Slides
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Strong orders received and increased Comparable EBITA Interim Review, January–September 2026 October 28, 2026 Thomas Hinnerskov, President and CEO Pekka Rouhiainen, Vice President, Investor Relations
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Q3/2026 highlights
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Strong biomaterial services growth, major project wins and record third- quarter Comparable EBITA October 28, 2026 © Valmet | Interim Review, January–September 20263 Highlights Orders received EUR 1,408 million +25% organically Orders received +3% organically, a resilient result in a low-growth market Comparable EBITA margin remained at a strong level of 20.2% Strong orders, with 12% organic growth in services and EUR 552 million in capital orders Comparable EBITA margin increased to 10.7%, supported by higher net sales and cost savings Net sales EUR 1,360 million +1% organically Comparable EBITA EUR 169 million Margin stable y/y at 12.4% Strong order intake, with biomaterial services up 12% organically Record third-quarter Comparable EBITA Year-to-date net sales and Comparable EBITA above last year, 2026 guidance reiterated Strategic review progressing according to plan Process Performance Solutions Biomaterial Solutions and Services
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October 28, 2026 © Valmet | Interim Review, January–September 20264 2030 TARGETS 5% Organic growth 15% Comparable EBITA 20% Comparable ROCE Valmet improves the performance of industrial assets – across their lifecycle • Run their operations more reliably • Produce more efficiently • Use fewer resources • Operate with less manual effort Delivered through lifecycle services, upgrades and automation WE HELP CUSTOMERS TO: Drives recurring, lifecycle demand across our global installed base Reduces dependency on large capital projects WHAT THIS MEANS FOR VALMET
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Orders increased 25% organically, supported by strong biomaterial services growth and major project wins October 28, 2026 © Valmet | Interim Review, January–September 20265 • Orders received increased 25% organically to EUR 1.4 billion • Biomaterial services orders increased 12% organically, with growth across regions, service categories and business areas • Process Performance Solutions’ orders increased 3% organically • Major project wins supported growth and demonstrate our technological leadership and competitiveness globally Orders received (EUR million and organic growth y/y) 1,041 2,463 1,332 1,520 1,083 1,281 1,092 1,373 1,408 Orders received (LHS)Last 4 quarters (RHS) Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 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% -46% -15% -9% 25%
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322 443 406 376 345 372 400 379 399 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 354 424 339 372 361 410 341 370 408 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 65 81 55 66 79 90 63 69 82 18.3% 19.1% 16.2% 17.8% 21.9% 21.9% 18.5% 18.7% 20.2% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Orders received (EUR million and growth y/y) Net sales (EUR million and growth y/y) Comparable EBITA (EUR million and % of net sales) October 28, 2026 © Valmet | Interim Review, January–September 20266 6%10%13%14% Q3 2026 performance Orders received increased 16% to EUR 399 million • Orders received increased 3% organically, with resilient development despite continued geopolitical tensions • Engineered Severe Service, formerly Severn Group, contributed EUR 44 million to orders received, affected by geopolitical tensions and related customer decision-making during the quarter • The acquisition was completed at the beginning of Q3, and the integration is progressing according to plan Net sales increased 13% to EUR 408 million • Net sales remained at the previous year’s level organically • Organic growth was 3% in Flow Control and -4% in Automation Solutions Comparable EBITA margin remained at a strong level • Comparable EBITA amounted to EUR 82 million, while margin was 20.2% • Comparable EBITA was impacted by the consolidation of Engineered Severe Service 2% 11% 39% 24% 7% 7% -16% -3% -2% 1% 1% 0% Solid growth and strong Comparable EBITA margin 16% 13% PROCESS PERFORMANCE SOLUTIONS SEGMENT
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7 Helping customers become more competitive on the path towards autonomous mills October 28, 2026 © Valmet | Interim Review, January–September 2026 Further strengthens our leadership in pulp and paper automation Advances our offering towards autonomous mills by connecting production planning with real-time process control Creates long-term growth opportunities in process industries by building on Valmet’s existing customer base, technology and global reach 1 2 3 An established platform with recurring revenue ~300 installations worldwide EUR ~32 million annual revenue STRATEGIC RATIONALE Recurring aftermarket opportunity from software maintenance and support The acquisition of market-leading manufacturing execution system (MES) business from Tieto
