METSO (=) : Thoughts ahead of Q2 2026 results

Research evidence excerpt

METSO (=) : Thoughts ahead of Q2 2026 results

EQUITIES

CAPITAL GOODS

METSO NEUTRALPRICE* EUR15.7  TARGET PRICE EUR16 (UPSIDE 2%) TARGETunchangedPRICE EPS-1%27e nonEPSmaterial28e

Thoughts ahead of Q2 2026 results

Metso will release Q2 2026 results on July 24. We are slightly below Bloomberg consensus estimates23 JUNE 2026

Securities Research Report for the quarter and maintain Neutral with a preference for other mining equipment names.

Production time: 10:19* (London time)

Research Analysts & Publishing Entities We are slightly below consensus for the quarter

Andreas Koski We forecast orders of EUR1,361m, corresponding to organic y/y growth of 10% and a sequential

BNP Paribas SA decline of 12%. Metso has not announced any orders of size in this quarter and Q2 is a seasonally

(+46) 85 663 9823

andreas.koski@bnpparibas.com weaker order quarter for Aggregates and Metso’s service business. Metso remains optimistic about

the order pipeline for H2 2026 and 2027, and we would say that some of that pipeline must convert

Simon Rubinsson

into orders to be able to reach consensus expectations for next year. We forecast sales ofBNP Paribas SA

(+46) 85 053 7550 EUR1,334m and adjusted EBITA of EUR220m corresponding to a margin of 16.5%. We are slightly

simon.rubinsson@bnpparibas.com below Bloomberg consensus estimates.

We leave our estimates relatively unchanged

We leave our estimates relatively unchanged. We continue to expect mid to high single digit organic

revenue growth in 2026 and 2027, which should give support to Metso’s margins. However, as

mentioned above, the order pipeline must convert into firm orders in the coming quarters for Metso

to be able to reach our estimates.

We maintain Neutral with a preference for other mining equipment names