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"iso4217:EUR" } }, "f-440": { "value": "431000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-441": { "value": "501000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300R0VN9C371W0E07", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-442": { "value": "431000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-443": { "value": "10000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale", "entity": "scheme:549300R0VN9C371W0E07", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-444": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-445": { "value": "
Basic information
Metso Corporation (the \u201cParent company\u201d) with its subsidiaries (\u201cMetso\u201d or the \u201cGroup\u201d) 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\u2019s Consolidated financial statements were authorized for issue by Metso Corporation\u2019s Board of
Directors on February 11, 2026, 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 and related
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.More information is disclosed under Note 5.5.
Discontinued operations.
The financial statements are presented in euros, which is the Parent company\u2019s functional currency and Metso\u2019s
presentation currency. The figures presented have been rounded; consequently, the sum of individual figures might
differ from the presented total figure.
The detailed Metso\u2019s accounting policies are disclosed under each relevant note of the Consolidated financial
statements.
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\u2019s 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\u2019s Consolidated financial statements, are outlined as follows, and described more detailed in the related
notes.
Management estimates
The preparation of Metso\u2019s consolidated financial statements requires the use of estimates affecting the reported
monetary amounts. These estimates are based on information available at the reporting date and are updated when
circumstances or expectations change. The areas in which such estimates are applied are listed below and further
described in the related notes
\u2022 1.2. Sales
Estimating variable consideration and measuring revenue based on percentage\u2011of\u2011completion.
\u2022 1.6. Share\u2011based payments
Estimating fair value by applying valuation model assumptions.
\u2022 1.8. Income taxes
Estimating future taxable profits affecting the recoverability of deferred tax assets.
\u2022 2.2. Trade receivables
Estimating expected credit losses.
\u2022 2.4. Inventory
Estimating net realizable value, including assessments of obsolescence and slow\u2011moving inventory.
\u2022 2.6. Provisions
Estimating the amount and timing of provisions.
\u2022 2.7. Post\u2011employment obligations
Applying actuarial assumptions.
\u2022 3.1. Goodwill and intangible assets
Estimating assumptions used in impairment testing, including useful lives, residual values, and impairment
indicators.
\u2022 3.2. Property, plant & equipment
Estimating useful lives, residual values, and impairment indicators.
\u2022 3.3. Right\u2011of\u2011use assets
Estimating the incremental borrowing rate and impairment assumptions.
\u2022 5.4. Acquisitions & disposals
Measuring the fair value of acquired assets and liabilities.
\u2022 5.5. Discontinued operations
Assessing classification as discontinued operations and measuring disposal groups at the lower of carrying amount
and fair value less costs to sell.
Management judgments
Management judgment is required in situations where the application of accounting policies involves interpretation.
The areas in which such judgments have been applied are listed below and further detailed in the respective notes.
\u2022 1.2. Sales
Identifying distinct performance obligations, determining whether revenue is recognized over time or at a point in
time, and assessing whether contract modifications constitute separate contracts.
\u2022 1.6. Share\u2011based payments
Classifying awards as equity settled or cash settled and determining whether performance conditions are market
or non market conditions.
\u2022 1.8. Income taxes
Assessing the recognition of deferred tax assets and determining positions on uncertain tax treatments.
\u2022 2.2. Trade receivables
Assessing whether a significant financing component exists and determining when receivables become credit
impaired.
\u2022 2.3. Other receivables
Determining whether balances meet the IFRS 15 requirements for contract assets.
\u2022 2.4. Inventory
Determining whether certain costs should be classified as inventory or expensed as incurred.
\u2022 2.6. Provisions
Determining whether a present obligation exists, assessing the probability of an outflow of resources, and
determining whether a contract is onerous.
\u2022 2.7. Post\u2011employment obligations
Determining whether a plan is classified as defined benefit or defined contribution and assessing the existence of
constructive obligations.
\u2022 3.1. Goodwill and intangible assets
Identifying and allocating cash generating units and determining whether intangible assets have finite or indefinite
useful lives.
\u2022 3.2. Property, plant and equipment
Identifying components for depreciation and assessing whether expenditures qualify for capitalization.
\u2022 3.3. Right\u2011of\u2011use assets
Determining whether a contract contains a lease and assessing the likelihood of exercising extension or
termination options.
\u2022 5.4. Acquisitions & disposals
Determining whether a transaction constitutes a business combination or an asset acquisition.
\u2022 5.5. Discontinued operations
Assessing whether a disposal group meets the criteria to be classified as held for sale and whether a disposal
qualifies as discontinued operations.
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).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "value": "Metso Corporation (the \u201cParent company\u201d) with its subsidiaries (\u201cMetso\u201d or the \u201cGroup\u201d) 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "value": "Metso Corporation", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "Metso Corporation", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "value": "publicly quoted company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "value": "Helsinki", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-451": { "value": "METSO", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "Finland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "Rauhalanpuisto 9, 02230 Espoo, Finland", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-455": { "value": "
Metso\u2019s Consolidated financial statements were authorized for issue by Metso Corporation\u2019s Board of
Directors on February 11, 2026, after which, in accordance with Finnish Companies Act, the financial
statements are either approved, amended or rejected at the next Annual General Meeting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "
Basis of preparation
Consolidated financial statements have been prepared in accordance with IFRS Accounting Standards and related
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.More information is disclosed under Note 5.5.
Discontinued operations.
The financial statements are presented in euros, which is the Parent company\u2019s functional currency and Metso\u2019s
presentation currency. The figures presented have been rounded; consequently, the sum of individual figures might
differ from the presented total figure.
The detailed Metso\u2019s accounting policies are disclosed under each relevant note of the Consolidated financial
statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "
Basis of preparation
Consolidated financial statements have been prepared in accordance with IFRS Accounting Standards and related
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.More information is disclosed under Note 5.5.
Discontinued operations.
The financial statements are presented in euros, which is the Parent company\u2019s functional currency and Metso\u2019s
presentation currency. The figures presented have been rounded; consequently, the sum of individual figures might
differ from the presented total figure.
The detailed Metso\u2019s accounting policies are disclosed under each relevant note of the Consolidated financial
statements.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "
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\u2019s 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\u2019s Consolidated financial statements, are outlined as follows, and described more detailed in the related
notes.
Management estimates
The preparation of Metso\u2019s consolidated financial statements requires the use of estimates affecting the reported
monetary amounts. These estimates are based on information available at the reporting date and are updated when
circumstances or expectations change. The areas in which such estimates are applied are listed below and further
described in the related notes
\u2022 1.2. Sales
Estimating variable consideration and measuring revenue based on percentage\u2011of\u2011completion.
\u2022 1.6. Share\u2011based payments
Estimating fair value by applying valuation model assumptions.
\u2022 1.8. Income taxes
Estimating future taxable profits affecting the recoverability of deferred tax assets.
\u2022 2.2. Trade receivables
Estimating expected credit losses.
\u2022 2.4. Inventory
Estimating net realizable value, including assessments of obsolescence and slow\u2011moving inventory.
\u2022 2.6. Provisions
Estimating the amount and timing of provisions.
\u2022 2.7. Post\u2011employment obligations
Applying actuarial assumptions.
\u2022 3.1. Goodwill and intangible assets
Estimating assumptions used in impairment testing, including useful lives, residual values, and impairment
indicators.
\u2022 3.2. Property, plant & equipment
Estimating useful lives, residual values, and impairment indicators.
\u2022 3.3. Right\u2011of\u2011use assets
Estimating the incremental borrowing rate and impairment assumptions.
\u2022 5.4. Acquisitions & disposals
Measuring the fair value of acquired assets and liabilities.
\u2022 5.5. Discontinued operations
Assessing classification as discontinued operations and measuring disposal groups at the lower of carrying amount
and fair value less costs to sell.
Management judgments
Management judgment is required in situations where the application of accounting policies involves interpretation.
The areas in which such judgments have been applied are listed below and further detailed in the respective notes.
\u2022 1.2. Sales
Identifying distinct performance obligations, determining whether revenue is recognized over time or at a point in
time, and assessing whether contract modifications constitute separate contracts.
\u2022 1.6. Share\u2011based payments
Classifying awards as equity settled or cash settled and determining whether performance conditions are market
or non market conditions.
\u2022 1.8. Income taxes
Assessing the recognition of deferred tax assets and determining positions on uncertain tax treatments.
\u2022 2.2. Trade receivables
Assessing whether a significant financing component exists and determining when receivables become credit
impaired.
\u2022 2.3. Other receivables
Determining whether balances meet the IFRS 15 requirements for contract assets.
\u2022 2.4. Inventory
Determining whether certain costs should be classified as inventory or expensed as incurred.
\u2022 2.6. Provisions
Determining whether a present obligation exists, assessing the probability of an outflow of resources, and
determining whether a contract is onerous.
\u2022 2.7. Post\u2011employment obligations
Determining whether a plan is classified as defined benefit or defined contribution and assessing the existence of
constructive obligations.
\u2022 3.1. Goodwill and intangible assets
Identifying and allocating cash generating units and determining whether intangible assets have finite or indefinite
useful lives.
\u2022 3.2. Property, plant and equipment
Identifying components for depreciation and assessing whether expenditures qualify for capitalization.
\u2022 3.3. Right\u2011of\u2011use assets
Determining whether a contract contains a lease and assessing the likelihood of exercising extension or
termination options.
\u2022 5.4. Acquisitions & disposals
Determining whether a transaction constitutes a business combination or an asset acquisition.
\u2022 5.5. Discontinued operations
Assessing whether a disposal group meets the criteria to be classified as held for sale and whether a disposal
qualifies as discontinued operations.
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).
Estimates and assessments by Management
Sales recognized at a point in time may require judgment 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 judgment on the probability
of such clauses to have an effect on contracts sales. Judgments 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\u00a0needs 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 judgment 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. The 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 overtime
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.
