Interim Report for January-September 2026

Figures in brackets in this report refer to the corresponding period in 2025, unless otherwise stated.

Third-quarter 2026 in brief

• Customer activity drove 28% order growth; organic order growth in constant currencies was 24%
• Minerals orders increased by 34%, with equipment orders up 79%; Aggregates orders grew by 4%
• Order backlog increased by 20% to EUR 3,883 million
• Sales increased by 3% to EUR 1,373 million, aftermarket sales grew by 10%. Organic sales growth in constant currencies was 1%.
• Adjusted EBITA increased by 4% to EUR 230 million and the margin was 16.8% (16.7%)
• Cash flow from operations amounted to EUR 136 million (EUR 266 million)
• Net debt-to-EBITDA ratio was 1.3 (1.3)

January-September in brief

• Orders received increased 17% to EUR 4,632 million (EUR 3,970 million); Aggregates +5% and Minerals +21%
• Sales grew 4% to EUR 3,960 million (EUR 3,797 million); Aggregates +3% and Minerals +5%
• Adjusted EBITA increased 10% to EUR 655 million, or 16.5% of sales (EUR 597 million, or 15.7%)
• Operating profit was EUR 548 million, or 13.8% of sales (EUR 551 million, or 14.5%)
• Cash flow from operations was EUR 421 million (EUR 609 million)
• Earnings per share from continuing operations were EUR 0.44 (EUR 0.44)

President and CEO Sami Takaluoma:

Broad-based order growth across our portfolio Customer activity in mining remained high, supported by favorable copper and gold prices. Orders received increased by 28% to EUR 1,614 million, or 24% organically in constant currencies. This resulted in a book-to-bill ratio of 1.18, and our order backlog increased by 20% year-on-year.

In Minerals, orders grew by 34%. Equipment orders increased by 79%, driven particularly by grinding and crushing solutions. Importantly, the strength was supported by healthy demand across commodities, geographies and product areas. Small and medium-sized orders remained at a healthy level, while order intake also included a EUR 90 million copper-related order. Aftermarket orders grew by 11%, reflecting continued customer activity. In Aggregates, orders increased by 4%, with equipment orders up 8%. Growth was driven by the European and North American markets.

Continued solid performance Sales increased by 3% to EUR 1,373 million. Aftermarket sales grew by 10% and accounted for 57% of Group sales. Minerals segment sales were driven by aftermarket sales growth of 11%. Minerals equipment sales increased sequentially, while remaining below the prior-year level, reflecting the timing of deliveries. Equipment order intake continued to build the backlog, supporting future sales. Aggregates sales growth was 5% year-on-year.

Adjusted EBITA increased to EUR 230 million, and the margin was 16.8%. The Minerals margin was 18.0%, while Aggregates improved its margin to 16.4%, supported by higher volumes and solid operational execution.

Cash flow from operations amounted to EUR 136 million, and our 12-month rolling cash conversion was 85%. Our strong balance sheet provides flexibility to continue investing in the business and pursuing growth opportunities.

Investing in our offering and customer presence We continued to invest in developing new solutions and strengthening our presence close to customers. The virtual Metso Summit event brought together 600 customers and our experts to discuss the future of minerals processing and how new technologies can improve productivity and sustainability. We continued to expand our offering with the launch of the Sampo™ Cell coarse particle flotation technology, three AI-enabled digital mining solutions and additions to our Lokotrack® portfolio. We also received the first commercial-scale order for our low-emission DRI smelting technology, marking an important milestone in its industrial deployment. Sales of the Metso Plus portfolio grew by 8% on a rolling 12-month basis.

We decided to invest in a new service center in Brazil to bring support closer to our customers and acquired hose and progressive cavity pump technologies, further strengthening our slurry-handling capabilities across the mining flowsheet. In October, we announced the acquisition of Italbronze, securing critical manufacturing capabilities for our crushing aftermarket business and improving spare parts availability for customers. Employee engagement reached a record-high level, while our safety performance remained stable.

Looking ahead We expect market activity in both Minerals and Aggregates to remain at the current level over the next six months. The aggregates market continues to be supported by infrastructure activity. In Minerals, our customers are running existing operations at high utilization levels while preparing investments to meet longer-term demand for minerals. This creates attractive opportunities across both aftermarket and equipment.

With our broad minerals processing offering, extensive installed base and global service footprint, we are well positioned to support customers in improving existing operations and developing their future investments. Together with our strong order backlog, this provides a solid foundation for continued profitable growth.

Market outlook

Metso expects that the market activity in both Minerals and Aggregates will remain at the current level.

In its previously published outlook, Metso expected market activity in both Minerals and Aggregates to remain at the current level.

According to the company's disclosure policy, Metso’s market outlook describes the expected sequential development of market activity, adjusting for seasonality, during the following six-month period using three categories: improve, remain at the current level, or decline.

Key figures

The previously reported December 2025 order backlog has been adjusted downward by EUR 157 million following the identification of a reporting discrepancy.

Audiocast and conference call details

President and CEO Sami Takaluoma and CFO Pasi Kyckling will present the results in an audiocast and a conference call for analysts and investors on Thursday, October 22, at 1:00 p.m. EEST.  

The audiocast can be followed at https://metso.events.inderes.com/q3-2026

A recording and transcript will be available on the same webpage after the event.  

The conference call can be accessed via the registration link below.  

https://events.inderes.com/metso/q3-2026/dial-in  

Further information, please contact:  

Juha Rouhiainen, Vice President, Investor Relations, Metso Corporation, tel. +358 20 484 3253, email: juha.rouhiainen(at)metso.com