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Interim Review January 1 – September 30, 2026

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VALMET’S INTERIM REVIEW JANUARY 1 – SEPTEMBER 30, 2026 Strong orders received and increased comparable EBITA July–September 2026 • Orders received increased 30 percent to EUR 1,408 million (EUR 1,083 million). Organically orders received increased 25 percent. Growth was supported by strong order intake in biomaterial services, continued growth in Process Performance Solutions and a strong quarter in biomaterial capital projects. • Net sales increased 5 percent to EUR 1,360 million (EUR 1,295 million). • Comparable EBITA increased 6 percent to EUR 169 million (EUR 159 million). The increase was due to consolidation of Severn Group (now Engineered Severe Service) into Valmet as of July 1, 2026 and the positive impact of efficiency and cost reduction actions as part of the Lead the Way strategy. • Comparable EBITA margin remained at the previous year’s level at 12.4 percent (12.3%). • Earnings per share (EPS) decreased to EUR 0.38 (EUR 0.46) and adjusted EPS decreased to EUR 0.48 (EUR 0.54). EPS and adjusted EPS decreased due to lower operating profit and higher financing expenses. January–September 2026 • Orders received remained at the previous year’s level at EUR 3,874 million (EUR 3,936 million). Organically orders received remained at the previous year's level. • Net sales increased 5 percent to EUR 3,920 million (EUR 3,720 million). • Comparable EBITA remained at the previous year’s level and was EUR 434 million (EUR 423 million). • Comparable EBITA margin was 11.1 percent (11.4%). • EPS was EUR 0.97 (EUR 0.95). Adjusted EPS was EUR 1.21 (EUR 1.18). • Cash flow provided by operating activities totaled EUR 310 million (EUR 391 million). Key figures1 EUR million, or as indicated 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 backlog2 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 EBITA 144 149 -4 % 376 343 9 % Profit for the period 70 86 -18 % 179 175 3 % Earnings per share, EUR 0.38 0.46 -18 % 0.97 0.95 2 % Adjusted earnings per share, EUR 0.48 0.54 -11 % 1.21 1.18 3 % Cash flow provided by operating activities 210 94 >100% 310 391 -21 % Free cash flow 183 70 >100% 251 310 -19 % Comparable ROCE (LTM)3 12.9 % 13.1 % -0.2 pp ROCE (LTM)3 11.4 % 10.6 % 0.7 pp Net debt to EBITDA4 ratio (LTM) 1.78 1.50 19 % Gearing2 47 % 38 % 8.4 pp 1 The calculation of key figures is presented on section ‘Formulas for calculation of indicators’. 2 At end of period. 3 Return on capital employed before taxes. 4 Last twelve months’ EBITDA October 28, 2026, at 9 a.m. EET Valmet’s Interim Review, January–September 2026 | 2 | Figures in brackets, unless otherwise stated, refer to the comparison period, i.e., the same period of the previous year. LTM = Last twelve months. Strategic review progressing according to plan On July 24, 2026, Valmet announced that its Board of Directors had decided to initiate a strategic review to evaluate a potential separation of its two core businesses, Biomaterial Solutions and Services, and Process Performance Solutions, into two standalone publicly listed companies. The review is focused on assessing whether a separation of the two businesses and their operation as separately listed companies on Nasdaq Helsinki would create additional value for shareholders compared with the current combined structure. The strategic review is progressing according to plan. While no decision on a potential separation has been made, Valmet will initiate activities in Q4 2026 to strengthen the segments’ readiness to operate independently. Related costs are expected to be approximately EUR 10 million in Q4. Costs directly related to the strategic review will be reported as items affecting comparability and will not impact Comparable EBITA. Valmet will provide an update at the latest in connection with the publication of its full-year 2026 results.

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Guidance for 2026 unchanged 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). Short-term market outlook (October 2026 – March 2027) 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. Process Performance Solutions 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. Biomaterial Solutions and Services 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. Segment key figures Orders received, EUR million Q3/2026 Q3/2025 Change Q1–Q3/ 2026 Q1–Q3/ 2025 Change Process Performance Solutions 399 345 16% 1,178 1,128 4% Biomaterial Solutions and Services 1,009 738 37% 2,696 2,808 -4% of which biomaterial services 457 404 13% 1,457 1,509 -3% Total 1,408 1,083 30% 3,874 3,936 -2% Net sales, EUR million Q3/2026 Q3/2025 Change Q1–Q3/ 2026 Q1–Q3/ 2025 Change Process Performance Solutions 408 361 13% 1,119 1,072 4% Biomaterial Solutions and Services 952 934 2% 2,801 2,649 6% of which biomaterial services 471 449 5% 1,361 1,344 1% Total 1,360 1,295 5% 3,920 3,720 5% Comparable EBITA, EUR million Q3/2026 Q3/2025 Change Q1–Q3/ 2026 Q1–Q3/ 2025 Change Process Performance Solutions 82 79 5% 215 200 7% Biomaterial Solutions and Services 102 89 15% 264 258 2% Other -15 -9 -76% -44 -34 -27% Total 169 159 6% 434 423 3% Comparable EBITA, % of net sales Q3/2026 Q3/2025 Change Q1–Q3/ 2026 Q1–Q3/ 2025 Change Process Performance Solutions 20.2 % 21.9 % -1.6 pp 19.2 % 18.7 % 0.5 pp Biomaterial Solutions and Services 10.7 % 9.5 % 1.2 pp 9.4 % 9.7 % -0.3 pp Total 12.4 % 12.3 % 0.2 pp 11.1 % 11.4 % -0.3 pp EBITA, EUR million Q3/2026 Q3/2025 Change Q1–Q3/ 2026 Q1–Q3/ 2025 Change Process Performance Solutions 78 81 -3% 211 187 13% Biomaterial Solutions and Services 89 75 19% 217 206 5% Other -23 -7 >-100% -52 -50 -5% Total 144 149 -4 % 376 343 9% Valmet’s Interim Review, January–September 2026 | 3 |

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LETTER FROM PRESIDENT AND CEO Capturing lifecycle growth across our unique and large installed base “Everything we do at Valmet starts with one question: how can we help our customers become more competitive? In the third quarter, the trust they place in Valmet translated into strong demand: orders received increased 25 percent organically, while comparable EBITA reached a record level for a third quarter. I am particularly pleased with our biomaterial services business, where orders grew 12 percent organically. Growth was broad- based across regions, service categories and business areas. The market developed in line with our earlier view that it was stabilizing. Valmet has spent decades building a unique and large installed base around the world. In biomaterials, we have the largest installed base in the industry, representing a significant long-term growth opportunity. Our task is to serve our customers more broadly throughout the lifecycle of their assets. This builds deeper customer relationships and creates more recurring business for Valmet. Biomaterial capital orders were also strong at EUR 552 million, including major project wins in China and Asia-Pacific. Customers choose Valmet for some of their largest and most critical investments, including in the world’s most competitive markets. This reflects their confidence in our technology and in Valmet as a long-term partner. Each win also strengthens our installed base for decades to come. Process Performance Solutions delivered three percent organic order growth in a low-growth market, with a comparable EBITA margin of 20.2 percent. With Severn now part of Valmet, we have a broader offering and a larger market to serve. The integration is progressing according to plan. Comparable EBITA increased by EUR 10 million to EUR 169 million, supported by the Severn acquisition and the efficiency and cost reduction actions we are taking under our Lead the Way strategy. This is progress, but not the destination. By 2030, our target is to grow 5 percent organically and reach a 15 percent comparable EBITA margin. Together, these take us to a 20 percent return on capital employed. We earn these returns by helping our customers run their assets more reliably and efficiently throughout their lifecycle. When customers win, Valmet wins. That is how we create long-term value for our shareholders and opportunities for our people. Our strategic review is progressing according to plan. We are in the process of evaluating whether separating Biomaterial Solutions and Services and Process Performance Solutions into two standalone publicly listed companies would create additional value for shareholders compared with the current combined structure. We will provide an update at the latest in connection with our Financial Statements Review for 2026.” Thomas Hinnerskov President and CEO Valmet’s Interim Review, January–September 2026 | 4 | “Helping customers become more competitive throughout the lifecycle of their assets is a significant long-term growth opportunity for Valmet.”

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News conference and webcast for analysts, investors and media Valmet will host a results webcast in English as a live webcast at https://valmet.events.inderes.com/q3-2026 on Wednesday, October 28, 2026, at 9:30 a.m. Finnish time (EET). Recording of the webcast will be available shortly after the event at the same address. Participants may also join the news conference via a conference call by registering at: https://events.inderes.com/valmet/q3-2026/dial-in After the registration you will receive dial-in details and a conference ID. To ask a question during the call, please dial #5 on your telephone keypad. The event is held in English. Valmet’s Interim Review, January–September 2026 | 5 |

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Valmet’s Interim Review January 1 – September 30, 2026 Orders received Orders received, EUR million Q3/2026 Q3/2025 Change Organic1 Q1–Q3/ 2026 Q1–Q3/ 2025 Change Organic1 Process Performance Solutions 399 345 16% 3% 1,178 1,128 4% 3% Biomaterial Solutions and Services 1,009 738 37% 35% 2,696 2,808 -4% -3% of which biomaterial services 457 404 13% 12% 1,457 1,509 -3% -2% Total 1,408 1,083 30% 25% 3,874 3,936 -2% -2% 1 Organic growth in orders received, excluding impact from changes in foreign exchange rates. Indicative only. The impacts from foreign currency fluctuations are calculated by translating the current-year period's reported key figures into euro amounts using the exchange rates in effect for the comparable period in the previous year. Orders received in Q3/2026 Orders received increased 30 percent to EUR 1,408 million (EUR 1,083 million). Growth was supported by strong order intake in biomaterial services, continued growth in Process Performance Solutions and a strong quarter in biomaterial capital projects. Orders received increased in both segments. Organically orders received increased 25 percent. In July–September 2026, Valmet received several notable orders which demonstrate our technological leadership and competitiveness globally, including: • A complete board making line for premium-quality coated board production in Asia, • A new board making line for lightweight packaging to Anhui Linping, • First commercial-scale 3D Fiber line to Metsä Group, and • Modernization services for recovery boiler and evaporation plant at Södra Mönsterås. Orders received in Q1–Q3/2026 Orders received remained at the previous year’s level at EUR 3,874 million (EUR 3,936 million) in the first nine months. Orders received remained at the previous year's level in both segments. Organically orders received remained at the previous year's level. In addition to the aforementioned, in the first nine months of 2026, Valmet received several notable orders, including: • Three additional IntelliTissue machines for Yusen Group in China, • Valmet integrated automation systems for three new passenger and cargo (RoPax) ships in Finland, • Automation solutions for a multifuel waste-to-energy plant in Poland, • An automation order to strengthen Lenzing AG’s gas boiler operations in Austria, and • A board making line, automation and lifecycle support to Sun Paper in China, enabling energy- and resource-efficient production. Valmet’s Interim Review, January–September 2026 | 6 |

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Order backlog Order backlog, EUR million As at September 30, 2026 As at September 30, 2025 Change As at June 30, 2026 Total 4,470 4,526 -1% 4,259 Order backlog amounted to EUR 4,470 million at the end of the reporting period, which is EUR 211 million higher than at the end of June 2026 and at the same level as at the end of September 2025. Approximately 20 percent of the order backlog is from Process Performance Solutions, while 80 percent is from Biomaterial Solutions and Services (at the end of September 2025, 15% and 85%). Valmet’s Interim Review, January–September 2026 | 7 | 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 Q3/2026 LTM Long-term development of orders received (EUR million) LTM = Last Twelve Months

