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‘Lead the Way’ strategy delivered first results: Comparable EBITA margin increased to 11.9 percent in 2025 Financial Statements Review 2025 February 6, 2026 Thomas Hinnerskov, President and CEO Katri Hokkanen, CFO
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Financial Statements Review 2025 Agenda February 6, 2026 © Valmet | Financial Statements Review 20252 1 Q4/2025 and 2025 highlights 2 3 Financial development Dividend proposal, guidance and short-term market outlook
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Q4/2025 and 2025 highlights
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2025 highlights February 6, 2026 © Valmet | Financial Statements Review 20254 Net sales remained flat and Comparable EBITA margin increased to 11.9% as the actions taken earlier in our operating model renewal began to deliver savings during the second half of 2025 Process Performance Solutions’ Comparable EBITA margin increased to 19.6%, reflecting strong execution in 2025 and supporting our strategic direction as we invest for further growth in 2026 Orders received decreased organically by 9% and were EUR 5.2 billion, a solid achievement considering the landmark pulp mill order in 2024, valued at over EUR 1 billion Cash conversion ratio remained strong and the operating cash flow increased to EUR 581 million Biomaterial Solutions and Services capitalized on strong Tissue demand and maintained stable margins despite overcapacity in packaging board and paper and a generally weak global economy Board’s dividend proposal: EUR 1.35 dividend per share, which represents 89% payout ratio ‘Lead the Way’ strategy launched in 2025 with bold, early decisions on operating model renewal ahead of the market slowdown in the second half of 2025
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Q4/2025 highlights February 6, 2026 © Valmet | Financial Statements Review 20255 Subdued biomaterial services market continued as anticipated, but orders were close to last year’s level when excluding the Arauco project and FX impacts C o m p a r a b l e E B I T A m a r g i n r e a c h e d a n a l l - t i m e h i g h o f 1 3 . 3 % , driven by savings from the renewed operating model under the ‘Lead the Way’ strategy Orders received decreased to EUR 1.3 billion against a very demanding comparison that included the landmark Arauco project Secured several key wins s u c h a s o u r l a r g e s t - e v e r e n e r g y o r d e r f o r a b i o m a s s p o w e r p l a n t i n B e r l i n Process Performance Solutions delivered another strong performance with a 21.9% margin Announced acquisition of Severn Group to strengthen Process Performance Solutions segment
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Orders received amounted close to EUR 1.3 billion in Q4/2025 February 6, 2026 © Valmet | Financial Statements Review 20256 • Orders received decreased in Q4/25 as expected in both segments, mainly due to the landmark pulp mill order in Q4/24 • Largest-ever energy order for BEW’s biomass power plant in Berlin, including extensive service agreements secured in Q4/25 • Biomaterial services market continued to be subdued during the fourth quarter • The market environment in Process Performance Solutions softened in Q4/2025, particularly in Pulp & Paper automation Orders received (EUR million and organic growth y/y) 1,050 1,283 1,041 2,463 1,332 1,520 1,083 1,281 Orders received (LHS)Last 4 quarters (RHS) Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 0 500 1,000 1,500 2,000 2,500 3,000 3,500 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 >100% 7%21%23%-1%-7%-36% -46%
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7 Expanding the reach of Valmet’s automation solutions Automation for next-generation Polarstern polar research vessel • Demonstrates the versatility of Valmet’s automation far beyond traditional process industries in mission-critical marine and research platforms • Proof of reliability in the most extreme environments on Earth, in the Arctic and Antarctic • Strengthens Valmet’s automation installed base and creates long-term recurring lifecycle revenues over multi- decade asset life • Strengthens Valmet’s position in marine automation, building on a #1–2 global position in the cruise segment • End user: Alfred Wegener Institute (AWI), operating a flagship global climate and polar research platform • Scope: Valmet Integrated Automation System covering machinery, power management, emergency shutdown and vibration monitoring, plus lifecycle services February 6, 2026 © Valmet | Financial Statements Review 2025 Valmet will supply mission-critical automation for the new Polarstern, a next- generation polar research vessel.
