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Metso Corporation
Board of Directors' report
and financial statements 2024
Business ID0828105-4
DomicileHelsinki
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    2
Contents
Board of Directors’ Report ...............................................................................................................................................................
Financial year 2024 .........................................................................................................................................................................
Corporate Governance Statement ................................................................................................................................................
Sustainability statement .................................................................................................................................................................
General information ......................................................................................................................................................................
E - Environmental information .....................................................................................................................................................
S - Social information ....................................................................................................................................................................
G - Governance information ........................................................................................................................................................
Annexes to the Sustainability statement ....................................................................................................................................
Shares and shareholders ...............................................................................................................................................................
Key figures ........................................................................................................................................................................................
Board of Directors’ proposal on the use of profit ..........................................................................................................................
Consolidated financial statements, IFRS ......................................................................................................................................
Consolidated statement of income ...............................................................................................................................................
Consolidated statement of comprehensive income ...................................................................................................................
Consolidated balance sheet ..........................................................................................................................................................
Consolidated statement of changes in shareholders’ equity ....................................................................................................
Consolidated statement of cash flows .........................................................................................................................................
Notes to the Consolidated financial statements .........................................................................................................................
1.Group performance ..............................................................................................................................................
2.Operational assets and liabilities .......................................................................................................................
3.Intangible assets and property, plant, and equipment ....................................................................................
4.Capital structure and financial instruments ......................................................................................................
5.Consolidation ........................................................................................................................................................
6.Other notes ............................................................................................................................................................
Financial Statements of the Parent Company, FAS ....................................................................................................................
Signatures of the Board of Directors’ Report and Financial Statements .................................................................................
Auditor's report ...................................................................................................................................................................................
Assurance report on the Sustainability statement ......................................................................................................................
Auditor's report on ESEF .................................................................................................................................................................
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    3
Board of Directors’ report
Financial year 2024
Figures in brackets refer to the corresponding period in 2023, unless otherwise stated.
Operating environment
In 2024, market activity in Metso's customer industries was weaker than the previous year due to macroeconomic
uncertainties and slower decision-making related to customer investments. In the Minerals segment, the number of requests
for quotations related to new equipment investments remained high throughout the year, as customers actively planned to
increase the production of metals related to the electrification of society. After a quiet start to the year, investment decisions
increased towards the end of the year, positively impacting the number of orders received by Metso. Demand for services in
the Minerals segment was good throughout the year, supported by high utilization rates of mines maintained by high metal
prices. However, services related to production efficiency and equipment renewals experienced similar slowness as
equipment investments.
In the Aggregates market, the year started actively, but activity slowed down as spring progressed and remained weak until
the end of the year. Particularly, the mobile equipment markets in North America and Europe suffered from high financing
costs and large inventory levels. Elsewhere in the world, such as in China and South America, activity was at a good level.
Key figures
EUR million
2024
2023
Change %
Orders received
5,140
5,252
-2
Orders received by services business
2,881
2,955
-3
% of orders received
56
56
Order backlog
3,046
2,951
3
Sales
4,863
5,390
-10
Sales by services business
2,824
2,891
-2
% of sales
58
54
Adjusted EBITA
804
887
-9
% of sales
16.5
16.5
Operating profit
727
805
-10
% of sales
15.0
14.9
Earnings per share, continuing operations, EUR
0.59
0.65
-9
Earnings per share, total, EUR
0.40
0.66
-39
Cash flow from operations
576
550
5
Gearing, %
44.9
33.8
Personnel at end of period
16,832
17,134
-2
Financial performance
The Group's annual orders received decreased by 2% and totaled EUR 5,140 million (EUR 5,252 million), primarily due to soft
market activity in Aggregates and reduced investment activity in Minerals. Service orders declined 3%. With lower order
backlogs, sales fell in both segments, leading to a 10% decline in the Group's total sales to EUR 4,863 million (EUR
5,390 million). The order backlog at the end of the year was EUR 3,046 million (2,951 million).
The Group's adjusted EBITA declined to EUR 804 million up from EUR 887 million in the previous year. Despite this decline,
the adjusted EBITA margin remained stable at 16.5% from 16.5%. The resilient profitability was due to effective cost
management and a favorable sales mix. Operating profit was EUR 727 million, or 15.0% of sales (EUR 805 million and 14.9%)
including adjustments of EUR -11 million (EUR -18 million). Profit before taxes was EUR 648 million (EUR 724 million). The
effective tax rate was 25% (26%). Earnings per share for continuing operations were EUR 0.59 (EUR 0.65).
Cash flow from operations was EUR 576 million (EUR 550 million), despite a one-off cash outflow of EUR 275 million in
discontinued operations in the third quarter.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    4
Impacts from currency and structural changes on orders received
EUR million, %
Aggregates
Minerals
Total
2023
1,274
3,978
5,252
Organic growth in constant currencies, %
-5
1
0
Impact of changes in exchange rates, %
-1
-3
-2
Structural changes, %
2
0
1
Total change, %
-3
-2
-2
2024
1,231
3,909
5,140
Impacts from currency and structural changes on sales
EUR million, %
Aggregates
Minerals
Total
2023
1,346
4,044
5,390
Organic growth in constant currencies, %
-12
-7
-8
Impact of changes in exchange rates, %
-1
-3
-2
Structural changes, %
2
0
1
Total change, %
-10
-10
-10
2024
1,207
3,656
4,863
Financial position
The Group’s net interest-bearing liabilities were EUR 1,173 million at the end of December (Dec 31, 2023: EUR 884 million).
Gearing increased to 44.9% (Dec 31, 2023: 33.8%) and the debt-to-capital ratio to 35.9% (Dec 31, 2023: 35.0%). The equity-
to-assets ratio was 41.5% (Dec 31, 2023: 40.2%).
The Group's liquidity position remained solid. Liquid funds, consisting of cash and cash equivalents, amounted to EUR
431 million (Dec 31, 2023: EUR 638 million), and there were no deposits or securities with a maturity of more than three
months (Dec 31, 2023: EUR 0 million). 
Metso has a committed syndicated revolving credit facility of EUR 600 million with a maturity in 2026. The facility includes
sustainability performance targets impacting the cost of borrowing. At the end of the year, the facility was undrawn. The
company has a EUR 600 million Finnish commercial paper program, with EUR 30 million outstanding at the end of December. 
At the end of December Metso had bonds outstanding EUR 892 million at carrying value (Dec 31, 2023: EUR 1,081 million).
During 2024, the company made several funding transactions:
Draw-down of EUR 250 million two-year term loan during third quarter
Signing EUR 50 million two-year term loan during third quarter and draw-down on fourth quarter.
Signing a EUR 150 million three-year term loan during fourth quarter where EUR 75 million was undrawn at the end
of the December 2024.
The average interest rate of total loans and derivatives was 3.8%, on December 31, 2024. The duration of total interest-
bearing debt was 1.9 years and the average maturity 3.3 years.
Sustainability KPIs in Metso's sustainability-linked bond issued in 2023 are scope 1 and 2 emissions (original sustainability-
linked bond baseline year 2022: 48,944 tCO2e), as well as spend with all suppliers that have committed to science-based
emissions targets or have an equivalent verifiable emissions reduction target. In 2024, scope 1 and 2 emissions were 33,799
tCO2e, a decrease of 31% from the original bond baseline and spend with all suppliers having the aforementioned target
reached 31.1%.
At the end of December, Metso had a ‘BBB’ long-term issuer credit rating with stable outlook from S&P Global Ratings and a
‘Baa2’ long-term issuer rating with stable outlook from Moody’s Investor Service.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    5
Reporting segments: Aggregates
Key figures
EUR million
2024
2023
Change %
Orders received
1,231
1,274
-3
Orders received by services business
431
442
-3
% of orders received
35
35
Order backlog
439
453
-3
Sales
1,207
1,346
-10
Sales by services business
419
434
-3
% of sales
35
32
Adjusted EBITA
198
232
-14
% of sales
16.4
17.2
Operating profit
179
214
-16
% of sales
14.8
15.9
Orders received decreased 3% to EUR 1,231 million, due to European market. Low order backlog affected sales, which
declined to EUR 1,207 million (EUR 1,346 million). Adjusted EBITA was EUR 198 million (EUR 232 million), corresponding to
a margin of 16.4% (17.2%). The negative volume impact was actively mitigated by cost management.
Reporting segments: Minerals
Key figures
EUR million
2024
2023
Change %
Orders received
3,909
3,978
-2
Orders received by services business
2,450
2,513
-3
% of orders received
63
63
Order backlog
2,607
2,498
4
Sales
3,656
4,044
-10
Sales by services business
2,405
2,458
-2
% of sales
66
61
Adjusted EBITA
640
707
-10
% of sales
17.5
17.5
Operating profit
548
627
-13
% of sales
15.0
15.5
Orders received saw a 2% decline year-on-year, due to lower equipment orders in the first half of the year. Services orders
declined 3%, as activity related to rebuilds and modernizations was lower year-on-year. Sales declined 10% to EUR 3,656
million, as a result of a lower order backlog. Equipment sales declined 21% and services sales were flat. Adjusted EBITA was
EUR 640 million with the adjusted EBITA margin unchanged at 17.5% (EUR 707 million and 17.5%). The margin was
supported by cost management and higher proportion of services in sales mix.
Capital expenditure and investments
Gross capital expenditure excluding right-of-use assets was EUR 198 million in 2024. This consisted of various small
investments at manufacturing sites as well as new service centers.
Research and development
R&D expenses including investments were EUR 103 million, or 2.1% of sales. Battery minerals play a significant role in the
current R&D and customer raw material test work.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    6
Inventions and patents
Pieces
2024
2023
Invention disclosures
175
235
Patent applications (including utility models)
2,116
2,096
Individual granted patents in force, as of December 31
7,924
7,829
Inventions protected by patents, as of December 31
1,058
1,031
Corporate governance and remuneration
Metso Annual General Meeting 2024
The Annual General Meeting (AGM) was held on April 25, 2024, in Helsinki. The AGM resolved to approve the Board of
Directors’ proposal to pay a dividend of EUR 0.36 per share from the financial year 2023 in two installments. The first dividend
installment of EUR 0.18 per share was paid on May 7, 2024, and the second installment of EUR 0.18 per share was paid on
November 1, 2024.
Metso Board composition and remuneration
The AGM resolved to elect nine members to the Board of Directors.  All current members of the Board, Brian Beamish, Klaus
Cawén, Terhi Koipijärvi, Niko Pakalén, Ian W. Pearce, Reima Rytsölä, Emanuela Speranza, Kari Stadigh, and Arja Talma were
re-elected for the term ending at the closing of the Annual General Meeting 2025. The AGM resolved to re-elect Kari Stadigh
as the Chair of the Board of Directors and Klaus Cawén as the Vice Chair of the Board of Directors for the term ending at the
closing of the Annual General Meeting 2025.
The AGM resolved that the members of the Board of Directors will be paid the same fixed annual remuneration as in the
previous term as follows:
Chair: EUR 171,000
Vice Chair: EUR 87,000
Other members: EUR 70,500 each
and the additional remuneration to be paid for the members of the Board of Directors that are elected as members of the
committees of the Board will be also unchanged as follows:
EUR 25,500 for the Chair of the Audit & Risk Committee
EUR 10,700 each for the other members of the Audit & Risk Committee
EUR 13,000 for the Chair of the Remuneration and HR Committee
EUR 5,350 each for the other members of the Remuneration and HR Committee.
As a condition for the annual remuneration, the Board members are obliged, directly based on the AGM’s decision, to use 20
or 40 percent of their fixed total annual remuneration for purchasing Metso shares from the market at a price formed in public
trading. These purchases were carried out on April 29, 2024.
The AGM also resolved to approve the following meeting fees, unchanged from the previous term: EUR 900 for meetings
requiring travel within the Nordic countries, EUR 1,800 for meetings requiring travel within a continent, EUR 3,000 for
meetings requiring intercontinental travel, and EUR 900 for meetings with remote attendance.
Authorized public accounting firm Ernst & Young Oy was re-elected as Auditor for a term ending at the closing of the Annual
General Meeting 2025. Ernst & Young Oy has appointed Mikko Järventausta, APA, as the principally responsible auditor. The
remuneration to the Auditor was decided to be paid against the Auditor’s reasonable invoice approved by the company.
The AGM approved the Board’s proposals, which related to authorizing the Board to decide on the repurchase of an
aggregate maximum of 82,000,000 of Metso’s own shares (corresponding to approximately 9.9 percent of all shares) and
authorizing the Board to decide on the issuance of shares and the issuance of special rights entitling to shares.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    7
Appointments of President and CEO and Metso Leadership Team
On October 24, 2024, Metso's Board of Directors appointed Sami Takaluoma (b.1973, M.Sc. (Eng.)) President and CEO of
Metso Corporation as of November 1, 2024. Takaluoma joined Metso in 1997 and has been a member of the Leadership Team
since 2017. His predecessor, Pekka Vauramo, retired from the company at the end of 2024.
On November 4, 2024, Metso changed its organizational structure and Leadership Team to accelerate business growth and
improve operational efficiency.
Metso’s Leadership Team consists of the following members:
Sami Takaluoma, President and CEO
Eeva Sipilä*, CFO
Markku Simula, President, Aggregates business area
Piia Karhu, President, Minerals business area
Heikki Metsälä, President, Services business area
Saso Kitanoski, President, Consumables business area
Claudia Genin, Chief Growth Officer
Carita Himberg, Chief People Officer
Nina Kiviranta, General Counsel
* will leave Metso in April 2025 at the latest, as announced earlier 
On January 7, 2025, Metso appointed Pasi Kyckling as the company’s Chief Financial Officer (CFO) and a member of the
Metso Leadership Team. Kyckling will start in his role in July 2025 at the latest.
Personnel
Metso had 16,832 employees (17,134 employees) at the end of December 2024.
Personnel by area
Share, %
Europe
33
North and Central America
14
South America
25
Asia Pacific and Greater China
14
Africa, Middle East and India
14
Total
100
Other main events in 2024
Conveyance of own shares based on the long-term incentive plans
On March 20, 2024, a total of 984,288 treasury shares were conveyed without consideration to 144 key persons and
executives from the Performance Share Plan 2021–2023. The Board of Directors had decided on the conveyance on February
15, and the directed share issue was based on an authorization given by the Annual General Meeting 2023.
Annual report for 2023
On March 20, 2024, the Annual report for 2023 was published. The report consists of five sections: Business overview,
Financial review, Corporate governance statement, Remuneration report and GRI supplement.
Largest service center opened in Australia
On March 21, 2024, Metso opened its largest service center globally in Karratha, Western Australia. The center supports the
growing demand from mining and aggregates customers by delivering more sustainable, state-of-the-art services. Located in
Pilbara, a region that is a very significant global supplier of iron ore and lithium, the center provides comprehensive
maintenance and repair solutions.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    8
Metso Lokotrack® EC range
On May 16, 2024, Metso launched the first diesel-electric Lokotrack EC range units. Metso’s Lokotrack® EC range brings a
new diesel-electric power line to the aggregates market. All the process functions of the range are electric, significantly
reducing the use of hydraulic oil needed in crushing operations. All Lokotrack EC range units can be powered with external
electricity.
Aggregates technology center investment
On June 3, 2024, Metso announced an estimated EUR 150 million investment in a modern aggregates technology center in
Tampere, Finland. Metso plans to gradually move its current operations in Tampere to this new Lokomotion technology center.
Acquisition of Jindex
On July 22, 2024, Metso announced it will to acquire Jindex Pty Ltd, a privately owned Australian company specializing in
valves and process flow control. Combining Metso’s extensive experience and offering in slurry handling, hydrocyclones and
minerals processing equipment solutions with Jindex’s valve offering will further strengthen Metso’s capacity to provide more
comprehensive slurry handling solutions for the mining industry. The acquisition was completed on August 1, 2024.
Termination of waste-to-energy business and related settlement
On September 4, 2024, Metso completed the termination of its waste-to-energy business and settled the related legal
processes concerning historic Outotec projects. As a result, Metso booked a one-time expense of EUR 250 million in the third-
quarter results of its discontinued operations. The cash flow impact of this expense was EUR 275 million in the third quarter.
Acquisition of Diamond Z and Screen Machine Industries
On September 25, 2024, Metso signed an agreement to acquire Diamond Z and Screen Machine Industries from Crane
Group, a family-owned investment company based in Ohio, USA. Diamond Z increases Metso’s offering in mobile equipment
for the organic recycling markets. Screen Machine Industries broadens Metso’s portfolio in the North American mobile
crushing and screening markets. The acquisition was closed on October 1, 2024.
Acquisition of Swiss Tower Minerals
On October 2, 2024, Metso signed an agreement to acquire the outstanding shares of its long-term partner Swiss Tower Mills
Minerals AG (STM). Previously, Metso had a 15% minority ownership in the company. The acquisition is expected to close in
the first half of 2025.
Composition of the Shareholders’ Nomination Board and its proposals
On November 20, 2024, Metso’s Shareholders’ Nomination Board published its proposals to the Annual General Meeting,
planned to be held on April 24, 2025. The Nomination Board proposes that the Board of Directors would have nine members
and that Brian Beamish, Klaus Cawén, Terhi Koipijärvi, Niko Pakalén, Reima Rytsölä, Kari Stadigh, and Arja Talma would be
re-elected. Ian W. Pearce and Emanuela Speranza have announced that they are not available for re-election. The
Nomination Board will propose that Anders Svensson and Eriikka Söderström be elected as new members of the board. Their
resumes are attached to this release. The Nomination Board will also propose that Kari Stadigh would be re-elected Chair of
the Board and Klaus Cawén Vice Chair.
All the Board member candidates have given their consent to be elected and have been assessed to be independent of the
company and its significant shareholders, except for Reima Rytsölä, who has been assessed to be independent of the
company but not independent of its significant shareholders.
The Nomination Board will propose fixed annual remuneration to the Board members as follows (current remuneration in
brackets):
Chair EUR 176,500 (EUR 171,000)
Vice Chair EUR 88,300 (EUR 87,000)
Other members EUR 71,500 (EUR 70,500)
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    9
An additional remuneration will be proposed to be paid to the Board members that are elected as members of the Audit & Risk
Committee and the Remuneration and HR Committee as follows (current remuneration in brackets):
Chair of the Audit & Risk Committee EUR 26,300 (EUR 25,500)
Members of the Audit & Risk Committee EUR 10,850 (EUR 10,700)
Chair of the Remuneration and HR Committee EUR 13,200 (EUR 13,000)  
Member of the Remuneration and HR Committee EUR 5,430 (EUR 5,350)
The Nomination Board will propose that, as a condition for the annual remuneration, the Board members should be obliged,
directly based on the Annual General Meeting’s decision, to use 20% or 40% of their fixed total annual remuneration to
purchase Metso shares from the market at a price formed in public trading and that the purchase be carried out within two
weeks from the publication of the interim report for January 1 – March 31, 2025.
The Nomination Board will propose the following meeting fees to be paid for attending the meetings of the Board and its
committees:
EUR 900 for meetings requiring travel within the Nordic countries
EUR 1,800 for meetings requiring travel within a continent
EUR 3,000 for meetings requiring intercontinental travel
EUR 900 for meetings with remote attendance
Metso’s Board of Directors will include all the above-mentioned proposals in the notice of the Annual General Meeting of 2025.
Metso’s Shareholders’ Nomination Board consists of:
Annareetta Lumme-Timonen (Investment Director, Solidium Oy) as Chair
Philip Ahlgren (Partner, Cevian Capital Partners Ltd.)
Risto Murto (President and CEO, Varma Mutual Pension Insurance Company)
Mikko Mursula (Deputy CEO, Ilmarinen Mutual Pension Insurance Company)
Kari Stadigh (Chair of Metso’s Board of Directors)
The Shareholders’ Nomination Board consists of the representatives of the four largest registered shareholders of the
company based on the ownership situation as of August 15 annually, as well as the Chair of Metso’s Board of Directors.
Kari Stadigh did not participate in the decision-making concerning the remuneration of the Board members.
Conveyance of own shares based on the long-term incentive plan
On December 2, 2024, a total of 38,851 of Metso Corporation's treasury shares was conveyed without consideration to 18 key
persons based on the Restricted Share Plan 2021-2023. The transfer of shares is based on the authorization given to the
Board by the Annual General Meeting held on May 3, 2023, and the board decided on the transfer on February 16, 2024. The
shares were conveyed on December 2, 2024, after which the company holds 1,621,110 of its own shares.
Metso announced the long-term incentive plan in a stock exchange release issued on July 1, 2020.
Commencement of new plan periods in long-term incentive plans targeted to Metso management and key
employees
On December 17, 2024, the Board of Directors of Metso Corporation has approved the commencement of a new plan period
2025-2027 in the following share-based long-term incentive programs: The Performance Share Plan (also "PSP") and the
Restricted Share Plan (also "RSP").
Metso originally announced the establishment of the PSP and the RSP structure on July 1, 2020.
Short-term business risks and market uncertainties
The uncertainty in the global markets may affect Metso's market environment. While central banks have eased monetary
policy as inflation has moderated, macroeconomic risks continue to pose uncertainty for global economic growth and may
affect both Metso's customers and suppliers. High financing costs may continue to have a negative impact on customers'
capex decision-making. There are also other market and customer-related risks that could cause on-going projects to be
postponed, delayed, discontinued or terminated.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    10
Geopolitical tensions and related trade barriers may impact global supply chains and may affect Metso's ability to deliver on
time and/or on budget. The financial position of suppliers may be at risk, due to working capital requirements and increased
funding costs, which could also lead to challenges with on-time deliveries. If suppliers are unable to deliver and the company
is unable to find alternative sources in the time required, it may lead to contractual penalties and/or obligations.
Uncertain market conditions could adversely affect our customers’ payment behavior and increase the risk of lawsuits, claims
and disputes taken against Metso in various countries related to, among other things, Metso’s products, projects and other
operations.
Even though currency exposure of firm delivery and purchase agreements is hedged, exchange rate fluctuations may impact
the company's financial position.
Information security and cyber threats could disturb or disrupt Metso’s businesses and operations.
Disputes related to delivery execution and resulting in extra costs and/or penalties are a risk for Metso. In contracts related to
the delivery of major projects, the liquidated damages attributable to, for instance, delayed delivery or non-performance may
be significant. Even though provisions are provided for in accordance with accounting principles, the possibility of additional
liabilities materializing cannot be excluded.
Metso is involved in some disputes that may lead to or are in litigation and arbitration. Differing interpretations of international
contracts and laws may cause uncertainties in estimating the outcome of these disputes. The enforceability of contracts in
certain market areas may be challenging or difficult to foresee.
Market outlook
According to the company's disclosure policy, Metso’s market outlook describes the expected sequential development of
market activity during the following six-month period using three categories: improve, remain at the current level, or decline.
Metso expects that the market activity in both Minerals and Aggregates will remain at the current level.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    11
Corporate governance statement
Metso has published a separate Corporate governance statement for 2024 that complies with the recommendations of the
Finnish Corporate Governance Code for listed companies and covers other central areas of corporate governance. The
statement is available on our website, separately from the Board of Directors’ report.
Sustainability statement
1. General information
Metso, headquartered in Finland, has a global presence in around 50 countries and delivers sustainable technologies, end-to-
end solutions and aftermarket services, including consumables, for the aggregates, minerals processing, and metals refining
industries. Metso has defined sustainability as a strategic priority. Specifically, Metso has committed to contribute to limiting
the increase in global average temperatures to 1.5 °C aligned with the Paris Agreement. This is reflected in Metso’s
sustainability agenda that focuses on the key sustainability topics, as assessed in a 2023 double materiality assessment and
reviewed in 2024. More details about the double materiality assessment are available in section 1.1. Material sustainability-
related impacts, risks and opportunities of this statement.
Metso’s sustainability agenda comprises the following focus areas: Metso Plus offering and innovations for our customers,
people and culture, environmental efficiency in own operations, and responsible supply chain. Responsible business conduct
is the foundation of Metso’s sustainability approach.
Metso is in the process of cascading its new sustainability agenda based on a double materiality assessment through the
organization and is evaluating the local impacts of climate change adaptation on its own operations and the biodiversity
impacts on its own and customers’ operations. This may result in new Metso policies and programs for biodiversity and climate
change adaptation during 2025-2026.
In 2024, Metso’s sustainable offering portfolio, previously known as Planet Positive, was renamed Metso Plus. This change
reflects Metso’s proactive and compliant approach to regulatory changes in the EU regarding green claims. The criteria and
KPIs for Metso Plus remain unchanged from the Planet Positive approach. Metso’s focus continues to be on driving
development of more sustainable solutions across industries in collaboration with customers. The method of measuring and
providing proof of the sustainability efficiencies of Metso’s offerings also remain the same, as it has proven to be a useful
framework for customers and other stakeholders. The new name strengthens this approach by focusing on the potential value
to customers from using Metso’s products and services across the value chain and adhering to stricter standards of
environmental claims and their verification.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    12
Sustainability_business_conduct.png
*Fair employment includes adequate wages, working time, work-life balance, prevention of discrimination and harassment, as well as freedom
of association and collective bargaining.
Metso’s overriding priority in sustainability is on working together with its customers, suppliers and communities to make
aggregates and minerals processing more sustainable industries. In particular, offering solutions that advance the energy
transition is at the core of Metso’s innovation.
Legislation and stakeholder expectations to reduce carbon emissions are driving the energy transition, which will require large
investments in renewable power generation, transmission infrastructure and battery technologies. This, in turn, will need large
and rapid increases in the supply of metals such as nickel, copper, lithium, zinc and manganese. Therefore, Metso’s focus on
supporting its customer industries in achieving significant and needed productivity improvements also support their
sustainability agendas. This includes technological innovations such as offering equipment that is more energy and water
efficient and capable of operating reliably using renewable electricity. Additionally, Metso focuses on retrofitting and
incorporating new technologies into existing flowsheets for processing minerals and aggregates and decreasing the carbon
footprint and use of virgin materials in consumables. However, circularity and reducing the use of virgin materials as well as
supporting means to capture carbon are essential. In this regard, Metso focuses on providing technology and solutions, for
example, on efficient recycling of e-waste and construction waste.
Metso is committed to the Science Based Targets initiative (SBTi) approved greenhouse gas emissions reductions, aiming to
substantially decrease the carbon footprint of its own operations and supply chain. In addition to the SBTi approved targets,
Metso aims for net-zero CO2 emissions in its own operations by 2030. 
This Sustainability statement presents Metso’s approach and performance on material sustainability topics, organized
according to the ESRS reporting structure in sections 2–4 (Environmental, Social and Governance) and outlined in the table
below. In addition to the ESRS topics and subtopics, Metso has included information on the entity-specific topic of Metso Plus
offering and innovations for customers.
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Material sustainability topics
Metso agenda theme
ESRS topic
ESRS subtopic
Materiality
Value chain element
Target set
Environmental
efficiency in own
operations
Metso Plus offering and
innovations for our
customers
E1 Climate
change
Climate change
adaptation
Climate change
mitigation
Energy
Impact and
financial
Impact and
financial
Impact and
financial
Own operations
Supply chain and
Customers
Yes
Yes
Yes
Environmental
efficiency in own
operations
Metso Plus offering and
innovations for our
customers
E3 Water and
resources
Water (in own
operations)
Water (in customer
operations)
Impact
Impact and
financial
Own operations and
Customers
Yes
No
Metso Plus offering and
innovations for our
customers
E4 Biodiversity
and
ecosystems
Direct impact drivers of
biodiversity loss:
Land-use change, fresh
water-use change, sea-
use change
Impacts on the extent
and condition of
ecosystems
Impacts and
dependencies on
ecosystem services
Impact
Impact
Impact
Customers
No
No
No
Metso's people and
culture
S1 - Own
workforce
Working conditions:
- Health and safety
- Working time
- Discrimination and
harassment
- Freedom of
association and
collective bargaining
Equal treatment and
opportunities for all:
- Diversity
- Training and skills
development
Impact and
financial
Impact
Impact
Impact
Impact
Impact
Own operations
Yes
Yes
Yes
Yes
Yes
Yes
Responsible supply
chain
S2 - Workers
in the value
chain
Working conditions:
- Health and safety
- Working time
- Adequate wages
- Secure employment
- Work-life balance
- Discrimination and
harassment
- Forced labor
- Freedom of
association and
collective bargaining
Impact
Impact
Impact
Impact
Impact
Impact
Impact
Impact
Supply chain
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    14
Responsible business
conduct
G1 - Business
conduct
Corporate culture
Corruption and bribery
- Prevention and
detection, including
training
- Incidents 
Protection of whistle-
blowers
Management of
relationships with
suppliers, including
payment practices
Impact and
financial
Impact and
financial
Impact
Impact
Own operations and
Supply chain
Yes
Yes
Yes
No
1.1. Material sustainability-related impacts, risks and opportunities
Metso updated its sustainability agenda through a double materiality analysis conducted in 2023. The aim of the analysis was
to understand the changing operational environment of customers and to assess stakeholder expectations, covering impacts,
risks and opportunities across the entire supply chain and all Metso’s global operations. The assessment addressed both
financial materiality (environmental and societal impact on Metso’s financial performance and value) as well as impact
materiality (Metso’s impact on people, environment and society) within its value chain. Surveys, interviews, meetings and
reviews of current sustainability trends and relevant sustainability frameworks were part of this assessment. The stakeholders
interviewed included Metso’s employees, customers, investors, suppliers of goods and services, and NGOs. Metso also
included in its assessment the conclusions from a range of peer-reviewed and publicly available climate change impact
studies, as well as results of the high-level human rights impact assessment. Based on the material collected, the impacts,
risks and opportunities were prioritized in workshops that included specialists from across Metso. 
The financial materiality of risks and opportunities to Metso’s business was assessed based on potential financial impact, as
defined through Metso’s risk management process, as well as on their likelihood over short- (less than one year), medium- (1–
5 years), and long-term (over 5 years) horizons. Additionally, impact materiality was assessed considering the scale, scope,
remediability and likelihood of an event. Leverage — i.e., the possibility to influence a topic — was also factored into scoring
impacts, risks, and opportunities. 
Topics with the highest scores were selected as the most material sustainability topics for Metso, forming the basis of Metso’s
sustainability reporting and agenda. Descriptions of impacts, risks and opportunities (IRO) are provided in this statement
under each relevant standard topic. IRO tables present Metso’s impact assessment for all material topics and, additionally,
risks and opportunities for financially material topics. While the assessment focused on individual risks, it should be noted that
the diversity of Metso’s businesses and its global presence add resilience to Metso’s overall business, as risk impacts are
expected to balance naturally between Metso's different businesses.
For the Metso Plus offering and innovations for customers, Metso considers climate change, water, and health and safety in
customer operations to be financially material. Climate change, health and safety, prevention of corruption and bribery, and
corporate culture are the financially material topics in Metso’s own operations. Currently, Metso has not identified financially
material topics in its supply chain.
It should be noted that supporting the circular economy is an important element in Metso’s sustainable Metso Plus offering and
innovations. This includes, e.g., recycling and reusing materials, providing equipment and services to extend product lifetimes,
and developing technologies to support the upcycling of waste materials. However, circularity itself was not identified as a
standalone material topic in the latest assessment. Metso will follow the developments in this field and will regularly review its
stance on the topic’s materiality.
The outcome of the double materiality assessment review in 2024 did not result in any significant changes in the previously
identified material topics for Metso. The assessment results have been reviewed by the Metso Leadership Team and approved
by the Board of Directors. 
In addition, Metso has conducted a high-level evaluation of its activities in order to identify pollution- and circularity-related
impacts, risks and opportunities and no consultation was undertaken with local communities.
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1.2. Basis for preparation
The scope of consolidation of this Sustainability statement is the same as for Metso’s financial statements. The figures in this
Sustainability statement are in line with Metso’s Consolidated financial statements 2024 and are based on the data prepared
in accordance with IFRS Accounting Standards. A more detailed description of environmental data coverage is found in the E1
Reporting principles. The Sustainability statement is published annually. The reporting period is the same as for financial
reporting, from January 1 to December 31, 2024, and the information is published simultaneously with the financial
information. This report is a group sustainability statement, commonly referred to in the report as a sustainability statement.
Metso discloses regional figures where applicable, and these are presented following the metrics related to specific topics.
However, Metso does not disclose business area-specific environmental or employee figures. All Metso subsidiaries are
included in this reporting.
Discontinued operations are not included in the Metso Plus sales or in the EU taxonomy KPIs, and comparative figures for
2023 have been restated accordingly. Other figures in this statement, such as environment, H&S and HR, include
discontinued operations.
Additionally, in compliance with ESRS 1 requirements, Metso has included the disclosures pursuant to the EU Taxonomy
regulation as a separately identifiable section in this Sustainability statement under section 2.2. EU Taxonomy.
The ESRS 2 standard is relevant to Metso’s multiple sustainability topics. It is therefore used as a guide for the structure of
sections 1.3. Metso’s strategy, business model and value creation, 1.4. Sustainability governance, and 1.5. Stakeholder
engagement. References to cross-cutting topics and their locations in this statement are provided in the ESRS index.
This Sustainability statement also describes Metso’s climate change-related governance, strategy, and risk management
practices, aligned with the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations. Metrics and
targets for measuring impacts are included. 
Furthermore, Metso’s sustainability reporting incorporates Global Reporting Initiative (GRI standards) indicators and industry-
specific indicators from the Sustainability Accounting Standards Board’s (SASB) Industrial Machinery & Goods Standard. The
GRI and SASB information, along with any deviations and omissions from requirements, are indicated in the GRI and SASB
indexes published separately but simultaneously with the report on the Metso website. These indexes provide further details
about the indicator-specific information.
Ernst & Young, an independent third party, has externally assured (limited assurance) this Sustainability statement and related
sustainability claims. The assurance process followed international standards (ISAE 3000 Revised). The scope of assured
information is outlined in the independent assurance report. GRI indicators or the GRI index are not within the scope of this
sustainability reporting assurance.
1.2.1. Disclosures in relation to specific circumstances
1.2.1.2. Time horizons
Metso assesses material impacts, risks and opportunities over the short, medium and long term when feasible. Sustainability-
related matters often unfold gradually, and their predictability depends on various factors. For climate change (E1), Metso
uses a standard set of time horizons. For E3, E4, S1, S2, and G1, time horizons are presented, where possible and relevant,
considering the probability and impact scope. 
For topics other than climate change, Metso defines time horizons in this Sustainability statement according to ESRS
guidance as follows:
Short term: 1 year
Medium term: 15 years
Long term: Over 5 years
In assessing climate change risks and opportunities, Metso follows TCFD guidance and has based its assessment of the
following time horizons:
Short term: 03 years
Medium term: 310 years
Long term: Over 10 years 
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    16
1.2.1.2. Metrics and estimations of uncertainty
The reporting principles for metrics related to each standard and material topic are described under the relevant sections
(Environment, Social and Governance), including accuracy levels and planned actions for improvement. Specific indicator
scopes are provided in the Reporting Principles section under each relevant standard. Metso’s entity-specific metrics that
address impacts, risks and opportunities in Metso’s customers’ operations are identified in Targets and Progress in Targets
tables. The ESRS index sets out any deviations, omissions, and relevant explanations about the indicator-specific information. 
In this statement, a number of metrics are based on estimates, averages and assumptions. Data is sourced from internal
records and external data vendors. There is a risk of error in the data, particularly in the completeness of data and where
several data sources have been combined or where there is manual processing of data. Metso has not identified any metrics
that are subject to high level of measurement uncertainty. Metso’s sustainability data is subject to continuous improvement. As
sustainability-related regulations evolve, standardized data availability will improve. Metso is committed to transparency and
will disclose relevant changes in underlying data or assumptions in its future Sustainability statements.
1.3. Metso’s strategy, business model and value creation
Metso’s purpose is to enable sustainable modern life. Metso’s products and services are used in the aggregates, minerals
processing and metals refining industries producing critical raw materials. Metso’s vision is to be the customers’ number one
choice for sustainable use of earth’s natural resources through the sustainable Metso Plus offering and innovations,
environmentally efficient own operations, and responsible supply chain management. This is particularly important, as the
operations of Metso’s customers in the aggregates and mining industries are energy- and water-intensive and typically have
significant land footprints, often in environmentally sensitive areas where land disturbance and pollution can impact habitats
and species, i.e. biodiversity.
Metso recognizes the rapid rate of change in its customer industries and has identified several megatrends impacting its
strategy and business model:
Urbanization: Drives demand for more aggregates, minerals and metals to build modern societies.
Electrification: Is essential for Metso’s customer industries to achieve their climate targets.
Sustainability: Calls for energy and water efficiency, emissions reduction, green transition, safety, responsible
operations, and minimizing social impacts on people and communities.
Resource scarcity: Necessitates recycling of minerals, metals, aggregates and waste through circular
economy practices, emphasizing responsible processing of precious natural resources.
AI & digitalization: Advances new business models, enhances efficiency and improves safety.
Metso’s strategy aims to adapt and build on these trends, as set out in more detail below in section 1.3.1. Strategy.
1.3.1. Strategy
Metso is committed to building a Tier-1 company through four strategic priorities aligned with stakeholder needs:
Sustainability in alignment with the sustainability agenda.
Customer success: In the short term, Metso prioritizes improving customer responsiveness, on-time delivery
rate and quality. In the long term, Metso aims to create customer value through long-term partnerships,
optimized solutions, positive customer experiences and digital capabilities.
Performance culture: Metso’s performance culture drives business success and strong financial results.
Guided by Metso values of High ambition – always; Customer in center; Getting it done – together; and Open
and honest, Metso aims to foster a diverse and inclusive culture. Inspirational leadership plays a key role in
culture building, developing leaders who embody Metso’s leadership principles and drive the business
agenda while developing their teams. Metso aims to build an organization with industry-leading capabilities by
retaining existing people and offering them growth opportunities and also by attracting new talent globally.
Financial performance: Financial performance is at the core of Metso’s strategy execution, emphasizing
continued growth and profitability driven by value-adding innovations. Metso is committed to delivering a
strong financial performance, enabling investments in business growth and competitive dividends to
shareholders. Metso’s financial targets are:
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    17
Adjusted EBITA margin of >17% over the cycle
Maintaining an ‘investment-grade’ credit rating
Dividend pay-out of at least 50% of earnings per share
Progress in sustainability in alignment with the 1.5-degree commitment
During recent years, Metso has successfully strengthened its profitability and de-risked the business. The further improvement
of Metso’s profitability towards the 17% EBITA target involves a resilient product- and aftermarket-focused business model,
organic and acquired growth in the aftermarket offering, and continuous enhancements in productivity, operational efficiency
across the businesses, as well as strengthening of supply chain resilience. A strong balance sheet enables growth and
development of Metso’s business, as well as investments and acquisitions. To secure its investment-grade credit rating, Metso
continues to focus on improving both profitability and working capital efficiency over the cycle.
1.3.2. Business model
Metso has two reporting segments: Aggregates and Minerals. These segments are further organized into business areas and
market areas. In the reporting year, significant business events for Metso’s segments are discussed under Reporting
segments. The reporting segments’ financial performance in the reporting year is discussed in the Notes to consolidated
financial statements, especially under Segment information.
Metso’s business areas are accountable for their performance in terms of orders and sales, operating profit and capital
employed, and they contribute to the company’s profitable growth strategy, including the sustainability agenda, through
business-specific initiatives. The business areas, together with market area teams, are responsible for managing customer
relationships, and information on customer satisfaction is regularly gathered to further improve customer processes and
relationships. Metso’s seven market areas – North and Central America, South America, Europe and Central Asia, Africa,
Middle East and India, Greater China, and Asia Pacific – facilitate effective cooperation between global and local activities,
guided by clear roles and governance. Metso has a multichannel approach to its markets, with sales channels tailored for
specific regions, customer industries and customer types. Metso’s direct sales teams and experts provide competence in
technologies and processes. Additionally, Metso works with distributors to enhance local presence and maintains digital sales
channels for accessibility and ease of doing business.
Metso has a deep understanding of customer processes, product design and technology, and a comprehensive service
portfolio ranging from spares and wears to advanced lifecycle services. Metso’s value chain encompasses upstream
procurement and logistics, own operations and downstream customers. Metso’s global manufacturing and logistics network
includes both in-house and outsourced warehouses, as well as production facilities across the main customer markets. Key
figures for 2024 include:
Close to 17,000 people in around 50 countries (the number of employees per country is described under S1 –
Own workforce).
Around 3,700 service experts
Around 140 repair and service locations, including three Performance Centers
Around 40 research and development or testing locations geographically distributed across main markets
5 own foundries and several selected partner foundries
8  rubber and Poly-Met parts factories 
8 pump factories
Two filtration technology centers and one ceramics plate factory
5 aggregates equipment factories for the Metso brand andfor other brands
Metso operates in an environment significantly impacted by changing regulations, particularly given the energy-, carbon-, and
water-intensity of its customer industries. Metso’s sustainability agenda and related action plans, targets and long-term goals
are therefore also aligned with the UN Sustainable Development Goals (SDGs). Five SDGs have been identified as the most
relevant areas where Metso aims to demonstrate its impact during the 2025–2027 strategy period. This Sustainability
statement also outlines Metso’s progress toward these goals.
In line with the SDGs, Metso’s offering helps its customers to operate more sustainably by improving resource efficiency and
adopting cleaner and more environmentally efficient technologies (SDG 9), including actions to combat climate change (SDG
13) through the use of Metso’s technologies. Metso addresses wastewater production in line with SDG 6 by increasing the
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    18
efficiency of water use through the reduction of the amount of freshwater needed in Metso’s operations and through increased
recycling and the safe re-use of water.
Metso provides employment opportunities for individuals of all genders, all ages as well as for people with disabilities, and has
standard employment practices in all locations. Furthermore, Metso is committed to achieving equal pay for work of equal
value, safeguarding labor rights, and promoting a safe and secure working environment for all employees (SDG 8). 
A significant portion of Metso’s manufacturing is outsourced, emphasizing the importance of responsible procurement
practices. By advocating sustainable practices across the supply chain, Metso also promotes the wider adoption of
responsible management practices and the reduction of waste generation (SDG 12). 
Climate change, urbanization, electrification and infrastructure investments continue to drive long-term commodity demand.
Despite continued geopolitical and economic uncertainty, the market fundamentals in Metso’s customer industries present
growth opportunities. Sustainability offers further opportunities within Metso’s current and extended product portfolio. Raw
material availability and costs increase the need for sustainable and circular solutions. Within this broad context, Metso’s
Minerals and Aggregates reporting segments have clear strategic priorities aimed at further improving financial and
sustainability performance.  Metso is well-positioned in the fastest growing metals and critical minerals, such as nickel, copper
lithium, zinc and manganese, with a comprehensive equipment and aftermarket offering and strong capabilities in full
flowsheet offering.   
In Minerals, the focus is on technology leadership in processing and smelting, especially through Metso’s sustainable
equipment and aftermarket offering – Metso Plus. Metso serves a diverse range of mining customers, including large global
miners, major and mid-sized regional operators, and junior miners. Metso’s offering and process expertise cover the entire
end-to-end mining process – from professional testing and piloting to early project support, to solutions across the flowsheet,
including crushing and grinding, separation and filtration solutions, and advanced tailings management. Additionally, Metso’s
minerals offering includes material handling equipment and slurry pumps as well as an extensive selection of spare and wear
parts and services. 
Metso also provides comprehensive solutions and services for maintaining and optimizing processes and equipment
performance with advanced digital solutions, intelligent automation and control systems. In the rapidly growing battery
industry, Metso is well positioned to offer sustainable technology and equipment, covering e.g. lithium and nickel production,
with project scopes ranging from equipment packages to plant deliveries and from mine to battery materials, as well as black
mass recycling. 
For metals refining customers, Metso offers a comprehensive portfolio of modern smelting solutions for the treatment of
primary and secondary raw materials. For example, the Metso Plus flash smelting process is currently the most widely used
copper smelting method globally, resulting in high metal recovery with the lowest total cost of ownership.
In the Aggregates segment, Metso serves large international companies and numerous smaller, more regional or local
customers running quarry operations or operating as contractors. Metso’s offering for aggregates customers includes
crushers, screens, feeders, fixed and mobile crushing and screening plants, track-mounted equipment, spare and wear parts,
and a wide array of services. Research and development activities concentrate on crushing technology, electrification of
aggregates production, and environmental performance. A significant share of sales in the Aggregates business is carried out
by distributors. The management and development of the global distributor network is the responsibility of a separate
distribution management organization (DMO). The Aggregates business consists of products sold under the Metso brand, and
an additional product offering sold under the Diamond Z, Jonsson, Lippman, McCloskey, McCloskey Environmental, MWS
Equipment, Screen Machine Industries, Shaorui, Tedd Engineering and Tesab brands.
Metso places strong emphasis on the aftermarket and services, with a focus on customer experience and new digital
capabilities to support both organic and inorganic growth. Key growth areas include products with high aftermarket potential,
sustainable Metso Plus offering, automation and digitalization. These are built on extensive expertise and the reliability of
Metso’s products with additional gains from synergies across this broad portfolio of services. Across its customers' industries
there is a large installed base of Metso equipment, and by offering new digital services, Metso can even better serve the
customers and offer new efficiency solutions for the existing installed base. Metso’s strategy leverages its aftermarket capacity
to offset the inherent cyclicality of its customer industries and expansion into third-party installed bases. 
Metso has differentiated sustainability-related goals for its business and market areas, taking into account the growth potential
and possible risks to the business. Specific goals within each area contribute to achieving group-level objectives. Safety
targets are established globally, serving as common benchmarks that guide the more detailed target-setting process within
each business area and market area. Targets are related to Key Performance Indicators, such as Lost Time Incident
Frequency and Total Recordable Injury Frequency. In addition, Metso sets targets related to specific initiatives, for example the
work done during 2023-2024 to analyze and address gaps in the Group’s safety management systems. Metso also sets
individual role-based targets, such as risk observation training and reporting targets for all employees without subordinates,
and safety conversation training and reporting targets for managers and supervisors with subordinates. 
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    19
1.3.3. Value creation and value chain
Sustainability is an important value creation element for Metso. Metso’s sustainability agenda, presented under 1. General
information, focuses on supporting the electrification and decarbonization of the mining and aggregates industries, while
ensuring rapid increase in the production of energy transition minerals. Metso continuously develops its portfolio to meet its
customers’ growing needs for energy and emissions reductions, water resources management, resource efficiency, circularity
and safety.
Fundamental to Metso’s value creation are its strong technological know-how, global operations and aftermarket footprint, as
well as the competitive product offering, strong brand and continuous innovation. Digitalization serves as an additional key
driver, enabling the development of new business models, improving efficiency and enhancing safety. Leveraging data and
analytics enables Metso to optimize customers’ equipment, processes and flowsheets, which can lead to significant
productivity gains, cost savings and minimizing environmental impacts.
Metso’s sustainable Metso Plus offering to customers, as well as innovations to further develop this offering, creates value
both for Metso’s customers and for other stakeholders. The customer-focused Metso Plus portfolio includes more than 100
products that are meaningfully more sustainable than a market benchmark product or similar products of a previous
technological generation, based on factors that also drive total lifetime cost of ownership, e.g., energy and water efficiency.
Therefore, they typically also offer commercial benefits both for Metso and its customers.
Metso’s technology strategy and R&D prioritize the development of products and services that can help customers achieve
their own sustainability targets, e.g. carbon, energy or water efficiency. Metso Plus drives the R&D efforts through a
commitment to add to this portfolio. This work is built on the deep know-how of Metso’s close to 17,000 employees and around
40 locations with research and development or testing capabilities as demonstrated by 7,879 national technology patents. A
more detailed explanation of the various environmental and sustainability benefits of Metso’ offering is presented under each
relevant section E1  – Climate change, E3 – Water, and E4 – Biodiversity.
Metso’s Research and Development (R&D) model is driven by a business area-level Technology Strategy, which guides the
business area R&D plans. Each business area defines its R&D operating structure with dedicated R&D functions that manage
the R&D and productization portfolio, Intellectual Property Management, research teams in test centers, and harmonization of
engineering practices. Metso has a company-wide R&D process in place with associated tools to plan, execute and monitor
the fulfillment of sustainability requirements associated with R&D.
R&D activities also take place within business lines and product groups, which own the strategy, product portfolio, technology
and product roadmaps as well as product engineering, support, and test centers. This operating model ensures a focus on
long-term research and the continuous release of new sustainable products.
In addition, Metso collaborates closely with customers for testing and joint development. Research and test services include
e.g. ore deposit evaluation, mineralogical characterization, feed material testing, sampling, materials selection, analytical
chemistry and flowsheet development.
For aggregates customers, R&D efforts focus on electrifying mobile crushing and screening equipment. In minerals
processing, the emphasis is on energy- and water-efficient solutions for preconcentration, comminution, separation, and
tailings management. Additionally, Metso prioritizes the development of smart and connected equipment and processes. The
development of metals-related sustainable technologies is focused on solutions for batteries, low-carbon production of steel,
circular economy, and copper processing technologies.
Metso’s procurement spend was approximately EUR 3.1 billion in 2024. Over 18,000 suppliers in around 100 countries benefit
from long-term partnerships and Metso's responsible business practices. Metso also contributes to local communities through
cooperation with universities and other research institutes, as well as by participating in local community corporate social
responsibility initiatives. In 2024, Metso paid EUR 1,069 million in wages, EUR 162 million in taxes (on accrual basis), and
EUR 298 million in dividends to its shareholders.
1.3.4. Revenue breakdown
Metso’s total sales in 2024 were EUR 4,863 million. Minerals’ sales account for 75% while the remaining 25% came from
Aggregates. Services businesses accounted for 58% of sales. In 2024, Metso’s regional sales split was as follows:
Europe: 18%
Asia Pacific: 21%
North and Central America: 22%
South America: 23%
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    20
Africa, Middle East and India: 15%
Metso is involved in activities related to chemicals production (including manufacture of other rubber products) and in 2024 the
sales were approximately EUR 275 million. Metso does not operate in the weapons manufacturing or tobacco cultivation and
production sectors. 
Metso continues to serve customers in the coal industry, for both brown- and greenfield projects and for thermal as well as
metallurgical coal. However, Metso’s R&D pipeline does not include developing new coal-related products or services. Metso
acknowledges that the coal industry is entering a prolonged ramp-down and phase-out in response to climate change action.
Metso’s sales to the coal industry are less than 5% of total revenue, and the emissions and impacts associated with this
equipment are negligible in comparison with the emissions and impacts of sales to mining and aggregates industries. 
Metso is committed to supplying the best available equipment and services during the coal ramp-down phase so that that the
coal industry has access to safe and environmentally responsible technologies and solutions. A safe and profitable ramp-down
of the business is a socially responsible business approach that follows appropriate government guidelines and recognizes
that profits from the coal industry will be directed back to communities to support their transition to alternative industries, such
as renewables. Metso’s sales from the fossil fuels sector – encompassing coal, oil, and gas – are not significant at less than
5% of revenue and therefore not reported. Metso’s approach to the coal, oil and gas industry is reviewed annually.
1.4. Sustainability governance
This Sustainability statement provides information about Metso’s sustainability governance and outlines the overarching
governance processes, controls and procedures implemented to monitor and manage sustainability matters at Metso. Further
information about the general duties, composition, diversity and experience of the administrative and supervisory bodies, as
well as the processes of internal control, internal audit and risk management, is available in the Corporate governance
statement and Remuneration report published simultaneously with this statement.
Metso’s administrative, management and supervisory bodies include:
Metso’s Board of Directors: The Board oversees the company’s activities, and its two permanent Committees
regularly report on their work to the Board.
Audit and Risk Committee (ARC): Responsible for addressing audit and risk-related matters, including
sustainability reporting
Remuneration and HR Committee (RHRC): Focuses on remuneration and human resources topics
Metso Leadership Team: Comprises the President and CEO, business area presidents, Chief Financial Officer
(CFO), and corporate function heads, i.e. Chief Growth Officer, Chief People Officer and General Counsel
The Sustainability Steering Committee includes leaders and subject matter experts from different business areas and
corporate functions that provide expertise for the ARC and make proposals for supervisory bodies’ review. Chaired by the
Chief Growth Officer, the cross-business Sustainability Steering Committee meets twice a quarter to assess overall progress
related to the sustainability agenda, to review performance against targets, and to offer guidance to business areas and
market areas on sustainability matters, governance and action plans.
1.4.1. Roles and responsibilities
Metso’s Board of Directors, as the highest governing body for the Group, oversees Metso’s sustainability governance and
sustainability agenda execution. The Board approves the sustainability agenda, double materiality analysis, sustainability
targets and policies, and the yearly sustainability report. In addition, the Board oversees Metso’s overall enterprise risk
management, and health and safety. Metso’s Board consists of non-executives and doesn’t include representation of
employees and other workers. The Board has delegated supervision of sustainability risks and opportunities, including
climate-related and environmental risks, as well as following the preparation of sustainability reporting to the Audit and Risk
Committee.
At their meetings, the Board of Directors and Board Committees regularly discuss reviews related to different areas of
sustainability, presented by sustainability and QEHS (Quality, Environment, Health, and Safety) specialists. The reviews offer
Board members information about the company’s material sustainability impacts, risks and opportunities, and of the progress
made in the company’s sustainability targets. The reviews also ensure that the Board’s understanding and competence is up
to date in sustainability matters. Metso’s sustainability targets are taken into account in the Board of Directors’ decision-
making on matters such as investments. 
Metso’s Board approves all major investments, acquisitions and mergers, as well as major divestments. Additionally, the Board
of Directors reviews and approves significant sales transactions of over EUR 100 million and high-risk contracts valued above
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EUR 50 million that may involve, e.g., new technologies, first-time applications, or significant country or customer risks. Trade-
offs are carefully considered by the Board when planning future sustainability-related actions and assessing their impacts,
risks and opportunities.
The Audit and Risk Committee (ARC) reviews Metso’s annual sustainability reporting before submission to the Board for final
approval. In addition, the ARC monitors Metso’s human rights-related actions and sustainability risks identified in Metso’s
enterprise risk management framework. The ARC’s duties concerning sustainability reporting are defined in the ARC charter,
including:
Reviewing Metso’s key policies and principles as well as changes in policies and practices relating to
sustainability reporting
Reviewing internal controls and monitoring the effectiveness of Metso’s procedures for internal controls over
sustainability reporting
Monitoring the assurance of the annual sustainability reporting and reviewing the results of the assurance with
the sustainability reporting assurance provider
Reviewing Metso’s annual sustainability reporting before submission to the Board for final approval, focusing
particularly on:
Areas that require judgment calls
Significant adjustments resulting from sustainability reporting assurance findings
Compliance with sustainability reporting standards
Compliance with the requirements of applicable laws, regulations and stock exchange rules
The Remuneration and Human Resources Committee (RHRC) assists the Board in reviewing the programs related to key
people development, succession planning and talent development. These programs, linked with the development of diversity
and inclusion, mental wellbeing and fair employment, are part of Metso’s sustainability agenda, described in more detail in
section 3.1 S1 Own workforce – Metso’s people and culture.
In addition, the RHRC prepares the Remuneration Policy and Remuneration report, evaluates the performance and
compensation of the President and CEO, and, together with the Chair of the Board, prepares and makes proposals to the
Board on the appointment and compensation of the CEO. Based on the recommendation of the CEO, the Committee also
makes a proposal to the Board on the appointments of Metso Leadership Team members. The RHRC also assists the Board
in setting and reviewing management incentive targets, including ESG-related metrics, which have been in use since 2021.
The Shareholders Nomination Board (Nomination Board) is a body comprised of the representatives of Metso’s major
shareholders and is elected in accordance with its charter that is available on Metso’s website. The Nomination Board must
ensure that the Board of Directors has a sufficient level of competence and expertise for Metso’s needs, and for this purpose
prepares proposals for the Annual General Meeting on the election and remuneration of the members of the Board of
Directors.
The President and CEO, assisted by the Metso Leadership Team, is responsible for delivering on the Board-approved
sustainability targets across the Group in accordance with applicable laws and regulations. Additionally, the President and
CEO provides regular reports to the Board on material sustainability-related impacts, risks, and opportunities. 
On October 24, 2024, Metso announced that its Board of Directors had appointed Sami Takaluoma as Metso’s new President
and CEO. He assumed his duties on November 1, 2024. Metso’s previous President and CEO, Pekka Vauramo, continued
with the company as per his contract until the end of 2024, ensuring a smooth transition of responsibilities.
The Chief Growth Officer is responsible for sustainability at the Group level and chairs Metso’s cross-business Sustainability
Steering Committee. The Chief Growth Officer and the Sustainability team steer Metso’s Group-level approach to material
sustainability issues in cooperation with the businesses and other Group functions. This includes the development of the
overall sustainability agenda, sustainability practices and sustainability communications, as well as the implementation of
sustainability-related corporate policies. The Sustainability team contribute to sustainability-related training, risk assessment
and management, as well as external reporting in cooperation with other Group functions. The team is also responsible for the
proactive management of internal and external stakeholders’ expectations. 
The Sustainability Steering Committee is responsible for supporting business areas in their initiatives and strategic plans,
including considering sustainability impacts, risks and opportunities. The Internal Audit function ensures that sustainability
risks are managed according to the company’s overall risk management framework. Further information on the governance of
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    22
sustainability risks can be found in section 1.4.6 Risk management systems and policies as well as under specific ESRS
topics for environmental information (E1, E3 and E4), social information (S1 and S2), and governance information (G1).
The Metso Leadership team (MLT) is responsible for executing Metso’s overall strategy and ensuring that the strategy
addresses sustainability impacts, risks and opportunities. The MLT oversees the implementation of the sustainability agenda,
regularly reviewing sustainability targets and monitoring the development of the Metso Plus portfolio, including sales of Metso
Plus solutions and services. Based on the Group’s sustainability targets, each business area’s management team aligns their
sustainability targets with the Group’s objectives and reports performance against these targets to the Metso Leadership Team
on a quarterly basis.
Business area presidents are responsible for the strategy, financial development and position, operational performance,
operating environment development, customer service, and competitive situation of their respective business areas. They are
also responsible for implementing Group initiatives, policies and guidelines within the business areas, and for collaborating
across business areas. The business area presidents are accountable for sustainability matters within their domains. Metso’s
extended leadership team includes the market area presidents. Day-to-day implementation of the sustainability agenda falls to
line management in the business areas, market areas, and corporate functions. All business areas have set sustainability
targets for the strategy period 2025–2027.
1.4.2. Sustainability expertise of the Board, its committees and the Metso Leadership Team
According to the diversity principles defined by the Nomination Board, several factors influence the composition of Metso’s
Board. The overall aim is to ensure that the Board collectively possesses the necessary knowledge and experience related to
business, social and cultural conditions in the markets most significant to Metso.
Furthermore, the members of the Board shall jointly have sufficiently diverse professional and educational backgrounds,
strong industry knowledge, strong experience in international business, strategy development and implementation skills,
experience in company leadership in various development phases, capital market understanding, knowledge of ESG
development, balanced geographical and nationality backgrounds, sufficiently diverse age and gender distribution, an
appropriate balance of decision-making capability, skills and experience, as well as other personal capabilities, such as
innovation and constructive questioning, and sufficient time available for Board work.
Metso’s Board includes specific sustainability expertise. For instance:
One member of Metso’s Board of Directors is an experienced sustainability professional who serves on the
Board of another listed company as well as in the Board and its ESG committee for a non-listed impact
investing company. 
Another member of the Board holds several executive positions that include sustainability responsibilities. 
Several Board members have experience in the mining industry, including dealing with the sustainability
challenges faced by the industry. 
Metso’s Board and its committees and the Metso Leadership Team may occasionally seek assistance from internal or external
subject matter experts. Preparatory sessions involving a broader group of stakeholders may precede discussions, reviews,
and decisions within the Board’s committees. However, the Board primarily relies on Metso’s internal sustainability expertise,
as explained in section 1.4.5. Internal controls over sustainability and 1.4.6. Risk management systems and policies and it has