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 on the number of shares to be vested.
Estimates and assessments by Management
Metso is subject to income tax in its operating countries. Metso\u2019s 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.
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\u2019 undistributed earnings has been provided only where Metso\u2019s 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
Estimates and assessments by Management
Estimates on expected credit losses and credit loss provisions to be recognized are based on management\u2019s best
judgment. The judgment is based on experience with past years\u2019 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.
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.
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. \u00a0
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.
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\u2019s arrangements based on local legislation,
professional advice and consultation with Metso, based on acceptable risk tolerances.
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\u2019s business is assessed as part of this overall risk assessment. Due to the impact
of uncertainties related to impact assessment, in the Board of Directors\u2019 report the possible effects of climate change
on the company\u2019s operating environment and business have been described in more detail with scenarios. A
balanced approach considering the base line for the short and medium term as well as long-term climate-related
risks and opportunities has been used in the value in use calculations. 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\u2019s 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\u2019s 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 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\u2019s future business priorities may affect the
recoverable amounts.
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.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "
1.1.\u00a0 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\u2019s chief operating decision-maker (CODM) 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, administrative expenses
related to business acquisitions and disposals, as well as changes in the fair value of shares. 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 strategy is built around four strategic objectives: providing the best customer experience, increasing
the share of aftermarket sales, being a pioneer in sustainability and safety, and achieving financial excellence.
These strategic priorities are included in the segment performance measures monitored by the chief
operating decision maker, which are primarily net sales and operating profit, as well as adjusted EBITA.
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\u2019s 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\u2019 growing needs for energy and emissions reductions, water resources
management, resource efficiency, circularity and safety.
The reportable segments of Metso are Aggregates and Minerals. Aggregates serves quarry and contractor
customers by offering crushing and screening equipment to produce aggregates needed in construction and
infrastructure projects. Minerals serves 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, and associated companies.
Intra-group transactions are made on an arm\u2019s length basis.
Figures in the tables comprise continuing operations if not otherwise stated. Comparative information for year
2024 has been re-presented. For more information, see Note 5.5. Discontinued operations.
Segment information
2025
EUR million
Aggregates
Minerals
Group Head
Office and
Other
Total
Sales, external
1,266
3,974
\u2013
5,240
Sales, total
1,266
3,974
\u2013
5,240
Earnings before interest, tax and amortization (EBITA)
191
671
-46
815
% of sales
15.1
16.9
\u2013
15.6
Adjusted EBITA
196
680
-47
829
% of sales
15.5
17.1
\u2013
15.8
Adjustment items and amortization of intangible assets
Adjustment items total
-5
-9
1
-14
Amortization of other intangible assets total
-21
-55
-4
-81
Operating profit / loss
169
616
-51
735
% of sales
13.4
15.5
\u2013
14.0
Finance income and expenses, total
-99
-99
Income before taxes
169
616
-149
636
Adjustments items by category
Capacity adjustment\u00a0costs
-5
-35
-3
-43
Business acquisitions
0
-1
4
3
Revaluation of shares
\u2013
27
\u2013
27
Profits on disposals, net
\u2013
\u2013
-1
-1
Wind-down of Russian business
\u2013
0
\u2013
0
Adjustments items, total
-5
-9
1
-14
2024, restated
EUR million
Aggregates
Minerals
Group Head
Office and
Other
Total
Sales, external
1,207
3,819
\u2013
5,026
Sales, total
1,207
3,819
\u2013
5,026
Earnings before interest, tax and amortization (EBITA)
195
620
1
815
% of sales
16.2
16.2
\u2013
16.2
Adjusted EBITA
198
665
-34
830
% of sales
16.4
17.4
\u2013
16.5
Adjustment items and amortization of intangible assets
Adjustment items total
-3
-45
34
-14
Amortization of other intangible assets total
-16
-49
-1
-66
Operating profit / loss
179
570
0
749
% of sales
14.8
14.9
\u2013
14.9
Finance income and expenses, total
-80
-80
Income before taxes
179
570
-80
670
Adjustments items by category
Capacity adjustment\u00a0costs
-3
-43
1
-45
Acquisition costs
0
0
\u2013
-1
Revaluation of shares
\u2013
\u2013
\u2013
\u2013
Profits on disposals, net
\u2013
\u2013
-4
-4
Wind down of Russian business
0
-2
37
35
Adjustments items, total
-3
-45
34
-14
2025
EUR million
Aggregates
Minerals
Group Head
Office and
Other
Total
Inventories
542
1,361
\u2013
1,903
Trade receivables
283
767
\u2013
1,051
Other non-interest bearing receivables
107
188
66
362
Customer contract assets and liabilities, net
11
-65
\u2013
-54
Trade payables
-187
-479
-5
-671
Advances received
-72
-446
\u2013
-518
Other non-interest-bearing liabilities
-161
-929
-75
-1,165
Net working capital
524
398
-14
908
2024
EUR million
Aggregates
Minerals
Group Head
Office and
Other
Total
Inventories
663
1,236
\u2013
1,900
Trade receivables
232
668
\u2013
900
Other non-interest bearing receivables
53
170
91
314
Customer contract assets and liabilities, net
10
12
\u2013
22
Trade payables
-150
-396
-35
-581
Advances received
-91
-404
\u2013
-495
Other non-interest-bearing liabilities
-166
-678
-172
-1,015
Net working capital
551
609
-115
1,045
Geographical information
Material accounting policies
Metso presents the geographical distribution of the segments\u2019 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 21%, North and Central America 21%, South America 20%,
Asia Pacific 18% and Africa, Middle East and India 20%. Metso has a global network of production units
located in key continents.
Sales to unaffiliated customers by destination
EUR million
2025
2024
Europe
1,111
969
North and Central America
1,081
1,088
South America
1,064
1,148
APAC
936
1,068
Africa, Middle East & India
1,048
754
Sales
5,240
5,026
Countries with a share of Metso's total sales exceeding 10% was the United States of America 13% or EUR 682
million. In 2024 countries exceeding 10% were the United States of America 13% or EUR 654 million and Chile
10% or EUR 512 million. Finland's share of sales was 2% or EUR 81 million (3% or EUR 145 million in 2024).
Metso's exports from Finland by destination, including intra-group sales
EUR million
2025
2024
Europe
545
418
North and Central America
233
227
South America
215
230
APAC
384
404
Africa, Middle East & India
604
382
Total
1,981
1,661
Non-current assets by location
EUR million
2025
2024
Europe
367
338
North and Central America
167
242
South America
136
121
APAC
122
142
Africa, Middle East & India
94
120
Non-allocated
1,966
1,682
Total
2,852
2,644
In 2025, only Finland\u2019s share of Metso\u2019s geographically allocated non\u2011current assets exceeded 10%, amounting
to 30% or EUR 266 million. In 2024, the threshold was exceeded by Finland with a share of 24% or
EUR\u00a0227\u00a0million, and by India with a share of 11% or EUR 106 million.
Non-current assets presented in the previous table comprise intangible assets and property, plant and
equipment, investments in associated companies, 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\u2019 financial statements.
Gross capital expenditure by location
EUR million
2025
2024
Europe
113
76
North and Central America
26
45
South America
34
47
APAC
13
20
Africa, Middle East & India
10
11
Total
196
198
Gross capital expenditure comprises investments in intangible assets and property, plant, and equipment, and
associated companies. Right-of-use assets are not included in the gross capital expenditure calculation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "
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\u2019s chief operating decision-maker (CODM) 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, administrative expenses
related to business acquisitions and disposals, as well as changes in the fair value of shares. 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.
Material accounting policies
Metso presents the geographical distribution of the segments\u2019 sales by location of customers. Non-current assets
and gross capital expenditure are presented by location of assets.
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 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 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.
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\u2019s administrative activities such as general management as well as
support and group functions.
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.
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.
Material accounting policies
Finance income and expenses include interest income and expenses, foreign exchange differences related to
financing activities, and fair value changes of derivatives and other financial instruments used for financing. For more
information, also see notes 2.7. Post-employment obligations, 3.3. Right-of-use assets, 4.1. Financial risk management ,
4.2. Financial assets and liabilities by category , 4.5. Borrowings and lease liabilities, 4.8. Derivative instruments, as well
as 5.1. Principles of consolidation.
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
statements carrying amounts, measured using substantially enacted tax rates.
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 statements 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.
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.
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\u00a031, 2025, Metso held
1,211,683 own shares to be used as consideration under share ownership plans.
Material accounting policies
Trade receivables are invoiced receivables from customers related to Metso\u2019s 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\u2019s 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.
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.
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.
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.
Supply chain finance program
Metso has a supplier finance program where supplier utilizes the buyer\u2019s credit rating when selling its
receivables to bank. Participation in the arrangement is at the suppliers\u2019 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.
Liabilities under supplier finance arrangements are average 60\u2013180 days after invoice date. Comparable trade
payables that are not part of the supplier finance arrangements are average 30\u201390 days after invoice 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 as trade and other payables.
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.
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.
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\u2019s value in use or the CGU\u2019s 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 cost 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:
\u2022 Patents and licenses 5\u201310 years
\u2022 Computer software 3\u20135 years
\u2022 Technology 3\u201320 years
\u2022 Customer relationships 3\u201320 years
\u2022 Other intangible assets < 1\u201320 years
The probable useful lives of assets are reviewed annually. If material deviations from previous estimates arise, 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.
Gains and losses on the disposal of intangible assets and possible impairments are recognized in other operating
income and expenses.
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\u2019s
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\u2019s last-quarter estimate
and the approved strategy for the next five years, beyond which cash flows are calculated using the terminal value
method. The terminal growth rate used is based on management\u2019s judgment of average long-term growth. Cash
flows include only normal maintenance investments and exclude any potential investments that enhance the CGU\u2019s
performance and acquisitions.