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Net sales Net sales, EUR million Q3/2026 Q3/2025 Change Organic1 Q1–Q3/ 2026 Q1–Q3/ 2025 Change Organic1 Process Performance Solutions 408 361 13% 0% 1,119 1,072 4% 2% Biomaterial Solutions and Services 952 934 2% 1% 2,801 2,649 6% 6% of which biomaterial services 471 449 5% 4% 1,361 1,344 1% 2% Total 1,360 1,295 5% 1% 3,920 3,720 5% 5% 1 Organic growth in net sales. Indicative only. The impacts from foreign currency fluctuations are calculated by translating the current-year period's reported key figures into euro amounts using the exchange rates in effect for the comparable period in the previous year. Net sales in Q3/2026 Net sales in July–September increased 5 percent to EUR 1,360 million (EUR 1,295 million). Net sales increased in the Process Performance Solutions segment and remained at the previous year's level in the Biomaterial Solutions and Services segment. Organically net sales remained at the previous year's level. Net sales in Q1–Q3/2026 Net sales in the first nine months increased 5 percent to EUR 3,920 million (EUR 3,720 million). Net sales increased in the Biomaterial Solutions and Services segment and remained at the previous year's level in the Process Performance Solutions segment. Organically net sales remained at the previous year's level. Valmet’s Interim Review, January–September 2026 | 8 | 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 Long-term development of net sales (EUR million) LTM = Last twelve months

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Organic growth Orders received Net sales Q3 Q1–Q3 Q3 Q1–Q3 Organic growth1 25 % -2% 1% 5% Mergers and acquisitions 4 % 1% 4% 1% Changes in foreign exchange rates2 1 % -1% 1 % -1 % Total change 30 % -2% 5 % 5% 1 Indicative only. 2 The impacts from foreign currency fluctuations are calculated by translating the current-year period's reported key figures into euro amounts using the exchange rates in effect for the comparable period in the previous year. Organic growth in Q3/2026 Organically orders received increased 25 percent and net sales remained at the previous year's level in July–September. Growth was supported by strong order intake in biomaterial services, continued growth in Process Performance Solutions and a strong quarter in biomaterial capital projects. Valmet completed the acquisition of Severn Group (now Engineered Severe Service) on July 1, 2026. In July—September the acquisition increased Valmet’s orders received and net sales by 4 percentage points. Changes in foreign exchange rates compared to the exchange rates for the corresponding period in 2025 increased orders received by 1 percent and net sales by 1 percent. Foreign exchange rate impacts on both orders received and net sales were mainly driven by Chinese yuan and Brazilian real. Organic growth in Q1–Q3/2026 In the first nine months, Valmet's orders received decreased organically by 2 percent while net sales increased organically by 5 percent. Valmet completed the acquisition of Severn Group (now Engineered Severe Service) on July 1, 2026. The acquisition increased orders received and net sales by 1 percentage point in the first nine months. Foreign exchange rate changes decreased Valmet's orders received by 1 percent and net sales by 1 percent.Foreign exchange rate impacts on both orders received and net sales were mainly driven by Chinese yuan and Brazilian real. Valmet’s Interim Review, January–September 2026 | 9 |

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Comparable EBITA Comparable EBITA, EUR million Q3/2026 Q3/2025 Change Q1–Q3/ 2026 Q1–Q3/ 2025 Change Process Performance Solutions 82 79 5 % 215 200 7 % % of net sales 20.2 % 21.9 % -1.6 pp 19.2 % 18.7 % 0.5 pp Biomaterial Solutions and Services 102 89 15% 264 258 2% % of net sales 10.7 % 9.5 % 1.2 pp 9.4 % 9.7 % -0.3 pp Other -15 -9 -76% -44 -34 -27% Total 169 159 6% 434 423 3% % of net sales 12.4 % 12.3 % 0.2 pp 11.1 % 11.4 % -0.3 pp Comparable EBITA in Q3/2026 In July–September comparable EBITA increased 6 percent to EUR 169 million, corresponding to 12.4 percent of net sales (EUR 159 million and 12.3%). The increase was due to consolidation of Engineered Severe Service and the positive impact of efficiency and cost reduction actions as part of the Lead the Way strategy. Items affecting comparability amounted to EUR -25 million (EUR -10 million) in the third quarter. They were mainly related to efficiency and cost reduction actions as part of the Lead the Way strategy. Comparable EBITA of the Process Performance Solutions segment remained at the previous year’s level and was EUR 82 million (EUR 79 million), impacted by the consolidation of Engineered Severe Service. Comparable EBITA margin was 20.2 percent (21.9%). Comparable EBITA of the Biomaterial Solutions and Services segment increased to EUR 102 million, corresponding to 10.7 percent of the segment's net sales (EUR 89 million and 9.5%), supported by higher net sales and benefits from efficiency and cost reduction actions under the Lead the Way strategy. Comparable EBITA in Q1–Q3/2026 In the first nine months Valmet's comparable EBITA remained at the previous year’s level at EUR 434 million, corresponding to 11.1 percent of net sales (EUR 423 million and 11.4%). Items affecting comparability amounted to EUR -59 million (EUR -80 million) in the first nine months. They were mainly related to efficiency and cost reduction actions as part of the Lead the Way strategy. Comparable EBITA of the Process Performance Solutions segment increased 7 percent to EUR 215 million, corresponding to 19.2 percent of the segment’s net sales (EUR 200 million and 18.7%). Comparable EBITA was supported by the consolidation of Engineered Severe Service, strong operational performance, and by elevated product margins during the period. Comparable EBITA of the Biomaterial Solutions and Services segment remained at the previous year’s level at EUR 264 million, corresponding to 9.4 percent of the segment's net sales (EUR 258 million and 9.7%). Valmet’s Interim Review, January–September 2026 | 10 | 19.2% 9.4% Process Performance Solutions Biomaterial Solutions and Services 0% 5% 10% 15% 20% Comparable EBITA margin by segment, Q1-Q3/2026 Process Performance Solutions, EUR 215 million Biomaterial Solutions and Services, EUR 264 million Comparable EBITA, Q1-Q3/2026 (EUR million) (excl. Other)

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Segments and business areas Process Performance Solutions segment Process Performance Solutions delivers flow control technologies and automation systems ranging from individual measurements to full plant-wide solutions, complemented by lifecycle services. It serves a global customer base of broad range of industries with mission- critical solutions that enhance resource efficiency, operational reliability, and financial performance. Its strategic mission is to unlock resource efficiency, with a target EBITA margin of 20% by 2030. Process Performance Solutions Q3/2026 Q3/2025 Change Q1–Q3/ 2026 Q1–Q3/ 2025 Change Orders received (EUR million) 399 345 16 % 1,178 1,128 4 % Flow Control 247 196 26 % 662 616 7 % Automation Solutions 152 150 1 % 516 511 1 % Net sales (EUR million) 408 361 13 % 1,119 1,072 4 % Flow Control 248 196 27 % 644 584 10 % Automation Solutions 160 165 -3 % 475 488 -3 % Comparable EBITA (EUR million) 82 79 5 % 215 200 7 % Comparable EBITA, % 20.2 % 21.9 % -1.6 pp 19.2 % 18.7 % 0.5 pp Q3/2026 Orders received by the Process Performance Solutions segment increased 16 percent (organically +3%) to EUR 399 million (EUR 345 million). Orders received increased in Flow Control and remained at the previous year's level in Automation Solutions. Orders received by Engineered Severe Service amounted to EUR 44 million. Net sales for the segment increased 13 percent (organically +0%) to EUR 408 million (EUR 361 million). Net sales increased in Flow Control and remained at the previous year's level in Automation Solutions. Net sales of Engineered Severe Service amounted to EUR 46 million. Comparable EBITA of the segment remained at the previous year’s level at EUR 82 million (EUR 79 million), impacted by the consolidation of Engineered Severe Service. Comparable EBITA margin decreased to 20.2 percent (21.9%). The comparable EBITA of the segment corresponded to 45 percent (47%) of Valmet's comparable EBITA (excl. Other). Valmet’s Interim Review, January–September 2026 | 11 | Q1–Q3/2026 Orders received by the Process Performance Solutions segment remained at the previous year’s level (organically +3%) at EUR 1,178 million (EUR 1,128 million) in the first nine months. Orders received increased in Flow Control and remained at the previous year's level in Automation Solutions. Net sales for the segment remained at the previous year’s level (organically +2%) at EUR 1,119 million (EUR 1,072 million). Net sales increased in Flow Control and remained at the previous year's level in Automation Solutions. Comparable EBITA of the segment increased to EUR 215 million, corresponding to 19.2 percent of the segment's net sales (EUR 200 million and 18.7%). Comparable EBITA was supported by the consolidation of Engineered Severe Service, strong operational performance, and by elevated product margins during the period. The comparable EBITA of the segment corresponded to 45 percent (44%) of Valmet's comparable EBITA (excl. Other).

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Flow Control 62% Automation Solutions 38% Flow Control 56% Automation Solutions 44% Valmet’s Interim Review, January–September 2026 | 12 | 248 337 368 386 416 415 467 1,081 1,340 1,446 1,500 1,550 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3/2026 LTM Long-term development of orders received (EUR million) Long-term development of comparable EBITA (EUR million) and comparable EBITA margin 79 190 248 255 290 304 19.2% 18.3% 18.6% 17.7% 19.6% 19.9% Comparable EBITA Comparable EBITA margin 2021 2022 2023 2024 2025 Q3/2026 LTM LTM = Last twelve months Orders received by Business area, Q3/2026 Orders received by Business area, Q1–Q3/2026

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Biomaterial Solutions and Services segment Biomaterial Solutions and Services serves global producers across the pulp, paper, packaging, tissue, and bioenergy industries. It provides lifecycle services, upgrades and complete production lines. These solutions enable improvements in fiber yield, energy and water efficiency, emissions, and operational uptime. Its strategic mission is to advance circularity, with a target EBITA margin of 14% by 2030. Biomaterial Solutions and Services Q3/2026 Q3/2025 Change Q1–Q3/ 2026 Q1–Q3/ 2025 Change Orders received (EUR million) 1,009 738 37 % 2,696 2,808 -4 % Pulp, Energy and Circularity 226 199 14 % 902 1,070 -16 % Packaging and Paper 630 306 >100% 1,269 1,098 16 % Tissue 153 233 -34 % 524 640 -18 % of which biomaterial services 457 404 13 % 1,457 1,509 -3 % Net sales (EUR million) 952 934 2 % 2,801 2,649 6 % Pulp, Energy and Circularity 416 400 4 % 1,261 1,105 14 % Packaging and Paper 356 347 3 % 1,052 1,094 -4 % Tissue 180 187 -4 % 488 450 9 % of which biomaterial services 471 449 5 % 1,361 1,344 1 % Comparable EBITA (EUR million) 102 89 15 % 264 258 2 % Comparable EBITA, % 10.7 % 9.5 % 1.2 pp 9.4 % 9.7 % -0.3 pp Q3/2026 Orders received by the Biomaterial Solutions and Services segment increased 37 percent (organically +35%) to EUR 1,009 million (EUR 738 million). Orders received increased in the Packaging and Paper and Pulp, Energy and Circularity business areas and decreased in the Tissue business area. Orders received in biomaterial services increased 13 percent (+12% organically) to EUR 457 million (EUR 404 million). Net sales for the segment remained at the previous year’s level (organically +1%) at EUR 952 million (EUR 934 million). Net sales in biomaterial services increased 5 percent (organically +4%) to EUR 471 million (EUR 449 million). Comparable EBITA of the segment increased 15 percent to EUR 102 million, corresponding to 10.7 percent of the segment's net sales (EUR 89 million and 9.5%), supported by higher net sales and benefits from efficiency and cost reduction actions under the Lead the Way strategy. The comparable EBITA of the segment corresponded to 55 percent (53%) of Valmet's comparable EBITA (excl. Other). Q1–Q3/2026 Orders received in the first nine months by the Biomaterial Solutions and Services segment remained at the previous year’s level (organically -3%) at EUR 2,696 million (EUR 2,808 million). Orders received increased in the Packaging and Paper business area and decreased in the Tissue and Pulp, Energy and Circularity business areas. Orders received in biomaterial services remained at the previous year’s level (organically -2%) at EUR 1,457 million (EUR 1,509 million). Net sales for the segment increased 6 percent (organically +6%) to EUR 2,801 million (EUR 2,649 million). Net sales in biomaterial services remained at the previous year’s level (organically +2%) at EUR 1,361 million (EUR 1,344 million). The comparable EBITA of the segment remained at the previous year’s level at EUR 264 million, corresponding to 9.4 percent of the segment's net sales (EUR 258 million and 9.7%). The comparable EBITA of the segment corresponded to 55 percent (56%) of Valmet's comparable EBITA (excl. Other). Valmet’s Interim Review, January–September 2026 | 13 |

