Valmet published its Financial Statements Review for the period January 1-December 31, 2025, reporting that the ‘Lead the Way’ strategy delivered early results as the company improved profitability through cost savings linked to its operating model renewal. In the fourth quarter, Valmet said the comparable EBITA margin reached an all-time high of 13.3%, while the full-year comparable EBITA margin increased to 11.9%.
For October–December 2025, orders received decreased 48% year-on-year to EUR 1,281 million (EUR 2,463 million). Valmet said the decline mainly reflected the comparison period, when a landmark pulp mill order valued at over EUR 1 billion was booked. Net sales were EUR 1,477 million (EUR 1,528 million). Comparable EBITA remained broadly stable at EUR 196 million (EUR 192 million), while the comparable EBITA margin improved to 13.3% (12.6%), supported by lower costs following the operating model renewal. Earnings per share increased to EUR 0.57 (EUR 0.53), and adjusted EPS rose to EUR 0.64 (EUR 0.60).
For January–December 2025, orders received declined 11% to EUR 5,216 million (EUR 5,837 million), while net sales totaled EUR 5,197 million (EUR 5,359 million). Comparable EBITA was EUR 620 million (EUR 609 million), and the comparable EBITA margin improved to 11.9% (11.4%). Cash flow from operating activities was EUR 581 million (EUR 554 million). Valmet reported net debt to EBITDA of 1.40 (1.55) and gearing of 35% (39%).
Segment performance
In Q4 2025, Process Performance Solutions recorded orders received of EUR 372 million (EUR 443 million), net sales of EUR 410 million (EUR 424 million) and a comparable EBITA margin of 21.9% (19.1%). For full-year 2025, the segment posted orders received of EUR 1,500 million (EUR 1,446 million), net sales of EUR 1,481 million (EUR 1,437 million) and a comparable EBITA margin of 19.6% (17.7%).
Biomaterial Solutions and Services reported Q4 orders received of EUR 908 million (EUR 2,020 million), net sales of EUR 1,067 million (EUR 1,104 million) and a comparable EBITA margin of 11.6% (11.6%). Full-year 2025 orders received were EUR 3,716 million (EUR 4,392 million), net sales were EUR 3,716 million (EUR 3,922 million) and the comparable EBITA margin was 10.3% (10.3%). Biomaterial services orders received totaled EUR 439 million in Q4 (EUR 479 million) and EUR 1,948 million for the year (EUR 1,915 million).
Short-term market outlook
For January–June 2026, Valmet stated that the market environment in Process Performance Solutions softened in Q4 2025, and it did not expect further softening from that level, anticipating stabilization and a modest improvement during the first half of 2026.
In Biomaterial Solutions and Services, Valmet said global economic uncertainty continued to weigh on customer decision-making, capacity utilization and profitability, and it expected the biomaterial services market to remain soft in the coming quarters, noting that large individual investment decisions can materially influence the market in a single quarter.
CEO comments
In the Financial Statements Review, President and CEO Thomas Hinnerskov stated: “Valmet closed the year with record profitability in the fourth quarter, as the Comparable EBITA margin reached an all time high of 13.3 percent. For the full year, Comparable EBITA margin improved to 11.9 percent, with net sales and profitability in line with our guidance despite a subdued environment.” He added that orders in Q4 were lower due to an exceptionally strong comparison period, while Valmet continued to win strategically important projects and maintained order backlog visibility. Hinnerskov also noted that the Board would propose a dividend of EUR 1.35, unchanged from the previous year, and highlighted the announced acquisition of Severn Group as a strategic milestone aimed at expanding Valmet’s Flow Control platform.
Looking ahead, Valmet reiterated its 2026 guidance for net sales to remain at the 2025 level, while comparable EBITA was expected to remain at the same level or improve.
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