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:
\u2022 Buildings 15\u201340 years
\u2022 Machinery and equipment3\u201320 years
\u2022 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 grants
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.
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:
\u2022 fixed payments, less any lease incentives provided by the lessor;
\u2022 variable payments that depend on an index or a rate;
\u2022 expected payments under residual value guarantees;
\u2022 the exercise price of purchase options when exercise is estimated to be reasonably certain; and
\u2022 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:
\u2022 lease liability;
\u2022 lease payments made at or before the commencement of the lease, less lease incentives received;
\u2022 initial direct costs; and
\u2022 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\u2019s 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\u2019s 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\u2019s option to terminate the
lease is included in the lease term if it is reasonably certain that such option will not be exercised.
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\u2019s 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.\u00a0
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.\u00a0
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 liabilities 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.
Material accounting policies
Cash and cash equivalents, which Metso refers to as liquid funds, 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.
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 difference
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.
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.
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\u2019s advance payments or to secure commercial contractual
obligations, or given as counter guarantees to banks, which have given commercial guarantees to a Group company.
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 hedge
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.
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 under finance expenses or in
other comprehensive income. Both realized interest payments and unrealized changes in fair value of interest rate
swap contracts recognized at fair value through profit or loss are recorded in the same income statement item,
'Interest expenses from interest rate swaps.' 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 by 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.
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 an influence is presumed to exist for investments in companies in which Metso\u2019s 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\u2019s 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 is presented separately in the
consolidated statements of income.
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 \u2013 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "
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\u2019s chief operating decision-maker (CODM) 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, administrative expenses
related to business acquisitions and disposals, as well as changes in the fair value of shares. 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "
1.2.\u00a0 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 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 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.
Estimates and assessments by Management
Sales recognized at a point in time may require judgment 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 judgment on the probability
of such clauses to have an effect on contracts sales. Judgments 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\u00a0needs 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 judgment 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. The 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 overtime
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. Comparative information for the year 2024 has been re-
presented. For more information, see Note 5.5. Discontinued operations .
External sales by category
2025
EUR million
Aggregates
Minerals
Total
Aftermarket
403
2,402
2,805
Projects, equipment and goods
863
1,572
2,435
Sales total
1,266
3,974
5,240
2024
EUR million
Aggregates
Minerals
Total
Aftermarket
419
2,427
2,846
Projects, equipment and goods
788
1,392
2,180
Sales total
1,207
3,819
5,026
Metso\u2019s sustainable offering portfolio is called Metso Plus, and it is central to Metso\u2019s sustainability agenda
and the 1.5 \u00b0C journey. Metso\u2019s 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\u2019s offering for the mining and metals refining industries allows customers to choose renewable energy
sources. Metso Plus sales in 2025 were EUR 1,458 million (EUR 1,418 million in 2024).
Metso Plus offering includes 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\u2019 value chain. Metso Plus offering
is designed to deliver customers more performance where it\u2019s most needed. Metso Plus delivers measurable
sustainability improvements such as resource optimization, enhanced energy and water efficiency, and lower
CO\u2082 emissions.
External sales by timing of sales recognition
2025
EUR million
Aggregates
Minerals
Total
At a point in time
1,232
2,746
3,978
Over time
34
1,228
1,262
Sales total
1,266
3,974
5,240
2024
EUR million
Aggregates
Minerals
Total
At a point in time
1,175
2,944
4,119
Over time
32
874
907
Sales total
1,207
3,819
5,026
External sales by destination
2025
EUR million
Aggregates
Minerals
Total
Europe
404
707
1,111
North and Central America
481
600
1,081
South America
90
974
1,064
APAC
142
794
936
Africa, Middle East & India
149
899
1,048
Sales total
1,266
3,974
5,240
2024
EUR million
Aggregates
Minerals
Total
Europe
347
622
969
North and Central America
460
628
1,088
South America
86
1,061
1,148
APAC
174
893
1,068
Africa, Middle East & India
140
614
754
Sales total
1,207
3,819
5,026
Contract balances
EUR million
2025
2024
Trade receivables
1,051
900
Customer contract assets
213
255
Customer contract liabilities
267
232
Advances received
518
495
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\u201390 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 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 3,527 million on December\u00a031, 2025, 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\u2019s 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\u2019s 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 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 the 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 2025 nor in 2024, Metso did not have any single customer whose sales would have exceeded 10 percent of
consolidated sales.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "value": "
1.2.\u00a0 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 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 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.
Estimates and assessments by Management
Sales recognized at a point in time may require judgment 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 judgment on the probability
of such clauses to have an effect on contracts sales. Judgments 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\u00a0needs 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 judgment 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. The 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 overtime
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. Comparative information for the year 2024 has been re-
presented. For more information, see Note 5.5. Discontinued operations .
External sales by category
2025
EUR million
Aggregates
Minerals
Total
Aftermarket
403
2,402
2,805
Projects, equipment and goods
863
1,572
2,435
Sales total
1,266
3,974
5,240
2024
EUR million
Aggregates
Minerals
Total
Aftermarket
419
2,427
2,846
Projects, equipment and goods
788
1,392
2,180
Sales total
1,207
3,819
5,026
Metso\u2019s sustainable offering portfolio is called Metso Plus, and it is central to Metso\u2019s sustainability agenda
and the 1.5 \u00b0C journey. Metso\u2019s 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\u2019s offering for the mining and metals refining industries allows customers to choose renewable energy
sources. Metso Plus sales in 2025 were EUR 1,458 million (EUR 1,418 million in 2024).
Metso Plus offering includes 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\u2019 value chain. Metso Plus offering
is designed to deliver customers more performance where it\u2019s most needed. Metso Plus delivers measurable
sustainability improvements such as resource optimization, enhanced energy and water efficiency, and lower
CO\u2082 emissions.
External sales by timing of sales recognition
2025
EUR million
Aggregates
Minerals
Total
At a point in time
1,232
2,746
3,978
Over time
34
1,228
1,262
Sales total
1,266
3,974
5,240
2024
EUR million
Aggregates
Minerals
Total
At a point in time
1,175
2,944
4,119
Over time
32
874
907
Sales total
1,207
3,819
5,026
External sales by destination
2025
EUR million
Aggregates
Minerals
Total
Europe
404
707
1,111
North and Central America
481
600
1,081
South America
90
974
1,064
APAC
142
794
936
Africa, Middle East & India
149
899
1,048
Sales total
1,266
3,974
5,240
2024
EUR million
Aggregates
Minerals
Total
Europe
347
622
969
North and Central America
460
628
1,088
South America
86
1,061
1,148
APAC
174
893
1,068
Africa, Middle East & India
140
614
754
Sales total
1,207
3,819
5,026
Contract balances
EUR million
2025
2024
Trade receivables
1,051
900
Customer contract assets
213
255
Customer contract liabilities
267
232
Advances received
518
495
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\u201390 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 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 3,527 million on December\u00a031, 2025, 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\u2019s 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\u2019s 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 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 the 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 2025 nor in 2024, Metso did not have any single customer whose sales would have exceeded 10 percent of
consolidated sales.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "
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 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 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.
Estimates and assessments by Management
Sales recognized at a point in time may require judgment 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 judgment on the probability
of such clauses to have an effect on contracts sales. Judgments 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\u00a0needs 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 judgment 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. The 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 overtime
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "
Contract balances
EUR million
2025
2024
Trade receivables
1,051
900
Customer contract assets
213
255
Customer contract liabilities
267
232
Advances received
518
495
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "value": "
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 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 the 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "value": "
1.3.\u00a0 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\u2019s administrative activities such as general management as well as
support and group functions.
Figures in the tables comprise continuing operations. Comparative information for the year 2024 has been re-
presented. For more information, see Note 5.5. Discontinued operations.
Selling, general and administrative expenses
EUR million
2025
2024
Marketing and selling expenses
-465
-435
Research and development expenses, net
-109
-106
Administrative expenses
-402
-364
Selling, general and administrative expenses
-976
-905
Research and development expenses
EUR million
2025
2024
Research and development expenditure, total
-103
-106
Capital expenditure
13
12
Grants received
2
2
Depreciation and amortization
-21
-14
Research and development expenses, net
-109
-106
All Metso\u2019s 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).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-468": { "value": "
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\u2019s administrative activities such as general management as well as
support and group functions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "value": "
Research and development expenses
EUR million
2025
2024
Research and development expenditure, total
-103
-106
Capital expenditure
13
12
Grants received
2
2
Depreciation and amortization
-21
-14
Research and development expenses, net
-109
-106
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "
Research and development expenses
EUR million
2025
2024
Research and development expenditure, total
-103
-106
Capital expenditure
13
12
Grants received
2
2
Depreciation and amortization
-21
-14
Research and development expenses, net
-109
-106
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "value": "
1.4.\u00a0 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.
Figures in the table comprise continuing operations. Comparative information for the year 2024 has been re-
presented. For more information, see Note 5.5. Discontinued operations.
EUR million
2025
2024
Other operating income
Gain on sale of intangible and tangible assets
1
12
Rental income
0
1
Foreign exchange gains 1)
192
156
Revaluation of\u00a0 subsidiary shares
27
\u2013
Other income 2)
9
35
Other operating income total
230
204
Other operating expenses
Loss on disposed businesses
0
-4
Loss on sale of intangible and tangible assets
-2
-5
Impairment of intangible and tangible assets
-7
-9
Foreign exchange losses 1)
-175
-186
Other expenses
-14
-16
Other operating expenses total
-198
-219
Other operating income and expenses, net
32
-15
1) Foreign exchange gains and losses include foreign exchange gains and losses resulting from trade receivables and payables and
related derivatives.