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Strong service growth, major project wins and increasing profitability 719 2,020 926 1,144 738 908 693 994 1,009 412 479 568 534 404 439 506 493 457 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 941 1,104 846 869 934 1,067 904 945 952 453 567 433 460 449 511 414 475 471 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 101 128 82 87 89 123 64 98 102 10.7% 11.6% 9.7% 10.0% 9.5% 11.6% 7.1% 10.4% 10.7% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Orders received (EUR million) Net sales (EUR million) Comparable EBITA (EUR million and % of net sales) October 28, 2026 © Valmet | Interim Review, January–September 20268 Biomaterial services■ Q3 2026 performance Orders received increased to EUR 1.0 billion • Biomaterial services orders increased 12% organically, with growth across regions, service categories and business areas • Increasing lifecycle service penetration across our large installed base is a key growth priority under the Lead the Way strategy • Capital project orders increased to EUR 552 million • Major project wins reflect our global competitiveness and customers’ confidence in our technology and long-term partnership Net sales amounted to EUR 952 million • Net sales remained at the previous year’s level (organically +1%) • Biomaterial services net sales increased 4% organically Comparable EBITA increased to EUR 102 million and margin to 10.7% • Supported by higher net sales and benefits from efficiency and cost reduction actions under the Lead the Way strategy BIOMATERIAL SOLUTIONS AND SERVICES SEGMENT
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Financial development
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Net sales and Comparable EBITA increased 1,295 1,528 1,184 1,241 1,295 1,477 1,244 1,315 1,360 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 156 192 121 143 159 196 114 152 169 12.0% 12.6% 10.2% 11.5% 12.3% 13.3% 9.2% 11.5% 12.4% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Net sales (EUR million and organic growth y/y) Comparable EBITA (EUR million and % of net sales) October 28, 2026 © Valmet | Interim Review, January–September 202610 -4%-6%-5%-8% 2% Record third-quarter comparable EBITA • Comparable EBITA increased to EUR 169 million and margin was 12.4% • The increase was due to the consolidation of Engineered Severe Service and the positive impact of efficiency and cost reduction actions under the Lead the Way strategy -1% 9% 6% Net sales increased to EUR 1,360 million • Net sales were EUR 66 million higher than in Q3/25 • Approximately EUR 13 million positive FX impact • Engineered Severe Service contributed EUR 46 million • Net sales 1% higher organically, supported by 4% organic growth in biomaterial services 1%
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984 936 899 EUR million 2024 2025 Q3/26 LTM Comparable SG&A reflects strategy execution October 28, 2026 © Valmet | Interim Review, January–September 202611 LTM = Last twelve months Comparable SG&A expenses1 EUR million and % of net sales BASELINE 1) Excluding the impact of Severn Group Acquisition completed on July, 1 2026. LTM comparable SG&A expenses compared with 2024 baseline. million Comparable SG&A1 cost reduction EUR 85
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Order backlog increased to close to EUR 4.5 billion at the end of Q3/2026 October 28, 2026 © Valmet | Interim Review, January–September 202612 • Order backlog was EUR 164 million higher than at the end of 2025, including the impact of Severn • Book-to-bill increased to 0.96 in Q3/2026 from 0.91 in Q2/2026 on LTM basis • Based on our current delivery schedules, we expect that roughly EUR 3.7 billion of the order backlog will be recognized as net sales in Q4/26 and 2027 (corresponding Q3/25 estimate: EUR 3.6 billion) Order backlog (EUR million) and book-to-bill (orders received / net sales) 4,403 3,973 4,452 4,306 4,470 1.02 0.90 1.09 1.00 0.96 2022 2023 2024 2025 Q3/2026 LTM LTM = Last twelve months
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Cash flow increased in Q3/2026, supported by the change in net working capital October 28, 2026 © Valmet | Interim Review, January–September 202613 • Cash flow from operating activities increased to EUR 210 million in Q3/2026 due to change in net working capital • Free cash flow increased to EUR 183 million in Q3/2026 • Comparable cash conversion1 ratio was 79% in Q3/26 LTM (92% in Q3/25 LTM) • Net working capital remained at 1% of LTM orders received Cash flow from operating activities (EUR million) 1) Comparable cash conversion ratio calculated as cash flow from operating activities / Comparable EBITA Reported net working capital benefitted from a EUR 123 million dividend liability, which had no cash impact Excluding the dividend liability, net working capital was EUR 1 3 8 m i l l i o n h i g h e r t h a n a t y e a r ‑ e n d 2 0 2 5 Net working capital and as a percentage of orders received (EUR million) 36 352 554 581 500 2022 2023 2024 2025 Q3/26 LTM -82 191 134 29 45 -2% 4% 2% 1% 1% Net working capitalNet working capital/orders received (LTM) 2022 2023 2024 2025 Q3/26 LTM = Last twelve months