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8 Severn to strengthen Valmet’s market position in mission-critical valve and valve automation solutions Valmet to acquire Severn Group • Leading severe service valve technologies, high-quality installed base and strong customer relationships globally • Strong capabilities and proven track record in severe service makes Severn an excellent strategic fit • Strengthens Flow Control’s position and market share in refining and chemicals, energy and gases and metals and mining • Supports growth outside Valmet’s traditional biomaterials core • Synergy potential through complementary offerings, expanded market reach, and increased service penetration • Severn’s revenue in 2025 is estimated to be EUR 215 million with an EBITDA margin of around 16% • The transaction is valued at USD 480 million on a cash and debt- free basis • The acquisition is estimated to be completed during Q2/2026 February 6, 2026 © Valmet | Financial Statements Review 2025
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Process Performance Solutions: Comparable EBITA increased to a new record in Q4/2025 328 352 322 443 406 376 345 372 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 309 351 354 424 339 372 361 410 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 51 58 65 81 55 66 79 90 16.5% 16.5% 18.3% 19.1% 16.2% 17.8% 21.9% 21.9% Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Orders received (EUR million and growth y/y) Net sales (EUR million and growth y/y) Comparable EBITA (EUR million and % of net sales) February 6, 2026 © Valmet | Financial Statements Review 20259 6%10%13%14%4%2% Orders received decreased as anticipated • Orders received decreased to EUR 372 million • Orders received decreased organically 12% • Organic growth was impacted by a landmark Automation Solutions order from Arauco in the comparison period and overall softer market environment Net sales remained at the previous year’s level • Net sales amounted to EUR 410 million • Net sales organic growth was 1% • Organic growth was 4% in Flow Control and -2% in Automation Solutions Comparable EBITA increased to a new record • Comparable EBITA increased to EUR 90 million and margin to 21.9% • The margin was supported by solid commercial execution, operating model efficiencies and overall disciplined cost control 2% -16% 4% 11% 39% 24% 7% 7% -16% -3%
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Biomaterial Solutions and Services: Comparable EBITA margin supported by operating model efficiencies in Q4/2025 722 930 719 2,020 926 1,144 738 908 527 497 412 479 568 534 404 439 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 903 973 941 1,104 846 869 934 1,067 406 473 453 567 433 460 449 511 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 80 95 101 128 82 87 89 123 8.9% 9.8% 10.7% 11.6% 9.7% 10.0% 9.5% 11.6% Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Orders received (EUR million) Net sales (EUR million) Comparable EBITA (EUR million and % of net sales) February 6, 2026 © Valmet | Financial Statements Review 202510 Biomaterial services■ Largest-ever energy order secured in the fourth quarter • Orders received amounted EUR 908 million • Orders received decreased due to landmark pulp mill order in the comparison period • Service orders decreased 5% organically • Biomaterial services market continued to be slower compared to the high H1/25 level Net sales remained at the previous year’s level • Net sales amounted to EUR 1,067 million • Net sales remained at the previous year’s level (-1% organically) • Biomaterial services net sales decreased 7% organically Comparable EBITA and margin remained at the previous year’s level • Comparable EBITA amounted to EUR 123 million and margin was 11.6% • Biomaterial services net sales decreased, but operating model efficiencies supported the margin development of the segment
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Financial development