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Orders received by Business area, Q3/2026 Pulp, Energy and Circularity 22% Packaging and Paper 62% Tissue 15% Orders received by Business area, Q1–Q3/2026 Pulp, Energy and Circularity 33% Packaging and Paper 47% Tissue 19% Valmet’s Interim Review, January–September 2026 | 14 | 3,071 2,656 2,840 2,955 3,392 3,627 3,319 4,273 4,113 3,615 4,392 3,716 3,604 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3/2026 LTM Long-term development of orders received (EUR million) Long-term development of comparable EBITA (EUR million) and comparable EBITA margin 379 382 422 403 381 387 10.8% 9.5% 10.0% 10.3% 10.3% 10.0% Comparable EBITA Comparable EBITA margin 2021 2022 2023 2024 2025 Q3/2026 LTM 2014–2023 figures have not been restated to reflect the new segment reporting structure which Valmet implemented as of July 1, 2025.LTM = Last twelve months

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Operating profit Operating profit (EBIT) in July–September was EUR 115 million corresponding to 8.5 percent of net sales (EUR 125 million and 9.7%). Despite higher gross profit, EBIT decreased due to higher costs from actions as part of the Lead the Way strategy. Operating profit (EBIT) for the first nine months of 2026 was EUR 300 million corresponding to 7.7 percent of net sales (EUR 271 million and 7.3%). Net financial income and expenses Net financial income and expenses in July–September increased to EUR -21 million (EUR -13 million), mainly due to higher debt levels and certain financial costs related to the Severn acquisition. Net financial income and expenses in the first nine months of 2026 amounted to EUR -47 million (EUR -45 million). Profit before taxes and earnings per share Profit before taxes for July–September was EUR 94 million (EUR 112 million). Profit attributable to owners of the parent in July– September was EUR 70 million (EUR 86 million), with EPS at EUR 0.38 (EUR 0.46) and adjusted EPS at EUR 0.48 (EUR 0.54). EPS and adjusted EPS decreased due to lower operating profit and higher financing expenses. Profit before taxes for the first nine months of 2026 was EUR 253 million (EUR 227 million). Profit attributable to owners of the parent was EUR 179 million (EUR 175 million), with EPS at EUR 0.97 (EUR 0.95), and adjusted EPS at EUR 1.21 (EUR 1.18). Return on capital employed (ROCE) and return on equity (ROE) For the twelve months preceding September 30, 2026 comparable return on capital employed (comparable ROCE) before taxes was 12.9 percent (13.1%) and return on capital employed (ROCE) before taxes was 11.4 percent (10.6%). Return on equity (ROE) for the corresponding period was 11.2 percent (11.0%). Cash flow and financing Operating cash flow Cash flow provided by operating activities amounted to EUR 210 million (EUR 94 million) in July–September and EUR 310 million (EUR 391 million) in the first nine months 2026. The nine month decrease was mainly related to the change in net working capital. Comparable cash conversion ratio amounted to 79 percent (92%) in the last twelve months. Valmet's average comparable cash conversion ratio for the period 2015–2025 was 92 percent. Cash conversion ratio—calculated from the reported EBITA— was 88 percent (110%) during the last twelve months. Valmet's average cash conversion ratio for the period 2015–2025 was 97 percent. Net working capital Net working capital amounted to EUR 45 million (EUR -76 million) at the end of the reporting period. The change in net working capital in the statement of cash flows was EUR 52 million (EUR -52 million) in July–September and EUR -102 million (EUR 21 million) in the first nine months 2026. Payment schedules for large long-term projects have a significant impact on quarterly net working capital development. Free cash flow Free cash flow for July–September amounted to EUR 183 million (EUR 70 million). The increase is mainly due to higher cash flow provided by operating activities. Free cash flow for January–September amounted to EUR 251 million (EUR 310 million). The decrease was mainly due to the change in net working capital. Cash flow after investing activities Net cash provided by investing activities amounted to EUR -433 million (EUR -24 million) in the third quarter. Cash used in investing activities was mainly attributable to the acquisition of Severn Group, which was completed on July 1, 2026. Cash flow after investing activities totaled EUR -224 million (EUR 71 million) in the third quarter and EUR -152 million (EUR 313 million) in the first nine months 2026. Dividends paid in 2026 In compliance with the resolution of the Annual General Meeting, Valmet paid the first instalment of dividend for 2025 on April 9, 2026, totaling EUR 125 million, or EUR 0.68 per share. The second instalment of EUR 0.67 per share, totaling EUR 123 million, was paid on October 8, 2026. Valmet’s dividend policy is to pay out at least 50 percent of the profit for the period as dividend. The dividend payout ratio for 2025 was 89 percent. Debt, gearing and liquidity At the end of September, net debt to EBITDA ratio was 1.78 (1.50), gearing 47 percent (38%), and equity-to-assets ratio was 40 percent (43%). The increase in net debt was mainly attributable to the acquisition of Severn Group, which was completed on July 1, 2026. Valmet entered into a committed financing arrangement with Danske Bank A/S and OP Corporate Bank to secure the funding for the acquisition. Interest-bearing liabilities amounted to EUR 1,872 million (EUR 1,440 million), and net interest-bearing liabilities totaled EUR 1,204 million (EUR 945 million) at the end of the reporting period. On December 12, 2025, Valmet completed its first Schuldschein loan transaction, amounting to EUR 375 million. The transaction strengthened Valmet’s long-term debt structure, diversified its funding sources, and expanded Valmet’s debt investor base. The loan consists of 11 tranches with both fixed and floating interest rate structures and offers a diversified maturity profile of three, five, seven and ten years, with an average maturity of nearly six years. By the end of the reporting period, the transaction had Valmet’s Interim Review, January–September 2026 | 15 |

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been fully drawn, with EUR 281 million settled in December 2025 and the remaining EUR 94 million of the Schuldschein loan settled in January 2026. The average interest rate of Valmet's total debt was 3.6 percent (3.6%) and average maturity of non-current debt including current installments was 3.6 years (2.8) at the end of September. Lease liabilities have been excluded from the calculation of average interest rate and average maturity. Valmet’s liquidity was strong at the end of the reporting period, with cash and cash equivalents amounting to EUR 618 million (EUR 479 million) and other interest-bearing financial assets totaling EUR 50 million (EUR 16 million). Valmet's liquidity was secured with a committed multi-currency revolving credit facility of EUR 450 million, which was undrawn at the end of the reporting period. Liquidity was additionally secured by an uncommitted commercial paper program worth EUR 300 million, of which EUR 119 million was outstanding at the end of the reporting period. Valmet’s financial targets Valmet's 2030 financial targets were published on June 4, 2025 and are the following: • Organic net sales growth (CAGR) over the cycle of 5% • Comparable EBITA margin of 15% • Comparable return on capital employed before taxes (Comparable ROCE) of 20% • Gearing below 50% Long-term development of key financial indicators Net sales (EUR million) 5,074 5,532 5,359 5,197 5,397 2022 2023 2024 2025 Q3/2026 LTM 0 2,000 4,000 6,000 Comparable EBITA % of net sales 10.5% 11.2% 11.4% 11.9% 11.7% 2022 2023 2024 2025 Q3/2026 LTM 0% 6% 12% 18% Comparable return on capital employed before taxes (Comparable ROCE) 17.6% 14.5% 12.7% 13.0% 12.9% 2022 2023 2024 2025 Q3/2026 LTM 0% 10% 20% 30% Gearing at end of period, % 20% 40% 39% 35% 47% 2022 2023 2024 2025 Q3/2026 -20% 0% 20% 40% 60% Valmet’s Interim Review, January–September 2026 | 16 | LTM = Last twelve months.

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Capital expenditure Gross capital expenditure (excluding business combinations and right-of-use assets) totaled EUR 27 million (EUR 24 million) in July–September, and represented 2.0 percent (1.8%) of net sales. In the first nine months of 2026, gross capital expenditure (excluding business combinations and right-of-use assets) totaled EUR 59 million (EUR 81 million), and represented 1.5 percent (2.2%) of net sales. Capital expenditure was lower than in the comparison period, partly reflecting the ongoing strategic consolidation of Valmet’s manufacturing footprint. Acquisitions and divestitures On July 1, 2026, Valmet completed the acquisition of Severn Group (now Engineered Severe Service), a well-established industrial valve company specializing in severe service flow control solutions. The acquisition – originally announced on December 22, 2025 – strengthens the Process Performance Solutions segment and further accelerates Valmet’s growth beyond the company’s traditional core biomaterials business. Severn is integrated into the Flow Control business area of the Process Performance Solutions segment. The acquisition expands Valmet’s Flow Control business into new addressable markets, increases the installed base and the related aftermarket potential, and expands the company’s technology offering in severe service flow control solutions. Severn generated net sales of approximately EUR 205 million in 2025, with an EBITA margin of approximately 16 percent. Severn has approximately 950 employees. The transaction is valued at USD 480 million on a cash- and debt-free basis (approximately EUR 420 million calculated using the exchange rate at the acquisition date). Progress in strategy execution During the first nine months of 2026, Valmet made continued progress in executing its strategy to accelerate growth and improve profitability in the Biomaterial Solutions and Services segment. As part of the global Commercial Excellence program aimed at accelerating growth in the services business, Valmet has developed new data-driven operating models to improve sales productivity and increase customer activity. Since the launch of the program, proposal response times have been reduced by approximately half, while the number of customer visits has increased by approximately one quarter. At the same time, Valmet has developed new service offerings, identified new lifecycle business opportunities within the installed base, and further developed the commercial pricing of its solutions portfolio. The Global Supply program aims to deliver a step-change in Valmet's cost competitiveness by optimizing its global manufacturing footprint and procurement. During 2026, Valmet has made significant decisions regarding the reorganization of production capacity and consolidation of operations, and the implementation of these measures is progressing. The measures will simplify Valmet’s manufacturing network, improve efficiency, and support long-term profitability. The financial benefits of the measures are expected to materialize gradually during 2027–2028. At the same time, procurement excellence initiatives have progressed as planned, including renegotiations with key suppliers, shifting sourcing to more cost-competitive countries, and demand management initiatives. By September 30, 2026, operating model renewal initiatives had reduced LTM comparable SG&A costs by EUR 85 million compared with the 2024 baseline, excluding the impact of the Severn acquisition. Valmet’s Executive Leadership Team Valmet's Executive Leadership Team, as of September 30, 2026, consisted of the following members: • Thomas Hinnerskov, President and CEO • Katri Hokkanen, CFO • Emilia Torttila-Miettinen, EVP Automation Solutions • Simo Sääskilahti, EVP Flow Control • Petri Rasinmäki, EVP Packaging and Paper • Max Luedtke, EVP Pulp, Energy and Circularity • Jon Jested-Rask, EVP Tissue • Aki Niemi, EVP Global Supply • Celso Tacla, EVP Latin America • Xiangdong Zhu, EVP China Chair • Anu Pires, EVP People, Communications and Culture • Olli Hänninen, EVP Strategy and Transformation • Rasmus Oksala, EVP Legal and General Counsel On March 30, 2026 Valmet announced that Valmet’s CFO Katri Hokkanen had decided to leave the company. She continued in her position to lead Finance and was an active member of Valmet’s Executive Leadership team until the end of September 2026 to ensure an orderly and seamless transition. Valmet announced on July 24, 2026 that Pia Aaltonen-Forsell had been appointed CFO and member of the Valmet Executive Leadership Team. She will start as CFO and member of the Valmet Executive Leadership Team on November 1, 2026. Niklas Nylund, Vice President, Group Finance, will serve as interim CFO during October 2026. Valmet announced on July 22, 2026, that Sami Riekkola, EVP, Pulp, Energy and Circularity business area and a member of Valmet’s Executive Leadership Team, had decided to leave Valmet. Valmet announced on August 19, 2026, the appointment of Max Luedtke as his successor. Max Luedtke started in the position on September 1, 2026. Sami Riekkola will support the transition until the end of October 2026. Valmet’s Interim Review, January–September 2026 | 17 |