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Healthy balance sheet maintained following the Severn acquisition October 28, 2026 © Valmet | Interim Review, January–September 202614 Net debt (EUR million) and gearing (%) Net debt to EBITDA1) ratio • Net debt increased by EUR 239 million from the end of Q2/2026 to EUR 1.2 billion following the completion of the Severn acquisition • Gearing increased from 39% to 47%, remaining below the financial target of 50% • Net debt to EBITDA* ratio was 1.78 in Q3/2026 (1.50 at the end of Q3/2025) 1) Last twelve months (LTM) EBITDA The average interest rate of Valmet's total debt was 3.6 percent at the end of Q3/2026 (3.6% at the end of Q3/2025) Net financial expenses amounted to EUR -21 million in Q3/2026 (EUR -13 million in Q3/2025) 1,057 1,032 875 992 945 904 888 965 1,204 43% 39% 36% 42% 38% 35% 37% 39% 47% Net debt Gearing Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 1.59 1.55 1.30 1.60 1.50 1.40 1.45 1.42 1.78 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26
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Higher returns on capital are a key financial priority October 28, 2026 © Valmet | Interim Review, January–September 202615 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 4,158 4,051 4,451 12.7% 13.0% 12.9% Capital employed Comparable ROCE (before taxes), LTM 2024 2025 Q3/26 LTM 0 1,000 2,000 3,000 4,000 5,000 6,000 0% 5% 10% 15% 20% 1.93 1.82 1.86 2024 2025 Q3/26 LTM • Capital employed increased following the Severn acquisition • Comparable ROCE remained broadly stable at 12.9 percent (13.1% at Q3/2025) • Our 5% growth and 15% Comparable EBITA margin targets provide the path to 20% ROCE by 2030 LTM = Last twelve months 2030 ROCE target: 20%
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October 28, 2026 © Valmet | Interim Review, January–September 202616 Items affecting comparability: EUR -25 million in Q3/2026 (EUR -10 million in Q3/2025) and EUR -59 million in Q1–Q3/2026 (EUR -80 million in Q1–Q3/2025). EUR million Q3/2026 Q3/2025 Change Q1–Q3/2026 Q1–Q3/2025 Change Orders received 1,408 1,083 30% 3,874 3,936 -2 % Order backlog1 4,470 4,526 -1 % Net sales 1,360 1,295 5% 3,920 3,720 5 % Comparable EBITA 169 159 6% 434 423 3 % % of net sales 12.4 % 12.3 % 0.2 pp 11.1 % 11.4 % -0.3 pp Items affecting comparability -25 -10 -59 -80 EBITA 144 149 -4% 376 343 9 % Operating profit (EBIT) 115 125 -8% 300 271 11 % Profit before taxes 94 112 -16 % 253 227 12 % Effective tax rate, %2 25.3% 23.4% 1.9 pp 29.3% 22.9% 6.4 pp Adjusted earnings per share, EUR3 0.48 0.54 -11 % 1.21 1.18 3 % Earnings per share, EUR 0.38 0.46 -18% 0.97 0.95 2 % Comparable ROCE, LTM4 12.9 % 13.1 % -0.2 pp Cash flow from operating activities 210 94 >100% 310 391 -21 % Free cash flow 183 70 >100% 251 310 -19 % Net debt to EBITDA5 ratio 1.78 1.50 19 % Gearing1 47 % 38 % 8.4 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 (LTM=Last twelve months) 5) Last twelve months (LTM) EBITDA
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Guidance and short-term market outlook
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Guidance and short-term market outlook October 28, 2026 © Valmet | Interim Review, January–September 202618 Guidance Short-term market outlook for October 2026 – March 2027 Guidance for 2026 Valmet reiterates its guidance issued on February 6, 2026, in which 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). Valmet’s short-term market outlook covers the period October 2026 – March 2027. It reflects Valmet’s estimate of expected growth and demand trends in its key markets, based on ongoing discussions with customers and other market information. It should not be interpreted as guidance for Valmet’s own orders received. Valmet estimates that the market for Process Performance Solutions is expected to remain at low year-over-year growth. At the same time, uncertainty related to the geopolitical situation and global economic outlook remains high, which reduces short-term market visibility. Valmet estimates that the market in Biomaterial Solutions and Services will remain broadly unchanged. However, it is typical that the timing of customers' large investment decisions can have a significant impact on market activity in any individual quarter. The biomaterial services market is expected to stabilize in the coming quarters. Uncertainty related to the geopolitical situation and global economic outlook remains high, causing short-term volatility and limiting market visibility. Process Performance Solutions Biomaterial Solutions and Services
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Strong biomaterial services growth, major project wins and record third- quarter comparable EBITA October 28, 2026 © Valmet | Interim Review, January–September 202619 Highlights Orders received EUR 1,408 million +25% organically Process Performance Solutions Orders received +3% organically, a resilient result in a low-growth market Comparable EBITA margin remained at a strong level of 20.2% Biomaterial Solutions and Services Strong orders, with 12% organic growth in services and EUR 552 million in capital orders Comparable EBITA margin increased to 10.7%, supported by higher net sales and cost savings Net sales EUR 1,360 million +1% organically Comparable EBITA EUR 169 million Margin stable y/y at 12.4% Strong order intake, with biomaterial services up 12% organically Record third-quarter comparable EBITA Year-to-date net sales and Comparable EBITA above last year, 2026 guidance reiterated Strategic review progressing according to plan
