Company Reports

Metso delivered a strong second quarter, with orders up 18%, minerals equipment orders up 50%, adjusted EBITA margin at 16.6%, and operating cash flow rebounding to EUR 206 million.

Metso posted a book-to-bill of 1.24 times in the first quarter of 2026—the highest in the eight quarters—as organic orders grew 10% and minerals delivered a six-quarter-high adjusted EBITA margin of 17.6%. Operating cash flow disappointed sharply.

Metso closed 2025 solidly, delivering 13% organic sales growth and maintaining a 16.1% adjusted EBITA margin, despite an equipment-heavy revenue mix. Operating cash flow stood out, supported by significant working capital release. Orders rose 5% organically, aided by two large minerals projects.

We launch coverage of Metso, a mining technology company with a presence across the critical stages of the mineral processing flowsheet. The business benefits from decades of engineering expertise, deep customer relationships, and a large installed base generating recurring aftermarket revenue.

Metso is a supplier of minerals and aggregates processing technologies, concentrating on equipment and services that are mission critical to customers and where the company holds or can build leading positions. Formed in 2020 through the merger of Metso Minerals and Outotec, the group now operates as an end-to-end provider of solutions across the mining flowsheet—from crushing and grinding to flotation, filtration, and tailings—supported by a large global service network.