Metso Oyj

Exceptionally strong orders and accelerating backlog (best news) - Q3 orders: EUR 1,614m, +24% YoY in constant currency (reported +28% YoY), driven by minerals equipment +79% and also aftermarket orders +9%. - Book-to-bill: 1.18 (vs 0.95 a year ago) — indicates strong demand conversion into future revenue. - Backlog: EUR 3.9bn, +20% YoY, supporting future sales and margin delivery.

Sales broadly on plan; minerals equipment timing remains the key driver - Q3 sales: EUR 1,373m, +1% YoY in constant currency (reported +~3% YoY). - Aftermarket sales: +10% and now 57% of group sales (minerals aftermarket is also a major contributor). - In minerals equipment, management stressed sequential improvement (minerals equipment sales +17% vs Q2) but YoY looks weaker due to timing/PtO&delivery progress rather than demand deterioration. - Investor takeaway: backlog is strong, but near-term revenue pattern depends on delivery recognition and customer investment pacing.

Profitability solid; margin supported by volume + aftermarket despite cost shocks (good + bad) - Adjusted EBITA: EUR 230m, margin 16.8% (slight improvement vs prior year). - Operating cash flow: EUR 136m in the quarter; rolling 12-month OCF: EUR 786m with 85% cash conversion. - Minerals aftermarket margins temporarily pressured by logistics/freight cost surge after the Middle East crisis; Metso implemented aftermarket price increases to offset. - Management indicated logistics inflation impact is mid-high single-digit millions of euros in the quarter (not a major revenue miss—more of a margin/cost headwind).