not engaged external experts other than the sustainability assurance provider for sustainability matters in 2024 .
The Metso Leadership Team reflects a diverse profile in terms of gender, backgrounds, and capabilities. In 2023, Metso set a
new long-term target to increase the proportion of women in middle and senior management positions. The target is to
achieve a ratio of 30% female/70% male for middle and senior management positions by the end of 2030. In 2024, the ratio
was 18/82%.
Sustainability-related expertise within the Metso Leadership Team includes:
Expertise and responsibility for social and people-related topics - Chief People Officer
Governance expertise and responsibility - General Counsel
Environmental, health and safety expertise and responsibility - Chief Growth Officer
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    23
Management diversity
Category
2024
2023
2022
Board of Directors
Non-executive members
9
9
9
Independent of the company
100%
100%
100%
Women to men ratio
0.5 : 1
0.5 : 1
0.5 : 1
Leadership Team
Executive members
9
9
9
Non-executive members
0
0
0
Women to men ratio
1.25 : 1
0.8 : 1
0.8 : 1
1.4.3. Sustainability focus areas in 2024
In 2024, the sustainability-related activities of the Board of Directors and its committees included:
Following up on strategy execution, including progress of financial and sustainability targets and KPIs
Monitoring safety performance and related improvement initiatives 
Ensuring compliance with regulatory developments, including the Corporate Sustainability Reporting Directive
Following up on sustainability reporting capability development at Metso 
Monitoring compliance, Code of Conduct and anti-corruption activities
Following up on employee engagement and culture building actions
In 2024, the Metso Leadership Team's sustainability-related activities focused on the following:
Progress made at sites with safety challenges
Metso’s approach for safety conversations and risk observations, including the process for follow up on high-
risk near misses
Approval of Metso Plus as the new name for the sustainable offering portfolio (previously Planet Positive)
Customer engagement activities through NPS development
Approval of new sustainability targets
Safety and people topics are a standing agenda item in all Metso Leadership Team meetings.
1.4.4. Integration of sustainability-related performance in incentive schemes
The Board of Directors is responsible for determining and overseeing Metso’s variable pay schemes, including both short-term
(STI) and long-term incentive (LTI) plans. These plans are aligned with the company’s Remuneration Policy. Additionally, the
Board sets and assesses the performance metrics for the STI and LTI programs for the President and CEO, as well as other
leadership team members. Approximately 200 Metso executives and key employees, including the President and CEO and
the leadership team, participate in the rolling 3-year LTI program.
Metso’s LTI performance metrics are based on the company’s share price development, profitability and sustainability.
Currently, Metso’s STI programs do not incorporate ESG metrics.
The targets for the Performance Share Plan (PSP) 2021–2023 plan were absolute total shareholder return (50% weight),
adjusted earnings per share (40% weight) and an ESG metric (10% weight). The ESG metric set was a CO2-equivalent
emissions reduction in own operations and logistics, with a threshold of 24 percent reduction against the 2019 baseline. The
reward of this plan was paid out in 2024 based on the performance against these metrics. In 2022, Metso decided to
incentivize the ‘sales growth of the Metso Plus offering (previously known as Planet Positive) as an ESG metric. 
Metso incorporates ESG metrics into its long-term incentive plans to support its sustainability aspirations. This ESG metric
incentivizes the development of a broader and more sustainable product and services offering for customers. It measures the
share of the Metso Plus portfolio’s overall sales and aims for a significant increase in this metric. The threshold for this metric
is set at +3 percentage points higher than the Group’s total sales growth, targeting to increase the share of sales coming from
the Metso Plus portfolio. For the PSP 2022–2024, where Metso Plus sales growth is set as a target, the first possible reward
payment is in 2025.
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The LTI payment made in 2024 to the President and CEO for PSP 2021–2023 was 118,026 shares, and the aggregated total
for the other Leadership Team members was 199,892 shares.
Metso’s remuneration principles and the overall remuneration of the President and CEO are described more in detail in the
Remuneration report. 
1.4.5. Internal controls over sustainability
The governance model for internal control is described in Metso’s Corporate governance statement, published simultaneously
with this Sustainability statement. Defining and adopting a full governance model and documented control framework for
sustainability reporting is an ongoing development area.
Metso’s Internal Control Policy, applicable across the organization and approved by the Board of Directors, aims to ensure an
adequate and effective internal control environment in all Metso’s operations. This includes corporate standards, policies,
guidelines and instructions. The President and CEO, the Metso Leadership Team and the management of the business areas
and market areas are responsible for compliance and maintaining an effective and efficient control environment. These
measures ensure that management directives are effectively executed and that all necessary actions are taken to address
sustainability risks. Additionally, Metso’s sustainability reporting adheres to Group-level principles and processes for statutory
reporting, risk management and internal control. 
Metso’s Code of Conduct, Supplier Code of Conduct, Anti-Corruption Policy, Human Rights Policy, and Donation &
Sponsorship Policy, as well as the Quality, the Environment, Health and Safety (EHS), and Biodiversity Policies, as well as HR
processes, described in more detail in section 3.1.4.1 People and culture, define the basic requirements for meeting Metso’s
environmental, social and economic responsibilities. Detailed information about these policies and their relevance can be
found under each relevant standard: E1 Climate change, E3 Water, E4 Biodiversity, S1 Own employees and S2 Workers in
the value chain.
Metso’s Code of Conduct is the key corporate standard outlining the fundamental principles that are then fleshed out in the
company’s policies and guidelines. With the Code of Conduct, Metso commits to proper business conduct, sustainability, and
compliance across all operations. It summarizes in a single document the topics that are important in terms of health and
safety, human rights, sustainability, anti-corruption anti-bribery, trade compliance, information disclosure and other relevant
compliance areas. It aims to ensure that the same values and principles are followed wherever Metso has operations and that
Metso’s business partners follow the same principles. By adhering to these shared values and principles, Metso strengthens
its corporate culture, employee engagement, and reputation. Everyone at Metso is expected to take ownership of compliance,
ensuring that all business decisions and actions align and comply legally and ethically with Metso’s Code of Conduct.
Metso’s Anti-Corruption Policy underlines Metso’s zero tolerance towards bribery and corruption. It commits the Group to
proper business conduct and integrity in all business interactions. This policy applies to all Metso employees regardless of
their position, responsibilities or location. Furthermore, Metso expects third parties to adhere to similar principles and share
Metso’s commitment to ethical business behavior. 
The Metso Compliance Program seeks to ensure compliance with governance principles and the Code of Conduct within
Metso units. The program is designed to create a coherent control environment by implementing appropriate internal control
principles for business processes and sharing best practices related to internal control.
Metso also places significant emphasis on safe operational practices and fair employment standards within its supply chain.
Ensuring continuous due diligence, risk identification and mitigation, and supporting the implementation of various climate
change actions taken by suppliers are among Metso’s top priorities. In general, responsible suppliers, from Metso’s
perspective, prioritize and take action in alignment with Metso’s Supplier Code of Conduct. Metso’s approach to its supply
chain is based on a systematic and risk-based due diligence process, which assesses partners' and suppliers' adherence to
the Supplier Code of Conduct.
The sustainability reporting control environment reflects management’s commitment to sustainable and responsible business
conduct. The accuracy and completeness of information as well as the timing of the reporting have been identified as risks.
Possible sources of data errors in sustainability reporting have been identified, and they are monitored during the process.
They relate e.g. to data classification, weak estimates, faulty or outdated conversion factors, IT system integrations, and
undocumented processes. Existing controls for data accuracy include e.g. indicator and time-based comparisons, IT system
validation fields, data completion reviews, as well as documentation and training. The sustainability reporting process includes
several layers of control in order to address these risks and to ensure that the disclosed information is accurate, complete, and
timely.
The Sustainability team, coordinates sustainability reporting and reports on the process to the Audit and Risk Committee on a
quarterly basis. Specialists in sustainability reporting, regulation, data, finance, and communications contribute to producing
accurate and comprehensive sustainability reporting at Metso.
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For sustainability reporting, indicators and key performance indicator owners at the Group level have been identified. Each
indicator has a named process owner who oversees and is responsible for data collection. Systems used in data collection
have built-in controls that enhance data integrity and thus the accuracy and completeness of reporting. Reporting is often
based on several data sources, including manual data input and calculations. Therefore, indicator owners have a key role in
ensuring the accuracy and completeness of the information. In addition to reviews performed by indicator owners, there are
multiple review steps at the Group level to ensure the accuracy and completeness of disclosed information. 
Metso will continue to improve its management of sustainability matters and ensure that it implements regulatory changes to
enhance its sustainability control framework.
1.4.6. Risk management systems and policies
The sustainability-related risks in this statement have been identified in accordance with the Finnish Accounting Act and are
distinct from the financial risks identified in note 4.1. of the Consolidated financial statement. 
Operating responsibly and promoting sustainability throughout the value chain is a high priority for Metso. Environmental,
social or governance misconduct can significantly impact the company’s reputation and lead to long-term financial and other
consequences, including business interruptions and lost work hours. Metso takes a systematic approach to managing
sustainability-related risks. This includes implementing the appropriate policies, risk management practices, due diligence
processes, and a risk-focused governance system and organization, as well as considering potential risks in mergers and
acquisitions, investments and divestments. 
The assessment of sustainability-related risks is part of Metso’s systematic risk management process. This assessment
encompasses, for example, regulatory, physical and other climate-related risks across all operations. Risk prioritization is done
based on assessed severity and likelihood. In addition to evaluating the probability and impact of these risks, the assessment
also identifies opportunities. The aim of this process is to minimize the adverse impacts from strategic, financial and
operational risks, and to remove or mitigate hazards and capitalize on opportunities. 
A team of senior specialists across businesses and Group functions identifies risks, evaluates potential impacts, and
determines mitigation strategies annually. Sustainability risks are then incorporated in the company’s overall risk register and
risk assessment. The results are reported annually to the Metso Leadership Team, the Audit and Risk Committee and Metso’s
Board of Directors.
Certain sustainability risks are assessed at the sales project level in alignment with Metso’s global project risk management
process. Regular audits of Metso’s main manufacturing sites evaluate business interruption risks, including climate-related
factors such as natural events. Business continuity plans incorporate strategies to mitigate potential business interruptions,
while the annual plan defines the activities and priorities for the coming year. Business line management is operationally
accountable for managing the most relevant risks as part of their day-to-day activities.
1.4.7. Due diligence at Metso
Metso aligns its internal control practices with the risk management framework approved by the Board of Directors. An audit
framework, including for example quality, environmental and health and safety audits, as well as supplier audits, is in place to
support risk management by assessing compliance and facilitating continuous business development. The Internal Audit
function annually assesses the effectiveness of Metso’s operations and the adequacy of risk management, and reports risks
and weaknesses related to internal control processes to management and to the Audit and Risk Committee. Metso’s
integrated management system adheres to international standards, with key units certified to ISO 9001 (quality), ISO 14001
(environment), and ISO 45001 (health and safety).
The company’s due diligence approach aligns with the UN Guiding Principles for Business and Human Rights. Sustainability
due diligence is embedded in Metso’s governance, strategy, and business model. It encompasses the following aspects: 
Identifying, preventing, mitigating and accounting for potential negative impacts on people and the
environment, particularly those of a systemic nature, integrating findings across functions and processes to
take appropriate corrective action.
Informing administrative, management and supervisory bodies about possible adverse sustainability impacts
and corrective actions taken or planned.
Incentive schemes related to sustainability matters.
Evaluating the effect of sustainability impacts, risks and opportunities on strategy and the business model.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    26
Metso uses various screening and assessment methods as part of its due diligence, covering the full value chain. This
includes suppliers, logistics, own operations, business relationships, as well as Metso’s products and services. Due diligence
activities involve audits and inspections, conducted either as desktop assessments or on-site physical inspections, which often
include a visit to the production facilities by Metso or a third party. Descriptions of Metso’s due diligence practices can be
found under each relevant standard in this statement.
1.5. Stakeholder engagement
Continuous interaction with stakeholders – entities or individuals that have an impact on Metso's business or are affected by
Metso's activities, products and services – is important in defining and adapting Metso’s approach to sustainability. Active
dialogue with stakeholders aligns social, environmental and governance practices, enhancing decision-making and
accountability for all parties involved. Metso’s Chief Growth Officer, supported by the Sustainability team, is responsible for the
proactive management of internal and external stakeholders’ expectations. Metso’s CFO is responsible for managing investor
relations.
Metso has a systematic approach and processes for collecting, evaluating and processing employee, customer and investor
feedback. As part of the double materiality analysis conducted in 2023, Metso redefined its key stakeholders, and the views of
these stakeholders informed the definition of material topics. In 2023, this process led to the inclusion of biodiversity as a
material topic for Metso. These views are also an important input into the annual strategy development cycle, in particular by
helping to define investment priorities for reducing Metso’s environmental impact and developing value propositions that
address customers’ sustainability challenges. Going forward, Metso will continue engaging with external stakeholders and
considering their views as potential drivers for changes to the Group’s strategy. This collaboration will improve the systematic
identification and active engagement of key stakeholders, as well as the collection and processing of stakeholder feedback. 
The Audit and Risk Committee is informed about the views of Metso’s most important stakeholders, and these views are taken
into account when sustainability-related issues are considered. The Board is informed about the views of stakeholders when
the business areas present their strategies once a year.
Metso is committed to long-term value creation for its shareholders, and its sustainability performance is an important
contributor to this. Metso follows the principle of equality in its investor communications by providing accurate, sufficient, and
timely information, including sustainability-related information, to all market participants. The company’s Disclosure Policy,
approved by the Board of Directors, complies with the Market Abuse Regulation (MAR) and ensures consistent and reliable
information dissemination.
Metso has active discussions with many of its customers to support them in reaching their sustainability targets and works with
customers to make improvements to their processes, products and own operations. Metso regularly connects with its supplier
base to support, advise and educate them on sustainability. Metso’s supplier base includes direct suppliers, indirect suppliers,
field service suppliers, logistics suppliers and IT suppliers.
Regarding media strategy, Metso aims to provide easy access to clear, accurate information, case studies, and expert views
through various channels. Metso also collaborates with several non-governmental organizations (NGOs). Community projects
are based on local needs, defined through discussions with local communities, and aim to integrate volunteer work. Metso
also collaborates with its customers on co-funded community projects. Metso also engages with authorities, regulators and
governments, and emphasizes cooperation with universities and research institutes as a vital aspect of its sustainability and
innovation approach.
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Metso’s engagement with key stakeholders in 2024
How we engage?
Key topics and concerns
discussed in 2024
Actions in 2024
CUSTOMERS
Metso has active discussions with
many of its customers to support them
in reaching their sustainability targets
and works with customers to make
improvements to their processes,
products and own operations. 
Metso collaborates with customers in
developing new sustainable
technologies. More details about
engagement are available under each
relevant standard (E1 Climate Change,
E3 Water and E4 Biodiversity).
- Supply chain emissions
- Supplier (Metso's suppliers)
sustainability performance
- Code of conduct and human rights-
related topics
- Products and services with
sustainability benefits
- Health and safety at Metso and in the
supply chain, as well as product safety
2024 key actions are described in detail
under each relevant standard (E1
Climate change, E3 Water and E4
Biodiversity).
SUPPLIERS
Metso’s approach to responsible supply
chain management is rooted in due
diligence. Key to this effort are the
signed Supplier Code of Conduct and
frequent internal and third-party
supplier sustainability audits, especially
in ESG high-risk regions, and
encouraging suppliers to set their own
ambitious climate targets. 
More details about engagement under
sections 3.2.5.-3.2.7. Responsible
supply chain processes, remediation,
metrics and actions.
- Climate change-related initiatives
- Logistics and supply chain emissions
- Scope 3 emissions data collection
- Human rights through audits
- Health and safety
In 2024, Metso renewed its Supplier
Code of Conduct and put more focus
on the topic of human rights in the
supply chain. 
Key actions are described in more
detail under section 3.2.7. Responsible
supply chain metrics and actions.
EMPLOYEES
Metso engages actively with employees
locally through various formal and
informal channels: townhall meetings
between management and employees,
various union and works council
meetings in various countries,
European works council meetings, etc. 
All employees have the opportunity to
also give anonymous feedback to the
company through the employee
engagement survey. More details about
engagement under S1 Own workforce.
- Safety, health and wellbeing at work
- Diversity and inclusion
- Proportion of women in the workforce
- Psychological safety
- Inclusive talent acquisition
- Safety culture
- Developing Metso's leaders
- Internal collaboration
- Scarcity of talent in particular
expertise areas
- Blue-collar engagement
Metso conducted four employee
engagement surveys in 2024: two full
surveys for all employees, and two
shorter pulse surveys for white-collar
workers. The results are discussed, and
actions agreed within teams quarterly. 
Key actions in 2024 are described in
more detail in sections 3.1.7-3.1.8.
Metso's people and culture, and Health
and safety actions.
SHAREHOLDERS
Metso follows the principle of equality in
its investor communications by
providing accurate, sufficient, and
timely information to all market
participants through releases, in
conference calls, meetings and Capital
Market Days. This includes
sustainability-related information. 
- Metso's strategy
- Organic and inorganic growth
opportunities
- Competitive environment
- Financial and sustainability
performance
- Sustainable offering and value to
customers
- Shareholder returns
Key actions in 2024 included releases,
interim reports, analyst calls, investor
roadshows and other meetings,
investor seminars and conferences, site
visits and investor website.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    28
MEDIA
Regarding media strategy, Metso aims
to provide easy access to clear,
accurate information, case studies, and
expert views through various channels. 
The company focuses on trade media
for press coverage and maintains both
local and global interactions with media
representatives and established trade
media outlets. Metso's experts regularly
meet trade press representatives at
exhibitions and conferences.
- Metso's strategy and sustainability
initiatives
- Product offering and expansion of
service and manufacturing capabilities
2024 actions included e.g. CEO
interviews with Finnish and international
media, subject matter interviews with
trade media and local media, as well as
media visits to Metso locations.
NON-GOVERNMENTAL
ORGANIZATIONS
Metso collaborates with several non-
governmental organizations. 
Metso’s sponsorships and donations
primarily focus on environmental
protection and conservation, safety
programs, and natural disaster relief.
These priorities are set in the
Sponsorships and Donations Policy.
- Green steel
2024 actions included actively working
to assess the technical viability of green
steel and to help the development of
this new sector, including engagement
with steel mills and customers. 
Metso's participation in the Climate
Leadership Coalition continued in 2024.
LOCAL COMMUNITIES
As a responsible corporate citizen
Metso works closely with local
communities around its operating sites
and creates social value to local
communities by providing employment
opportunities and supporting corporate
social responsibility projects that bring
measurable benefits to them.
Community projects are based on local
needs, defined through discussions
with local communities, and aim to
integrate volunteer work. 
Metso also collaborates with its
customers on co-funded community
projects.
- Education for children and vocational
education
- School partnerships
- Volunteer work
- Support for local communities and
indigenous people
Metso is committed to being socially
accountable in the areas where it
operates. In 2024, Metso had various
corporate social responsibility (CSR)
programs and Metso Volunteers
activities ongoing around the world,
managed and sponsored by Metso's
local organizations.
AUTHORITIES, REGULATORS AND
GOVERNMENTS
Research and development
collaboration with stakeholders occurs
primarily through EU programs,
Business Finland, and the EIT Raw
Materials Knowledge and Innovation
Community.
- Sustainable minerals and aggregates
processing
- Green energy transition and
electrification
- Resource efficiency
- Automation and digitalized process
optimization 
- Safety
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    29
UNIVERSITIES AND RESEARCH
INSTITUTES
This collaboration takes various forms,
including projects, school visits,
apprenticeship training, internships, and
dissertation positions.
Tightening collaboration with select
technical universities; university and
student collaboration is seen important
in tackling talent challenges such as:
- Shortage of workforce
- Acquiring new diverse skills
- Increasing gender diversity
2024 actions centered around
identifying the main universities for
collaboration in key talent markets and
creating global guidelines for university
and student collaboration.
2. E – Environmental information
2.1. Metso Plus offering and innovations to our customers
Metso’s most significant environmental impacts result from customer use of its products and processes. The Metso Plus
offering and innovations are important in managing these impacts. It is essential for equipment and services suppliers like
Metso to support the mining and aggregates industries in the transition towards more sustainable operations and
decarbonization while enabling increased production of minerals, such as copper, lithium and nickel, to support global
electrification.
Metso’s customer industries will always have an environmental impact. The mining, metals processing, and aggregates
industries face increasing demands to reduce their use of energy and water resources, and to mitigate dust, noise and
biodiversity impacts, as well as to comply with increasingly stringent environmental legislation. Developing innovative solutions
that are more energy efficient is one of the key priorities for the mining industry where the comminution process, consisting of
crushing and grinding, is the most energy-intensive stage of minerals production. Given the decreasing grade of ore bodies,
which requires even more processing of ore to achieve the same volume of metal, improving processing efficiency is vital.
Improvements in comminution efficiency and ore pre-sorting solutions can result in significant energy savings, reduce plant
operating costs, increase resource efficiency, and reduce greenhouse gas emissions.
A portfolio of products that are more energy, carbon and water efficient than benchmark technologies also enables cost and
resource efficiencies. Metso’s products, processes and services are designed to help customers operate safely, achieve
higher productivity, and reduce their resource intensity. The Metso Plus offering includes solutions that offer improvements in
reducing energy and carbon intensity, water use, pollution, and embedded carbon compared to an industry baseline or
benchmark technology. In addition, these products are required to perform at the same or preferably higher level than the
industry benchmark in terms of their health and safety, pollution, and biodiversity impact. Electric solutions are an important
part of the portfolio; Metso’s offering for the mining and metals industries allows customers to choose renewable energy
sources. For example, Metso’s offering in aggregates is currently around 45% electric and includes dual power source
products such as the Lokotrack EC range launched in 2024. 
Metso Plus sales in 2024 were EUR 1,261 million, which represents 26% of total sales. Metso aims to grow Metso Plus sales
faster than overall sales and to have a Metso Plus product in every part of the customer value chain where Metso operates. To
achieve this, Metso targets to spend 80% of its R&D spend on the sustainable Metso Plus portfolio by 2030 and 100% of its
annual R&D project spend on projects with sustainability targets for energy efficiency, emissions reductions, water efficiency,
circularity, or safety improvements. In 2024, Metso Plus sales development was also part of Metso’s long-term management
incentive plans.
Metso's R&D program is the basis for future growth and competitive advantage – turning technology breakthroughs into new
or improved products. It also enables Metso to further support customers in achieving their sustainability objectives, since
these often require new technologies. In 2024, Metso spent EUR 103 million on R&D in-house, in addition to participating in a
number of joint technology ventures with customers and external research partners, e.g. the below-mentioned DRI smelting
pilot. In 2024, altogether 24 new Metso Plus solutions were launched as a result of R&D work done in previous years.
The Metso Plus offering related to the material environmental topics of climate change, water and biodiversity is discussed in
more detail in sections E1 Climate Change, E3 Water and E4 Biodiversity.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    30
Key actions in 2024 related to the Metso Plus offering and innovations for customers included:
EUR 8 million investment in a direct reduced iron (DRI) Smelting Furnace pilot facility in Pori, Finland. This
facility aims to test, develop and validate the technology further with customers, demonstrating the
applicability and results of industrial-scale DRI smelting. The new processing route can replace traditional
blast furnaces used in iron and steel making, which generate most of the CO2 emissions in steel production.
The furnace can handle a high level of slag, unlike current scrap furnaces, allowing the use of a wide range of
raw materials. This is an optimal solution for primary steel producers aiming for a significant reduction in their
CO2 emissions with minimal changes to the rest of the steel plant.
Launch of the Metso pCAM plant. This solution is for the manufacturing of precursor cathode active material,
essential for lithium-ion battery production. Metso’s pCAM plant integrates advanced technology and decades
of know-how to ensure an energy-efficient process.
Launch of Metso’s first diesel-electric Lokotrack EC range units. The Lokotrack® EC range introduces a new
diesel-electric unit to the aggregates market. All process functions are electric, significantly reducing the use
of hydraulic oil needed in crushing operations. The units can be powered with renewable electricity and
feature a new modular architecture, reducing the number of components and providing scalable solutions that
are adaptable to different applications and capacities. Using renewable energy reduces emissions from rock
crushing.
Expansion of Metso’s innovative mill lining recycling circularity solution for the Megaliner™ and Poly-Met™
rubber liner offering to the Chilean market. This solution enables efficient separation of different mill liner
materials, allowing valuable rubber and steel components to be either reused in the manufacturing of new
products or recycled. Expansion to the North American market is ongoing.
2.2. EU Taxonomy
The EU Taxonomy is a classification system that translates the EU’s climate and environmental objectives into criteria for
assessing economic activities for investment purposes. Companies that fall under the scope of the Corporate Sustainability
Reporting Directive (CSRD) must disclose to what extent their activities meet the criteria set out in the EU Taxonomy. This
system gives an indication of the extent to which Metso is succeeding in providing environmentally beneficial offerings to its
customers, and the resources Metso has allocated to this area.
The EU Taxonomy includes six environmental objectives: climate change mitigation, climate change adaptation, sustainable
use and protection of water and marine resources, transition to a circular economy, pollution prevention and control, and
protection and restoration of biodiversity and ecosystems. Economic activities that make a substantial contribution to at least
one of the Taxonomy’s environmental objectives are recognized environmentally sustainable, as long as they do not
significantly harm any of the other environmental objectives and they meet minimum social safeguards. 
Metso, as a technology company serving the aggregates, minerals processing and metals refining industries, aims to support
its customer industries’ energy transition towards net zero and decarbonization in line with the overall Taxonomy objectives.
More specifically, Metso has assessed which of its activities are included in the EU Taxonomy and have the potential to
contribute to climate change mitigation, climate change adaptation, sustainable use and protection of water and marine
resources, transition to a circular economy, pollution prevention and control, and protection and restoration of biodiversity and
ecosystems objectives. For the 2024 reporting period, the share of Taxonomy-eligible and Taxonomy-aligned activities
(revenue, capex and opex) as well as qualitative information for these objectives are disclosed.
2.2.1. Assessment of Taxonomy eligibility
For the eligibility assessment, Metso’s products mainly fall under the Taxonomy activities for Climate mitigation ’3.6
Manufacture of other low-carbon technologies’ (mining and aggregates machinery), ’3.9 Manufacture of iron and
steel’ (consumables), ’8.2 Data-driven solutions for GHG emissions reductions’ (digital solutions), and ’9.1 Close to market
research, development and innovation’ (test work and technical services). In addition, some of Metso’s products fall under the
Taxonomy activities for Circularity ‘3.3 Demolition and wrecking of buildings and other structures’ and ‘5.1 Repair,
refurbishment and remanufacturing’. However, some services provided by Metso, whilst enabling process optimization and
lifetime extensions through modernizations and upgrades, fall outside the scope of activities included in the EU Taxonomy and
are therefore classified as non-eligible. When Metso sells parts purchased from a subcontractor without altering or modifying
them in any way or without owning the design of those parts, those parts also fall outside of the scope of the EU Taxonomy. 
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    31
2.2.2. Substantial contribution
In 2024, Metso assessed whether its eligible products meet the Taxonomy alignment criteria regarding ’substantial
contribution’, ’do no significant harm’ (DNSH) for Climate mitigation and Circular economy, as well as ‘minimum social
safeguards’. The conclusion was that many of Metso’s products have the potential to substantially contribute to the climate
change mitigation objective of the EU Taxonomy. These products are considered to be enabling activities, as they enable GHG
emission reductions in other sectors of the economy (mining sector) (products in activity 3.9 being transitional). 
‘Substantial contribution’ was assessed on a product or product group level, while the DNSH criteria and ‘minimum social
safeguards’ were assessed on a Group level (with some exceptions where DNSH criteria were assessed on a product level).
The ‘substantial contribution’ assessment of the share of Taxonomy-aligned economic activities for each eligible activity was
based on the Taxonomy technical screening criteria. 
The alignment assessment of eligible products in activity ’3.6 Manufacture of other low-carbon technologies’, which requires a
life-cycle calculation of GHG emission was completed for several Metso Plus products and will be extended in 2025. In 2024,
Metso also concluded that some of its products falling into activity ‘5.1 Repair, refurbishment and remanufacturing’ also
substantially contribute to the ‘Circular economy’ objective. The results of this assessment are shown in the tables below. In
2024, 21% of Metso’s products and services in terms of revenue were assessed as EU Taxonomy-aligned activities.
2.2.3. Do no significant harm
Metso also assessed whether its eligible products that substantially contribute to Climate change mitigation and Circular
economy objectives meet the DNSH criteria and has concluded that its activities are in line with the criteria laid out in the EU
Taxonomy. Specifically, Metso has established and implemented procedures to minimize any adverse impacts of its operations
on the environment, and the company complies with all relevant environmental requirements applicable to its operations. Key
units of Metso are certified to the ISO 14001 (environment) standard, and all required sites also have permits that comply with
national legislation. 
With regards to outsourced products, compliance with the criteria was justified based on Metso's Supplier Code of Conduct,
where Metso's suppliers are encouraged to have a systematic approach to protecting the environment and to continually look
for ways to minimize waste, emissions and discharge from their operations, products and services, and to using energy and
raw materials resources efficiently, including water especially in water scarce regions, and preventing deforestation.
Environmental practices and compliance with laws and regulations are covered by Metso's third-party supplier audits, supplier
self-assessments and Metso’s internal supplier sustainability audits. Metso will continue to increase its understanding of its
compliance with the DNSH criteria for outsourced products in the coming years.
2.2.4. Minimum social safeguards
Metso has reviewed the EU Taxonomy’s ‘minimum social safeguards’ concerning human rights, corruption, taxation and fair
competition, and concluded that it meets the principles of each of the EU Taxonomy’s ‘minimum social safeguards’.
Specifically, Metso supports and operates according to the principles described in the OECD Guidelines for Multinational
Enterprises. In addition, Metso is committed to respecting human rights and the United Nations (UN) Guiding Principles on
Business and Human Rights. Metso is also committed to the UN Global Compact Initiative and its principles, as well as to the
principles of the Universal Declaration of Human Rights, and the International Labor Organization’s Declaration of
Fundamental Principles and Rights at Work. Metso’s Code of Conduct, Supplier Code of Conduct, Human Rights Policy and
Anti-Corruption Policy are the key policies that define the required measures for Metso’s employees, customers, agents,
suppliers, distributors and other business partners. More information about human rights, bribery and anti-corruption is
provided in other sections of this Sustainability statement.
2.2.5. Revenue, Capex and Opex 
Identification of Taxonomy-eligible and Taxonomy-aligned revenue was based on Group-level reporting, and capital
expenditure (capex) and operating expenditure (opex) are allocated as a percentage of sales of that business area. In
addition, revenue related to each aligned activity is based on reported external revenue and is presented as relevant under
only one contribution criteria and taxonomy activity to avoid double counting. Metso recognizes revenue from contracts with
customers and reports under two segments: Minerals and Aggregates. Revenue for 2024 was EUR 4,863 million, of which
EUR 3,656 million is attributable to Minerals, and EUR 1,207 million attributable to Aggregates. The reported figures are in line
with Metso’s 2024 Consolidated financial statements and have been prepared in accordance with International Financial
Reporting Standards (for further details, see note 1.2. Sales in the Consolidated financial statements).
Capex includes investment in intangible assets and property, plant and equipment (EUR 198 million), as well as in right-of-use
assets (EUR 51 million). Taxonomy-aligned capex for 2024 includes additions of EUR 3.9 million in intangible assets, EUR
19.4 million in property, plant, and equipment, as well as EUR 5.3 million in right-of-use assets. Various investments in
manufacturing sites and new service centers resulted in increased capex during the reporting period. For the Taxonomy
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    32
eligibility assessment, the capex of each business area is allocated according to the eligible percentage of sales of that
business area. In addition, for the Taxonomy alignment assessment, the capex of each business area is allocated according to
the aligned percentage of sales of that business area. Metso has not identified any capex that would fall under categories c) or
b) of section 1.1.2.2 in the Delegated Acts, and therefore all Taxonomy-eligible capex is classified as a) “investments in assets
or processes associated with Taxonomy-eligible or Taxonomy-aligned economic activities”. The reported figures are in line with
Metso’s Consolidated financial statements 2024 and are based on data prepared in accordance with IFRS Accounting
Standards (for further details, see notes 3.1. Goodwill and intangible assets, 3.2. Property, plant, and equipment, and 3.3.
Right-of-use-assets in the Consolidated financial statements).
Opex is defined as expenses related to research and development, building renovation measures, short-term leases,
maintenance and repair, and any other direct expenditures relating to the day-to-day servicing of assets of property, plant and
equipment as well as right-of-use assets that are necessary to ensure the continued and effective functioning of such assets.
All indirect costs, such as oil, electricity, real estate tax, have been excluded. For the Taxonomy eligibility assessment, the
opex of each business area is allocated according to the eligible percentage of sales of that business area. In addition, for the
Taxonomy alignment assessment, the opex of each business area is allocated according to the aligned percentage of sales of
that business area. Taxonomy-aligned opex for 2024 includes EUR 81.7 million in research and development expenditure, and
EUR 17.4 million in other opex disclosed previously. Increased research and development in copper and battery minerals
mainly contributed to the change in opex during the reporting period. Metso has not identified any opex that would fall under
categories c) or b) of section 1.2.3.2 in the Delegated Acts; therefore, all Taxonomy-eligible opex is classified as a)
“expenditure related to assets or processes associated with Taxonomy-eligible or Taxonomy-aligned economic activities”. The
reported figures are in line with Metso’s Consolidated financial statements 2024 and are based on data prepared in
accordance with IFRS Accounting Standards.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    33
Proportion of turnover from products and services associated with Taxonomy-aligned economic activities
2024
Substantial contribution
criteria
DNSH criteria (’Does
Not Significantly
Harm’)
Economic
activities
Code(s)
Absolute turnover (EUR million)
Proportion of turnover (%)
Climate change mitigation (Y; N; N/
EL)
Climate change adaptation (Y; N; N/
EL)
Water (Y; N; N/EL)
Pollution (Y; N; N/EL)
Circular economy (Y; N; N/EL)
Biodiversity (Y; N; N/EL)
Climate change mitigation (Y/N)
Climate change adaptation (Y/N)
Water (Y/N)
Pollution (Y/N)
Circular economy (Y/N)
Biodiversity (Y/N)
Minimum safeguards (Y/N)
Taxonomy
Aligned
(A.1) or
Eligible
(A.2)
proportion
of
turnover,
2023 (%)
Cate-
gory
(enab-
ling
activity)
(E)
Category
(transi-
tional
activity)
(T)
A. TAXONOMY-ELIGIBLE ACTIVITIES 1)
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Manufacture of other low
carbon technologies
CCM
3.6
357.8
7%
Y
N/
EL
N/
EL
N/
EL
N/
EL
N/
EL
Y
Y
Y
Y
Y
Y
Y
8%
E
Manufacture of iron and
steel 2)
CCM
3.9
436.0
9%
Y
N/
EL
N/
EL
N/
EL
N/
EL
N/
EL
Y
Y
Y
Y
Y
Y
Y
10%
T
Close to market
research, development
and innovation
CCM
9.1
236.2
5%
Y
N/
EL
N/
EL
N/
EL
N/
EL
N/
EL
Y
Y
Y
Y
Y
Y
Y
3%
E
Repair, refurbishment
and remanufacturing 3)
CE5.1
2.3
0%
N/EL
N/
EL
N/
EL
N/
EL
Y
N/
EL
Y
Y
Y
Y
Y
Y
Y
NA
Turnover of
environmentally
sustainable activities
(Taxonomy-aligned)
(A.1)
1,032.0
21%
21%
0%
0%
0%
0%
0%
Y
Y
Y
Y
Y
Y
Y
20%
Of which enabling
594.0
12%
12%
0%
0%
0%
0%
0%
Y
Y
Y
Y
Y
Y
Y
11%
E
Of which transitional
438.3
9%
9%
0%
0%
0%
0%
0%
Y
Y
Y
Y
Y
Y
Y
10%
T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL;
N/EL
EL;
N/
EL
EL;
N/
EL
EL;
N/
EL
EL;
N/
EL
EL;
N/
EL
Manufacture of other low
carbon technologies
CCM
3.6
3,179.3
65.0%
EL
N/
EL
N/
EL
N/
EL
N/
EL
N/
EL
67.0%
Manufacture of iron and
steel 2)
CCM
3.9
34.2
0.7%
EL
N/
EL
N/
EL
N/
EL
N/
EL
N/
EL
0.5%
Close to market
research, development
and innovation
CCM
9.1
29.9
0.6%
EL
N/
EL
N/
EL
N/
EL
N/
EL
N/
EL
0.9%
Demolition and wrecking
of buildings and other
structures 3)
CE3.3
0.3
0%
N/EL
N/
EL
N/
EL
N/
EL
EL
N/
EL
0%
Repair, refurbishment
and remanufacturing 3)
CE5.1
0.0
0%
N/EL
N/
EL
N/
EL
N/
EL
EL
N/
EL
0.2%
Turnover of Taxonomy-
eligible but not
environmentally
sustainable activities
(not Taxonomy-aligned
activities) (A.2)
3,243.8
67.0%
67.0%
0%
0%
0%
0.0%
0%
69.0%
Total (A.1 + A.2)
4,276.0
88.0%
88.0%
0%
0%
0%
0.0%
0%
89.0%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-
non-eligible activities (B)
586.6
12%
11%
Total (A+B)
4,862.5
100%
100%
1) Includes products where Metso owns the design of the products, although the products might be manufactured by subcontractors.
2) In its alignment assessment of the products allocated to Taxonomy activity 3.9, Metso included products where steel was manufactured in
electric arc furnaces or in induction furnaces, which is a more energy-efficient technology than an electric arc furnace, and where the steel
scrap input relative to product output is not lower than 70% to produce high-alloy steel.
3) Details not reported due to sensitivity of information.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    34
Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities
2024
Substantial
contribution criteria
DNSH criteria (’Does
Not Significantly
Harm’)
Economic activities
Code(s)
Absolute CapEx (EUR million)
Proportion of CapEx (%)
Climate change mitigation (Y; N; N/
EL)
Climate change adaptation (Y; N;
N/EL)
Water (Y; N; N/EL)
Pollution (Y; N; N/EL)
Circular economy (Y; N; N/EL)
Biodiversity (Y; N; N/EL)
Climate change mitigation (Y/N)
Climate change adaptation (Y/N)
Water (Y/N)
Pollution (Y/N)
Circular economy (Y/N)
Biodiversity (Y/N)
Minimum safeguards (Y/N)
Taxonomy
aligned
(A.1) or
eligible
(A.2)
proportion
of CapEx,
2023 (%)
Cate-
gory
(enab-
ling
activity)
(E)
Category
(transitional
activity) (T)
A. TAXONOMY-ELIGIBLE ACTIVITIES 1)
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Manufacture of other low
carbon technologies
CCM
3.6
6.9
3%
Y
N/
EL
N/
EL
N/
EL
N/
EL
N/
EL
Y
Y
Y
Y
Y
Y
Y
2%
E
Manufacture of iron and
steel 2)
CCM
3.9
15.8
6%
Y
N/
EL
N/
EL
N/
EL
N/
EL
N/
EL
Y
Y
Y
Y
Y
Y
Y
10%
T
Close to market research,
development and
innovation
CCM
9.1
5.8
2%
Y
N/
EL
N/
EL
N/
EL
N/
EL
N/
EL
Y
Y
Y
Y
Y
Y
Y
1%
E
Repair, refurbishment and
remanufacturing 3)
CE5.1
0.1
0%
N/
EL
N/
EL
N/
EL
N/
EL
Y
N/
EL
Y
Y
Y
Y
Y
Y
Y
NA
CapEx of environmentally
sustainable activities
(Taxonomy-aligned) (A.1)
28.6
11%
11%
0%
0%
0%
0%
0%
Y
Y
Y
Y
Y
Y
Y
13%
Of which enabling
12.7
5%
5%
0%
0%
0%
0%
0%
Y
Y
Y
Y
Y
Y
Y
3%
E
Of which transitional
15.9
6%
6%
0%
0%
0%
0%
0%
Y
Y
Y
Y
Y
Y
Y
10%
T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL;
N/
EL
EL;
N/
EL
EL;
N/
EL
EL;
N/
EL
EL;
N/
EL
EL;
N/
EL
Manufacture of other low
carbon technologies
CCM
3.6
134.7
54%
EL
N/
EL
N/
EL
N/
EL
N/
EL
N/
EL
43%
Manufacture of iron and
steel 2)
CCM
3.9
1.2
0%
EL
N/
EL
N/
EL
N/
EL
N/
EL
N/
EL
1%
Close to market research,
development and
innovation
CCM
9.1
0.7
0%
EL
N/
EL
N/
EL
N/
EL
N/
EL
N/
EL
0.4%
Demolition and wrecking of
buildings and other
structures 3)
CE3.3
0.0
0%
N/
EL
N/
EL
N/
EL
N/
EL
EL
N/
EL
0%
Repair, refurbishment and
remanufacturing 3)
CE5.1
0.0
0%
N/
EL
N/
EL
N/
EL
N/
EL
EL
N/
EL
0.1%
CapEx of Taxonomy-
eligible but not
environmentally
sustainable activities (not
Taxonomy-aligned
activities) (A.2)
136.7
55%
55%
0%
0%
0%
0%
0%
44%
Total (A.1 + A.2)
165.3
66%
66%
0%
0%
0%
0%
0%
57%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-
eligible activities (B)
84.6
34%
43%
Total (A+B)
249.9
100%
100%
1) Includes products where Metso owns the design of the products, although the products might be manufactured by subcontractors.
2) In its alignment assessment of the products allocated to Taxonomy activity 3.9, Metso included products where steel was manufactured in
electric arc furnaces or in induction furnaces, which is a more energy-efficient technology than an electric arc furnace, and where the steel
scrap input relative to product output is not lower than 70% to produce high-alloy steel.
3) Details not reported due to sensitivity of information.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    35
Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities
2024
Substantial contribution
criteria
DNSH criteria (’Does
Not Significantly
Harm’)
Economic
activities
Code(s)
Absolute OpEx (EUR million)
Proportion of OpEx (%)
Climate change mitigation (Y; N; N/
EL)
Climate change adaptation (Y; N;
N/EL)
Water (Y; N; N/EL)
Pollution (Y; N; N/EL)
Circular economy (Y; N; N/EL)
Biodiversity (Y; N; N/EL)
Climate change mitigation (Y/N)
Climate change adaptation (Y/N)
Water (Y/N)
Pollution (Y/N)
Circular economy (Y/N)
Biodiversity (Y/N)
Minimum safeguards (Y/N)
Taxonomy-
aligned
(A.1) or
eligible
(A.2) 
proportion
of OpEx,
2023  (%)
Cate-
gory
(enab-
ling
activity)
(E)
Category
(transitio-
nal
activity)
(T)
A. TAXONOMY-ELIGIBLE ACTIVITIES 1)
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Manufacture of other low
carbon technologies
CCM
3.6
72.2
46%
Y
N/
EL
N/
EL
N/
EL
N/
EL
N/
EL
Y
Y
Y
Y
Y
Y
Y
38%
E
Manufacture of iron and
steel 2)
CCM
3.9
18.9
12%
Y
N/
EL
N/
EL
N/
EL
N/
EL
N/
EL
Y
Y
Y
Y
Y
Y
Y
8%
T
Close to market
research, development
and innovation
CCM
9.1
7.9
5%
Y
N/
EL
N/
EL
N/
EL
N/
EL
N/
EL
Y
Y
Y
Y
Y
Y
Y
6%
E
Repair, refurbishment
and remanufacturing 3)
CE5.1
0.1
0%
N/EL
N/
EL
N/
EL
N/
EL
Y
N/
EL
Y
Y
Y
Y
Y
Y
Y
NA
OpEx of
environmentally
sustainable activities
(Taxonomy-aligned)
(A.1)
99.1
64%
64%
0%
0%
0%
0%
0%
Y
Y
Y
Y
Y
Y
Y
52%
Of which enabling
80.1
51%
51%
0%
0%
0%
0%
0%
Y
Y
Y
Y
Y
Y
Y
44%
E
Of which transitional
19.0
12%
12%
0%
0%
0%
0%
0%
Y
Y
Y
Y
Y
Y
Y
8%
T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL;
N/EL
EL;
N/
EL
EL;
N/
EL
EL;
N/
EL
EL;
N/
EL
EL;
N/
EL
Manufacture of other low
carbon technologies
CCM
3.6
38.7
25%
EL
N/
EL
N/
EL
N/
EL
N/
EL
N/
EL
42%
Manufacture of iron and
steel 2)
CCM
3.9
1.0
1%
EL
N/
EL
N/
EL
N/
EL
N/
EL
N/
EL
0.3%
Close to market
research, development
and innovation
CCM
9.1
0.2
0%
EL
N/
EL
N/
EL
N/
EL
N/
EL
N/
EL
1%
Demolition and wrecking
of buildings and other
structures 3)
CE3.3
0.0
0%
N/EL
N/
EL
N/
EL
N/
EL
EL
N/
EL
0%
Repair, refurbishment
and remanufacturing 3)
CE5.1
0.0
0%
N/EL
N/
EL
N/
EL
N/
EL
EL
N/
EL
0.1%
OpEx of Taxonomy-
eligible but not
environmentally
sustainable activities
(not Taxonomy-aligned
activities) (A.2)
39.9
26%
26%
0%
0%
0%
0%
0%
43%
Total (A.1 + A.2)
138.9
89%
89%
0%
0%
0%
0%
0%
95%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-
eligible activities (B)
16.6
11%
5%
Total (A+B)
155.5
100%
100%
1) Includes products where Metso owns the design of the products, although the products might be manufactured by subcontractors.
2) In its alignment assessment of the products allocated to Taxonomy activity 3.9, Metso included products where steel was manufactured in
electric arc furnaces or in induction furnaces, which is a more energy-efficient technology than an electric arc furnace, and where the steel
scrap input relative to product output is not lower than 70% to produce high-alloy steel.
3) Details not reported due to sensitivity of information.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    36
In addition to the activities listed in the previous tables, Metso also has products in Taxonomy activity ’8.2 Data-driven
solutions for GHG emissions reductions’. These products are often sold as part of another product, and their sales are
therefore not recorded or reported separately.
Form 1 for the economic activities of certain energy sectors – Nuclear energy- and fossil gas-related activities
Nuclear energy-related activities
1
The undertaking carries out, funds or has exposures to the research,
development, demonstration and deployment of innovative electricity
generation facilities that produce energy from nuclear processes with
minimal waste from the fuel cycle.
No
2
The undertaking carries out, funds or has exposures to construction and
safe operation of new nuclear installations to produce electricity or
process heat, including for the purposes of district heating or industrial
processes such as hydrogen production, as well as their safety upgrades,
using best available technologies.
No
3
The undertaking carries out, funds or has exposures to the safe operation
of existing nuclear installations that produce electricity or process heat,
including for the purposes of district heating or industrial processes such
as hydrogen production from nuclear energy, as well as their safety
upgrades.
No
Fossil gas-related activities
4
The undertaking carries out, funds or has exposures to the construction or
operation of electricity generation facilities that produce electricity using
fossil gaseous fuels.
No
5
The undertaking carries out, funds or has exposures to construction,
refurbishment, and operation of combined heat/cool and power generation
facilities using fossil gaseous fuels.
No
6
The undertaking carries out, funds or has exposures to construction,
refurbishment and operation of heat generation facilities that produce
heat/cool using fossil gaseous fuels.
No
2.3. E1 Climate Change
Metso’s transition plan to net zero is directly linked to the company’s purpose of enabling sustainable modern life by creating
manufacturing operations that have low or zero carbon emissions and by gradually paving the way for products and solutions
that make it possible for Metso’s customers to reduce or eliminate carbon in their operations. This ambition is in line with
Metso’s strategic target of supporting progress in sustainability in alignment with the Paris Agreement 1.5-degree commitment,
as described in more detail in section 1.3. Metso’s strategy, business and value creation. 
Metso aims to continuously reduce the environmental impacts of its operations and has set science-based (SBT) CO2
emission reduction targets to achieve this ambition. Metso aims to halve the emissions from its own production by 2030,
reduce emissions from logistics by 20% by 2025, reduce scope 3 GHG emissions from the use of sold products by 20% by
2025, and work with suppliers to encourage them to set their own science-based CO2 emission targets. The Science Based
Targets Initiative has validated these climate targets (All SBT targets have 2019 as their base year). In 2021, Metso further
strengthened its commitment by setting a new target to reach net-zero CO2 emissions in its own operations by 2030 (non SBT
target). 
For Metso's own operations, achieving net-zero CO2 emissions by 2030 will mainly result from equipment electrification, using
renewable energy sources, and optimizing the energy, water consumption and waste efficiency of individual production
processes. For Metso’s value chain, net-zero CO2 emissions by 2050 will mainly come from supplier engagement around
climate change mitigation actions, working with logistics service providers on transportation mode optimization towards
decarbonization, and from helping customers to decarbonize their production processes through the development and
commercial availability of sustainable products and solutions.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    37
2.3.1. Material impacts, risks and opportunities
Impacts
Risks
Opportunities
Key management methods
CLIMATE CHANGE MITIGATION
Future sustainability-related
requirements will influence
market expectations and lead
to completely new or
alternative technology
solutions and processes.
Metso and Metso’s customer
industries create CO2
emissions and have an
environmental impact.
Inability to meet these
requirements threatens
business continuity in the long
term.
New services and products
across the value chain will
help the mining and metals
industries respond to a more
volatile environment with
increasing demand for
sustainability solutions. This
will create new business
opportunities for Metso.
- Metso Plus offering – over
100 products and services
that are more energy-efficient
than an industry benchmark
or a previous-generation
product in the market. Metso
aims to keep expanding and
improving this offering to have
the sustainable alternative in
every part of its customers’
value chain.
- All Metso’s R&D projects
must have sustainability
targets. Furthermore, 80% of
R&D spend should be on
products that are likely to be
included in the Metso Plus
portfolio.
Climate change will impact
the physical and business
environment; emerging
technologies and the
transition to a lower carbon
economy may change
business models and
customer demand. Shifts in
customer demand and
general market requirements
may challenge companies to
adapt to these changes.
Metso provides solutions for
this transition.
Inability to meet the new
demand is a threat to
business. Increased volatility
may result in supply chain
challenges.
Electrification will increase the
demand for certain metals,
such as copper and other
battery metals, which will
strengthen the demand for
minerals and hence the
outlook for mining and
Metso’s business.
CLIMATE CHANGE ADAPTATION
Access to water, responding
to higher temperatures, and
heatwaves will require
adaptations in Metso’s own
operations and therefore
additional resources.
Increasing levels of CO2
emissions will lead to
increasing temperatures in
Metso’s locations globally.
A high-level analysis of direct
climate impacts on Metso’s
manufacturing locations as
well as the Group’s ability to
adapt to changes now and in
the coming 5-10 years.
CLIMATE CHANGE ENERGY
Metso uses energy and its
production generates
greenhouse gas emissions
(Scope 1 and Scope 2)
Availability of energy,
especially clean energy, will
become increasingly
important. However,
affordable access to clean
energy might be restricted,
particularly in remote
customer locations, and with
significant differences
between countries. This can
increase operating costs and
decrease profitability.
Companies developing and
offering clean energy
solutions and demonstrating
increased energy efficiency
will have a competitive edge
in countries that are still
developing their green energy
sectors.
- Metso has a net-zero target
and a transition plan to
achieve the target, as
described in more detail in
section 2.3.5. Environmental
efficiency in own operations.
- Metso has solutions to track
and reduce energy
consumption of Metso’s
products in customer
operations.
Climate change-related impacts, risks and opportunities, as well as their potential financial impacts are described in more
detail in section 2.3.7 Anticipated financial effects — risks and opportunities. 
2.3.2. Processes to identify and assess material impacts, risks and opportunities
Material impacts, risks and opportunities related to climate change have been identified in a double materiality assessment.
The materiality assessment is discussed in section 1. General information.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    38
2.3.3. Targets and progress on targets
Sustainability topic
Target for 2024
Long-term goal
2024
2023
Progress
CO2e emissions: Scope
1 & 2 (market based)
Decrease CO2e
emissions by 72%
compared to 2019
baseline 
Net zero by 2030
40,978 tCO2e
40,140 tCO2e
2%
(-66%2))
CO2e emissions: Scope
1 & 2 (market based),
with use of GAS-RECs
Decrease CO2e
emissions by 72%
compared to 2019
baseline 
Net zero by 2030
33,799 tCO2e
31,463 tCO2e
7%
(-72%2))
CO2e emissions:
Logistics
Decrease CO2e
emissions by 20%
compared to 2019
baseline 
Decrease CO2e
emissions from logistics
by 20% by 2025
152,000 tCO2e
168,000 tCO2e
-10%
(-13%2))
Suppliers with CO2
targets
25% of direct
procurement spend is
with suppliers that have
set an SBTi approved
CO2 emission target 3)
30% of direct
procurement spend is
with suppliers that have
a science-based CO2
emission target (SBTi-
approved) by 2025 
31.6%
24.3%
Above target
Metso Plus  portfolio1)
Grow sales of Metso
Plus portfolio faster
than overall sales
Grow sales of Metso
Plus portfolio faster
than overall sales
EUR 1,261
million
EUR 1,515
million
Below target
R&D projects with
sustainability targets1)
100% of R&D project
spend on projects with
energy efficiency,
emissions, circularity,
water or safety target
100% of R&D project
spend on projects with
energy efficiency,
emissions, circularity,
water or safety target
97.5%
99.8%
Below target
R&D spend on Metso
Plus portfolio
development1)
80% of R&D product
development spend on
Metso Plus portfolio
80% of R&D product
development spend on
Metso Plus portfolio by
2030 
78.1%
79.0%
In progress
1)Entity specific disclosures.
2) Compared to 2019 baseline.
3) % of procurement spend for all suppliers that have committed to SBT target was 29.5% and to SBT or equivalent target was 31.1%  in 2024.
Metso’s net-zero target for Scope 1 and 2 was set in 2021, and the Scope 3 targets were set in 2020. Internal stakeholders,
such as business area representatives, were consulted when setting the ambition level for these climate targets.
2.3.4. Policies
Metso’s policies on Quality, on Environment, Health and Safety (EHS), and on Biodiversity define the basic requirements for
meeting Metso’s environmental responsibilities, including climate change. Metso’s EHS Policy states that Metso protects the
environment throughout the value chain, aiming to minimize pollution, protect biodiversity, and reduce the use of natural
resources and energy. The policy outlines Metso’s commitment to compliance with applicable laws and regulations and strives
to exceed these by:
Clear target setting for EHS
Continuously developing management systems and ways of working to decrease Metso’s environmental
impact 
Active consultation with employees regarding environmental topics and encouraging employees’ regular
participation in environmental activities
Thoroughly managing hazards and reducing risks to provide environmentally efficient working conditions in
the value chain 
While the President and CEO and the Metso Leadership Team are ultimately responsible for implementing the EHS Policy, all
employees work to apply it. By empowering everyone to speak up and take action, Metso aims to ensures that the policy is
fully met. The full EHS Policy is available on the Metso website.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    39
2.3.5. Environmental efficiency in own operations
Metso has committed to reach net zero in its own operations by 2030 for Scope 1 and 2, and progress is closely monitored
through key performance indicators (KPIs) as set out in section 2.3.3. Targets and progress on targets.
To reach this net-zero goal, Metso is actively pursuing decarbonization initiatives across its operations. These efforts primarily
involve reducing reliance on carbon-based energy sources within Metso’s own facilities by: 
Optimizing processes at its manufacturing sites by reducing energy consumption and improving overall
efficiency
Electrification of equipment, especially by choosing cleaner energy alternatives
Purchasing energy from low-carbon or carbon-free sources
Sustainability_RM_Net_Zero.png
Metso’s scope 3 commitment is to reach net zero by 2050. Reaching this target will involve making progress in three main
areas: reducing carbon embedded in products procured by Metso, reducing the carbon footprint of logistics, and reducing the
carbon emissions from Metso equipment used by customers. Reducing embedded carbon is pursued largely through
engaging with suppliers and encouraging them to set their own science-based targets. 
Metso aims to reduce logistics-related CO2 emissions by 20% by 2025. Therefore, Metso works closely with its logistics
service providers to reduce the CO2 emissions generated through upstream and downstream logistics. This will primarily result
from optimizing transportation methods, thoughtful packaging design, and supply chain streamlining. 
Equipment-related Scope 3 decarbonization actions are tied to Metso’s energy- and carbon-efficient Metso Plus offering as
well as to Metso’s collaboration with its customers and other stakeholders in developing new technologies. The Metso Plus
offering and approach to innovations for the decarbonization of Metso’s customer industries are described in section 2.1.
Metso Plus offering and innovations for our customers.
When new decarbonization solutions emerge — such as those related to logistics and supply chains — Metso is committed to
promptly investigating their feasibility and aims to have the time and resources in place to investigate the possibilities to
implement them. However, Metso is dependent in this regard on policymakers and energy market development in individual
countries where Metso’s customers operate and where it has suppliers. 
Currently, Metso tracks progress in this area through KPIs for the proportion of direct spend on suppliers with science-based
targets and for Metso’s logistics carbon footprint. 
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    40
2.3.6. Actions
Metso aims to allocate sufficient resources to deliver its Scope 1 and 2 decarbonization actions. In 2024, Metso invested over
EUR 0.6 million in capital projects to reduce its CO2 emissions and expects to spend another EUR 4 million during 20252030.
In 2024, operational costs associated with climate change mitigation was around EUR 275,000.
The achieved GHG reductions from actions implemented are presented below. As of 2024, the company remains on track with
its decarbonization transition plan. Key Performance Indicators as required under the Commission Delegated Regulation (EU)
2021/2178 are available in section 2.2. EU Taxonomy.
Reduction of GHG emissions
Accumulated reduction of GHG emissions, tCO2e
2024
2023
2022
Reduction of emissions Scope 1, tCO2e
16,641
15,301
9,059
Reduction of emissions Scope 1, tCO2e with use of GAS-RECS
23,820
23,979
10,547
Reduction of emissions Scope 2, tCO2e
60,723
70,181
88,333
Business area- and market area-specific environmental roadmaps were approved in 2024; going forward, these plans and
budgets will be reviewed annually to ensure that that timelines are met.
Metso’s most significant planned investments in decarbonizing its own operations focus on electrifying foundries and metal
casting processes within its facilities in China and India. Specific actions completed in 2024 include:
Electrification of a smelting furnace in Quzhou, China
Installation of solar panels at manufacturing locations in Australia, China, India and Mexico
Change from diesel to electric forklifts and company vans in Australia, China and Finland
Installation of air-cooling pumps for improved air-cooling efficiency in Finland
Surplus heat re-use from compressor room to other processes in China
2.3.7. Anticipated financial effects  – risks and opportunities
Climate change affects many aspects of Metso’s business, and the company regularly analyzes climate change-related risks
and opportunities and their potential impact on the business. Transitional and physical risks and opportunities resulting from
climate change are reported in this Sustainability statement, in accordance with the recommendations of the Task Force on
Climate-Related Financial Disclosures (TCFD). 
As a company with a global presence, the impacts of climate change on Metso’s own operations as well as on its customers’
and suppliers’ operations will not be the same everywhere. Regional variations in climate change and the impacts on
operations require individual assessment of issues to address them correctly and effectively. An assessment of climate
change-related risks and opportunities across various time horizons is conducted as part of Metso’s regular corporate risk
assessment process and is included in Metso’s strategy work. In assessing climate change impacts, Metso considers a time
horizon of 0–3 years to be the most relevant for assessing the short term, 3–10 years the medium term, and 10 years and
beyond the long term. All climate change-related risks, with an estimate of their probability and possible impact relative to
annual sales, are noted and assessed.
The most significant risks and opportunities identified for Metso include the ability to develop environmentally efficient products
to meet customers’ future needs and the ability to operate in a changing business and external environment. Additionally,
environmental legislation, customer energy supply, the global regulatory environment, and political and social unrest are
considered material factors. The potential risks and opportunities identified based on the assessment and their estimated
potential financial impacts are presented in the following tables.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    41
Climate change-related risks
Category
Description
Financial
impact
Time
horizon
Transitional risks
Technology
Future sustainability-related requirements will influence market expectations and
lead to completely new or alternative technology solutions and processes. The
inability to meet these requirements threatens business continuity in the long
term.
High
Medium – 
Long
Non-optimal choices in R&D expenditure may affect the speed and quality of the
development of Metso’s product and services offering. Inability to develop the
innovations needed for the increasing commodity supply required for the energy
transition is a risk.
Intermediate
Medium
Market
Climate change will impact the physical and business environment. Emerging
technologies and the transition to a lower-carbon economy may change business
models and customer demand. Shifts in customer demand and general market
requirements may challenge companies to adapt to these changes. The inability
to meet the new demand is a threat to business. Increased market volatility may
result in supply chain challenges.
High
Short – 
Medium
The Metso Plus portfolio may be more sensitive to the business cycle than the
overall portfolio, which may result in loss of value during industry downturns.
Intermediate
Short – 
Medium
The availability of energy, especially low-carbon energy, will become increasingly
important. However, access to affordable low-carbon energy might be restricted,
particularly in remote customer locations and with significant differences between
countries. This can increase operating costs and decrease profitability.
Intermediate
Medium
Reputation
Stigmatization of the industry and a negative perception of companies may
adversely affect Metso’s or its customers’ reputation and social acceptance.
Intermediate
Medium
Metso’s or the industry’s negative reputation can adversely impact investors’
decisions. This may affect industry structures and Metso’s ability to serve carbon-
intensive segments.
Intermediate
Medium
Policy &
Legal
Climate change concerns are likely to generate new, stricter regulations and
legislation. Environmental and emissions reporting obligations will increase.
Intermediate
Short
Physical risks
Chronic
Customers’ access to inputs, e.g. water, can be hindered by chronic changes in
the environment. For some customers, this may result in reduced business and,
consequently, decreased sales. The increasingly visible impacts of climate
change may lead to social and political disruption, which may affect Metso’s
customers’ ability to operate.
Intermediate
Medium – 
Long
Chronic risks, e.g. access to water, responding to higher temperatures and
heatwaves, will require adaptations in Metso’s own operations.
Low
Short – 
Medium
Acute
Increased frequency and severity of various natural hazards (floods, storms,
heatwaves, etc.), including the follow-on social impacts. May cause disruption at
Metso locations.
Low
Short
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    42
Climate change-related opportunities
Category
Description
Financial
impact
Time
horizon
Products 
and 
services
New services and products across the value chain will help the mining and metals
industries respond to a more volatile business environment with increasing
demand for sustainability solutions. This will create new business opportunities.
High
Medium
Continuous development of new environmentally efficient products or services,
and optimizing existing products and services for increased energy, carbon and/or
water efficiencies through R&D and innovation to meet customers’ future needs.
High
Short – 
Medium
Resilience
Global operations, with sufficient presence in all key regions, and strong business
development capabilities enable a solid foundation to adapt to and profit from
changes in the market environment.
Intermediate
Short – 
Medium
Being the preferred partner with a good reputation and wide social acceptance
will improve customer and investor confidence and financing opportunities.
Low
Medium
Energy
source
Companies developing and offering clean energy solutions and demonstrating
increased energy efficiency will have a competitive edge in countries that are still
developing their green energy sectors.
Low
Short – 
Medium
Market
Electrification will increase the demand for certain metals, such as copper and
other battery metals, which will strengthen the demand for minerals and,
consequently, the outlook for the mining industry and Metso’s business.
High
Short – 
Medium
More stringent regulatory development may increase the demand for Metso Plus
solutions.
Intermediate
Medium
Resource
efficiency
Environmental efficiency, for example low-carbon raw materials and/or a small
footprint in own operations, will become increasingly important and can add to the
attractiveness of Metso’s technologies.
Low
Medium
The previous tables largely highlight short- and medium-term risks and opportunities. To form a better perspective on the long
term, and as part of the TCFD reporting, Metso also analyzed the organization’s strategy and resilience against different future
scenarios: 
a future where the global average warming will be limited to 1.5 degrees, which is also Metso’s strategic target
(the ‘Right way’ scenario) 
a scenario where we risk warming of 4 degrees, i.e. where little has been done to fight climate change (the
‘No way’ scenario)
a middle-of-the-road scenario describing a future between these two extremes (the ‘Half way’ scenario) 
The initial analysis was conducted in 2021 and was updated in 2023 and 2024. The scenarios are based on the information
and data provided by widely recognized organizations, such as the Intergovernmental Panel on Climate Change (IPCC), the
International Energy Agency (IEA), and the World Bank. 
In the ‘Right way’ scenario, tighter regulation favors Metso’s solutions for customers, enabling them to retain their license to
operate and to operate efficiently. Renewables and electrification would create strong demand for copper and battery metals,
and spending on infrastructure accelerates. In addition to this being the best climate change outcome, the diversity of Metso’s
businesses as well as its focus on and investment in enabling technologies would likely result in increased business
opportunities, and it is therefore considered to be the most desirable future outlook for Metso. This also enables Metso to
adjust or adapt its strategy and business model to climate change.
In the ‘Half way’ scenario, tighter regulations are still expected to create greater demand for water recycling and water
efficiency solutions. Renewables and electrification would also create demand for copper and battery metals, although to a
lesser extent than in the ‘Right way’ scenario. In addition, opportunities would arise from an increase in spending on highways,
railways, and elevations for buildings and roads. As discussed in more detail below, in this scenario adapting to the impacts of
climate change becomes an important driver of strategy.
By contrast, in the ‘No way’ scenario, significant spending on infrastructure would be expected as a response to physical
environmental hazards. Water scarcity may create difficulties, but at the same time it could also result in increased demand for
water-efficient technologies. The risks set out in the ‘No way’ scenario are the most material for Metso, and additional
measures and expenditure could be needed to ensure its resilience in this scenario. Due to the diversity of Metso’s
businesses, its technologies can provide solutions to tackle future challenges in all these scenarios as well as maintain
resilience.
Finally, given the reality of climate change that is already happening, Metso conducted a high-level analysis of direct climate
impacts on its manufacturing locations as well as of its ability to adapt to changes now and in the coming 5-10 years. Based
on external databases and interviews with local HSE managers, the most relevant impacts of current and future climate
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    43
change were identified. Thirty manufacturing locations were included in this assessment, which started in 2023 and was
finalized in 2024. Key hazards that were identified as likely to become significant issues in the future included:
Heatwaves – several Metso locations are experiencing consequences of increased and prolonged.
heatwaves. Mitigation actions and plans to cope with this hazard are already in place.
Flooding (caused by increased precipitation) – several locations are in areas prone to flooding, and action
plans are in place.
Water scarcity – several locations are in water scarce areas.
Wildfires – wildfires are also relevant for several of Metso’s locations, though the impacts are not direct.
Additionally, several of Metso’s locations have already experienced the effects of climate change and have implemented
effective upgrades to manage related risks, such as increased heat stress and heatwave risks. More information on adaptation
