Metso Outotec Corp

Good afternoon, good morning everyone. This is Juha from Metsos Investor Relations and I want to welcome you all to this conference call where we discuss our fourth quarter 25 and full year results which were published earlier this morning. Results will be presented by our president and CEO Sami Takalooma and CFO Pasi Kykling. And after the presentation, we'll have normally Q&A. And please note that we have reserved one hour for this call. And also a reminder of the forward-looking statements that will be used in this presentation. With these words, we are ready to start, and I'll hand over to Sami. Please go ahead.

Thank you, Juha, and good afternoon also. From my behalf, I'm happy to talk through the highlights of the last quarter of 2025. We saw the market activity to be very much in line with our expectations. That also resulted then for our orders to grow in a healthy way, including also then at the end of the year being able to finalize the two larger orders from the minerals capital side. Sales growth was good and that also drove then the increase in our adjusted EBITDA euros. And worthwhile mentioning here in this page definitely is the strong gas generation that the businesses did in the Q4. Looking from the figures point of view, orders received 1.5 billion for the quarter. growth by 2% compared to the comparison, and worthwhile also here mentioning that the currencies did have an impact, so organic growth higher. And sales was 1.4 billion, growth from the period 11%, and exactly same growth percent for our adjusted EBITDA euros. And from the relative EBITDA perspective, same delivery as year before, so 16.1. Earnings per share was 0.14 improvement from the year before. And then, as mentioned, the cash was strong compared to the comparison period. Looking at our segments, aggregates have been performing throughout the year and in the last quarter, strong orders and performance was recorded. Orders received growth was to 307 million from the 294. This is a double digit growth in the constant currencies. Growth was driven mainly by the European market, which has been showing the big up throughout the whole year already. Equipment orders growth was 7% and the aftermarket was 1%. Sales side also growth, so 330 million for the period. Year before it was 290. Equipment growth in the sales was significant, 23, and the aftermarket was reflecting the previous period, so that declined by three. Aftermarket share now from the sales perspective is 30% compared to the 35 a year before. And then the adjusted EBITDA for the aggregate segment, 53 million growth from the 46 year before, and the margin also improved from 16.0 to 16.2. Strong sales growth was supported both adjusted EBITDA and the profitability development. On the minerals side, orders 1.194 billion, growth from the year before and that's reflecting 5% growth in the constant currencies. Aftermarket orders grew by five and if taken the currency into account, that was a strong single digit growth in the aftermarket for the quarter. And as mentioned and as published, there was two major equipment orders, copper smelter and also then the gold processing plant. Sales for the period 1,113,000,000 million and that was also growth from the previous period. Aftermarket in this was flat and the equipment had a very good period finishing the projects and creating also from our perspective the capacity for the new orders and deliveries. Aftermarket share of the sales 57% for the period. Adjusted EBITDA euros 190 million growth from the 173 year before and margin point of view same 17.1 as year before. Adjusted EBITDA was driven by the higher sales and equipment heavy mix kept margin still flat for the comparison period year before. And looking then at the dividends part as the year is in that point. So the board proposes an increase in the dividend paid by METSO. Proposed dividend is now 69% of the EPS from the continuing operations calculation standard way as we have been doing that in the past year. So two payments, one in May and one in October. Total payout will be with this proposal 331 million euro. Then I let Pasi to walk through the numbers a little bit more in the detail.

Thank you Sami and good day everyone also on my behalf. Let's start with our profit and loss statement where the Q4 sales increased 11% to 1,443,000,000 and this was driven by successful progression of several mineral equipment projects as well as good equipment delivery in our aggregate segment during Q4. Equipment share was exceptionally high in the revenue mix and represented 49% of turnover, while aftermarket was 51%. On a full year basis, we increased the sales by 4% to 5,240,000,000. And then thereafter, market represented 54% and equipment 46% of sales. Adjusted EBITDA was up 22 million in the quarter to 232 million, and the margin was flat at 16.1%. On full year basis, our EBITDA margin was 15.8%. In Q4, the equipment business profitability was at good level, both in aggregates and minerals supported by high volumes, whereas aftermarket profitability was at normal level. In Q4, we also recorded 27 million of adjustment items and the makeup is basically three main components. First, we accounted provisions related to our minerals restructuring that was announced earlier in 2025. Then we incurred HEKPLUM divestment related losses during the quarter. And additionally, we had costs regarding one legacy project that we have still in our pipeline and which we are looking to complete during the year 2026. Additionally, in the discontinued operations where we presented our first business, we accounted the final losses from that divestiture. And it's worth noting that early 2026, both the Ferros divestment as well as the Hägglund divestment have been completed. Income tax rate for the year was 24%, quite normal for our profit mix. In Q4, the tax rate was low at 21% due to the country result mix that we had during this quarter. EPS from continued operations was 14 euro cents, which is one euro cent up from comparison period. Let's then look at our financial position and balance sheet where the overall position remains very healthy. Net debt end of the period was 1.1 billion and net debt to EBITDA KPI at 1.2 times well below our one and a half time target. And the evidence of the healthy situation is that Moody's in December changed our outlook from stable to positive while maintaining the BAA2 long-term credit rating that we have. Let me then close my part by brief look at our cash flow. And cash flow, like Sami already said, was certainly one of the highlights of our quarter. During Q4, we delivered strong cash flow from operations of 365 million. And this was supported by working capital release of 130 million during the quarter. Looking at the full year 2025, we delivered 974 million cash flow from operations. And if I think this from the free cash flow basis, deducting capex and acquisitions from the operating cash flow and comparing that to revenue, we delivered 13% free cash flow margin, which is something we are happy with. With that, I would like to hand over back to Sami to talk about our strategy execution and outlook.