Metsä (METSO.HE): 2Q26 First Take: Strong DD order growth in Minerals

Research evidence excerpt

Metsä (METSO.HE): 2Q26 First Take: Strong DD order growth in Minerals

Equity Research

24 July 2026 | 7:45AM BST

Metso (METSO.HE): 2Q26 First Take: Strong DD order growth in Minerals

Christian Hinderaker, CFA

+44(20)7774-7366 |

christian.hinderaker@gs.com

Goldman Sachs International

Hollie Cooper

+44(20)7051-0956 |

hollie.cooper@gs.com

Metso’s 2Q26 results saw adj. EBITA c.2% below Vara Consensus data, as margin

beats in both segments were offset by a c.2% revenue miss within Minerals and

higher-than-expected central costs. We expect modest upgrades to FY26

consensus today, expecting the modest Q2 EBITA miss, to be outweighed by the

c.8% group order beat and strength of margin delivery in both segment.

Management’s outlook remained unchanged, with an expectation for market activity

in both Minerals and Aggregates to remain at the current level. On first take, we view

this as a strong print that is consistent with our outlook for an OE up-cycle, with the

strength of equipment order growth in Minerals (+50%) the standout surprise. We

expect questions on the sustainability of this momentum within Minerals and the

sources of the increased central costs to be in focus on the call at 11AM UKT. We also

expect questions on the outlook for European Aggregates demand. We note Metso’s

share price has outperformed vs. the sector in the last 3 months (+2.2% vs European

Multi-Industry -3.6%).

On the numbers: +16% Group OOG was led by +21% OOG in Minerals, where

broad-based demand for crushing and grinding solutions saw Equipment orders

grow +50% organically (vs. Visible Alpha Consensus Data at +12.2%), with the

aftermarket also posting a solid +13% (vs. Visible Alpha consensus at +8.9%). The

18.3% segment adj. EBITA margin beat consensus by 40bps, as higher sales and