pathways will be available in 2025-2026. 
This assessment identified potential gaps in Metso’s current management systems if climate change goes beyond 1.5
degrees. Metso is in the process of integrating these findings into its risk management system to develop plans for climate
change adaptation. 
2.3.8. Integration of sustainability-related performance in incentive schemes
Metso’s LTI performance metrics currently include measurements related to share-price development, profitability and
sustainability. The sustainability element of the current plan aims to incentivize the development of a broader and more
sustainable product and service offering for our customers and to ensure that the share of overall sales that comes from the
Metso Plus offering increases. For the 2023-2025 PSP, the performance threshold for the Metso Plus portfolio has been set at
Group sales growth of +3 percentage points. Detailed information on the sustainability-related performance in incentive
schemes is provided in section 1.4.4. Integration of sustainability-related performance in incentive schemes.
2.3.9. Metrics
Energy consumption and mix
Energy consumption and mix
2024
2023
2022
(1) Fuel consumption from coal and coal products (MWh)
0
0
0
(2) Fuel consumption from crude oil and petroleum products (MWh)
40,721
44,339
43,739
(3) Fuel consumption from natural gas (MWh)
117,585
131,595
151,495
(4) Fuel consumption from other fossil sources (MWh)
Not applicable
Not applicable
Not applicable
(5) Consumption of purchased or acquired electricity, heat, steam, and
cooling from fossil sources (MWh)
30,417
27,769
29,344
(6) Total fossil energy consumption (MWh) (calculated as the sum of lines 1
to 5)
188,724
203,704
224,578
Share of fossil sources in total energy consumption (%)
52%
51%
51%
(7) Consumption from nuclear sources (MWh)
10,179
18,533
22,191
Share of consumption from nuclear sources in total energy consumption
(%)
3%
5%
5%
(8) Fuel consumption for renewable sources, including biomass (also
comprising industrial and municipal waste of biologic origin, biogas,
renewable hydrogen, etc.) (MWh)
1,865
7,920
6,924
(9) Consumption of purchased or acquired electricity, heat, steam, and
cooling from renewable sources (MWh)
155,894
164,563
178,482
(10) The consumption of self-generated non-fuel renewable energy (MWh)
6,384
5,177
3,906
(11) Total renewable energy consumption (MWh) (calculated as the sum of
lines 8 to 10)
164,143
177,660
189,312
Share of renewable sources in total energy consumption (%)
45%
44%
43%
Total energy consumption (MWh) (calculated as the sum of lines 6, 7 and
11)
363,046
399,897
436,081
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    44
Energy intensity based on net revenue
2024
2023
% Change
Energy intensity based on net revenue1), MWh / EUR million
(associated with activities in high climate impact sectors)
87.6
78.6
11%
1)See note 1.2. Sales in the consolidated financial statement.
Gross Scopes 1, 2, 3 and Total GHG emissions 
Retrospective
Milestone and target years
2024
2023
2019
% Change
2025
2030
Annual %
target /
Base year
Scope 1 GHG emissions
Gross Scope 1 GHG
emissions tCO2e
37,670
36,912
37,870
2%
Decrease
Scope 1 & 2 
CO2
emissions by
76%
compared
to 2019
Net Zero
Scope 1 &
2
13%
Percentage of Scope 1 GHG
emissions from regulated
emission trading schemes (%)
Not
applicable
Not
applicable
Not
applicable
Not
applicable
Not
applicable
Not
applicable
Not
applicable
Scope 2 GHG emissions
Gross location-based Scope 2
GHG emissions (tCO2e)
75,652
76,956
78,483
-2%
Not
applicable
Not
applicable
Not
applicable
Gross market-based Scope 2
GHG emissions (tCO2e)
3,308
3,229
83,338
2%
Decrease
Scope 1 & 2 
CO2
emissions by
76%
compared
to 2019
Net Zero
Scope 1 &
2
13%
Significant scope 3 GHG
emissions
Total Gross indirect (Scope 3)
GHG emissions (tCO2e)
4,012,000
4,064,000
2,551,000
-1%
Not
applicable
Not
applicable
Not
applicable
Purchased goods and services
746,000
821,000
688,000
-9%
Not
applicable
Not
applicable
Not
applicable
Fuel energy-related activities
(not included in Scope 1 or
Scope 2)
30,000
30,000
19,000
0%
Not
applicable
Not
applicable
Not
applicable
Business travel
27,000
27,000
29,000
0%
Not
applicable
Not
applicable
Not
applicable
Upstream transportation
94,000
124,000
127,000
-24%
Decrease
logistics CO2
emissions by
20%
compared
to 2019
Not
applicable
3%
Downstream transportation
58,000
44,000
47,000
32%
Decrease
logistics CO2
emissions by
20%
compared
to 2019
Not
applicable
3%
Use of sold products
3,057,000
3,018,000
1,641,000
1%
Not
applicable
Not
applicable
Not
applicable
Total GHG emissions
Total GHG emissions (location-
based) (tCO2e)
4,125,322
4,177,868
2,667,353
-1%
Not
applicable
Not
applicable
Not
applicable
Total GHG emissions (market-
based) (tCO2e)
4,052,978
4,104,140
2,672,208
-1%
Not
applicable
Not
applicable
Not
applicable
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    45
GHG intensity per net revenue
GHG intensity per net revenue
2024
2023
% Change
GHG intensity based on net revenue1)  tCO2e / EUR million (location-
based)
848
775
10%
GHG intensity based on net revenue1)  tCO2e / EUR million (market-
based)
834
761
10%
1)See note 1.2. Sales in the consolidated financial statement.
2.3.10. Reporting principles
Environmental data has been collected through Metso’s HSE24 reporting system. The principle applied in defining the scope
for which environmental data is collected is financial control, and leased assets are included in the reported figures.
This data is available for Metso’s largest business units and has been collected from all our manufacturing units, research
centers, service centers, assembly shops and warehouses with more than 50 employees. It includes energy use, water use,
waste, and VOC emissions. In addition, energy data is collected from offices with more than 100 employees. 
Metso’s smallest offices, typically with fewer than 100 employees, and the smallest service centers, assembly shops and
warehouses with fewer than 50 employees, are not included in the environmental reporting. This is because they are often
located in large office facilities together with other companies. They typically pay a monthly lump sum to the office space
providers, and therefore it is not possible to determine their specific electricity, heat or water consumption. We have estimated
that the impact of these locations is not material for Metso’s total figures.
Metso has calculated its Scope 1, 2, and 3 greenhouse gas emissions in line with the GHG protocol methodology. Close
monitoring of environment-related indicators enables Metso to continuously improve its management and environmental
performance. The percentage average annual reduction is calculated using the target year 2025 as a reference, compared to
the 2019 baseline
In Metso’s case, the term ‘high-impact sector’ refers to the manufacturing sector. NACE codes were utilized to allocate
revenue from this ‘high-impact’ sector. For 2024, 85.3% of Metso’s total revenue originates from the high-impact sector. The
total sales number was used as the overall revenue figure.
2.3.10.1. Scope 1 and 2 emissions
Calculated in accordance with the GHG Protocol. Reported emissions are based on invoicing and are converted from MWh to
CO2e emissions using standard conversion factors (SI). The source for emission factors is the IEA “CO2 Emissions from Fuel
Combustion” 2023 edition. In calculations for Scope 2 market-based emissions, we used supplier-specific emission factors.
Savings from renewable gas certificates are included for Scope 1 (if specifically stated), and savings from renewable energy
certificates and guarantees of origin are included for Scope 2. Baseline 2019 is aligned with the SBTi commitment. Reduction
of CO2e emissions includes accumulated emission savings from environmental actions.
2.3.10.2. Other indirect (Scope 3) GHG emissions
Metso has conducted an analysis of all Scope 3 emission categories. Based on that analysis, six material emission categories
were identified: purchased goods and services, fuel- and energy-related emissions, upstream transportation, business travel,
downstream transportation, and use of sold products.
Metso has assessed its Scope 3 emissions based on the GHG Protocol’s Corporate Value Chain Accounting and Reporting
Standard.
Purchased goods and services Scope 3 emissions cover direct and indirect spend and are calculated using a weight-based
approach, or a spend-based approach when weight information is not available. The weight-based analysis is based on the
weight and material of purchased goods using emissions factors from the Ecoinvent 3.7 database. The spend-based
emissions are based on the monetary value of purchased goods and services by supplier type and country and is carried out
using the environmentally extended input-output matrices from Exiobase.
Fuel- and energy-related Scope 3 emissions include emissions that are not included in Scope 1 or Scope 2 (production of
fuels and energy purchased: diesel, LPG, natural gas, electricity, steam, district heating). Coverage is 100% and the emission
factor source is: www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2016
Upstream transportation emissions are based on CO2 data provided by logistics service providers (LSPs), the distance
provided by the LSPs and gross weight. Coverage of data received from service providers is 60%, and the remaining share is
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    46
estimated based on extrapolation of this data. Upstream transportation CO2 emissions take into account transportation
between Tier-1 suppliers and own operations, and transportation between Metso units.
Metso currently monitors and reports Scope 3 emissions stemming from business travel, covering 99.5% of the workforce.
Downstream transportation emissions are based on CO2 data provided by logistics service providers (LSPs), the distance
provided by the LSPs and gross weight. Coverage of data received from service providers is 60% and extrapolation using
spend is made for the remaining share. Downstream transportation CO2 emissions take into account transportation of
products from Metso units to customers and transportation from suppliers to customers. See above for upstream emissions.
Use of sold products: Equipment emissions are based on annual hours of operation and baseline operating conditions.
Adjustments are made for energy sources (by country for electricity) and materials (steel, rubber, ceramic). Emissions from the
use of sold products for 2024 and 2023 include the following products: crushing equipment (Pebble Crushing, Ore Sorters and
Conveyor solutions), grinding equipment (HRC™e, Vertimill®, SMD, HIGmill®, AG mills, Pebble mills), separation equipment
(FloatForce™ mechanism, SkimAir®, Dry LIMS) and ceramic filters. Emissions from the use of sold products for 2023
included also Lokotrack. For 2019 the use of sold products emissions included the following products: HRC, VTM, SMD and
HIGmill. The country-specific or other emission factors used were retrieved from the Ecoinvent 3.8 database in 2024 and 2023
(national electricity values were Ecoinvent 3.9) and from the GaBi database in 2019. The use phase emissions are based on
previous reporting year.
Our Scope 3 emissions are reported as rounded figures to reflect the uncertainties associated with the data sources and
calculation methodologies for these emissions.
2.3.10.3. Metso Plus offering 
Metso Plus products and services need to meet the criteria set by Metso. The products and services included in the Metso
Plus portfolio are distinctive from a sustainability point of view, address Metso’s customers’ sustainability needs, and build on
our competitive advantages. Metso Plus products are demonstrably more energy or water efficient than the industry
benchmark or Metso’s previous generation of the product in the market, help our customers cut their CO2 emissions, and/or
achieve other sustainability priorities such as managing pollution.
Metso defines the required level of performance to qualify as a Metso Plus product or service. Metso Plus qualification
requirements and threshold levels for qualifying have been defined by looking for such performance improvement level that
would be consistent with Metso’s customers achieving their own publicly stated climate change and other environmental
targets, e.g. for reducing their carbon footprint. Metso compares all Metso Plus products with industry benchmarks and uses
concrete data as evidence of the sustainability performance and related performance claims such as energy-efficiency
improvements. This evidence includes one or several of the following: 
Specific improvements compared to an industry benchmark or a previous generation product in the market
Performance analytics and simulations
Comparisons using product calculators
To qualify for the Metso Plus label, a product must fulfill at least one of the following criteria, all relative to a market benchmark
level of performance:
Minimum above threshold level % more energy efficient
Minimum above threshold level % reduction in use phase or total life cycle CO2 emissions
Minimum above threshold level % less embedded carbon in the product (further information about the metrics below)
Minimum above threshold level % reduction in water usage or pollution
Electric products where the market standard is non-electric
Digital products – minimum above threshold level % improvement across the metrics listed above
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    47
Embedded carbon in a product can be minimized in multiple ways, and the following factors are included in the Metso Plus
assessment: 
Less raw material for the same performance (% reduction)
Increase in output for constant raw materials (% improvement)
Decreased carbon raw material for the same performance (% reduction)
Extending equipment life (% increase in average life)
(%) recycled materials used as input (% compared to market average)
Enabling recycling of waste output (% recycled)
Lower logistics emissions (% reduction)
% of embedded carbon that is offset
The Metso Plus designation for Services follows the same logic as for capital equipment and consumables. When using
services to improve existing equipment, it is an ongoing process to make incremental improvements, i.e. there are many
opportunities to progressively accumulate benefits over the lifetime of the flowsheet. In addition, by implementing sustainable
upgrades to existing equipment we can reduce waste.
Additionally, a Metso Plus piece of equipment or consumable needs to be as good as, or preferably better than, the industry
benchmark product(s) in terms of health and safety, pollution, and biodiversity impact. 
Metso does not yet have metrics to measure and verify biodiversity its performance. High-level biodiversity assessment,
conducted in 2024, as well as collaboration with customers in identifying products and solutions in the Metso Plus portfolio that
may have a biodiversity risk-reducing impact will help inform the definition of appropriate metrics and targets for biodiversity
going forward. More information is available in 2.5.5. Environmental efficiency in own operations – actions and 2.5.6. and
Metso Plus offering and innovations to customers – actions.
If a product or solution applies for Metso Plus, the following steps are taken: 
R&D project manager fills in the Metso Plus assessment in the R&D reporting tool.
R&D project manager notifies the sustainability team contact so that a review process can start.
Sustainability team and project manager together with the team go through the case and evidence.
Calculations are completed to confirm that the threshold levels for Metso Plus are met.
Metso Plus product is sent for approval to the Technology board. 
Technology board approves the new Metso Plus product.
Metso Plus sales are recorded as part of Metso’s sales reporting. For the Metso Plus sales from those projects that include
parts that are not classified as Metso Plus, the Metso Plus part of the sales is taken into account using estimations based on
product prices or costs.
The results and the Metso Plus Performance Claims are based on average performance across multiple use cases, and as
such are intended as guidance only and not guaranteed. The Metso Plus Performance Claims may not be appropriate to
specific configurations in some use cases, or the base data may have become out of date. There may be external factors or
circumstances impacting the actual operation of the Metso Plus product or service in any individual use which are unrelated to
the technical properties which the Metso Plus Performance Claim is based on. Some Metso Plus products or services may
have limited availability or may not be available in some countries.
2.4. E3 Water and marine resources
Metso’s activities can affect water resources, both directly at its manufacturing sites and indirectly through its equipment when
used by customers. Water management is a growing challenge for mines and quarries because they are often located in
water-scarce areas. In addition, energy transition and battery metals tend to be water-intensive to produce. Finally, water
quality is also important where mines return surplus water to the environment. Water quality can also impact the recovery and
grade of the metal concentrate produced. Using lower quality water resources can create challenges for mineral processing.
Therefore, technologies are needed to adapt the water treatment process to ensure that commercially viable and sustainable
mineral processing targets are achieved.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    48
2.4.1. Material impacts, risks and opportunities
Impacts
Risks
Opportunities
Key management methods
WATER USE IN METSO'S OPERATIONS
Several of Metso’s locations
are situated in water-scarce
areas in India, China, Chile
and Mexico, which increases
demand for local water
resources. 
Restrictions on water usage
may affect production.
- Eight of Metso’s locations
are located in water-scarce
areas. Metso’s operations are
designed to minimize water
withdrawal. Each location has
water management action
plans in place to decrease
water consumption. 
- Process development and
the adoption of new
technologies reduces water
use and increases water
recycling in the production
process, decreasing the need
to withdraw more raw water.
WATER USE AT CUSTOMER SITES
Customers’ access to inputs,
e.g. water, can be hindered
by chronic climate changes in
the environment.
For some customers, this
may mean reduced business
and therefore decreased
sales.
Water scarcity may result in
increased demand for water-
efficient technologies.
- The Metso Plus offering has
around 40 solutions that
address water-related
challenges and that are
considered better than the
market benchmark or
previous-generation product.
Metso aims to keep
expanding and improving this
offering to be able to offer
water-efficient technologies to
its customers.
- All Metso’s R&D projects
must have sustainability
targets, and Metso targets
80% of the R&D spend is on
Metso Plus portfolio
development by 2030.
Water management is a
growing challenge for mines
because they are often
located in water-scarce areas.
In addition, energy transition
and battery metals tend to be
water-intensive to produce.
As the demand for these
metals grows, the demand for
water will also increase. The
ability to access water can in
some cases be at least as
important as the quality and
grade of the ore body.
Mines located in areas
subject to heavy rainfall and
flooding are at risk of leakage
from tailings ponds. Leakage
from tailings ponds may
cause environmental issues
and damage to the
surrounding areas. This may
damage Metso’s reputation, if
Metso equipment is used in
those mines.
- Metso offers water- and
energy-efficient products for
dry tailings stacking and
tailings dewatering by
filtration.
- Metso water treatment
solutions help to keep
process and effluent waters
free of toxic elements.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    49
2.4.2. Processes to identify and assess material impacts, risks and opportunities
The material impacts, risks and opportunities related to water have been identified in a double materiality assessment. Marine
resources have not been found to be material to Metso’s own operations. For further details, the materiality assessment is
explained in section 1. General information. 
2.4.3. Targets and progress on targets
Sustainability
topic
Target for 2024
Long-term goal
2024
2023
Progress
Water use index
To reduce annual
water consumption
per employee by
5% in water-scarce
locations,
compared to 2021
baseline (34.4m3
per employee)
To reduce annual
water consumption
per employee by
15% in water-
scarce locations,
compared to 2021
baseline (34.4m3
per employee)
26.8
24.0
12%
(-22%1))
1) Compared to 2021 baseline.
2.4.4. Policies
Metso’s policies on Quality, on Environment, Health and Safety (EHS), and on Biodiversity define the basic requirements for
fulfilling the company’s environmental responsibilities. 
The EHS Policy requires that Metso protects the environment throughout the value chain, aiming to minimize pollution, protect
biodiversity, and reduce the use of natural resources, including water and energy. Metso consistently emphasizes high EHS
standards when interacting with customers, suppliers and other stakeholders, setting clear expectations for them to adhere to
the same standards. Further information about the EHS Policy is available in section 2.3.4. Policies. In the upcoming years,
Metso aims to extend its EHS and Biodiversity policies to more thoroughly address water treatment as well as prevention and
abatement of water pollution.
Metso is committed to ensuring its products meet all water-related customer requirements, regardless of whether it’s a
standard product or a customer-specific combination of technologies and/or services. Legal requirements, standards and
directives, such as EN ISO, OSHA and CE, underpin the approach to product development that takes into account regulations,
customer requirements, Metso’s product specifications, and water safety risk analyses. These requirements also extend to
procurement and manufacturing processes, as well as installation and commissioning. Final compliance checks are done at
the customer site, including those in water-scarce areas.
2.4.5. Environmental efficiency in own operations – actions
Metso is committed to reducing water consumption in its own operations in water-scarce locations and to fulfilling all local
environmental legislation requirements for water consumption and effluent quality management in accordance with local
environmental permits. Metso’s definition of water-scarce areas comes from the Aqueduct water risk atlas, which identifies
high-risk and extreme-risk regions. Metso uses this information to guide its water management efforts. Metso does not
currently hold consultations with affected communities where it operates. Internal stakeholders have been involved in setting
the water targets.
As a result of water efficiency measures, water consumption was reduced by approximately 55,000 m3 in Metso’s operations
in 2024. 
Key actions in 2024 included: 
Rainwater collection and reuse in India (water-scarce area)
Recycling of process water in Quzhou, China and Ahmedabad, India
Water sensor installation to proactively identify water leaks in Brazil and Sweden
Oil and water separation equipment for machine pit to prevent environmental contamination in Shaoguan,
China
Water pipeline reconstruction in China
Modification of pipe inlets in process water tank to recirculate more process water and reduce freshwater
intake in China
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    50
2.4.6. Water-efficient offering to customers – actions
Metso’s products can help customers manage their water footprint, and water efficiency is one of the qualifying criteria for the
Metso Plus products and services portfolio. Metso defines the level of performance needed to qualify to ensure that
designated products and services in this portfolio can make a meaningful contribution to customers’ efforts towards reaching
their climate and other environmental targets, including water conservation. Metso’s water-efficient solutions can address
environmental, health and safety, and societal risks in customer operations involving water. Water efficiency, increasing
recoveries and decreasing pollution can be managed by digitalization using sensors, analytics and optimization.
2.4.6.1. Tailings management solutions
Traditional tailings storage poses long-term environmental risks, including dam failures and water contamination. Metso’s
technologies can help de-risk tailings storages by minimizing water usage, and thereby transforming existing mining
operations. Metso Tailings Management Solutions integrate dewatering, safe and sustainable slurry transportation, material
handling and reprocessing of existing tailings. 
Metso’s tailings filtration portfolio and approach emphasizes dry stacking as an ecologically promising approach, challenging
conventional cost assumptions with filtered tailings and stacking. Reprocessing older tailings facilities can yield significant
residual mineral production. This approach can transform tailings ponds from liabilities into revenue-generating assets, often
more cost-effectively than from processing virgin material. Metso’ s dewatering technologies, such as paste thickening and
filtration, can enhance water recovery from tailings. The same applies to technologies that change the way the ore is
processed, such as Metso’s ore sorting and separation processes that reduce the proportion of fine tailings. 
Metso’s solutions can reduce the industry’s water-related liabilities and minimize the financial risks associated with potential
environmental damage and costly cleanup efforts. 
2.4.6.2. Filtration solutions
High-pressure filtration can reduce water content in tailings, decreasing storage volume and environmental impact. Metso’s
larger filters increase material processing capacity and therefore increase overall productivity. Metso’s filtration expertise
ensures reliable, efficient systems with minimal downtime and maintenance costs. The thickener and clarifier feed system
ensures low flocculant usage, bringing additional environmental and cost efficiencies to customer operations. Water efficiency
can also be improved by reducing the amount of waste that is in contact with water. Metso offers a range of technologies to
achieve this, such as dry processing alternatives across many elements in plant production facilities.
Key actions in 2024 included:
Launch of the new version of the Larox® PF 60 series filter that improves safety, process efficiency and
dewatering capacity in mining and other process industry applications. Advanced features can reduce water
and oil usage by up to 90% and 75%, respectively.
Launch of the Cross Flow Rotary Cooler, an innovative solution designed to decrease water consumption and
improve energy-efficiency in pyro processing plants. Its simplified cooler shroud design reduces the plant’s
overall water consumption and is suitable for special applications such as oxidation, fouling or scaling. The
solution utilizes the indirect heat exchange principle, where heat is transferred into a secondary air stream.
The recovered heat can be used in other plant processes, thereby reducing the carbon footprint and
enhancing the sustainability of processing plants. 
Order for the delivery of tailings dewatering technology to a copper mine operating in Africa. Metso’s scope of
delivery consists of the engineering and supply of a copper tailings dewatering plant unit, including high-rate
thickeners and filters, as well as auxiliaries with the latest-design hole-less filter cloths and single polymer
plates to lower operating costs. The filters include anti-corrosive elements to handle the highly corrosive
tailings slurry.
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2.4.7. Metrics
Water consumption
2024
2023
2022
Total water consumption, m3
322,231
372,823
381,932
Total water consumption in areas at water risk, including areas of
high water stress, m3
122,057
109,096
121,198
Total water recycled and reused in m3
49,637
41,361
41,022
Water intensity based on net revenue1), m3 / EUR million
66.3
69.1
76.8
1)See note 1.2. Sales in the consolidated financial statement.
2.4.8. Reporting principles
Water consumption includes municipal, groundwater, tank truck, rainwater and surface water. Water consumption is based on
invoicing or other measurement data.
2.5. E4 Biodiversity and ecosystems
Metso’s activities can affect biodiversity, both directly at its manufacturing sites and indirectly through the use of its equipment
by customers and in the manufacturing of raw materials and components used in Metso’s equipment. However, the greatest
opportunity for Metso to contribute to biodiversity is through its customers, as Metso’s own biodiversity footprint is relatively
small. Metso largely buys manufactured goods from suppliers, and Metso’s equipment manufacturing sites, assembly and
service workshops are typically located in industrial parks zoned for industrial use. These areas have limited biodiversity
sensitivity and compliance with environmental permits mitigate potential impacts on biodiversity and endangered species. 
By providing solutions, products and services to its customers, Metso has the potential to minimize risks on biodiversity. These
solutions include, for example:
Tailings management: Providing solutions that minimize harmful effects of tailings and decrease risks of
leakages
Water conservation: Minimizing water consumption and pollution
Noise and dust reduction: Mitigating noise and dust pollution in immediate surroundings of customer sites
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    52
2.5.1. Material impacts, risks and opportunities
Impacts
Risks
Opportunities
Key management methods
DIRECT IMPACT DRIVERS OF BIODIVERSITY LOSS (LAND-USE CHANGE, FRESH WATER-USE CHANGE AND SEA-
USE CHANGE)
IMPACTS ON THE EXTENT AND CONDITION OF ECOSYSTEMS
IMPACTS AND DEPENDENCIES ON ECOSYSTEM SERVICES
Metso’s production generates
greenhouse gases that cause
global warming, and other
emissions that may have local
biodiversity impacts. In
addition, Metso’s operations
generate waste.
Climate change-related risks
and opportunities are
discussed in sections 2.3.1.
Material impacts, risks and
opportunities and 2.3.7.
Anticipated financial effects –
risks and opportunities.
- Metso has targets in place
for sites to reduce water use
and waste to landfill.
- Management methods for
climate change are discussed
in section 2.3.1. Material
impacts, risks and
opportunities.
The operations of Metso’s
customers in the aggregates
and mining industries typically
have significant land
footprints, often in
environmentally sensitive
areas, where land
disturbance and pollution can
impact habitats and species.
If not properly manufactured,
used and maintained, Metso’s
products have the potential to
harm the biodiversity
surrounding its customers’
sites. If the impacts are not
well managed, Metso’s
customers may be limited in
their ability to operate in
ecologically sensitive areas in
future.
- Metso designs and sells
products and processes and
collaborates with customers
to develop new technologies
to minimize the release of
effluents and atmospheric
emissions. 
- In addition, Metso’s
solutions include products
and services that may reduce
the risk of negative impact on
biodiversity in customer
operations.
Tailings dam failures can
have large impacts on
biodiversity. Due to an
increase in demand and
reductions in ore grades, the
footprint of copper and other
energy transition materials is
likely to increase rapidly.
Decreasing ore grades will
require larger operational
footprints, resulting in larger
amounts of tailings. This is
partially offset by innovations,
such as dry tailings, and the
regulation of tailings dam
design, resulting in fewer
tailings dam failures.
The increasing focus on
biodiversity is likely to
increase the market for more
sustainable tailings
management products.
- Metso’s solutions include
dry processing, which
reduces the risk of
contamination and the
resulting impacts on
biodiversity.
- Metso offers efficient solid-
liquid separation with
pressure filtration, which is
needed to recover more water
and increase the solid content
of tailings streams.
2.5.2. Processes to identify and assess material impacts, risks and opportunities
The material impacts, risks and opportunities related to biodiversity and ecosystems were identified in a double materiality
assessment in 2023. In 2024, Metso also completed a high-level biodiversity assessment that will help inform the definition of
appropriate metrics and targets going forward. The materiality assessment is discussed in section 1. General information.
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2.5.3. Targets and progress on targets
Sustainability
topic
Target for 2024
Long-term goal
2024
2023
Progress
Biodiversity
No target,
evaluation of own
operations’
dependencies and
impacts on
biodiversity
To set up a
biodiversity
framework in own
operations and for
products sold to
Metso customers
-
-
Not applicable
2.5.4. Policies
Metso’s policies on Quality, on Environment, Health and Safety (EHS), and on Biodiversity establish essential requirements for
achieving long-term biodiversity goals. These policies apply to operational sites owned, leased, or managed by Metso near
biodiversity-sensitive areas. Metso’s responsibility also includes contractors, suppliers or other third parties visiting or working
at its premises or working under Metso’s supervision at customer sites.
In 2024, the Metso Leadership Team approved the first Biodiversity Policy for the company. This policy requires compliance
with applicable legal requirements and standards, as well as taking care of the company’s environmental, economic and social
responsibilities concerning biodiversity. Metso’s Biodiversity Policy outlines specific actions:
Environmental protection: Minimizing air and noise pollution, reducing waste generation, and conserving
natural resources and energy
Sustainable product and services offering: Helping customers mitigate or eliminate biodiversity impacts
resulting from their operations
Risk management: Identifying and managing biodiversity-related environmental risks and opportunities at
Metso’s locations and throughout the Metso logistics chain, particularly in areas of high ecological value, and
operating in a manner that prevents and minimizes biodiversity loss
Awareness and training: Promoting biodiversity awareness and best practices
Supplier collaboration: Striving to work with suppliers of raw materials, finished products and packaging
materials that demonstrate their commitment to good biodiversity management practices
Metso top management is required to demonstrate leadership, accountability and active commitment regarding Metso’s
biodiversity impact. Metso is currently cascading its renewed sustainability agenda in which biodiversity is a new topic
throughout the organization. In 2024, Metso started assessing the biodiversity impact on its own operations and those of its
customers. This assessment may lead to the development of new biodiversity-related Metso policies, programs and targets in
2025-2026.
2.5.5. Environmental efficiency in own operations – actions
In 2024, Metso carried out an initial biodiversity assessment to gain a better understanding of the biodiversity impacts across
the value chain. Biodiversity loss affects Metso’s value chain differently based on geographic locations, but, in general, the
findings of the assessment were in line with Metso’s current sustainability approach – reducing greenhouse gas emissions,
efficient water use and a sustainable product and services offering for customers are all useful ways to address biodiversity
challenges. Within Metso’s own operations, the best way to improve biodiversity is indirectly, through effective management of
water use and waste. These management practices can significantly impact local biodiversity. Therefore, Metso’s existing
strategies and targets related to water efficiency and waste management serve as the foundation for addressing biodiversity
challenges in Metso’s own operations. All Metso sites comply with local rules and regulations, operate under required
environmental permits and follow Metso’s general principles to minimize environmental impacts in own operations, logistics
and procurement. In addition, all Metso sites must demonstrate compliance with local biodiversity regulations and good
practices. 
For a more detailed site-by-site analysis, in 2024 Metso assessed the potential biodiversity impacts of its sites through the
Natura 2000 network, Key Biodiversity Areas (KBAs), and UNESCO natural heritage sites lists. Metso has a total of 15
manufacturing or office sites located 1-5 kilometers from biodiversity-sensitive areas, covering 35.59 hectares. Currently, the
material impacts of these sites on biodiversity and ecosystems change have not been assessed or identified. 
Two manufacturing sites – Örnsköldsvik in Sweden (next to the Natura 2000-protected Moälven river), and Mâcon in France
(near Val de Saône, a KBA) – were identified as being close to biodiversity-sensitive areas. The surface area of Örnsköldsvik
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    54
site is 6 hectares and the Mâcon site is 3.3 hectares. Both sites are part of the Aggregates business area and have
management methods in place to protect biodiversity in accordance with local regulations. Metso’s activities may negatively
affect these areas, and Metso is currently evaluating its activities related to issues where conclusions or necessary mitigation
measures have not been implemented or are ongoing.
Metso does not currently use biodiversity offset instruments but is evaluating its activities related to sites located in or near
biodiversity-sensitive areas. 
Key actions in 2024 included:
Identification of Metso’s key suppliers’ sites that are located near biodiversity-rich areas, for the planning of
the next biodiversity-related actions in the value chain
Biodiversity training for the Metso Leadership Team, R&D organization and QEHS professionals 
Metso’s planned actions for 2025-2026 regarding biodiversity include e.g. the following:
Training for employees on the topic of biodiversity impacts, risks and opportunities
Updated site management policies, mainly facility management directives, to incorporate new biodiversity
considerations 
Collaboration with customers to support biodiversity loss prevention efforts by identifying the products and
solutions in the Metso Plus portfolio that may have a biodiversity risk-reducing impact
Collaboration with suppliers to prevent biodiversity loss e.g. through scrap treatment, rubber and polyurethane
reuse, diverse and recyclable packaging materials, local energy production, and closing the energy loop in
processes
2.5.6. Metso Plus offering and innovations to customers – actions
As a responsible partner, Metso aims to support biodiversity loss prevention and mitigation actions taken in its supply chain
and by its customers. Metso does not support illegal mining activities or activities that violate national or international nature
conservation laws and regulations.
Biodiversity management is a high-priority issue for mining and aggregates companies. Mining can have an impact on
biodiversity across several dimensions and throughout the life of the mine, from exploration to closure via deforestation,
pollution to air, water and soil, dust and noise, as well as water scarcity. 
Metso’s technological focus is on several areas related to customer biodiversity impacts, e.g. closed water loops, raw material
efficiency, tailings management, non-toxic processing options and emissions management systems. These technologies can
have a positive impact on conserving natural habitats, reducing land-use impacts, preventing pollution, and reducing
groundwater consumption. They also contribute to minimizing the amount of raw materials needed as inputs in customer
operations.
Metso offers various solutions to help reduce biodiversity loss in customer industries:
Tailings treatment and dry stacking
Process water treatment and biotreatment of mine waters
Stockpile remediation
Recyclability of spare parts and process media
Ore pre-sorting
Energy-, water-, and chemical-efficient processing
Liner and grinding media recycling
SOx capture in sulfuric acid production
Effluent quality-control analyzers
Low-energy and electrical equipment
Concentrator plants with small environmental footprints
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Metso is currently identifying which products and services could help reduce the risk of biodiversity loss in customer
operations. Future plans include defining a customer-specific biodiversity target linked to these identified products and
services. Before setting biodiversity targets for customers, Metso is discussing the topic with customers and following the
progress of biodiversity-related reporting frameworks.
Key actions in 2024 included:
Identification and assessment of Metso Plus products that can potentially reduce the risk of biodiversity loss in
customer operations
Identification of Metso’s key customers’ sites that are located near biodiversity-rich areas, for the planning of
the next biodiversity-related actions in the value chain
3. S – Social information
3.1. S1 Own workforce – Metso’s people and culture
Metso’s own workforce consists of over 20,000 people, including 16,800 employees and 3,700 non-employee workers.
Metso’s experts represent over 100 nationalities in around 50 locations. Their expertise ranges from engineering and R&D to
field service and technical support of customers’ production facilities and equipment, sales, and factory operations. In 2024,
Finland, Chile, India, Brazil, and China were Metso’s five biggest countries by employment, representing about 56% of the
company’s total headcount. In 2024, 18% of Metso’s own workforce consisted of external contractors. The employee
categories were: 27% blue-collar workers, 59% white-collar workers, and 14% management. 
Metso is committed to providing a healthy and safe working environment for all its employees, contractors and other partners.
Health and safety at Metso is everyone’s responsibility – it is a requirement to understand and comply with all relevant health
and safety regulations and instructions. To support this, Metso has a comprehensive safety agenda outlining continuous
actions to improve the safety of all employees, partners, customers, contractors and other stakeholders. Metso aims to
continuously and actively mitigate occupational health and safety risks in its operations. Metso’s Health and Safety Directives
set out the minimum safety requirements for the company and are used to develop local safety procedures, processes and
work instructions. Metso’s Life-Saving Rules provide for all employees and contractors those actions that need to be taken to
protect themselves and their colleagues from fatalities and severe injuries. These rules complement Metso’s Modus Operandi
principles, which outline expected behaviors to work safely. Metrics and targets underpinning Metso’s health safety approach
are explained in more detail in section 3.1.3. Targets and progress on targets.
Metso respects and is committed to operating consistently with internationally proclaimed human rights, including the UN
Universal Declaration of Human Rights, the UN Guiding Principles on Business and Human Rights, the Ten Principles of the
UN Global Compact, the ILO’s Declaration on Fundamental Principles and Rights at Work as well as OECD Guidelines for
Multinational Enterprises. All employees are entitled to be treated fairly and with respect, and discrimination or harassment is
not tolerated in any form. Metso does not accept or use any form of compulsory, forced or child labor, and respects all
applicable laws and regulations regarding working hours and employee compensation. Metso offers work opportunities for all
genders, ages as well as for people with disabilities. Furthermore, Metso aims to achieve equal pay for work of equal value, as
well as to protect labor rights and promote a safe and secure working environment for all employees. 
Diversity and inclusion (D&I) is one of the key building blocks of Metso’s culture, and Metso is committed to developing the
company into a workplace where diversity and inclusion is embedded into the culture, fostered and promoted. The Diversity
and Inclusion Strategy aligns the priority D&I actions for the company, which are increasing the diversity across the business,
removing barriers and biases from its processes, and further building psychological safety in the teams. 
Metso strives to create a culture that people aspire to be part of, that is inclusive, where people feel engaged and cared for,
and where people are treated equally. At the foundation of Metso’s culture are its values, leadership principles, diversity and
inclusion, and growth and development opportunities. The safety and wellbeing of employees is a priority at Metso, and many
global and local activities to support wellbeing are ongoing continuously. 
Metso publishes guidelines and policies in its Intranet available for white-collar employees. All policies, excluding the
Sponsorships and Donations Policy, as well as the Diversity and Inclusion Strategy, are available also on Metso’s external
website. For blue-collar employees, the main communication channels are at the site level, such as town hall meetings, face-
to-face training, info screens, posters, and shared computers.
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3.1.1. Material impacts, risks and opportunities   
Impacts, risks and opportunities
Impacts
Risks
Opportunities
Key management methods
Fair employment (working conditions): Working time, discrimination and harassment, freedom of association and
collective bargaining 
The following impacts, risks and opportunities are reported for employees
Actions promoting fair
employment practices, such
as working time, prevention of
discrimination and
harassment, freedom of
association and collective
bargaining, have a positive
impact on employees’
engagement, wellbeing and
ability to work. As a result,
good employment conditions
also strengthen Metso’s
reputation and employer
brand, enabling Metso to
retain and attract the best
talent, which has a positive
impact on business
performance.
Inadequate employment
conditions could weaken
Metso’s employees’ quality of
life, increase inequality, as
well as reduce job satisfaction
and commitment, resulting in
a weakening in Metso’s
employer brand and
performance and a negative
impact on customer relations.
Potential discrimination,
harassment, and violations of
workers' rights could result in
legal action against the
company.
- Local legislation is followed
in all operating countries
- Human Rights Policy
- Code of Conduct 
- Diversity & Inclusion
Strategy
- Environment, Health &
Safety Policy
- Whistleblower channel
available to all employees
Diversity and inclusion
If diversity and inclusion is
embedded into the company
culture, fostered and
promoted, it increases
engagement, promotes
employee wellbeing, and can
have a positive impact on
Metso’s performance.
If diversity and inclusion is not
integrated into the company
culture, it could have a
negative impact on employee
engagement and wellbeing. It
can impact hiring decisions,
leading to a non-diverse
workforce. It may also
adversely impact a person’s
willingness to join Metso.
Consequently, this could
weaken Metso’s
innovativeness, performance,
competitiveness, and
employer brand.
- Diversity & Inclusion as a
priority area in Metso’s
People and Culture agenda
- Diversity and Inclusion
Strategy 
- Target and KPI to increase
the number of women in
middle and senior
management roles
- Global inclusive talent
acquisition practices 
- Inclusive talent acquisition
training provided to all leaders
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Training and development
If Metso doesn’t provide
training and development
opportunities, it can impact
employees’ learning, growth
and career development
negatively. It can also impact
Metso’s innovation and
growth capabilities, and
competitiveness. A lack of
learning and development
opportunities can lead to
dissatisfaction among
employees, and people may
be more likely to seek job
opportunities outside the
company.
If training and development
opportunities are available,
employees can learn and
grow, take on new
responsibilities, and develop
their careers inside the
company.
- Internal hiring for open
positions is promoted
- Job rotation is provided and
supported
- Metso Academy offers
Technical, Sales and
Business, Distributor,
Customer and People training 
- Learning Council 
- Growth dialogues between
employee and manager
Corporate culture
If corporate culture is a
strategic priority, it is
managed and developed
systematically. Employees
are more engaged in a culture
where they are supported and
encouraged to perform their
best.
Dissatisfied employees are
more likely to leave the
company, resulting in higher
turnover rates. 
Dissatisfied employees often
result in lower customer
satisfaction, which can
negatively affect business
outcomes.
A negative corporate culture
makes it more challenging to
attract top talent to the
company.
Engaged employees are
more likely to perform well
and remain with the company.
There is a strong correlation
between engaged employees
and satisfied customers, both
correlate to good business
results.
A good corporate culture
attracts top talent.
- Performance culture is a
top priority in Metso's
strategy.
- Engagement surveys are
conducted four times a year,
their results are discussed,
and actions agreed within
teams quarterly.
- Metso tracks the employee
Net Promoter Score (eNPS)
and has set the long-term
target to be in the top 10%
of the industry benchmark.
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Health and safety
Metso operates in an industry
where there are high safety
risks. Inadequate health and
safety conditions could lead
to fatalities or serious
incidents that can negatively
impact employees’ physical
and mental health.
Inadequate health and safety
conditions can seriously
impact job satisfaction,
psychological safety and
commitment, as well as
weaken performance and
Metso’s image as a
responsible employer.
Good safety management
and active promotion of
health and safety at the
workplace can positively
impact employees’ physical
and mental health and
working conditions. As a
result, this can strengthen
Metso’s image as a
responsible employer and
improve Metso’s
performance.
- Environment, Health &
Safety Policy
- Safe working behavior
model Modus Operandi 
- Fatality prevention program
- Life-Saving Rules training
program
- Safety directives 
- ISO 45001 (health and
safety) standard certification
in key units
- Long- and short-term safety
targets
- Global safety reporting tool
and practices
- Audits, inspections and
management reviews
Metso continuously develops
the Metso Plus products and
new technologies, and
modernizes and upgrades
older equipment. For R&D,
factory workers, engineers
and field services, this means
upskilling and reskilling.
If Metso does not have skilled
workers, development and
production may face quality
problems and delays.
- Metso Academy – an
umbrella learning hub for
training and learning in
Technical, Sales, Business
and People areas, etc.
- Strategic capability
initiatives to identify critical
skills needed for long-term
business success 
- Local university
collaboration and own trainee
program
3.1.2. Processes to identify and assess material impacts, risks and opportunities
The material impacts, risks and opportunities related to own workforce have been identified in a double materiality
assessment. The materiality assessment is discussed in section 1. General information.
3.1.3. Targets and progress on targets
To measure employee engagement and performance, Metso conducted four employee engagement surveys in 2024: two full
surveys for all employees, and two shorter pulse surveys for white-collar workers. Metso uses the Employee Net Promoter
Score (eNPS) to track employee engagement and has witnessed a positive trend throughout the years of measuring. The
results are subsequently analyzed, teams discuss their respective results and make actions plans to improve areas that show
concerns. The Metso Leadership Team identifies focus areas for each employee engagement survey and closely monitors the
results.
With this systematic approach, Metso has been able to reach and exceed its target and ranks in the top 5% compared to the
industry benchmark on eNPS (end of 2024). In addition, there has been a significant improvement in the engagement survey
in health & wellbeing and mental wellbeing; in 2024, the result was in the top 5% of the external benchmark. For Inclusion,
also measured in the employee engagement survey, Metso is ahead of the KPI target (long-term target in top 10% of industry
benchmark) and ranks in the top 5% compared to the industry benchmark.
In 2023, Metso set a new long-term target to increase the proportion of women in middle and senior management roles to
30% by the end of 2030 (from 17% in 2023). In 2024, there was slight improvement and the percentage was 18%. In 2024,
Metso participated in the International Women in Mining Mentoring Program, introduced an internal mentoring program for
Female Talents, launched an Inclusive Talent Acquisition eLearning for managers, started a pilot for an Inclusive Language
platform, and introduced a renewed Psychological Safety training course across the globe. The Metso Women’s Leadership
Forum continued actively raising awareness in Metso’s internal channels and hosted virtual events. Various D&I-themed
webinars and events were also organized at Metso locations around the world.
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Metso’s key indicators for safety are lost-time incident frequency rate per million working hours (LTIFR), which was 1.4 in
2024, and total recordable injury frequency rate (TRIFR), which was 2.7 in 2024. The scope of LTIFR and TRIFR reporting
covers Metso’s premises, employees and contractors working under Metso’s direct supervision, as well as project sites.
Supporting the achievement of these targets’ metrics are the actions Metso workers take to help improve safety. Employee
safety, risk observations, safety conversations and safety training hours are continuously measured.
A significant incident occurred in March at the Irapuato plant in Mexico where a steam explosion in the hand-lining area of the
plant resulted in eleven people being injured as well as property damage. Metso cooperated with local authorities, and the
investigation, which included internal and external experts, was concluded in 2024. Lessons learned from the investigation
were implemented in 2024 and this work continues in 2025.
Sustainability
topic
Target for 2024
Long-term goal
2024
2023
Progress
Health and safety
Continuous improvement
in lost-time incident
frequency rate (LTIF) 1)
Zero harm
1.4
1.2
Below target
Continuous improvement
in total recordable injury
frequency rate (TRIF) 1)
Zero harm
2.7
2.9
Below target
Engagement
Employee Net Promoter
Score (eNPS) to be in top
10% of the industry
benchmark
Employee Net Promoter
Score (eNPS) score in top
10% of the industry
benchmark
Top 5%
Top 10%
Above  target
Inclusion
Only long-term target
Inclusion score in top 10%
of the industry benchmark
Top 5%
Top 5%
Above target
Gender split
Only long-term target
Gender ratio in middle and
senior management to
reach 30% female / 70%
male by the end of 2030
18/82%
17/83%
In progress
1)Includes employees and contractors.
3.1.4. Policies
3.1.4.1. People and culture
Metso’s Code of Conduct, approved by the Metso Leadership Team, is a globally applicable set of rules for all Metso’s
employees and business associates, ensuring consistent decision-making in the everyday working environment and making
Metso a responsible and trusted business partner. Metso’s Code of Conduct summarizes in a single document the topics that
are important in terms of anti-corruption and anti-bribery trade compliance, human rights, safety, sustainability, information
disclosure and other relevant compliance areas. Metso’s Code of Conduct is reviewed annually, and all Metso employees
must complete Code of Conduct training on an annual basis. 99.0% of Metso people completed the 2024 training by the year-
end. 
The Human Rights Policy, reviewed annually and approved by the Metso Leadership Team, complements Metso’s Code of
Conduct and related policies, including the Supplier Code of Conduct. Metso is committed to operating in a way that human
and labor rights are respected and supported across the value chain, including our own operations, suppliers, agents,
distributors, and other business partners. This is clearly stated in Metso’s Code of Conduct and the Supplier Code of Conduct
to minimize the risk of forced and child labor in the value chain.
Metso’s Remuneration Policy is ratified at the Annual General Meeting, and it outlines the compensation principles and
framework for the President and CEO, as well as for the Board of Directors. This policy also applies to any appointed Deputy
CEO. Metso also has a Diversity & Inclusion Strategy that includes a statement and actions regarding Metso’s commitment to
promoting equal opportunities and fair treatment for all employees. All policies are available on Metso’s intranet pages and all
policies, excluding the Sponsorships and Donations Policy, as well as the Diversity and Inclusion Strategy, are available also
on Metso’s external website.
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Metso also has clearly defined global processes, which ensure the equal treatment of its employees through clear and
transparent governance. These processes are evaluated annually to ensure they support Metso’s People and culture
processes and the growth of employees. The duties at Metso require specific technical and safety skills across the
businesses, market areas and functions limiting greater risk of harm to individuals in particular contexts or undertaking
particular activities. Some examples of such guidelines include a global job leveling model, a structured approach toward
short-term incentives, the Metso Growth dialogue (Metso’s approach to performance and development discussions), and
inclusive talent acquisition guidelines.
3.1.4.2. Health and safety
Metso’s commitment to work safety is set out in its EHS and Quality Policies. Metso’s EHS Policy applies to employees as well
as contractors working at Metso premises or under Metso direct supervision. This policy states Metso’s intent to manage
hazards and reduce risks to create a safe and healthy workplace, and to respect the human rights of its own employees,
contractors and customers. The policy underlines Metso’s expectations for clear target setting for health and safety and for
continuously developing the management systems and ways of working to achieve better safety results. Local legal
requirements set the performance thresholds for each site, which Metso strives to exceed. 
Metso is committed through its Quality Policy to prevent and minimize safety incidents and environmental impacts at its own
operations and from the products and services delivered to customers. At the beginning of 2024, the Metso Leadership Team
decided to establish a Corporate Quality Board to ensure the effectiveness and efficiency of Metso’s integrated management
system and to enhance collaboration between Group functions, business areas and market areas. It is expected that this work
will make a significant contribution to improving Metso’s health and safety performance as well as quality more generally.
Metso’s integrated management system follows best international practices and ISO standards: ISO 9001 (quality), ISO 14001
(environmental) & ISO 45001 (health and safety). It integrates all Metso’s systems and processes into a single framework,
enabling Metso to work as a single unit with unified objectives. Metso is certified annually by an external body to ensure that
its work meets legal, regulatory and ISO standard requirements
3.1.5. Processes for engaging with own workers and workers’ representatives
3.1.5.1. People and culture
Metso engages actively with employees locally through various formal and informal channels: townhall meetings between
management and employees as well as union and works council meetings in countries. Metso has agreements with its
employees by European Works Council and attends European Works Council meetings. In addition to local engagement,
employees are encouraged to join discussions in global channels and forums via Teams and Viva Engage, as well as to take
part in events and campaigns, such as Culture Talks and various campaigns around D&I and wellbeing. All employees have
the opportunity also to give anonymous feedback to the company through the employee engagement survey; this feedback is
reviewed regularly, both for positive comments and improvement ideas. The results of the engagement survey are an
important input when determining the priorities for Metso’s people strategy. The employee engagement survey is discussed in
more detail in section 3.1.3. Targets and progress on targets.
The growth of every employee is a fundamental part of Metso’s culture. Metso’s model for supporting the growth of its people,
the Growth dialogue, combines processes of leading performance and competence development. The growth discussions
take place throughout the year and focus on target setting, performance evaluation, and identifying strengths and
development opportunities. Metso encourages all employees to have a minimum of four Growth dialogue discussions per year
with their manager.
Metso measures the employees’ overall well-being and job satisfaction with an employee engagement survey that is
conducted four times per year. With questions related to mental well-being, it is possible to gain understanding of how
employees experience their work-life balance. As one of the work-life balance metrics, Metso also measures the percentage of
employees that are entitled to take family-related leave and the percentage of entitled employees that took family-related
leave (S1-15).
In 2024, Metso further continued enhancing its Talent Acquisition practices by strengthening its global talent sourcing
capabilities to enable a more proactive, inclusive and data-driven hiring process. Additionally, a pilot for AI-based inclusive
talent acquisition recruitment ad writing tool was introduced to ensure bias-free job ads and to further educate the organization
on the importance of neutral language. A pilot to support recruiting was launched to ensure an objective hiring process and to
support bias-free decision-making in recruiting. 
Metso actively engages with employees through various local unions and works councils, including collaboration with Metso’s
European Works Council. In these meetings, topical business and people updates and any employee-related change
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proposals or modifications are discussed and/or negotiated. This forum also serves as a channel for employee representatives
to raise ideas, questions and concerns. Typically, local business management is represented; in Finland, this usually involves
representation from the Metso Leadership Team. 
3.1.5.2. Health and safety
Metso emphasizes safety leadership and personal commitment to safety. Safety-related programs are implemented with
audience-specific materials and through a train-the-trainer approach to ensure the entire organization is involved. The
programs are expected to become part of local procedures and practices, including reporting practices. 
Consultation with stakeholders is a crucial aspect of health and safety at Metso. Working groups, comprising employees from
different functions and levels, focus on important health and safety issues and drive Metso’s key safety initiatives. From
internal safety forums and safety committees to global steering groups, collaboration and involvement across different
organizational levels and functions is ensured. Health and safety topics are also integrated into employee engagement
surveys. 
Risk observations are a proactive measure to prevent injuries in the workplace. To reinforce the importance of these
observations and to improve their quality, a new company-wide risk observation and management training was launched in
2024 with a focus on improving hazard identification skills and stronger situational awareness. Training is available as an
eLearning for non-operational employees and face-to-face for operational employees. In 2024, all employees without
subordinates were expected to complete this training and report at least one risk observation during the year. This included a
requirement that the risk observation was closed, and corrective actions were taken by the end of the year. This requires
active management of risk observations throughout the year. By year-end, 85% of employees had completed the training, and
94% of the risk observations were closed.
Safety conversations are another essential proactive tool for management to improve safety. Safety conversations enable
management to influence, measure and evaluate the safety culture in their teams. To support this, Metso published a new
safety conversation training with completion set as a 2024 target for all managers and supervisors with subordinates. The
training focuses, e.g., on raising safety awareness, as well as on identifying and fixing unsafe practices, procedures and
conditions in a psychologically safe environment. The aim is to lead by example and to acknowledge one’s own behavioral
styles and biases. In addition to the training, the reporting of four safety conversations during 2024 was set as a target, with a
minimum requirement to have at least one conversation about hand safety and one about controlling risks, as these were
identified as not only key risks to our targets but also areas where leaders could have a better understanding of the challenges
the frontline face. 
3.1.6. Remediating negative impacts and feedback channels for own workers
3.1.6.1. People and culture 
Metso’s business and governance model for human resources is based on a dual reporting structure, with reporting lines both
to the local business and to Metso Group. This structure makes it possible to take into account local requirements and
employment laws and ensure global compliance.
Metso has an external whistleblower channel in order to provide employees with the possibility to report confidentially any
suspected violation of Metso’s Code of Conduct that could cause direct or indirect financial or other damage to Metso or
Metso’s employees. The whistleblower channel can be accessed from the main page of both Metso’s external website and
intranet; global and local communication campaigns are organized to increase awareness of the channel. The awareness
campaigns specifically highlight that the tool can be used for topics including human rights-related matters such as safety,
working conditions, harassment, and discrimination. The whistleblower channel and how incidents are investigated and
remediated are described in more detail in section 4.1.6. Responsible Business Conduct and prevention and detection of
corruption and bribery as well as in section 3.2.6 Remediating negative impacts and feedback channels for value chain
workers. Over the past few years, whistleblower channel cases have tended to be related to financial and HR issues. More
recently, the whistleblower channel has been increasingly used to report issues other than financial-related misconduct; the
reported incidents are evaluated and investigated in a similar process.
In the engagement survey, Metso regularly measures how confident the employees are of not being discriminated against at
Metso. In the engagement survey, employees can also leave anonymous comments and questions, which can be addressed
through the survey tool.
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3.1.6.2. Health and safety
Metso has a global safety reporting system that allows employees to raise safety concerns and show their personal
commitment to safety. Proactive measures, such as risk observations, are expected at all levels of the organization, focusing
on blue-collar workers, who face the most risks in their daily work. In addition, managers and supervisors are expected to
have continuous safety conversations to promote safety in a positive manner. All employees and contractors not only have the
right but also the obligation to refuse and to report any unsafe work. Metso emphasizes the incident investigation process and
corrective actions and follows the completion rate for both. All serious accidents are reviewed by top management to ensure
proper investigations and corrective actions are completed. Internal and external audits to monitor the level of safety are also
conducted. 
3.1.7. Metso’s people and culture – actions
Building a strong performance culture is defined as one of Metso’s four top priorities, and the People and Culture agenda is
embedded into the company’s overall business strategy.
Metso’s People and Culture agenda has three focus areas that are integral to building the performance culture at the
company: High performing people, Inspirational leadership, and Industry-leading capabilities. With these focus areas, Metso is
building a future-proof organization where its employees continuously learn and grow and where Metso is able to attract and
retain talent globally. Metso values good leadership and aims to develop leaders who role model the company’s leadership
principles and support and enable the growth and success of its employees and business. Central to Metso’s culture is a
diverse and inclusive culture, with the safety and wellbeing of employees at the core.  
Specific actions taken in 2024 include:
Four engagement surveys
Global wellbeing webinars to complement various local wellbeing initiatives
Leadership programs offered to all Metso leaders
New leadership training pilot aimed at first-time leaders
Inclusive Talent Acquisition program and eLearning rolled out to all leaders 
Company’s talent acquisition process refined, and a more inclusive framework for hiring crafted
The target to increase the proportion of female leaders to 30% by the end of 2030 closely monitored 
‘Me at Metso’ initiative launched, focusing on key behaviors driving growth at Metso, such as collaboration
and accountability 
3.1.8. Health and safety –  actions
Metso’s overall safety performance is not in line with the Group’s ambitious targets. In 2024, Metso’s global safety leadership
team reviewed and enhanced Metso’s long-term safety plan. The team evaluated a comprehensive list of different
development actions and developed a high-level prioritized safety plan for the next three years. Action areas include
investigation processes, safety leadership, health and safety professional development, and development of frontline
competency. 
One of the main focus areas of Metso’s health and safety approach is the fatality prevention program. The purpose of the
program is to prevent fatalities and severe injuries through a standardized approach to control the highest safety risks. These
risks are mitigated in a range of ways, including with safety equipment and tools, working procedures, continuous training, and
leadership involvement. The fatality prevention program includes high-level safety directives that set out detailed health and
safety requirements for all businesses. In 2024, all business and market areas were asked to conduct an analysis to identify
gaps between local operations and the requirements of the health and safety directives. All identified gaps are required to
have actions in place to ensure compliance with directives. An ongoing review program is incorporated into Metso’s audit
program, and this work continues in 2025.   
Metso's Life-Saving Rules are focused on addressing the ten identified critical operational risks. They were developed by a
diverse team, including frontline workers, technical experts, safety professionals, and supported by top-level management.
These rules establish non-negotiable guidelines for addressing each of the identified critical risks. All employees and
contractors receive training, and ongoing refresher training is provided through safety meetings, toolbox talks, inductions, and
online sessions. In 2024, this training had a 91% completion rate. In addition, toolbox talk communication materials were
published monthly to support continuous discussions and learning. 
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Modus Operandi describes Metso’s way of working, setting out the core expected behaviors related to health and safety, not
only for employees, but also for supervisors, managers and the business itself. Modus Operandi training is provided to all
employees and contractors on a regular basis. 
In 2024, after analyzing injury data from the past five years, the prevention of lifting incidents and hand injuries were identified
as key focus areas. Hand injuries are among the most common types of workplace injuries at Metso, and additionally lifting
operations are a major cause of these hand injuries. As a result, all operations were asked to review and analyze the risk
assessments and inspections to determine if this is an issue in their operations. Managers and supervisors were tasked with
identifying unsafe behaviors in lifting operations through safety conversations and promoting better safety procedures for
lifting. Additionally, all employees were encouraged to drive behavioral change by reporting risk observations.
Metso performed 50 internal safety audits in 2024. This resulted in around 300 corrective actions. The most important safety
actions taken in 2024:
Incident investigation in Irapuato, Mexico
Review of lifting operations
Reintroduction of hand safety program LEGIT
Safety directive gap analysis
Risk observation and safety conversation trainings
Long-term safety plan
3.1.9. Metrics
S1-6 – Characteristics of the undertaking’s employees by gender
Gender
Number of employees (headcount)
Male
13,410
Female
3,422
Other
0
Not reported
0
Total employees
16,832
S1-6 – Breakdown by country
Number of employees
(headcount)
Country
2024
2023
2022
Finland
2,881
2,790
2,431
Chile
1,909
2,353
2,818
India
1,778
1,659
1,420
Brazil
1,664
1,696
1,630
China
1,113
1,058
1,013
For the corresponding consolidated employee number, refer to the Consolidated financial statements, note 1.5 Personnel
expenses and number of personnel.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    64
Reporting period 2024
FEMALE
MALE
OTHER1)
NOT DISCLOSED
TOTAL
Number of employees (headcount)
3,422
13,410
0
0
16,832
Number of permanent employees (headcount)
3,058
12,238
0
0
15,297
Number of temporary employees (headcount)
364
1,172
0
0
1,536
Number of non-guaranteed hours employees (headcount)
0
7
0
0
7
Number of full-time employees (headcount)
3,250
13,197
0
0
16,447
Number of part-time employees (headcount)
172
206
0
0
378
1)Gender as specified by the employees themselves.
Turnover
Number of employees
Leavers
3,441
Turnover rate
20%
Total number of leavers, excluding divestments, divided by average monthly headcount.
S1-7 – Characteristics of non-employee workers in the undertaking’s own workforce 
2024
2023
2022
Workers who are not employees
3,720
4,776
4,774
S1-8 – Collective bargaining coverage and social dialogue
Collective Bargaining Coverage
Social dialogue
Coverage rate
Employees-EEA1)
(For countries with >50
employees representing
>10% total employees)
Employees-Non EEA1)
(Estimate for regions with
>50 employees
representing >10% total
employees)
Workplace representation
(EEA1) only)
(For countries with >50
employees representing
>10% total employees)
0–19%
Asia, Middle East, India (1%)
North and Central America
(13%)
20–39%
South America (39%)
40–59%
Rest of EEA (58%)
60–79%
80–100%
Finland (96%)
Asia Pacific (88%)
Finland
1)European Economic Area (EEA)
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S1-9 – Diversity metrics
Category
Indicator
2024
2023
2022
Board of Directors
By gender
Female
Number
3
3
3
% of total
33%
33%
33%
Male
Number
6
6
6
% of total
67%
67%
67%
By age group
<30
Number
0
0
0
% of total
0%
0%
0%
30-50
Number
1
1
0
% of total
11%
11%
0%
>50
Number
8
8
9
% of total
89%
89%
100%
Executive team
By gender
Female
Number
5
4
4
% of total
56%
44%
44%
Male
Number
4
5
5
% of total
44%
56%
56%
By age group
<30
Number
0
0
0
% of total
0%
0%
0%
30-50
Number
4
4
5
% of total
44%
44%
56%
>50
Number
5
5
4
% of total
56%
56%
44%
Employees
By gender
Female
Number
3,422
3,267
3,006
% of total
20%
19%
18%
Male
Number
13,410
13,867
13,699
% of total
80%
81%
82%
By age group
<30
Number
2,527
2,685
2,602
% of total
15%
16%
16%
30-50
Number
10,930
10,738
10,531
% of total
65%
63%
63%
>50
Number
3,375
3,711
3,572
% of total
20%
22%
21%
S1-13 – Training and skills development metrics
Percentage of employees receiving regular performance and career development reviews:
Category
2024
2023
2022
By gender
Female
98%
97%
95%
Male
96%
98%
95%
Other
-
-
-
By employee category
Professional
95%
97%
94%
Middle management
99%
99%
97%
Senior management
100%
98%
99%
Includes only white-collar employees.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    66
Average hours of training per year per employee 
Category
2024
2023
2022
By gender
Female
9.77
7.15
5.07
Male
10.46
9.89
5.34
Other
-
-
-
By employee category
Blue collar
4.95
4.81
2.85
Professional
12.73
11.55
6.84
Middle management
12.01
11.97
5.38
Senior management
7.97
9.56
4.10
Total average hours
10.32
9.38
5.29
Includes global mandatory trainings and eLearnings.
S1-14 – Health and safety metrics
Number of employees and external
workers
% of employees
Covered by an occupational health and
safety management system
20,736
100%
Covered by an occupational health and
safety management system that has
been internally audited 
20,736
100%
Covered by an occupational health and
safety management system that has
been audited or certified by an external
party  
12,586
61%
S1-14 Work-related injuries and fatalities
OWN EMPLOYEES
Fatalities
2024
2023
2022
Number of fatalities
0
0
0
Recordable injury rate (TRIF)
2024
2023
2022
By region
Europe
1.9
2.2
2.3
North and Central America
4.8
2.1
5.4
South America
1.9
1.7
1.6
Asia Pacific
3.4
5.5
2.1
Africa, Middle East and India
1.5
1.2
0.5
Total
2.4
2.3
2.3
Number of recordable injuries
2024
2023
2022
By region
Europe
20
23
24
North and Central America
20
9
22
South America
17
16
13
Asia Pacific
15
22
8
Africa, Middle East and India
7
5
2
Total
79
75
69
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    67
 