2) Other income from year 2024 includes gains related to old Brazilian social contribution and Chinese enterprise development
funds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "value": "
EUR million
2025
2024
Other operating income
Gain on sale of intangible and tangible assets
1
12
Rental income
0
1
Foreign exchange gains 1)
192
156
Revaluation of\u00a0 subsidiary shares
27
\u2013
Other income 2)
9
35
Other operating income total
230
204
Other operating expenses
Loss on disposed businesses
0
-4
Loss on sale of intangible and tangible assets
-2
-5
Impairment of intangible and tangible assets
-7
-9
Foreign exchange losses 1)
-175
-186
Other expenses
-14
-16
Other operating expenses total
-198
-219
Other operating income and expenses, net
32
-15
1) Foreign exchange gains and losses include foreign exchange gains and losses resulting from trade receivables and payables and
related derivatives.
2) Other income from year 2024 includes gains related to old Brazilian social contribution and Chinese enterprise development
funds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "
EUR million
2025
2024
Other operating income
Gain on sale of intangible and tangible assets
1
12
Rental income
0
1
Foreign exchange gains 1)
192
156
Revaluation of\u00a0 subsidiary shares
27
\u2013
Other income 2)
9
35
Other operating income total
230
204
Other operating expenses
Loss on disposed businesses
0
-4
Loss on sale of intangible and tangible assets
-2
-5
Impairment of intangible and tangible assets
-7
-9
Foreign exchange losses 1)
-175
-186
Other expenses
-14
-16
Other operating expenses total
-198
-219
Other operating income and expenses, net
32
-15
1) Foreign exchange gains and losses include foreign exchange gains and losses resulting from trade receivables and payables and
related derivatives.
2) Other income from year 2024 includes gains related to old Brazilian social contribution and Chinese enterprise development
funds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "value": "
1.5.\u00a0 Personnel expenses and number of personnel
Personnel expenses
Figures in the table comprise continuing operations. Comparative information for the year 2024 has been re-
presented. For more information, see Note 5.5. Discontinued operations .
EUR million
2025
2024
Salaries and wages
-908
-866
Pension costs, defined contribution plans
-64
-66
Pension costs, defined benefit plans 1)
-6
-7
Other post-employment benefits 1)
-1
-1
Share-based payments 2)
-5
-6
Other indirect employee costs
-185
-143
Total
-1,169
-1,089
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
2025
2024
Personnel at end of the year
17,982
16,832
Average number of personnel during the year
17,468
17,081
Board remuneration
EUR thousand
2025
2024
Serving Board members December 31, 2025:
Kari Stadigh
-198
-196
Klaus Caw\u00e9n
-114
-116
Brian Beamish
-93
-95
Terhi Koipij\u00e4rvi
-97
-100
Niko Pakal\u00e9n
-90
-93
Reima Ryts\u00f6l\u00e4
-98
-99
Anders Svensson
-80
\u2013
Eriikka S\u00f6derstr\u00f6m
-93
\u2013
Arja Talma
-113
-115
Former Board members
Ian W. Pearce 1)
-8
-105
Emanuela Speranza 1)
-5
-103
Total
-987
-1,022
1) Metso Board member until April 24, 2025.
According to the resolution of the 2025 Annual General Meeting, the fixed annual fees paid to the Board
members are as follows: Chair of the Board EUR 176,500, Vice Chair of the Board EUR 88,300, and other
Board members EUR 71,500. 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 26,300, members of the Audit and Risk
Committee EUR 10,850, Chair of the Remuneration and HR Committee EUR 13,200, and members of the
Remuneration and HR Committee EUR 5,430.
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\u00a0900 for meetings with remote attendance.
Remuneration paid to Chief Executive Officer and other Leadership Team members
2025
EUR
Salary
Fringe benefits
Performance
bonus paid
Share-based
payment
Total
President and CEO
837,231
17,552
63,084
255,277
1,173,144
Other Leadership Team members
2,370,539
48,803
338,111
1,090,209
3,847,662
Total
3,207,770
66,355
401,195
1,345,486
5,020,806
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.
The remuneration paid to President and CEO Sami Takaluoma 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.
The President and CEO is entitled to participate in a supplementary defined contribution pension plan. The
supplementary pension contribution is equivalent to 20% of the annual salary. For years ended December\u00a031,
2025, and December\u00a031, 2024, these pension premium payments for the supplementary defined contribution
pension plan totaled approximately EUR\u00a0168 thousand and EUR\u00a0222 thousand respectively. The notice period
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. For the
years ended December\u00a031, 2025, and December\u00a031, 2024, these pension premium payments totaled
EUR\u00a0509\u00a0thousand and EUR\u00a0545\u00a0thousand, respectively.
Board share ownership in Metso
Shares (pcs)
2025
Kari Stadigh
89,258
Klaus Caw\u00e9n
49,275
Brian Beamish
6,237
Terhi Koipij\u00e4rvi
13,360
Niko Pakal\u00e9n
6,172
Reima Ryts\u00f6l\u00e4
9,904
Anders Svensson
3,110
Eriikka S\u00f6derstr\u00f6m
3,582
Arja Talma
41,818
Total
222,716
Leadership Team share ownership in Metso
Shares (pcs)
2025
Sami Takaluoma
134,538
Claudia Genin
1,389
Piia Karhu
49,366
Saso Kitanoski
18,437
Nina Kiviranta
60,518
Pasi Kyckling
9,000
Heikki Mets\u00e4l\u00e4
17,547
Markku Simula
93,207
Total
384,002
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "
Personnel expenses
Figures in the table comprise continuing operations. Comparative information for the year 2024 has been re-
presented. For more information, see Note 5.5. Discontinued operations .
EUR million
2025
2024
Salaries and wages
-908
-866
Pension costs, defined contribution plans
-64
-66
Pension costs, defined benefit plans 1)
-6
-7
Other post-employment benefits 1)
-1
-1
Share-based payments 2)
-5
-6
Other indirect employee costs
-185
-143
Total
-1,169
-1,089
1) For more information on pension costs, see note 2.7.
2) For more information on share-based payments, see note 1.6.
2.7.\u00a0 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\u2019s arrangements based on local legislation,
professional advice and consultation with Metso, based on acceptable risk tolerances.
Metso\u2019s pension and other post-employment plans
Pension arrangements in Germany, the US, the UK and Canada together represent 81% of Metso\u2019s Defined
Benefit Obligation and 69% 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\u2019s defined benefit pension scheme is closed for future
accrual. Over 2025, the trustees of the UK scheme completed the second phase of a buy-in contract with an
insurance company. The buy-in covers substantially all future benefit payments due to members of the
scheme.\u00a0 The primary obligation for the benefits remains with Metso.\u00a0 The plan asset value of the buy-in
contract is set equal to the corresponding DBO in accordance with IAS 19.
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\u2019s arrangements based on local legislation,
professional advice and consultation with Metso, based on acceptable risk tolerances.
The expected contributions to plans in 2026 are EUR 9 million. Metso paid contributions of EUR 14 million to
defined benefit plans in 2025.
Figures presented in this disclosure include both continuing and discontinued operations.
Amounts recognized as of December 31 in the balance sheet
2025
2024
EUR million
\u00a0Pension
benefits
Other post-
employment
benefits
Total
\u00a0Pension
benefits
Other post-
employment
benefits
Total
Present value of funded obligations
82
\u2013
82
83
\u2013
83
Fair value of plan assets
-84
\u2013
-84
-85
\u2013
-85
Total
-2
\u2013
-2
-2
\u2013
-2
Present value of unfunded obligations
65
25
90
68
27
96
Unrecognized asset
1
\u2013
1
0
\u2013
0
Total
64
25
89
66
27
94
Amounts in the balance sheet
Liabilities
67
25
92
69
27
96
Assets
-3
\u2013
-3
-3
\u2013
-3
Liabilities classified as held for sale
-6
\u2013
-6
\u2013
\u2013
\u2013
Net liability
58
25
82
66
27
93
Movements in the net liability recognized in the balance sheet (total)
EUR million
2025
2024
Net liability at beginning of year
93
98
Adjustments due to business combinations
0
\u2013
Net expense recognized in the income statement
8
9
Employer contributions
-14
-12
Gain (+) / loss (-) recognized through OCI
3
-2
Translation differences
-2
0
Net liability at end of year
89
93
Amounts recognized through the income statement
2025
2024
EUR million
\u00a0Pension
benefits
Other post-
employment
benefits
Total
\u00a0Pension
benefits
Other post-
employment
benefits
Total
Employer's current service cost
2
2
4
1
2
3
Net interest on net surplus (+) / deficit (-)
2
1
3
2
2
4
Settlements
\u2013
-1
-1
\u2013
0
0
Gain (-) / loss (+) recognized in income
statement
1
0
1
1
0
1
Recognition of past service cost (+) / credit
(-)
0
\u2013
0
\u2013
\u2013
\u2013
Administration costs paid by the scheme
2
\u2013
2
1
\u2013
1
Expense (+) / income (-) recognized in
income statement
6
3
8
5
4
9
Amounts recognized through OCI
2025
2024
EUR million
\u00a0Pension
benefits
Other post-
employment
benefits
Total
\u00a0Pension
benefits
Other post-
employment
benefits
Total
Return on plan assets, excluding amounts
included in interest expense (+) / income (-)
6
\u2013
6
6
\u2013
6
Actuarial gain (-) / loss (+) on liabilities due to
change in financial assumptions
-6
0
-6
-7
0
-7
Actuarial gain (-) / loss (+) on liabilities due to
change in demographic assumptions
2
-1
1
0
\u2013
0
Actuarial gain (-) / loss (+) on liabilities due to
experience
0
1
1
\u2013
\u2013
\u2013
Gain (-) / loss (+) as result of asset ceiling
1
\u2013
1
0
\u2013
0
Total gain (-) / loss (+) recognized through
OCI
3
0
3
-1
0
-2
Changes in the value of the defined benefit obligation
2025
2024
EUR million
\u00a0Pension
benefits
Other post-
employment
benefits
Total
\u00a0Pension
benefits
Other post-
employment
benefits
Total
Defined benefit obligation at beginning of year
151
27
178
158
30
187
Employer's current service cost
2
2
4
1
2
3
Interest cost
6
1
7
6
2
8
Settlements gain (-) / loss (+)
\u2013
-1
-1
\u2013
0
0
Business combinations
6
\u2013
6
\u2013
\u2013
\u2013
Actuarial gain (-) / loss (+) due to change in
financial assumptions
-6
0
-6
-7
0
-7
Actuarial gain (-) / loss (+) on liabilities due to
change in demographic assumptions
2
-1
1
0
\u2013
0
Actuarial gain (-) / loss (+) due to experience
1
1
2
1
0
1
Past service cost (+) / credit (-)
0
\u2013
0
\u2013
\u2013
\u2013
Plan participant contributions
0
\u2013
0
\u2013
\u2013
\u2013
Benefits paid from the arrangement
-8
\u2013
-8
-6
\u2013
-6
Benefits paid direct by employer
-4
-4
-8
-4
-5
-9
Translation differences
-3
-2
-5
3
-1
2
Defined benefit obligation at end of year
147
25
172
151
27
178
Changes in the fair value of the plan assets during the year
2025
2024
EUR million
Pension and other post-employment benefits total
Fair value of assets at beginning of year
85
90
Interest income on assets
4
4
Return on plan assets excluding interest income
-6
-6
Business combinations
6
\u2013
Employer contributions
14
12
Plan participant contributions
0
\u2013
Benefits paid from the arrangements
-8
-6
Benefits paid direct by employer
-8
-9
Administration expenses paid from the scheme
-2
-1
Translation differences
-3
3
Fair value of assets at end of year
84
85
Major categories of plan assets as a percentage of total plan assets as of December 31
2025
2024
%
Quoted
Unquoted
Total
Quoted
Unquoted
Total
Equity securities
3%
0%
3%
2%
0%
2%
Bonds
1%
0%
1%
9%
0%
9%
Property
1%
0%
1%
0%
0%
0%
Cash
2%
0%
2%
7%
0%
7%
Insurance contracts
0%
88%
88%
0%
64%
64%
Other
5%
0%
5%
3%
16%
19%
Total
12%
88%
100%
20%
80%
100%
As of December\u00a031, 2025, there were no plan assets invested in affiliated or property occupied by affiliated
companies.