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Personnel The number of personnel at the end of September was 19,400 (18,564). The increase mainly reflects the acquisition of Severn Group. During the first nine months of 2026, Valmet employed an average of 18,780 people (19,127). Personnel expenses totaled EUR 1,020 million (EUR 1,080 million) in the first nine months of 2026, of which wages, salaries and remuneration amounted to EUR 799 million (EUR 854 million). The decrease mainly reflects cost reduction actions as part of the Lead the Way strategy. Geographical areas Orders received Measured by orders received, the top three countries in the third quarter of 2026 were China, the USA and Indonesia, which together accounted for 60 percent of total orders received. In the first nine months of 2026, the top three countries were the USA, China, and Finland, which together accounted for 52 percent of total orders received. Net sales Measured by net sales, the top three countries in the third quarter of 2026 were the USA, Brazil and China, which together accounted for 49 percent of total net sales. In the first nine months of 2026, the top three countries were the USA, Brazil, and China, which together accounted for 50 percent of total net sales. Personnel As at September 30, 2026 As at September 30, 2025 Change As at June 30, 2026 North America 2,444 2,321 5% 2,245 Latin America 1,699 1,631 4% 1,669 EMEA 10,674 10,638 0% 10,694 China 2,337 2,283 2% 2,293 Asia-Pacific 2,246 1,691 33% 1,772 Total 19,400 18,564 5% 18,673 Orders received, EUR million Q3/2026 Q3/2025 Change Q1–Q3/ 2026 Q1–Q3/ 2025 Change North America 351 417 -16% 1,041 1,340 -22% Latin America 123 108 14% 348 369 -6% EMEA 329 361 -9% 1,241 1,403 -12% China 463 128 >100% 869 527 65% Asia-Pacific 142 69 >100% 374 297 26% Total 1,408 1,083 30% 3,874 3,936 -2% Net sales, EUR million Q3/2026 Q3/2025 Change Q1–Q3/ 2026 Q1–Q3/ 2025 Change North America 385 330 17% 1,087 990 10% Latin America 230 232 -1% 746 557 34% EMEA 450 459 -2% 1,270 1,350 -6% China 156 131 19% 457 388 18% Asia-Pacific 139 143 -3% 360 435 -17% Total 1,360 1,295 5% 3,920 3,720 5% Valmet’s Interim Review, January–September 2026 | 18 |

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Progress in sustainability Sustainability strategy Valmet’s sustainability approach is aligned with Valmet’s strategy, ‘Lead the Way’, which puts sustainability in the center of Valmet’s operations through a dual mission of unlocking resource efficiency in Process Performance Solutions and advancing circularity in the Biomaterial Solutions and Services. Valmet’s purpose of ‘transforming industries towards a regenerative tomorrow’ reflects Valmet’s ambition and commitment to sustainability. Valmet’s Sustainability Agenda translates the purpose into measurable action through four priorities: • Climate and Nature • People and Rights • Responsible Value Chain, and • Circular and Net-zero Aligned Solutions. Valmet’s Sustainability Agenda helps to guide its customer industries towards a net-zero, circular economy that respects planetary boundaries and protects nature for future generations. Valmet helps industries to shift from linear, fossil-based systems to circular, resource-efficient and low-carbon operations through circular design, material recovery, energy efficient processes, carbon capture, advanced recycling, and lifecycle services. Equally, sustainability is about how people experience Valmet’s business every day. Valmet’s sustainability work is guided by Valmet’s Nature and Climate Policy Statement and Human Rights Policy Statement. Valmet’s Sustainability team is a part of the global Strategy and Transformation function. This integration supports strong alignment between business strategy, transformation, and sustainability, ensuring an impactful approach. Valmet’s Climate Transition Plan outlines Valmet’s pathway toward net-zero and introduces climate targets and decarbonization levers to reduce greenhouse gas (GHG) emissions across its value chain and own operations. Valmet’s climate targets are: • 60 percent emission reduction in own operations by 2030 and net-zero by 2040 • 50 percent share of spend from suppliers with aligned climate targets by 2030 • 60 percent share of net sales from circular and net-zero solutions and services by 2040 Progress in Sustainability Agenda During the third quarter of 2026, Valmet continued the implementation of its Climate Transition Plan with a focus on actions in own operations. The implementation has started with, for example, launching an e-learning to create internal awareness on the plan. Valmet also continued to develop a net-zero recognition program as well as climate and nature performance indicators for own locations. Valmet has completed a Life Cycle Assessment (LCA) for its 3D Fiber solution, which enables industrial-scale production of fiber- based packaging alternatives to plastic. The study showed that the 3D Fiber food tray's cradle-to-gate carbon footprint is up to 73 percent lower than that of commonly used plastic alternatives. Valmet continued sustainability and human rights due diligence at customer sites during the third quarter, covering four customer sites, 15 subcontractors, and more than 100 workers. The company also maintained follow-up with subcontractors to drive corrective actions and improvements in working conditions and responsible business practices. Progress in health and safety Valmet’s HSE strategy ‘Lead the Way to Zero Harm’ sets a vision to reach a world-class health, safety, and environmental p e r f o r m a n c e w i t h a n a m b i t i o u s t a r g e t t o r e d u c e t o t a l   r e c o r d a b l e incident rate to below 1.0 by 2030. The new strategy emphasizes safety as a mindset that must be carried in everyday decision-making. The new HSE strategy is driven by four key pillars: Leadership, Risk Management, Process Excellence and Innovation, and Engagement and Learning. During the quarter, Valmet conducted a HSE Month campaign, engaging employees globally in activities that promote health, safety, environmental responsibility, and wellbeing. The campaign supported the company's Zero Harm ambition and encouraged proactive actions to prevent injuries and address risks, while strengthening the safety culture across the organization. During the third quarter, the total recordable incident rate (TRIF) for Valmet’s own employees was 3.4 (3.4) and for external workforce 5.7 (3.9). The safety observation rate (per million working hours) was 1,623 (1,611). Valmet’s Interim Review, January–September 2026 | 19 |

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Lawsuits and claims On October 15, 2024, Valmet announced that Metsä Fibre Oy has filed a request for arbitration against Valmet Technologies Oy, which is a subsidiary of Valmet. The arbitration concerns Metsä Fibre’s bioproduct mill in Kemi, Finland, which came into operation as planned on September 20, 2023. Valmet Technologies Oy disputes the claims brought by Metsä Fibre. The monetary claims put forward by Metsä Fibre in the arbitration currently amount to approximately EUR 33.5 million. Valmet’s management does not expect to the best of its current understanding any material adverse impacts on its operations or financial position due to this arbitration. This assessment takes into account the grounds currently presented, provisions made, insurance coverage in force, and the extent of Valmet’s total business activities. Several lawsuits, claims and disputes based on various grounds are pending against Valmet in various countries, including product liability lawsuits and claims as well as legal disputes related to Valmet’s deliveries. Valmet is also a plaintiff in several lawsuits. Although some of the claims are substantial, Valmet’s management does not expect to the best of its present understanding that the outcome of these lawsuits, claims and disputes will have a material adverse effect on Valmet in view of the grounds currently presented for them, provisions made, insurance coverage in force and the extent of Valmet’s total business activities. Corporate Governance Statement and Remuneration Report Valmet has published a Corporate Governance Statement and a Remuneration Report for 2025, which comply with the recommendations of the Finnish Corporate Governance Code for listed companies. These reports also cover other central areas of corporate governance, and they have been published on Valmet’s website, separately from the Report of the Board of Directors, at www.valmet.com/governance. Shares and shareholders Share capital, number of shares and shareholders As at September 30 2026 2025 Share capital, EUR 140,000,000 140,000,000 Number of shares 184,529,605 184,529,605 Treasury shares 297,395 294,429 Shares outstanding 184,232,210 184,235,176 Market capitalization, EUR million 5,193 5,218 Number of shareholders 112,353 101,828 Trading of shares Trading of Valmet shares on Nasdaq Helsinki January 1–September 30 2026 2025 Number of shares traded 81,443,707 66,674,417 Total value, EUR million 2,071 1,813 High, EUR 30.37 32.15 Low, EUR 20.74 21.00 Volume-weighted average price, EUR 25.43 27.18 Closing price on the final day of trading, EUR 28.14 28.28 The closing price of Valmet’s share on the final day of trading for the reporting period, September 30, 2026, was EUR 28.14, i.e., 0.5 percent lower than the closing price on the last day of trading in the third quarter of 2025 (EUR 28.28 on September 30, 2025). In addition to Nasdaq Helsinki Ltd, Valmet’s shares are also traded on other marketplaces, such as CBOE DXE, Turquoise, BATS, Frankfurt and Chi-X. A total of approximately 38 million Valmet shares were traded on these five alternative marketplaces in January–September 2026 (Source: www.valmet.com/ investors/valmet-share/trading-volumes/). Ownership structure as at September 30, 2026 Nominee registered and non-Finnish holders 35% Finnish private investors 20% Finnish institutions, companies and foundations 45% At the end of the reporting period Valmet had 112,353 shareholders according to Euroclear Finland Oy. 45 percent of Valmet's shares were held by Finnish institutions, companies, and foundations; 35 percent by nominee registered and non-Finnish holders, and 20 percent by Finnish private investors. Valmet’s Interim Review, January–September 2026 | 20 | Source: Euroclear Finland Oy

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Flagging notifications During the reporting period, Valmet did not receive flagging notifications referred to in the Securities Market Act. More information on flagging notifications can be found at www.valmet.com/flagging-notifications. Resolutions of Valmet’s Annual General Meeting Valmet's Annual General Meeting 2026 was held in Helsinki on March 25, 2026. The Annual General Meeting adopted the Financial Statements for 2025 and discharged the members of the Board of Directors and the President and CEO from liability for the financial year 2025. The Annual General Meeting adopted the remuneration report for governing bodies, for which the decision is advisory. The Annual General Meeting authorized the Board of Directors to decide on the repurchase of the Company’s own shares and on the issuance of shares and special rights entitling to shares. The Annual General Meeting decided to pay a dividend of EUR 1.35 per share for the financial year which ended on December 31, 2025. The dividend was decided to be paid in two installments. The first installment of EUR 0.68 per share was paid on April 9, 2026, to shareholders who on the dividend record date March 27, 2026, were registered in the Company’s shareholders’ register held by Euroclear Finland Oy. The second installment of EUR 0.67 per share was paid on October 8, 2026, to shareholders who on the dividend record date October 1, 2026, were registered in the Company's shareholders' register held by Euroclear Finland Oy. The Annual General Meeting confirmed the number of Board members as eight and re-elected Pekka Vauramo as Chair of Valmet Oyj’s Board and Annika Paasikivi as Vice-Chair. Anu Hämäläinen, Pekka Kemppainen, Annareetta Lumme-Timonen, Monika Maurer, Bernd Eikens and Jonas Gustavsson were re- elected as Board members. The term of office of the members of the Board of Directors expires at the close of the Annual General Meeting 2027. PricewaterhouseCoopers Oy was re-elected as the Company's auditor for a term expiring at the end of the Annual General Meeting 2027. Pasi Karppinen, Authorised Public Accountant, will act as the responsible auditor. PricewaterhouseCoopers Oy will also carry out the assurance of the Company's sustainability reporting. Valmet published a stock exchange release on March 25, 2026, concerning the resolutions of the Annual General Meeting and the organizing meeting of the Board of Directors. The stock exchange release and meeting materials can be viewed on Valmet’s website at www.valmet.com/investors/governance/ annual-general-meeting. Board authorizations regarding shares At Valmet's AGM 2026, the Board of Directors was authorized to repurchase up to 9.2 million shares (approximately 5% of all shares) and to issue up to 18.5 million shares (approximately 10% of all shares), including special rights and directed issues. Shares may be repurchased or issued for capital structure management, financing, execution of acquisitions and investments or carrying o u t o t h e r b u s i n e s s t r a n s a c t i o n s , a n d s h a r e ‑ b a s e d i n c e n t i v e s (however, up to 500,000 shares for incentives, corresponding to 0.3% of all shares). Validity of the authorizations The authorizations shall remain in force until the close of the next Annual General Meeting, and they cancel the corresponding authorizations granted by the Annual General Meeting 2025. Use of AGM authorizations During the third quarter, the authorizations by the Annual General Meeting were not used. At the end of the reporting period, the Company held 297,395 treasury shares related to the share-based incentive programs, representing roughly 0.16 percent of all Valmet shares. On March 13, 2026, a total of 5,157 treasury shares were conveyed without consideration to participants in Valmet’s long- term incentive plans for the periods 2023–2026. More information about share-based incentive plans can be found in Valmet’s Remuneration Report, which is available at www.valmet.com/governance. Composition of the Nomination Board On June 4, 2026, Valmet announced the composition of its Nomination Board. The following persons have been nominated to Valmet’s Nomination Board: • Markus Melkko, President and CEO, Oras Invest Oy • Matts Rosenberg, CEO, Solidium Oy • Markus Aho, Deputy CEO and Chief Investment Officer, Varma Mutual Pension Insurance Company • Mikko Mursula, President and CEO, Ilmarinen Mutual Pension Insurance Company. Risks and business uncertainties Valmet is exposed to risks arising from its operations as well as from changes in the global business environment. These risks may adversely affect Valmet’s business, financial position, results Valmet’s Interim Review, January–September 2026 | 21 |