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Net sales and Comparable EBITA 1,212 1,324 1,295 1,528 1,184 1,241 1,295 1,477 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 121 141 156 192 121 143 159 196 10.0% 10.6% 12.0% 12.6% 10.2% 11.5% 12.3% 13.3% Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Net sales (EUR million and organic growth y/y) Comparable EBITA (EUR million and % of net sales) February 6, 2026 © Valmet | Financial Statements Review 202512 -4%-6%-5%-8%-12%-11% Net sales amounted close to EUR 1.5 billion in Q4/2025 • Net sales were EUR 51 million lower than in Q4/24 • Approximately EUR 42 million negative FX impact • Organic net sales 1% lower than Q4/2024 • Stable development organically in both segments 2% Record-high Comparable EBITA and margin in Q4/2025 • Comparable EBITA was EUR 196 million and margin 13.3% • The margin increased due to cost savings from the operating model renewal -1%
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Order backlog amounted to EUR 4.3 billion at the end of 2025 February 6, 2026 © Valmet | Financial Statements Review 202513 • Order backlog was EUR 146 million lower than at the end of 2024 • Based on our current delivery schedules, we expect that approximately EUR 3.1 billion of the order backlog will be recognized as net sales in 2026 (at the end of 2024, approximately EUR 3.1 billion during 2025) Order backlog (EUR million) and book-to-bill (orders received / net sales) 4,403 3,973 4,452 4,306 1.02 0.90 1.09 1.00 2022 2023 2024 2025
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Strong cash conversion ratio in line with long-term historical average February 6, 2026 © Valmet | Financial Statements Review 202514 • Cash flow from operating activities amounted to EUR 189 million in Q4/2025 and EUR 581 in 2025 • Comparable cash conversion1 ratio was 94% in 2025, in line with long-term historical average • Net working capital decreased to EUR 29 million (EUR 134 million), which equals 1% (2%) of last 12 months orders received • CAPEX2 amounted to EUR -103 million (EUR -107 million) in 2025 and represented 2.0% of net sales Cash flow from operating activities (EUR million) 1) Comparable cash conversion ratio calculated as cash flow from operating activities / Comparable EBITA 2) Excluding business combinations and right-of-use assets. Net working capital and orders received (EUR million) 36 352 554 581 2022 2023 2024 2025 -82 191 134 29 5,194 4,955 5,837 5,216 -2% 4% 2% 1% Net working capitalOrders received Net working capital/orders received 2022 2023 2024 2025
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Gearing decreased from the previous quarter’s level February 6, 2026 © Valmet | Financial Statements Review 202515 Net debt (EUR million) and gearing (%) Net debt to EBITDA* ratio • Net debt was EUR 904 million and gearing decreased from 38% in Q3/2025 to 35% in Q4/2025 • Net debt to EBITDA* ratio decreased from 1.50 in Q3/2025 to 1.40 in Q4/2025 • The average interest rate of Valmet's total debt was 3.4% at the end of 2025 (4.0% at the end of 2024) • Net financial expenses amounted to EUR -62 million in 2025 (EUR -65 million in 2024) *Last twelve months (LTM) EBITDA 502 345 542 531 1,027 939 1,094 1,057 1,032 875 992 945 904 20% 15% 23% 21% 40% 39% 45% 43% 39% 36% 42% 38% 35% Net debt Gearing Q4/22Q1/23Q2/23Q3/23Q4/23Q1/24Q2/24Q3/24Q4/24Q1/25Q2/25Q3/25Q4/25 0.78 0.49 0.77 0.74 1.46 1.36 1.63 1.59 1.55 1.30 1.60 1.50 1.40 Q4/22Q1/23Q2/23Q3/23Q4/23Q1/24Q2/24Q3/24Q4/24Q1/25Q2/25Q3/25Q4/25
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Capital employed, Comparable ROCE and EPS February 6, 2026 © Valmet | Financial Statements Review 202516 Capital employed (EUR million) and Comparable ROCE (%) Adjusted earnings per share is an alternative performance measure that excludes the impact of fair value adjustments arising from business combinations, net of tax. Adjusted EPS, EUR 3,308 4,055 4,158 4,051 17.0% 14.5% 12.7% 13.0% Capital employed Comparable ROCE (before taxes), LTM 2022 2023 2024 2025 2.37 2.28 1.93 1.82 2022 2023 2024 2025 • The acquisitions of Analyzer Products and Integration in 2024 and Tissue Converting in 2023, and the integration of Flow Control into Valmet in 2022 have increased capital employed • Adjusted EPS decrease was mainly related to a change in expensing of fair value adjustments recognized in business combinations, net of tax