Principal actuarial assumptions on December 31 expressed as weighted averages
%
2025
2024
Benefit obligation
Discount rate
4.55%
4.40%
Rate of salary increase
3.21%
3.10%
Rate of pension increase
2.42%
2.47%
Expense in income statement
Discount rate
4.40%
4.09%
Rate of salary increase
3.10%
3.37%
Rate of pension increase
2.47%
2.49%
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.
Weighted average life expectancy used for the major defined benefit plans
2025
2024
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
21.0
23.7
20.9
23.6
United States
20.9
22.4
20.8
22.3
United Kingdom
22.4
22.9
21.6
22.2
Canada
22.2
23.2
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
2025
2024
%
Pension
Other
Total
Pension
Other
Total
Discount rate
Increase of 0.25%
-3.9
-0.5
-4.4
-4.2
-0.6
-4.8
Decrease of 0.25%
4.1
0.5
4.6
4.4
0.6
5.0
Salary increase rate
Increase of 0.25%
0.1
0.2
0.3
\u2013
0.2
0.2
Decrease of 0.25%
-0.1
-0.2
-0.3
\u2013
-0.2
-0.2
Pension increase rate
Increase of 0.25%
2.5
n/a
2.5
1.3
n/a
1.3
Decrease of 0.25%
-2.3
n/a
-2.3
-1.3
n/a
-1.3
Medical cost trend
Increase of 1.00%
n/a
0.8
0.8
n/a
0.8
0.8
Decrease of 1.00%
n/a
-0.7
-0.7
n/a
-0.7
-0.7
Life expectancy
Increase of one year
5.1
0.5
5.6
5.6
0.8
6.4
Decrease of one year
-5.1
-0.4
-5.5
-5.5
-0.9
-6.4
Weighted average duration of defined benefit obligation expressed in years
2025
2024
In years
Pension
Other
Total
Pension
Other
Total
On December 31
11.6
8.6
11.2
11.7
9.1
11.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "
Board remuneration
EUR thousand
2025
2024
Serving Board members December 31, 2025:
Kari Stadigh
-198
-196
Klaus Caw\u00e9n
-114
-116
Brian Beamish
-93
-95
Terhi Koipij\u00e4rvi
-97
-100
Niko Pakal\u00e9n
-90
-93
Reima Ryts\u00f6l\u00e4
-98
-99
Anders Svensson
-80
\u2013
Eriikka S\u00f6derstr\u00f6m
-93
\u2013
Arja Talma
-113
-115
Former Board members
Ian W. Pearce 1)
-8
-105
Emanuela Speranza 1)
-5
-103
Total
-987
-1,022
1) Metso Board member until April 24, 2025.
According to the resolution of the 2025 Annual General Meeting, the fixed annual fees paid to the Board
members are as follows: Chair of the Board EUR 176,500, Vice Chair of the Board EUR 88,300, and other
Board members EUR 71,500. 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 26,300, members of the Audit and Risk
Committee EUR 10,850, Chair of the Remuneration and HR Committee EUR 13,200, and members of the
Remuneration and HR Committee EUR 5,430.
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\u00a0900 for meetings with remote attendance.
Remuneration paid to Chief Executive Officer and other Leadership Team members
2025
EUR
Salary
Fringe benefits
Performance
bonus paid
Share-based
payment
Total
President and CEO
837,231
17,552
63,084
255,277
1,173,144
Other Leadership Team members
2,370,539
48,803
338,111
1,090,209
3,847,662
Total
3,207,770
66,355
401,195
1,345,486
5,020,806
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.
The remuneration paid to President and CEO Sami Takaluoma 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.
The President and CEO is entitled to participate in a supplementary defined contribution pension plan. The
supplementary pension contribution is equivalent to 20% of the annual salary. For years ended December\u00a031,
2025, and December\u00a031, 2024, these pension premium payments for the supplementary defined contribution
pension plan totaled approximately EUR\u00a0168 thousand and EUR\u00a0222 thousand respectively. The notice period
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. For the
years ended December\u00a031, 2025, and December\u00a031, 2024, these pension premium payments totaled
EUR\u00a0509\u00a0thousand and EUR\u00a0545\u00a0thousand, respectively.
Board share ownership in Metso
Shares (pcs)
2025
Kari Stadigh
89,258
Klaus Caw\u00e9n
49,275
Brian Beamish
6,237
Terhi Koipij\u00e4rvi
13,360
Niko Pakal\u00e9n
6,172
Reima Ryts\u00f6l\u00e4
9,904
Anders Svensson
3,110
Eriikka S\u00f6derstr\u00f6m
3,582
Arja Talma
41,818
Total
222,716
Leadership Team share ownership in Metso
Shares (pcs)
2025
Sami Takaluoma
134,538
Claudia Genin
1,389
Piia Karhu
49,366
Saso Kitanoski
18,437
Nina Kiviranta
60,518
Pasi Kyckling
9,000
Heikki Mets\u00e4l\u00e4
17,547
Markku Simula
93,207
Total
384,002
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "
1.6.\u00a0 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.
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 on 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\u2019s
shares and partly in cash.
If the participant\u2019s 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 2025\u20132027
The earning criteria for the PSP 2025\u20132027 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 2025, there were
185 participants in the plan, and the potential reward corresponds to a maximum of 2,015,620 Metso shares,
out of which the Metso Leadership Team can receive a maximum reward of 504,000 shares. The potential
reward will be paid in 2028.
Restricted Share Plan 2025\u20132027
At the end of 2025, there were 3 participants in the RSP plan, and the potential reward corresponds to a
32,000 Metso shares. The potential reward will be paid in 2028.
Performance Share Plan 2024\u20132026
The earning criteria for the PSP 2024\u20132026 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 2025, there were
172 participants in the plan, and the potential reward corresponds to a maximum of 1,532,234 Metso shares,
out of which the Metso Leadership Team can receive a maximum reward of 347,000 shares. The potential
reward will be paid in 2027.
Performance Share Plan 2023\u20132025
The earning criteria for the PSP 2023\u20132025 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 2025, there were
163 participants in the plan, and the potential reward corresponds to a maximum of 1,578,334 Metso shares,
out of which the Metso Leadership Team can receive a maximum reward of 277,700 shares. The potential
reward will be paid in 2026.
Completed plan periods
Performance Share Plan 2022\u20132024
The earning criteria for the PSP 2022\u20132024 was 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. A total of 376,802
treasury shares were paid to 148 employees and executives, out of which the Metso Leadership Team
received total of 57,887 shares. The reward was paid in March 2025.
Restricted Share Plan 2022\u20132024
A total of 32,625 Metso treasury shares were used to pay reward to 15 participants in March 2025.
Performance Share Plan 2021\u20132023
The earning criteria for the PSP 2021\u20132023 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\u20132023
A total of 38,851 Metso treasury shares were used to pay reward to 18 participants in December 2024.
Beneficiaries of and granted shares under the share ownership plan
December 31, 2025
Beneficiaries total
Shares total
Plan PSP 2022\u20132024
Granted 2025
148
376,802
Plan RSP 2022\u20132024
Granted 2025
15
32,625
Costs recognized for the share ownership plans
EUR million
2025
2024
Plan PSP and RSP 2021\u20132023
\u2013
-1
Plan PSP and RSP 2022\u20132024
0
-2
Plan PSP 2023\u20132025
0
-2
Plan PSP 2024-2026
-2
-2
Plan PSP and RSP 2025-2027
-3
\u2013
Total
-5
-6
The number of shares granted during the year from current plans was 2,207,020 shares and the weighted
average fair value of shares granted during the year was EUR 10.63 (1,854,634 shares and EUR 9.73 in 2024).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "value": "
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.
