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Valmet (VALMT) investor relations material

Valmet Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary6 Feb, 2026

Executive summary

  • Achieved record full-year comparable EBITDA/EBITA margin of 11.9%, driven by early operating model changes and the 'Lead the Way' strategy.

  • Net sales for 2025 were EUR 5,197 million, stable year-over-year, with strong operating cash flow of EUR 581 million.

  • Orders received declined 9–11% year-over-year due to a tough comparison with a landmark pulp mill order in 2024.

  • Board proposes a dividend of EUR 1.35 per share for 2025, representing an 89% payout ratio, to be paid in two installments.

  • Announced acquisition of Severn Group to strengthen Flow Control/Process Performance Solutions, expected to close in Q2 2026.

Financial highlights

  • Q4/2025 net sales were EUR 1,477–1,500 million, down 3% year-over-year, mainly due to negative FX impact.

  • Q4/2025 comparable EBITDA/EBITA reached EUR 196 million (13.3% margin), the highest quarterly margin in company history.

  • Full-year comparable EBITDA/EBITA was EUR 620 million (11.9% margin), up 2% year-over-year.

  • Operating profit (EBIT) for 2025 was EUR 438 million, down 2% year-over-year.

  • Net working capital decreased to EUR 29 million from EUR 134 million a year ago.

Outlook and guidance

  • Net sales for 2026 expected to remain at 2025 levels (EUR 5,197 million); comparable EBITDA/EBITA expected to remain at or above 2025 levels.

  • EUR 30 million in additional net savings and benefits from a new global supply unit expected to support margins.

  • Process Performance Solutions market expected to stabilize and improve modestly in H1 2026; Biomaterial Solutions and Services market to remain soft.

  • Severn acquisition not included in 2026 guidance; will be added post-closure.

Quantify full annual savings from operating model renewal
What is Severn Group's expected financial contribution?
Why might PPS margins ease in 2026?
Net EBITA impact from 2026 savings?
Severn's pro forma 2026 EBITA margin impact?
Valmet's market share in China pulp mills?
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Frequently asked questions

Valmet Oyj develops and supplies process technologies, automation, and services for the pulp, paper, and energy industries. It offers boilers, bioenergy solutions and services for chemical recovery combined with its advanced combustion technologies; automation solutions for the pulp, paper, energy and marine industries; environmental systems for dust control and fabric filtration; treatment solutions for industrial wastewater and drinking water; nonwovens production technologies; and measurement products. The company also provides advisory services consisting of consulting, training and technical support services that increase customer's operational performance in various areas. Valmet Oyj was formerly known as M-real Corporation Abp. The company was founded in 1832 is headquartered in Espoo, Finland.

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