Recordable injury rate (TRIF) and number of recordable injuries include lost time, restricted work, and medical treatment
incidents.
Number of days lost
2024
2023
2022
By region
Europe
311
n/a
n/a
North and Central America
1,000
n/a
n/a
South America
640
n/a
n/a
Asia Pacific
31
n/a
n/a
Africa, Middle East and India
46
n/a
n/a
Total
2,028
n/a
n/a
Number of days lost reflects the total number of calendar days lost due to injuries that resulted in an absence of at least one
workday.
Lost-time incident frequency (LTIF)
2024
2023
2022
By region
Europe
1.0
1.0
1.3
North and Central America
3.3
1.1
1.5
South America
1.1
0.8
0.7
Asia Pacific
0.5
1.2
0.3
Africa, Middle East and India
0.9
0.5
0.3
Total
1.3
0.9
0.9
Lost-time incident frequency (LTIF) reflects the number of injuries resulting in an absence of at least one workday per million
hours worked.
NON-METSO EMPLOYEES – CONTRACTORS AND SUPERVISED WORKERS
Fatalities
2024
2023
2022
Number of fatalities
0
0
0
Fatalities include also value chain workers working in Metso’s sites.
Recordable injury rate (TRIF)
2024
2023
2022
By region
Europe
4.1
7.6
8.6
North and Central America
6.6
12.9
13.3
South America
9.0
5.8
4.1
Asia Pacific
2.4
15.0
6.8
Africa, Middle East and India
2.2
3.4
1.9
Total
3.9
5.3
4.2
Number of recordable injuries
2024
2023
2022
By region
Europe
5
12
14
North and Central America
1
2
2
South America
12
9
6
Asia Pacific
1
6
3
Africa, Middle East and India
9
16
8
Total
28
45
33
Recordable injury rate (TRIF) and number of recordable injuries include lost time, restricted work, and medical treatment
incidents.
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Number of days lost
2024
2023
2022
By region
Europe
30
n/a
n/a
North and Central America
21
n/a
n/a
South America
119
n/a
n/a
Asia Pacific
0
n/a
n/a
Africa, Middle East and India
377
n/a
n/a
Total
547
n/a
n/a
Number of days lost reflects the total number of calendar days lost due to injuries that resulted in an absence of at least one
workday.
Lost-time incident frequency (LTIF)
2024
2023
2022
By region
Europe
0.8
3.2
3.7
North and Central America
6.6
0.0
0.0
South America
6.0
4.5
2.7
Asia Pacific
0.0
5.0
0.0
Africa, Middle East and India
1.0
1.0
1.4
Total
1.9
2.2
2.0
Lost-time incident frequency (LTIF) reflects the number of injuries resulting in an absence of at least one workday per million
hours worked.
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S1-15 Work-life balance metrics
Country
Percentage of employees entitled to
take family-related leave
Percentage of employees that took
family-related leave
Finland
100%
7%
Chile
100%
3%
India
100%
4%
Brazil
100%
4%
China
100%
1%
United States
100%
6%
Australia
96%
31%
Peru
100%
5%
Mexico
100%
2%
Sweden
100%
16%
Canada
100%
3%
South Africa
100%
3%
United Kingdom
100%
3%
Germany
100%
2%
Lithuania
100%
71%
France
100%
23%
Indonesia
100%
3%
Kazakhstan
100%
3%
Saudi Arabia
100%
5%
Poland
100%
3%
Türkiye
100%
15%
Norway
100%
2%
Ghana
100%
2%
Czech Republic
100%
7%
Austria
100%
3%
Spain
100%
0%
United Arab Emirates
100%
10%
Family-related leaves reported in countries having over 20 employees in the end of 2024.
S1-16 – Compensation metrics (pay gap and total remuneration)
Blue collar
Professional
Middle management
Senior management
Finland
0.95
0.97
0.95
1.01
Brazil
1.19
0.95
0.71
China
0.81
1.00
0.78
Chile
0.77
0.92
0.69
India
0.92
0.92
Ratio is not provided if number of employees is small.
Gender pay gap per employee category in Metso’s five biggest countries. Finland, Chile, Brazil, India and China are Metso’s
five biggest countries by headcount. They represent about 56% of Metso’s total headcount.
Total remuneration ratio
35.3
The annual total remuneration ratio of the highest paid individual to the average annual total remuneration for all employees
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    70
S1-17 Incidents, complaints and severe human rights impacts
There were no incidents of discrimination reported externally in 2024. There were 27 complaints related to discrimination and
harassment reported through Metso's whistleblower channel in 2024. The total amount of material fines, penalties and
compensation for damages related to these complaints was 0 euros. 
3.1.10. Reporting principles
3.1.10.1. Metso’s people and culture
Data of employees and workers who are not employees is collected from the global HR master system PeoplePoint where
Metso records all employees and workers who are not employees. Data is collected from the last day of the year, 31.12.2024.
Recruitment and leaving data include all employees, permanent and temporary, full-time and part-time but excludes any
acquisitions or divestments. Job level is defined based on Metso job leveling system. Own workforce numbers are reported as
headcount.
Training hours are collected from the global LearningPoint system which is used for managing and recording global mandatory
training and e-learnings. Training data is mapped to gender and job level information from the global HR master system.
Training data covers the whole year, from January 1 to December 31, 2024.
Employee engagement (eNPS) data is collected from the Our voice tool, which is an employee survey tool. Employee surveys
are conducted four times per year; two of the surveys are for all Metso employees and two for white-collar workers. The
results from each survey round are reviewed internally. The results published in this statement are from December, which is
the latest survey of the year. Metso has been using the Our voice tool since 2020. 
Industry benchmark is defined as a comparative standard that allows organizations to evaluate their employee engagement
and feedback metrics against similar companies within their industry. This benchmarking process utilizes a vast dataset,
drawing from over half a million data points, to provide insights into how a company’s performance stacks up against its peers.
3.1.10.2. Health and safety
Metso’s global HSE24 reporting system is used to collect health and safety data and to monitor progress towards common
health and safety targets across all Metso operations. The occupational health and safety management system and reported
indicators cover employees as well as workers who are not employees but whose work or workplace is controlled by the
organization.
Metso has implemented a health and safety management system fulfilling local statutory requirements. The system also
supports standards such as ISO 45001. The occupational health and safety management system and reported indicators
cover employees as well as workers who are not employees but whose work or workplace is controlled by the organization.
All work-related injuries are reported, without exception, in the HSE24 reporting system. Injuries are investigated and the
results are reported in the system. Injuries are reviewed with management, and the necessary corrective actions are identified
during the investigation. All lost-time injuries are reviewed at least annually to identify high-consequence work-related injuries.
All injuries that are reported with a consequence defined as a “lost-time incident,” “restricted work,” or “medical treatment” are
included in recordable injuries. The type of injury is reported based on the Injury classification on the injury report for each
incident. Fatalities are categorized separately.
The number of hours worked per month is estimated as headcount at the end of the month multiplied by 160. Hours worked
are not made public but are used only to calculate frequency rates. Only the rate is reported so that reporting is concise.
Hours for non-employees are not reported because they are business-sensitive information and would add little value to
information about injury frequency rates.
Non-Metso employees cover supervised workers, contractors and workers in the value chain.
3.2. S2 Workers in the value chain – Responsible supply chain
Metso’s workers in the value chain that could be impacted by Metso’s operations include workers both upstream and
downstream of the company. Upstream value chain workers include, for example, direct suppliers, logistics providers and
indirect service providers. Downstream value chain workers consist of customers’ employees at customer sites, as well as
distributors and logistics service providers responsible for transporting products from Metso units to customers and from
suppliers to customers. Value chain workers are both blue- and white-collar workers. The most common roles of value chain
workers are technicians, blue-collar workers working for Metso subcontractors. White-collar workers are represented by site
managers and engineers involved in specific projects. In 2024, Metso’s procurement spend was approximately EUR 3.1
billion, and the company collaborated with over 18,000 suppliers in around 100 countries. 
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The most vulnerable workers in Metso’s value chain are those not directly employed by Metso, i.e. contracted workers in
certain countries. These contracted workers may face the risk of sudden termination of contract and may have limited
opportunities to voice their concerns due to fear of non-renewal of contract. 
Adherence to operational health and safety and fair employment practices in Metso’s supply chain, continuous supplier due
diligence and risk identification, as well as climate change actions taken by suppliers are a priority for Metso. The main ways
to address responsibility in the supply chain in 2024 focused on obtaining more reliable data on most of the key suppliers and
streamlining internal reporting for advanced supply chain analysis.
3.2.1. Material impacts, risks and opportunities
Impacts, risks and opportunities
Impacts
Risks
Opportunities
Key management methods
Health and safety
Considering the nature of the
industry, working at customer
sites may expose workers to
multiple health and safety
risks. In many of the countries
where Metso has suppliers,
the enforcement of health and
safety laws is poor, unsafe
conditions are common, and
the rate of accidents high.
Especially among lower tiers
of the supply chain, poor
implementation of health and
safety measures is common,
as are unsafe conditions, lack
of personal protective and
safety equipment, inadequate
knowledge, limited training,
and poor hygiene.
Inadequate health and safety
requirements or their
implementation may
negatively affect the suppliers’
and customer’s employees’
physical and mental health,
as well as increase accidents.
Metso’s safety requirements
and practices can positively
impact the health and work
environment of suppliers’
employees
- The Supplier Code of
Conduct includes
requirements for health and
safety. Suppliers are
expected to provide a safe
and healthy working
environment and to take all
reasonable steps to prevent
injuries, safety incidents, and
health hazards.
- Supplier sustainability
audits
- The Product Compliance
Management process
ensures that products
designed and supplied by
Metso worldwide meet all
applicable safety
requirements throughout the
product life cycle. 
- Metso’s Quality Policy
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Working conditions: Working time, Adequate wages, Secure employment, Work-life balance, Discrimination and
harassment, Forced labor, Freedom of association and collective bargaining
A violation of work-related
rights in Metso’s supply chain
may cause human suffering
and inequality.
In some instances, Metso
may unknowingly support
operations that do not align
with its values, principles and
Supplier Code of Conduct,
which may result in weaker
working conditions, job
satisfaction and commitment
to Metso on the part of
suppliers’ employees.
Metso’s requirements for its
suppliers and the control
mechanisms in place may
have a positive impact on the
working conditions of
suppliers’ employees. 
- Metso’s Supplier Code of
Conduct includes
requirements for fair
employment practices. 
- Compliance with the
Supplier Code of Conduct is
ensured, e.g. through supplier
sustainability audits and
assessments.
- The Human Rights Policy
sets out Metso’s commitment
to human rights.
- The supplier onboarding
process includes a range of
internal controls, e.g.
suppliers are required to sign
the Supplier Code of
Conduct.
- Anonymous whistleblower
channel
Metso's supply chain extends
to many low-income
countries.
Expansions of sourcing to
low-income countries to
improve cost-efficiency may
increase the risk for wages
that are not adequate.
Workers in the supply chain
might be required to work
long shifts to meet production
demands, and workers based
in remote locations may be
more vulnerable to
exploitative practices, such as
long working hours without
sufficient rest, as these are
subject to less oversight from
inspection and monitoring.
Metso purchases components
from suppliers in some
countries where there is a risk
of forced labor. There is also
a risk of child labor relating to
procuring natural rubber in
certain countries in Southeast
Asia. 
3.2.2. Processes to identify and assess material impacts, risks and opportunities
The material impacts, risks and opportunities related to workers in the value chain have been identified in a double materiality
assessment. The materiality assessment is discussed in section 1. General information. 
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3.2.3. Targets and progress on targets
Sustainability topic
Target for 2024
Long-term goal
2024
2023
Progress
Supplier Code of
Conduct
96% of procurement
spend with suppliers
that have signed the
Supplier Code of
Conduct
Continuous
improvement and
alignment with
sustainable
procurement initiatives
93%
94%
Below target
Responsible supply
chain
182 supplier
sustainability audits per
year conducted in
higher-risk areas
Continuous
improvement and
alignment with
sustainable
procurement initiatives
179
172
Below target
Corrective action
closure rate based on
supplier sustainability
audits
70%
To close all corrective
actions identified in
supplier sustainability
audits
61%
59%
Below target
Internal stakeholders, customers and investors were consulted when setting targets. Targets are set annually and are
monitored internally on a quarterly basis. If required, potential issues can be escalated to the Procurement Leadership Team
and the Sustainability Steering Committee.
3.2.4. Policies
Metso is committed to respecting human rights and the United Nations (UN) Guiding Principles on Business and Human
Rights. Metso also adheres to the UN Global Compact Initiative and its principles, as well as to the principles of the Universal
Declaration of Human Rights, and the International Labor Organization’s (ILO) Declaration of Fundamental Principles and
Rights at Work. These commitments are incorporated into Metso’s Code of Conduct, Supplier Code of Conduct, and its
Human Rights, HR, Quality, and EHS policies. In addition, the Metso Modern Slavery Statement outlines practices and actions
to mitigate the risk of modern slavery or human trafficking in Metso’s own business and supply chain. Metso also supports and
operates according to the principles described in the OECD Guidelines for Multinational Enterprises. Metso does not accept
any form of compulsory, forced, or child labor, slavery or human trafficking, unlawful employment terms, unsafe working
conditions or unlawful environmental impacts within its own operations, including investment decisions related to mergers,
acquisitions, and divestments, and it has zero tolerance for any such activity in its supply chain.
Due to the cyclical nature of its customer industries, Metso outsources a significant proportion of its manufacturing. Metso
expects its suppliers to follow its Supplier Code of Conduct, which is based on Metso’s Code of Conduct and established
international best practices. In 2024, Metso updated its Supplier Code of Conduct. The Supplier Code of Conduct was aligned
with the published Human Rights Policy, direction, and understanding, including strengthening the message in the health and
safety, child labor and non-discrimination sections. NIS2 (Network and Information Security Directive) cyber security
requirements were also added with this update. Non-compliance with Metso’s Supplier Code of Conduct is addressed with the
supplier to agree on improvements and alignment with the expected commitments. During the reporting period, no cases of
non-compliance with the UN Guiding Principles on Business and Human Rights, the ILO Declaration on Fundamental
Principles and Rights at Work, or the OECD Guidelines for Multinational Enterprises involving value chain workers in our
upstream or downstream value chain were reported.
In 2023, Metso’s Board of Directors approved a Human Rights Policy that sets out Metso’s commitment to human rights.
Metso is committed to regularly reviewing its due diligence practices and human rights policies and procedures. Metso
requires that business partners, including suppliers and other stakeholders, also follow similar standards. Processes to report
any suspected misconduct or non-compliance are in place, such as an anonymous whistleblower channel that is available to
employees and external parties. Based on the investigation outcome, appropriate measures are implemented, which can
include removing the supplier from the list of suppliers. 
3.2.5. Processes for engaging with value chain workers about impacts
Human rights-related topics, including health and safety and labor rights, are regularly reviewed within Metso’s own operations
and through a risk-based approach in its supply chain. Human and labor rights, environmental and safety practices,
compliance with laws and regulations, and anti-bribery provisions are covered by third-party supplier sustainability audits,
supplier self-assessments and Metso’s internal supplier sustainability audits. Key supplier requirements are also incorporated
into contract obligations, and a contract breach can result in consequences, such as follow-up on agreed improvements on
action plans and, if not addressed in a satisfactory manner, potential termination of a supplier relationship. Heads of business
areas are responsible for ensuring that non-conformities and findings are considered in decision-making, and ongoing
engagement with suppliers is maintained. Metso has established metrics associated with supplier engagement on
sustainability topics, with annual targets and monthly follow-up, including the number of audits and closed corrective actions.
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Sustainability risk mapping within the existing supplier base allows a focus on suppliers with the highest potential sustainability
risks in their operations. This risk mapping is based on a country-level supplier assessment of the following categories: 
child labor
forced or involuntary labor
discrimination in the workplace
rule of law
corruption risk index
respect for property rights
freedom of association and collective bargaining index
health and safety risk as well as environmental regulatory framework 
Onboarded suppliers are constantly monitored using a third-party screening tool for adverse media, enforcements related to
e.g. environmental or labor right violations or sanctions. Supplier sustainability audits are conducted in high-risk countries by
both Metso procurement teams and a third-party auditor.
As part of Metso’s ongoing procurement processes, new supplier assessments evaluate all new direct suppliers in high-risk
countries against Metso’s sustainability criteria. Based on the assessments of existing and new suppliers, the need for third-
party or internal supplier sustainability audits as well as any further actions are determined. 
In 2024, 179 supplier sustainability audits were conducted, and all of them included human rights topics in their scope. During
the audit process, the supplier’s personnel could be interviewed directly, and suppliers are expected to remedy any non-
conformities identified without delay. After an audit, suppliers receive the audit findings, and Metso follows up on the
implementation of planned corrective actions according to the agreed schedule. Subsequent re-audits may be conducted.
To further support its suppliers’ sustainability actions and create awareness, Metso educates and advises its suppliers
regarding their performance related to sustainability. Metso offers a variety of supplier e-learning courses about its supplier
sustainability expectations regarding, e.g., human rights, safety, Science Based Target (SBT) methodology and reducing CO2
emissions in the supply chain. 
Metso also conducts compliance assessments of its suppliers and other business partners through third-party screening tools
and portals linked to Metso’s supplier data management systems. Following screenings, specific corrective actions are agreed
with suppliers and monitored within the agreed time schedule. Significant aspects that could not be rectified may lead to a
supplier potentially being excluded from consideration by Metso. 
Metso’s general conditions of purchasing include specific compliance requirements, including those related to modern slavery.
Any breach of these requirements by the supplier entitles Metso to terminate the relevant contractual relationship with
immediate effect. Commitment to the Metso Supplier Code of Conduct is part of Metso’s supplier onboarding process.
Metso actively engages in discussions with many of its customers to support them in reaching their sustainability targets and
proposes improvements to the customers’ processes. Additionally, Metso collaborates on co-funded community projects with
its customers. Metso strives to develop a shared understanding with suppliers across the areas of innovation, cost efficiency,
health and safety, quality and sustainability to effectively manage risks associated with outsourcing.
3.2.6. Remediating negative impacts and feedback channels for value chain workers 
Supplier sustainability internal and third-party audits, corrective actions, the external whistleblower line, and case
investigations are the primary methods to prevent, mitigate or remediate material negative impacts on value chain workers.
Metso acknowledges that the current approach largely represents a compliance level of performance and this will be
evaluated in the next 2–3 years. 
Metso’s employees or any external party can confidentially report suspicions of financial or other misconduct, including
environmental, social or governance misconduct, via the anonymous whistleblower channel, maintained by an independent
third party. In cases of potential misconduct, Metso encourages its suppliers to report it to their Metso contact person or to use
the externally available whistleblower channel. Metso’s Supplier Code of Conduct also requires suppliers to provide access to
a protected mechanism for their employees to report possible violations of the principles outlined in Metso’s Supplier Code of
Conduct.
Metso’s Compliance and Risk function determines how matters of potential misconduct will be investigated and reports the
alleged misconduct to the Board’s Audit and Risk Committee. To ensure effective and efficient investigation and remediation,
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roles and responsibilities are defined in an internal Metso directive. Metso is committed to remediation and to implementing
relevant improvement actions to prevent reoccurrence. The responsible management executes the remediation measures with
support from Human Resources if the misconduct or non-compliance leads to employment-related actions. Furthermore, the
Compliance and Risk function monitors the remediation implementation. In 2024, there were no reported severe human rights
issues or incidents in Metso’s supply chain.
Currently, Metso does not regularly evaluate the efficiency of existing processes to remediate negative impacts in the value
chain. The plan for the coming years is to gradually increase understanding of externally available ESG datapoints for Metso’s
supplier base, focusing initially on filling in data gaps for key and direct vendors with a risk-based approach. Based on data
availability, a more effective process and remediation approach will be developed.
3.2.7. Responsible supply chain – metrics and actions
Metso requires its suppliers to demonstrate continuous environmental improvement, such as developing CO2 emissions
reduction plans and setting their own CO2 reduction targets. Metso especially encourages suppliers to commit to the Science
Based Targets initiative (SBTi) and climate-related target setting. Metso aims for 30% of its direct procurement spend to be
with suppliers who have committed to science-based emissions reductions by 2025. Metso’s supplier engagement program
began in 2020; in 2024, 31.6% of the direct supplier spend was with those committed to SBTi. In addition, to acknowledge the
efforts of suppliers who have set ambitious climate targets not covered by SBTi commitments, these are included in a
separate KPI (33.2% in 2024). Some suppliers have highlighted that they are already benefiting from energy consumption
reductions and optimization of their operations. The supplier engagement program is therefore mutually beneficial, especially
for smaller companies that would not have their own science-based emissions targets programs without Metso’s support. In
addition, Metso has interviewed customers in order to understand the requirements of upstream value chain emissions
reporting and to understand how value chain workers should be engaged for setting Metso’s supplier-related targets.
In 2024, Metso’s spend on suppliers that are local to the purchasing operations amounted to 72% of total supply spend. Metso
is committed to supporting local communities by sourcing products locally where economically feasible, training, recruiting
local people and supporting local economic development.
Through its Supplier Code of Conduct, responsible business practices, audits, and assessments of new direct suppliers from
high-risk countries, Metso aims to ensure that its practices do not cause or contribute to material negative impacts on value
chain workers. Metso is transparent about its requirements and encourages safe working practices in the supply chain.
Based on the human rights impact assessment conducted in 2023, Metso assessed its existing human rights due diligence
process and risks and identified future focus and priority areas. These include health and safety and prevention of
discrimination and harassment across the whole value chain. Other areas identified were secure employment, working time,
adequate wages, freedom of association and collective bargaining, as well as prevention of forced labor. These are areas
where actual or potential impacts are recognized in several or some parts of the value chain. The assessment also identified
different groups of value-chain workers that may be particularly vulnerable to impacts. In 2024, Metso placed a risk-based
focus on its supply chain with regards to human rights by, for example, conducting supplier audits in the high-risk countries. In
2025, Metso plans to further improve its human rights governance and due diligence processes by reviewing its current
policies and communication practices, assessing its grievance mechanisms, enhancing due diligence governance in its own
operations, and further developing and implementing risk-based due diligence and human rights risk assessments for supply
chain sustainability. In recognizing that the human rights impacts may change over time as the operations and value chains
evolve, Metso acknowledges that embedding human rights due diligence across our business is an ongoing process.
An important safety priority is ensuring that products and services are safe to use and maintain; thus, the safety of operation
and maintenance is considered in the early phases of product development. The Product Compliance Management process
ensures that products designed and supplied by Metso worldwide meet all applicable safety requirements. 
Metso manages incidents, hazards, and development initiatives through its QEHS management and product compliance
management systems, as well as through customer feedback collected after each major delivery and in customer surveys. 
Key global actions in 2024 included: 
Supplier-related categorization and ESG data collection improvements
Tracking supplier onboarding and Supplier Code of Conduct signage
Active supplier engagement on climate change actions 
Monitoring supplier commitments to SBTi on a monthly basis 
Contract re-negotiations with logistics suppliers, prioritizing those with clear climate change mitigation
strategies and plans
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Update of Supplier Code of Conduct 
Review of supplier audit questions and guidance with regards to human rights
Awareness building on human rights in Metso’s procurement organizations in higher-risk countries
Awareness building on Metso’s human rights impact through increased employee communication 
Key local actions in 2024 included:
Conducting 159 internal and 20 third-party supplier audits, and ensuring timely closure of identified corrective
actions with 61% in high ESG risk countries: Brazil, Chile, China, India, Indonesia, Mexico, Peru, Turkey and
South Africa
Engaging suppliers on the topic of Carbon Border Adjustment Mechanism (CBAM) and collecting in-depth
production-related CO2 emissions quantitative and qualitative data from EU importing countries
4. G – Governance information
4.1. G1 Responsible business conduct
4.1.1. Material impacts, risks and opportunities
Building a strong performance culture is defined as one of the four top priorities for Metso, including ensuring responsible
business conduct. The focus areas for people and culture in the strategy period 2025-2027 are: high-performing people,
inspirational leadership, and industry leading capabilities. Corporate culture and the agenda are discussed in more detail in
section 3.1. Own workforce.
Metso endorses responsible business practices and complies with national and international laws and regulations. The
company has zero tolerance for corruption.
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Impacts, risks and opportunities
Impacts
Risks
Opportunities
Key management methods
Business conduct and corruption and bribery
Insufficient processes and
control mechanisms for
preventing corruption and
bribery could lead to non-
compliance with Metso’s
Code of Conduct and
applicable laws.
Corruption and bribery may
have significant financial
consequences and weaken
Metso’s reputation and brand.
When stakeholders perceive
Metso as a responsible and
trusted partner, it improves
Metso’s reputation, brand and
competitiveness.
- Metso’s Code of Conduct,
Supplier Code of Conduct,
and Anti-Corruption Policy
- A range of internal controls
- Metso’s internally and
externally available
whistleblower channel
- Mandatory and yearly Code
of Conduct training 
Management of relationships with suppliers and payment practices
If Metso is not seen as a
responsible partner its
relationships with its suppliers
may suffer and therefore lead
to loss of some of the long-
term partnerships. Whereas
Metso’s reputation as a
sustainable and responsible
partner improves cooperation
with suppliers and can lead to
long-term partnerships with
financial benefits.
Because of uncertainty in
global supply chains, the
financial position of suppliers
may be at risk and could also
lead to challenges with on-
time deliveries. If Metso’s
suppliers are unable to deliver
and the company is unable to
find alternative sources in the
time required, it may lead to
contractual penalties and/or
obligations for Metso.
- Supplier Code of Conduct
- Supplier sustainability
audits
- Compliance checks on
customers, suppliers, and
other business partners are
conducted using third-party
screening tools and data
portals
- All sales agents, distributors
and other representatives are
required to confirm their
compliance with the
company’s Supplier Code of
Conduct requirements
4.1.2. Processes to identify and assess material impacts, risks and opportunities
The material impacts, risks and opportunities related to business conduct and corporate culture have been identified in a
double materiality assessment. The materiality assessment is discussed in section 1. General information. Corporate culture is
discussed in more detail in section 3.1.Own workforce.
4.1.3 Targets and progress on targets
Sustainability topic
Target for 2024
Long-term goal
2024
2023
Progress
Code of Conduct
training
All active employees,
including blue-collar
workers, trained in
Code of Conduct.
Excludes external
workforce
All active employees,
(including blue-collar
workers) trained in
Code of Conduct every
year
99.0%
99.4%
On target
4.1.4. Policies
Metso is committed to respecting human rights and the United Nations (UN) Guiding Principles on Business and Human
Rights. Metso is also committed to the UN Global Compact Initiative and its principles, as well as to the principles of the
Universal Declaration of Human Rights, the International Labor Organization’s Declaration of Fundamental Principles and
Rights at Work as well as OECD Guidelines for Multinational Enterprises. These commitments are incorporated in Metso’s
Code of Conduct and Supplier Code of Conduct, and in its Human Rights, HR, Quality and EHS Policies, described in more
detail in section 3.1.4.1. People and culture and section 2.3.4. Policies.
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4.1.5. The role of Metso’s administrative, management and supervisory bodies
The Board of Directors oversees the management and operations of Metso. It also decides on significant matters related to
strategy, investments, organizational structure and finances. The Audit and Risk Committee’s task is to ensure that established
principles for financial reporting, risk management and internal control are followed. The Audit and Risk Committee reviews
Metso’s annual sustainability reporting before submission to the Board for final approval. The President and CEO, with
assistance from the Internal Audit function, is responsible for maintaining an effective control environment and for the ongoing
work on internal control regarding financial reporting. 
Under the direction of the Board of Directors, Metso takes a systematic approach to managing sustainability matters, including
implementing appropriate policies, risk management, due diligence processes, governance and organization. Metso’s Code of
Conduct, approved by the Board of Directors, sets out the company’s expectations for business conduct.
The expertise of the Board of Directors and its committees is described in section 1.4.1. Roles and responsibilities. 
4.1.6. Responsible business conduct and prevention and detection of corruption and bribery
Metso works to prevent corruption in all its forms and requires its suppliers and business partners to follow the same principles
and to fully comply with all applicable anti-corruption laws. Metso’s Code of Conduct, Supplier Code of Conduct, and Anti-
Corruption Policy are the key policies that define the anti-corruption measures required from Metso’s employees, customers,
agents, suppliers, distributors and other business partners. 
Metso conducts compliance checks on customers, suppliers, and other business partners through third-party screening tools,
data portals that are linked to Metso’s customer relationship management systems, and supplier data management systems.
All sales agents, distributors and other representatives are further required to confirm their compliance with the company’s
Code of Conduct requirements. 
Metso’s employees have a responsibility for ensuring compliance with anti-corruption and anti-bribery measures. A range of
internal controls are in place, and employees are strongly encouraged to report any suspected misconduct to their
supervisors, to management, or to Risk and Compliance team or Internal Audit. Additionally, Metso employees or any external
party can report suspicions of financial and other misconduct confidentially via the anonymous Whistleblower channel, which
is maintained by an independent party. All reports are treated as confidential and anonymous, and Metso commits to ensuring
that there are no negative repercussions for the reporting person. The report can be submitted in several languages via the
Internet, by phone or by email, and anonymously, if necessary. Information about the whistleblower channel is included in the
Code of Conduct and in the mandatory annual training for the Code of Conduct. Other mandatory training includes antitrust,
cyber security and privacy e-learning courses, and depending on an employees’ duties, they are further required to complete
e-learning courses related to other policies such as, procurement, contract and other legal training.
The President and CEO, the Metso Leadership Team, and the management of the business areas, market areas and Group
companies are responsible for compliance. Suspected misconduct is investigated thoroughly and confidentially without undue
delay. The Risk and compliance team determines how the matter will be investigated and reports the alleged misconduct to
the Audit and Risk Committee. The Legal & Compliance and Human Resources functions together implement any measures
resulting from possible misconduct. The VP, Compliance and Risk Management regularly reports to the General Counsel and
to the Audit and Risk Committee regarding compliance cases and corrective actions taken. 
To mitigate risks and to ensure compliance with the company’s Code of Conduct, Metso provides regular compliance training.
In 2024, the Code of Conduct training focused on anti-corruption and anti-bribery, human rights, data privacy, and other
relevant compliance areas. All third parties involved in sales are required to complete specific anti-corruption training to ensure
a common understanding of Metso’s zero-tolerance for corruption and bribery. In addition, specific trade compliance training
was arranged for business area and market area sales and procurement teams.
Employees and Metso’s Board of Directors are required to complete the Code of Conduct training annually. 99.0% of
employees had completed the 2024 Code of Conduct training within the given timeframe. The Code of Conduct training is also
a mandatory part of the induction program for new employees.
4.1.7. Incidents of corruption or bribery
In 2024, 60 reports of suspected financial misconduct and 67 reports of suspected non-financial misconduct were received by
Metso’s Compliance department. The cases of misconduct were reviewed by the Audit and Risk Committee. None of the
cases had a significant impact on Metso’s financial results.
Several lawsuits, legal claims and disputes based on various grounds related to, among other things, Metso’s products,
projects, other operations, and customer receivables are pending against Metso in various countries. There have been no
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judgements or fines for violation of anti-corruption or anti-bribery laws. No need for action has been identified to address
breaches of anti-corruption and anti-bribery procedures and standards.
4.1.8. Management of relationships with suppliers and payment practices
All third parties involved in sales are required to complete specific anti-corruption training to ensure a common understanding
of Metso’s zero tolerance for corruption and bribery. Metso expects its suppliers to follow its Supplier Code of Conduct, which
is based on Metso’s Code of Conduct, as well as established international best practices.
The assessment of new suppliers is part of Metso’s procurement function’s ongoing processes; the aim is to evaluate all new
direct suppliers in high-risk countries against Metso’s sustainability criteria. 
Human and labor rights, environmental and safety practices, compliance with laws and regulations, and anti-bribery provisions
are verified through third-party supplier audits, supplier self-assessments, and Metso’s internal supplier sustainability audits.
Key supplier requirements are also incorporated into contract obligations, and a contract breach can result in consequences,
including potential termination of a supplier relationship.
The maturities of trade payables are largely determined by trade practices and individual agreements between Metso and its
suppliers. Metso has a Global Payment Directive that outlines the payment practices at Metso. The objective of this directive is
to establish global uniform instructions for internal and external payments across all Metso legal entities. It also states that
supplier invoices are paid once a week. 
Due to Metso’s diverse business footprint and various types of business, it has a significant number of different payment
terms. The table below presents the average realized payment terms with and without a purchase order for non-SMEs (small-
and medium-sized enterprises) and SMEs. Metso applies on average payment terms of 14-120 days in its contracts with
suppliers and, as standard, payments are made according to the due date. Contracts with suppliers and respective payment
terms may vary due to Metso’s diverse geographical business footprint and various types of business as well as suppliers.
Average payment terms
Average realized payment terms in
days
With purchase order
Without purchase order
Non-SME
51
38
SME
57
34
Total
54
37
Metso was party to one legal proceeding due to late payments in 2024.
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4.1.9. Actions
Key actions in 2024 included:
Code of Conduct training
Focused compliance training for business line and market area sales and procurement teams on selected
topics, including trade compliance, anti-corruption and human rights
Implementation of a global conflict of interest declaration process
Establishment of Regional Compliance & Ethics Committees
Development and systematic monitoring of compliance screening processes
Development of an internal investigation process, including ensuring that remediation is implemented in case
of issues or gaps
4.1.10. Reporting principles
The supplier master data was used to identify active suppliers and to identify those classified as SMEs. The realized payment
term is calculated from the creation date, when the invoice has been received in Metso invoice processing system, to the
payment confirmation date, when the payment has been made and received. An SME was defined as a company with fewer
than 250 employees and an annual turnover of less than EUR 50 million or a balance sheet below EUR 43 million. Average
payment terms reported are from year 2023. 
5. Annexes to the Sustainability statement 
The annexes published at the same time as the Sustainability statement include:
ESRS content index 
Index of disclosure requirements and data points derived from other EU legislation
5.1 ESRS content index 
ESRS
Disclosure requirement
Location
Additional information
ESRS 2 General disclosures
BP-1
General basis for preparation
of the Sustainability statement
1.2. Basis for preparation
1.3.2. Business model
BP-2
Disclosures in relation to
specific circumstances
1.2. Basis for preparation
1.2.1. Disclosures in relation to
specific circumstances
GOV-1
The role of the administrative,
management and supervisory
bodies
1.4.1. Roles and
responsibilities
1.4.2. Sustainability expertise
of the Board, its committees
and Metso Leadership Team
1.4.3. Sustainability focus
areas in 2024
1.4.5. Internal controls over
sustainability
1.4.6. Risk management
systems and policies
1.4.7. Due diligence at Metso
GOV-2
Information provided to and
sustainability matters
addressed by the undertaking’s
administrative, management
and supervisory bodies
1.4.1. Roles and
responsibilities
1.5. Stakeholder engagement
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GOV-3
Integration of sustainability-
related performance in
incentive schemes
1.4. 4. Integration of
sustainability-related
performance in incentive
schemes
3.1.4.1. Policies - People and
culture
GOV-4
Statement on due diligence
1.4.7. Due diligence at Metso
GOV-5
Risk management and internal
controls over sustainability
reporting
1.4.5. Internal controls over
sustainability
1.4. 6. Risk management
systems and policies
SBM-1
Strategy, business model and
value chain
1.3.1. Strategy
1.3.2. Business model
1.3.3. Value creation and value
chain
1.3.4. Revenue breakdown
SBM-2
Interests and views of
stakeholders
1.4.2. Sustainability expertise
of the Board, its committees
and Metso Leadership Team
1.5. Stakeholder engagement
SBM-3
Material impacts, risks and
opportunities and their
interaction with strategy and
business model
1.1. Material sustainability-
related impacts, risks and
opportunities
1.3. Metso’s strategy, business
model and value creation
1.3.1. Strategy
1.3.2. Business model
1.3.3. value creation and value
chain
IRO-1
Description of the process to
identify and assess material
impacts, risks and opportunities
1.1. Material sustainability-
related impacts, risks and
opportunities
1.2.1. Disclosures in relation to
specific circumstances
1.4.5. Internal controls over
sustainability
1.4.6. Risk management
systems and policies
1.4.7. Due diligence at Metso
2.3.3. Targets and progress on
targets
3.2.3. Targets and progress on
targets
IRO-2
Disclosure Requirements in
ESRS covered by the
undertaking’s sustainability
statement
5.1. ESRS Content index
5.2. ESRS Appendix B index
E1 Climate change
E1-1
Transition plan  for climate
change mitigation
2.3. Climate change
2.3.3. Targets and progress on
targets
2.3.6. Actions
2.3.5. Environmental efficiency
in own operations
2.2. EU Taxonomy
E1-2
Policies related to climate
change mitigation and
adaptation
2.3.4. Policies
E1-3
Actions and resources in
relation to climate change
policies
2.3.6. Actions
2.3.5. Environmental efficiency
in own operations
2.3.9. Metrics
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E1-4
Targets related to climate
change mitigation and
adaptation
2.3.3. Targets and progress on
targets
2.3.9. Metrics
2.3.7. Anticipated financial
effects – risks and opportunities
E1-4 34e, 16a) Metso's
greenhouse gas
emission reduction
targets are not derived
using a sectoral
decarbonization pathway.
E1-4 34 f; 16b) The
overall quantitative
contributions of
decarbonization levers
on the achievement of
GHG emission reduction
targets have not been
assessed. Metso is
planning on developing
this assessment in 2025.
E1-5
Energy consumption and mix
2.3.9. Metrics
2.3.10. Reporting principles
E1-6
Gross Scopes 1, 2, 3 and Total
GHG emissions
2.3.9. Metrics
2.3.10. Reporting principles
E1-6 48 b) Metso does
not engage in regulated
emission trading
schemes.
E1-9
Anticipated financial effects
from material physical and
transition risks and potential
climate-related opportunities
2.3.7. Anticipated financial
effects  – risks and
opportunities
More information will be
reported in the upcoming
years.
E1-GOV-3
Integration of sustainability-
related performance in
incentive schemes
2.3.8. Integration of
sustainability-related
performance in incentive
schemes
E1-SBM-3
Material impacts, risks and
opportunities and their
interaction with strategy and
business model
2.3.1. Material impacts, risks
and opportunities
2.3.7. Anticipated financial
effects  – risks and
opportunities
E1-IRO-1
Description of the processes to
identify and assess material
climate-related impacts, risks
and opportunities
2.3.2. Processes to identify and
assess material impacts, risks
and opportunities
2.3.7. Anticipated financial
effects – risks and opportunities
E3 Water and marine resources
E3-1
Policies related to water and
marine resources
2.4.4. Policies
Metso has a QEHS
Policy that covers water
management at a
general level. No policy
specifically for water
management exists.
E3-2
Actions and resources related
to water and marine resources
2.4.5. Environmental efficiency
in own operations - actions
2.4.6. Water-efficient offering to
customers - actions
E3-3
Targets related to water and
marine resources
2.4.3. Targets and progress on
targets
2.4.4. Policies
E3-3 23 a) Target not
based on conclusive
scientific evidence.
E3-3 25) Metso's water-
related target is not
based on legislation.
E3-4
Water consumption
2.4.7. Metrics
2.4.8. Reporting principles
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E3-IRO-1
Processes to identify and
assess material water and
marine resources-related
impacts, risks and opportunities
2.4.2. Processes to identify and
assess material impacts, risks
and opportunities
2.4.1. Material impacts, risks
and opportunities
E3-IRO-1 8 b) Metso has
not conducted
consultations with
affected communities on
water and marine
resources.
E4 Biodiversity and ecosystems
E4-1
Transition plan and
consideration of biodiversity
and ecosystems in strategy
and business model
2.5. Biodiversity and
ecosystems
E4-1 13 a) A study on the
resilience of Metso’s
business model and
strategy in relation to
biodiversity and
ecosystems is planned
for 2025-2026.
E4-2
Policies related to biodiversity
and ecosystems
2.5.4. Policies
E4-2 23 b, c) The
Biodiversity Policy's
relation to material
biodiversity and
ecosystems-related
impacts, dependencies
and material physical and
transition risks and
opportunities will be
evaluated in 2025/26.
E4-2 23 d) Metso does
not currently have
traceability of products,
components and raw
materials with significant
actual or potential
impacts on biodiversity
and ecosystems along
the value chain. Scoping
work is planned for
2025-2026 for suitable
supply chain
transparency IT
solutions.
E4-2 23 f) Metso
Biodiversity Policy
currently does not
address social
consequences of
biodiversity and
ecosystems-related
impacts. Further
investigation on the topic
is required as part of the
biodiversity framework
establishment for Metso.
E4-3
Actions and resources related
to biodiversity and ecosystems
2.5.5. Environmental efficiency
in own operations - actions
2.5.6. Metso Plus offering and
innovations to customers -
actions
E4-4
Targets related to biodiversity
and ecosystems
2.5.3. Targets and progress on
targets
Metso is in the evaluation
stage for biodiversity
targets. Progress is
expected in 2025.
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E4-5
Impact metrics related to
biodiversity and ecosystems
change
2.5.5. Environmental efficiency
in own operations - actions
E4-5 38) Opening new
sites and closing sites
may have an impact on
land-use change. In
2024, Metso closed
factory operations in
Trelleborg, Sweden, and
a foundry that is located
near a Natura 2000-
classified area in Prerov,
Czech Republic.
The ecosystem impact of
the closings has not been
assessed.
E4-SBM-3
Material impacts, risks and
opportunities and their
interaction with strategy and
business model
2.5.1. Material impacts, risks
and opportunities
E4-SBM-3 16 b, c) Metso
has not identified
material negative impacts
related to land
degradation,
desertification or soil
sealing, or impacts of its
own operations on
threatened species.
E4-SBM-3 17 a, b)
Identification and
assessment of actual and
potential impacts and
dependencies on
biodiversity and
ecosystems and their
services at own site
locations and in the value
chain is in progress.
E4-IRO-1
Description of processes to
identify and assess material
biodiversity and ecosystem-
related impacts, risks and
opportunities
2.5.2. Processes to identify and
assess material impacts, risks
and opportunities
2.5.5. Environmental efficiency
in own operations - actions
E4-IRO-1 17 c, d) A high-
level biodiversity
assessment was done in
2023 but  Metso
recognizes the need for
further investigation of
transitional and physical
risks and opportunities
related to biodiversity
and ecosystems and
systemic risks to Metso's
own business model and
to society.
S1 Own workforce
S1-1
Policies related to own
workforce
3.1.4. Policies
S1-2
Processes for engaging with
own workers and workers'
representatives about impacts
3.1.5. Processes for engaging
with own workers and workers’
representatives
S1-2 27 d) Metso
currently has no Global
Framework Agreements
in place.
S1-3
Processes to remediate
negative impacts and channels
for own workers to raise
concerns
3.1.6. Remediating negative
impacts and feedback channels
for own workers
S1-4
Taking action on material
impacts on own workforce, and
approaches to mitigating
material risks and pursuing
material opportunities related to
own workforce, and
effectiveness of those actions
3.1.7. Metso’s people and
culture – actions
3.1.8. Health and safety –
actions
S1-5
Targets relating to managing
material negative impacts,
advancing positive impacts,
and managing material risks
and opportunities
3.1.3. Targets and progress on
targets
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S1-6
Characteristics of the
undertaking’s employees
3.1.9 Metrics
3.1.10. Reporting principles
S1-7
Characteristics of non-
employee workers in the
undertaking’s own workforce
3.1.9. Metrics
3.1.10. Reporting principles
For reporting year 2024,
only the number of non-
employees is reported.
Other information
regarding non-employees
will be reported for
reporting year 2025.
S1-8
Collective bargaining coverage
and social dialogue
3.1.9. Metrics
Information regarding
non-employees will be
reported in 2025.
S1-9
Diversity metrics
3.1.9. Metrics
3.1.10. Reporting principles
S1-10
Adequate wages
3.1. Own workforce - Metso's
people and culture
3.1.9. Metrics
3.1.10. Reporting principles
Metso pays salaries
through local payrolls; in
each country, it is the
responsibility of HR to
ensure compliance with
all legislation stipulating
minimum salary levels.
S1-10 71) Information
regarding non-employees
will be reported in 2025.
S1-13
Training and skills development
metrics
3.1.9. Metrics
3.1.10. Reporting principles
S1-14
Health and safety metrics
3.1.9. Metrics
3.1.10. Reporting principles
S1-14 88 b) The number
of fatalities reported as a
result of ill health will be
reported in 2025.
S1-14 88 c) The number
of work-related accidents
due to ill health will be
reported in 2025.
S1-14 88 d) The number
of cases of recordable
work-related ill health of
employees will be
reported in 2025.
S1-14 88 e) Number of
days lost to work-related
ill health and fatalities
from ill health related to
employees will be
reported in 2025.
S1-15
Work-life balance metrics
3.1.9. Metrics
3.1.10. Reporting principles
S1-16
Compensation metrics (pay
gap and total compensation)
3.1.9. Metrics
3.1.10. Reporting principles
S1-17
Incidents, complaints and
severe human rights impacts
3.1.9. Metrics
S1-SBM-2
Interests and views of
stakeholders
1.5. Stakeholder engagement
S1-SBM-3
Material impacts, risks and
opportunities and their
interaction with strategy and
business model
3.1.1. Material impacts, risks
and opportunities
S2 Workers in the value chain
S2-1
Policies related to value chain
workers
3.2.4. Policies
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S2-2
Processes for engaging with
value chain workers about
impacts
3.2.5. Processes for engaging
with value chain workers about
impacts
S2-2 22 a, c, e)
Information currently not
available. Plan to obtain
information during
coming years.
S2-2 22 d) Metso
currently has no Global
Framework Agreements
in place.
S2-2 23) Perspectives of
value chain workers that
may be particularly
vulnerable to impacts
and/or marginalized are
currently being
evaluated.
S2-3
Processes to remediate
negative impacts and channels
for value chain workers to raise
concerns
3.2.6. Remediating negative
impacts and feedback channels
for value chain workers
S2-3 28) There is
currently no process in
place to assess whether
value chain workers are
aware of and trust
structures or processes
as a way to raise their
concerns or needs and
have them addressed.
For a description of
protection for individuals
using the whistleblower
channel, see section
"Business conduct and
prevention and detection
of corruption and
bribery".
S2-4
Taking action on material
impacts, and approaches to
mitigating material risks and
pursuing material opportunities
related to value chain workers,
and effectiveness of those
actions and approaches
3.2.6. Remediating negative
impacts and feedback channels
for value chain workers
3.2.7. Responsible supply
chain – metrics and actions
S2-4 34 b) Material
opportunities in relation
to value chain workers
have not been
systematically assessed.
Work expected to
commence in the coming
years.
S2-4 35) Potential
material negative impacts
of own practices on value
chain workers have not
been systematically
assessed. Work
expected to commence
in the coming years.
S2-4 38) Metso has not
allocated resources to
manage material
impacts. Topic will be
evaluated in 2025.
S2-4 AR 43) Metso
currently has no
measures in place to
integrate managing
materials risks into
existing risk management
processes. Topic will be
evaluated in the coming
years.
S2-5
Targets related to managing
material negative impacts,
advancing positive impacts,
and managing material risks
and opportunities
3.2.3. Targets and progress on
targets
S2-5 42)  Metso is
currently addressing the
IT infrastructure required
for supply chain data
collection.
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S2-SBM-2
Interests and views of
stakeholders
1.5. Stakeholder engagement
S2-SBM-3
Material impacts, risks and
opportunities and their
interaction with strategy and
business model
3.2.1. Material impacts, risks
and opportunities
S2-SBM-3 13) Metso is
planning an evaluation of
for example security
firms that survey our
premises for human
rights topics.
G1 Business conduct
G1-1
Business conduct policies and
corporate culture
4.1.4. Policies
4.1.1. Material impacts, risks
and opportunities
4.1.6. Responsible business
conduct and prevention and
detection of corruption and
bribery
G1-1 10 h) Metso has not
defined functions at risk
with respect to corruption
and bribery.
G1-2
Management of relationships
with suppliers
4.1.8. Management of
relationships with suppliers and
payment practices
4.1.1. Material impacts, risks
and opportunities
G1-3
Prevention and detection of
corruption and bribery
4.1.6. Responsible business
conduct and prevention and
detection of corruption and
bribery
G1-3 21 b) Metso Code
of Conduct training is
compulsory for all Metso
employees regardless of
function.
G1-4
Incidents of corruption or
bribery
4.1.7. Incidents of corruption or
bribery
G1-6
Payment practices
4.1.8. Management of
relationships with suppliers and
payment practices
G1-GOV-1
Role of the administrative,
management and supervisory
bodies
4.1.5. The role of Metso’s
administrative, management
and supervisory bodies
G1-IRO-1
Description of the processes to
identify and assess material
impacts, risks and opportunities
4.1.2. Processes to identify and
assess material impacts, risks
and opportunities
Metso's entity-specific indicators
Metso topic
Disclosure
Location
Metso Plus portfolio
Metso Plus sales
R&D spend on Metso Plus
portfolio development
Percentage of R&D projects
that include a sustainability
target
2.1. Metso Plus offering and innovations to our customers
2.3.3. Targets and progress on targets
2.3.10. Reporting principles
5.2 Index of disclosure requirements and data points derived from other EU legislation
Disclosure
requirement and
related datapoint
SFDR reference
Pillar 3 reference
Benchmark
regulation
reference
EU Climate Law
reference
Location
ESRS 2 GOV-1
Board's gender
diversity paragraph
21 (d)
Indicator number
13 of Table #1 of
Annex 1
Commission
Delegated
Regulation (EU)
2020/1816, Annex
II
1.4. Sustainability
governance,
Management
diversity
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ESRS 2 GOV-1
Percentage of
board members
who are
independent
paragraph 21 (e)
Delegated
Regulation (EU)
2020/1816, Annex
II
1.4. Sustainability
governance,
Management
diversity
ESRS 2 GOV-4
Statement on due
diligence
paragraph 30
Indicator number
10 Table #3 of
Annex 1
1.4.7. Due
diligence at Metso
ESRS 2 SBM-1
Involvement in
activities related to
fossil fuel activities
paragraph 40 (d) i
Indicator number 4
Table #1 of Annex
1
Article 449a
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453 (6)
Table 1: Qualitative
information on
Environmental risk
and Table 2:
Qualitative
information on
Social risk
Delegated
Regulation (EU)
2020/1816, Annex
II
Not material
ESRS 2 SBM-1
Involvement in
activities related to
chemical
production
paragraph 40 (d) ii
Indicator number 9
Table #2 of Annex
1
Delegated
Regulation (EU)
2020/1816, Annex
II
1.3.4. Sector
revenue
ESRS 2 SBM-1
Involvement in
activities related to
controversial
weapons
paragraph 40 (d) iii
Indicator number
14 Table #1 of
Annex 1
Delegated
Regulation (EU)
2020/181829,
Article 12(1)
Delegated
Regulation (EU)
2020/1816, Annex
II
Not material
ESRS 2 SBM-1
Involvement in
activities related to
cultivation and
production of
tobacco paragraph
40 (d) iv
Delegated
Regulation (EU)
2020/1818, Article
12(1) Delegated
Regulation (EU)
2020/1816, Annex
II
Not material
ESRS E1-1
Transition plan to
reach climate
neutrality by 2050
paragraph 14
Regulation (EU)
2021/1119, Article
2(1)
2.3. Climate
change
2.3.6. Actions
2.3.5. 
Environmental
efficiency in own
operations
ESRS E1-1
Undertakings
excluded from
Paris-aligned
Benchmarks
paragraph 16 (g)
Article 449a
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
Template 1:
Banking book
Climate Change
transition risk:
Credit quality of
exposures by
sector, emissions
and residual
maturity
Delegated
Regulation(EU)
2020/1818,Article1
2.1 (d) to (g),and
Article 12.2
1.3.4. Revenue
breakdown
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ESRS E1-4 GHG
emission reduction
targets paragraph
34
Indicator number 4
Table #2 of Annex
1
Article 449a 
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
Template 3:
Banking book –
Climate change
transition risk:
alignment metrics
Delegated
Regulation (EU)
2020/1818, Article
6
2.3.3. Targets and
progress on targets
2.3.9. Metrics,
Gross Scopes 1, 2,
3 and Total GHG
emissions
ESRS E1-5 Energy
consumption from
fossil sources
disaggregated by
sources (only high
climate impact
sectors) paragraph
38
Indicator number 5
Table #1 and
Indicator number 5
Table #2 of Annex
1
2.3.9. Metrics,
Energy
consumption and
mix
ESRS E1-5 Energy
consumption and
mix paragraph 37
Indicator number 5
Table #1 of Annex
1
2.3.9. Metrics,
Energy
consumption and
mix
ESRS E1-5 Energy
intensity
associated with
activities in high
climate impact
sectors paragraphs
40 to 43
Indicator number 6
Table #1 of Annex
1
2.3.9. Metrics,
Energy intensity
based on net
revenue
ESRS E1-6 Gross
Scope 1, 2, 3 and
Total GHG
emissions
paragraph 44
Indicators number
1
and 2 Table #1 of
Annex 1
Article 449a;
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
Template 1:
Banking book –
Climate change
transition risk:
Credit quality of
exposures by
sector,
emissions and
residual
maturity
Delegated
Regulation (EU)
2020/1818, Article
5(1), 6 and 8(1)
2.3.9. Metrics,
Gross Scopes 1, 2,
3 and Total GHG
emissions
ESRS E1-6 Gross
GHG emissions
intensity
paragraphs 53 to
55
Indicator number 3
Table #1 of Annex
1
Article 449a
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
Template 3:
Banking book –
Climate change
transition risk:
alignment metrics
Delegated
Regulation (EU)
2020/1818, Article
8(1)
2.3.9. Metrics,
GHG intensity
based on net
revenue emissions
ESRS E1-7 GHG
removals and
carbon credits
paragraph 56
Regulation (EU)
2021/1119, Article
2(1)
Not material
ESRS E1-9
Exposure of the
benchmark
portfolio to climate-
related physical
risks paragraph 66
Delegated
Regulation (EU)
2020/1818, Annex
II Delegated
Regulation (EU)
2020/1816, Annex
II
ESRS E1-9 will be
reported in the
coming years
according to
requirements.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    90
ESRS E1-9
Disaggregation of
monetary amounts
by acute and
chronic physical
risk paragraph 66
(a) ESRS E1-9
Location of
significant assets
at material physical
risk paragraph 66
(c).
Article 449a
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
paragraphs 46 and
47; Template 5:
Banking book -
Climate change
physical risk:
Exposures subject
to physical risk.
ESRS E1-9 will be
reported in the
coming years
according to
requirements.
ESRS E1-9
Breakdown of the
carrying value of its
real-estate assets
by energy-
efficiency classes
paragraph 67 (c).
Article 449a
Regulation (EU) No
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
paragraph 34;
Template
2:Banking book -
Climate change
transition risk:
Loans
collateralized by
immovable
property - Energy
efficiency of the
collateral
ESRS E1-9 will be
reported in the
coming years
according to
requirements.
ESRS E1-9 Degree
of exposure of the
portfolio to climate-
related
opportunities
paragraph 69
Delegated
Regulation (EU)
2020/1818, Annex
II
ESRS E1-9 will be
reported in the
coming years
according to
requirements.
ESRS E2-4
Amount of each
pollutant listed in
Annex II of the E
PRTR Regulation
(European
Pollutant Release
and Transfer
Register) emitted
to air, water and
soil, paragraph 28
Indicator number 8
Table #1 of Annex
1, Indicator
numbers 1, 2 and 3
Table #2 of Annex
1
Not material
ESRS E3-1 Water
and marine
resources
paragraph 9
Indicator number 7
Table #2 of Annex
1
2.4.4. Policies
ESRS E3-1
Dedicated policy
paragraph 13
Indicator number 8
Table #2 of Annex
1
2.4.1. Material
impacts, risks and
opportunities
2.4.4. Policies
ESRS E3-1
Sustainable
oceans and seas
paragraph 14
Indicator number
12 Table #2 of
Annex 1
Not material
ESRS E3-4 Total
water recycled and
reused paragraph
28 (c)
Indicator number
6.2 Table #2 of
Annex 1
E3 Water and
marine resources,
Water consumption
ESRS E3-4 Total
water consumption
in m3 per net
revenue of own
operations
paragraph 29
Indicator number
6.1 Table #2 of
Annex 1
2.4.7. Metrics,
Water consumption
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    91
ESRS 2- SBM 3 -
E4 paragraph 16
(a) i
Indicator number 7
Table #1 of Annex
1
2.5.5.
Environmental
efficiency in own
operations -
actions
ESRS 2- SBM 3 -
E4 paragraph 16
(b)
Indicator number
10 Table #2 of
Annex 1
2.5.2. Processes to
identify and assess
material impacts,
risks and
opportunities
ESRS 2- SBM 3 -
E4 paragraph 16
(c)
Indicator number
14 Table #2 of
Annex 1
2.5.2. Processes to
identify and assess
material impacts,
risks and
opportunities
ESRS E4-2
Sustainable land/
agriculture
practices or
policies paragraph
24 (b)
Indicator number
11 Table #2 of
Annex 1
Not material
ESRS E4-2
Sustainable
oceans/seas
practices or
policies paragraph
24 (c)
Indicator number
12 Table #2 of
Annex 1
Not material
ESRS E4-2
Policies to address
deforestation
paragraph 24 (d)
Indicator number
15 Table #2 of
Annex 1
Not material
ESRS E5-5 Non-
recycled waste
paragraph 37 (d)
Indicator number
13 Table #2 of
Annex 1
Not material
ESRS E5-5
Hazardous waste
and radioactive
waste paragraph
39
Indicator number 9
Table #1 of Annex
1
Not material
ESRS 2- SBM3 -
S1 Risk of
incidents of forced
labor paragraph 14
(f)
Indicator number
13 Table #3 of
Annex I
Not material
ESRS 2- SBM3 -
S1 Risk of
incidents of child
labor paragraph 14
(g)
Indicator number
12 Table #3 of
Annex I
Not material
ESRS S1-1 Human
rights policy
commitments
paragraph 20
Indicator number 9
Table #3 and
Indicator number
11 Table #1 of
Annex I
1.4.7. Due
diligence at Metso
2.2.4. Minimum
social safeguards
3.1. Own workforce
- Metso's people
and culture
ESRS S1-1 Due
diligence policies
on issues
addressed by the
fundamental
International Labor
Organization
Conventions 1 to 8,
paragraph 21
Delegated
Regulation (EU)
2020/1816, Annex
II
3.1.4. Policies
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    92
ESRS S1-1
processes and
measures for
preventing
trafficking in human
beings paragraph
22
Indicator number
11 Table #3 of
Annex I
3.1.4. Policies
3.2.4. Policies
ESRS S1-1
workplace accident
prevention policy or
management
system paragraph
23
Indicator number 1
Table #3 of Annex I
3.1.4.2. Policies,
Health and safety
ESRS S1-3
grievance/
complaints
handling
mechanisms
paragraph 32 (c)
Indicator number 5
Table #3 of Annex I
3.1.6. Remediating
negative impacts
and feedback
channels for own
workers
ESRS S1-14
Number of fatalities
and number and
rate of work-related
accidents
paragraph 88 (b)
and (c)
Indicator number 2
Table #3 of Annex I
Delegated
Regulation (EU)
2020/1816, Annex
II
3.1.9.  Metrics
3.1.10. Reporting
principles
ESRS S1-14
Number of days
lost to injuries,
accidents, fatalities
or illness
paragraph 88 (e)
Indicator number 3
Table #3 of Annex I
3.1.9.  Metrics
3.1.10. Reporting
principles
ESRS S1-16
Unadjusted gender
pay gap paragraph
97 (a)
Indicator number
12 Table #1 of
Annex I
Delegated
Regulation (EU)
2020/1816, Annex
II
3.1.9. Metrics, 
Remuneration
metrics (pay gap
and total
remuneration)
ESRS S1-16
Excessive CEO
pay ratio paragraph
97 (b)
Indicator number 8
Table #3 of Annex I
3.1.9. Metrics,
Remuneration
metrics (pay gap
and total
remuneration)
ESRS S1-17
Incidents of
discrimination
paragraph 103 (a)
Indicator number 7
Table #3 of Annex I
3.1.9. Metrics, 
Incidents,
complaints and
severe human
rights impacts
ESRS S1-17 Non-
respect of UNGPs
on Business and
Human Rights and
OECD Guidelines
paragraph 104 (a)
Indicator number
10 Table #1 and
Indicator n. 14
Table #3 of Annex I
Delegated
Regulation (EU)
2020/1816, Annex
II Delegated
Regulation (EU)
2020/1818 Art 12
(1)
3.1.9. Metrics,
Incidents,
complaints and
severe human
rights impacts
ESRS 2- SBM3 –
S2 Significant risk
of child labor or
forced labor in the
value chain
paragraph 11 (b)
Indicators number
12 and 13 Table #3
of Annex I
3.2.1. Material
impacts, risks and
opportunities
ESRS S2-1 Human
rights policy
commitments
paragraph 17
Indicator number 9
Table #3 and
Indicator number
11 Table #1 of
Annex 1
3.2.4. Policies
ESRS S2-1
Policies related to
value chain
workers paragraph
18
Indicator numbers
11 and 4 Table #3
of Annex 1
3.2.4. Policies
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ESRS S2-1 Non-
respect of UNGPs
on Business and
Human Rights and
OECD guidelines
paragraph 19
Indicator number
10 Table #1 of
Annex 1
Delegated
Regulation (EU)
2020/1816, Annex
II Delegated
Regulation (EU)
2020/1818, Art 12
(1)
3.2.4. Policies
ESRS S2-1 Due
diligence policies
on issues
addressed by the
fundamental
International Labor
Organization
Conventions 1 to 8,
paragraph 19
Delegated
Regulation (EU)
2020/1816, Annex
II
3.2.4. Policies
ESRS S2-4 Human
rights issues and
incidents
connected to its
upstream and
downstream value
chain paragraph 36
Indicator number
14 Table #3 of
Annex 1
3.2.6. Remediating
negative impacts
and feedback
channels for value
chain workers
ESRS S3-1 Human
rights policy
commitments
paragraph 16
Indicator number 9
Table #3 of Annex
1 and Indicator
number 11 Table
#1 of Annex 1
Not material
ESRS S3-1 non-
respect of UNGPs
on Business and
Human Rights, ILO
principles or OECD
guidelines
paragraph 17
Indicator number
10 Table #1 Annex
1
Delegated
Regulation (EU)
2020/1816, Annex
II Delegated
Regulation (EU)
2020/1818, Art 12
(1)
Not material
ESRS S3-4 Human
rights issues and
incidents
paragraph 36
Indicator number
14 Table #3 of
Annex 1
Not material
ESRS S4-1
Policies related to
consumers and
end-users
paragraph 16
Indicator number 9
Table #3 and
Indicator number
11 Table #1 of
Annex 1
Not material
ESRS S4-1 Non-
respect of UNGPs
on Business and
Human Rights and
OECD guidelines
paragraph 17
Indicator number
10 Table #1 of
Annex 1
Delegated
Regulation (EU)
2020/1816, Annex
II Delegated
Regulation (EU)
2020/1818, Art 12
(1)
Not material
ESRS S4-4 Human
rights issues and
incidents
paragraph 35
Indicator number
14 Table #3 of
Annex 1
Not material
ESRS G1-1 United
Nations
Convention against
Corruption
paragraph 10 (b)
Indicator number
15 Table #3 of
Annex 1
4.1.6. Responsible
business conduct
and prevention and
detection of
corruption and
bribery
ESRS G1-1
Protection of
whistleblowers
paragraph 10 (d)
Indicator number 6
Table #3 of Annex
1
4.1.6. Responsible
business conduct
and prevention and
detection of
corruption and
bribery
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ESRS G1-4 Fines
for violation of anti-
corruption and anti-
bribery laws
paragraph 24 (a)
Indicator number
17 Table #3 of
Annex 1
Delegated
Regulation (EU)
2020/1816, Annex
II)
4.1.7. Incidents of
corruption or
bribery
ESRS G1-4
Standards of anti-
corruption and anti-
bribery paragraph
24 (b)
Indicator number
16 Table #3 of
Annex 1
4.1.7. Incidents of
corruption or
bribery
In addition the following are available on www.metso.com:
GRI content index
SASB content index
Shares and shareholders
Metso has one share series, and each share entitles its holder to one vote at a General Meeting and to an equal amount of
dividend. Metso’s shares are registered in the Finnish book-entry system maintained by Euroclear. 
Basic share information
Listed on 
Nasdaq Helsinki
Trading code 
METSO
ISIN code 
FI0009014575
Industry 
Industrials
Number of shares on December 31, 2024
828,972,440
Share capital on December 31, 2024
EUR 107,186,442.52
Market value on December 31, 2024
EUR 7,444.2 million
Listing date 
October 10, 2006
Metso shares are also traded on alternative marketplaces like BATS CXE and BATS BXE. 
Metso’s share and shareholders in 2024
On December 31, 2024, Metso’s share capital was EUR 107,186,442.52 and the total number of shares was 828,972,440.
More information on the past share capital changes is available at www.metso.com/corporate/investors/shares
At the end of 2024, Metso had 89,309 shareholders in the book-entry system. The largest shareholder was Solidium Oy with
123,477,168 shares, equaling 14.9 percent of the Company’s shares. A total of 333,947,455 Metso shares were traded on the
Nasdaq Helsinki during 2024, equivalent to a turnover of EUR 3,225.2 million.
At the year-end, the members of Metso’s Board of Directors and President and CEO Sami Takaluoma held a total of 352,148
Metso shares, corresponding to 0.04 percent of the total number of shares and votes. More information about management
holdings is available in note 1.5.
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Share key figures
2024
2023
Share capital, at the end of year, EUR million
107
107
Number of shares, at the end of year, pcs
Number of outstanding shares, pcs
827,351,330
826,328,191
Own shares held by the Parent Company, pcs
1,621,110
2,644,249
Total number of shares, pcs
828,972,440
828,972,440
Average number of outstanding shares, pcs
827,100,625
826,216,292
Average number of diluted shares, pcs
827,984,984
827,145,340
Earnings/share, basic, EUR
0.40
0.66
Earnings/share, diluted, EUR
0.40
0.66
Net operative cash flow/share, EUR
0.40
0.37
Dividend/share 1), EUR
0.38
0.36
Dividend 1), EUR million
314
297
Dividend/earnings 1), %
96
55
Effective dividend yield 1), %
4.2
3.9
P/E ratio
22.5
13.9
Equity/share, EUR
3.14
3.16
1) The amount for year 2024 is Board of Directors' proposal to the Annual General Meeting.
Share performance and trading on Nasdaq Helsinki
2024
2023
Closing price, December 31, EUR
8.98
9.17
Market capitalization, December 31, EUR million
7,444.2
7,601.7
Trading volume, NASDAQ OMX Helsinki Ltd, shares
333,947,455
396,469,728
% of shares 1)
40.30%
47.83%
Trading volume, NASDAQ OMX Helsinki Ltd, EUR million
3,225.1
3,975.6
Average daily trading volume, pieces
1,330,468
1,579,560
Relative turnover, %
0.2%
0.2%
Share performance, %
-2.1%
-4.6%
Highest share price, EUR
11.95
11.61
Lowest share price, EUR
7.93
7.89
Weighted average share price, EUR
9.66
10.03
1) Of the total amount of shares for public trading.
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Largest shareholders on December 31, 2024
Owner
Shares and votes
% of total shares
and voting rights
1
Solidium Oy
123,477,168
14.90
2
Varma Mutual Pension Insurance Company
33,097,359
3.99
3
Ilmarinen Mutual Pension Insurance Company
26,617,665
3.21
4
Elo Mutual Pension Insurance Company
12,919,000
1.56
5
Nordea Funds
9,883,252
1.19
Nordea Pro Finland Fund
2,212,331
0.27
Nordea Finnish Stars Fund
1,431,245
0.17
Nordea Bank ABP
1,236,273
0.15
Nordea Finnish Passive Fund
972,832
0.12
Nordea Premium Asset Management Balanced Fund
700,339
0.08
Nordea Life Assurance Finland Ltd.
648,371
0.08
Nordea Premium Asset Management Moderate Fund
611,398
0.07
Nordea Nordic Fund
507,000
0.06
Nordea Savings 50 Fund
475,679
0.06
Nordea Savings 75 Fund
338,214
0.04
Nordea Premiun Asset Management Growth Fund
332,951
0.04
Nordea Säästö 30 Fund
305,721
0.04
Nordea Säästö 15 Fund
29,501
0.00
Nordea Global Passive Fund
27,908
0.00
Nordea World Passive Fund
21,330
0.00
Nordea Premiun Asset Management Conservative Fund
20,715
0.00
Nordea European Passive Fund
11,444
0.00
6
OP-Finland Funds
9,612,077
1.16
OP-Finland Fund
4,974,426
0.60
OP Life Assurance Ltd.
2,376,336
0.29
OP-Finland Index Fund
1,632,768
0.20
OP Nordic Countries Index Fund
456,770
0.06
OP-Europe Index Fund
87,780
0.01
OP-POHJOLA-Group Personnel Fund
65,037
0.01
OP World Index Fund
18,960
0.00
7
The State Pension Fund
7,900,000
0.95
8
Aktia Funds
3,513,955
0.42
Aktia Capital
2,301,682
0.28
Aktia Nordic Small Cap
300,000
0.04
Aktia Secura
300,000
0.04
Aktia Nordic
275,000
0.03
Aktia Europe Fund
270,000
0.03
Aktia Solida Fund
50,000
0.01
Aktia Livförsäkring AB
17,273
0.00
9
Danske Invest Finnish Equity Fund
2,596,807
0.31
10
Sigrid Jusélius Foundation
2,566,598
0.31
11
Säästöpankki Kotimaa Fund
2,528,248
0.30
12
Veritas Pension Insurance Company Ltd.
2,143,937
0.26
13
Samfundet folkhälsan i Svenska Finland rf
2,143,764
0.26
14
Oy Etra Invest Ab
2,000,000
0.24
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Owner
Shares and votes
% of total shares
and voting rights
15
OMX Helsinki 25 Exchange Traded Fund
1,987,198
0.24
16
S-Bank Fenno Equity Fund
1,963,252
0.24
17
Mandatum Life Insurance Company Limited
1,904,745
0.23
18
The Finnish Cultural Foundation
1,739,102
0.21
19
The Social Insurance Institution of Finland, KELA
1,704,158
0.21
20
Evli Finland Select Fund
1,660,000
0.20
20 largest owner groups in total
251,958,285
30.39
Nominee-registered holders
412,869,115
49.80
Other shareholders
164,110,812
19.80
In the joint book-entry account
34,228
0.00
Total
828,972,440
100.00
Breakdown of share ownership on December 31, 2024
Number of shares
Shareholders
% of shareholders
Total number of
shares and votes
% of total shares
and voting rights
1–100
23,643
26.46
1,073,997
0.13
101–1,000
43,322
48.51
18,267,871
2.20
1,001–10,000
20,304
22.74
57,612,305
6.95
10,001–100,000
1,864
2.09
45,326,829
5.47
100,001–1,000,000
141
0.16
42,084,536
5.08
1,000,001 and above
24
0.04
251,703,559
30.36
Total
89,309
100.00
416,069,097
50.19
Nominee-registered shares
11
0.00
412,869,115
49.80
In the joint book-entry account
0
0.00
34,228
0.00
Number of shares issued
828,972,440
100.00
Breakdown by shareholder category on December 31, 2024
Share, %
2024
2023
Nominee-registered and non-Finnish holders
52%
58%
Solidium Oy
15%
15%
Private investors
21%
13%
Finnish institutions, companies, and foundations
12%
14%
Total
100%
100%
Flaggings
Under the provisions of the Finnish Securities Markets Act, shareholders of listed companies have an obligation to notify both
the Finnish Financial Supervision Authority and the company of changes when their holdings reach, exceed or fall below a
certain threshold. Metso is not aware of any shareholders' agreements regarding Metso shares or voting rights. All flagging
notifications have been released as a stock exchange release are available at www.metso.com/corporate/media/news.
Incentive plans
Metso’s share ownership plans are part of the management remuneration program. For further information, see at
www.metso.com/corporate/investors/governance/remuneration and notes 1.5. and 1.6. Any shares to be potentially rewarded
are acquired through public trading, and therefore the incentive plans have no diluting effect on the share value.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    98
Key figures
EUR million
2024
2023
2022
2021
2020
Sales
4,863
5,390
4,970
4,236
3,319
Operating profit (EBIT)
727
805
490
425
239
% of sales
15.0%
14.9%
9.9%
10.0%
7.2%
Profit before taxes
648
724
426
386
201
% of sales
13.3%
13.4%
8.6%
9.1%
6.1%
Profit for the period for continuing operations
486
537
318
294
149
% of sales
10.0%
10.0%
6.4%
6.9%
4.5%
Profit for the period for discontinued operations
-156
8
-18
48
-11
Profit for the period
330
546
301
342
138
% of sales
6.8%
10.1%
6.0%
8.1%
4.2%
Profit attributable to shareholders of the company
329
543
301
342
138
Amortization of intangible assets
66
65
63
72
85
Depreciation of tangible assets
56
53
51
51
41
Depreciation of right-of-use assets
38
35
35
38
30
Depreciation and amortization, total
160
153
149
161
157
% of sales
3.3%
2.8%
3.0%
3.8%
4.7%
EBITA
793
869
553
498
324
% of sales
16.3%
16.1%
11.1%
11.7%
9.8%
EBITDA
887
957
643
587
396
% of sales
18.3%
17.8%
12.9%
13.8%
11.9%
Finance income and expenses, net
80
80
63
39
38
% of sales
1.6%
1.5%
1.3%
0.9%
1.2%
Interest expenses
84
78
44
23
30
% of sales
1.7%
1.4%
0.9%
0.6%
0.9%
Interest cover
11.1x
11.9x
10.1x
14.9x
10.4x
Gross capital expenditure
198
169
113
91
86
% of sales
4.1%
3.1%
2.3%
2.1%
2.6%
Net capital expenditure
181
165
104
69
83
% of sales
3.7%
3.1%
2.1%
1.6%
2.5%
Net cash flow from operating activities before financial
items and taxes
576
550
322
608
587
Cash conversion, %
65%
57%
50%
104%
148%
Research and development
103
66
55
66
56
% of sales
2.1%
1.2%
1.1%
1.6%
1.7%
The income statement figures for years 20242022 are comparable. Key figures for the earlier years have not been restated.
More information is disclosed under note 5.5 Discontinued operations.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    99
EUR million
2024
2023
2022
2021
2020
Balance sheet total
7,015
7,156
6,754
5,830
5,567
Equity attributable to shareholders
2,601
2,608
2,342
2,250
2,037
Total equity
2,611
2,618
2,350
2,251
2,040
Interest-bearing liabilities
1,606
1,528
1,293
952
1,345
Net working capital (NWC)
1,045
990
596
254
413
% of sales
21.5%
18.4%
12.0%
6.0%
12.5%
Capital employed
4,156
4,078
3,643
3,173
3,437
Return on equity (ROE), %
12.7%
21.8%
13.1%
16.0%
8.3%
Return on capital employed (ROCE) before taxes, %
13.0%
22.3%
13.8%
14.1%
8.6%
Return on capital employed (ROCE) after  taxes, %
10.8%
17.0%
10.5%
11.7%
6.5%
Net debt
1,173
884
684
470
799
Gearing, %
44.9%
33.8%
29.1%
20.9%
39.2%
Equity to asset ratio, %
41.5%
40.2%
39.2%
43.2%
39.5%
Debt to capital, %
35.9%
35.0%
33.3%
26.7%
37.2%
Debt to equity, %
56.1%
53.9%
50.0%
36.4%
59.1%
Orders received
5,140
5,252
5,623
5,605
4,340
Order backlog, December 31
3,046
3,238
3,902
3,990
2,233
Personnel at end of year
16,832
17,134
16,705
15,630
15,466
Orders received for years 20242022 are comparable and present continuing operations. Key figures for the earlier years
have not been restated. The comparative figures related to the consolidated balance sheet have not been restated. More
information is disclosed under note 5.5 Discontinued operations. Order backlog and personnel at end of year include
continuing and discontinued operations.
Balance sheet for 2020 has been restated due to adjustments in the fair values of Outotec at the acquisition date. The
adjustments have an effect to goodwill, non-current deferred tax assets and liabilities, income tax liabilities, other current
liabilities and liabilities held for sale.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    100
Formulas for the key figures
Earnings before finance expenses, net,
taxes and amortization, adjusted
(adjusted EBITA)
=
Operating profit + adjustment items + amortization
Earnings per share, basic
=
Profit attributable to shareholders
Average number of outstanding shares during the year
Earnings per share, diluted
=
Profit attributable to shareholders
Average number of diluted shares during the year
Interest cover
=
EBITDA
Finance income and expenses, net
Cash conversion, %
=
Net cash flow from operating activities before financial items and taxes
 x 100
EBITDA
Return on equity (ROE), %
=
Profit for the year
x 100
Total equity (average for the period)
Return on capital employed (ROCE)
before taxes, %
=
Profit before tax + finance expenses
 x 100
Capital employed (average for the period)
Return on capital employed (ROCE)
after taxes, %
=
Profit for the period + finance expenses
 x 100
Capital employed (average for the period)
Gearing, %
=
Net interest-bearing liabilities
 x 100
Total equity
Equity to assets ratio, %
=
Total equity
 x 100
Balance sheet total - advances received
Debt to capital, %
=
Interest-bearing liabilities – lease liabilities
 x 100
Total equity + interest-bearing liabilities – lease liabilities
Debt to equity, %
=
Interest-bearing liabilities – lease liabilities
 x 100
Total equity
Interest-bearing liabilities
=
Interest-bearing liabilities, non-current and current + lease liabilities, non-current
and current
Net interest-bearing liabilities
=
Interest-bearing liabilities - Non-current financial assets - loan and other interest-
bearing receivables (current and non-current) - liquid funds
Gross capital expenditure
=
Investments in intangible assets and property, plant, and equipment, associated
companies, and joint ventures
Net capital expenditure
=
Gross capital expenditure less divestment of intangible assets and property,
plant, and equipment, associated companies, and joint ventures
Net working capital (NWC)
=
Inventories + trade receivables + other non-interest-bearing receivables +
customer contract assets and liabilities, net - trade payables - advances received
- other non-interest-bearing liabilities
Capital employed
=
Net working capital + intangible assets and tangible assets + right-of-use assets
+ non-current investments + interest-bearing receivables + liquid funds + tax
receivables, net + interest payables, net
Net cash flow from operating activities
=
Net income + depreciation and amortization and other non-cash items - change
in net working capital - interests and other financial items paid (net) - taxes paid
Net cash flow from operating activities /
share, EUR
=
Net cash flow from operating activities
Outstanding shares at end of period
Effective dividend yield, %
=
Dividend per share
x 100
Trading price at the end of the year
Price / earnings ratio (P/E)
=
Trading price at the end of the year
Earnings per share
Equity / share
=
Equity attributable to shareholders
Number of outstanding shares at the end of the period
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    101
Board of Directors’ proposal on the use of profit
On December 31, 2024, the distributable equity of Metso Corporation was:
Invested non-restricted equity fund
EUR
435,804,850.76
Own shares
EUR
-13,380,644.79
Retained earnings
EUR
432,674,350.92
Net profit for the year
EUR
230,788,011.43
Distributable equity, total
EUR
1,085,886,568.32
The Board of Directors proposes that a dividend of EUR 0.38 per share be paid based on the balance sheet to be adopted for
the financial year, which ended December 31, 2024. Insofar as the dividend to be paid exceeds the net profit for the year
ended December 31, 2024, the remaining amount will be paid from retained earnings from previous years.
Dividend payment
EUR
314,393,505.40
Distributable equity after dividend payment
EUR
771,493,062.92
These financial statements were authorized for issue by the Board of Directors on February 12, 2025, after which, in
accordance with Finnish Company Law, the financial statements are either approved, amended, or rejected in the Annual
General Meeting.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    102
Consolidated financial statements, IFRS
Consolidated statement of income
EUR million
Note
2024
2023
Sales
1.1, 1.2
4,863
5,390
Cost of sales
1.5, 3.4
-3,237
-3,687
Gross profit
1,626
1,703
 