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of operations, and consequently the value of the company. Valmet seeks to manage and mitigate risks through its risk management processes. Some of the risks faced by Valmet are currently known and assessed, while other risks that are not presently identified or that are not considered material may emerge in the future and become significant. Geopolitical uncertainty in the Middle East continues due to ongoing military hostilities and disruptions to shipping routes and energy markets. Valmet has business operations, projects, and personnel in countries in the region. The situation increases risks related to employee safety, project execution, logistics, and customer activity, and contributes to cost pressure and volatility in global transportation and energy markets. During the reporting period, the direct impacts on Valmet’s operations remained limited, while related market uncertainty continued to have impacts on customer activity. Further details of Valmet’s risks and business uncertainties are available in the Valmet Annual Report 2025. Events after the reporting period On October 27, 2026, Valmet announced that it had entered into an agreement to acquire Tieto’s manufacturing execution system (MES) business to accelerate industrial transition towards autonomous operations. The acquisition completes Valmet’s Automation Solutions offering for the pulp and paper industries, further strengthens its leadership in pulp and paper automation and expands its capabilities to accelerate customers’ transition towards autonomous operations. The business generates annual revenue of approximately EUR 32 million. The acquisition will be financed with existing cash funds. The transaction is expected to be completed during the second quarter of 2027, subject to customary closing conditions. There have been no other subsequent events after the reporting period that required recognition or disclosure. General economic outlook according to OECD Global growth eased in the first half of 2026 but remained resilient despite the adverse effects of the conflict in the Middle East, supported by government measures and strong AI-related activity. The OECD projects global GDP growth of 2.9 percent in 2026 and 3.0 percent in 2027. Higher energy and commodity prices have renewed inflationary pressures, while higher interest rates and trade policy uncertainty weigh on near-term growth. The outlook remains uncertain and dependent on developments in the Middle East, with prolonged energy disruptions and further increases in long-term interest rates among the key downside risks. (OECD Economic Outlook, Interim Report, September 2026) Guidance for 2026 unchanged 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). Short-term market outlook (October 2026 – March 2027) 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. Process Performance Solutions 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. Biomaterial Solutions and Services 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. In Espoo, Finland, on October 27, 2026 Valmet’s Board of Directors Valmet’s Interim Review, January–September 2026 | 22 |

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Consolidated statement of income EUR million Q3/2026 Q3/2025 Q1–Q3/ 2026 Q1–Q3/ 2025 Net sales 1,360 1,295 3,920 3,720 Cost of goods sold -994 -944 -2,884 -2,677 Gross profit 366 351 1,036 1,043 Selling, general and administrative expenses -233 -218 -696 -755 Other operating income and expenses, net -20 -9 -43 -20 Share in profits and losses of associated companies, operative investments 1 1 3 3 Operating profit 115 125 300 271 Financial income and expenses, net -21 -13 -47 -45 Profit before taxes 94 112 253 227 Income taxes -24 -26 -74 -52 Profit for the period 70 86 179 175 Attributable to: Owners of the parent 70 86 179 175 Non-controlling interests — — — — Profit for the period 70 86 179 175 Earnings per share attributable to owners of the parent: Earnings per share, EUR 0.38 0.46 0.97 0.95 Diluted earnings per share, EUR 0.38 0.46 0.97 0.95 Consolidated statement of comprehensive income EUR million Q3/2026 Q3/2025 Q1–Q3/ 2026 Q1–Q3/ 2025 Profit for the period 70 86 179 175 Items that may be reclassified to profit or loss: Gains and losses on cash flow hedges -9 4 5 9 Change in fair value reserve — 1 1 — Currency translation on subsidiary net investments 3 — 33 -75 Share of other comprehensive income of associated companies accounted for using equity method — — 2 -1 Income tax relating to items that may be reclassified 2 -1 -1 -2 Total items that may be reclassified to profit or loss -4 3 39 -70 Items that will not be reclassified to profit or loss: Remeasurement of defined benefit plans 17 2 20 1 Income tax relating to items that will not be reclassified -4 — -5 — Total items that will not be reclassified to profit or loss 12 2 15 1 Other comprehensive income for the period 8 5 54 -69 Total comprehensive income for the period 79 91 233 106 Attributable to: Owners of the parent 78 91 232 107 Non-controlling interests — — 1 -1 Total comprehensive income for the period 79 91 233 106 Valmet’s Interim Review, January–September 2026 | 23 | Unaudited condensed consolidated interim financial statements

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Consolidated statement of financial position Assets EUR million As at September 30, 2026 As at September 30, 2025 As at December 31, 2025 Non-current assets Intangible assets Goodwill 2,012 1,798 1,800 Other intangible assets 1,138 1,059 1,040 Total intangible assets 3,150 2,857 2,840 Property, plant and equipment Land and water areas 36 38 38 Buildings and structures 165 156 164 Machinery and equipment 293 277 292 Right-of-use assets 169 179 171 Assets under construction 87 97 75 Total property, plant and equipment 750 746 740 Other non-current assets Investments in associated companies 24 19 19 Non-current financial assets 38 42 35 Deferred tax assets 104 96 96 Non-current income tax receivables 7 42 6 Other non-current assets 48 45 46 Total other non-current assets 220 244 203 Total non-current assets 4,121 3,848 3,782 Current assets Inventories Materials and supplies 244 210 213 Work in progress 403 451 377 Finished products 303 290 294 Total inventories 950 951 884 Receivables and other current assets Trade receivables 822 751 769 Amounts due from customers under revenue contracts 341 291 327 Other current financial assets 94 75 82 Income tax receivables 69 76 67 Other current assets 265 199 189 Cash and cash equivalents 618 479 535 Total receivables and other current assets 2,210 1,872 1,968 Total current assets 3,159 2,823 2,852 Total assets 7,280 6,671 6,634 Valmet’s Interim Review, January–September 2026 | 24 | Unaudited condensed consolidated interim financial statements

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Equity and liabilities EUR million As at September 30, 2026 As at September 30, 2025 As at December 31, 2025 Equity Share capital 140 140 140 Reserve for invested unrestricted equity 1,380 1,380 1,380 Cumulative translation adjustments -80 -115 -112 Hedge and other reserves 13 2 8 Retained earnings 1,119 1,056 1,168 Equity attributable to owners of the parent 2,572 2,463 2,584 Non-controlling interests 7 7 6 Total equity 2,579 2,470 2,590 Liabilities Non-current liabilities Non-current debt 1,359 1,136 1,153 Non-current lease liabilities 126 134 128 Employee benefit liabilities 131 160 156 Non-current provisions 17 33 20 Other non-current liabilities 6 7 7 Deferred tax liabilities 276 261 246 Total non-current liabilities 1,915 1,731 1,710 Current liabilities Current debt 338 123 132 Current lease liabilities 49 47 48 Trade payables 497 448 500 Current provisions 223 182 192 Amounts due to customers under revenue contracts 903 887 855 Other current financial liabilities 44 62 41 Income tax liabilities 83 82 58 Other current liabilities 650 637 508 Total current liabilities 2,786 2,470 2,334 Total liabilities 4,701 4,201 4,044 Total equity and liabilities 7,280 6,671 6,634 Valmet’s Interim Review, January–September 2026 | 25 | Unaudited condensed consolidated interim financial statements

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Consolidated statement of cash flows EUR million Q3/2026 Q3/2025 Q1–Q3/ 2026 Q1–Q3/ 2025 Cash flows from operating activities Profit for the period 70 86 179 175 Adjustments Depreciation and amortization 57 51 159 158 Change in provisions2 29 -22 26 20 Financial income and expenses 21 13 47 45 Income taxes 24 26 74 52 Other non-cash items 2 28 30 38 Change in net working capital 52 -52 -102 21 Net interests paid -5 -6 -25 -33 Income taxes paid -39 -29 -79 -84 Net cash provided by (+) / used in (-) operating activities 210 94 310 391 Cash flows from investing activities Capital expenditure on fixed assets -27 -24 -59 -81 Proceeds from sale of fixed assets — — 4 3 Business combinations, net of cash acquired and loans repaid -407 — -407 1 Net cash provided by (+) / used in (-) investing activities -433 -24 -462 -78 Cash flows from financing activities Repurchase of own shares — — — -3 Dividends paid — — -126 -125 Proceeds from non-current debt1 300 — 394 — Repayments of current portion of non-current debt1 -4 -4 -85 -131 Repayments of lease liabilities -14 -14 -42 -46 Net proceeds from (+) / repayments of (-) current debt -7 -46 106 7 Financial investments -20 2 -26 14 Net cash provided by (+) / used in (-) financing activities 255 -62 221 -284 Net increase (+) / decrease (-) in cash and cash equivalents 31 9 69 29 Effect of changes in exchange rates on cash and cash equivalents 3 -14 15 -33 Cash and cash equivalents at beginning of period 584 485 535 482 Cash and cash equivalents at end of the period 618 479 618 479 1 In 2026, Valmet refinanced an existing EUR 50 million loan by entering into a new agreement with the same counterparty. As the refinancing did not involve any cash movements, it is excluded from the Consolidated statement of cash flows. 2 Includes in Q1-Q3 2025 EUR 52 million addition to restructuring provision relating to the change negotiations of the operating model renewal. Valmet’s Interim Review, January–September 2026 | 26 | Unaudited condensed consolidated interim financial statements

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Consolidated statement of changes in equity EUR million Share capital Reserve for invested unrestricted equity Cumulative translation adjustments Hedge and other reserves Retained earnings Equity attributable to owners of the parent Non-controlling interests Total equity Balance at January 1, 2026 140 1,380 -112 8 1,168 2,584 6 2,590 Profit for the period — — — — 179 179 — 179 Other comprehensive income for the period — — 33 5 16 54 — 54 Total comprehensive income for the period — — 33 5 195 232 1 233 Transactions with owners in their capacity as owners Dividends — — — — -249 -249 — -249 Share-based payments, net of tax — — — — 5 5 — 5 Balance at September 30, 2026 140 1,380 -80 13 1,119 2,572 7 2,579 Balance at January 1, 2025 140 1,375 -40 -6 1,137 2,607 7 2,614 Profit for the period — — — — 175 175 — 175 Other comprehensive income for the period — — -75 7 — -68 — -69 Total comprehensive income for the period — — -75 7 175 107 -1 106 Transactions with owners in their capacity as owners Dividends — — — — -249 -249 — -249 Repurchase of own shares — — — — -3 -3 — -3 Share-based payments, net of tax — 5 — — -4 2 — 2 Balance at September 30, 2025 140 1,380 -115 2 1,056 2,463 7 2,470 Valmet’s Interim Review, January–September 2026 | 27 | Unaudited condensed consolidated interim financial statements

