Metso (METSO) Q4 2025 earnings summary

Executive summary

• Orders received in Q4 2025 reached EUR 1.5 billion, up 2% year-over-year, with full-year orders at EUR 5,471 million, up 4% year-over-year; sales grew 11% in Q4 to EUR 1.443 billion and 4% for the year to EUR 5.24 billion.

• Adjusted EBITA for Q4 was EUR 232 million (16.1% margin), with full-year adjusted EBITA at EUR 829 million (15.8% margin); strong cash generation highlighted.

• The company published a new strategy, set ambitious sustainability targets validated by SBTi, and completed several acquisitions and divestments during the year.

Financial highlights

• Adjusted EBITA margin for Q4 was 16.1%, flat year-over-year; EPS from continuing operations improved to EUR 0.14 in Q4 and EUR 0.58 for the year.

• Q4 cash flow from operations was EUR 365 million, with a full-year figure of EUR 974 million; free cash flow margin reached 13%.

• Net debt at year-end was EUR 1.1 billion; net debt/EBITDA at 1.2x, below the 1.5x target; gearing at 40.8%.

• Moody’s upgraded outlook to positive, maintaining Baa2 rating.

Outlook and guidance

• Market activity in both Minerals and Aggregates is expected to remain at current levels for the next two quarters, with potential risks from tariff-related turbulence and global economic uncertainty.