Valmet’s Interim Review January–September 2025: Improved performance and strategic wins in a challenging market
Valmet reported steady performance and strategic progress in its Interim Review for the period January 1 to September 30, 2025. Despite a challenging market environment, the company achieved organic growth, maintained profitability, and strengthened its order backlog, supported by continued operational improvements and cost discipline. Figures in brackets refer to the comparison period, unless otherwise stated.
July–September 2025: Organic growth and stable profitability
Orders received reached EUR 1,083 million (EUR 1,041 million), remaining at the previous year’s level but reflecting 7% organic growth. Net sales totaled EUR 1,295 million, unchanged from the prior year, while comparable EBITA increased slightly to EUR 159 million (EUR 156 million), corresponding to a 12.3% margin (12.0%). Earnings per share rose to EUR 0.46 (EUR 0.37), mainly due to lower SG&A costs, while adjusted EPS improved to EUR 0.54 (EUR 0.49). Cash flow from operating activities amounted to EUR 94 million (EUR 110 million).
January–September 2025: Solid orders and margin improvement
For the nine-month period, orders received increased 17% to EUR 3,936 million (EUR 3,374 million), representing 18% organic growth. Net sales were EUR 3,720 million (EUR 3,831 million), slightly below last year, while comparable EBITA stood at EUR 423 million (EUR 417 million), resulting in a 11.4% margin (10.9%). Earnings per share were EUR 0.95 (EUR 0.99) and adjusted EPS EUR 1.18 (EUR 1.33). Operating cash flow reached EUR 391 million (EUR 376 million).
Valmet’s order backlog at the end of the period reached EUR 4,526 million, a 28% increase compared to the previous year, providing solid visibility for future quarters.
Outlook for 2025 unchanged
Valmet reaffirmed its guidance, expecting net sales and comparable EBITA for the full year 2025 to remain at the previous year’s level (EUR 5,359 million and EUR 609 million, respectively).
Market outlook: mixed trends
For the period October 2025 – March 2026, Valmet expects the market environment in Process Performance Solutions to remain stable, although uncertainty linked to the global economy continues. In Biomaterial Solutions and Services, market conditions remain uncertain, affecting customers’ investment decisions and capacity utilization. The company also noted the possibility of further softening in the biomaterials services market in the coming quarters.
Segment performance
Process Performance Solutions: Orders received increased by 7% in Q3 to EUR 345 million and by 13% in the first nine months to EUR 1,128 million. Net sales rose by 2% in Q3 to EUR 361 million and by 6% year-to-date to EUR 1,072 million. Comparable EBITA improved by 22% in Q3 to EUR 79 million, representing a 21.9% margin.
Biomaterial Solutions and Services: Orders reached EUR 738 million in Q3, up 3% year-on-year. Net sales totaled EUR 934 million, slightly below last year’s level. Comparable EBITA amounted to EUR 89 million, representing a 9.5% margin.
CEO’s statement
“Valmet’s orders received grew organically by seven percent to approximately EUR 1.1 billion in the third quarter, marking our fourth consecutive quarter of organic growth despite a subdued environment in parts of our end markets,” said Thomas Hinnerskov, President and CEO of Valmet. “Growth was led by Process Performance Solutions, where orders increased organically by 11% due to solid demand and strong execution. We also secured a large tissue order in the United States, setting a new benchmark and creating attractive lifecycle opportunities. Net sales remained stable at EUR 1.3 billion, and we delivered our best-ever third quarter in comparable EBITA and margin. Performance reflected continued strength in Process Performance Solutions and benefits from our renewed operating model. In Biomaterial Solutions and Services, margins were lower, highlighting the need for tighter cost control.
Our order backlog reached EUR 4.5 billion, providing good visibility into the next quarters. Meanwhile, our ‘Lead the Way’ strategy, launched earlier this year, is already producing tangible results. We began realizing savings earlier than expected, achieving around EUR 15 million in Q3, putting us ahead of schedule to reach our annual savings target of EUR 80 million by early 2026.
While short-term market conditions remain mixed, I am confident that our simplified operating model and focused strategy position us well to navigate near-term volatility and deliver long-term value for our customers and shareholders.”