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Basis of preparation General information Valmet Oyj (the “Company” or the “parent company”) and its subsidiaries (together “Valmet”, “Valmet Group” or the “Group”) form a global developer and supplier of technologies, automation, flow control solutions, and services for the process industries. Valmet Oyj is domiciled in Helsinki, and its registered address is Keilasatama 5, 02150 Espoo, Finland. The Company’s shares are traded on Nasdaq Helsinki Ltd. These condensed consolidated interim financial statements were approved by the Board of Directors on October 27, 2026. Basis of presentation These condensed consolidated interim financial statements for the nine months ended September 30, 2026, have been prepared in accordance with IAS 34 – Interim financial reporting and in conformity with IFRS Accounting Standards as adopted by the European Union. The financial information presented in these condensed consolidated interim financial statements has not been audited. These condensed consolidated interim financial statements should be read in conjunction with the Group’s annual consolidated financial statements for the year ended December 31, 2025, which have been prepared in accordance with IFRS. Valmet Group has applied new standards and interpretations published by IASB that are effective for the first time for financial reporting periods commencing on January 1, 2026. These standards and interpretations did not have a material impact on the results or financial position of the Group, or the presentation of these condensed consolidated interim financial statements. Except for the above, the accounting policies applied in the preparation of these condensed consolidated interim financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2025. In these condensed consolidated interim financial statements, the figures are presented in million euros subject to rounding, which may cause some rounding inaccuracies in aggregate column and row totals. IFRS 18 Presentation and disclosure in Financial Statements Valmet will apply IFRS 18 Presentation and Disclosure in Financial Statements starting from its effective date January 1, 2027 with retrospective application. The comparative information for the financial year ending December 2026 will therefore be restated in accordance with IFRS 18. IFRS 18 introduces new guidance on the presentation of income and expenses within the Consolidated statement of income, including the use of new categories. As a result, the standard will affect how operating profit is calculated and reported. Based on management’s current assessment and prevailing circumstances, the impact is not expected to be material. In addition, IFRS 18 amends IAS 7, affecting the presentation of the consolidated statement of cash flows, particularly through the reclassification of cash flows related to interest and dividends. The starting point for determining cash flows from operating activities will shift to operating profit. Valmet does not anticipate any significant changes to the information currently disclosed in the notes. However, to comply with the new disclosure requirements, Valmet will introduce a new note covering Management-defined Performance Measures (MPMs) and provide additional information on operating expenses by nature. Valmet continues to follow the developing interpretation guidance and analyse the impact of the new standard. Key exchange rates Average rates Period-end rates Q1– Q3/2026 Q1– Q3/2025 Q3/2026 Q3/2025 USD (US dollar) 1.1615 1.1129 1.1355 1.1741 SEK (Swedish krona) 10.9097 11.1231 11.3310 11.0565 CNY (Chinese yuan) 7.9301 8.0270 7.6130 8.3591 Valmet’s Interim Review, January–September 2026 | 28 | Unaudited condensed consolidated interim financial statements

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Business combinations The acquisition of Severn Group, originally announced on December 22, 2025, was completed on July 1, 2026. Control of the acquiree was obtained through the purchase of 100 percent equity interest in Contour Holdings International Limited. The transaction is valued at USD 480 million on a cash and debt-free basis (approximately EUR 420 million calculated using the exchange rate at the acquisition date). Severn Group is an industrial valve company specializing in severe service flow control solutions. The acquisition strengthens the Process Performance Solutions segment and further accelerates Valmet’s growth beyond the company’s traditional core biomaterials business. Severn is integrated into the Flow Control business area of the Process Performance Solutions segment. The acquisition expands Valmet’s flow control business into new addressable markets, increases the installed base and the related after market potential, and expands the company’s technology offering in severe service flow control solutions. Net sales of Severn Group amounted to approximately EUR 205 million in 2025, with an EBITA margin of approximately 16 percent. Severn has approximately 950 employees, and its main locations are in the UK, USA and India. The acquired business has been consolidated into Valmet as of July 1, 2026. The assumed accounting for the acquisition of Severn Group including estimated purchase consideration, is based on provisional amounts and the associated purchase accounting is not final. Fair values of assets acquired, liabilities assumed, and goodwill recognized at the date of acquisition and net cash flow impact are summarized in the following tables. The net assets acquired are denominated in British pounds. Goodwill arising from the business combination is attributable to the assembled workforce, future customers and market position. The goodwill arising from the acquisition is not expected to be tax-deductible. From the date of acquisition, the acquired business has contributed EUR 46 million to net sales and EUR -1 million of profit to the Group, including EUR 7 million amortization of intangibles and inventory fair-value step-up recognized at acquisition. If the acquisition had occurred on January 1, 2026, management estimates that the combined statement of income would show net sales of EUR 3,999 million and profit for the period amounting to EUR 175 million, with the assumption that the fair value adjustments as at the acquisition date would have been the same if the acquisition had occurred on January 1, 2026. Acquisition related costs of EUR 3 million have been charged to Selling, general and administrative expenses in the Consolidated statement of income in January–September 2026. Valmet’s Interim Review, January–September 2026 | 29 | Unaudited condensed consolidated interim financial statements

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Fair values of assets acquired and liabilities assumed and goodwill at the date of acquisition: EUR million As at July 1, 20261 Non-current assets Goodwill 210 Other intangible assets 164 Property, plant and equipment 13 Right-of-use assets 5 Deferred tax asset 3 Other non-current assets — Total non-current assets 395 Current assets Inventories 38 Trade receivables 35 Amounts due from customers under revenue contracts 23 Other receivables 15 Cash and cash equivalents 24 Total current assets 136 Non-current liabilities Non-current debt 3 Non-current lease liabilities 2 Deferred tax liabilities 43 Total non-current liabilities 48 Current liabilities Current debt 194 Current lease liabilities 2 Trade payables 19 Current provisions 1 Amounts due to customers under revenue contracts 9 Other current liabilities 19 Total current liabilities 243 Net assets acquired including goodwill 239 1 EUR values have been translated using foreign exchange rates prevailing at the date of acquisition. Cash flows associated with the acquisition: EUR million As at July 1, 2026 Consideration transferred1 -236 Cash and cash equivalents acquired 24 Loans repaid at closing -194 Net cash outflow -407 1 In the Consolidated statement of cash flows, the consideration transferred for Severn Group includes a gain from foreign exchange hedging amounting to EUR 13 million. Valmet’s Interim Review, January–September 2026 | 30 | Unaudited condensed consolidated interim financial statements

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Reportable segments Valmet has two operating segments and two reportable segments for financial reporting purposes: Process Performance Solutions and Biomaterial Solutions and Services. Corporate functions are presented as Other. The Process Performance Solutions segment delivers flow control technologies and automation systems ranging from individual measurements to full plant-wide solutions, complemented by lifecycle services. The segment serves a global customer base of broad range of industries with mission-critical solutions that enhance resource efficiency, operational reliability, and financial performance. The Biomaterial Solutions and Services segment serves global producers across the pulp, paper, packaging, tissue and bioenergy industries. The segment provides complete production lines and key process islands, complemented by a full range of lifecycle services. These solutions enable improvements in fiber yield, energy and water efficiency, emissions, and operational uptime. The financial reporting structure reflects Valmet’s operational model, and is aligned with the way the Group's Chief Operating Decision Maker (CODM), the President and CEO of Valmet, evaluates the operational performance of the segments and allocates resources. One key indicator of performance reviewed by the CODM is Earnings before interest, taxes and amortization (EBITA). Performance is also assessed through Comparable EBITA, i.e., with EBITA excluding certain items of income and expense that reduce the comparability of Valmet's performance from one period to another. The alternative performance measures of EBITA and Comparable EBITA, are published by Valmet as part of regulated financial information to enable users of the financial information to prepare more meaningful analysis on Valmet’s performance. Items affecting comparability consist of income and expenses arising from activities that amend the capacity of Valmet’s operations. Items include restructuring costs, gains or losses on sale of businesses or non-current assets, transaction costs related to business combinations, and income and expenses incurred outside Valmet’s normal course of business, such as impairment charges and income and expenses recorded as a result of settlement payments to/from third parties (e.g., penalties incurred as a result of tax audits or settlements to closed lawsuits), and share in profits and losses of associated companies. Orders received, EUR million Q1–Q3/ 2026 Q1–Q3/ 2025 Change 2025 Process Performance Solutions 1,178 1,128 4% 1,500 Biomaterial Solutions and Services 2,696 2,808 -4% 3,716 Total 3,874 3,936 -2% 5,216 Net sales, EUR million Q1–Q3/ 2026 Q1–Q3/ 2025 Change 2025 Process Performance Solutions 1,119 1,072 4% 1,481 Biomaterial Solutions and Services 2,801 2,649 6% 3,716 Total 3,920 3,720 5% 5,197 Comparable EBITA, EUR million Q1–Q3/ 2026 Q1–Q3/ 2025 Change 2025 Process Performance Solutions 215 200 7% 290 Biomaterial Solutions and Services 264 258 2% 381 Other -44 -34 -27% -51 Total 434 423 3% 620 Comparable EBITA, % of net sales Q1–Q3/ 2026 Q1–Q3/ 2025 2025 Process Performance Solutions 19.2 % 18.7 % 19.6 % Biomaterial Solutions and Services 9.4 % 9.7 % 10.3 % Total 11.1 % 11.4 % 11.9 % EBITA, EUR million Q1–Q3/ 2026 Q1–Q3/ 2025 Change 2025 Process Performance Solutions 211 187 13% 279 Biomaterial Solutions and Services 217 206 5% 323 Other -52 -50 -5% -68 Total 376 343 9% 534 EBITA, % of net sales Q1–Q3/ 2026 Q1–Q3/ 2025 2025 Process Performance Solutions 18.9 % 17.5 % 18.8 % Biomaterial Solutions and Services 7.7 % 7.8 % 8.7 % Total 9.6 % 9.2 % 10.3 % Items affecting comparability, EUR million Q1–Q3/ 2026 Q1–Q3/ 2025 2025 Process Performance Solutions -4 -12 -11 Biomaterial Solutions and Services -47 -52 -58 Other -8 -15 -17 Total -59 -80 -85 Amortization, EUR million Q1–Q3/ 2026 Q1–Q3/ 2025 Change 2025 Process Performance Solutions -45 -41 -9% -55 Biomaterial Solutions and Services -16 -17 3% -22 Other -15 -14 -2% -19 Total -76 -72 -5% -96 Valmet’s Interim Review, January–September 2026 | 31 | Unaudited condensed consolidated interim financial statements

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Reconciliation between Comparable EBITA, EBITA and Operating profit EUR million Q3/2026 Q3/2025 Q1–Q3/ 2026 Q1–Q3/ 2025 Comparable EBITA 169 159 434 423 Items affecting comparability in cost of sales Income and expenses related to capacity adjustments12 -10 1 -24 -20 Expensing of fair value adjustments recognized in business combinations -1 — -2 -2 Other items affecting comparability -1 -5 -5 -6 Items affecting comparability in selling, general and administrative expenses Income and expenses related to capacity adjustments12 -4 -1 -5 -44 Expenses related to acquisitions -3 — -3 — Other items affecting comparability 1 -2 -1 -4 Items affecting comparability in other operating income and expenses Income and expenses related to capacity adjustments1 — — -9 — Expenses related to acquisitions — — — — Other items affecting comparability -7 -4 -13 -7 Items affecting comparability in share in profits and losses of associated companies, operative investments Other items affecting comparability 1 1 3 3 EBITA 144 149 376 343 Amortization included in cost of sales Other intangibles — — -1 -1 Amortization included in selling, general and administrative expenses Intangibles recognized in business combinations -23 -18 -58 -54 Other intangibles -6 -6 -17 -17 Operating profit 115 125 300 271 1 Includes EUR 21 million costs in 2026 related to planned changes in Valmet’s manufacturing footprint in Sweden and Poland, of which EUR 11 million relates to restructuring costs. In addition, includes EUR 14 million related to change negotiations mainly in Finland and Sweden to further improve efficiency and cost competitiveness. 2 Includes in Q1-Q3 2025 EUR 63 million restructuring costs due to change negotiations and strategy renewal costs related to Valmet’s operating model renewal. Valmet’s Interim Review, January–September 2026 | 32 | Unaudited condensed consolidated interim financial statements