 
 
Selling and marketing expenses
1.3, 1.5, 3.4
-426
-438
Administrative expenses
1.3, 1.5, 3.4
-356
-372
Research and development expenses
1.3, 1.5, 3.4
-103
-66
Other operating income
1.4
202
282
Other operating expenses
1.4
-215
-306
Share of results of associated companies
5.3
0
0
Operating profit
727
805
 
 
 
Finance income
1.7
22
17
Foreign exchange gains/losses
1.7
4
4
Finance expenses
1.7
-105
-101
Finance income and expenses, net
 
-80
-80
Profit before taxes
 
648
724
 
 
 
Income taxes
1.8
-162
-187
Profit for the year for continuing operations
 
486
537
 
Profit from discontinued operations
5.5
-156
8
Profit for the year
330
546
 
Profit attributable to
 
 
Shareholders of the Parent company
 
329
543
Non-controlling interests
 
1
2
 
 
 
Profit from continuing operations attributable to
 
 
Shareholders of the Parent company
 
485
535
Non-controlling interests
 
1
2
Profit from discontinued operations attributable to
Shareholders of the Parent company
-156
8
Non-controlling interests
0
0
 
 
 
Earnings per share, EUR 1)
1.9
0.40
0.66
Earnings per share, continuing operations, EUR 1)
1.9
0.59
0.65
Earnings per share, discontinued operations, EUR 1)
-0.19
0.01
1) Basic and diluted.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    103
Consolidated statement of comprehensive income
EUR million
Note
2024
2023
Profit for the year
330
546
Other comprehensive income
 
 
Cash flow hedges, net of tax
1.8, 4.4, 4.8
4
-2
Currency translation on subsidiary net investment
1.8, 4.4
-37
-27
Items that may be reclassified to profit or loss in subsequent periods
-34
-29
Defined benefit plan actuarial gains and losses, net of tax
1.8, 2.7
0
-4
Items that will not be reclassified to profit or loss
 
0
-4
 
 
Other comprehensive income total
 
-34
-33
 
 
 
Total comprehensive income
 
296
513
 
Total comprehensive income attributable to
 
 
Shareholders of the Parent company
 
294
510
Non-controlling interests
 
1
2
Total comprehensive income from continuing operations attributable
to
Shareholders of the Parent company
450
502
Non-controlling interests
1
2
Total comprehensive income from discontinued operations
attributable to
Shareholders of the Parent company
-156
8
Non-controlling interests
0
0
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    104
Consolidated balance sheet – Assets
EUR million
Note
2024
2023
Non-current assets
 
 
 
Goodwill and intangible assets
3.1, 3.4
 
 
Goodwill
 
1,123
1,097
Intangible assets
 
803
790
Total goodwill and intangible assets
1,927
1,886
 
 
 
Property, plant and equipment
3.2, 3.4
 
Land and water areas
 
38
39
Buildings
 
159
131
Machinery and equipment
 
228
211
Assets under construction
 
124
91
Total property, plant and equipment
549
472
 
 
 
Right-of-use assets
3.3, 3.4
136
114
 
 
 
Other non-current assets
 
 
Investments in associated companies
5.3
3
3
Non-current financial assets
4.2
2
2
Loan receivables
4.2
0
Derivative financial instruments
4.8
9
10
Deferred tax assets
1.8
259
234
Other non-current receivables
2.3, 4.2
27
22
Total other non-current assets
 
300
271
 
 
 
Total non-current assets
 
2,913
2,744
 
 
 
 
Current assets
 
 
Inventories
2.4
1,900
1,951
Trade receivables
2.2
900
855
Customer contract assets
1.2
255
308
Loan receivables
4.2
2
6
Derivative financial instruments
4.8
34
36
Income tax receivables
1.8
61
107
Other current receivables
2.3
245
273
Liquid funds
4.3
431
638
Total current assets
 
3,826
4,175
 
 
 
Assets held for sale
5.5
276
238
 
TOTAL ASSETS
 
7,015
7,156
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    105
Consolidated balance sheet – Equity and liabilities
EUR million
Note
2024
2023
Equity
4.4
 
 
Share capital
 
107
107
Share premium fund
 
20
20
Cumulative translation adjustments
 
-215
-177
Fair value and other reserves
 
1,137
1,131
Retained earnings
1,551
1,527
Equity attributable to shareholders
 
2,601
2,608
 
Non-controlling interests
 
10
10
 
Total equity
 
2,611
2,618
 
Liabilities
 
 
 
Non-current liabilities
 
 
 
Borrowings
4.2, 4.5
1,300
1,167
Lease liabilities
4.2, 4.5
99
86
Post-employment benefit obligations
2.7
88
90
Provisions
2.6
62
63
Derivative financial instruments
4.8
13
18
Deferred tax liabilities
1.8
172
182
Other non-current liabilities
2.5
5
7
Total non-current liabilities
 
1,739
1,614
 
 
 
 
Current liabilities
 
 
Borrowings
4.2, 4.5
165
243
Lease liabilities
4.2
42
32
Trade payables
2.5
581
675
Provisions
2.6
201
235
Advances received
1.2
495
325
Customer contract liabilities
1.2
232
322
Derivative financial instruments
4.8
68
28
Income tax liabilities
1.8
79
186
Other current liabilities
2.5
587
711
Total current liabilities
 
2,451
2,756
 
 
 
Total non-current and current liabilities
 
4,190
4,369
 
 
 
Liabilities held for sale
 5.5
214
169
 
TOTAL EQUITY AND LIABILITIES
 
7,015
7,156
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    106
Consolidated statement of changes in shareholders’ equity
EUR million
Share
capital
Share
premium
fund
Cumulative
translation
adjustments
Fair
value
and
other
reserves
Retained
earnings
Equity
attributable
to share-
holders
Non-
controlling
interests
Total
equity
Jan 1, 2024
107
20
-177
1,131
1,527
2,608
10
2,618
Profit for the year
329
329
1
330
Other comprehensive
income
Cash flow hedges, net
of tax
4
4
4
Currency translation on
subsidiary net
investments
-37
-37
-37
Defined benefit plan
actuarial gains (+) /
losses (-), net of tax
0
0
0
Total comprehensive
income
-37
4
328
294
1
296
Dividends
-298
-298
0
-298
Share-based payments,
net of tax
2
-8
-5
-5
Other items
0
0
1
0
1
Changes in non-
controlling interests
1
1
-1
Dec 31, 2024
107
20
-215
1,137
1,551
2,601
10
2,611
For more information, please see note 4.4 Equity.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    107
EUR million
Share
capital
Share
premium
fund
Cumulative
translation
adjustments
Fair value
and other
reserves
Retained
earnings
Equity
attributable
to share-
holders
Non-
controlling
interests
Total
equity
Jan 1, 2023
107
20
-150
1,122
1,243
2,342
7
2,350
Profit for the year
543
543
2
546
Other comprehensive
income
Cash flow hedges,
net of tax
-2
-2
-2
Currency translation
on subsidiary net
investments
-27
-27
-27
Defined benefit plan
actuarial gains (+) /
losses (-), net of tax
-4
-4
-4
Total comprehensive
income
-27
-2
539
510
2
513
Dividends
-248
-248
-248
Share-based
payments, net of tax
11
-7
4
4
Other items
0
0
0
0
-1
Dec 31, 2023
107
20
-177
1,131
1,527
2,608
10
2,618
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    108
Consolidated statement of cash flows
EUR million
Note
2024
2023
Operating activities
 
 
 
Profit for the period, continuing operations
 
486
537
Profit for the period, discontinued operations
-156
8
Adjustments
 
 
Depreciation and amortization
3.4
165
158
Finance expenses, net
1.7
80
80
Income taxes
1.8
88
199
Other items
 
33
15
Change in net working capital
2.1
-119
-449
Net cash flow from operating activities before financial items and taxes
576
550
Interests paid
 
-82
-53
Interests received
 
20
10
Other financing items, net
 
1
26
Finance income and expenses paid, net
 
-62
-17
Income taxes paid
1.8
-183
-231
Net cash flow from operating activities
 
332
302
 
 
 
 
Investing activities
 
 
 
Capital expenditures on intangible assets and property, plant, and equipment
3.1, 3.2
-188
-170
Proceeds from sale of intangible assets and property, plant, and equipment
3.1, 3.2
28
16
Proceeds from financial assets
4.6
0
Business acquisitions, net of cash acquired
5.4
-60
-28
Proceeds from sale of businesses, net of cash sold
5.4, 5.5
-4
Cash received from liquidation of associated companies
5.3
4
Increase in loan receivables
4.6
0
-3
Decrease in loan receivables
4.6
1
3
Net cash flow from investing activities
 
-224
-178
 
 
 
 
Financing activities
 
 
 
Dividends paid
 
-298
-248
Proceeds from increases in non-current debt
4.6
379
347
Repayment of non-current debt
4.6
-342
Proceeds from and repayment of current debt, net
4.6
-16
-139
Repayment of lease liabilities
4.6
-38
-37
Net cash flow from financing activities
 
-315
-76
 
Net change in liquid funds
 
-207
47
Effect from changes in exchange rates
 
0
-10
Liquid funds equivalents at beginning of year
4.3, 4.6
638
601
Liquid funds at end of year
4.3, 4.6
431
638
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    109
Notes to the Consolidated financial statements
Basic information
Metso Corporation (the “Parent company”) with its subsidiaries (“Metso” or the “Group”) is a leading global supplier of
sustainable technologies, end-to-end solutions and services for the aggregates, minerals processing, and metals refining
industries. The Group has two reporting segments, Aggregates and Minerals. More information about the segments is
presented in note 1.1.
Metso Corporation is a publicly quoted company with its shares listed on Nasdaq Helsinki under the trading symbol METSO .
Metso Corporation is domiciled in Helsinki, Finland, and the address of the Group Head Office is Rauhalanpuisto 9, 02230
Espoo, Finland.
Metso’s Consolidated financial statements were authorized for issue by Metso Corporation’s Board of Directors on February
12, 2025, after which, in accordance with Finnish Companies Act, the financial statements are either approved, amended or
rejected at the next Annual General Meeting.
Basis of preparation
Consolidated financial statements have been prepared in accordance with IFRS Accounting Standards IFRIC Interpretations
as adopted by the European Union. The Consolidated financial statements have been prepared on a historical cost basis,
except for financial assets and liabilities classified as at fair value through profit and loss accounts.
Metso has classified certain businesses to be as held for sale. On March 29, 2023, Metso announced its decision to initiate
the divestment of the Metals & Chemical Processing and Ferrous & Heat Transfer businesses, and these have been
classified as discontinued operations. Consequently, the figures related to the consolidated statement of income are
presented separately from the continuing operations as well as the assets and liabilities held for sale have been transferred
to separate lines in the consolidated balance sheet. More information is disclosed under note 5.5 Discontinued operations.
The financial statements are presented in euros, which is the Parent company’s functional currency and Metso’s presentation
currency. The figures presented have been rounded; consequently, the sum of individual figures might differ from the
presented total figure.
The detailed Metso’s accounting policies are disclosed under each relevant note of the Consolidated financial statements.
.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    110
Critical accounting estimates and judgments by Management
The preparation of financial statements, in conformity with the IFRS, requires management to make estimates and
assumptions and to exercise its judgment in the process of applying the Group’s accounting policies. These affect the
reported amounts of balance sheet items, the presentation of contingent assets and liabilities, and the income and expenses
for the financial year. Actual results may differ from the estimates made. The assets and liabilities involving a higher degree
of judgment or complexity, or areas where the assumptions and estimates are significant to Metso’s Consolidated financial
statements, are disclosed in the following notes:
Note 1.2.  Sales                                              Note 2.7.  Post-employment obligations   
Note 1.6.  Share-based payments                  Note 3.1.  Goodwill and intangible assets
Note 1.8.  Income taxes                                  Note 3.2.  Property, plant, and equipment
Note 2.2.  Trade receivables                          Note 3.3.  Right-of-use assets
Note 2.3.  Other receivables                          Note 5.4.  Acquisitions and business disposals
Note 2.4.  Inventory                                        Note 5.5.  Discontinued operations
Note 2.6.  Provisions
Metso has reviewed the estimates and assumptions used in the preparation of the Consolidated financial statements for the
possible impacts of climate change. Metso has performance share plans which have an earning criteria based on
sustainable development (Note 1.6. Share-based payments).
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    111
Abbreviations used in the Board of Directors' report and financial statements
AGMAnnual General Meeting
EGMExtraordinary General Meeting
Capex  Capital expenditure
CGUCash generating unit
DNSH  Does not significantly harm
EBITEarnings before finance expenses, net and taxes (operating profit)
EBITAEarnings before finance expenses net, taxes and amortization
EBITDAEarnings before finance expenses net, taxes, amortization, and depreciation
EMTN Euro Medium Term Note program
eNPS  Employee net promoter score
EPS Earnings per share
FASFinnish accounting standards
GHG  Greenhouse gases
GRI    Global reporting initiative
HSEHealth, safety, and environment
IFRICInterpretations of International Accounting Standards
IFRS/IASInternational Accounting Standards
KPIKey performance indicator
LTIFRLost time injury frequency rate
NWCNet working capital
OCIOther comprehensive income
OpEx  Operating expenditure
OTCOver the counter
P/EPrice/earnings ratio
PPEProperty, plant, and equipment
PSPPerformance share incentive plan
QEHS  Quality, environment, health, and safety
R&DResearch and development
RFRRelief from royalty method
ROCE Return on capital employed
ROEReturn on equity
RSPRestricted share incentive plan
SASB  Sustainability Accounting Standards Board
SBT    Science-based target
TCFD    Task Force on Climate-related Financial Disclosures
TRIFR  Total recordable injury frequency rate
TSR Total shareholder return
WACCWeighted average cost of capital
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    112
1.  Group performance
1.1.  Reporting segments
Material accounting policies
Reportable segments of Metso are based on end customer groups, which are differentiated by both offering and business
model: Aggregates and Minerals. The segments are reported in a manner consistent with the internal reporting provided to
the Board of Directors, Metso’s chief operating decision-maker responsible for allocating resources and assessing the
performance of the segments, deciding on strategy, selecting key employees, as well as deciding on major development
projects, business acquisitions, investments, organizational structure and financing. The accounting principles applied to
segment reporting are the same as those used in preparing the Consolidated financial statements.
Segment performance is measured with operating profit/loss (EBIT). In addition, Metso uses alternative performance
measures to reflect the underlying business performance and to improve comparability between financial periods: earnings
before interest, tax and amortization (EBITA), adjusted and net working capital. Adjustment items comprise capacity
adjustment costs, acquisition costs, gains and losses on business transactions as well as Metso transaction and integration
costs. Their nature and net effect on cost of goods sold, selling, general and administrative expenses, as well as other
income and expenses are presented in the segment information. Alternative performance measures, however, should not be
considered as a substitute for measures of performance in accordance with the IFRS.
Corporate structure
Metso's business
Metso's extensive equipment and aftermarket offering covers a wide range of equipment, parts and services to effectively
meet the needs of our customers all over the world. Metso drives profitable growth and sustainable operations across its
customer industries, in line with its 1.5-degree climate commitment, to create value for its customers, shareholders and other
stakeholders. Metso focuses on supporting the electrification and decarbonization of the mining and aggregates industries,
while ensuring rapid increase in the production of energy transition minerals. This can be achieved through its extensive
equipment and aftermarket offering for its customers. Metso’s offering helps its customers to maintain and increase
production, improve productivity, and reduce operating costs, risks and environmental footprint. Metso continuously develops
its portfolio to meet its customers’ growing needs for energy and emissions reductions, water resources management,
resource efficiency, circularity and safety.
Reportable segments of Metso are Aggregates and Minerals. Aggregates is serving quarry and contractor customers by
offering crushing and screening equipment to produce aggregates needed in construction and infrastructure projects. Minerals
is serving mining industry customers by providing equipment, process islands and plants for minerals processing, and
hydrometallurgical and pyrometallurgical solutions for the recovery of metals. Group Head Office and other is comprised of the
Parent company with centralized group functions, such as treasury, tax, legal and compliance, as well as the global business
services and holding companies.
Finance income and expenses as well as income taxes are not allocated to segments but included in the income statement of
Group Head Office and other. The treasury activities of Metso are centralized into the Group Treasury to benefit from cost
efficiency obtained from pooling arrangements, financial risk management, bargaining power, cash management, and other
measures. Metso has a centralized Group tax management function. The objective of Group tax management is to ensure tax
compliance and an optimized and predictable overall tax cost for Metso.
Segment net working capital assets comprises inventories and non-interest-bearing operating assets and receivables.
Segment net working capital liabilities comprise non-interest-bearing operating liabilities.
Non-cash write-downs include write-offs made to the value of receivables and inventories, and impairment and other write-offs
recognized to reduce the value of intangible assets or property, plant, and equipment and other assets.
Gross capital expenditure comprises investments in intangible assets as well as property, plant, and equipment, associated
companies, and joint ventures.
Intra-group transactions are made on an arm’s length basis.
Figures in the tables comprise continuing operations if not otherwise stated.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    113
Segment information
2024
 
 
 
 
EUR million
Aggregates
Minerals
Group
Head
Office and
Other
Total
Sales, external
1,207
3,656
0
4,863
Sales, total
1,207
3,656
0
4,863
Earnings before interest, tax and amortization (EBITA)
195
598
1
793
% of sales
16.2
16.3
16.3
Adjusted EBITA
198
640
-34
804
% of sales
16.4
17.5
16.5
Adjustment items and amortization of intangible assets
Adjustment items total
-3
-42
34
-11
Amortization of other intangible assets total
-16
-49
-1
-66
Operating profit / loss
179
548
0
727
% of sales
14.9
15.0
15.0
Finance income and expenses, total
-80
-80
Income before taxes
179
548
-80
648
EUR million
Aggregates
Minerals
Group
Head
Office and
Other
Total
Inventories
663
1,236
0
1,900
Trade receivables
232
668
0
900
Other non-interest bearing receivables
53
170
91
314
Customer contract assets and liabilities, net
10
12
0
22
Trade payables
-150
-396
-35
-581
Advances received
-91
-404
0
-495
Other non-interest-bearing liabilities
-166
-678
-172
-1,015
Net working capital
551
609
-115
1,045
Adjustment items by category
EUR million
2024
2023
Capacity adjustment costs
-42
-27
Acquisition costs
-1
-2
Profits on disposals, net
-4
1
Wind down of Russian business 1)
35
9
Adjustments items, total
-11
-18
1) More information available on note 2.6. Provisions.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    114
Segment information
2023
 
 
 