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 on the number of shares to be vested.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "value": "
1.7.\u00a0 Finance income and expenses
Material accounting policies
Finance income and expenses include interest income and expenses, foreign exchange differences related to
financing activities, and fair value changes of derivatives and other financial instruments used for financing. For more
information, also see notes 2.7. Post-employment obligations, 3.3. Right-of-use assets, 4.1. Financial risk management ,
4.2. Financial assets and liabilities by category , 4.5. Borrowings and lease liabilities, 4.8. Derivative instruments, as well
as 5.1. Principles of consolidation.
Figures in the table comprise continuing operations.
EUR million
2025
2024
Finance income\u00a0
Dividends received
0
0
Interest income
10
19
Other finance income
3
2
Finance income\u00a0
13
22
Foreign exchange gains/losses
-4
4
Finance expenses\u00a0
Interest expenses from financial liabilities at amortized cost
-71
-71
Interest expenses from interest rate swaps
-10
-9
Interest expenses on lease liabilities
-5
-5
Other finance expenses
-21
-21
Finance expenses\u00a0
-107
-105
Finance income and expenses, net
-99
-80
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "
Material accounting policies
Finance income and expenses include interest income and expenses, foreign exchange differences related to
financing activities, and fair value changes of derivatives and other financial instruments used for financing. For more
information, also see notes 2.7. Post-employment obligations, 3.3. Right-of-use assets, 4.1. Financial risk management ,
4.2. Financial assets and liabilities by category , 4.5. Borrowings and lease liabilities, 4.8. Derivative instruments, as well
as 5.1. Principles of consolidation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "
EUR million
2025
2024
Finance income\u00a0
Dividends received
0
0
Interest income
10
19
Other finance income
3
2
Finance income\u00a0
13
22
Foreign exchange gains/losses
-4
4
Finance expenses\u00a0
Interest expenses from financial liabilities at amortized cost
-71
-71
Interest expenses from interest rate swaps
-10
-9
Interest expenses on lease liabilities
-5
-5
Other finance expenses
-21
-21
Finance expenses\u00a0
-107
-105
Finance income and expenses, net
-99
-80
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "
EUR million
2025
2024
Finance income\u00a0
Dividends received
0
0
Interest income
10
19
Other finance income
3
2
Finance income\u00a0
13
22
Foreign exchange gains/losses
-4
4
Finance expenses\u00a0
Interest expenses from financial liabilities at amortized cost
-71
-71
Interest expenses from interest rate swaps
-10
-9
Interest expenses on lease liabilities
-5
-5
Other finance expenses
-21
-21
Finance expenses\u00a0
-107
-105
Finance income and expenses, net
-99
-80
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "
EUR million
2025
2024
Finance income\u00a0
Dividends received
0
0
Interest income
10
19
Other finance income
3
2
Finance income\u00a0
13
22
Foreign exchange gains/losses
-4
4
Finance expenses\u00a0
Interest expenses from financial liabilities at amortized cost
-71
-71
Interest expenses from interest rate swaps
-10
-9
Interest expenses on lease liabilities
-5
-5
Other finance expenses
-21
-21
Finance expenses\u00a0
-107
-105
Finance income and expenses, net
-99
-80
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "
EUR million
2025
2024
Finance income\u00a0
Dividends received
0
0
Interest income
10
19
Other finance income
3
2
Finance income\u00a0
13
22
Foreign exchange gains/losses
-4
4
Finance expenses\u00a0
Interest expenses from financial liabilities at amortized cost
-71
-71
Interest expenses from interest rate swaps
-10
-9
Interest expenses on lease liabilities
-5
-5
Other finance expenses
-21
-21
Finance expenses\u00a0
-107
-105
Finance income and expenses, net
-99
-80
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
EUR million
2025
2024
Finance income\u00a0
Dividends received
0
0
Interest income
10
19
Other finance income
3
2
Finance income\u00a0
13
22
Foreign exchange gains/losses
-4
4
Finance expenses\u00a0
Interest expenses from financial liabilities at amortized cost
-71
-71
Interest expenses from interest rate swaps
-10
-9
Interest expenses on lease liabilities
-5
-5
Other finance expenses
-21
-21
Finance expenses\u00a0
-107
-105
Finance income and expenses, net
-99
-80
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "
1.8.\u00a0 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
statements carrying amounts, measured using substantially enacted tax rates.
Estimates and assessments by Management
Metso is subject to income tax in its operating countries. Metso\u2019s 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
Figures in the table comprise continuing operations. Comparative information for the year 2024 has been re-
presented. For more information, see Note 5.5. Discontinued operations.
EUR million
2025
2024
Income taxes for current year
-139
-197
Income taxes for prior years
-4
7
Change in deferred tax asset and liability
-7
27
Income taxes
-150
-163
Differences between income tax expense computed at the Finnish statutory rate and income tax
expense provided on earnings
Figures in the table comprise continuing operations. Comparative information for the year 2024 has been re-
presented. For more information, see Note 5.5. Discontinued operations.
EUR million
2025
2024
Profit before taxes
636
670
Income tax at Finnish statutory tax rate of 20.0%
-127
-134
Effect of different tax rates in foreign subsidiaries
-22
-27
Non-deductible expenses
-5
-17
Tax exempt income or tax incentives
17
8
Foreign non-creditable withholding taxes
-3
-5
Deferred tax liability on undistributed earnings
-17
-5
Income tax for prior years
-4
7
Other
11
10
Income taxes
-150
-163
Tax effects of components in other comprehensive income
2025
2024
EUR million
Before
taxes
Deferred
taxes
After
taxes
Before
taxes
Deferred
taxes
After
taxes
Cash flow hedges
-2
1
-2
5
-1
4
Defined benefit plan actuarial gains (+) / losses (-)
-3
-1
-4
0
0
0
Currency translation on subsidiary net investments
-43
\u2013
-43
-37
\u2013
-37
Total comprehensive income (+) / expense (\u2011)
-48
0
-48
-33
-1
-33
Pillar 2 legislation effects
Pillar 2 legislation has been enacted or substantively enacted in certain jurisdictions Metso operates. The
legislation is effective for Metso\u2019s 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 2025, Metso has widely applied transitional safe harbor reliefs
and has not recognized any material top-up 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 2026.
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 statements 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\u2019 undistributed earnings has been provided only where Metso\u2019s 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
Unused tax losses
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 judgment 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 have neither 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 2025 and 2024 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.
Reconciliation of deferred tax balances
2025
EUR million
Jan 1
Charged to
income
statement
Charged to
shareholders\u2019
equity
Acquisitions
and disposals
Translation
differences
and Group
items
Dec 31
Deferred tax assets
Tax losses carried forward
48
-3
\u2013
0
-5
39
Intangible assets and property, plant and
equipment
15
-4
\u2013
0
0
11
Inventory
86
-17
\u2013
0
-1
69
Provisions
53
3
\u2013
0
-1
54
Accruals
41
8
\u2013
0
-3
46
Pension related items
5
10
-1
0
0
14
Right-of-use assets
32
-4
\u2013
1
0
29
Other
20
-14
1
\u2013
-2
5
Total deferred tax assets
300
-20
0
1
-13
268
Offset against deferred tax liabilities\u00a0
-33
\u2013
\u2013
\u2013
8
-25
Assets held for sale
-7
7
\u2013
\u2013
\u2013
0
Net deferred tax assets
259
-13
0
1
-5
242
Deferred tax liabilities
Purchase price allocations
156
-10
\u2013
-3
6
148
Intangible assets and property, plant and
equipment
15
-1
\u2013
0
0
14
Right-of-use assets
34
-4
\u2013
1
0
30
Other
22
10
1
\u2013
0
33
Total deferred tax liabilities
227
-6
1
-2
6
226
Offset against deferred tax assets\u00a0
-33
\u2013
\u2013
\u2013
8
-25
Liabilities held for sale
-22
\u2013
\u2013
22
0
Net deferred tax liabilities
172
-6
1
-2
36
201
Deferred tax assets (+) / liabilities (-), net
87
-7
-1
3
-41
42
2024
EUR million
Jan 1
Charged to
income
statement
Charged to
shareholders
\u2019 equity
Acquisitions
and disposals
Translation
differences
and Group
items
Dec 31
Deferred tax assets
Tax losses carried forward
7
39
\u2013
0
2
48
Intangible assets and property, plant and
equipment
20
-5
\u2013
0
\u2013
15
Inventory
91
-5
\u2013
0
\u2013
86
Provisions
59
-3
\u2013
0
-3
53
Accruals
49
-8
\u2013
0
\u2013
41
Pension related items
6
0
\u2013
0
\u2013
5
Right-of-use assets
28
3
\u2013
2
\u2013
32
Other
18
7
-1
0
-4
20
Total deferred tax assets
276
27
-1
2
-5
300
Offset against deferred tax liabilities\u00a0
-28
\u2013
\u2013
\u2013
-5
-33
Assets held for sale
-14
7
\u2013
\u2013
0
-7
Net deferred tax assets
234
34
-1
2
-10
259
Deferred tax liabilities
Purchase price allocations
160
-12
\u2013
8
0
156
Intangible assets and property, plant and
equipment
16
0
\u2013
0
0
15
Right-of-use assets
29
3
\u2013
2
\u2013
34
Other
30
15
0
0
-22
22
Total deferred tax liabilities
234
6
0
10
-23
227
Offset against deferred tax assets\u00a0
-28
\u2013
\u2013
\u2013
-5
-33
Liabilities held for sale
-24
2
\u2013
\u2013
0
-22
Net deferred tax liabilities
182
8
0
10
-28
172
Deferred tax assets (+) / liabilities (-), net
51
27
-2
-8
18
87
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "
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
statements carrying amounts, measured using substantially enacted tax rates.