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Entity-wide information Valmet has operations globally in approximately 40 countries. Measured by net sales, the top three countries in the first nine months of 2026 were the USA, Brazil and China, which together accounted for 50 percent of total net sales. In the first nine months of 2025, the top three countries were the USA, Brazil and China, which together accounted for 45 percent of total net sales. Net sales for Finland (the country of domicile) amounted EUR 180 million in the first nine months of 2026 (EUR 213 million). Net sales by destination: Q1–Q3/2026: EUR 3,920 million North America, EUR 1,087 million Latin America, EUR 746 million EMEA, EUR 1,270 million China, EUR 457 million Asia-Pacific, EUR 360 million Q1–Q3/2025: EUR 3,720 million North America, EUR 990 million Latin America, EUR 557 million EMEA, EUR 1,350 million China, EUR 388 million Asia-Pacific, EUR 435 million Gross capital expenditure (excluding business combinations and right-of-use assets) by location: EUR million North America Latin America EMEA China Asia-Pacific Total Q1–Q3/2026 9 4 30 13 3 59 Q1–Q3/2025 12 4 48 11 6 81 Revenue Valmet’s revenue is reported and monitored by management, by segment, business area and geographical area. Flow Control business area's valves equipment sales are recognized at a point in time, except for long-term contracts for highly engineered-to- order valves, for which revenue is recognized over time using the cost-to-cost method. Automation Solutions business area’s revenue consists of long-term contracts and short-term service contracts. Revenue for long-term contracts is recognized over time based on the cost-to-cost method. For the projects that do not meet the over time revenue recognition criteria, revenue is recognized at a point in time. Revenue for short-term service contracts is recognized at a point in time. Pulp, Energy and Circularity, Packaging and Paper, and Tissue business areas’ revenue is derived from both large long-term projects, for which revenue is mostly recognized over time based on the cost-to-cost method and a large volume of short-term service contracts with relatively low individual value, for which revenue is mainly recognized at a point in time. These short-term service contracts include smaller maintenance, improvements and rebuilds. Sale of spare parts and consumables is recognized at a point in time. The nature of revenue in each geographical area in any given reporting period is driven by volume and size of ongoing projects. Net sales by business areas: EUR million Q3/2026 Q3/2025 Q1–Q3/ 2026 Q1–Q3/ 2025 Flow Control 248 196 644 584 Automation Solutions 160 165 475 488 Pulp, Energy and Circularity 416 400 1,261 1,105 Packaging and Paper 356 347 1,052 1,094 Tissue 180 187 488 450 Total 1,360 1,295 3,920 3,720 Timing of revenue recognition: EUR million Q3/2026 Q3/2025 Q1–Q3/ 2026 Q1–Q3/ 2025 Performance obligations satisfied at a point in time 717 746 2,044 2,126 Performance obligations satisfied over time 644 548 1,876 1,594 Total 1,360 1,295 3,920 3,720 Valmet’s Interim Review, January–September 2026 | 33 | Unaudited condensed consolidated interim financial statements

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In order to mitigate credit risk and compensate for contract costs incurred upfront, Valmet regularly requires advance payments from its customers. During the reporting period Valmet had not entered into any material contracts where the period between when Valmet transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or more. Neither were there any ongoing projects from previous reporting periods for which the former would apply. The creditworthiness of a customer is verified before entering into a contract. However, if a risk of non-payment arises after contract inception, the probability of collection of consideration is re- evaluated and if assessed improbable, recognition of revenue is discontinued. An allowance for non- collectability of open receivables and contract assets is established as concluded appropriate. Valmet receives payments from customers based on invoicing schedules as set out in the customer contracts. Changes in contract assets and liabilities are due to Valmet’s performance under the contracts. Amounts due from customers under revenue contracts primarily relate to Valmet’s right to consideration for work completed but not yet invoiced at the reporting date. These assets are transferred to trade receivables when right to consideration becomes unconditional, which is typically at the time when Valmet has contractual right to issue an invoice. Significant part of amounts due to customers relate to advance consideration received from customers in long-term capital contracts for which revenue is recognized over time. These amounts are recognized as revenue as (or when) Valmet performs under the contracts. Following tables provide specification of movements in amounts due from customers under revenue contracts and amounts due to customers under revenue contracts over the reporting period. Revenue recognized in the period also includes revenue recognized related to performance obligations satisfied in previous periods, the amount of which however is insignificant. Amounts due from customers under revenue contracts: EUR million Q1–Q3/ 2026 Q1–Q3/ 2025 2025 Carrying value at beginning of the period 327 344 344 Translation differences -3 -1 1 Acquired in business combinations 23 — — Revenue recognized in the period 819 558 936 Transfers to trade receivables -825 -610 -954 Carrying value at end of the period 341 291 327 Amounts due to customers under revenue contracts: EUR million Q1–Q3/ 2026 Q1–Q3/ 2025 2025 Carrying value at beginning of the period 855 904 904 Translation differences 19 -32 -29 Acquired in business combinations 9 — — Revenue recognized in the period -1,880 -1,953 -2,579 Consideration invoiced and/or received 1,899 1,968 2,559 Carrying value at end of the period 903 887 855 EUR million As at September 30, 2026 As at September 30, 2025 As at December 31, 2025 Amounts due to customers under revenue contracts for which revenue is recognized Point in time 363 370 339 Over time 539 517 516 Carrying value at end of the period 903 887 855 Valmet typically issues contractual product warranties under which it guarantees the mechanical functioning of equipment delivered during the agreed warranty period. Valmet does not issue service- type warranties. As at September 30, 2026, Valmet had no costs to obtain or fulfill contracts capitalized under IFRS 15. The aggregate amount of transaction price allocated to unsatisfied or partially satisfied performance obligations as at September 30, 2026, was EUR 4,470 million (EUR 4,526 million). Valmet’s Interim Review, January–September 2026 | 34 | Unaudited condensed consolidated interim financial statements

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Net working capital Payment schedules of large long-term projects have a significant impact on net working capital development. Net working capital does not include non-operative items such as taxes, interest- bearing assets and liabilities, or other items related to funding of the Group’s operations. EUR million As at September 30, 2026 As at September 30, 2025 As at December 31, 2025 Impact to cash flows Q1–Q3/ 2026 Assets included in net working capital Non-current trade receivables 13 18 16 3 Other non-current assets 48 45 46 -2 Inventories 950 951 884 -66 Trade receivables 822 751 769 -53 Amounts due from customers under revenue contracts 341 291 327 -14 Derivative financial instruments (assets) 51 59 63 12 Other receivables 267 211 190 -77 Liabilities included in net working capital Employee benefits -131 -160 -156 -26 Provisions -240 -215 -212 28 Other non-current non-interest-bearing liabilities -1 -1 -1 — Trade payables -497 -448 -500 -3 Amounts due to customers under revenue contracts -903 -887 -855 47 Derivative financial instruments (liabilities) -50 -69 -47 2 Other current liabilities -627 -622 -495 132 Total net working capital 45 -76 29 -15 Effect of changes in foreign exchange rates 9 Remeasurement of defined benefit plans 18 Change in allowance for doubtful receivables and inventory obsolescence provision -27 Change in provisions -26 Dividend liability -123 Acquired in business combinations 64 Change in net working capital in the Consolidated statement of cash flows -102 Valmet’s Interim Review, January–September 2026 | 35 | Unaudited condensed consolidated interim financial statements

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Intangible assets and property, plant and equipment Intangible assets EUR million Q1–Q3/2026 Q1–Q3/2025 2025 Carrying value at beginning of the period 2,840 2,934 2,934 Translation differences 2 -24 -22 Capital expenditure 7 13 18 Acquired in business combinations 378 8 8 Amortization -76 -72 -96 Impairment losses — -2 -3 Other changes — 1 1 Carrying value at end of the period 3,150 2,857 2,840 Property, plant and equipment (excluding right-of-use assets) EUR million Q1–Q3/2026 Q1–Q3/2025 2025 Carrying value at beginning of the period 568 569 569 Translation differences 8 -20 -18 Capital expenditure 52 68 85 Acquired in business combinations 13 — — Depreciation -49 -48 -64 Impairment losses -8 — -2 Other changes -4 -2 -2 Carrying value at end of the period 581 567 568 Leases Right-of-use assets EUR million Q1–Q3/2026 Q1–Q3/2025 2025 Carrying value at beginning of the period 171 156 156 Translation differences 2 -6 -5 Additions 33 78 82 Acquired in business combinations 5 — — Depreciation -35 -37 -49 Other changes -7 -13 -14 Carrying value at end of the period 169 179 171 Valmet’s Interim Review, January–September 2026 | 36 | Unaudited condensed consolidated interim financial statements

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Financial instruments Derivative financial instruments As at September 30, 2026 As at September 30, 2025 Notional amount Fair value, assets Fair value, liabilities Fair value, net Notional amount Fair value, assets Fair value, liabilities Fair value, net Forward exchange contracts1 4,136 39 -47 -8 4,148 55 -64 -8 Interest rate swaps1 700 10 -2 8 725 3 -4 -1 Electricity forward contracts2 176 2 -1 2 156 1 — — Nickel forward contracts3 474 — -1 -1 414 — -1 -1 Steel scrap forward contracts3 1,063 — — — 1,063 — — — 1 Notional amount and fair values in EUR million. 2 Notional amount in GWh and fair values in EUR million. 3 Notional amount in metric tons and fair values in EUR million. The notional amounts give an indication of the volume of derivative contracts entered into, but do not provide an indication of the exposure to risk. Valmet’s Interim Review, January–September 2026 | 37 | Unaudited condensed consolidated interim financial statements

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Classification of financial assets and liabilities: As at September 30, 2026 As at September 30, 2025 EUR million At amortized cost At fair value through other comprehensive income At fair value through profit and loss Carrying value At amortized cost At fair value through other comprehensive income At fair value through profit and loss Carrying value Fair value level Non-current financial assets Equity investments 10 2 12 8 2 11 1,3 Interest-bearing financial assets 1 1 — — Trade receivables 13 13 18 18 Derivative financial instruments 11 — 11 13 — 13 2 Total 13 21 3 37 18 21 3 42 Current financial assets Interest-bearing financial assets 1 50 50 — 16 16 2 Non-interest-bearing financial assets 4 4 13 13 Trade receivables 822 822 751 751 Derivative financial instruments 27 13 40 37 8 45 2 Cash and cash equivalents 618 618 479 479 Total 1,445 77 13 1,535 1,243 53 8 1,304 Non-current financial liabilities Loans from financial institutions 1,162 1,162 935 935 Bonds1 198 198 201 201 Lease liabilities 126 126 134 134 Derivative financial instruments 5 — 5 7 — 7 2 Total 1,485 5 — 1,490 1,270 7 — 1,277 Current financial liabilities Loans from financial institutions 199 199 99 99 Lease liabilities 49 49 47 47 Interest-bearing liabilities 139 139 24 24 Trade payables 497 497 448 448 Derivative financial instruments 28 16 44 46 16 62 2 Total 884 28 16 929 619 46 16 681 1 The bonds have been measured at amortized cost, adjusted by the fair value to the extent that fair value hedge accounting is applied. Valmet’s Interim Review, January–September 2026 | 38 | Unaudited condensed consolidated interim financial statements