 
EUR million
Aggregates
Minerals
Group
Head Office
and Other
Total
Sales, external
1,346
4,044
0
5,390
Sales, total
1,346
4,044
0
5,390
Earnings before interest, tax and amortization (EBITA)
228
675
-34
869
% of sales
17.0
16.7
0.0
16.1
Adjusted EBITA
232
707
-52
887
% of sales
17.2
17.5
0.0
16.5
Adjustment items and amortization of intangible assets
Adjustment items total
-4
-32
17
-18
Amortization of other intangible assets total
-15
-48
-2
-65
Operating profit / loss
214
627
-36
805
% of sales
15.9
15.5
0.0
14.9
Finance income and expenses, total
-80
-80
Income before taxes
214
627
-116
724
EUR million
Aggregates
Minerals
Group
Head Office
and Other
Total
Inventories
674
1,277
1,951
Trade receivables
230
624
1
855
Other non-interest bearing receivables
63
203
74
340
Customer contract assets and liabilities, net
2
-15
0
-14
Trade payables
-161
-494
-20
-675
Advances received
-63
-262
-325
Other non-interest-bearing liabilities
-169
-798
-175
-1,143
Net working capital
576
535
-121
990
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    115
Geographical information
Material accounting policies
Metso presents the geographical distribution of the segments’ sales by location of customers. Non-current assets and gross
capital expenditure are presented by location of assets.
Metso's businesses are present in more than 50 countries, providing strong diversification. The distribution of sales is fairly
uniform across various region: Europe 18%, North and Central America 22%, South America 23%, Asia Pacific 21% and
Africa, Middle East and India 15%. Metso has a global network of production units located in key continents.
Sales to unaffiliated customers by destination
EUR million
2024
2023
Finland
144
122
Europe
739
939
North and Central America
1,081
1,260
South America
1,139
1,142
APAC
1,018
1,086
Africa, Middle East & India
740
840
Sales
4,863
5,390
Metso's exports from Finland by destination, including intra-group sales
EUR million
2024
2023
Europe
418
566
North and Central America
227
357
South America
230
223
APAC
404
485
Africa, Middle East & India
382
382
Total
1,661
2,014
Non-current assets by location
EUR million
2024
2023
Finland
230
173
Europe
108
118
North and Central America
242
205
South America
121
97
APAC
142
127
Africa, Middle East & India
120
115
Non-allocated
1,682
1,665
Total
2,644
2,500
Non-current assets presented in the previous table comprise intangible assets and property, plant and equipment, investments
in associated companies, joint ventures, equity investments and other non-interest-bearing non-current assets. Non-allocated
assets include mainly goodwill and other assets arising from business acquisitions that have not been recorded in the
subsidiaries’ financial statements.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    116
Gross capital expenditure by location
EUR million
2024
2023
Finland
64
36
Europe
12
16
North and Central America
45
29
South America
47
33
APAC
20
37
Africa, Middle East & India
11
19
Total
198
169
Gross capital expenditure comprises investments in intangible assets and property, plant, and equipment, associated
companies, and joint ventures. Right-of-use assets are not included in the gross capital expenditure calculation.
1.2.  Sales
Material accounting policies
Metso applies IFRS 15 Revenue from Contracts with Customers. The principle is that sales are recognized at an amount that
reflects the consideration which Metso expects to receive in exchange for transferring goods or services to a customer. Sales
are recognized when the control of goods or services is transferred to a customer. Control is transferred either at a point in
time or over time.
When Metso provides standardized equipment and wear or spare parts to customers, sales are recognized at a point in time
when control for the goods is transferred, typically at the delivery of the goods or after commissioning. Sales to distributors
are recognized at delivery, when the distributor is not acting as an agent. If the distributor is acting as an agent, sales are
recognized only when delivered to an ultimate client.
When Metso provides customized engineered system deliveries, where the asset produced does not have alternative use
and Metso has enforceable right to payment for the performance completed to date, sales are recognized over time. Sales
recognition is based on estimated sales, costs and profit. Metso measures the progress using the cost-to-cost method,
where sales and profits are recorded after considering the ratio of accumulated costs to estimated total costs to complete
each contract. This method is considered to best reflect the satisfaction of the performance obligation. The estimated sales,
costs and profit, together with the planned delivery schedule of the contract are subject to regular revisions as the contract
progresses to completion. Revisions in profit estimates as well as any projected potential loss on contract are charged
through the profit and loss account in the period in which they become known.
Sales from providing services are recognized when the performance obligation is satisfied. For long-term fixed price service
contracts, sales are recognized over time, because the customer simultaneously receives and consumes the services
provided by Metso. The measure of the progress is based on costs of actual services provided as a proportion of the costs of
total services to be rendered. The estimated sales, costs and profit, together with the planned delivery schedule of the
contract are subject to regular revisions as the contract progresses to completion. Revisions in contract estimates as well as
any projected potential loss on contract are charged through the profit and loss account in the period in which they become
known.
For short-term service contracts with hourly fee based on valid price list, sales are recognized to the extent Metso has the
right to invoice the customer, and for service contracts with fixed hourly fee agreed in the contract, sales are recognized
based on invoicing.
Customer contracts may include promises such as volume-based rebates and liquidated damages attributable to, for
instance, delayed delivery or non-performance. The impact of these promises on the final consideration will be estimated
when recognition is started and systematically during the contract period. Sales will be recognized to the extent that Metso is
entitled to the consideration. Also, creditworthiness of the client and collectability of the consideration is assessed throughout
the contract period. Extended warranties are treated as a separate performance obligation and an appropriate transaction
price is allocated to them and recognized in sales when occurred.
Metso often requires advance payments from customers. Applying IFRS 15, advances received do not include a financing
component, because the payment schedule of them follows closely the timing of performance obligations to be satisfied.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    117
Estimates and assessments by Management
Sales recognized at a point in time may require judgement on facts and circumstances when the control is considered to
have passed to the client, affecting on timing of sales to be recognized. Transfer of the control is assessed mainly based on
terms of delivery in the contract and local legislation. Customer contracts including clauses on rebates, late delivery
penalties, right to return promises or extended warranties requires management judgement on the probability of such
clauses to have an effect on contracts sales. Judgements are based on earlier experience and market practice when
available.
Sales recognized over time is based on cost-to-cost method, which requires management to be able to estimate total sales,
costs, margin, and cash flow to complete the project. The assessment of the progress and margin to be recognized as well
as the total costs estimated to complete the contracts requires judgments by management throughout the contract period.
The most critical judgments are needed in case of a loss-making contract when estimating the performance needed to be
able to satisfy the contract. Changes in general market conditions and the possible impact on the contracts needs to be
predicted as well. The credit worthiness of the customer is verified, and collectability of the consideration assessed before
entering a contract. However, a risk of non-payment might arise afterwards, and it requires management judgement on the
impact on final sales recognition.
Hedging of foreign currency denominated firm commitments
Metso hedging policy requires business units to hedge their foreign currency risk when they become engaged in a firm
commitment denominated in a currency other than their functional currency. Treasury Policy specifies certain currencies and
certain legal units, where the open exposures are left unhedged. Similarly open exposures below certain euro nominated
amount are left unhedged. When a firm commitment qualifies for over time recognition, the business unit applies hedge
accounting and recognizes the effect of the hedging instruments in other comprehensive income (OCI) until the commitment
is recognized. Though Metso has defined the characteristics triggering a firm commitment, the final realization of the
unrecognized commitment depends also on factors beyond management control, which cannot be foreseen when initiating
the hedging relationship. Such factors can be a change in the market environment causing the other party to postpone or
cancel the commitment. To the extent possible, management strives to include clauses in its contracts that reduce the impact
of such adverse events on its results.
Disaggregation of sales
Figures in the tables comprise continuing operations.
External sales by category
2024
EUR million
Aggregates
Minerals
Total
Sales of services
419
2,405
2,824
Sales of projects, equipment and goods
788
1,251
2,039
Sales total
1,207
3,656
4,863
2023
EUR million
Aggregates
Minerals
Total
Sales of services
434
2,458
2,891
Sales of projects, equipment and goods
913
1,586
2,499
Sales total
1,346
4,044
5,390
In 2024, Metso’s sustainable offering portfolio, previously known as Planet Positive, was renamed Metso Plus. This change
reflects Metso’s proactive and compliant approach to regulatory changes in the EU regarding green claims. The criteria and
KPIs for Metso Plus remain unchanged from the Planet Positive approach. Metso Plus offering is central to Metso’s
sustainability agenda and the 1.5 °C journey. Metso Plus portfolio includes solutions that offer significant improvements in
reducing energy and carbon intensity, water use, pollution, and embedded carbon compared to an industry baseline or
benchmark technology. Metso Plus sales in 2024 were EUR 1,261  million (EUR 1,447 million in 2023).
Future sustainability-related requirements will influence market expectations and lead to completely new or alternative
technology solutions and processes. Climate change will also impact the physical and business environment. The Metso Plus
offering has over 100 products and services that are more energy-efficient than an industry benchmark or a previous
generation product in the market. Around 40 solutions in the portfolio address water-related challenges and are considered
better than the market benchmark or previous-generation product. Metso aims to keep expanding and improving this offering
to be able to offer energy-efficient technologies to its customers.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    118
External sales by timing of sales recognition
2024
EUR million
Aggregates
Minerals
Total
At a point in time
1,175
2,859
4,033
Over time
32
797
829
Sales total
1,207
3,656
4,863
2023
EUR million
Aggregates
Minerals
Total
At a point in time
1,317
2,990
4,306
Over time
30
1,054
1,084
Sales total
1,346
4,044
5,390
External sales by destination
2024
EUR million
Aggregates
Minerals
Total
Finland
23
121
144
Europe
324
416
739
North and Central America
460
622
1,081
South America
86
1,053
1,139
APAC
174
844
1,018
Africa, Middle East & India
140
600
740
Sales total
1,207
3,656
4,863
2023
EUR million
Aggregates
Minerals
Total
Finland
14
108
122
Europe
381
558
939
North and Central America
539
721
1,260
South America
83
1,060
1,142
APAC
174
912
1,086
Africa, Middle East & India
156
684
840
Sales total
1,346
4,044
5,390
Contract balances
EUR million
2024
2023
Trade receivables
911
855
Customer contract assets
279
308
Customer contract liabilities
257
322
Advances received
495
325
Customer contract liabilities and advances received are annually recognized as sales mainly during the following year.
When providing standardized equipment as well as wear and spare parts, invoicing takes place in general at the delivery or
after commissioning. In engineered system deliveries, and long-term service contracts invoicing is based on the client
contracts. Short-term service contracts are invoiced when service is rendered.
Trade receivables are based on the invoicing to customers and are generally on terms of 30–90 days. Information about
provision for expected credit losses on trade receivables is presented in note 2.2.
Engineered system, and long-term service contracts are mainly fixed priced contracts, where customers are invoiced with
fixed amounts based on contract schedule. In case the performance obligation satisfied exceeds the invoiced payment from
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    119
the customer, a contract asset is recognized. In case the invoiced payment from the customer exceeds the performance
obligation satisfied, a contract liability is recognized.
Advances received is the amount paid in advance to Metso by customers. Typically, Metso receives advance payments in
customized large scale engineered system and equipment delivery projects. Advances are amounts Metso remains liable for
reimbursement should it not be able to perform the agreed obligations under the contract.
Changes in receivables from customers or liabilities to customers and advances received is typically the result of changes in
business volume in the current year compared to the previous year.
Unsatisfied performance obligations
The order backlog, amounting to EUR 3,046 million on December 31, 2024, corresponds to the aggregate amount of the
transaction price allocated to the performance obligations that are fully or partly unsatisfied at the end of the reporting period.
These performance obligations are expected to be materially satisfied in two years.
Performance obligations
Metso’s sales consist of the sale of standardized equipment deliveries and services with wear or spare parts, customized
large-scale engineered system and/or equipment deliveries. Metso’s performance obligations are described below.
Equipment, wear and spare parts deliveries
When Metso provides standardized equipment and wear or spare parts to customers, revenue will be recognized at a point in
time, when control of the goods is transferred, typically at the delivery of the goods or after commissioning. These contracts
may include promises, such as volume-based rebates and late delivery penalties. The impact of these promises on the final
consideration will be estimated and sales will be recognized to the extent that Metso is entitled. Extended warranties are
treated as a separate performance obligation, and an appropriate transaction price is allocated to them and recognized in
sales when occurred.
Metso cooperates with distributors especially in the aggregates business. Based on the current distributor contracts, Metso
recognizes sales at the delivery to a distributor. Promises on volume-based rebates and the right to return goods are assessed
and sales will be recognized to the extent that Metso is entitled.
Engineered system and equipment deliveries
With customized large-scale engineered system and equipment deliveries, where assets produced do not have an alternative
use for another client, and Metso has the right to payment for the performance completed, revenue will be recognized over
time. Each large-scale engineered system and equipment delivery contract is assessed separately. These contracts usually
have a customer-specific, one total performance obligation agreed with the client.
These contracts may include promises, such as late delivery penalties, performance guarantees, and extended warranties.
The impact of these promises on the final consideration will be estimated and sales will be recognized to the extent that Metso
is entitled. Metso typically requires advance payments from clients, which in general, do not include a financing component,
because the payment schedule of advances follows closely the timing of performance obligations to be satisfied.
Service contracts
Sales from providing services are recognized when the services are rendered. For long-term-fixed price contracts, sales are
recognized over time. The measure of the progress is based on the costs of actual services provided as a proportion of the
costs of total services to be rendered. For short-term service contracts with an hourly fee based on a valid price list, revenue is
recognized to the extent Metso has right to invoice the customer, and for service contracts with a fixed hourly fee agreed in the
contract, revenue is recognized based on invoicing. Typical promises in service contacts are late delivery penalties and
performance guarantees.
Major customers
In 2024 nor in 2023, Metso did not have any single customer whose sales would have exceeded 10 percent of consolidated
sales.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    120
1.3.  Selling, general, and administrative expenses
Material accounting policies
Costs and expenses of different income statement items are assigned by the nature and relationship of the cost incurred.
Cost of goods sold are either directly or indirectly linked to recognized or expected sales. Direct cost includes e.g. materials,
subcontracted engineering and logistics related to specific customer contracts. Indirect cost carries the capacity cost of
delivery resources as well as manufacturing units.
Marketing and selling expenses consist of cost related to activity of generating new sales and marketing of the company and
its product portfolio. As an example cost of regional sales organizations are reported under this item.
Research and development expenses arise from research and development activities related to new products and
technologies. Research and development expenses comprise salaries, administration costs, digital investments, and
depreciation and amortization of property, plant, and equipment and intangible assets and are mainly recognized as incurred.
Grants received are netted from the costs. When material development costs meet certain capitalization criteria under IAS
38, they are capitalized and amortized over the expected useful life of the underlying technology.
Administrative expenses cover cost of company’s administrative activities such as general management as well as support
and group functions.
Figures in the tables comprise continuing operations.
Selling, general and administrative expenses
EUR million
2024
2023
Marketing and selling expenses
-426
-438
Research and development expenses, net
-103
-66
Administrative expenses
-356
-372
Selling, general and administrative expenses
-885
-875
Research and development expenses
EUR million
2024
2023
Research and development expenditure, total
-103
-62
Capital expenditure
12
8
Grants received
2
2
Depreciation and amortization
-14
-13
Research and development expenses, net
-103
-66
All Metso’s R&D projects must have sustainability targets. Furthermore, 80% of R&D expenditure should be on products that
are likely to be included in the Metso Plus portfolio (more information under sections 1.3.3. and 2.3.3. of the Sustainability
statement).
1.4.  Other operating income and expenses
Material accounting policies
Other operating income and expenses comprise income and expenses that do not directly relate to the operating activity of
businesses within Metso, or which arise from unrealized and realized changes in fair value of foreign currency denominated
financial instruments related to operations, including forward exchange contracts. Such items include costs related to
significant restructuring programs, gains and losses on disposal of assets, and foreign exchange gains and losses, excluding
those qualifying for hedge accounting and those, which are reported under finance income and expenses, net. Additionally,
non-recoverable foreign taxes, which are not based on taxable profits, are reported in other operating income and expenses,
net. In particular, these include foreign taxes and such like payments not based on Double Taxation Treaties in force.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    121
Figures in the table comprise continuing operations.
EUR million
2024
2023
Other operating income
Gain on sale of intangible and tangible assets
12
7
Rental income
0
1
Foreign exchange gains
155
264
Other income
35
10
Other operating income total
202
282
 
 
Other operating expenses
Loss on disposed businesses
-5
-2
Loss on sale of intangible and tangible assets
-4
-2
Impairment of intangible and tangible assets
-9
-4
Foreign exchange losses
-182
-278
Other expenses
-15
-20
Other operating expenses total
-215
-306
 
 
Other operating income and expenses, net
-14
-25
Foreign exchane gains and losses include foreign exchange gains and losses resulting from trade receivables and payables and related
derivatives. Other income includes gains related to old Brazilian social contribution and Chinese enterprise development funds.
1.5.  Personnel expenses and number of personnel
Personnel expenses
Figures in the table comprise continuing operations.
EUR million
2024
2023
Salaries and wages
-844
-894
Pension costs, defined contribution plans
-73
-38
Pension costs, defined benefit plans 1)
-6
-9
Other post-employment benefits 1)
-1
-1
Share-based payments 2)
-6
-13
Other indirect employee costs
-139
-120
Total
-1,069
-1,075
1) For more information on pension costs, see note 2.7.
2) For more information on share-based payments, see note 1.6.
Number of personnel
2024
2023
Personnel at end of the year
16,832
17,134
Average number of personnel during the year
17,081
16,960
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    122
Board remuneration
EUR thousand
2024
2023
Serving Board members December 31, 2024:
Kari Stadigh
-196
-185
Klaus Cawén
-116
-109
Brian Beamish
-95
-90
Terhi Koipijärvi
-100
-93
Niko Pakalén
-93
-82
Ian W. Pearce
-105
-105
Reima Rytsölä
-99
-91
Emanuela Speranza
-103
-96
Arja Talma
-115
-107
Former Board members
Christer Gardell 1)
-4
Antti Mäkinen 1)
-4
Total
-1,022
-966
1) Metso Board member until May 3, 2023.
According to the resolution of the 2024 Annual General Meeting, the fixed annual fees paid to the Board members are as
follows: Chair of the Board EUR 171,000, Vice Chair of the Board EUR 87,000, and other Board members EUR 70,500. An
additional annual remuneration is paid to the member of the Board elected in the position of Chair of the Audit and Risk
Committee EUR 25,500, members of the Audit and Risk Committee EUR 10,700, Chair of the Remuneration and HR
Committee EUR 13,000, and members of the Remuneration and HR Committee EUR 5,350.
In addition, the Annual General Meeting resolved to approve the following meeting fees for each Board and committee
meeting: EUR 900 for meetings requiring travel within the Nordic countries, EUR 1,800 for meetings requiring travel within a
continent, EUR 3,000 for meetings requiring intercontinental travel, and EUR 900 for meetings with remote attendance.
Remuneration paid to Chief Executive Officer and other Leadership Team members
2024
EUR
Salary
Fringe
benefits
Performance
bonus paid
Share-based
payment
Total
President and CEO 1)
911,713
6,219
807,937
2,736,437
4,462,306
Other Leadership Team members
2,700,184
69,299
1,230,575
4,634,490
8,634,548
Total
3,611,897
75,518
2,038,512
7,370,927
13,096,854
1) Pekka Vauramo between January 1 and October 31, 2024 and Sami Takaluoma between November 1 and December 31, 2024
2023
EUR
Salary
Fringe
benefits
Performance
bonus paid
Share-based
payment
Total
President and CEO Pekka Vauramo
897,468
3,417
773,107
2,829,126
4,503,118
Other Executive Team members
2,681,897
69,264
1,561,335
4,398,002
8,710,498
Total
3,579,365
72,681
2,334,442
7,227,128
13,213,616
The remuneration paid to President and CEO's Pekka Vauramo for period between January 1 and October 31, 2024 and Sami
Takaluoma for period between November 1 and December 31, 2024 is presented in the table above. The President and CEO
participates in remuneration programs according to respective terms and conditions decided by the Board. For more
information on share-based payments, see note 1.6.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    123
Sami Takaluoma was nominated as President and CEO as of November 1, 2024. The President and CEO is entitled to
participate in a supplementary defined contribution pension plan. The supplementary pension contribution for President and
CEO Sami Takaluoma is equivalent to 20% of the annual salary (25% for Pekka Vauramo). For years ended December 31,
2024, and December 31, 2023, these pension premium payments for the supplementary defined contribution pension plan
totaled approximately EUR 222 thousand and EUR 224 thousand respectively. The notice period for both parties is six
months. Severance pay is full monthly salary multiplied by twelve (12) if the agreement is terminated by the company.
Metso has a subscribed supplementary pension plan for other Metso Leadership Team members in Finland. For the years
ended December 31, 2024, and December 31, 2023, these pension premium payments totaled EUR 545 thousand and
EUR 548 thousand, respectively.
Board share ownership in Metso
Shares (pcs)
2024
Kari Stadigh
81,343
Klaus Cawén
44,962
Brian Beamish
4,564
Terhi Koipijärvi
9,778
Niko Pakalén
2,826
Ian W. Pearce
32,553
Reima Rytsölä
6,220
Emanuela Speranza
8,226
Arja Talma
37,564
Total
228,036
Leadership Team share ownership in Metso
Shares (pcs)
2024
Sami Takaluoma
124,112
Eeva Sipilä
250,355
Claudia Genin
0
Carita Himberg
37,235
Piia Karhu
41,614
Saso Kitanoski
12,998
Nina Kiviranta
72,813
Heikki Metsälä
23,621
Markku Simula
91,851
Total
654,599
1.6.  Share-based payments
Material accounting policies
Metso has share-based incentive plans for its key personnel.
The equity-settled share awards are valued based on the market price of the Metso share on the grant date and recognized
as an employee benefit expense over the vesting period with a corresponding entry in other reserves of the equity. The
historical development of the Metso shares, and the expected dividends have been taken into account when calculating the
fair value. The entire share incentive, including the cash-for-taxes portion, is recognized in equity. Also the value of the cash
portion is based on the grant date value. As a market condition, total shareholder return of the Performance Share Plans will
be taken into account when determining the fair value at grant, and it will not be changed during the plan. The fair value of
the cost estimate of the Performance Share Plans will only be changed when service or non-market conditions are
concerned.
At each balance sheet date, Metso revises its estimates on the amount of share-based payments that are expected to vest.
The impact of a revision to a previous estimate is accrued as an employee benefit expense with a corresponding entry to
equity. The historical development of Metso share price and the expected dividends have been taken into account when
calculating the fair value.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    124
Estimates and assessments by Management
At each balance sheet date, management reviews its estimates for the number of shares that are expected to vest. As part of
this evaluation, Metso takes into account changes in the forecasted performance of the Group and its reporting segments,
expected turnover of the personnel benefiting from the incentive plan, and other pertinent information impacting the number
of shares to be vested.
Current plans
Metso Performance and Restricted Share Plans
In June 2020, Metso's Board decided on long-term share-based incentive plans: Performance Share Plan (PSP) and
Restricted Share Plan (RSP). The commencement of each new PSP and RSP and the earnings criteria for each new PSP
plan will be subject to a separate decision by the Board. The PSP consists of an annually commencing plan, each with a
three-year earning period, and the complementary RSP consists of an annually commencing plan, each with a three-year
vesting period. The possible rewards are paid partly in Metso’s shares and partly in cash.
If the participant’s employment or service ends for reasons relating to the participant before the reward payment, no reward
will be paid from the long-term incentive plans.
Performance Share Plan 2024–2026
The earning criteria for the PSP 2024–2026 is based on the total shareholder return of Metso's share, earnings per share and
an ESG measure linked to sales growth of Metso Plus portfolio. At the end of 2024, there were 185 participants in the plan,
and the potential reward corresponds to a maximum of 1,639,534 Metso shares, out of which the Metso Leadership Team can
receive a maximum reward of 346,000 shares. The potential reward will be paid in 2027.
Performance Share Plan 2023–2025
The earning criteria for the PSP 2023–2025 is based on the total shareholder return of Metso's share, earnings per share and
an ESG measure linked to sales growth of Metso Plus portfolio. At the end of 2024, there were 177 participants in the plan,
and the potential reward corresponds to a maximum of 1,738,434 Metso shares, out of which the Metso Leadership Team can
receive a maximum reward of 309,700 shares. The potential reward will be paid in 2026.
Performance Share Plan 2022–2024
The earning criteria for the PSP 2022–2024 is based on the total shareholder return of Metso's share, earnings per share and
an ESG measure linked to sales growth of Metso Plus portfolio. At the end of 2024, there were 164 participants in the plan,
and the potential reward corresponds to a maximum of 1,415,094 Metso shares, out of which the Metso Leadership Team can
receive a maximum reward of 217,000 shares. The potential reward will be paid in 2025.
Restricted Share Plan 2022–2024
At the end of 2024, there were 18 participants in the RSP plan, and the potential reward corresponds to a 75,700 Metso
shares. The potential reward will be paid in 2025.
Completed plan periods
Performance Share Plan 2021–2023
The earning criteria for the PSP 2021–2023 was based on the total shareholder return of Metso's share, earnings per share
and an ESG measure linked to sustainable development. A total of 984,288 Metso treasury shares were paid to 144 key
employees and executives, out of which the Metso Leadership Team received total of 317,918 shares. The reward was paid in
March 2024.
Restricted Share Plan 2021–2023
A total of 38,851 Metso treasury shares were used to pay reward to 18 participants in December 2024.
Performance Share Plan 2020–2022
The earning criteria for the PSP 2020–2022 was based on total shareholder return of Metso's share and the achievement of
the synergy targets set in connection with the combination of the businesses. A total of 345,115 Metso treasury shares were
paid to 8 Metso Leadership Team members. The reward was paid in March 2023.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    125
Deferred Share Plan 2020–2022
For 124 participants a total of 347,141 Metso treasury shares were paid, out of which one Metso Leadership Team member
received a net reward of 2,965 shares. The reward was paid in March 2023.
Beneficiaries of and granted shares under the share ownership plan
December 31, 2024
Beneficiaries
total
Shares total
Plan PSP 2021–2023
Granted 2024
144
984,288
Plan RSP 2021–2023
Granted 2024
18
38,851
Costs recognized for the share ownership plans
EUR million
2024
2023
Plan PSP and DSP 2020–2022
-1
Plan PSP and RSP 2021–2023
-1
-6
Plan PSP and RSP 2022–2024
-2
-3
Plan PSP 2023–2025
-2
-3
Plan PSP 2024–2026
-2
Total
-6
-13
1.7.  Finance income and expenses
Figures in the table comprise continuing operations.
EUR million
2024
2023
Finance income 
Dividends received
0
0
Interest income
19
11
Other finance income
2
6
Finance income 
22
17
Foreign exchange gains/losses
4
4
Finance expenses 
Interest expenses from financial liabilities at amortized cost
-79
-72
Interest expenses on lease liabilities
-5
-5
Other finance expenses
-21
-25
Finance expenses 
-105
-101
Finance income and expenses, net
-80
-80
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    126
1.8.  Income taxes
Corporate income taxes
Material accounting policies
Income taxes in the consolidated income statement include taxes of subsidiaries and the parent company based on taxable
income for the current period, tax adjustments for previous periods, and the changes in deferred taxes. The other
comprehensive income statement (OCI) includes taxes on items presented in the OCI. Deferred taxes are determined for
temporary differences arising between the tax base of assets and liabilities and their financial statement carrying amounts,
measured using substantially enacted tax rates.
Estimates and assessments by Management
Metso is subject to income tax in its operating countries. Metso’s management is required to make certain assumptions and
estimates in preparing the annual tax calculations for which the ultimate tax consequence is uncertain. Annually, Metso has
tax audits ongoing in several subsidiaries and recognizes tax liabilities for anticipated tax audit issues based on an estimate
of whether additional taxes will be due. Where the final outcome of these issues is different from the estimated amounts, the
difference will impact the income tax in the period in which such determination is made.
Components of income taxes
EUR million
2024
2023
Income taxes for current year
-195
-218
Income taxes for prior years
7
-2
Change in deferred tax asset and liability
27
33
Income taxes
-162
-187
Differences between income tax expense computed at the Finnish statutory rate and income tax expense provided on
earnings
EUR million
2024
2023
Profit before taxes
648
724
Income tax at Finnish statutory tax rate of 20.0%
-130
-145
Effect of different tax rates in foreign subsidiaries
-27
-27
Non-deductible expenses
-17
-15
Tax exempt income or tax incentives
8
11
Foreign non-creditable withholding taxes
-5
-13
Deferred tax liability on undistributed earnings
-5
-3
Income tax for prior years
7
-2
Other
8
7
Income taxes
-162
-187
Tax effects of components in other comprehensive income
2024
2023
EUR million
Before
taxes
Deferred
taxes
After
taxes
Before
taxes
Deferred
taxes
After
taxes
Cash flow hedges
5
-1
4
-3
1
-2
Defined benefit plan actuarial gains (+) / losses (-)
0
0
0
-5
1
-4
Currency translation on subsidiary net investments
-37
-37
-27
-27
Total comprehensive income (+) / expense (‑)
-33
-1
-33
-36
2
-33
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    127
Pillar 2 legislation effects
Pillar 2 legislation has been enacted or substantively enacted in certain jurisdictions Metso operates. The legislation is
effective for Metso’s financial year beginning 1 January 2024. Metso is in the scope of the enacted or substantively enacted
legislation and has performed an impact assessment of the possible exposure to Pillar 2 income taxes.
Based on the impact assessment, the Pillar 2 effective tax rates in most of the jurisdictions in which Metso operates are above
15%. During financial year 2024, Metso has applied transitional safe harbor reliefs and has not booked Pillar 2 income taxes
for the financial year.
Considering the complexity of the Pillar 2 legislation, changes in transitional safe harbor reliefs and the fact that all jurisdictions
have not yet enacted the legislation, Metso will continue assessing the impact of Pillar 2 during financial year 2025.
Metso has applied the mandatory exception in IAS 12 related to recognizing and disclosing deferred tax assets and liabilities
arising from Pillar 2 income taxes.
Deferred taxes
Material accounting policies
The deferred tax asset or liability is determined for temporary differences arising between the tax bases of assets and
liabilities and their financial statement carrying amounts using the substantially enacted tax rates expected to apply in future
years. Typical temporary differences arise from provisions, depreciation and amortization expense, inter-company inventory
margins, defined benefit plans, and tax loss carry-forwards. Deferred tax liabilities are recognized in the balance sheet in full,
and the deferred tax assets are only recognized if it is probable there will be taxable income in the future against which
deferred tax assets can be used. Deferred tax assets are offset against deferred tax liabilities if they relate to taxes levied by
the same taxation authority on the same taxable entity.
Estimates and assessments by Management
In determining deferred tax assets and liabilities, Metso is required to make certain assumptions and estimates on, in
particular, future operating performance and the taxable income of subsidiaries, recoverability of tax loss carry-forwards and
potential changes in tax laws in jurisdictions where Metso operates. A deferred tax liability based on foreign subsidiaries’
undistributed earnings has been provided only where Metso’s management has elected to distribute such earnings in the
coming years and the distribution is subject to taxation. Because tax consequences are difficult to predict, deferred tax
assets and liabilities may need to be adjusted in future financial years, which may have an impact in the period in which such
determination is made.
Deferred tax assets are recognized for unused tax losses to the extent that it is probable to be utilized against the future
taxable profit. Significant management judgement is required to determine the amount of deferred tax assets that can be
recognized, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies.
In certain cases, the losses are related to subsidiaries that have losses which may neither expire nor may be used to offset
taxable income elsewhere in the Group. The subsidiaries neither have any taxable temporary difference nor any tax planning
opportunities available that could partly support the recognition of these losses as deferred tax assets. On this basis, in certain
jurisdictions the Group has determined that it cannot recognize deferred tax assets on the tax losses carried forward.
Deferred tax liability on undistributed retained earnings in subsidiaries will be recognized when the dividend distribution is
probable in the future, and it will cause a tax impact. At the end of year 2024 and 2023 there were no substantial undistributed
earnings in subsidiaries from which a deferred tax liability is not booked.
Figures in the tables comprise continuing operations if not otherwise stated.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    128
Reconciliation of deferred tax balances
EUR million
2024
Jan 1
Charged
to income
statement
Charged to
shareholders’
equity
Acquisitions
and
disposals
Translation
differences
and Group
items
Dec
31
Deferred tax assets
Tax losses carried forward
7
39
2
48
Intangible assets and property, plant
and equipment
20
-5
0
15
Inventory
91
-5
0
86
Provisions
59
-3
-3
53
Accruals
49
-8
0
41
Pension related items
6
0
0
0
5
Right-of-use assets
28
3
2
0
32
Other
18
7
-1
-4
20
Total deferred tax assets
276
27
-1
2
-5
300
Offset against deferred tax liabilities 
-28
-5
-33
Assets held for sale
-14
7
-7
Net deferred tax assets
234
34
-1
2
-10
259
Deferred tax liabilities
Purchase price allocations
160
-12
8
0
156
Intangible assets and property, plant
and equipment
16
0
0
15
Right-of-use assets
29
3
2
0
34
Other
30
15
0
-22
22
Total deferred tax liabilities
234
6
0
10
-23
227
Offset against deferred tax assets 
-28
-5
-33
Liabilities held for sale
-24
2
-22
Net deferred tax liabilities
182
8
0
10
-28
172
Deferred tax assets (+) / liabilities (-),
net
51
27
-2
-8
18
87
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    129
Reconciliation of deferred tax balances, comparison period
EUR million
2023
Jan 1
Charged
to income
statement
Charged to
shareholders’
equity
Acquisitions
and
disposals
Translation
differences
and Group
items
Dec 31
Deferred tax assets
Tax losses carried forward
2
2
0
0
1
7
Intangible assets and property, plant
and equipment
31
-11
0
0
20
Inventory
79
12
0
91
Provisions
61
-3
0
0
59
Accruals
32
18
-1
49
Pension related items
6
-1
1
0
6
Right-of-use assets
27
0
0
28
Other
5
14
1
0
-1
18
Total deferred tax assets
244
32
3
1
-2
276
Offset against deferred tax liabilities 
-19
-10
-28
Assets held for sale
3
-17
-14
Net deferred tax assets
225
35
3
1
-29
234
Deferred tax liabilities
Purchase price allocations
166
-11
6
0
160
Intangible assets and property, plant
and equipment
15
0
0
-1
16
Right-of-use assets
28
0
0
29
Other
3
28
0
0
-1
30
Total deferred tax liabilities
212
17
0
6
-1
234
Offset against deferred tax assets 
-19
-10
-28
Liabilities held for sale
-15
-8
-24
Net deferred tax liabilities
193
2
0
6
-19
182
Deferred tax assets (+) / liabilities (-),
net
31
33
3
-6
-10
51
1.9.  Earnings per share
Basic
Basic earnings per share is calculated by dividing the profit attributable to shareholders of the company by the weighted
average number of shares issued and outstanding for the year, excluding own shares held by the Parent company.
Earnings per share
2024
2023
Profit attributable to shareholders of the company, EUR million
329
543
Weighted average number of shares issued and outstanding (in thousands)
827,101
826,216
Earnings per share, basic, EUR
0.40
0.66
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    130
Earnings per share, continuing operations
2024
2023
Profit attributable to shareholders of the company, continuing operations, EUR million
485
535
Weighted average number of shares issued and outstanding (in thousands)
827,101
826,216
Earnings per share, basic, EUR
0.59
0.65
Diluted
Shares to be potentially issued in the future are treated as outstanding shares when calculating the diluted earnings per share
if they have a dilutive effect. Own shares held by Metso are reissued within the terms of the share ownership plans to key
personnel, if the targets defined in the plans are met. Diluted earnings per share are calculated by increasing the weighted
average number of outstanding shares by the number of shares that, would be distributed to the beneficiaries based on the
results achieved, if the conditional earnings period ended at the end of the financial period in question. On December 31,
2024, Metso held 1,621,110 own shares to be used as consideration under share ownership plans.
Earnings per share, diluted
2024
2023
Profit attributable to shareholders of the company, EUR million
329
543
Weighted average number of shares issued and outstanding (in thousands)
827,101
826,216
Adjustment for potential shares distributed (in thousands)
884
929
Weighted average number of diluted shares issued and outstanding (in thousands)
827,985
827,145
Earnings per share, basic, diluted,  EUR
0.40
0.66
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    131
2.  Operational assets and liabilities
2.1.  Net working capital and capital employed
Balance sheet values in the tables comprise continuing operations.
Net working capital
Balance sheet value
Cash flow effect
EUR million
2024
2023
2024
2023
Inventories
1,900
1,951
41
-192
Trade receivables
900
855
-65
-90
Other non-interest bearing receivables
314
340
-20
-20
Customer contract assets and liabilities, net
22
-14
6
-129
Trade payables
-581
-675
-111
-72
Advances received
-495
-325
173
57
Other non-interest bearing liabilities
-1,015
-1,143
-142
-3
Net working capital
1,045
990
-119
-449
Capital employed
EUR million
2024
2023
Net working capital
1,045
990
Intangible assets
1,927
1,886
Property, plant and equipment
549
472
Right-of-use assets
136
114
Non-current investments
5
5
Interest bearing receivables
2
6
Liquid funds
431
638
Tax payables and receivables, net
68
-27
Interest payables, net
-8
-7
Capital employed
4,156
4,078
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    132
2.2.  Trade receivables
Material accounting policies
Trade receivables are invoiced receivables from customers related to Metso’s ordinary business transactions. General
payment terms are typically from 30 days to 90 days, and they are non-interest-bearing receivables. Trade receivables are
initially recognized at transaction price and subsequently valued at amortized cost. If, exceptionally an over 360 day payment
term was offered to a client, the invoiced amount is discounted to its fair value.
In measuring expected credit losses, Metso applies the IFRS 9 simplified approach, which uses a lifetime expected loss
allowance to be assessed and recognized regularly. Credit loss risk related to customer contract assets is covered mainly by
the advance payments received from the clients.
Based on an analysis of the previous year’s credit losses by aging category and nature, as well as the macroeconomic
outlook in the near future, Metso recognizes a credit loss allowance from 0.1% to 5% on trade receivables undue or less than
180 days overdue. For trade receivables more than 180 days overdue, the impairment is assessed individually, but without
any credit guarantee, collateral, or similar assurance on the recoverability, a minimum credit loss provision of 25% (over 180
days overdue) and 100% (over 360 days overdue) will be recognized. Trade receivables are written off when there is no
reasonable expectation of recovery. Probability of bankruptcy, other financial reorganization, or a similar situation indicating
insolvency of the client triggers a final write-off.
Estimates and assessments by Management
Estimates on expected credit losses and credit loss provisions to be recognized are based on management’s best judgment.
The judgment is based on experience with past years’ credit losses, current economic outlook, and client segment and
location information. Trade receivables are collected actively, and possible impairment analyzed regularly by the businesses
and Metso legal units, and the necessary actions to secure receivables are made by management. When a credit loss
provision of a trade receivable is assessed individually, collateral, credit guarantees, financial position of the client, and
earlier payment behavior are taken into consideration.
EUR million
2024
2023
Trade receivables
890
845
Trade receivables for sale
10
10
Total
900
855
Classified as held for sale
Non-current
7
Current
13
15
Total
920
870
Provision on trade receivables by aging category
2024
2023
EUR million
Trade
receivables,
gross
of which
provided
Trade
receivables,
gross
of which
provided
Undue
609
7
616
3
Overdue 1–30 days
131
0
98
0
Overdue 31–180 days
152
2
134
3
Overdue 181–360 days
27
5
23
6
Overdue over 360 days
52
37
50
39
Total, gross
972
52
921
52
Total, net
920
870
Realized write-offs amounted to EUR 2 million in 2024 (EUR 49 million in 2023).
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    133
Provision for impairment of trade receivables
EUR million
2024
2023
Accumulated provision, January 1
52
100
Impact of exchange rates
-1
-2
Acquisitions
0
Additions to reserve
3
2
Used reserve and other changes
-3
-47
Accumulated provision, December 31
52
52
2.3.  Other receivables
Material accounting policies
Other non-interest-bearing receivables are recognized in the balance sheet at original fair value which can be subsequently
written down due to impairment. The impairment is expensed under selling, general and administrative expenses.
Estimates and assessments by Management
The group policy is to calculate an impairment loss based on the best estimate of the amounts that are potentially
uncollectable at the balance sheet date. Metso management actively monitors the amount of receivables past due globally
and initiates action as necessary.
Figures in the table comprise continuing operations.
Non-interest-bearing receivables
2024
2023
EUR million
Non-
current
Current
Total
Non-
current
Current
Total
Derivative instruments
9
34
43
10
36
46
Deferred tax assets
259
259
234
234
Income tax receivables
61
61
107
107
Other receivables
Prepaid expenses and accrued income
64
64
69
69
VAT, payroll tax and social charge receivables
143
143
174
174
Pension assets
4
4
3
3
Other receivables
23
37
60
20
31
50
Other receivables total
27
245
272
22
273
295
Non-interest-bearing receivables total
295
339
634
266
417
682
Other non-interest-bearing receivables included EUR 15 million in 2024 (EUR 19 million in 2023) of Brazilian tax credits
arising from delivery of goods and transfer of services (ICMS) recognized by local subsidiaries. Of that amount EUR 3 million
in 2024 (EUR 3 million in 2023) was classified as long-term.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    134
2.4.  Inventory
Material accounting policies
Inventories are valued at the lower of historical cost calculated or net realizable value. Costs are measured on a weighted
average cost basis and include purchase costs as well as transportation and processing costs. The costs of finished goods
include direct materials, wages, and salaries plus employer social contributions, subcontracting and other direct costs, as
well as a portion of production and project administration overheads. Net realizable value is the estimated amount that can
be realized from the sale of the asset in the normal course of business less costs to sell.
Inventories are shown net of a provision for obsolete and slow-moving inventories. Metso's policy is to maintain a provision
for slow-moving and obsolete inventory based on the best estimate of such amounts at the balance sheet date. An
obsolescence provision is charged to income statement in the period in which the obsolescence is determined. Estimates are
based on a systematic, on-going review and evaluation of inventory balance.
Estimates and assessments by Management
Inventory valuation requires management to make estimates and judgments particularly relating to obsolescence and
expected selling prices and sales costs in different market conditions. It also entails management's assessment of the
general market trends in global markets.   
EUR million
2024
2023
Materials and supplies
292
294
Work in process
620
615
Finished products
1,047
1,095
Total
1,959
2,004
Classified as held for sale
-59
-53
Inventories
1,900
1,951
The cost of inventories recognized as expense for continuing operations amounted to EUR 3,149  million in 2024 (EUR 3,599
million in 2023).
Changes in provision for inventory obsolescence
EUR million
2024
2023
Balance at beginning of year
93
99
Impact of exchange rates
-1
-2
Additions charged to expense
24
26
Used reserve
-11
-2
Deductions / other additions
5
-27
Classification as held for sale
0
Balance at end of year
110
93
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    135
2.5.  Trade and other payables
Material accounting policies
The fair values and carrying amounts of trade and other payables are considered to be the same, due to the short-term
maturities. The maturities of the current non-interest-bearing liabilities rarely exceed six months. The maturities of trade
payables are largely determined by trade practices and individual agreements between Metso and its suppliers.
Accrued personnel costs, including holiday pay, are settled in accordance with local laws and regulations.
2024
2023
EUR million
Non-current
Current
Total
Non-current
Current
Total
Trade payables
581
581
675
675
Classified as held for sale
16
16
29
29
Total
598
598
704
704
Derivative instruments
13
68
80
18
28
45
Other payables
Accrued interests
8
8
8
8
Accrued personnel costs
172
172
207
207
Accrued project costs
251
251
298
298
VAT, payroll tax and social charge payables
53
53
89
89
Other payables
5
102
107
7
109
116
Other payables
5
587
592
7
711
717
Classified as held for sale
26
26
54
54
Total
5
612
617
7
764
771
Supply chain finance program
Metso has a supplier finance program where supplier utilizes the buyer’s credit rating when selling its receivables to bank.
Participation in the arrangement is at the suppliers’ own discretion. Participating suppliers will receive early payment on
invoices sent to the Metso from the external finance provider. If supplier choose to sell the receivable to bank, they pay a fee
to bank, to which Metso is not party. In order for the finance provider to pay, the invoices have first to be approved by Metso.
Payment to supplier ahead of the invoice due date are processed by the finance provider and, in all cases, the Metso settles
the invoice by paying the finance provider in line with the original invoice maturity date.
Based on above Metso determines that the financial liabilities arising from the arrangement have similar nature and function to
trade payables and therefore are classified to trade and other payables.
EUR million
2024
2023
Carrying amount of trade payables that are part of a supplier finance arrangement
103
144
Of which suppliers have received payment
97
111
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    136
2.6.  Provisions
Material accounting policies
Provisions are recognized when the Group has a legal or constructive obligation as a result of a past event, and it is probable
that financial benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be
made.
Provisions, for which settlement is expected to occur more than one year after the initial recognition, are discounted to their
present value and adjusted in subsequent closings for the time effect.
Warranty and guarantee provisions
Metso issues various types of contractual product warranties under which it generally guarantees the performance levels
agreed in the sales contract, the performance of products delivered during an agreed warranty period and services rendered
for a certain period or term. The provision for estimated warranty costs is based on historical realized warranty costs for
deliveries of standard products and services in the past. The typical warranty period is 12 months from the accepted delivery.
The adequacy of provisions is assessed periodically on a case by case basis.
Restructuring and capacity adjustment costs
A provision for restructuring and capacity adjustment costs is recognized only after management has approved, committed to
and started to implement a formal plan. Employee termination benefits are recognized after the representatives of employees
or individual employees have been informed of the intended measures in detail and the related compensation packages can
be reliably measured. The costs included in a provision for capacity adjustment are those costs that are either incremental or
incurred as a direct result of the plan or as the result of a continuing contractual obligation with no continuing economic
benefit to Metso or a penalty incurred to cancel the contractual obligation. Restructuring and capacity adjustment expenses
are recognized in either cost of goods sold or in selling, general and administrative expenses depending on the nature of the
restructuring expenses. Restructuring costs can also include other costs, which are recorded under other operating income
and expenses, net, incurred as a result of the plan, such as asset write-downs.
Environmental remediation costs
Metso recognizes provisions associated with environmental remediation obligations when there is a present obligation as a
result of past events, an outflow of resources is considered probable, and the obligation can be estimated reliably. Such
provisions are adjusted as further information develops or circumstances change. Recoveries of environmental remediation
costs from other parties are recorded as assets when their receipt is deemed virtually certain.
Provision for loss making projects
A provision for loss making projects is booked when the costs needed to settle the performance obligations of the contract
exceed the consideration to be received. Such a provision for the unrecognized portion of the loss is recognized immediately
when these conditions have been met and is revised according to the progress of the project.
Estimates and assessments by Management
Provisions booked require management to estimate the future costs needed to settle the obligations and to estimate the
possible outcomes of claims or lawsuits. The outcome depends on future development and events, so the final costs needed
and the timing to settle the obligation may differ from the initial provision estimated.
For larger and long-term delivery projects and sales involving new technology, additional warranty provisions can be
established on a case by case basis to take into account the potentially increased risk.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    137
Figures in the tables comprise continuing operations.
Provisions
2024
2023
EUR million
Non-current
Current
Total
Non-current
Current
Total
Warranty and guarantee provision
1
126
126
0
97
98
Project loss provisions
27
33
61
27
67
94
Restructuring provision
3
5
8
1
8
9
Environmental remedial provision
0
0
0
0
1
1
Russia wind-down provision
2
2
32
32
Other provisions 1)
30
36
66
34
30
64
Total
62
201
263
63
235
298
1) Includes provisions related to lawsuits and personnel liabilities.
Changes in provisions
2024
EUR million
Warranty
and
guarantee
provision
Project
loss
provisions
Restructuring
provision
Environmental
remediation
provision
Russia
wind-
down
provision
Other
provisi
ons
Total
Carrying value at January
1
98
94
9
1
32
64
298
Impact of exchange rates
0
0
0
0
-8
-7
Addition charged to
expense
53
14
6
15
88
Used reserve
-15
-34
-4
0
-6
-58
Reversal of reserve / other
changes
-12
-13
-3
-1
-30
-3
-61
Classification as held for
sale
2
-1
0
0
2
4
Carrying value at
December 31
126
61
8
0
2
66
263
Project loss provisions included Russia wind-down related items of which carrying value at December 31, 2024, was zero
(EUR 13 million in 2023).
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    138
2.7.  Post-employment obligations
Material accounting policies
Metso has several different pension schemes in accordance with local regulations and practices in countries where it
operates. In certain countries, the pension schemes are defined benefit plans with retirement, disability, death, and other
post-retirement benefits, such as health services, and termination income benefits. The retirement benefits are usually based
on the number of service years and the salary levels of the final service years. Metso has both defined contribution and
defined benefit schemes. The schemes are generally funded through payments to insurance companies or to trustee-
administered funds. Other arrangements are unfunded with benefits being paid directly by Metso as they fall due. All
arrangements are subject to local tax and legal restrictions in their respective jurisdictions.
In the case of defined benefit plans, the liability recognized from the plan is the present value of the defined benefit obligation
as of the balance sheet date less the fair value of the plan assets. Independent actuaries calculate the defined benefit
obligation by applying the projected unit credit method under. The present value of the defined benefit obligation is
determined by discounting the estimated future cash flows using the interest rates of high-quality corporate bonds that are
denominated in the currency in which the benefits will be paid and having maturity approximating to the terms of the related
pension obligation. The cost of providing retirement and other post-retirement benefits to personnel is charged to profit and
loss concurrently with the service rendered by personnel. Net interest is recorded through finance income and expenses in
the income statement. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions
are recognized through OCI in shareholders' equity in the period in which they arise. Past service costs, gains and losses on
curtailments or settlements are recognized immediately in the income statement.
The contributions to defined contribution plans and multi-employer and insured plans are charged to profit and loss
concurrently with the payment obligations.
Estimates and assessments by Management
The present value of the pension obligations is based on annual actuarial calculations, which use several assumptions such
as the discount rate and expected return on assets, salary and pension increases and other actuarial factors. As a result, the
liability recorded on Metso's balance sheet and cash contributions to funded arrangements are sensitive to changes. Where
the actuarial experience differs from those assumptions gains and losses result, which are recognized in OCI. Sensitivity
analyses on the present value of the defined benefit obligation have been presented in the tables. Assets of Metso's funded
arrangements are managed by external fund managers. The allocation of assets is reviewed regularly by those responsible
for managing Metso’s arrangements based on local legislation, professional advice and consultation with Metso, based on
acceptable risk tolerances.
Metso’s pension and other post-employment plans
Pension arrangements in Germany, the US, the UK and Canada together represent 83% of Metso’s Defined Benefit Obligation
and 74% of its pension assets. These arrangements provide retirement income, which is substantially based on salary and
service at or near retirement.
The German plans are unfunded with benefits paid directly by the company as they fall due. In the US and Canada, annual
valuations are carried out to determine whether cash funding contributions are required in accordance with local legislation. In
the UK, Metso’s defined benefit pension arrangement is closed for future accrual. Plan assets are held by a separate pension
fund and administered by a Board of Trustees. Cash contributions are determined on a triennial basis in accordance with local
funding legislation, with the level of cash payments being agreed between the trustees and Metso.
Assets of Metso's funded arrangements are managed by external fund managers. The allocation of assets is reviewed
regularly by those responsible for managing Metso’s arrangements based on local legislation, professional advice and
consultation with Metso, based on acceptable risk tolerances.
The expected contributions to plans in 2025 are EUR 8 million. Metso paid contributions of EUR 12 million to defined benefit
plans in 2024.
Figures presented in this disclosure include both continuing and discontinued operations.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    139
Amounts recognized as of December 31 in the balance sheet
2024
2023
EUR million
 Pension
benefits
Other post-
employment
benefits
Total
 Pension
benefits
Other post-
employment
benefits
Total
Present value of funded obligations
83
83
89
89
Fair value of plan assets
-85
-85
-90
-90
Total
-2
-2
0
0
Present value of unfunded obligations
68
27
96
68
30
98
Unrecognized asset
0
0
0
0
Total
66
27
94
68
30
98
Amounts in the balance sheet
Liabilities
69
27
96
70
30
100
Assets
-3
-3
-2
-2
Net liability
66
27
93
68
30
98
Movements in the net liability recognized in the balance sheet (total)
EUR million
2024
2023
Net liability at beginning of year
98
96
Net expense recognized in the income statement
9
9
Employer contributions
-12
-11
Gain (-) / loss (+) recognized through OCI
-2
5
Translation differences
0
-1
Net liability at end of year
93
98
Amounts recognized through the income statement
2024
2023
EUR million
 Pension
benefits
Other post-
employment
benefits
Total
 Pension
benefits
Other post-
employment
benefits
Total
Employer's current service cost
1
2
3
1
3
4
Net interest on net surplus (+) / deficit (-)
2
2
4
2
1
4
Settlements
0
0
Gain (-) / loss (+) recognized in income
statement
1
0
1
1
0
0
Administration costs paid by the scheme
1
1
1
1
Expense (+) / income (-)
recognized in income statement
5
4
9
5
4
9
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    140
Amounts recognized through OCI
2024
2023
EUR million
 Pension
benefits
Other post-
employment
benefits
Total
 Pension
benefits
Other post-
employment
benefits
Total
Return on plan assets, excluding amounts
included in interest expense (+) / income (-)
6
6
0
0
Actuarial gain (-) / loss (+) on liabilities due to
change in financial assumptions
-7
0
-7
3
1
4
Actuarial gain (-) / loss (+) on liabilities due to
change in demographic assumptions
0
0
-2
-2
Actuarial gain (-) / loss (+) on liabilities due to
experience
4
0
4
Gain (-) / loss (+) as result of asset ceiling
0
0
-1
-1
Total gain (-) / loss (+)
recognized through OCI
-1
0
-2
4
1
5
Changes in the value of the defined benefit obligation
2024
2023
EUR million
 Pension
benefits
Other post-
employment
benefits
Total
 Pension
benefits
Other post-
employment
benefits
Total
Defined benefit obligation at beginning of
year
158
30
187
154
29
183
Employer's current service cost
1
2
3
1
3
4
Interest cost
6
2
8
6
1
7
Settlements gain (-) / loss (+)
0
0
0
0
Actuarial gain (-) / loss (+) due to change in
financial assumptions
-7
0
-7
3
1
4
Actuarial gain (-) / loss (+) on liabilities due
to change in demographic assumptions
0
0
-2
-2
Actuarial gain (-) / loss (+) due to experience
1
0
1
4
4
Benefits paid from the arrangement
-6
-6
-6
-6
Benefits paid direct by employer
-4
-5
-9
-4
-4
-8
Translation differences
3
-1
2
1
0
1
Defined benefit obligation at end of year
151
27
178
158
30
187
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    141
Changes in the fair value of the plan assets during the year
2024
2023
EUR million
Pension and other post-employment benefits total
Fair value of assets at beginning of year
90
89
Interest income on assets
4
4
Return on plan assets excluding interest income
-6
0
Assets distributed on settlements
0
Employer contributions
12
11
Benefits paid from the arrangements
-6
-6
Benefits paid direct by employer
-9
-8
Administration expenses paid from the scheme
-1
-1
Translation differences
3
1
Fair value of assets at end of year
85
90
Major categories of plan assets as a percentage of total plan assets as of December 31
2024
2023
Quoted
Unquoted
Total
Quoted
Unquoted
Total
Equity securities
2%
0%
2%
5%
0%
5%
Bonds
9%
0%
9%
4%
0%
4%
Cash
7%
0%
7%
6%
0%
6%
Insurance contracts
0%
64%
64%
0%
63%
63%
Other
3%
16%
19%
8%
15%
23%
Total
20%
80%
100%
23%
77%
100%
As of December 31, 2024, there were no plan assets invested in affiliated or property occupied by affiliated companies.
Principal actuarial assumptions on December 31 expressed as weighted averages
%
2024
2023
Benefit obligation
Discount rate
4.40%
4.09%
Rate of salary increase
3.10%
3.37%
Rate of pension increase
2.47%
2.49%
Expense in income statement
Discount rate
4.09%
4.15%
Rate of salary increase
3.37%
3.18%
Rate of pension increase
2.49%
2.58%
The calculated life expectancy of persons covered by defined benefit plans is based on regularly updated local mortality
tables. These are shown in the table below.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    142
Weighted average life expectancy used for the major defined benefit plans
2024
2023
Life expectancy at age of 65 for a
male member, who is
currently aged 65
currently aged 45
currently aged 65
currently aged 45
Germany
20.9
23.6
20.8
23.5
United States
20.8
22.3
20.7
22.2
United Kingdom
21.6
22.2
21.7
22.2
Canada
22.1
23.1
22.1
23.1
Life expectancy is allowed for in the assessment of the defined benefit obligation using mortality tables which are generally
based on experience within the country in which the arrangement is located with (in many cases) an allowance made for
anticipated future improvements in longevity.
Sensitivity analyses on present value of defined benefit obligation in the next table presents the present value of the defined
benefit obligation when major assumptions are changed while others held constant.
Sensitivity analyses
2024
2023
%
Pension
Other
Total
Pension
Other
Total
Discount rate
Increase of 0.25%
-4.2
-0.6
-4.8
-4.5
-0.6
-5.1
Decrease of 0.25%
4.4
0.6
5.0
4.7
0.6
5.3
Salary increase rate
Increase of 0.25%
0.2
0.2
0.1
0.1
Decrease of 0.25%
-0.2
-0.2
-0.1
-0.1
Pension increase rate
Increase of 0.25%
1.3
n/a
1.3
1.5
n/a
1.5
Decrease of 0.25%
-1.3
n/a
-1.3
-1.5
n/a
-1.5
Medical cost trend
Increase of 1.00%
n/a
0.8
0.8
n/a
0.9
0.9
Decrease of 1.00%
n/a
-0.7
-0.7
n/a
-0.8
-0.8
Life expectancy
Increase of one year
5.6
0.8
6.4
6.3
0.9
7.2
Decrease of one year
-5.5
-0.9
-6.4
-6.2
-0.9
-7.1
Weighted average duration of defined benefit obligation expressed in years
2024
2023
In years
Pension
Other
Total
Pension
Other
Total
On December 31
11.7
9.1
11.3
12.0
9.2
11.6
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    143
3.  Intangible and tangible assets
3.1.  Goodwill and intangible assets
Material accounting policies
Goodwill and intangible assets with an indefinite useful life
Goodwill represents the excess of acquisition costs over the fair value of net identified assets acquired and liabilities
assumed and the fair values of previously owned interests and non-controlling interests. Goodwill is allocated to cash
generating units (CGUs), which are the reportable segments Aggregates and Minerals. If Metso reorganizes its reporting
structure, goodwill is reallocated to the cash generating units affected based on their relative fair values at the time of the
reorganization. The carrying value of goodwill is tested with the CGU’s value in use or the CGU’s fair value less costs of
disposal, when appropriate. Previously recognized impairment losses on goodwill are not reversed.
Intangible assets with an indefinite useful life, such as brand values, are not amortized. Currently, such assets are tested for
impairment annually as part of the appropriate CGU tested for impairment. Previous losses on impairment are only reversed
to the extent that the new carrying amount of the assets does not exceed the carrying amount the asset would have had, if
the asset had not been impaired.
Intangible assets
Intangible assets with a definite useful life, mainly trademarks, patents, licenses, IT software, or acquired order backlog are
measured at costs less accumulated amortization and impairment losses.
Amortization of intangible assets
Amortization of intangible assets with a definite useful life is calculated on a straight-line basis over the useful life of the
assets as follows:
Patents and licenses 5–10 years
Computer software 3–5 years
Technology 3–20 years
Customer relationships 3–20 years
Other intangible assets < 1–20 years
The probable useful lives of assets are reviewed annually. If material deviations from previous estimates arise, the useful
lives are reassessed. The carrying value of intangible assets subject to amortization is reviewed for impairment whenever
events or circumstances indicate that the carrying amount of an asset may not be recoverable. A previously recognized
impairment loss may be reversed if there is a significant improvement of the circumstances having initially caused the
impairment, but not to a higher value than the carrying amount, that would have been recorded had there been no
impairment in prior years.
Research and development expenses comprise salaries, administration costs, depreciation, and amortization of property,
plant, and equipment and intangible assets, and they are mainly recognized as incurred. When material development costs
meet certain capitalization criteria under IAS 38, they are capitalized and amortized during the expected useful life of the
underlying technology.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    144
Goodwill and intangible assets
2024
EUR million
Goodwill
Patents and
licenses
Capitalized
software
Other
intangible
assets
Goodwill and
intangible
assets total
Acquisition cost at beginning of year
1,138
103
29
1,108
2,379
Translation differences
-1
0
-1
1
-1
Business acquisitions
28
1
32
61
Capital expenditure
4
9
34
47
Reclassifications
-1
1
0
0
Other changes
-4
0
-9
-13
Acquisition cost at end of year
1,165
103
38
1,166
2,472
Accumulated depreciation at
beginning of year
-81
-13
-317
-411
Translation differences
0
1
-1
0
Business acquisitions
0
0
Other changes
2
2
9
13
Impairment losses
0
0
Amortization charges for the year
-3
-3
-60
-66
Accumulated depreciation at end of
year
-82
-14
-369
-465
Classified as held for sale
-41
-4
0
-35
-80
Net book value at end of year
1,123
17
24
763
1,927
2023
EUR million
Goodwill
Patents and
licenses
Capitalized
software
Other
intangible
assets
Goodwill and
intangible
assets total
Acquisition cost at beginning of
year
1,128
102
16
1,079
2,326
Translation differences
-4
-2
0
-3
-9
Business acquisitions
14
0
23
37
Capital expenditure
4
12
16
32
Reclassifications
0
3
-3
0
Other changes
-2
-2
-4
-7
Acquisition cost at end of year
1,138
103
29
1,108
2,379
Accumulated depreciation at
beginning of year
-79
-13
-261
-353
Translation differences
2
0
2
4
Other changes
0
2
1
3
Impairment losses
0
0
0
0
Amortization charges for the year
-4
-1
-60
-65
Accumulated depreciation at end of
year
-81
-13
-317
-411
Classified as held for sale
-41
-3
0
-37
-81
Net book value at end of year
1,097
19
16
754
1,886
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    145
Impairment testing
Material accounting policies
Goodwill and other intangible assets with an indefinite useful life are tested for impairment annually. The testing of goodwill
and other intangible assets with an indefinite useful life is performed at the cash generating unit level. If the carrying value of
goodwill exceeds the recoverable value, an impairment is recognized in the income statement under depreciation and
amortization. Impairment losses on goodwill are not reversed. Currently, Metso’s management has defined two separate
CGUs: Aggregates and Minerals, to which goodwill has been allocated.
The recoverable amounts of CGUs are based on value in use calculations, where the estimated future cash flows of CGUs
are discounted to their present value. The cash flows are derived from the current year’s last-quarter estimate, the following
year’s budget, and the approved strategy for the next four years, beyond which cash flows are calculated using the terminal
value method. The terminal growth rate used is based on management’s judgment of average long-term growth. Cash flows
include only normal maintenance investments and exclude any potential investments that enhance the CGU’s performance
and acquisitions.
Estimates and assessments by Management
Value in use calculations are inherently judgmental and highly susceptible to change from period to period because they
require management to make assumptions about future supply and demand related to its individual business units, future
sales prices, profit margins, and achievable efficiency savings over time. The value of benefits and savings expected from
the efficiency improvement programs are inherently subjective. As part of the future business assessments, management
also evaluates business risks and the possible impact on future cash flows. The possible effects of climate change on
Metso’s business is assessed as part of this overall risk assessment. Due to impact of uncertainties related to impact
assessment, in the Board of Directors’ report the possible effects of climate change on the company’s operating environment
and business have been described in more detail with scenarios. Metso management estimates sales growth rate and
EBITDA development for the testing period as well as the discount factor used. The present value of the cash generating
units is discounted using the CGU’s weighted average cost of capital (WACC) calculated by Metso. WACC calculations
include judgments regarding, among other things, relevant beta factors, peer companies, and capital structure to use.
Metso performs impairment testing annually, or whenever there is an indication of impairment. Typical triggering events are
material deterioration in the global economy or political environment, observed significant under-performance relative to
projected future performance, and significant changes in Metso’s strategy.
Expected useful lives and remaining amortization periods for other intangible assets are reviewed annually by management.
Acquisitions, disposals, and restructuring actions typically generate a need for reassessment of recoverable amounts and
remaining useful lives of assets. When other intangible assets are measured at fair value, less costs of disposal, the selling
price, incremental costs, and selling costs need to be estimated by management. Metso assesses the effects of the climate
change to the future cash flows while performing the impairment calculations.
Upon initial acquisition, Metso uses readily available market values to determine the fair values of acquired net assets to be
allocated. However, when this is not possible, the valuation is based on past performance of such an asset and expected
future cash generating capacity, which requires management to make estimates and assumptions of the future performance
and use of these assets. Any change in Metso’s future business priorities may affect the recoverable amounts.
Goodwill allocation to cash generating units
EUR million
2024
2023
Balance at the beginning of year
1,097
1,128
Translation differences
-1
-4
Allocation to discontinued operations
-41
Acquisitions and disposals
28
14
Balance at the end of year
1,123
1,097
EUR million
Minerals
Aggregates
Total
Balance at the end of year
888
235
1,123
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    146
Annual impairment test in 2024
On December 31, 2024, goodwill totaled EUR 1,123 million. In accordance with the Metso reporting structure, goodwill is
allocated to the reportable segments, Aggregates and Minerals. The cost of centralized Group services was allocated to the
CGUs based on their proportional share of sales volume.
Given that the recoverable amounts of both CGUs significantly exceeded the carrying value of goodwill and other tested
assets, no indication of impairment was found in 2024. The value in use calculations were derived from estimates, budgets,
and strategy figures reviewed by Metso’s management and approved by the Board of Directors.
The key assumptions used in assessing the recoverable amount are the profitability and growth rate in the estimate period,
long-term average growth in the terminal period and discount rate. The key values used were the following:
%
Minerals
Aggregates
Sales growth in four years estimate period
10.5%
11.5%
EBITDA % range in four years estimate period
19.1%–21.6%
16.8%–19.0%
Growth rate in the terminal period
2.0%
2.0%
WACC after tax
9.0%
9.0%
WACC before tax
11.0%
10.9%
Values assigned to key assumptions reflect past experience and the management’s expectations on the future sales and
production volumes, which are based on the current structure and production capacity of the CGUs. The seasonality and
current market situation of the cash generating units have been considered separately. In addition, data on growth, demand,
and price development, provided by various research institutions, have been utilized. The growth rate of 2.0% for the terminal
period is based on the long-term expectations on the growth in Metso’s market environment, considering the current interest
rate environment and overall financial market situation.
Future sustainability-related requirements will influence market expectations and lead to completely new or alternative
technology solutions and processes. Climate change will also impact the physical and business environment. New business
opportunities will be created as new solutions across the value chain help the mining and metals industries to respond to a
more volatile business environment with increasing demand for sustainability solutions. Electrification will increase the
demand for certain metals, such as copper and other battery metals, which will strengthen the demand for minerals and,
consequently, the outlook for the mining industry and Metso’s business.
WACC before tax is used as a discount factor in the calculations. It takes into account the expected return on both debt and
equity and has been derived from the WACC on comparable peer industry betas, capital structure, and tax rates. CGU
WACCs are evaluated annually for testing, and CGU-specific risk is incorporated through individual beta factors from the
market data of the segment’s peer companies.
Sensitivity analysis
The sensitivity to impairment of the calculations of both cash generating units was tested in the following scenarios:
Scenario 1: increasing WACC by 2.0 percentage points
Scenario 2: reducing the terminal growth rate from 2.0% to 1.5%
Impact to the value in use of the CGUs in the sensitivity analysis
%
WACC increase by 2 p.p.
Terminal growth from 2%
to 1.5%
Minerals
-23%
-5%
Aggregates
-26%
-6%
The sensitivity analysis also includes several cash projections on break-even levels of EBITDA %, WACC, and sales growth,
based on a reasonable change in the future performance of the CGU. However, the impact on the present value obtained is
limited, as long as there is no permanent weakening expected for the business, which would affect the terminal value. Based
on these sensitivity analyses, management believes that no reasonably possible change of the key assumptions used would
cause the carrying value of any CGU to exceed its recoverable amount. In 2024, the sensitivity analysis did not indicate risks
of impairment.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    147
3.2.  Property, plant, and equipment
Material accounting policies
Property, plant, and equipment (PPE) are stated at historical cost, less accumulated depreciation, and write-downs, if any.
The property, plant, and equipment of acquired subsidiaries are measured at their fair value at the acquisition date.
Depreciation is calculated on a straight-line basis over the expected useful lives of the assets as follows:
Buildings 15–40 years
Machinery and equipment3–20 years
Land and water areas are not depreciated.
Expected useful lives are reviewed at each balance sheet date and, if they differ significantly from previous estimates, the
remaining depreciation periods are adjusted accordingly.
Subsequent improvement costs related to an asset are included in the carrying value of such asset or recognized as a
separate asset, as appropriate, only when the future economic benefits associated with the costs are probable and the
related costs can be separated from normal maintenance costs.
Metso reviews tangible assets to be held and used by the company for impairment whenever events and changes in
circumstances indicate that the carrying amount of an asset may not be recoverable. Gains and losses on the disposal of
property, plant, and equipment and possible impairments are recognized in other operating income and expenses. A
previously recognized impairment loss may be reversed if there is a significant improvement in the circumstances having
initially caused the impairment, however not to a higher value than the carrying amount that, would have been recorded had
there been no impairment in prior years.
Metso reviews the climate change related matters which may affect the estimated residual value, expected useful lives of
assets and the possible reflected changes in the recognized amount of depreciation or amortization.
Capitalized interests
Interest expenses of self-constructed property, plant, and equipment are capitalized in Metso's financial statements. The
capitalized interest expense is amortized over the estimated useful life of the underlying asset.
Government
Government grants relating to additions to property, plant, and equipment are deducted from the acquisition cost of the asset
and they reduce the depreciation charge of the related asset. Other government grants are deferred and recognized as profit
and presented as a net of expenses concurrently with the costs they compensate.
Estimates and assessments by Management
Acquisitions, disposals and restructuring actions typically generate a need for reassessment of the recoverable values and
remaining useful lives of assets. When property, plant, and equipment are valued at fair value less costs of disposal, the
selling price, incremental costs and selling costs need to be estimated by management.
Metso announced on June 3, 2024, that it will invest approximately EUR 150 million in an aggregates Lokomotion technology
center in Tampere, Finland. In year 2024 the recorded investment amount was EUR 11 million and it is presented in the assets
under construction.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    148
Property, plant, and equipment
2024
EUR million
Land and
water areas
Buildings
Machinery and
equipment
Assets under
construction
PPE
total
Acquisition cost at beginning of year
39
252
658
91
1,041
Translation differences
0
-1
-19
-6
-26
Business acquisitions
0
8
9
Capital expenditure
12
52
88
152
Reclassifications
0
30
22
-52
0
Divestments and other changes
-1
-20
-69
-1
-92
Acquisition cost at end of year
38
273
652
119
1,083
Accumulated depreciation at beginning of
year
-121
-447
-568
Translation differences
0
13
13
Business acquisitions
0
-5
-5
Divestments and other changes
0
22
63
-2
84
Write-downs
-5
-4
-9
Depreciation charges for the year
-11
-45
-56
Accumulated depreciation at end of year
0
-115
-425
-2
-541
Classification as held for sale
1
6
7
Net book value at end of year
38
159
228
124
549
2023
Acquisition cost at beginning of year
40
233
624
57
954
Translation differences
-1
-4
-8
0
-12
Business acquisitions
1
4
4
8
Business disposals
0
0
0
Capital expenditure
17
57
64
138
Reclassifications
9
19
-28
0
Divestments and other changes
-1
-7
-37
-2
-47
Acquisition cost at end of year
39
252
658
91
1,041
Accumulated depreciation at beginning of
year
-116
-431
-547
Translation differences
2
5
7
Business acquisitions
-2
-2
Business disposals
0
0
Divestments and other changes
6
33
39
Write-downs
-3
-8
-11
Depreciation charges for the year
-9
-45
-54
Accumulated depreciation at end of
year
-121
-447
-568
Classification as held for sale
0
0
0
-1
Net book value at end of year
39
131
211
91
473
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    149
3.3.  Right-of-use assets
Material accounting policies
Metso recognizes a right-of-use asset in the balance sheet for lease agreements which give the right to use the asset during
the lease period and the lease liability based on the lease payment obligation. The right-of-use assets and corresponding
lease liabilities are recognized at present value. Lease liabilities include the following payments:
• fixed payments, less any lease incentives provided by the lessor;
• variable payments that depend on an index or a rate;
• expected payments under residual value guarantees;
• the exercise price of purchase options when exercise is estimated to be reasonably certain; and
• penalties for terminating the lease if the lease term reflects the exercise of a termination option.
Lease payments are discounted by using the implicit interest rate in the lease to the extent it can be readily determined.
Otherwise the currency specific incremental borrowing rate is used as the discount rate. Interest expenses are recognized in
the income statement as finance expense.
Right-of-use assets are measured at cost. The cost comprises the following:
• lease liability;
• lease payments made at or before the commencement of the lease, less lease incentives received;
• initial direct costs; and
• estimated dismantling and restoration costs.
Subsequently, right-of-use assets are measured at cost and depreciated over the shorter of estimated useful life and the
lease term. Metso’s right-of-use assets consist primarily of operative and office premises in the category of buildings, and
cars, operative machinery, and equipment in the category of machinery and equipment. The depreciation of right-of-use
assets are recognized in the in the income statement in cost of sales and selling and administrative expenses.
Metso uses practical expedients provided for leases. Lease payments for leases of low value assets and short-term leases
(shorter than twelve months) are expensed on a straight-line basis. Low value assets comprise IT equipment and other small
office items.
The lease payments are presented in the cash flow from financing activities, and the interest related to leases are presented
in the cash flow from operating activities. Lease payments related to short-term leases and low-value assets are presented in
the cash flow from operating activities.
Modifications to lease agreements may result in adjustments to existing right-of-use assets and lease liabilities. A gain or loss
arising from a modification, or a termination of a lease agreement is recognized as other operating income or other operating
expenses in the income statement.
A number of lease contracts include extension and termination options. Such options have been taken into account when
determining the lease term. A period covered by Metso’s option to extend the lease is included in the lease term if such
option is sufficiently likely to be exercised. Further, a period covered by Metso’s option to terminate the lease is included in
the lease term if it is reasonably certain that such option will not be exercised.
Estimates and assessments by Management
The most significant management judgment relates to lease agreements that include extension or early termination options
for Metso. For these contracts, management needs to assess the probability of exercising such option, which may
significantly affect the estimated length of the lease term, and consequently, the amounts of right-of-use asset and lease
liability, as well as the related depreciation and interest expense. Management judgment is also applied in defining the
incremental borrowing rate used to calculate the present value of the future lease payments.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    150
Amounts recognized in balance sheet
2024
EUR million
Land and
water areas
Buildings
Machinery
and
equipment
Right-of-use
assets total
Acquisition cost at beginning of year
5
171
36
212
Translation differences
0
1
-1
0
Business acquisitions
10
10
Additions
37
14
51
Derecognition
0
-28
-6
-34
Acquisition cost at end of year
5
192
43
240
Accumulated depreciation at beginning of year
0
-81
-15
-97
Translation differences
0
0
0
0
Accumulated depreciations for derecognized contracts
0
27
6
33
Depreciation charges for the year
0
-28
-10
-38
Accumulated depreciation at end of year
0
-83
-19
-102
Classification as held for sale
0
-1
-1
Net book value at end of year
5
109
23
136
2023
EUR million
Land and
water areas
Buildings
Machinery
and
equipment
Right-of-use
assets total
Acquisition cost at beginning of year
5
167
27
199
Translation differences
0
-3
0
-3
Business acquisitions
2
0
2
Additions
0
25
17
41
Derecognition
0
-19
-8
-27
Acquisition cost at end of year
5
171
36
212
Accumulated depreciation at beginning of year
0
-70
-14
-84
Translation differences
1
0
2
Accumulated depreciations for derecognized contracts
0
15
7
22
Depreciation charges for the year
0
-28
-9
-37
Accumulated depreciation at end of year
0
-81
-15
-97
Classification as held for sale
-1
0
-1
Net book value at end of year
5
89
21
114
Amounts recognized in profit and loss
EUR million
2024
2023
Operating profit
Depreciation expense on right-of-use assets
-38
-37
Rental expense relating to leases of low-value assets
-2
-1
Rental expense relating to leases of short-term assets
-6
-4
Finance expenses
Interest expense on lease liabilities
-5
-5
Total amount recognized in profit and loss
-51
-46
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    151
The total cash outflow for leases including short-term leases and leases of low-value assets in 2024 was EUR 50 million
(EUR 47 million in 2023). A maturity analysis of lease liabilities is presented in note 4.5.
3.4.  Depreciation and amortization
Figures in the tables comprise continuing operations.
Depreciation and amortization by asset class
EUR million
2024
2023
Intangible assets
Intangible assets from acquisitions
-54
-49
Other intangible assets
-12
-15
Property, plant and equipment
Buildings
-11
-9
Machinery and equipment
-45
-44
Right-of-use assets
Land areas
0
0
Buildings
-28
-26
Machinery and equipment
-10
-9
Total
-160
-153
Depreciation and amortization by function
EUR million
2024
2023
Cost of goods sold
-85
-88
Selling, general and administrative expenses
-75
-64
Total
-160
-153
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    152
4.  Capital structure and financial instruments
4.1.  Financial risk management
As a global company, Metso is exposed to a variety of business and financial risks. Financial risks are managed centrally by
the Group Treasury under annually reviewed written policies approved by the Board of Directors. Treasury operations are
monitored by the Treasury Management Team chaired by the CFO. Group Treasury identifies, evaluates, and hedges financial
risks in close cooperation with the operating units. Group Treasury functions as counterparty to the operating units, manages
centrally external funding, and is responsible for the management of financial assets and appropriate hedging measures. The
objective of financial risk management is to minimize potential adverse effects on Metso’s financial performance.
Sensitivity analysis
Sensitivity analysis figures presented in connection with different financial risks are based on the risk exposures at the balance
sheet date. The sensitivity is calculated by assuming a change in one of the risk factors of a financial instrument, such as
interest or currency. It is not likely that the future volatility of a risk factor will develop in accordance with the test assumptions
and that only one factor would be impacted. 
When calculating the sensitivity, Metso has chosen to use market conventions in assuming a one percentage point (100 basis
points) variation in interest rates, and a 10 percent change in foreign exchange rates because this provides better
comparability from one period to another and information on volatility to users of financial statements. Metso is aware that
such assumptions may not be realistic when compared to past volatility and they are not intended to reflect the future. Metso
has chosen not to use past volatility as this could mislead the users of financial statements to assume the analysis reflects
management’s view on future volatility of the financial instruments.  
Liquidity and refinancing risk and capital structure management
Liquidity or refinancing risk arises when a company is not able to arrange funding at terms and conditions corresponding to its
creditworthiness. Sufficient cash, short-term investments, and committed and uncommitted credit facilities are maintained to
protect short-term liquidity. Diversification of funding among different markets and an adequate number of financial institutions
is used to safeguard the availability of liquidity at all times. Group Treasury monitors bank account structures, cash balances
and forecasts of the operating units, and manages the utilization of the consolidated cash resources. 
The liquidity position of Metso remained strong supported by the healthy operative cash flow, maturity structure of the funding,
and available back up credit facilities. Liquid funds, consisting of cash and cash equivalents, amounted to EUR 431 million
(EUR 638 million in 2023), and there were no deposits or securities with a maturity more than three months (EUR 0 million in
2023).  
In addition, Metso has a committed and undrawn syndicated EUR 600 million revolving credit facility with a maturity in 2026. At
the end of the period the facility was undrawn. The company also has a EUR 600 million Finnish commercial paper program
with EUR 30 million outstanding at the end of December.
Metso had bonds outstanding EUR 892 million at carrying value the end of December (EUR 1.081 million at the end of
December 2023). During the third quarter, Metso signed a EUR 250 and EUR 50 million two-year term loans. During the fourth
quarter, Metso signed a EUR 150 million three-year term loan where EUR 75 million was undrawn at the end of the period.
Metso’s refinancing risk is managed by balancing the proportion of short-term and long-term debt as well as the average
remaining debt maturity. The tables below analyze the repayments and interests on Metso’s liabilities by the remaining
maturities from the balance sheet date to the contractual maturity date. The net interest payments of interest-rate swaps
hedging long-term loans are included in the long-term debt repayment figures. 
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    153
Maturities of debts
2024
2023
EUR million
<1 year
1–5 years
> 5 years
<1 year
1–5 years
> 5 years
Long-term debt
Repayments
948
360
813
368
Interests
123
14
162
35
Short-term debt
Repayments
165
245
Interests
52
56
Trade payables
581
675
Total
798
1,071
374
976
975
403
Detailed information on balance sheet items is presented in other notes to the Consolidated financial statements. Capital
structure is assessed regularly by the Board of Directors and managed operationally by Group Treasury.
Capital structure management in Metso comprises both equity and interest-bearing debt. As of December 31, 2024, the equity
attributable to shareholders was EUR 2,601 million (EUR 2,608 million in 2023), and the amount of interest-bearing debt
excluding lease liabilities was EUR 1,465 million (EUR 1,410 million in 2023).
Metso has a target to maintain an investment-grade credit rating. Moody’s Investor Service has assigned a ‘Baa2’ long-term
issuer rating with stable outlook and S&P Global Ratings a ‘BBB’ long-term issuer credit rating with stable outlook to Metso.
There are no prepayment financial covenants in Metso’s financial contracts that would be triggered by changes in the credit
rating. Financial covenants included in some financing agreements would only become valid, if Metso's credit rating was below
Investment Grade, and a covenant requires that Metso’s debt to capital ratio does not exceed 65%. Financial covenants are
related to EUR 612 million drawn and undrawn loans from financial institutions and syndicated EUR 600 million revolving
credit facility. Metso is in compliance with all financial covenants and other terms of its debt instruments.
A part of the Metso’s trade payables are included in the supplier finance arrangement and are, thus, with a few counterparties
rather than individual suppliers. These payables are settled at the maturity date with these counterparties rather than with
suppliers directly. Management does not consider the supplier finance arrangement to result in excessive concentrations of
liquidity risk. Please refer to note 2.5 for further disclosures about the arrangement.
Interest rate risk
Interest rate risk arises when changes in market interest rates and interest margins influence finance costs, returns on
financial investments and valuation of interest-bearing balance sheet items. Interest rate risks are managed by balancing the
ratio between fixed and floating interest rates and by managing the duration of debt and investment portfolios. Additionally,
Metso may use derivative instruments, such as forward rate agreements, swaps, options, and futures contracts, to mitigate the
risks arising from interest-bearing assets and liabilities. The interest rate risk is managed and controlled by the Group Treasury
and measured using sensitivity analysis and duration of debt. The duration of  interest-bearing debt was 1.9 years as of
December 31, 2024 (1.8 years in 2023).
At the end of 2024, the balance sheet items exposed to interest rate risk were interest-bearing assets of EUR 433 million
(EUR 644 million in 2023), and interest-bearing debt excluding lease liabilities amounted to EUR 1,465 million (EUR 1,410
million in 2023).
The basis for the interest rate sensitivity analysis is an aggregate group-level interest exposure, composed of interest-bearing
assets, interest-bearing debt, and financial derivatives, such as interest rate swaps and options, which are used to hedge the
underlying exposures. For all interest-bearing current debt and assets to be fixed during the next 12 months, a one percentage
point move upwards or downwards in interest rates with all other variables held constant would have an effect on Metso’s net
interest expenses, net of taxes, of EUR -/+1.8 million (EUR -/+0.1 million in 2023).
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    154
For financial assets valued at fair value, a one percentage point change upwards or downwards in all interest rates with all
other variables held constant would have the following effects, net of taxes, in the income statement and equity:
EUR million
2024
2023
Effects in
Income statement
+/-4.1
+/-4.4
Equity
+/-0.0
+/-0.0
The effect in the income statement comprises the changes in the fair value on the financial instruments, which are measured
at fair value through profit and loss. The effect in equity is comprised of the changes in the fair value on the financial
instruments, which are measured at fair value through other comprehensive income, such as derivatives under hedge
accounting.
Foreign exchange risk
Metso operates globally and is exposed to foreign exchange risk in several currencies, although the geographical diversity of
operations decreases the significance of any individual currency. About 79 percent of Metso’s sales originate from outside the
euro zone; the main currencies being euro, US dollar, Australian dollar, Chilean peso and Chinese yuan.
Transaction exposure
Foreign exchange transaction exposure arises when an operating unit has commercial or financial transactions and payments
in other than its own functional currency and when related cash inflow and outflow amounts are not equal or concurrent.
In accordance with the Metso Treasury Policy, legal entities are required to hedge in full the foreign currency exposures on
balance sheet and other firm commitments. Treasury Policy specifies certain currencies and certain legal entities, where the
open exposures are left unhedged. Similarly open exposures below certain euro nominated amount are left unhedged.  Future
cash flows denominated in a currency other than the functional currency of the unit are hedged with internal foreign exchange
contracts with the Group Treasury for periods that usually do not exceed two years. Operating units also do some hedging
directly with banks in countries where regulation does not allow group internal cross-border foreign exchange hedging
contracts.
Group Treasury monitors the net position of each currency and decides to what extent a currency position is to be closed.
Group Treasury is, however, responsible for entering into an external forward transaction whenever an operating unit applies
hedge accounting. Metso Treasury Policy defines upper limits on the open currency exposures managed by the Group
Treasury; limits have been calculated on the basis of their potential profit impact. To manage the foreign currency exposure,
Group Treasury may use forward exchange contracts and foreign exchange options.
Total amount of foreign currency exposures
EUR million
2024
2023
Operational items
566
529
Financial items
1,140
838
Hedges
-1,682
-1,414
Total exposure
25
-47
This aggregate group-level currency exposure is the basis for the sensitivity analysis of foreign exchange risk. This exposure,
net of respective hedges, is composed of all assets and liabilities denominated in foreign currencies, projected cash flows for
unrecognized firm commitments, both short- and long-term sales and purchase contracts, and anticipated operational cash
flows to the extent their realization has been deemed highly probable and therefore hedged. This analysis excludes net foreign
currency investments in subsidiaries together with instruments hedging these investments.
If the euro were to appreciate or depreciate ten percent against all other currencies, the impact on cash flows, net of taxes,
derived from the year-end net exposure as defined above, would be EUR +5.4/-4.1 million (EUR +4.0/-8.0 million in 2023).
Transaction exposure is spread to about 40 currencies and as of December 31, 2024, the biggest open exposures were in the
US dollars, Chinese yuan and Canadian dollar (approximately 45 percent).
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    155
A sensitivity analysis of financial instruments as required by IFRS 7, excludes the following items: projected cash flows for
unrecognized firm commitments, advance payments, both short- and long-term purchase contracts, and anticipated
operational cash flows. The next table presents the effects, net of taxes, of a -/+10 percent change in EUR foreign exchange
rates:
2024
2023
EUR million
USD
CHF
Other
Total
Total
Effects in
Income statement
+/-17.8
+/-6.5
+/-3.6
+/-14.9
+-24.7
Equity
+/-5.1
+/-0.0
+/-1.8
+/-3.3
+/-0.3
The effect in equity is the fair value change in derivatives contracts qualifying as cash flow hedges for unrecognized firm
commitments. The effect in the income statement is the fair value change for all other financial instruments exposed to foreign
exchange risk including derivatives, which qualify as cash flow hedges, to the extent the underlying sales transaction,
recognized over time, has been recognized as revenue.
Translation or equity exposure
Foreign exchange translation exposure arises when the equity of a subsidiary is denominated in currency other than the
functional currency of the Parent company. The major translation exposures are in Brazilian real, Canadian dollar, Indian
rupee, Mexican peso and Australian dollar, which altogether comprise approximately 57 percent of the total equity exposure.
Metso is currently not hedging any equity exposure.
Credit and counterparty risk
Credit or counterparty risk is defined as the possibility of a customer or a financial counterparty not fulfilling its commitments
towards Metso. The operating units of Metso are primarily responsible for credit risks pertaining to sales and procurement
activities. The units assess the credit quality of their customers, by taking into account their financial position, past experience,
and other relevant factors. When appropriate, advance payments, letters of credit, and third-party guarantees, or credit
insurance are used to mitigate credit risks. Group Treasury provides centralized services related to customer financing and
seeks to ensure that the principles of the Treasury Policy are adhered to with respect to terms of payment and required
collateral. Metso has no significant concentrations of credit risks.
The maximum credit risk equals the carrying value of trade and loan receivables. The credit quality is evaluated both on the
basis of aging of the trade receivables and on the basis of customer specific analysis. The aging structure of trade receivables
is presented in note 2.2.
Counterparty risk arises also from financial transactions agreed upon with banks, financial institutions and corporates. The risk
is managed by careful selection of banks and other counterparties, by counterparty-specific limits determined in the Treasury
Policy, and netting agreements, such as ISDA (Master agreement of International Swaps and Derivatives Association). The
compliance with counterparty limits is regularly monitored.
Credit risk exposure relates to the carrying value of financial assets valued at amortized cost, such as trade receivables,
interest-bearing receivables, other receivables, deposits and security investments, and cash and cash equivalents, and
customer contract assets.
Impairment on cash on hand, bank accounts, deposits, and interest-bearing investments is assessed regularly, but deemed
minor because of their high investment grade and short duration. Group Treasury makes a financial analysis of corporate
counterparties regularly. In addition, the investments are constantly monitored by Group Treasury, and Metso does not expect
any future credit losses from these investments.
For trade receivables and customer contract assets, Metso applies the IFRS 9 simplified approach to measuring expected
credit losses, which uses a lifetime expected loss allowance to be assessed and recognized regularly, see note 2.2.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    156
Fair value estimation
For those financial assets and liabilities that have been recognized at fair value in the balance sheet, the following
measurement hierarchy and valuation methods have been applied:
Level 1Unadjusted quoted prices in active markets at the balance sheet date. The market prices are readily and
regularly available from an exchange, dealer, broker, market information service system, pricing service, or regulatory
agency. The quoted market price used for financial assets is the current bid price. Level 1 financial instruments include
fund investments classified as fair value through profit and loss.
Level 2The fair value of financial instruments in Level 2 is determined using valuation techniques. These techniques
utilize observable market data readily and regularly available from an exchange, dealer, broker, market information
service system, pricing service, or regulatory agency. Level 2 financial instruments include:
Over-the-counter derivatives classified as financial assets/liabilities at fair value through profit and loss or qualified
for hedge accounting
Debt securities classified as financial instruments at fair value through profit and loss
Fixed-rate debt under fair value hedge accounting
Level 3A financial instrument is categorized into Level 3 if the calculation of the fair value cannot be based on
observable market data. Metso had no such instruments in 2024 nor in 2023.
Financial assets and liabilities measured at fair value
2024
2023
EUR million
Level
1
Level
2
Level
3
Level
1
Level
2
Level
3
Assets
Financial assets at fair value through profit and loss
Derivatives not under hedge accounting
25
33
Financial assets at fair value through other comprehensive income
Derivatives under hedge accounting
18
12
Total
43
46
Liabilities
Financial liabilities at fair value through profit and loss
Derivatives not under hedge accounting
58
36
Financial liabilities at fair value through other comprehensive income
Derivatives under hedge accounting
23
9
Total
80
45
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    157
4.2.  Financial assets and liabilities by category
Material accounting policies
Under IFRS 9, Metso classifies financial assets and liabilities in measurement categories according to contractual terms of
the cash flows and Metso’s business model to manage the investment at the inception. Reclassification of the categories will
be made only if the business model for managing those assets changes. Financial assets and liabilities are classified as non-
current items when the remaining maturity exceeds 12 months and as current items when the remaining maturity is 12
months or less. Financial assets and liabilities are classified as follows:
At amortized cost
Financial assets
Financial assets valued at amortized cost are investments in debt instruments or receivables, that are held to maturity and
for the collection of contractual cash flows, where those cash flows are solely payments of principal and/or interest. These
are recognized at fair value, less transaction costs, and subsequently measured at amortized cost using the effective interest
method. Interest income is recognized in finance income in the income statement. Financial assets at amortized cost include
deposits, commercial papers, interest-bearing loans and receivables, trade receivables, and non-interest-bearing
receivables. Impairment is assessed regularly, and when the carrying value exceeds the recoverable value of discounted
cash flows, the appropriate impairment is recognized in the income statement.   
For trade receivables, Metso applies the IFRS 9 simplified method, which requires expected lifetime losses to be recognized
from the initial recognition of the receivables. See more in note 2.2. Trade receivables.
Financial liabilities
Issued bonds and withdrawn loan facilities from financial institutions as well as trade and other liabilities are valued at fair
value, net transaction costs, and subsequently measured at amortized cost using the effective interest method. Trade and
other receivables are non-interest-bearing short-term unpaid debts.
The difference between the debt amount, net transaction costs of bonds and loans from financial institutions and the
redemption amount is recognized in the income statement as an interest expense over the period of the borrowings using the
effective interest method. Fees paid on the establishment of loan facilities are recognized in the income statement as other
finance expenses over the period of the facility, or, if withdrawal of the loan is probable, as part of the transaction cost.
At fair value through other comprehensive income (FVOCI)
Financial assets
Financial assets valued at fair value through other comprehensive income are debt instruments or receivables, which are
held for collection of contractual cash flows or held for selling the assets, and where contractual cash flows are solely
payments of principal and/or interest. Interest income is recognized in the income statement using the effective interest
method. Change in fair value is recognized in other comprehensive income (OCI). At derecognition, the cumulative
previously booked gains and losses in OCI are released from equity to the income statement. Metso includes in this
measurement category derivatives under hedge accounting, trade receivables for sale, and security investments with a
maturity of less than three months.
At fair value through profit and loss (FVPL)
Financial assets
Financial assets valued at fair value through profit and loss are equity investments, investments in funds, derivatives used in
fair value hedging and derivatives not under hedge accounting. Change in fair value and gain or loss at derecognition will be
recognized in the income statement. The change in fair value includes the valuation of impairment risk as well. 
The fair value of listed equity shares or investments in funds is the quoted market price on the balance sheet date. Unlisted
shares are valued at cost less impairment, if any.
Financial liabilities
Financial liabiities valued at fair value through profit and loss include derivatives used in fair value hedging and derivatives
not under hedge accounting. Change in fair value and gains or losses at derecognition are recognized in the income
statement.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    158
Financial assets and liabilities by category
2024
At fair
value
through
profit
and loss
At fair value
through other
comprehensive
income
At
amortized
cost
Carrying
value
Fair
value
EUR million
Non-current financial assets
Equity investments
2
2
2
Derivatives financial instruments
9
9
9
Other receivables
23
23
23
Total
11
23
34
34
Current financial assets
Trade receivables
927
927
927
Trade receivables, for sale
10
10
10
Loan receivables
2
2
2
Derivatives financial instruments
24
10
34
34
Deposits and securities, maturity three months or less
43
43
43
Cash on hand and in bank accounts
388
388
388
Total
24
20
1,360
1,404
1,404
Non-current liabilities
Bonds 1)
892
892
894
Loans from financial institutions
408
408
408
Lease liabilities
99
99
99
Derivatives financial instruments
13
13
13
Other liabilities
5
5
5
Total
13
1,405
1,417
1,420
Current liabilities
Current portion of non-current debt
128
128
128
Loans from financial institutions
7
7
7
Commercial papers
29
29
29
Lease liabilities
42
42
42
Trade payables
581
581
581
Derivatives financial instruments
58
10
68
68
Total
58
10
788
856
856
1) The bonds have been measured at amortized cost, adjusted by the fair value to the extent of the hedged risk.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    159
2023
At fair
value
through
profit
and loss
At fair value
through other
comprehensive
income
At
amortized
cost
Carrying
value
Fair
value
EUR million
Non-current financial assets
Equity investments
2
2
2
Derivatives financial instruments
10
10
10
Other receivables
20
20
20
Total
12
20
31
31
Current financial assets
Trade receivables
845
845
845
Trade receivables, for sale
10
10
10
Loan receivables
6
6
6
Derivatives financial instruments
23
12
36
36
Deposits and securities, maturity three months or less
194
194
194
Cash on hand and in bank accounts
445
445
445
Total
23
22
1,490
1,535
1,535
Non-current liabilities
Bonds 1)
886
886
876
Loans from financial institutions
281
281
281
Lease liabilities
86
86
86
Derivatives financial instruments
18
18
18
Other liabilities
7
7
7
Total
18
1,260
1,278
1,267
Current liabilities
Current portion of non-current debt
203
203
202
Loans from financial institutions
39
39
39
Lease liabilities
32
32
32
Trade payables
675
675
675
Derivatives financial instruments
19
9
28
28
Total
19
9
950
978
976
1) The bonds have been measured at amortized cost, adjusted by the fair value to the extent of the hedged risk.
For more information on derivative financial instruments, see note 4.8.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    160
4.3.  Liquid funds
Material accounting policies
Cash and cash equivalents consist of cash on hand and bank accounts, deposits, and interest-bearing investments, which
can be readily converted into a known amount of cash. 
Cash on hand, bank accounts, deposits, and interest-bearing investments are measured at amortized cost. Impairment on
cash on hand, bank accounts, deposits, and interest-bearing investments is assessed regularly, but deemed minor because
of their high investment grade and short duration.
EUR million
2024
2023
Cash and cash equivalents
Deposits and securities, maturity three months or less
43
194
Cash on hand and bank accounts
388
445
Cash and cash equivalents total
431
638
Liquid funds total
431
638
Average returns for deposits and securities
%
2024
2023
With maturity three months or less
9.91%
5.19%
4.4.  Equity
Material accounting policies
Issue of new shares and own shares
Transaction costs directly attributable to the issue of new shares or options are shown net of their tax effect in equity as a
deduction from the proceeds.
Own shares held by the Parent company valued at the historical acquisition price are deducted from equity. Should such
shares be subsequently sold or reissued, the consideration received, net of any directly attributable transaction costs and
related income tax, is recorded in equity.
Translation differences
The translation differences arising from subsidiary net investments and non-current subsidiary loans without agreed
settlement dates are recognized through Other Comprehensive Income (OCI) to cumulative translation adjustments under
equity. When Metso hedges the net investment of its foreign subsidiaries with foreign currency loans and with financial
derivatives, the translation difference is adjusted by the currency effect of the hedging instruments which has been recorded,
net of taxes, through OCI in equity. When a foreign entity is disposed of, the respective accumulated translation difference,
including the effect from qualifying hedging instruments, is reversed through OCI and recognized in the consolidated
statements of income as part of the gain or loss on the sale. If the equity of a subsidiary denominated in a foreign currency is
reduced by a return of capital, the translation difference relating to the reduction is reversed through OCI and recognized in
the consolidated statements of income.
Dividends
Dividends proposed by the Board of Directors are not recognized in the financial statements until they have been approved
by the shareholders in the Annual General Meeting.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    161
Share capital and number of shares
Metso Corporation's registered share capital, which is fully paid, was EUR 107,186,442.52 on December 31, 2024, and
December 31, 2023. Metso's shares have no nominal value.
 