Estimates and assessments by Management
Metso is subject to income tax in its operating countries. Metso\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "
EUR million
2025
2024
Profit before taxes
636
670
Income tax at Finnish statutory tax rate of 20.0%
-127
-134
Effect of different tax rates in foreign subsidiaries
-22
-27
Non-deductible expenses
-5
-17
Tax exempt income or tax incentives
17
8
Foreign non-creditable withholding taxes
-3
-5
Deferred tax liability on undistributed earnings
-17
-5
Income tax for prior years
-4
7
Other
11
10
Income taxes
-150
-163
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-489": { "value": "
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 statements 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\u2019 undistributed earnings has been provided only where Metso\u2019s 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
Unused tax losses
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 judgment 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 have neither 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 2025 and 2024 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.
Reconciliation of deferred tax balances
2025
EUR million
Jan 1
Charged to
income
statement
Charged to
shareholders\u2019
equity
Acquisitions
and disposals
Translation
differences
and Group
items
Dec 31
Deferred tax assets
Tax losses carried forward
48
-3
\u2013
0
-5
39
Intangible assets and property, plant and
equipment
15
-4
\u2013
0
0
11
Inventory
86
-17
\u2013
0
-1
69
Provisions
53
3
\u2013
0
-1
54
Accruals
41
8
\u2013
0
-3
46
Pension related items
5
10
-1
0
0
14
Right-of-use assets
32
-4
\u2013
1
0
29
Other
20
-14
1
\u2013
-2
5
Total deferred tax assets
300
-20
0
1
-13
268
Offset against deferred tax liabilities\u00a0
-33
\u2013
\u2013
\u2013
8
-25
Assets held for sale
-7
7
\u2013
\u2013
\u2013
0
Net deferred tax assets
259
-13
0
1
-5
242
Deferred tax liabilities
Purchase price allocations
156
-10
\u2013
-3
6
148
Intangible assets and property, plant and
equipment
15
-1
\u2013
0
0
14
Right-of-use assets
34
-4
\u2013
1
0
30
Other
22
10
1
\u2013
0
33
Total deferred tax liabilities
227
-6
1
-2
6
226
Offset against deferred tax assets\u00a0
-33
\u2013
\u2013
\u2013
8
-25
Liabilities held for sale
-22
\u2013
\u2013
22
0
Net deferred tax liabilities
172
-6
1
-2
36
201
Deferred tax assets (+) / liabilities (-), net
87
-7
-1
3
-41
42
2024
EUR million
Jan 1
Charged to
income
statement
Charged to
shareholders
\u2019 equity
Acquisitions
and disposals
Translation
differences
and Group
items
Dec 31
Deferred tax assets
Tax losses carried forward
7
39
\u2013
0
2
48
Intangible assets and property, plant and
equipment
20
-5
\u2013
0
\u2013
15
Inventory
91
-5
\u2013
0
\u2013
86
Provisions
59
-3
\u2013
0
-3
53
Accruals
49
-8
\u2013
0
\u2013
41
Pension related items
6
0
\u2013
0
\u2013
5
Right-of-use assets
28
3
\u2013
2
\u2013
32
Other
18
7
-1
0
-4
20
Total deferred tax assets
276
27
-1
2
-5
300
Offset against deferred tax liabilities\u00a0
-28
\u2013
\u2013
\u2013
-5
-33
Assets held for sale
-14
7
\u2013
\u2013
0
-7
Net deferred tax assets
234
34
-1
2
-10
259
Deferred tax liabilities
Purchase price allocations
160
-12
\u2013
8
0
156
Intangible assets and property, plant and
equipment
16
0
\u2013
0
0
15
Right-of-use assets
29
3
\u2013
2
\u2013
34
Other
30
15
0
0
-22
22
Total deferred tax liabilities
234
6
0
10
-23
227
Offset against deferred tax assets\u00a0
-28
\u2013
\u2013
\u2013
-5
-33
Liabilities held for sale
-24
2
\u2013
\u2013
0
-22
Net deferred tax liabilities
182
8
0
10
-28
172
Deferred tax assets (+) / liabilities (-), net
51
27
-2
-8
18
87
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "
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 statements 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\u2019 undistributed earnings has been provided only where Metso\u2019s 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
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "
1.9.\u00a0 Earnings per share
Comparative information for the year 2024 has been re-presented. For more information, see Note 5.5.
Discontinued operations.
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
2025
2024
Profit attributable to shareholders of the company, EUR million
423
329
Weighted average number of shares issued and outstanding (in thousands)
827,672
827,101
Earnings per share, basic, EUR
0.51
0.40
Earnings per share, continuing operations
2025
2024
Profit attributable to shareholders of the company, continuing operations, EUR
million
482
505
Weighted average number of shares issued and outstanding (in thousands)
827,672
827,101
Earnings per share, basic, EUR
0.58
0.61
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\u00a031, 2025, Metso held
1,211,683 own shares to be used as consideration under share ownership plans.
Earnings per share, diluted
2025
2024
Profit attributable to shareholders of the company, EUR million
423
329
Weighted average number of shares issued and outstanding (in thousands)
827,672
827,101
Adjustment for potential shares distributed (in thousands)
852
884
Weighted average number of diluted shares issued and outstanding (in
thousands)
828,524
827,985
Earnings per share, basic, diluted,\u00a0 EUR
0.51
0.40
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "
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.
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\u00a031, 2025, Metso held
1,211,683 own shares to be used as consideration under share ownership plans.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "
2.2.\u00a0 Trade receivables
Material accounting policies
Trade receivables are invoiced receivables from customers related to Metso\u2019s 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\u2019s 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\u2019s best
judgment. The judgment is based on experience with past years\u2019 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
2025
2024
Trade receivables
1,038
890
Trade receivables for sale
13
10
Total
1,051
900
Classified as held for sale
Non-current
\u2013
7
Current
0
13
Total
1,051
920
Provision on trade receivables by aging category
2025
2024
EUR million
Trade receivables,
gross
of which provided
Trade receivables,
gross
of which provided
Undue
726
5
609
7
Overdue 1\u201330 days
113
0
131
0
Overdue 31\u2013180 days
179
3
152
2
Overdue 181\u2013360 days
40
6
27
5
Overdue over 360 days
51
43
52
37
Total, gross
1,109
58
972
52
Total, net
1,051
920
Realized write-offs amounted to EUR 5 million in 2025 (EUR 2 million in 2024).
Provision for impairment of trade receivables
EUR million
2025
2024
Accumulated provision, January 1
52
52
Impact of exchange rates
-1
-1
Acquisitions
0
\u2013
Additions to reserve
11
3
Used reserve and other changes
-4
-3
Accumulated provision, December 31
58
52
2.3.\u00a0 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
2025
2024
EUR million
Non-
current
Current
Total
Non-
current
Current
Total
Derivative instruments
6
25
31
9
34
43
Deferred tax assets
242
\u2013
242
259
\u2013
259
Income tax receivables
\u2013
78
78
\u2013
61
61
Other receivables
Prepaid expenses and accrued income
\u2013
90
90
\u2013
64
64
VAT, payroll tax and social charge
receivables
\u2013
185
185
\u2013
143
143
Pension assets
6
\u2013
6
4
\u2013
4
Other receivables
25
26
50
23
37
60
Other receivables total
30
300
330
27
245
272
Non-interest-bearing receivables total
279
403
682
295
339
634
Other non-interest-bearing receivables included EUR 13 million in 2025 (EUR 15 million in 2024) of Brazilian tax
credits arising from delivery of goods and transfer of services (ICMS) recognized by local subsidiaries. Of that
amount EUR 4 million in 2025 (EUR 3 million in 2024) was classified as long-term.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "value": "
Material accounting policies
Trade receivables are invoiced receivables from customers related to Metso\u2019s 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\u2019s 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.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "
Material accounting policies
Trade receivables are invoiced receivables from customers related to Metso\u2019s 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\u2019s 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\u2019s best
judgment. The judgment is based on experience with past years\u2019 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "
Provision on trade receivables by aging category
2025
2024
EUR million
Trade receivables,
gross
of which provided
Trade receivables,
gross
of which provided
Undue
726
5
609
7
Overdue 1\u201330 days
113
0
131
0
Overdue 31\u2013180 days
179
3
152
2
Overdue 181\u2013360 days
40
6
27
5
Overdue over 360 days
51
43
52
37
Total, gross
1,109
58
972
52
Total, net
1,051
920
Realized write-offs amounted to EUR 5 million in 2025 (EUR 2 million in 2024).
