Metso: The strong mining cycle is increasingly evident. Reiterate Buy.

Research evidence excerpt

Metso: The strong mining cycle is increasingly evident. Reiterate Buy.

Global Research

27 July 2026ab

Metso Equities

FinlandThe strong mining cycle is increasingly evident.

Reiterate Buy. Industrial, Diversified

12-month rating Buy

12m price target €21.50We update our estimates following Q2 results

We update our estimates following Metso's strong Q2 results. Equipment order growth

within Minerals was particularly encouraging and reinforces our positive view on the Price (24 Jul 2026) €16.86

mining cycle. With commodity prices supportive and demand continuing to build across RIC: METSO.HE BBG: METSO FH

mining OEMs, we see Metso as one of the best ways to gain exposure to mining capex

growth. We therefore reiterate our Buy rating. Trading data and key metrics

52-wk range €17.88-10.78

Mining capex cycle accelerating Market cap. €14.0b/US$15.9b

Q2 provided clear evidence that Metso is beginning to convert its strong pipeline into Shares o/s 828m (ORD)

orders. Equipment orders grew c.50% YoY, notably without any significant large orders. Free float 100%

In our view, this demonstrates both the strength and breadth of the current mining Avg. daily volume ('000) 1,412

cycle. We also view Metso's recent investments in service centres across Argentina, Avg. daily value (m) €21.7

Arizona and Canada as a sign of its confidence in the future project pipeline and a desire Common s/h equity (12/26E) €2.87b

to establish an early presence around major mining developments. P/BV (12/26E) 4.9x

Net debt to EBITDA (12/26E) 1.1x

Service centre investments could be a lead indicator for project awards

EPS (UBS, diluted) (EUR)

Argentina is emerging as an attractive mining jurisdiction, with two large copper

From To % ch Cons.

projects, Vicuña and Los Azules, expected to FID in the near term.