2024
2023
Number of outstanding shares at beginning of year
826,328,191
825,635,935
Shares granted from share ownership plans
1,023,139
692,256
Number of outstanding shares at end of year
827,351,330
826,328,191
Own shares held by the Parent Company
1,621,110
2,644,249
Total number of shares at end of year
828,972,440
828,972,440
As of December 31, 2024, the acquisition price of 1,621,110 own shares held by the Parent company was EUR 
13,380,644.79 and was recognized in treasury shares.
Dividend proposals
The Board of Directors proposes that a dividend of EUR 0.38 per share be paid based on the balance sheet to be adopted for
the financial year, which ended December 31, 2024. Insofar as the dividend to be paid exceeds the net profit for the year
ended December 31, 2024, the remaining amount will be paid from retained earnings from previous years. These financial
statements do not reflect this dividend payable of EUR 314 million.
Fair value and other reserves
The hedge reserve includes the fair value movements of derivative financial instruments which qualify as cash flow hedges.
The fair value reserve includes the change in fair values of trade receivables for sale as well as share-based payments.
The legal reserve consists of restricted equity, which has been transferred from distributable funds under the Articles of
Association, local company act, or by a decision of the shareholders.
The other reserves consist of the distributable fund and the invested non-restricted equity fund held by the Parent company.
Changes in fair value and other reserves
EUR million
Treasury
shares
Hedge
reserve
Fair
value
reserve
Legal
reserve
Other
reserves
Total
January 1, 2024
-23
-3
22
0
1,134
1,131
Cash flow hedges
Fair value gains (+) / losses (-), net of tax
-9
-9
Transferred to profit and loss, net of tax
Sales
2
2
Cost of goods sold / Administrative expenses
10
10
Share-based payments, net of tax
9
-8
1
Other
0
2
2
December 31, 2024
-13
1
14
0
1,136
1,137
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    162
EUR million
Treasury
shares
Hedge
reserve
Fair
value
reserve
Legal
reserve
Other
reserves
Total
January 1, 2023
-28
-1
18
0
1,133
1,122
Cash flow hedges
Fair value gains (+) / losses (-), net of tax
-16
-16
Transferred to profit and loss, net of tax
Sales
0
0
Cost of goods sold / Administrative expenses
14
14
Share-based payments, net of tax
5
4
10
Other
0
1
1
December 31, 2023
-23
-3
22
0
1,134
1,131
Cumulative translation adjustments included in shareholders’ equity
EUR million
2024
2023
Cumulative translation adjustment at beginning of year
-177
-150
Currency translation, change
-37
-27
Cumulative translation adjustment at end of year
-215
-177
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    163
4.5.  Borrowings and lease liabilities
Material accounting policies
Long-term debt is initially recognized at fair value, net of transaction costs incurred, and subsequently measured at
amortized cost using the effective interest method. The difference between the debt amount recognized and the redemption
amount is recognized in the income statement as an interest expense over the period of the borrowings. The fair value
changes in borrowings covered by fair value hedge are, in respect of hedged risk, recognized through profit and loss. A
portion of long-term debt is classified as short-term debt when the settlement of the liability is due within 12 months from the
balance sheet date. Borrowings are derecognized only if the contractual obligation is discharged, cancelled, or expired.
Fees paid on the establishment of loan facilities are recognized in the income statement as other finance expenses over the
period of the facility, or, if withdrawal of the loan is probable, as part of the transaction cost. Transaction costs arising from
modification to debt instruments are included in the carrying value of the debt and amortized using the effective interest
method over the remaining period of the modified liability, provided that the new conditions obtained through the modification
do not substantially differ from those of the original debt. Modification gains or losses are recognized in the income statement
at the time of non-substantial modification.
2024
2023
EUR million
Carrying
values
Fair values
Carrying
values
Fair values
Long-term interest-bearing debt
  Bonds
892
894
886
876
  Loans from financial institutions
408
408
281
281
  Other long-term debt
0
Total long-term borrowings
1,300
1,303
1,167
1,157
Lease liabilities
99
99
86
86
Total long-term interest-bearing debt
1,399
1,402
1,253
1,243
Short-term borrowings
  Bonds, current portion
194
193
  Loans from financial institutions, current portion
128
128
9
9
  Loans from financial institutions
7
7
39
39
  Commercial papers
29
29
Total short-term borrowings
165
165
243
241
Lease liabilities
42
42
32
32
Total short-term interest-bearing debt
207
207
275
274
Total interest-bearing debt
1,606
1,609
1,528
1,517
Bonds
2024
EUR million
Nominal
interest rate
Effective
interest rate
Outstanding
original loan
amount
Outstanding
carrying
value
Public bond 2020–2028
0.875%
1.04%
300
287
Public bond 2022–2027
4.875%
4.98%
300
302
Public bond 2023–2030
4.375%
4.54%
300
303
Bonds total
900
892
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    164
2023
EUR million
Nominal
interest rate
Effective
interest rate
Outstanding
original loan
amount
Outstanding
carrying
value
Public bond 2017–2024
1.125%
1.92%
197
194
Public bond 2020–2028
0.875%
1.04%
300
282
Public bond 2022–2027
4.875%
4.98%
300
300
Public bond 2023–2030
4.375%
4.54%
300
304
Bonds total
1,097
1,081
Metso had EUR 892 million (EUR 1,081 million in 2023) bonds outstanding at carrying value at the end of 2024.
Metso maintains a committed syndicated revolving credit facility of EUR 600 million, maturing in 2026. This facility
incorporates sustainability performance targets that influence borrowing costs. As of the end of the year, the facility remained
undrawn. Additionally, the company operates a EUR 600 million Finnish commercial paper program, with EUR 30 million
outstanding at the end of December.
On December 31, 2024 the average interest rate of total loans and derivatives was 3.8% (4.3%), the duration of total interest-
bearing debt 1.9 years (1.8 years) and the average maturity 3.3 years (3.9 years).
Short-term loans from financial institutions consist of bank loans withdrawn by Metso subsidiaries to fund local operations in
local currency. The weighted average interest rate applicable to the short-term borrowing on December 31, 2024, was 6.34%
(6.16% in 2023). In 2025, interest amounting to EUR 0.1 million is expected to be paid concurrently with respective principals
on the short-term debt.
Metso announced on June 3, 2024, that it will build a modern aggregates Lokomotion technology center in Tampere, Finland.
The new technology center will enable transferring current operations in Tampere city centre into modern and sustainable
manufacturing premises. Construction work started in July 2024, and the first phase investment of approximately EUR 150
million is expected to be completed in 2027. The new technology center is expected to be fully completed by the mid-2030s. In
year 2024 the recorded investment amount was EUR 11 million. The financing arrangement of the project has been presented
in other long-term debt. The amount of interest directly attributable to the construction and capitalized in the balance sheet in
2024, was EUR 0.2 million.
Maturities of interest-bearing debt at nominal value
2024
EUR million
Borrowings
Repayments
Interests
Lease liabilities 1)
2025
217
165
52
47
2026
267
218
49
36
2027
433
393
40
23
2028
339
318
20
15
2029
33
19
14
12
Later
374
360
14
24
Total
1,662
1,473
189
157
2023
EUR million
Borrowings
Repayments
Interests
Lease liabilities 1)
2024
301
245
56
36
2025
209
158
51
27
2026
63
18
45
20
2027
363
318
45
15
2028
339
318
21
10
Later
403
368
35
24
Total
1,678
1,426
252
132
1) Future lease payments at nominal value.
The maturities of derivative financial instruments are presented in note 4.8.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    165
4.6.  Interest-bearing net debt reconciliation
Net interest-bearing liabilities
EUR million
2024
2023
Borrowings, non-current 1)
1,428
1,371
Lease liabilities 2)
141
118
Borrowings, current
37
39
Loan receivables
-2
-6
Liquid funds
-431
-638
Net interest-bearing liabilities
1,173
884
1) The amount of non-current borrowings for year 2024 includes the current portion of EUR 128 million (EUR 203 million in 2023).
2) The amount of lease liabilities for year 2024 includes the current portion of EUR 42 million (EUR 32 million in year 2023).
Changes in net interest-bearing liabilities
2024
Other
non-cash
movements
EUR million
Balance at
beginning of
year
Cash flows
Acquisitions
Translation
differences
Balance at
end of year
Borrowings, non-current
1,371
37
5
0
16
1,428
Lease liabilities
118
-38
10
1
50
141
Borrowings, current
39
-16
13
37
Loan receivables
-6
4
0
0
-2
Liquid funds
-638
208
-1
-431
Net interest-bearing
liabilities
884
195
27
2
66
1,173
2023
Other
non-cash
movements
EUR million
Balance at
beginning of
year
Cash flows
Acquisitions
Translation
differences
Balance at
end of year
Borrowings, non-current
998
347
0
25
1,371
Lease liabilities
118
-37
2
-2
37
118
Borrowings, current
176
-139
4
-2
39
Loan receivables
-8
5
0
0
-3
-6
Liquid funds
-601
-42
-5
10
-638
Net interest-bearing
liabilities
684
134
1
5
59
884
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    166
4.7.  Contingent liabilities and other commitments
Material accounting policies
Guarantees have been given for obligations arising in the ordinary course of business of Metso Group companies.
Guarantees have been given by financial institutions or by Metso Corporation on behalf of Group companies. These
guarantees have typically been given to secure a customer’s advance payments or to secure commercial contractual
obligations, or given as counter guarantees to banks, which have given commercial guarantees to a Group company.
The repurchase commitments represent engagements whereby Metso agrees to purchase back equipment sold to customer.
The conditions triggering the buy-back obligation are specific to each sales contract.
EUR million
2024
2023
Guarantees
External guarantees given by parent and group companies
1,470
1,608
Other commitments
Other contingencies
0
0
Total
1,470
1,608
More information about lawsuits and claims is presented in note 6.2.
4.8.  Derivative instruments
Material accounting policies
Derivatives are initially recognized in the balance sheet at fair value and subsequently measured at their fair value at each
balance sheet date. Derivatives are designated at inception either as hedges of firm commitments or forecasted transactions
(cash flow hedge) or as hedges of fixed-rate debt (fair value hedge), or as hedges of net investment in a foreign operation
(net investment hedge), or as derivatives at fair value through profit and loss that do not meet the hedge accounting criteria.
In hedge accounting, Metso documents at inception the relationship between the hedging instruments and the hedged items
in accordance with its risk management strategy and objectives. Metso also tests the effectiveness of the hedge relationships
at hedge inception, and quarterly, both prospectively and retrospectively.
Derivatives are classified as non-current assets or liabilities when the remaining maturities exceed 12 months and as current
assets or liabilities when the remaining maturities are less than 12 months.
Cash flow
Metso applies cash flow hedge accounting to certain interest rate swaps, foreign currency forward contracts and to electricity
forwards.
Metso designates only the currency component of the foreign currency forward contracts as the hedging instrument to hedge
foreign currency-denominated firm commitments. The interest component is recognized under other operating income and
expenses, net. The gain or loss relating to the effective portion of the currency forward contracts is recognized in the income
statement concurrently with the underlying in the same line item. The effective portion of foreign currency forwards hedging
sales and purchases is recognized in the sales and the cost of goods sold, respectively. The gain or loss relating to the
effective portion of interest rate swaps hedging variable rate borrowings is reversed from the hedge reserve through other
comprehensive income (OCI) to the income statement within financial items concurrently with the recognition of the
underlying liability. Both at hedge inception and at each balance sheet date, an assessment is performed to ensure the
continued effectiveness of the designated component of the derivatives in offsetting changes in the fair values of the cash
flows of hedged items.
The effective portion of the derivatives is recognized through OCI in the hedge reserve under equity and reversed through
OCI to be recorded through profit and loss concurrently with the underlying transaction being hedged. The gain or loss
relating to the ineffective portion of the derivatives is reported under other operating income or expenses, net or under
financial items when contracted to hedge variable rate borrowings. Should a hedged transaction no longer be expected to
occur, any cumulative gain or loss previously recognized under equity is reversed through OCI to profit and loss.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    167
Fair value hedge
Metso applies fair value hedge accounting to certain fixed-rate loans. The change in fair value of the interest rate swap
hedging the loan is recognized through profit and loss concurrently with the change in value of the underlying. Both at
inception and quarterly, the effectiveness of the derivatives is tested by comparing their change in fair value against those of
the underlying instruments.
Derivatives at fair value through profit and loss
Certain derivative instruments do not qualify for hedge accounting. These instruments, which have been contracted to
mitigate risks arising from operating and financing activities, comprise foreign exchange forward contracts, currency and
interest rate options and interest rate swaps.
Changes in the fair value of interest rate swaps are recognized in interest expenses. Changes in the fair value of foreign
exchange forward contracts are mainly recognized in other operating income and expenses. However, when the foreign
exchange forwards have been contracted to mitigate the exchange rate risks arising from foreign currency-denominated
cash and from financial instruments used for cash management, the changes in fair value of the derivatives are recognized
in finance income and expenses. Changes in the fair value of other derivative instruments, such as commodity instruments,
are recognized in other operating income and expenses.
Fair value estimation of derivative instruments
The fair value of the foreign currency forward contracts is determined using forward exchange market rates at the balance
sheet date. The fair value of the interest rate swaps is calculated as the present value of the estimated future cash flows
based on observable yield curves. The fair value of options is determined using the Black-Scholes valuation model.
Notional amounts and fair values of derivative financial instruments on December 31
2024
EUR million
Notional
amount
Fair value,
assets
Fair value,
liabilities
Fair value,
net
Forward exchange contracts 1)
3,515
34
68
-34
Interest rate swaps
505
9
13
-4
Total
4,020
43
80
-37
2023
EUR million
Notional
amount
Fair value,
assets
Fair value,
liabilities
Fair value,
net
Forward exchange contracts 1)
3,269
36
26
9
Interest rate swaps
605
10
19
-9
Total
3,874
46
45
0
1) Some 21 percent of the notional amount at the end of 2024 qualified for cash flow hedge accounting (some 28 percent in 2023).
The notional amounts indicate the volumes in the use of derivatives, but do not indicate the exposure to risk.
Derivative financial instruments recognized in the balance sheet at the end of year
2024
2023
EUR million
Assets
Liabilities
Assets
Liabilities
Interest rate swaps - cash flow hedges
1
Interest rate swaps - fair value hedges
7
13
8
19
Interest rate swaps - non-qualifying hedges
1
1
Interest rate swaps total
9
13
10
19
Forward exchange contracts - cash flow hedges
10
10
12
9
Forward exchange contracts - non-qualifying hedges
24
58
23
17
Forward exchange contracts total
34
68
36
26
Derivatives total
43
80
46
45
In 2024 and 2023, there was no ineffectiveness related to the cash flow hedges. As of December 31, 2024, the fixed interest
rates of swaps varied from -0.37 percent to 3.09 percent (from -0.38 percent to 3.09 percent as of December 31, 2023).
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    168
Maturities of financial derivatives on (expressed as notional amounts)
2024
EUR million
2025
2026
2027
2028
2029 and
later
Forward exchange contracts
3,470
45
Interest rate swaps
150
150
205
Notional and carrying amounts of financial derivatives applying hedge accounting
2024
EUR million
Notional
amount
Fair value,
assets
Fair value,
liabilities
Fair value,
net
Forward exchange contracts
751
10
10
0
Interest rate swaps
480
8
13
-5
Total
1,231
18
23
-5
2023
EUR million
Notional
amount
Fair value,
assets
Fair value,
liabilities
Fair value,
net
Forward exchange contracts
911
36
26
9
Interest rate swaps
580
8
19
-11
Total
1,491
44
45
-1
Forward exchange contracts hedge commercial cash flows of projects applying hedge accounting. The hedge ratio is 1:1. 99%
of hedged cash flows mature in year 2025, 1% in year 2026.
Impact of cash flow hedge in the statement of financial position
2024
EUR million
Notional amount
Hedging gain /
loss recognized
in OCI, net of tax
Amount
reclassified from
OCI to P/L
Cost of hedging
recognized in P/L
3,515
4
-2
2
Metso applies fair value hedge accounting to the bonds maturing in 2027, 2028 and 2030 and cash flow hedge accounting to
one bank loan maturing 2030. The hedge accounted total notional value is EUR 480 million (EUR 580 million in 2023). The
terms of the interest rate swap match the terms of the fixed rate bonds (maturity date, interest fixing and payments dates). Fair
values of cash flows of interest rate swap and bond are compared when measuring hedge accounting effectiveness. Credit
margin is added to the discount curve of the bond.
Bonds applying fair value hedge accounting at end of year
Notional
amount of
loan, EUR
million
Hedge ratio
Maturity date of
loan
Fair value
of loan,
EUR million
Notional
amount of
interest
rate swap
Maturity date of
interest rate swap
Fair value
of interest
rate swap,
EUR million
300
50%
December 7, 2027
-2
150
December 7, 2027
2
300
50%
May 26, 2028
11
150
May 26, 2028
-13
300
43%
November 22, 2030
-6
130
November 22, 2030
5
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    169
5.  Consolidation
5.1.  Principles of consolidation
Subsidiaries
The Consolidated financial statements include the financial statements of the Parent company and each of those companies
over which Metso exercises control. Control is achieved when Metso is exposed, or has rights, to variable returns from the
investee and has the ability to affect those returns through its power over the investee. The companies acquired during the
financial period have been consolidated from the date Metso acquired control. Subsidiaries sold or distributed to the owners
have been included up to their date of disposal.
All intercompany transactions, balances, and gains or losses on transactions between subsidiaries are eliminated as part of
the consolidation process. Non-controlling interests are presented in the consolidated balance sheet within equity, separate
from equity attributable to shareholders. Non-controlling interests are separately disclosed in the consolidated statement of
income.
Acquisitions of businesses are accounted for using the acquisition method. The purchase consideration of an acquisition is
measured at fair value over the assets given up, shares issued, or liabilities incurred or assumed at the date of acquisition. For
each acquisition, the non-controlling interest in the acquiree, if any, can be recognized either at fair value or at the non-
controlling interest’s proportionate share of the acquiree’s net assets. The excess acquisition price over the fair value of net
assets acquired is recognized as goodwill and/or intangible assets. If the purchase consideration is less than the fair value of
the Group’s share of the net assets acquired, the difference is recognized directly through profit and loss.
When Metso ceases to have control, any retained interest in equity is re-measured to its fair value at the date when control is
lost, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the
purposes of subsequently accounting for the retained interest as an associate, joint venture, or financial asset. In addition, any
amounts previously recognized in other comprehensive income in respect of that entity is accounted for as if the Group had
directly disposed of the related assets or liabilities.
Non-controlling interest
Transactions with non-controlling interests are regarded as transactions with equity owners. In the case of purchases from
non-controlling interests, the difference between any consideration paid and the relevant share of the carrying value of net
assets acquired in the subsidiary is recorded in shareholders’ equity. Gains or losses on disposal to non-controlling interests
are also recorded directly in shareholders’ equity.
Non-current assets or disposal group held-for-sale
Metso classifies a non-current asset or disposal group as held for sale if its carrying amount will be recovered principally
through a sale transaction rather than through continuing use. These assets are valued at the lower of its carrying value and
fair value, less costs to sell, and assets subject to depreciation or amortization are no longer amortized. Assets related to non-
current assets, or a disposal group classified as held-for-sale are disclosed separately from other assets, but financial
statements for prior periods are not reclassified.
Foreign currency translation
The financial statements are presented in euros, which is the Parent company’s functional currency and Metso’s presentation
currency.
Transactions in foreign currencies are recorded at the rates of exchange prevailing at the date of the transaction. At the end of
the reporting period, unsettled foreign currency transaction balances are valued at the rates of exchange prevailing at the
balance sheet date. Trade-related foreign currency exchange gains and losses are recorded in other operating income and
expenses, unless the foreign currency-denominated transactions are subject to hedge accounting, in which case the related
exchange gains and losses are recorded in the same line item as the hedged transaction. Foreign exchange gains and losses
associated with financing are entered as a net amount under finance income and expenses.
The statement of income of a subsidiary with a functional currency different from the presentation currency is translated into
euros at the average month end exchange rate for the financial year, and the balance sheet is translated at the exchange rate
in effect on the balance sheet date. This exchange rate difference is recorded through other comprehensive income (OCI)
within cumulative translation adjustments under equity.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    170
The translation differences arising from subsidiary net investments and long-term subsidiary loans without agreed settlement
dates are recognized through OCI within cumulative translation adjustments under equity. When Metso hedges the net
investment of its foreign subsidiaries with foreign currency loans and financial derivatives, the translation difference is adjusted
by the currency effect of hedging instruments that has been recorded, net of taxes, through OCI under equity. When a foreign
entity is disposed of, the respective accumulated translation difference, including the effect from qualifying hedging
instruments, is reversed through OCI and recognized in the consolidated statement of income as part of the gain or loss on
the sale. If the equity of a foreign currency-denominated subsidiary is reduced by reimbursement of invested funds, the
translation difference relating to the reduction is reversed through OCI and recognized in the consolidated statement of
income.
Net investment hedge
The equity of subsidiaries reporting in certain currencies can be hedged mainly by foreign currency loans and foreign currency
forward contracts. Both realized and unrealized exchange gains and losses measured on these instruments are recorded, net
of taxes, through OCI in a separate component of equity against the translation differences arising from consolidation to the
extent these hedges are effective. The interest portion of derivatives qualifying as hedges of net investment is recognized
under finance income and expenses.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    171
5.2.  Subsidiaries
Ownership
Country
Company name
2024
Algeria
Metso Algerie EURL
100.0%
Argentina
Metso Argentina SA
100.0%
Australia
Brouwer Engineering Pty Ltd
100.0%
Jindex Pty Ltd
100.0%
Metso Australia Ltd
100.0%
Outotec Pty. Ltd.
100.0%
Austria
Metso Austria GmbH
100.0%
Brazil
Metso Brazil Indústria e Comércio Ltda
100.0%
Outotec Tecnologia Brazil Ltda
100.0%
Bulgaria
Metso Bulgaria EOOD
100.0%
Canada
McCloskey International Limited
100.0%
Metso Canada Inc.
100.0%
Chile
Metso Chile SpA
100.0%
Metso Industrial Services SpA
100.0%
Outotec Servicios Industriales Ltda.
100.0%
China
Metso (Tianjin) Investment Co., Ltd.
100.0%
Metso Heavy Industries (Quzhou) Co., Ltd.
100.0%
Metso Heavy Industries (Tianjin) Co., Ltd. 
100.0%
Metso Machinery Heavy Industries (Suzhou) Co., Ltd.
100.0%
Metso Outotec New Material Technology (Shanghai) Co., Ltd.
100.0%
Powertrack Machinery (Jiangsu) Co., Ltd
100.0%
Shaorui Heavy Industries (Guangdong) Co. Ltd
100.0%
SISUPER Machinery Heavy Industry (Suzhou) Co Ltd
100.0%
Czechia
Metso Czech Republic s.r.o.
100.0%
Ecuador
Metso Ecuador S.A.
100.0%
Egypt
Metso Outotec Egypt Company LLC
100.0%
Finland
Ab A. Häggblom Oy
100.0%
International Project Services Ltd. Oy
100.0%
Metso (Ceramics) Oy
100.0%
Metso Finland Oy
100.0%
Metso Metals Oy
100.0%
Outotec International Holdings Oy
100.0%
Rauma Oy
100.0%
France
Metso France SAS
100.0%
Germany
Metso Germany GmbH
100.0%
Outotec Deutschland GmbH
100.0%
Outotec FHT GmbH
100.0%
Outotec GmbH & Co KG
100.0%
Outotec Holding GmbH
100.0%
Ghana
Metso Ghana Ltd
100.0%
Outotec (Ghana) Limited
100.0%
Greece
Metso Greece IKE
100.0%
Hong Kong
Metso International (Hong Kong) Co. Ltd
100.0%
India
Metso Outotec India Private Ltd
100.0%
Metso Outotec Metals India Private Limited
100.0%
Outotec India Private Ltd.
100.0%
Indonesia
PT Metso Technology Solutions 1)
99.9%
PT Outotec Technology Solutions
100.0%
Iran
Outotec Iranian Minerals and Metals Processing 2)
100.0%
Italy
Metso Italy Srl
100.0%
Japan
Metso Japan Godo-Kaisha
100.0%
Kazakhstan
Metso Kazakhstan LLP
100.0%
Metso Management LLP
100.0%
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    172
Ownership
Country
Company name
2024
Lithuania
Metso Global Business Services UAB
100.0%
Metso Lithuania UAB
100.0%
Macedonia
Metso Dooel Skopje
100.0%
Malaysia
Metso Outotec Malaysia Sdn Bhd
100.0%
Morocco
Metso Minerals Morocco LLC
100.0%
Metso Outotec Morocco LLC
100.0%
Mexico
Metso Mexico SA de CV
100.0%
Mongolia
Metso Mongolia LLC
100.0%
Namibia
Metso Technologies Namibia (Pty) Ltd
100.0%
Netherlands
Metso Netherlands B.V.
100.0%
Outotec B.V.
100.0%
Norway
Metso Norway A/S
100.0%
Panama
Metso Central America SA
100.0%
Papua New Guinea
Metso PNG Limited
100.0%
Peru
Metso Perú SA
100.0%
Poland
Metso Poland Sp. z o.o.
100.0%
Portugal
Metso Portugal, Lda
100.0%
Qatar
Outotec Trading & Contracting WLL 3)
49.0%
Russia
OOO Metso Outotec 2)
100.0%
Romania
Metso Romania S.R.L.
100.0%
Saudi Arabia
Metso LLC
100.0%
Outotec Technology Saudi LLC
100.0%
Serbia
Metso d.o.o. Beograd
100.0%
Singapore
Metso Outotec Asia Pacific Pte Ltd
100.0%
South Africa
Metso South Africa Pty Ltd
74.9%
Metso South Africa Sales Pty Ltd
100.0%
Outotec Africa Holdings (Pty) Ltd
100.0%
Outotec Biomin (Pty) Ltd
100.0%
Spain
Metso Espana SA
100.0%
Sweden
AB P. J. Jonsson och Söner
100.0%
Häggblom Sverige AB
100.0%
Larox AB
100.0%
Metso Outotec Metals Sweden AB
100.0%
Metso Sweden AB
100.0%
Thailand
Metso Outotec (Thailand) Limited
100.0%
Türkiye
Metso Maden Teknolojileri Anonim Sirketi
100.0%
United Arab Emirates
Metso DMCC
100.0%
United Kingdom
McCloskey International Ltd
100.0%
Metso Captive Insurance Limited
100.0%
Metso UK Ltd
100.0%
Tedd Engineering Ltd
100.0%
Tesab Engineering Ltd
100.0%
United States
DZ Grinders LLC
100.0%
Metso McCloskey USA LLC
100.0%
Metso USA Inc
100.0%
Outotec USA Inc
100.0%
Screen Machine Industries LLC
100.0%
Uzbekistan
FE Metso LLC
100.0%
Vietnam
Metso Vietnam Co. Ltd
100.0%
Zambia
Metso Zambia Ltd
100.0%
Outotec (Zambia) Limited
100.0%
1) Has been 100% consolidated due to the control established.
2) Non-operative and dormant.
3) Has been 70% consolidated due to the control established.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    173
5.3.  Associated companies, joint ventures and related party transactions
Material accounting policies
The equity method of accounting is used for investments in associated companies in which the investment provides Metso
the ability to exercise significant influence over the operating and financial policies of the investee company. Such influence
is presumed to exist for investments in companies in which Metso’s direct or indirect shareholding is between 20 and 50
percent of the voting rights or if Metso is able to exercise significant influence. Investments in associated companies are
initially recognized at cost after which Metso’s share of their post-acquisition retained profits and losses is included as part of
investments in associated companies in the consolidated balance sheets.
Under the equity method, the share of profits and losses of associated companies and joint ventures is presented separately
in the consolidated statements of income.
A joint arrangement is an arrangement in which two or more parties have joint control. Within Metso, all the joint
arrangements are joint ventures. Investments in joint ventures in which Metso has the power to jointly govern the financial
and operating activities of the investee company are accounted for using the equity method. Investments in joint ventures in
which Metso has control over the financial and operating activities of the investee company are fully consolidated and a non-
controlling interest is recognized.
Associated companies and joint ventures
2024
2023
Company
Ownership
Carrying
value
Ownership
Carrying
value
Enefit Outotec Technology Oü
40.0%
3
40.0%
3
Sidvin Outotec Engineering Private Ltd
25.1%
1
25.1%
1
Total
3
3
Movements in the carrying value of investments in associated companies and joint ventures
EUR million
2024
2023
Investments in associated companies and joint ventures
Acquisition cost as of January 1
2
10
Liquidation
-7
Acquisition cost as of December 31
2
2
Equity adjustments in investments in associated companies and joint ventures
Equity adjustments as of January 1
1
-3
Share of results
1
2
Dividends received
-1
Liquidation
3
Equity adjustments as of December 31
1
1
Shares classified as held for sale
-3
-3
Carrying value at end of year
1
1
Liugong Metso Construction Equipment (Shanghai) Co. Ltd was liquidated in year 2023.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    174
Metso's share of the assets and liabilities, sales and results of the associated companies and joint ventures, which have been
accounted for using the equity method
EUR million
2024
2023
Assets
4
4
Liabilities
0
0
Sales
2
2
Profit
1
2
Related party transactions
Transactions carried out and related balances with associated companies and joint ventures
EUR million
2024
2023
Sales
1
0
Purchases
-2
-1
Receivables
0
Payables
Metso Board of Directors, Chief Executive Officer and other Excecutive Team members
Information on remuneration of the Board as well as Chief Executive Officer and other Executive Team members can be found
in note 1.5.
5.4.  Acquisitions and business disposals
Acquisitions in 2024
Metso completed the acquisition of Diamond Z and Screen Machine Industries on October 1, 2024 by acquiring a 100% share
of the companies. Diamond Z increases Metso’s offering in mobile equipment for the organic recycling markets. Screen
Machine Industries broadens Metso’s portfolio in the North American mobile crushing and screening markets. Acquired
businesses were consolidated into the Aggregates segment. The companies' sales in the financial year that ended in
December 2023 were approximately EUR 71 million. Together, the companies employ approximately 190 people. 
Metso acquired a 100% share of Jindex Pty Ltd on August 1, 2024. Jindex is an Australian company with extensive expertise
in valve technology and control equipment, as well as in many types of slurry valve projects. The acquired business was
consolidated into the Minerals segment. Jindex's sales in the financial year that ended in June 2024 were approximately EUR
9 million. The company employs about 25 people.
Assets and liabilities recognized as a result of the acquisitions
EUR million
2024
Fixed assets
45
Inventory
23
Receivables
3
Liquid funds
1
Liabilities
-40
Net identifiable assets acquired at fair value
32
Goodwill
28
Purchase consideration
60
Goodwill is mainly attributable to synergies. The goodwill is not deductible for tax purposes. The initial calculation of goodwill
generated is based on the result of the acquired company, adjusted by changes in accounting principles and effects from the
fair value adjustment of acquired assets and related tax adjustments.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    175
Net cash flow impact of the acquisitions
EUR million
2024
Cash consideration paid
-60
Cash and cash equivalents acquired
1
Net cash flow for the year
-60
Cash considerations, total
-60
Acquisition costs of EUR 0.6 million related to the acquisitions were expensed and included in administrative expenses in the
income statement and in operating cash flow in the statement of cash flows.
Acquisitions in 2023
Metso completed the acquisition of Ab A. Häggblom Oy, a Finnish engineering and manufacturing company on August 1,
2023. The acquisition will broaden Metso's offering in bodies and buckets and strengthens the company's position in the
aftermarket. The acquired business was consolidated into the Minerals segment. Häggblom's sales in 2022 were
approximately EUR 26 million. The company employs about 100 people. Metso's ownership in Häggblom covers 100% of the
company's shares.
On August 1 2023, Metso acquired a 100% share of of Brouwer Engineering Ltd. Brouwer is an Australian company
specialized in automation, control systems, and electrical solutions for bulk material handling solutions. The acquired business
was consolidated into the Minerals segment.  Brouwer's sales in the financial year that ended in June 2023 were
approximately EUR 8 million. The company employs about 30 people.
Metso completed the acquisition of Tedd Engineering Ltd on November 1, 2023 by acquiring 100% of the company's shares.
Tedd Engineering employs approximately 70 employees and it is based in Chesterfield, UK. The company is specialized in
automation, control systems, and electrical solutions for mobile equipment and aftermarket, primarily focusing on the
aggregates business. The acquired business was consolidated into the Aggregates segment. The company's sales in the
financial year that ended in June 2023 were approximately EUR 17 million.
Assets and liabilities recognized as a result of the acquisitions
EUR million
2023
Fixed assets
32
Inventory
10
Receivables
7
Liquid funds
5
Liabilities
-29
Net identifiable assets acquired at fair value
26
Goodwill
14
Purchase consideration
40
Goodwill is mainly attributable to synergies. The goodwill is not deductible for tax purposes. The initial calculation of goodwill
generated is based on the result of the acquired company, adjusted by changes in accounting principles and effects from the
fair value adjustment of acquired assets and related tax adjustments.
Net cash flow impact of the acquisitions
EUR million
2023
Cash consideration paid
-34
Cash and cash equivalents acquired
5
Net cash flow for the year
-29
Contingent consideration
-6
Cash considerations, total
-35
Acquisition costs of EUR 1.7 million related to the acquisitions were expensed and included in administrative expenses in the
income statement and in operating cash flow in the statement of cash flows.
Business disposals
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    176
There were no business disposals in years 2024 and 2023. In 2022, Metso announced the completion of the divestment of the
Metal Recycling business line to Mimir, a Swedish investment company. The final cash settlement of the disposal was
completed in 2024.
5.5.  Discontinued operations
Material accounting policies
Discontinued operations is a component of an entity that either has been disposed of or is classified as held for sale and
represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to
dispose of a separate major line of business or geographical area of operations, or is a subsidiary acquired exclusively with a
view to resale. The result from discontinued operations is shown separately in the consolidated statement of income, and the
comparative figures are restated accordingly.
Non-current assets and assets and liabilities related to discontinued operations are classified as held for sale if their carrying
amounts are expected to be recovered primarily through sale rather than through continuing use. Classification as held for
sale requires that the following criteria are met: the sale is highly probable, the asset is available for immediate sale in its
present condition – subject to usual and customary terms, the management is committed to the sale, and the sale is
expected to be completed within one year from the date of classification.
Prior to classification as held for sale, the assets or assets and liabilities related to a disposal group in question are measured
according to the respective IFRS standards. From the date of classification, non-current assets held for sale are measured at
the lower of the carrying amount and the fair value, less costs to sell, and the recognition of depreciation and amortization is
discontinued. Non-current assets held for sale are presented in the statement of financial position separately from other
items. The comparative figures for statement of financial position are not restated.
Metals & Chemical Processing and Ferrous & Heat Transfer businesses
In year 2023 Metso decided to initiate the divestment of the Metals & Chemical Processing and Ferrous & Heat Transfer
businesses. These businesses have been classified as discontinued operations starting from September 30, 2023. Despite
longer than planned sales processes Metso's management continues to be committed to divesting the businesses and
considers the completion of the processes highly probable. Consequently, the figures related to the consolidated statement of
income are presented separately from the continuing operations. Recording of the amortization and depreciation of intangible,
tangible and right-of-use assets has been discontinued on the classification date. The assets and liabilities held for sale have
been transferred to separate lines in the consolidated balance sheet.
Waste-to-energy business
The result of discontinued operations also includes the income statement items related to the Waste-to-energy business,
which has been reported as part of discontinued operations in Outotec since December 2019 and in Metso since 2020,
following the merger of Metso Minerals and Outotec. On September 4, 2024, Metso announced the termination of its waste-to-
energy business and settled remaining legal processes concerning historic projects. As a result, Metso booked a one-time
expense of EUR 250 million in the results of its discontinued operations in 2024. The impact of this expense on the net cash
flow from operating activities in 2024 was EUR 275 million.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    177
Condensed consolidated statement of income statement
2024
2024
2024
EUR million
Continuing
operations
Discontinued
operations
Metso
total
Sales
4,863
214
5,076
Cost of sales
-3,237
-163
-3,400
Gross profit
1,626
51
1,677
Selling and marketing expenses
-426
-19
-445
Administrative expenses
-356
-13
-369
Research and development expenses
-103
-6
-109
Other income and expenses, net
-14
-244
-257
Share of results of associated companies
0
1
1
Operating profit
727
-230
497
Finance income and expenses, net
-80
-80
Profit before taxes
648
-230
417
Income taxes
-162
74
-88
Profit for the period
486
-156
330
Profit attributable to
Shareholders of the Parent Company
485
-156
329
Non-controlling interests
1
1
Earnings per share, EUR
0.59
-0.19
0.40
Condensed consolidated balance sheet
2024
2024
2024
EUR million
Continuing
operations
Discontinued
operations
Metso
total
Non-current assets
2,913
92
3,005
Inventories
1,900
58
1,958
Trade and other receivables
1,496
125
1,621
Cash and cash equivalents
431
431
Total assets
6,739
276
7,015
Non-current liabilities
1,739
30
1,769
Current liabilities
2,451
184
2,635
Total liabilities
4,190
214
4,405
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    178
Condensed consolidated statement of cash flows
2024
2024
2024
EUR million
Continuing
operations
Discontinued
operations
Metso
total
Profit for the period
486
-156
330
Adjustments to profit for the period
441
-76
365
Change in net working capital
-64
-55
-119
Cash flow from operations
864
-287
576
Financing items, net
-62
-62
Income taxes paid
-180
-2
-183
Net cash flow from operating activities
622
-290
332
Net cash flow from investing activities
-225
1
-224
Net cash flow from financing activities
-315
0
-315
Net change in liquid funds
82
-288
-207
Condensed consolidated statement of income statement, comparison period
2023
2023
2023
EUR million
Continuing
operations
Discontinued
operations
Metso
total
Sales
5,390
357
5,747
Cost of sales
-3,687
-301
-3,987
Gross profit
1,703
56
1,759
Selling and marketing expenses
-438
-12
-449
Administrative expenses
-372
-17
-389
Research and development expenses
-66
-9
-75
Other income and expenses, net
-25
2
-23
Share of results of associated companies
0
1
2
Operating profit
805
21
825
Finance income and expenses, net
-80
-80
Profit before taxes
724
21
745
Income taxes
-187
-12
-199
Profit for the period
537
8
546
Profit attributable to
Shareholders of the Parent Company
535
8
543
Non-controlling interests
2
2
Earnings per share, EUR
0.65
0.01
0.66
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    179
Condensed consolidated balance sheet, comparison period
2023
2023
2023
EUR million
Continuing
operations
Discontinued
operations
Metso
total
Non-current assets
2,744
97
2,841
Inventories
1,951
53
2,004
Trade and other receivables
1,585
87
1,673
Cash and cash equivalents
638
638
Total assets
6,919
238
7,156
Non-current liabilities
1,614
33
1,647
Current liabilities
2,756
136
2,892
Total liabilities
4,369
169
4,539
Condensed consolidated statement of cash flows, comparison period
2023
2023
2023
EUR million
Continuing
operations
Discontinued
operations
Metso
total
Profit for the period
537
8
546
Adjustments to profit for the period
420
32
453
Change in net working capital
-372
-76
-449
Cash flow from operations
585
-35
550
Financing items, net
-17
-17
Income taxes paid
-227
-4
-231
Net cash flow from operating activities
341
-39
302
Net cash flow from investing activities
-180
2
-178
Net cash flow from financing activities
-76
-76
Net change in liquid funds
84
-37
47
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    180
5.6.  New accounting standards
New and amended accounting standards effective in 2024
The following new or revised IFRS accounting standards have been adopted from January 1, 2024, in these Consolidated
financial statements.
Amendments to IFRS 16 - Lease Liability in a Sale and Leaseback
The amendments in IFRS 16 specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale
and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the
right of use it retains. The amendments have had no impact on Metso's financial statements.
Amendments to IAS 1 - Classification of Liabilities as Current or Non-current
The amendments to IAS 1 specify the requirements for classifying liabilities as current or non-current. The
amendments clarify: 
What is meant by a right to defer settlement
That a right to defer must exist at the end of the reporting period
That classification is unaffected by the likelihood that an entity will exercise its deferral right
That only if an embedded derivative in a convertible liability is itself an equity instrument would the
terms of a liability not impact its classification
In addition, an entity is required to disclose when a liability arising from a loan agreement is classified as non-current and the
entity’s right to defer settlement is contingent on compliance with future covenants within twelve months. The amendments
have not had an impact on the classification of the group’s liabilities.
Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements
The amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures clarify the characteristics
of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the
amendments are intended to assist users of financial statements in understanding the effects of supplier finance
arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. As a result of implementing the amendments,
the group has provided additional disclosures about its supplier finance arrangements. See note 2.5.
New and amended accounting standards to be applied
Metso has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet
effective [and (in some cases) have not yet been adopted by the EU (marked with *)]:
Amendments to IAS 21 - Lack of Exchangeability (IASB effective date January 1, 2025)
IFRS 18 - Presentation and Disclosure in Financial Statements (IASB effective date January 1, 2027) *
IFRS 19 - Subsidiaries without Public Accountability: Disclosures (IASB effective date January 1, 2027) *
Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity (IASB effective date
January 1, 2026) *
Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments (IASB effective date
January 1, 2026) *
Annual Improvements Volume 11 (IASB effective date January 1, 2026) *
Metso is currently working to identify all impacts IFRS 18 will have on the primary financial statements and notes to the
financial statements. The directors do not expect that the adoption of the other Standards and amendments listed above will
have a material impact on the financial statements of Metso in future periods.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    181
5.7.  Exchange rates used
Average rates
Year-end rates
2024
2023
2024
2023
USD
(US dollar)
1.0826
1.0816
1.0389
1.1050
SEK
(Swedish krona)
11.4226
11.4563
11.4590
11.0960
GBP
(Pound sterling)
0.8469
0.8702
0.8292
0.8691
CAD
(Canadian dollar)
1.4820
1.4606
1.4948
1.4642
BRL
(Brazilian real)
5.8500
5.4128
6.4253
5.3618
CNY
(Chinese yuan)
7.7793
7.6589
7.5833
7.8509
AUD
(Australian dollar)
1.6424
1.6297
1.6772
1.6263
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    182
6.  Other notes
6.1.  Audit fees
EUR million
2024
2023
Audit services
-3.7
-3.8
Assurance services
-0.4
0.0
Tax services
-0.1
0.0
Other services
0.0
-0.1
Total
-4.3
-3.9
The above table discloses fees to Metso’s auditor Ernst & Young Oy.
6.2.  Lawsuits and claims
Several lawsuits, legal claims and disputes based on various grounds are pending against Metso in various countries related,
among other things, to Metso’s products, projects, other operations, and customer receivables. Metso’s management
assesses, however, to the best of its present understanding that the outcome of these lawsuits, claims, and legal disputes
would not have a material adverse effect on Metso in view of the grounds presented for them, provisions made, insurance
coverage in force, and the extent of Metso’s total business activities. It should be noted, however, that outcomes of pending
lawsuits, legal claims, and disputes are beyond the direct influence of Metso’s management and may, therefore, materially
deviate from management’s current assessment.
6.3.  Events after the financial year
On October 2, 2024, Metso signed an agreement to acquire all the shares of its long-term partner Swiss Tower Mills Minerals
AG (STM). Metso decided to exercise its right of first refusal following the divestment decision of STM’s other shareholders.
Swiss Tower Mills Minerals, based in Baden, Switzerland, specializes in vertical grinding mill solutions. It is best known for the
HIGmillTM grinding mill, which has been exclusively sold and serviced by Metso. As a result of the transaction, Metso’s
ownership will increase to 100%. Metso has reported its previous 15% shareholding as a non-current financial asset. The
acquisition, which is subject to the approvals of anti-trust authorities, is expected to close in the first half of 2025.
Metso announced on February 10, 2025, that it is investing in the expansion of its screening solutions in China. The initial
investment includes an agreement to acquire screening business, operations and key assets of Selm (Beijing) Technology
Co., Ltd., a privately owned company. By combining the new offering with Metso's expertise in screening equipment, media,
repairs and services, Metso can strengthen its services to better support mining and aggregates customers in China. The
company has around 180 employees and its operations are in Shenyang, Northeast China. Acquisition has no material impact
on Metso’s financials, and it is subject to conditions precedent and expected to close during the second quarter of 2025.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    183
Financial statements of the Parent company, FAS
Statement of income of the Parent company
EUR
Note
2024
2023
Sales
24,505,603.90
24,754,086.88
Other operating income
2
336,788.03
3,493,569.16
Personnel expenses
3
-23,687,086.59
-25,636,945.07
Depreciation and amortization
4
-193,391.48
-371,464.80
Other operating expenses
5
-23,648,007.85
-30,092,851.61
Operating profit / loss
-22,686,093.99
-27,853,605.44
Financial income and expenses, net
7
116,227,188.84
160,876,187.53
Profit before appropriations and taxes
93,541,094.85
133,022,582.09
Appropriations
8
166,000,000.00
260,000,000.00
Profit before taxes
259,541,094.85
393,022,582.09
Income taxes
9
  Current tax expense
-28,852,161.65
-43,473,972.16
  Change in deferred taxes
99,078.24
-299,040.60
Profit for the year
230,788,011.44
349,249,569.33
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    184
Balance sheet of the Parent company
Assets
 
