EUR 53 million (EUR 48 million), margin 16.4% (15.6%) • Higher sales and solid execution supported profitability EUR million 365 314 259 294 400 331 280 307 440 333 292303 331 283 290 307 320 309 330 299 342 324 17.0 16.6 16.1 16.0 16.0 14.1 15.6 16.2 16.0 16.3 16.4 Orders received, EUR millionSales, EUR million Adjusted EBITA, % of sales Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/260 100 200 300 400 500 600 0.0 3.0 6.0 9.0 12.0 15.0 18.0 Aggregates: sales growth and higher margin * From January 1, 2026, certain products moved from aftermarket to equipment. The Q3/26 impact was EUR 8 million in orders and EUR 9 million in sales. Comparative figures have not been re- presented. Target 17% 13
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October 22, 2026 • Orders +34% to EUR 1,323 million • 31% organic growth in constant currencies • Equipment orders +79%. Strong small and medium- sized orders, plus a EUR 90 million copper-related order • Aftermarket orders +11% • Book-to-bill 1.26. Backlog up 21% to EUR 3,372 million • Sales +3% to EUR 1,049 million • Stable sales in constant currencies • Equipment sales -9% y-o-y but up sequentially, reflecting delivery timing • Aftermarket sales +11%, or 64% (60%) of sales • Adjusted EBITA EUR 189 million (EUR 184 million), margin 18.0% (18.0%) • Higher aftermarket share supported profitability, partly offset by the temporary impact of higher freight costs EUR million 1,018 877 978 1,173 1,066 910 984 1,194 1,115 1,129 1,323 961 919 928 1,011 906 936 1,019 1,113 953 992 1,049 17.3 17.1 18.1 17.1 16.8 16.5 18.0 17.1 17.6 18.3 18.0 Orders received, EUR millionSales, EUR million Adjusted EBITA, % of sales Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/260 300 600 900 1,200 1,500 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 Minerals: strong orders and stable profitability Target 20% 14
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October 22, 2026 Summary • Customer activity converted into strong orders • Growing backlog supports future sales • Sales progressing as expected • Solid profitability across both segments • Investing for long-term profitable growth October 22, 202615
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October 22, 2026 It should be noted that certain statements herein which are not historical facts, including, without limitation, those regarding expectations for general economic development and the market situation, expectations for customer industry profitability and investment willingness, expectations for company growth, development and profitability and the realization of synergy benefits and cost savings, and statements preceded by ”expects”, ”estimates”, ”forecasts” or similar expressions, are forward looking statements. These statements are based on current decisions and plans and currently known factors. They involve risks and uncertainties which may cause the actual results to materially differ from the results currently expected by the company. Forward looking statements Such factors include, but are not limited to: 1) general economic conditions, including fluctuations in exchange rates and interest levels which influence the operating environment and profitability of customers and thereby the orders received by the company and their margins 2) the competitive situation, especially significant technological solutions developed by competitors 3) the company’s own operating conditions, such as the success of production, product development and project management and their continuous development and improvement 4) the success of pending and future acquisitions and restructuring. 16
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Q&A
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Partner for positive change metso.com