Metso "Metso Q226 Preview: Investors positioned fora weaker quarter. We are..."

Research evidence excerpt

Metso "Metso Q226 Preview: Investors positioned fora weaker quarter. We are..."

Global Research

1 July 2026ab

Metso Equities

FinlandMetso Q226 Preview: Investors positioned fora

weaker quarter. We are a touch behind Industrial, Diversified

12-month rating Buyconsensus on orders, but ahead on earnings.

12m price target €21.50

Bottom line, below consensus on orders, ahead on revenues and earnings Price (30 Jun 2026) €15.20

Overall, we are -1% / +1% / +4% versus consensus for orders, revenues and adjusted RIC: METSO.HE BBG: METSO FH

EBITA in Q2 2026. The shares have declined -3% over the past month, alongside a build-

up in short interest and a more negative crowding score, suggesting investors are Trading data and key metrics

positioning for a weaker Q2. Our understanding is that concerns are focused on the 52-wk range €17.88-10.78

Aggregates business. We anticipate a softer order intake vs consensus, with limited Market cap. €12.6b/US$14.4b

large order announcements and possible pre-ordering in Aggregates weighing on Shares o/s 828m (ORD)

growth. However, we are more constructive on earnings, expecting strong revenue and Free float 100%

margin delivery in the Minerals segment. Avg. daily volume ('000) 1,543

Avg. daily value (m) €23.8

Thoughts on Q226

Common s/h equity (12/26E) €2.89b

We have set out our forecasts in the table below. In Minerals, we expect +10% organic P/BV (12/26E) 4.4x

growth, driven by +10% growth in both aftermarket and equipment. While there have Net debt to EBITDA (12/26E) 0.8x

been few large order announcements so far this quarter, Q2 faces a relatively easy

comparison base and, based on orders disclosed to date and a favourable commodity EPS (UBS, diluted) (EUR)

price environment, we continue to see strong underlying growth.