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February 6, 2026 © Valmet | Financial Statements Review 202517 Items affecting comparability: EUR -6 million in Q4/2025 (EUR -19 million in Q4/2024) and EUR -85 million in 2025 (EUR -53 million in 2024). EUR million Q4/2025 Q4/2024 Change 2025 2024 Change Orders received 1,281 2,463 -48% 5,216 5,837 -11 % Order backlog1 4,306 4,452 -3 % Net sales 1,477 1,528 -3% 5,197 5,359 -3 % Comparable EBITA 196 192 2% 620 609 2 % % of net sales 13.3 % 12.6 % 0.7 pp 11.9 % 11.4 % 0.6 pp EBITA 191 173 10% 534 557 -4 % Operating profit (EBIT) 167 150 11% 438 449 -2 % Profit before taxes 149 134 12 % 376 383 -2 % Effective tax rate, %2 29.9% 26.3% 3.6 pp 25.7% 26.8% -1.1 pp Adjusted earnings per share, EUR3 0.64 0.60 8% 1.82 1.93 -6 % Earnings per share, EUR 0.57 0.53 7% 1.52 1.52 0 % Comparable ROCE4 13.0 % 12.7 % 0.2 pp Cash flow from operating activities 189 178 7% 581 554 5 % Net debt to EBITDA ratio 1.40 1.55 -10 % Gearing1 35 % 39 % -4.6 pp Key figures 1) At end of period 2) Calculated as (income taxes during the period / profit before taxes for the period) x 100% 3) Adjusted earnings per share excludes the impact of fair value adjustments arising from business combinations, net of tax 4) Comparable return on capital employed (ROCE) before taxes
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Dividend proposal, guidance and short-term market outlook
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Dividend proposal Dividend policy • Dividend payout at least 50% of net profit Board of Directors’ proposal to the Annual General Meeting • EUR 1.35 dividend per share, which represents 89% payout ratio • The dividend shall be paid in two installments February 6, 2026 © Valmet | Financial Statements Review 202519
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Guidance and short-term market outlook February 6, 2026 © Valmet | Financial Statements Review 202520 Guidance Short-term market outlook for January 2026 - June 2026 Guidance for 2026 Valmet estimates that net sales in 2026 will remain at the previous year's level in comparison with 2025 (EUR 5,197 million) and Comparable EBITA in 2026 will remain at the previous year's level or increase in comparison with 2025 (EUR 620 million). The short-term market outlook is given for January 2026 – June 2026 compared with October–December 2025. Valmet’s estimate of the expected growth rate of its key markets, based on ongoing discussions with customers and other market information. The outlook excludes normal seasonal variation in Valmet’s business and should not be interpreted as guidance for Valmet’s own orders received. Valmet notes that the market environment in Process Performance Solutions softened in Q4/2025. Valmet does not expect further softening from this level and anticipates the market to stabilize and improve modestly from the weaker Q4 level during the first half of 2026. Uncertainty on global economic outlook remains high and continues to impact customers’ decision making, capacity utilization rates and profitability levels. Valmet expects the biomaterial services market to remain soft in the coming quarters. It is typical that large individual investment decisions by customers can influence the overall market significantly within a single quarter. Process Performance Solutions Biomaterial Solutions and Services
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February 6, 2026 © Valmet | Financial Statements Review 202521 Q&A
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February 6, 2026 © Valmet | Financial Statements Review 202522 Interim Review, January– March for 2026 April 28, 2026 www.valmet.com/investors