 
 
 
 
EUR
Note
2024
2023
Non-current assets
Intangible assets
10
233,793.55
421,471.02
Tangible assets
10
218,363.42
225,904.91
Investments
11
Shares in Group companies
1,250,466,871.28
1,245,231,528.75
Other investments
897,757,775.84
510,594,929.87
Total non-current assets
2,148,676,804.09
1,756,473,834.55
 
 
Current assets
 
Long-term receivables
13
9,151,779.39
9,786,290.55
Short-term receivables
13
1,078,783,840.99
1,110,398,075.46
Securities
159,000,000.00
Bank and cash
205,060,310.91
248,911,504.97
Total current assets
1,292,995,931.29
1,528,095,870.98
Total assets
3,441,672,735.38
3,284,569,705.53
 
 
 
 
Shareholders' equity and liabilities
EUR
Note
2024
2023
Shareholders' equity
14
Share capital
107,186,442.52
107,186,442.52
Share premium fund
20,180,000.00
20,180,000.00
Treasury shares
-13,380,644.79
-22,514,857.99
Invested non-restricted equity fund
435,804,850.76
434,272,229.86
Reserve for cash hedges
482,261.00
Retained earnings
432,674,350.92
381,257,274.03
Profit for the year
230,788,011.44
349,249,569.33
Total shareholders' equity
1,213,735,271.85
1,269,630,657.75
Liabilities
 
Long-term liabilities
15
1,302,408,965.27
1,184,800,070.66
Current liabilities
16
925,528,498.26
830,138,977.12
Total liabilities
2,227,937,463.53
2,014,939,047.78
Total shareholders' equity and liabilities
3,441,672,735.38
3,284,569,705.53
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    185
Cash flow statement of the Parent company
EUR thousand
2024
2023
Cash flows from operating activities
Profit for the year
230,788
349,250
Adjustments to profit for the year
Depreciation and amortization
193
370
Impairment
5,002
Unrealized exchange gains and losses
1,026
-3,741
Financial income and expenses
-116,227
-166,076
Gains / losses on sale
-7
-3,197
Group contributions
-166,000
-260,000
Taxes
28,753
43,773
Other non-cash items
2,816
3,194
Total adjustments to profit for the year
-249,444
-380,674
 
Increase / decrease in short-term non-interest-bearing trade receivables
-28,084
25,670
Increase / decrease in short-term non-interest-bearing debt
57,804
-45,869
Change in working capital
29,720
-20,199
 
 
Interest paid
-66,495
-68,264
Other financial expenses paid
-14,673
-11,988
Dividends received
122,161
186,118
Interest received
15,942
5,183
Income taxes paid
-43,021
-54,682
Net cash provided by operating activities
24,977
4,744
 
Cash flows from investing activities
Divestments in tangible and intangible assets
8
Investments in subsidiary shares
-5,235
-5,632
Decrease in subsidiary shares
3,203
Long-term loans granted
-785,757
-886,908
Repayments of long-term loans
343,877
640,134
Short-term loans granted
-532,715
-667,730
Repayments of short-term loans
563,641
536,139
Withdrawals and repayments of short-term loans, net
-53,664
9,112
Purchase of other investments
159,000
-109,000
Interest received from investments
60,382
47,632
Net cash used in investing activities
-250,463
-433,049
 
Cash flows from financing activities
Invested non-restricted equity fund
603
Sales from treasury shares to subsidiaries
7,850
4,228
Changes of short term loans, net
29,464
-79,643
Withdrawal of long-term loans
374,314
347,288
Repayments of long-term loans
-336,593
Dividends paid
-298,012
-247,748
Change in Group pool accounts
144,009
146,100
Group contributions
260,000
200,000
Net cash provided by / used in financing activities
181,635
370,224
Net increase / decrease in bank and cash
-43,851
-58,081
Bank and cash on Jan 1
248,912
306,993
Bank and cash on Dec 31
205,060
248,912
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    186
Notes to the financial statements of the Parent company
1 Accounting principles
The Parent Company Financial Statements have been prepared in accordance with the Finnish Generally Accepted
Accounting Principles. The financial statements are presented in euros.
Foreign currency translations
Transactions in foreign currencies are recorded at the rates of exchange prevailing at the date of the transaction. At the end of
the accounting period, monetary items are valued at the rate of exchange prevailing at the end of period.
Tangible and intangible assets
Tangible and intangible assets are valued at historical cost, less accumulated depreciation according to plan. Land and water
areas are not depreciated.
Depreciation and amortization is calculated on a straight-line basis over the expected useful lives of the assets as follows:
Computer software3–5 years
Other intangibles10 years
Buildings20–25 years
Machinery and equipment3–5 years
Other tangible assets                          20 years
Financial instruments
Metso’s financial risk management is carried out by a central treasury department (Group Treasury) under the policies
approved by the Board of Directors. Group Treasury functions in cooperation with the operating units to minimize financial
risks in both the Parent Company and the Group. Long-term debt is initially recognized at fair value, net of transaction costs
incurred. In subsequent periods, they are valued at amortized cost using the effective interest rate method. The fair value
changes in borrowings covered by fair value hedge are, in respect of hedged risk, recognized through financial income and
expenses. Transaction costs arising from issuance of bonds are recognized over the life of the bond using the effective yield
method. The unrecognized portion as of the balance sheet date is presented as a decrease in liabilities. Derivatives outside
hedge accounting are valued at fair value through profit and loss according to the Finnish Accounting Act 5:2 a §. Forward
exchange contracts are measured at fair value. The change in fair value is recognized as income or expense in the income
statement. The fair value of forward exchange contracts is determined using forward exchange market rates at the balance
sheet date. Bank and cash, as well as securities, consist of cash in bank accounts and investments of liquid funds in interest-
bearing instruments. Financial assets are measured at historical cost, less possible impairment loss.
Provisions
Provisions are unrealized costs, for which the company is committed, and which will not provide any income in the future, and
which are likely to occur. Provision changes are included in profit and loss.
Leases
Leases of assets, where the lessor retains all the risks and benefits of ownership, are classified as operating leases.
Payments made under operating lease agreements are expensed on a straight-line basis over the lease periods.
Income taxes
Income tax expense includes taxes calculated for the financial year, adjustments to prior year taxes, and changes in the
deferred taxes. Deferred tax liability or asset has been determined for all temporary differences in between the tax bases of
assets and liabilities and their amounts in financial reporting, using the enacted tax rates effective for the future years.
Deferred tax liabilities are recognized in the balance sheet in full, and deferred tax assets are recognized when it's probable
that there will be sufficient taxable profit against which the asset can be utilized.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    187
2 Other operating income
EUR thousand
2024
2023
Gain on disposal of subsidiary shares
3,197
Gain on sale of fixed assets
7
Other
330
296
Total
337
3,494
3 Personnel expenses
EUR thousand
2024
2023
Salaries and wages
-20,584
-21,615
Pension costs
-2,706
-3,507
Other indirect employee costs
-397
-516
Total
-23,687
-25,637
Remuneration paid to Chief Executive Officer and Board members
EUR thousand
Chief Executive Officer
-4,462
-4,503
Board members
-1,022
-966
Total
-5,484
-5,469
Remuneration of the CEO, the leadership team and the Board is presented in note 1.5 of the Consolidated financial statements.
Number of personnel
 
2024
2023
Personnel at end of year
145
143
Average number of personnel during the year
144
138
4 Depreciation and amortization
Depreciation and amortization expenses
EUR thousand
2024
2023
Capitalized software
-173
-204
Other intangible assets
-14
-132
Machinery and equipment
-6
-35
Total
-193
-371
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    188
5 Other operating expenses
EUR thousand
2024
2023
Foreign exchange losses
-1,081
-5,568
Other
-22,567
-24,525
Total
-23,648
-30,093
6 Audit fees
EUR thousand
2024
2023
Audit
-578
-840
Assurance services
-436
Other services
-54
Total
-1014
-894
7 Finance income and expenses
EUR thousand
2024
2023
Dividends received from
Group companies
122,161
186,118
Total
122,161
186,118
 
Interest income from investments from
Group companies
60,382
47,627
Others
5
Total
60,382
47,632
 
Other interest and financial income from
Group companies
34,796
33,633
Others
12,373
13,550
Interest and financial income, total
229,712
280,933
 
Interest expenses to
Group companies
-13,137
-15,812
Others
-84,931
-86,339
Other financial expenses
Fair value change in derivatives
-743
-720
Exchange rate differences
-7,929
-4,710
Impairment loss on non-current assets
-5,198
Others
-6,745
-7,278
Interest and other financial expenses, total
-113,485
-120,057
Financial income and expenses, net
116,227
160,876
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    189
8 Appropriations
EUR thousand
2024
2023
Group contributions received
166,000
260,000
9 Income taxes
EUR thousand
2024
2023
Income taxes on operating activities
-29,458
-43,125
Income taxes for prior years
606
-349
Change in deferred taxes
99
-299
Total
-28,753
-43,773
10 Fixed assets
2024
EUR
thousand
Patents
and
licenses
Capitalized
software
Other
intangible
assets
Intangible
assets
total
Land
areas
Buildings
and
structures
Machinery
and
equipment
Tangible
assets
total
Total
Acquisition
cost Jan 1
1,539
2,374
289
4,203
156
733
334
1,223
5,425
Decreases
-201
-201
-201
Acquisition
cost Dec 31
1,539
2,374
289
4,203
156
733
133
1,022
5,225
Accumulate
d
depreciatio
n Jan 1
-1,539
-1,967
-275
-3,781
-733
-264
-997
-4,778
Accumulate
d
depreciatio
n of
decreases
199
199
199
Depreciatio
n for the
period
-173
-14
-188
-6
-6
-193
Accumulate
d
depreciation
Dec 31
-1,539
-2,140
-289
-3,969
-733
-70
-804
-4,772
Net carrying
value Dec
31
234
234
156
63
218
452
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    190
2023
EUR
thousand
Patents
and
licenses
Capitalized
software
Other
intangible
assets
Intangible
assets
total
Land
areas
Buildings
and
structures
Machinery
and
equipment
Tangible
assets
total
Total
Acquisition
cost Jan 1
1,539
2,374
1,150
5,063
156
733
974
1,863
6,926
Decreases
-860
-860
-641
-641
-1,501
Acquisition
cost Dec 31
1,539
2,374
289
4,203
156
733
334
1,223
5,425
Accumulate
d
depreciation
Jan 1
-1,539
-1,780
-986
-4,305
-733
-869
-1,602
-5,908
Accumulate
d
depreciation
of
decreases
859
859
641
641
1,500
Depreciatio
n for the
period
-187
-148
-335
-35
-35
-370
Accumulate
d
depreciation
Dec 31
-1,539
-1,967
-275
-3,781
-733
-264
-997
-4,778
Net carrying
value Dec
31
407
14
421
156
70
226
647
11 Investments
2024
EUR thousand
Shares in
Group
companies
Other
shares
Receivables
from Group
companies
Other
investments
total
Acquisition cost at Jan 1
1,245,232
594
510,001
510,595
Additions
5,235
1,122,925
1,122,925
Decreases
-735,762
-735,762
Net carrying value at Dec 31
1,250,467
594
897,164
897,758
2023
EUR thousand
Shares in
Group
companies
Other
shares
Receivables
from Group
companies
Other
investments
total
Acquisition cost at Jan 1
1,244,705
594
346,578
347,172
Additions
10,632
803,306
803,306
Decreases
-10,105
-639,884
-639,884
Net carrying value at Dec 31
1,245,232
594
510,001
510,595
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    191
12 Shareholdings
Subsidiaries on December 31, 2024
Subsidiary
Domicile
Ownership, %
International Project Services Ltd. Oy
Finland
44.50
Metso Canada Inc.
Canada
100.00
Metso Captive Insurance Limited
United Kingdom
100.00
Metso Chile S.A.
Chile
24.75
Metso Finland Oy
Finland
100.00
Metso France SAS
France
100.00
Metso Metals Oy
Finland
100.00
Metso Mexico SA de CV
Mexico
10.10
Metso Outotec Morocco LLC
Morocco
100.00
Metso Outotec New Material Technology (Shanghai) Co., Ltd.
China
100.00
Metso Ecuador S.A.
Ecuador
99.90
Metso Perú SA
Peru
10.18
Metso Poland Sp. z o.o.
Poland
46.30
Metso South Africa Pty Ltd
South-Africa
15.30
Metso USA Inc
United States
100.00
Outotec Africa Holdings (Pty) Ltd
South-Africa
100.00
Outotec Holding GmbH
Germany
100.00
Outotec International Holdings Oy
Finland
100.00
Rauma Oy
Finland
100.00
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    192
13 Specification of receivables
Long-term receivables
EUR thousand
2024
2023
Deferred tax asset
193
94
Derivatives
8,959
9,692
Long-term receivables total
9,152
9,786
Short-term receivables
EUR thousand
2024
2023
Trade receivables from
Group companies
50,179
42,422
Others
1,445
Total
51,624
42,422
Loan receivables from
Group companies
745,854
706,173
Total
745,854
706,173
 
Prepaid expenses and accrued income from
Group companies
227,969
311,237
Others
51,634
50,021
Total
279,603
361,257
 
 
Other receivables
VAT receivable
1,676
6
Other receivables
27
539
Total
1,702
545
 
Short-term receivables total
1,078,784
1,110,398
Specification of prepaid expenses and accrued income
EUR thousand
2024
2023
Prepaid expenses and accrued income from Group companies
Group contribution receivables
166,000
260,000
Accrued interest income
34,289
22,615
Accrued derivatives
26,682
24,408
Other accrued items
997
4,214
Total
227,969
311,237
 
Prepaid expenses and accrued income from others
Accrued interest income
627
Accrued derivatives
33,500
35,808
Other accrued items
18,134
13,585
Total
51,634
50,021
.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    193
14 Statement of changes in shareholders' equity
EUR thousand
2024
2023
Share capital on Jan 1
107,186
107,186
Share capital on Dec 31
107,186
107,186
 
Share premium fund on Jan 1
20,180
20,180
Share premium fund on Dec 31
20,180
20,180
 
Treasury shares on Jan 1
-22,515
-27,935
Change
9,134
5,420
Treasury change on Dec 31
-13,381
-22,515
Invested non-restricted equity fund on Jan 1
434,272
433,377
Change
1,533
895
Invested non-restricted equity fund on Dec 31
435,805
434,272
 
Reserve for cash hedges on Jan 1
Change
482
Reserve for cash hedges on Dec 31
482
 
Retained earnings on Jan 1
730,507
629,156
Dividend distribution
-297,832
-247,898
Retained earnings on Dec 31
432,674
381,257
Profit for the year
230,788
349,250
Total shareholders' equity on Dec 31
1,213,735
1,269,631
Statement of distributable funds on December 31
EUR thousand
2024
2023
Invested non-restricted equity fund
435,805
434,272
Treasury shares
-13,381
-22,515
Retained earnings
432,674
381,257
Profit for the year
230,788
349,250
Total distributable funds
1,085,887
1,142,264
At the end of the year 2024, Metso Oyj held 1,621,110 own shares (2,644,249 at the end of the year 2023).
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    194
15 Long-term liabilities
EUR thousand
2024
2023
Bonds
892,165
886,344
Loans from financial institutions
397,540
280,909
Deferred tax liability
121
Derivatives
12,584
17,547
Total
1,302,409
1,184,800
Debt maturing after more than in five years
EUR thousand
2024
2023
Bonds
300,000
300,000
Loans from financial institutions
50,000
68,182
Total
350,000
368,182
Presented at nominal value.
16 Short-term liabilities
EUR thousand
2024
2023
Current portion of long-term liabilities
Bonds
195,349
Loans from financial institutions
127,682
10,465
Total
127,682
205,814
Short-term interest-bearing debt
Loans from financial institutions
29,464
Group pool accounts
369,639
239,470
Total
399,102
239,470
Trade payables to
Group companies
28,310
23,878
Others
2,466
3,123
Total
30,776
27,001
Accrued expenses and deferred income to
Group companies
33,292
37,484
Others
80,005
51,871
Total
113,298
89,355
Other short-term non-interest-bearing debt to
Group companies
253,576
267,148
Others
1,095
1,351
Total
254,670
268,499
Short-term liabilities total
925,528
830,139
Short-term liabilities to Group companies total
684,817
567,980
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    195
Specification of accrued expenses and deferred income
EUR thousand
2024
2023
Accrued expenses and deferred income to Group companies
Accrued interest expenses
7,682
1,369
Accrued derivatives
25,126
35,193
Other accrued items
484
923
Total
33,292
37,484
Accrued expenses and deferred income to others
Accrued interest expenses
7,599
7,799
Accrued derivatives
67,664
26,269
Accrued salaries, wages and social costs
4,535
6,977
Other accrued items
208
10,826
Total
80,005
51,871
17 Other contingencies
Guarantees and mortgages
EUR thousand
2024
2023
Guarantees on behalf of group companies
1,278,183
1,373,689
Lease commitments
EUR thousand
2024
2023
Payments in the following year
224
127
Payments later
10,775
133
Total
10,998
260
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    196
18 Derivative instruments
EUR thousand
2024
2023
Net fair values
Contracts made with financial institutions
Foreign exchange forward contracts
-33,807
9,487
Interest rate swaps
-3,625
-9,229
Contracts made with subsidiaries
Foreign exchange forward contracts
2,361
-10,962
Total
-35,071
-10,704
 
 
 
Nominal values
Contracts made with financial institutions
Foreign exchange forward contracts
3,515,028
3,268,945
Interest rate swaps
505,000
605,000
Contracts made with subsidiaries
Foreign exchange forward contracts
2,403,483
2,748,165
Total
6,423,511
6,622,110
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    197
List of account books used in Parent company
Account book
Voucher class
General journal and general ledger
Specifications of accounts receivable and
payable
Bank vouchers
16,26,43 / DZ, KZ, SB
Sales invoices
RV,10,11,17 / DR, DA, NZ
Purchase invoices
KR,20,27,69 / KR, KA, NZ, SR
Payroll accounting with vouchers
33 / 21
Journal entries
01,02,03,04,05,10,21,22,23,30,32,39,54,55,60,64,76,79 /
AA, AF, DA, 21, 22, 23, AB, 32, M6, S5, SR, UE
Journal entries
34,35, 36, SR
Notes vouchers
All above mentioned account books are archived in electronic format.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    198
Signatures of the Board of Directors’ report and
financial statements 2024
This financial statement has been prepared in accordance with applicable accounting regulations and it gives a true and fair
view of the assets, liabilities, financial position, and profit and loss of both Metso Corporation and its subsidiaries included in
the consolidated financial statements. The report of the Board of Directors gives a truthful summary of the development and
result of Metso Group’s business, as well as a description of the most significant risks, uncertainties, and other aspects of the
company. The sustainability report included in the Board of Directors' report has been prepared in accordance with the
reporting standards referred to in Chapter 7 of the Finnish Accounting Act and Article 8 of the Taxonomy Regulation.
Espoo, February 12, 2025
Kari StadighKlaus CawénBrian Beamish
Chair of the BoardVice Chair of the BoardMember of the Board
Terhi KoipijärviNiko PakalénIan W. Pearce
Member of the BoardMember of the BoardMember of the Board
Reima RytsöläEmanuela SperanzaArja Talma
Member of the BoardMember of the BoardMember of the Board
Sami Takaluoma
President and CEO
Auditor's note
Our auditor’s report has been issued today.
Espoo, February 12, 2025
Ernst & Young Oy
Authorized Public Accountant Firm
Mikko Järventausta
APA
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    199
AUDITOR’S REPORT (Translation of the Finnish original)
To the Annual General Meeting of Metso Corporation
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Metso Corporation (business identity code 0828105-4) for the year ended 31
December, 2024. The financial statements comprise the consolidated balance sheet, income statement, statement of
comprehensive income, statement of changes in equity, statement of cash flows and notes, including material accounting
policy information, as well as the parent company’s balance sheet, income statement, statement of cash flows and notes.
In our opinion
the consolidated financial statements give a true and fair view of the group’s financial position, financial
performance and cash flows in accordance with IFRS Accounting Standards as adopted by the EU.
the financial statements give a true and fair view of the parent company’s financial performance and financial
position in accordance with the laws and regulations governing the preparation of financial statements in
Finland and comply with statutory requirements.
Our opinion is consistent with the additional report submitted to the Audit and Risk Committee.
Basis for Opinion
We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good auditing practice
are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.
We are independent of the parent company and of the group companies in accordance with the ethical requirements that are
applicable in Finland and are relevant to our audit, and we have fulfilled our other ethical responsibilities in accordance with
these requirements.
In our best knowledge and understanding, the non-audit services that we have provided to the parent company and group
companies are in compliance with laws and regulations applicable in Finland regarding these services, and we have not
provided any prohibited non-audit services referred to in Article 5(1) of regulation (EU) 537/2014. The non-audit services that
we have provided have been disclosed in note 6.1 to the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements of the current period. These matters were addressed in the context of our audit of the financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
We have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit of the Financial Statements
section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures
designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our
audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on
the accompanying financial statements.
We have also addressed the risk of management override of internal controls. This includes consideration of whether there
was evidence of management bias that represented a risk of material misstatement due to fraud.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    200
Key Audit Matter
How our audit addressed the Key Audit Matter
Revenue recognition over time, including valuation
of project receivables and project loss provisions
The accounting principles and disclosures about revenue,
project receivables and project loss provisions are included in
Note 1.2, Note 2.2 and Note 2.6.
Metso delivers to its customers customized engineered
solutions, where the signing of a delivery contract and
the final acceptance of a delivery by the customer may
take place in different financial periods. In accordance
with Metso’s accounting principles, revenue from such
projects is recognized over time.
The recognition of revenue and the estimation of the
outcome of a project require significant management
judgment, in particular with respect to estimating the
stage of completion and cost to complete. Significant
judgment is also required to assess the recoverability of
project receivables and particularly to determine the
project loss provision when it is expected that the total
costs will exceed the total revenues from the delivery
contract. Based on above, revenue recognition over
time, including valuation of project receivables and
project loss provisions, was a key audit matter.
This matter was also a significant risk of material
misstatement referred to in EU Regulation No 537/2014,
point (c) of Article 10(2).
Our audit procedures to address the risk of material
misstatement in respect of the revenue recognition over
time, including valuation of project receivables and
project loss provisions, included, among others:
Assessment of the Group’s accounting policies
over revenue recognition over time and
valuation of project receivables and project loss
provisions.
Inspection of the project documentation such
as contracts, legal opinions and other written
communication.
Evaluation of financial development and current
status of projects by
analyzing the changes in assumptions
relating to estimated revenues and
costs, receipts of project payments
and loss provisions, and
discussions with different levels of the
organization including project
management and group management.
Evaluation of the appropriateness of the
Group’s disclosures in respect of revenue
recognition over time and valuation of projects
receivables and project loss provisions.
Key Audit Matter
How our audit addressed the Key Audit Matter
Valuation of goodwill
The accounting principles and disclosures about goodwill are
included in Note 3.1.
As of balance sheet date December 31, 2024, the value
of goodwill in continuing operations amounted to 1 123
million euros representing 16 % of the total assets and
43 % of the total equity.
The annual impairment testing of goodwill was based on
the management’s estimate about the value-in-use of
the cash generating units. There are a number of
assumptions used to determine the value-in-use of the
cash generating units, including revenue growth,
margins and the discount rate applied on net cash-flows.
The estimated value-in-use may vary significantly when
underlying assumptions are changed and the changes in
above-mentioned individual assumptions may result in
an impairment of goodwill.
The valuation of goodwill was a key audit matter
because the annual impairment testing included
management judgment with respect to the key
assumptions used and because of the significance of
goodwill to the financial statements.
Our audit procedures in respect of valuation of goodwill
included, among others:
Evaluation of the determination of cash
generating units and the goodwill allocated to
those units.
Involvement of our valuation specialists to
assist us in evaluating the key assumptions
used in impairment testing by comparing the
management’s assumptions to externally
derived data and to our independently
calculated industry averages, in particular
those relating to
the forecasted revenue growth,
the forecasted margin and
the weighted average cost of capital
used to discount the net cash-flows.
Testing of the accuracy of the impairment
calculations prepared by the management and
comparison of the sum of discounted cash
flows against Metso’s market capitalization.
Evaluation of the adequacy of the disclosures
of the impairment testing results.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    201
Responsibilities of the Board of Directors and the Managing Director for the Financial Statements
The Board of Directors and the Managing Director are responsible for the preparation of consolidated financial statements that
give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU, and of financial statements
that give a true and fair view in accordance with the laws and regulations governing the preparation of financial statements in
Finland and comply with statutory requirements. The Board of Directors and the Managing Director are also responsible for
such internal control as they determine is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors and the Managing Director are responsible for assessing the
parent company’s and the group’s ability to continue as going concern, disclosing, as applicable, matters relating to going
concern and using the going concern basis of accounting. The financial statements are prepared using the going concern
basis of accounting unless there is an intention to liquidate the parent company or the group or cease operations, or there is
no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance on whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with good auditing practice will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of the financial statements.
As part of an audit in accordance with good auditing practice, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
parent company’s or the group’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s use of the going
concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the parent company’s or the group’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date
of our auditor’s report. However, future events or conditions may cause the parent company or the group to
cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events so that the financial
statements give a true and fair view.
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business units within the group as a basis for forming an opinion on the group
financial statements. We are responsible for the direction, supervision and review of the audit work performed
for purposes of the group audit. We remain solely responsible for our audit opinion.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    202
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe
these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Other Reporting Requirements
Information on our audit engagement
We were first appointed as auditors by the Annual General Meeting on 30.3.2020, and our appointment represents a total
period of uninterrupted engagement of five years.
Other information
The Board of Directors and the Managing Director are responsible for the other information. The other information comprises
the report of the Board of Directors and the information included in the Annual Report, but does not include the financial
statements and our auditor’s report thereon. We have obtained the report of the Board of Directors prior to the date of this
auditor’s report, and the Annual Report is expected to be made available to us after that date.
Our opinion on the financial statements does not cover the other information.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above and,
in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit, or otherwise appears to be materially misstated. With respect to report of the Board of Directors, our
responsibility also includes considering whether the report of the Board of Directors has been prepared in compliance with the
applicable provisions, excluding the sustainability report information on which there are provisions in Chapter 7 of the
Accounting Act and in the sustainability reporting standards.
In our opinion, the information in the report of the Board of Directors is consistent with the information in the financial
statements and the report of the Board of Directors has been prepared in compliance with the applicable provisions. Our
opinion does not cover the sustainability report information on which there are provisions in Chapter 7 of the Accounting Act
and in the sustainability reporting standards.
If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we
conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to
report in this regard. 
Espoo 12.2.2025
Ernst & Young Oy
Authorized Public Accountant Firm
Mikko Järventausta
Authorized Public Accountant
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    203
ASSURANCE REPORT ON THE SUSTAINABILITY STATEMENT
(Translation of the Finnish original) 
To the Annual General Meeting of Metso Corporation 
We have performed a limited assurance engagement on the group sustainability statement of Metso Corporation (0828105-4)
that is referred to in Chapter 7 of the Accounting Act and that is included in the Report of the Board of Directors for the
financial year 1.1.–31.12.2024.
Opinion
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that
causes us to believe that the group sustainability statement does not comply, in all material respects, with
1) the requirements laid down in Chapter 7 of the Accounting Act and the sustainability reporting standards (ESRS);
2) the requirements laid down in Article 8 of the Regulation (EU) 2020/852 of the European Parliament and of the Council on
the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (EU
Taxonomy).
Point 1 above also contains the process in which Metso Corporation has identified the information for reporting in accordance
with the sustainability reporting standards (double materiality assessment) and the tagging of information as referred to in
Chapter 7, Section 22 of the Accounting Act.
Our opinion does not cover the tagging of the group sustainability statement with digital XBRL sustainability tags in
accordance with Chapter 7, Section 22, Subsection 1(2), of the Accounting Act, because sustainability reporting companies
have not had the possibility to comply with that provision in the absence of the ESEF regulation or other European Union
legislation.
Basis for Opinion
We performed the assurance of the group sustainability statement as a limited assurance engagement in compliance with
good assurance practice in Finland and with the International Standard on Assurance Engagements (ISAE) 3000 (Revised)
Assurance Engagements Other than Audits or Reviews of Historical Financial Information. 
Our responsibilities under this standard are further described in the Responsibilities of the Group Sustainability Auditor section
of our report.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other Matter
We draw attention to the fact that the group sustainability statement of Metso Corporation that is referred to in Chapter 7 of the
Accounting Act has been prepared and assurance has been provided for it for the first time for the financial year 1.1.–
31.12.2024. Our opinion does not cover the comparative information that has been presented in the group sustainability
statement. Our opinion is not modified in respect of this matter. 
Group sustainability auditor's Independence and Quality Management 
We are independent of the parent company and of the group companies in accordance with the ethical requirements that are
applicable in Finland and are relevant to our engagement, and we have fulfilled our other ethical responsibilities in accordance
with these requirements. The group sustainability auditor applies International Standard on Quality Management ISQM 1,
which requires the sustainability audit firm to design, implement and operate a system of quality management including
policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and
regulatory requirements.
Responsibilities of the Board of Directors and the Managing Director
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    204
The Board of Directors and the Managing Director of Metso Corporation are responsible for: 
the group sustainability statement and for its preparation and presentation in accordance with the provisions
of Chapter 7 of the Accounting Act, including the process that has been defined in the sustainability reporting
standards and in which the information for reporting in accordance with the sustainability reporting standards
has been identified as well as the tagging of information as referred to in Chapter 7, Section 22 of the
Accounting Act and
the compliance of the group sustainability statement with the requirements laid down in Article 8 of the
Regulation (EU) 2020/852 of the European Parliament and of the Council on the establishment of a
framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088;
such internal control as the Board of Directors and the Managing Director determine is necessary to enable
the preparation of a group sustainability statement that is free from material misstatement, whether due to
fraud or error. 
Inherent Limitations in the Preparation of a Sustainability Statement
The preparation of the group sustainability statement requires a materiality assessment from the company in order to identify
relevant disclosures. This significantly involves management judgment and choices. Group sustainability reporting is also
characterized by estimates and assumptions, as well as measurement and estimation uncertainty.
The determination of greenhouse gases is subject to inherent uncertainty due to the incomplete scientific data used to
determine the emission factors and the numerical values needed to combine emissions of different gases. 
In addition, when reporting forward-looking information, the company must make assumptions about possible future events
and disclose the company's possible future actions in relation to these events. The actual outcome may be different because
predicted events do not always occur as expected.
Responsibilities of the Group Sustainability Auditor
Our responsibility is to perform an assurance engagement to obtain limited assurance about whether the group sustainability
statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that
includes our opinion. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the decisions of users taken on the basis of the group sustainability
statement.
Compliance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised) requires that we exercise
professional judgment and maintain professional skepticism throughout the engagement. We also:
Identify and assess the risks of material misstatement of the group sustainability statement, whether due to
fraud or error, and obtain an understanding of internal control relevant to the engagement in order to design
assurance procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the parent company’s or the group’s internal control. 
Design and perform assurance procedures responsive to those risks to obtain evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
Description of the Procedures That Have Been Performed
The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for,
a reasonable assurance engagement. The nature, timing and extent of assurance procedures selected depend on
professional judgment, including the assessment of risks of material misstatement, whether due to fraud or error.
Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance
that would have been obtained had a reasonable assurance engagement been performed. 
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Our procedures included for ex. the following:
We have interviewed the key persons responsible for collecting and reporting the information included in the
group sustainability statement. 
Through interviews, we gained an understanding of the group’s control environment related to the group
sustainability reporting process.
We evaluated the implementation of the company's double materiality assessment process against the
requirements of ESRS standards and the compliance of the information provided for the double materiality
assessment with ESRS standards.
We assessed whether the group sustainability statement in material respect meets the requirements of ESRS
standards for material sustainability topics: 
We have tested the accuracy of the information presented in the group sustainability statement by
comparing the information on a sample basis with supporting company documentation.
We have on a sample basis performed analytical assurance procedures and related inquiries, recalculation
and inspected documentation, as well as tested data aggregation to assess the accuracy of the group
sustainability statement.
We gained an understanding of the process by which a company has defined taxonomy-eligible and
taxonomy-aligned economic activities and evaluate the regulatory compliance of the information provided.
Espoo 12.2.2025
Ernst & Young Oy
Authorized Sustainability Audit Firm
Mikko Järventausta
Authorized Sustainability Auditor 
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    206
(Translation of the Finnish original)
Independent Auditor’s Report on the ESEF Consolidated Financial Statements of Metso
Corporation
To the Board of Directors of Metso Corporation
We have performed a reasonable assurance engagement on the financial statements
549300R0VN9C371W0E07-2024-12-31-fi.zip of Metso Corporation (y-identifier: 0828105-4) that have been prepared in
accordance with the Commission’s regulatory technical standard for the financial year ended 31.12.2024.
Responsibilities of the Board of Directors and the Managing Director
The Board of Directors and the Managing Director are responsible for the preparation of the company’s report of Board of
Directors and financial statements (the ESEF financial statements) in such a way that they comply with the requirements of
the Commission’s regulatory technical standard. This responsibility includes:
preparing the ESEF financial statements in XHTML format in accordance with Article 3 of the Commission’s
regulatory technical standard
tagging the primary financial statements, notes and company’s identification data in the consolidated financial
statements that are included in the ESEF financial statements with iXBRL tags in accordance with Article 4 of
the Commission’s regulatory technical standard and
ensuring the consistency between the ESEF financial statements and the audited financial statements
The Board of Directors and the Managing Director are also responsible for such internal control as they determine is
necessary to enable the preparation of ESEF financial statements in accordance the requirements of the Commission’s
regulatory technical standard.
Auditor’s Independence and Quality Management
We are independent of the company in accordance with the ethical requirements that are applicable in Finland and are
relevant to the engagement we have performed, and we have fulfilled our other ethical responsibilities in accordance with
these requirements.
The firm applies International Standard on Quality Management (ISQM) 1, which requires the firm to design, implement and
operate a system of quality management including policies or procedures regarding compliance with ethical requirements,
professional standards and applicable legal and regulatory requirements
Auditor’s Responsibilities
Our responsibility is to, in accordance with Chapter 7, Section 8 of the Securities Markets Act, provide assurance on the
financial statements that have been prepared in accordance with the Commission’s technical regulatory standard.  We
express an opinion on whether the consolidated financial statements that are included in the ESEF financial statements have
been tagged, in all material respects, in accordance with the requirements of Article 4 of the Commission's regulatory technical
standard.
Our responsibility is to indicate in our opinion to what extent the assurance has been provided. We conducted a reasonable
assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000.
The engagement includes procedures to obtain evidence on:
whether the primary financial statements in the consolidated financial statements that are included in the
ESEF financial statements have been tagged, in all material respects, with iXBRL tags in accordance with the
requirements of Article 4 of the Commission's regulatory technical standard and
whether the notes and company's identification data in the consolidated financial statements that are included
in the ESEF financial statements have been tagged, in all material respects, with iXBRL tags in accordance
with the requirements of Article 4 of the Commission's regulatory technical standard and
whether there is consistency between the ESEF financial statements and the audited financial statements.
Metso Oyj – Board of Directors’ report and financial statements 2024                                                                    207
The nature, timing and extent of the selected procedures depend on the auditor’s judgement. This includes an assessment of
the risk of material deviations due to fraud or error from the requirements of the Commission’s technical regulatory standard.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the Securities Markets Act is that the primary financial statements, notes and
company's identification data in the consolidated financial statements that are included in the ESEF financial statements of
Metso Corporation 549300R0VN9C371W0E07-2024-12-31-fi.zip for the financial year ended 31.12.2024 have been tagged, in
all material respects, in accordance with the requirements of the Commission's regulatory technical standard.
Our opinion on the audit of the consolidated financial statements of Metso Corporation for the financial year ended 31.12.2024
has been expressed in our auditor's report 12.2.2025. With this report we do not express an opinion on the audit of the
consolidated financial statements nor express another assurance conclusion.
Helsinki 21.3.2025
Ernst & Young Oy
Authorized Public Accountant Firm
Mikko Järventausta
Authorized Public Accountant