Metso Oyj

Strong Q3 performance led by orders + backlog (good / surprising): - Orders received: EUR 1.614bn, +24% YoY in constant currencies (reported +28% YoY; +EUR 350m). - Book-to-bill: 1.18 (vs 0.95 a year earlier) — indicates improving demand conversion. - Backlog: EUR 3.9bn, +20% (supports future sales/margins). - Sales: EUR 1.373bn (+1% YoY constant currencies, reported +EUR 45m). Sequentially, miners equipment sales improved (+17% QoQ / +EUR 57m).

Segment momentum: Minerals driving equipment strength; aftermarket steady (good): - Minerals orders: EUR 1.323bn, +34% YoY / +31% organic in constant currencies; equipment orders +79% YoY (broad-based; strongest in grinding & crushing). - Includes a EUR 90m copper-related order. - Aftermarket orders (minerals): +11% YoY; aftermarket mix growing — management highlighted aftermarket now ~57% of group sales. - Aggregates: Orders +4%; sales +5%; margin improved 80 bps to 16.4% (Adjusted EBITDA EUR 53m) — steady progress in profitability.

Profitability and cash flow: solid margins, but working capital drag (bad-ish / mixed): - Adjusted EBITDA: EUR 230m, margin 16.8% (slight improvement; drop-through to margin EUR 230m cited). - Main headwind: gross margin impact (EUR -15m) and SG&A impact (EUR -5m) attributed to adjustments; excluding adjustments performance described as more stable. - Operating cash flow: EUR 136m; rolling 12-month OCF EUR 786m, cash conversion 85%. - Working capital: negative impact EUR 140m YoY, mainly due to higher customer activity and growing backlog (inventory/payables build) — investors should note this as the key near-term cash sensitivity.