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Important notice IMPORTANT: The following applies to this document, the oral presentation of the information in this document by Valmet (the “Company”) or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation (collectively, the “Information”). In accessing the Information, you agree to be bound by the following terms and conditions. The Information is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of, or located in, any locality, state, country or other jurisdiction where such distribution or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The Information is not for publication, release or distribution in the United States, the United Kingdom, Australia, Canada or Japan. 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Appendix
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1,5003,716 Process Performance Solutions Biomaterial Solutions and Services Valmet in 2025 February 6, 2026 © Valmet | Financial Statements Review 202525 Comparable EBITA (excl. Other)Net sales 1,4813,716 Process Performance Solutions Biomaterial Solutions and Services 290381 Process Performance Solutions Biomaterial Solutions and Services EUR million EUR million EUR million EUR million Orders received Orders received EUR 5,216 million Net sales EUR 5,197 million Comparable EBITA EUR 620 million Comparable EBITA margin 11.9% Order backlog EUR 4,306 million Employees 18,487 EUR million EUR million Biomaterial services EUR 1,948 million
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February 6, 2026 © Valmet | Financial Statements Review 202526 Segment key figures Orders received, EUR million Q4/2025 Q4/2024 Change 2025 2024 Change Process Performance Solutions 372 443 -16 % 1,500 1,446 4 % Biomaterial Solutions and Services 908 2,020 -55 % 3,716 4,392 -15 % Total 1,281 2,463 -48 % 5,216 5,837 -11 % Net sales, EUR million Q4/2025 Q4/2024 Change 2025 2024 Change Process Performance Solutions 410 424 -3 % 1,481 1,437 3 % Biomaterial Solutions and Services 1,067 1,104 -3 % 3,716 3,922 -5 % Total 1,477 1,528 -3 % 5,197 5,359 -3 % Comparable EBITA, EUR million Q4/2025 Q4/2024 Change 2025 2024 Change Process Performance Solutions 90 81 11 % 290 255 14 % Biomaterial Solutions and Services 123 128 -3 % 381 403 -5 % Other -16 -17 -2 % -51 -49 4 % Total 196 192 2 % 620 609 2 % Comparable EBITA margin, % of net sales Q4/2025 Q4/2024 Change 2025 2024 Change Process Performance Solutions 21.9 % 19.1 % 2.8 pp 19.6 % 17.7 % 1.8 pp Biomaterial Solutions and Services 11.6 % 11.6 % 0.0 pp 10.3 % 10.3 % 0.0 pp Total 13.3 % 12.6 % 0.7 pp 11.9 % 11.4 % 0.6 pp
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Comparable gross profit and SG&A expenses development February 6, 2026 © Valmet | Financial Statements Review 202527 Comparable gross profit (EUR million and % of net sales) Comparable SG&A expenses (EUR million and % of net sales) 1,263 1,429 1,513 1,478 24.9% 25.8% 28.2% 28.4% EUR million (LHS) % of net sales (RHS) 2022 2023 2024 2025 829 901 984 936 16.3% 16.3% 18.4% 18.0% EUR million (LHS) % of net sales (RHS) 2022 2023 2024 2025
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February 6, 2026 © Valmet | Financial Statements Review 202528 Long-term development of Valmet’s orders received, EUR million 3,071 2,878 3,139 3,272 3,722 3,986 3,653 4,740 5,194 4,955 5,837 5,216 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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February 6, 2026 © Valmet | Financial Statements Review 202529 Long-term development of Valmet’s net sales, EUR million 2,473 2,928 2,926 3,058 3,325 3,547 3,740 3,935 5,074 5,532 5,359 5,197 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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February 6, 2026 © Valmet | Financial Statements Review 202530 Long-term development of Valmet’s Comparable EBITA and margin EUR million and % of net sales 106 182 196 218 257 316 365 429 533 619 609 620 4.0% 6.0% 7.0% 7.0% 8.0% 9.0% 10.0% 11.0% 10.5% 11.2% 11.4% 11.9% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025