Metso (METSO) Q2 2025 earnings summary

Executive summary

• Orders received grew 6% year-over-year in Q2 2025 to EUR 1,234 million, with strong performance in both Aggregates (+5%) and Minerals (+7%), despite currency headwinds.

• Profitability declined due to temporary higher costs from ERP implementation and an unfavorable sales mix, with lower services sales and a shift toward less profitable products.

• Cash flow from operations was robust at EUR 147 million in Q2 and EUR 343 million for H1, up from EUR 309 million in H1 2024.

• Major ERP upgrade and several acquisitions, including Swiss Tower Mills Minerals, screening business in China, and TL Solution, were completed.

• Divestment of Ferrous Business to SNS/SMS Group completed; new facilities in Romania and Canada announced.

Financial highlights

• Q2 2025 orders received: EUR 1,234 million (+6% year-over-year); sales: EUR 1,213 million (flat year-over-year); organic growth was 2% in constant currencies.

• Adjusted EBITA/EBITDA Q2: EUR 171 million (14.1% margin, -16% year-over-year); operating profit Q2: EUR 173 million (14.2% margin); EPS from continuing operations Q2: EUR 0.12.

• Cash flow from operations H1: EUR 343 million, up from EUR 309 million in H1 2024.

• Net debt/EBITDA at 1.5; gearing at 53.0%; equity per share EUR 2.92.

• Inventory reduced by EUR 200 million over 12 months, now at EUR 1,830 million.

Outlook and guidance

• Market activity in both Minerals and Aggregates is expected to remain at current levels for the next six months.

• No significant negative mix effects are expected in H2; service order backlog supports improved profitability.

• Tariff-related turbulence and global economic uncertainty could impact growth and market activity.