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For those financial assets and liabilities, which have been recognized at fair value in the Consolidated statement of financial position, the measurement hierarchy and valuation methods described below have been applied. Level 1 Quoted unadjusted prices at reporting date in active markets. Valmet level 1 financial instruments include equity investments classified as financial assets at fair value through other comprehensive income. Level 2 The fair value of financial instruments in Level 2 is determined using valuation techniques. These techniques utilize observable market data readily and regularly available. Valmet level 2 financial instruments include over-the-counter (OTC) derivatives classified as financial assets and liabilities at fair value through profit or loss or derivatives qualified for hedge accounting and all other financial assets and liabilities except for equity investments. Level 3 A financial instrument is categorized into Level 3 if the calculation of the fair value cannot be based on observable market data. Valmet level 3 financial instruments include equity investments classified as financial assets at fair value through profit or loss. Provisions EUR million Q1–Q3/2026 Q1–Q3/2025 2025 Carrying value at beginning of the period 212 190 190 Translation differences 1 -2 -1 Additions charged to profit or loss1,2 114 142 190 Acquired in business combinations 1 6 6 Provisions used2 -62 -95 -129 Unused provisions reversed1, -26 -27 -44 Carrying value at end of the period 240 215 212 Non-current 17 33 20 Current 223 182 192 1 In 2026, additions charged to profit or loss include a restructuring provision of EUR 12 million related to change negotiations concerning planned changes in Valmet’s manufacturing footprint in Sweden and Poland and EUR 14 million related to change negotiations mainly in Finland and Sweden to further improve efficiency and cost competitiveness. Reversals of unused restructuring provisions recognized in profit and loss amounted to EUR 2 million during 2026. 2 Additions charged to profit or loss include, in the financial year 2025, a restructuring provision of EUR 52 million related to change negotiations for the renewal of the operating model. Of this amount, provisions used totaled EUR 31 million in 2025 and EUR 14 million in 2026. Contingencies and commitments EUR million As at September 30, 2026 As at September 30, 2025 As at December 31, 2025 Guarantees on behalf of Valmet Group 1,067 1,032 1,029 The most significant commitments and contingencies of Valmet relate to guarantees provided by Valmet Oyj, its subsidiaries and financial institutions to customers and suppliers in the ordinary course of business, as disclosed in the above table. On October 15, 2024, Valmet announced that Metsä Fibre Oy has filed a request for arbitration against Valmet Technologies Oy, which is a subsidiary of Valmet. The arbitration concerns Metsä Fibre’s bioproduct mill in Kemi, Finland, which came into operation as planned on September 20, 2023. Valmet Technologies Oy disputes the claims brought by Metsä Fibre. The monetary claims put forward by Metsä Fibre in the arbitration currently amount to approximately EUR 33.5 million. Valmet’s management does not expect to the best of its current understanding any material adverse impacts on its operations or financial position due to this arbitration. This assessment takes into account the grounds currently presented, provisions made, insurance coverage in force, and the extent of Valmet’s total business activities. Several lawsuits, claims and disputes based on various grounds are pending against Valmet in various countries, including product liability lawsuits and claims as well as legal disputes related to Valmet’s deliveries. Valmet is also a plaintiff in several lawsuits. Although some of the claims are substantial, Valmet’s management does not expect to the best of its present understanding that the outcome of these lawsuits, claims and disputes will have a material adverse effect on Valmet in view of the grounds currently presented for them, provisions made, insurance coverage in force and the extent of Valmet’s total business activities. Valmet’s Interim Review, January–September 2026 | 39 | Unaudited condensed consolidated interim financial statements

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Events after the reporting period On October 27, 2026, Valmet announced that it had entered into an agreement to acquire Tieto’s manufacturing execution system (MES) business to accelerate industrial transition towards autonomous operations. The acquisition completes Valmet’s Automation Solutions offering for the pulp and paper industries, further strengthens its leadership in pulp and paper automation and expands its capabilities to accelerate customers’ transition towards autonomous operations. The business generates annual revenue of approximately EUR 32 million. The acquisition will be financed with existing cash funds. The transaction is expected to be completed during the second quarter of 2027, subject to customary closing conditions. There have been no other subsequent events after the reporting period that required recognition or disclosure. Key indicators Q1–Q3/2026 Q1–Q3/2025 Comparable return on capital employed (Comparable ROCE) before taxes (LTM), % 12.9% 13.1% Return on capital employed (ROCE) before taxes (LTM), % 11.4% 10.6% Return on equity (ROE) (LTM), % 11.2% 11.0% Net debt to EBITDA1 ratio 1.78 1.50 Gearing, end of period, % 47% 38% Equity to assets ratio, end of period, % 40% 43% Capital employed, end of period, EUR million 4,451 3,910 Interest-bearing liabilities, end of period, EUR million 1,872 1,440 Net interest-bearing liabilities, end of period, EUR million 1,204 945 Cash conversion ratio (LTM), % 88% 110 % Comparable cash conversion ratio (LTM), % 79% 92% Earnings per share, EUR 0.97 0.95 Diluted earnings per share, EUR 0.97 0.95 Adjusted earnings per share, EUR 1.21 1.18 Equity per share, end of period, EUR 13.96 13.37 Number of outstanding shares, end of period 184,232,210 184,235,176 Average number of outstanding shares 184,234,470 184,193,253 Average number of diluted shares 184,234,470 184,193,253 1 Last twelve months EBITDA Valmet’s Interim Review, January–September 2026 | 40 | Unaudited condensed consolidated interim financial statements

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Formulas for calculation of indicators In addition to financial performance indicators as defined by IFRS, Valmet publishes certain other widely used measures of performance that can be derived from figures in the Consolidated statement of income and Consolidated statement of financial position, as well as notes thereto. The formulas for calculation of these alternative performance measures are presented below. Some of the alternative performance measures are calculated on a last twelve months basis (LTM). Comparable gross profit (GP): Gross profit +/- items affecting comparability in cost of sales Comparable selling, general and administrative (SG&A) expenses: Selling, general and administrative expenses +/- items affecting comparability in selling, general and administrative expenses EBITA: Operating profit + amortization Comparable EBITA1: Operating profit + amortization +/- items affecting comparability Earnings per share: Profit attributable to shareholders of the Company Average number of shares outstanding during period Diluted earnings per share: Profit attributable to shareholders of the Company Average number of diluted shares during period Adjusted earnings per share1: Profit attributable to shareholders of the Company - expensing of fair value adjustments recognized in business combinations, net of tax Average number of shares outstanding during period 1 Alternative performance measure also calculated on a last twelve months basis Equity per share: Equity attributable to owners of the parent Number of outstanding shares at end of period Return on equity (ROE), % (LTM): Profit for the period x 100Total equity (average for period) Return on capital employed (ROCE) before taxes, % (LTM): Profit before taxes + interest and other financial expenses x 100Total equity + interest-bearing liabilities (average for period) Comparable return on capital employed (ROCE) before taxes, % (LTM): Profit before taxes + interest and other financial expenses +/- items affecting comparability x 100 Total equity + interest-bearing liabilities (average for period) Equity to assets ratio, %: Total equity x 100Balance sheet total - amounts due to customers under revenue contracts Gearing, %: Net interest-bearing liabilities x 100Total equity Net interest-bearing liabilities: Non-current debt + non-current lease liabilities + current debt + current lease liabilities - cash and cash equivalents - other interest-bearing assets Net debt to EBITDA ratio: Net interest-bearing liabilities Operating profit + amortization + depreciation (LTM) Cash conversion ratio, % (LTM): Cash flows from operating activities x 100EBITA Comparable cash conversion ratio, % (LTM): Cash flows from operating activities x 100Comparable EBITA Free cash flow: Cash flows from operating activities - gross capital expenditure (excl. business combinations and right-of-use assets) Valmet’s Interim Review, January–September 2026 | 41 | Unaudited condensed consolidated interim financial statements

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Quarterly information EUR million, or as indicated Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Orders received 1,408 1,373 1,092 1,281 1,083 Order backlog1 4,470 4,259 4,200 4,306 4,526 Net sales 1,360 1,315 1,244 1,477 1,295 Comparable gross profit 379 368 320 406 355 % of net sales 27.8 % 27.9 % 25.7 % 27.5 % 27.4 % Comparable SG&A expenses -226 -235 -226 -229 -215 % of net sales -16.6 % -17.9 % -18.1 % -15.5 % -16.6 % Comparable EBITA 169 152 114 196 159 % of net sales 12.4 % 11.5 % 9.2 % 13.3 % 12.3 % Operating profit (EBIT) 115 127 58 167 125 % of net sales 8.5 % 9.7 % 4.6 % 11.3 % 9.7 % Profit before taxes 94 114 45 149 112 % of net sales 6.9% 8.7% 3.6% 10.1% 8.6% Profit for the period 70 75 34 105 86 % of net sales 5.2 % 5.7 % 2.8 % 7.1 % 6.6 % Earnings per share, EUR 0.38 0.40 0.19 0.57 0.46 Adjusted earnings per share, EUR 0.48 0.47 0.26 0.64 0.54 Expensing of fair value adjustments recognized in business combinations, net of tax -18 -13 -14 -14 -14 Amortization -29 -23 -24 -24 -24 Depreciation, property, plant and equipment (excl. right-of-use assets) -17 -16 -16 -16 -16 Depreciation, right-of-use assets -12 -12 -12 -11 -12 Depreciation, total -28 -28 -28 -28 -27 Items affecting comparability: in cost of goods sold -12 -8 -10 -2 -4 in selling, general and administrative expenses -6 2 -5 -2 -3 in other operating income and expenses, net -7 2 -17 -3 -4 in share in profits and losses of associated companies, operative investments 1 2 — 2 1 Total items affecting comparability -25 -1 -32 -6 -10 Cash flow provided by operating activities 210 65 35 189 94 Gross capital expenditure (excl. business combinations and right-of- use assets) -27 -15 -17 -22 -24 Free cash flow 183 50 18 167 70 Business combinations, net of cash acquired and loans repaid -407 — — — — Research and development expenses, net -28 -34 -32 -34 -29 % of net sales -2.0 % -2.5 % -2.5 % -2.3 % -2.3 % 1 At end of period. Valmet’s Interim Review, January–September 2026 | 42 | Unaudited condensed consolidated interim financial statements

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Quarterly segment information Orders received, EUR million Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Process Performance Solutions 399 379 400 372 345 Biomaterial Solutions and Services 1,009 994 693 908 738 Total 1,408 1,373 1,092 1,281 1,083 Net sales, EUR million Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Process Performance Solutions 408 370 341 410 361 Biomaterial Solutions and Services 952 945 904 1,067 934 Total 1,360 1,315 1,244 1,477 1,295 Comparable EBITA, EUR million Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Process Performance Solutions 82 69 63 90 79 Biomaterial Solutions and Services 102 98 64 123 89 Other -15 -15 -13 -16 -9 Total 169 152 114 196 159 Comparable EBITA, % of net sales Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Process Performance Solutions 20.2 % 18.7 % 18.5 % 21.9 % 21.9 % Biomaterial Solutions and Services 10.7 % 10.4 % 7.1 % 11.6 % 9.5 % Total 12.4 % 11.5 % 9.2 % 13.3 % 12.3 % EBITA, EUR million Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Process Performance Solutions 78 71 63 92 81 Biomaterial Solutions and Services 89 96 32 118 75 Other -23 -16 -13 -18 -7 Total 144 150 82 191 149 EBITA, % of net sales Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Process Performance Solutions 19.1 % 19.1 % 18.4 % 22.4 % 22.4 % Biomaterial Solutions and Services 9.4 % 10.1 % 3.5 % 11.0 % 8.0 % Total 10.6 % 11.4 % 6.6 % 12.9 % 11.5 % Items affecting comparability, EUR million Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Process Performance Solutions -5 1 — 2 2 Biomaterial Solutions and Services -13 -2 -32 -6 -13 Other -8 -1 — -2 2 Total -25 -1 -32 -6 -10 Amortization, EUR million Q3/2026 Q2/2026 Q1/2026 Q4/2025 Q3/2025 Process Performance Solutions -19 -13 -14 -14 -14 Biomaterial Solutions and Services -5 -5 -5 -5 -5 Other -5 -5 -5 -5 -5 Total -29 -23 -24 -24 -24 Valmet’s Interim Review, January–September 2026 | 43 | Unaudited condensed consolidated interim financial statements

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Valmet Oyj Keilasatama 5 / PO Box 11 FI-02150 Espoo, Finland www.valmet.com/investors www.valmet.com Valmet‘s Financial reporting in 2027 February 4, 2027 – Financial Statements Review for 2026 April 27, 2027 – Interim Review for January–March 2027 July 21, 2027 – Half Year Financial Review for January–June 2027 October 27, 2027 – Interim Review January–September 2027

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