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October 28, 2026 © Valmet | Interim Review, January–September 202620 Q&A
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October 28, 2026 © Valmet | Interim Review, January–September 202621 Financial Statements Review for 2026 February 4, 2027 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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The Information, including but not limited to forward-looking statements, applies only as of the date of this document and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the Information, including any financial data or forward-looking statements, and will not publicly release any revisions it may make to the Information that may result from any change in the Company’s expectations, any change in events, conditions or circumstances on which these forward-looking statements are based, or other events or circumstances arising after the date of this document. Market data used in the Information not attributed to a specific source are estimates of the Company and have not been independently verified. October 28, 2026 © Valmet | Interim Review, January–September 202622
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Appendix
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3991,009 Process Performance Solutions Biomaterial Solutions and Services 408952 Process Performance Solutions Biomaterial Solutions and Services Valmet in Q3/2026 October 28, 2026 © Valmet | Interim Review, January–September 202624 Comparable EBITA (excl. Other)Net sales 82102 Process Performance Solutions Biomaterial Solutions and Services EUR million EUR million EUR million EUR million Orders received Orders received EUR 1,408 million Net sales EUR 1,360 million Comparable EBITA EUR 169 million Comparable EBITA margin 12.4% Order backlog EUR 4,470 million Employees 19,400 EUR million EUR million Biomaterial services EUR 457 million Biomaterial services EUR 471 million
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October 28, 2026 © Valmet | Interim Review, January–September 202625 Segment key figures Orders received, EUR million Q3/2026 Q3/2025 Change Q1–Q3/2026 Q1–Q3/2025 Change 2025 Process Performance Solutions 399 345 16 % 1,178 1,128 4 % 1,500 Biomaterial Solutions and Services 1,009 738 37 % 2,696 2,808 -4 % 3,716 Total 1,408 1,083 30 % 3,874 3,936 -2 % 5,216 Net sales, EUR million Q3/2026 Q3/2025 Change Q1–Q3/2026 Q1–Q3/2025 Change 2025 Process Performance Solutions 408 361 13 % 1,119 1,072 4 % 1,481 Biomaterial Solutions and Services 952 934 2 % 2,801 2,649 6 % 3,716 Total 1,360 1,295 5 % 3,920 3,720 5 % 5,197 Comparable EBITA, EUR million Q3/2026 Q3/2025 Change Q1–Q3/2026 Q1–Q3/2025 Change 2025 Process Performance Solutions 82 79 5 % 215 200 7 % 290 Biomaterial Solutions and Services 102 89 15 % 264 258 2 % 381 Other -15 -9 -76 % -44 -34 -27 % -51 Total 169 159 6 % 434 423 3 % 620 Comparable EBITA margin, % of net sales Q3/2026 Q3/2025 Change Q1–Q3/2026 Q1–Q3/2025 Change 2025 Process Performance Solutions 20.2 % 21.9 % -1.6 pp 19.2 % 18.7 % 0.5 pp 19.6 % Biomaterial Solutions and Services 10.7 % 9.5 % 1.2 pp 9.4 % 9.7 % -0.3 pp 10.3 % Total 12.4 % 12.3 % 0.2 pp 11.1 % 11.4 % -0.3 pp 11.9 %
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Comparable gross profit and SG&A expenses development October 28, 2026 © Valmet | Interim Review, January–September 202626 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 1,472 24.9% 25.8% 28.2% 28.4% 27.3% EUR million (LHS) % of net sales (RHS) 2022 2023 2024 2025 Q3/26 LTM 829 901 984 936 916 16.3% 16.3% 18.4% 18.0% 17.0% EUR million (LHS) % of net sales (RHS) 2022 2023 2024 2025 Q3/26 LTM LTM = Last twelve months
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October 28, 2026 © Valmet | Interim Review, January–September 202627 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 5,155 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3/26 LTM LTM = Last twelve months
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October 28, 2026 © Valmet | Interim Review, January–September 202628 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 5,397 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3/2026 LTM LTM = Last twelve months
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October 28, 2026 © Valmet | Interim Review, January–September 202629 Long-term development of Valmet’s Comparable EBITA and margin EUR million and % of net sales 106 182 196 218 257 316 365 429 533 619 609 620 631 4.3% 6.2% 6.7% 7.1% 7.7% 8.9% 9.8% 10.9% 10.5% 11.2% 11.4% 11.9% 11.7% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3/2026 LTM LTM = Last twelve months