Metso Outotec Corp

Good afternoon. Good morning, everyone. This is Juha from Metsos Investor Relations. And it's my pleasure to welcome you to this conference call where we discuss our third quarter 2025 results that were published earlier this morning. The results will be presented by our president and CEO Sami Takaluoma and CFO Pasi Schyckling. And after that, we will have a Q&A session. And as usually, we try and limit the length of this call to 60 minutes. Before we go, I want to remind about the forward-looking statements that will be made in this call. And I think without further ado, it's time to hand over to President and CEO Sami Takalom. Sami, please go ahead.

Thank you, Juha. And good morning, good afternoon also from my side. Without further ado, let's start to look for the Q3 highlights. The market activity was very much in line with our expectations. And that also resulted us then to deliver healthy order growth. We had also strong sales growth for the Quartal and our adjusted EBITDA was good, normal, strong. And for this Quartal, cash generation was very solid and gave us quite a clean sheet for the Q3. Looking more then from the group perspective of the key figures, so orders received growth compared to the previous Q3 last year was 2%. And as we have highlighted in the Q3 24, we did have significant large mineral scapex orders that we did not have in the Q3 25. Sales growth was then 10% compared to the previous quarter last year, and adjusted EBITDA grew by 9%. All in all, the EBITDA as second quarter was having this dip, so we are now back in the normal METSO EBITDA numbers. Looking for our two segments, let's start from the aggregates. We had a healthy orders growth coming in the quarter, 280 million euros. That is 13% in constant currencies. This growth was mainly driven by the normalized market in North America and then the pickup that we have seen coming from Europe. Equipment orders did represent the growth of 11% and the aftermarket 2% of the order growth. Sales was also stronger than a year ago. Equipment sales growth was 14% and aftermarket 1%. Aftermarket share now with these numbers was then 32% compared to 35% that it was one year ago. And adjusted EBITDA improvement by 3 million, so 48 million for the quarter. And that represents then 15.6 margin for the segment. And minerals had a very solid quarter in many ways. Orders grew 5% in the constant currencies and aftermarket orders growth was now 12%. we saw in the capex side very solid order intake when it comes to the small and mid-sized equipment orders and in the aftermarket side increase of the upgrades and modernizations as we have commented that they are in the pipeline regarding the sales 1 billion plus compared to the 928 million year before. Aftermarket was delivering 4% growth and the equipment side was now a 19% growth for the quarter. Aftermarket share of the sales in this quarter was 60%. And the adjusted EBITDA euros, 184 million was reported, and that gives the margin of 18.0, which is pretty much in line from the last year, 18.1. And now, Pasi, the CFO, will go more in detail the financial aspects.

Thank you, Sami, and good day, everyone, on my behalf. I would like to start by reminding that we have restated our comparative figures for 24 quarters and first two quarters this year regarding the metals and chemical processing business that we decided to retain and consequently we have reclassified the comparative information. Let's then look at our group income statement more in details. I mean, sales increased 12% in constant currencies from the comparative period to 1,328,000,000. Adjusted EBITDA 222,000,000, which is 18,000,000 or 9% improvement from the comparison period. Net financials slightly up, reflecting the higher debt load that we have in our balance sheet, and income tax rate for the quarter, 24%, and then for the first nine months or three quarters this year, 25%, so very much within the standard range that we expect. Earnings per share from continuing operations, 17 cents up by one euro cent from the comparative period. If we then look at our financial position, the average interest rate for the period was 3.4%. Our net debt, roughly 1.1 billion euros. Liquid funds continue to be solid. 460 million is end of September. And our net debt to EBITDA KPI when we're using rolling 12 months in EBITDA was 1.3 times, which is below our 1.5 times targets and also down from 1.5 that we had end of second quarter, thanks to good earnings in the quarter, as well as strong cash flow during the third quarter. When it comes to available credit facilities, our position is unchanged. We have our fully undrawn RCF and then we have also a CP program, which is currently not in use. And then our ratings are also no changes, so BBB flat from S&P and BAA2 from Moody's. If we then move to the cash flow, so we delivered a healthy cash flow during the quarter, the strongest quarterly cash flow this year, 266 million from operations. And overall, we have delivered during the first nine months, 609 million. A positive note is that working capital is not a drug for us anymore. Of course, the release 12 million is small, but given that the business growth was solid, we are quite happy with this and continue to work with further working capital efficiency improvements. With that, I would like to hand back to Sami to talk about our strategy execution and outlook.