Provision for impairment of trade receivables
EUR million
2025
2024
Accumulated provision, January 1
52
52
Impact of exchange rates
-1
-1
Acquisitions
0
\u2013
Additions to reserve
11
3
Used reserve and other changes
-4
-3
Accumulated provision, December 31
58
52
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "
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
2025
2024
EUR million
Non-
current
Current
Total
Non-
current
Current
Total
Derivative instruments
6
25
31
9
34
43
Deferred tax assets
242
\u2013
242
259
\u2013
259
Income tax receivables
\u2013
78
78
\u2013
61
61
Other receivables
Prepaid expenses and accrued income
\u2013
90
90
\u2013
64
64
VAT, payroll tax and social charge
receivables
\u2013
185
185
\u2013
143
143
Pension assets
6
\u2013
6
4
\u2013
4
Other receivables
25
26
50
23
37
60
Other receivables total
30
300
330
27
245
272
Non-interest-bearing receivables total
279
403
682
295
339
634
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "
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
2025
2024
EUR million
Non-
current
Current
Total
Non-
current
Current
Total
Derivative instruments
6
25
31
9
34
43
Deferred tax assets
242
\u2013
242
259
\u2013
259
Income tax receivables
\u2013
78
78
\u2013
61
61
Other receivables
Prepaid expenses and accrued income
\u2013
90
90
\u2013
64
64
VAT, payroll tax and social charge
receivables
\u2013
185
185
\u2013
143
143
Pension assets
6
\u2013
6
4
\u2013
4
Other receivables
25
26
50
23
37
60
Other receivables total
30
300
330
27
245
272
Non-interest-bearing receivables total
279
403
682
295
339
634
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "
2025
2024
EUR million
Non-
current
Current
Total
Non-
current
Current
Total
Derivative instruments
6
25
31
9
34
43
Deferred tax assets
242
\u2013
242
259
\u2013
259
Income tax receivables
\u2013
78
78
\u2013
61
61
Other receivables
Prepaid expenses and accrued income
\u2013
90
90
\u2013
64
64
VAT, payroll tax and social charge
receivables
\u2013
185
185
\u2013
143
143
Pension assets
6
\u2013
6
4
\u2013
4
Other receivables
25
26
50
23
37
60
Other receivables total
30
300
330
27
245
272
Non-interest-bearing receivables total
279
403
682
295
339
634
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-500": { "value": "
2.4.\u00a0 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. \u00a0
EUR million
2025
2024
Materials and supplies
276
292
Work in process
750
620
Finished products
884
1,047
Total
1,910
1,959
Classified as held for sale
-7
-59
Inventories
1,903
1,900
The cost of inventories recognized as expense for continuing operations amounted to EUR 3,471 million in
2025 (EUR 3,272 million in 2024)
Changes in provision for inventory obsolescence
EUR million
2025
2024
Balance at beginning of year
110
93
Impact of exchange rates
-6
-1
Additions charged to expense
29
24
Used reserve
-6
-11
Deductions / other additions
6
5
Balance at end of year
133
110
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-501": { "value": "
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-502": { "value": "
2.5.\u00a0 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.
2025
2024
EUR million
Non-current
Current
Total
Non-current
Current
Total
Trade payables
\u2013
671
671
\u2013
581
581
Classified as held for sale
\u2013
1
1
\u2013
16
16
Total
\u2013
671
671
\u2013
598
598
Derivative instruments
9
26
35
13
68
80
Other payables
Accrued interests
\u2013
11
11
\u2013
8
8
Accrued personnel costs
\u2013
194
194
\u2013
172
172
Accrued project costs
\u2013
403
403
\u2013
251
251
VAT, payroll tax and social
charge payables
\u2013
85
85
\u2013
53
53
Other payables
1
109
110
5
102
107
Other payables
1
802
803
5
587
592
Classified as held for sale
\u2013
7
7
\u2013
26
26
Total
1
809
810
5
612
617
Supply chain finance program
Metso has a supplier finance program where supplier utilizes the buyer\u2019s credit rating when selling its
receivables to bank. Participation in the arrangement is at the suppliers\u2019 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.
Liabilities under supplier finance arrangements are average 60\u2013180 days after invoice date. Comparable trade
payables that are not part of the supplier finance arrangements are average 30\u201390 days after invoice 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 as trade and other payables.
EUR million
2025
2024
Carrying amount of trade payables that are part of a supplier finance arrangement
108
103
Of which suppliers have received payment
95
97
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-503": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-507": { "value": "
2025
2024
EUR million
Non-current
Current
Total
Non-current
Current
Total
Trade payables
\u2013
671
671
\u2013
581
581
Classified as held for sale
\u2013
1
1
\u2013
16
16
Total
\u2013
671
671
\u2013
598
598
Derivative instruments
9
26
35
13
68
80
Other payables
Accrued interests
\u2013
11
11
\u2013
8
8
Accrued personnel costs
\u2013
194
194
\u2013
172
172
Accrued project costs
\u2013
403
403
\u2013
251
251
VAT, payroll tax and social
charge payables
\u2013
85
85
\u2013
53
53
Other payables
1
109
110
5
102
107
Other payables
1
802
803
5
587
592
Classified as held for sale
\u2013
7
7
\u2013
26
26
Total
1
809
810
5
612
617
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-506": { "value": "
2025
2024
EUR million
Non-current
Current
Total
Non-current
Current
Total
Trade payables
\u2013
671
671
\u2013
581
581
Classified as held for sale
\u2013
1
1
\u2013
16
16
Total
\u2013
671
671
\u2013
598
598
Derivative instruments
9
26
35
13
68
80
Other payables
Accrued interests
\u2013
11
11
\u2013
8
8
Accrued personnel costs
\u2013
194
194
\u2013
172
172
Accrued project costs
\u2013
403
403
\u2013
251
251
VAT, payroll tax and social
charge payables
\u2013
85
85
\u2013
53
53
Other payables
1
109
110
5
102
107
Other payables
1
802
803
5
587
592
Classified as held for sale
\u2013
7
7
\u2013
26
26
Total
1
809
810
5
612
617
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-505": { "value": "
2025
2024
EUR million
Non-current
Current
Total
Non-current
Current
Total
Trade payables
\u2013
671
671
\u2013
581
581
Classified as held for sale
\u2013
1
1
\u2013
16
16
Total
\u2013
671
671
\u2013
598
598
Derivative instruments
9
26
35
13
68
80
Other payables
Accrued interests
\u2013
11
11
\u2013
8
8
Accrued personnel costs
\u2013
194
194
\u2013
172
172
Accrued project costs
\u2013
403
403
\u2013
251
251
VAT, payroll tax and social
charge payables
\u2013
85
85
\u2013
53
53
Other payables
1
109
110
5
102
107
Other payables
1
802
803
5
587
592
Classified as held for sale
\u2013
7
7
\u2013
26
26
Total
1
809
810
5
612
617
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-504": { "value": "
2025
2024
EUR million
Non-current
Current
Total
Non-current
Current
Total
Trade payables
\u2013
671
671
\u2013
581
581
Classified as held for sale
\u2013
1
1
\u2013
16
16
Total
\u2013
671
671
\u2013
598
598
Derivative instruments
9
26
35
13
68
80
Other payables
Accrued interests
\u2013
11
11
\u2013
8
8
Accrued personnel costs
\u2013
194
194
\u2013
172
172
Accrued project costs
\u2013
403
403
\u2013
251
251
VAT, payroll tax and social
charge payables
\u2013
85
85
\u2013
53
53
Other payables
1
109
110
5
102
107
Other payables
1
802
803
5
587
592
Classified as held for sale
\u2013
7
7
\u2013
26
26
Total
1
809
810
5
612
617
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-508": { "value": "
2.6.\u00a0 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.
Figures in the tables comprise continuing operations.
Provisions
2025
2024
EUR million
Non-current
Current
Total
Non-current
Current
Total
Warranty and guarantee provision
8
118
126
1
126
126
Project loss provisions
\u2013
52
52
27
33
61
Restructuring provision
3
3
6
3
5
8
Environmental remedial provision
\u2013
\u2013
\u2013
0
0
0
Other provisions 1)
34
35
69
30
38
68
Total
45
207
253
62
201
263
1) Includes provisions related to lawsuits, personnel, and Russia wind-down liabilities.
Changes in provisions
2025
EUR million
Warranty
and
guarantee
provision
Project loss
provisions
Restructurin
g provision
Environmental
remediation
provision
Other
provisions
Total
Carrying value at January 1
126
61
8
0
68
263
Impact of exchange rates
-3
0
0
0
-1
-5
Addition charged to expense
30
6
2
\u2013
12
50
Used reserve
-18
0
-3
0
-9
-30
Reversal of reserve / other changes
-12
-18
-1
\u2013
-2
-32
Classification as held for sale
3
4
0
\u2013
0
7
Carrying value at December 31
126
52
6
\u2013
69
253
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-509": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-510": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-511": { "value": "
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\u2019s arrangements based on local legislation,
professional advice and consultation with Metso, based on acceptable risk tolerances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-512": { "value": "
3.1.\u00a0 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\u2019s value in use or the CGU\u2019s 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 cost 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:
\u2022 Patents and licenses 5\u201310 years
\u2022 Computer software 3\u20135 years
\u2022 Technology 3\u201320 years
\u2022 Customer relationships 3\u201320 years
\u2022 Other intangible assets < 1\u201320 years
The probable useful lives of assets are reviewed annually. If material deviations from previous estimates arise, 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.
Gains and losses on the disposal of intangible assets and possible impairments are recognized in other operating
income and expenses.
Goodwill and intangible assets
2025
EUR million
Goodwill
Patents and
licenses
Capitalized
software
Other
intangible
assets
Goodwill and
intangible
assets total
Acquisition cost at beginning of year
1,165
103
38
1,166
2,472
Translation differences
-8
0
0
-6
-15
Business acquisitions
132
44
0
6
183
Capital expenditure
\u2013
3
6
19
27
Reclassifications
\u2013
3
15
-19
\u2013
Other changes
\u2013
-31
-1
-16
-48
Acquisition cost at end of year
1,289
121
58
1,151
2,619
Accumulated depreciation at beginning of year
\u2013
-82
-14
-369
-465
Translation differences
\u2013
0
0
5
5
Other changes
\u2013
30
1
12
43
Impairment losses
\u2013
0
0
-6
-7
Amortization charges for the year
\u2013
-7
-8
-66
-81
Accumulated depreciation at end of year
\u2013
-59
-20
-425
-504
Classified as held for sale
-12
-1
0
-15
-27
Net book value at end of year
1,277
62
38
712
2,088
Goodwill and other intangible assets classified as held for sale have been impaired, see note 5.5.
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
0
32
61
Capital expenditure
\u2013
4
9
34
47
Reclassifications
\u2013
-1
1
0
\u2013
Other changes
\u2013
-4
0
-9
-13
Acquisition cost at end of year
1,165
103
38
1,166
2,472
Accumulated depreciation at beginning of year
\u2013
-81
-13
-317
-411
Translation differences
\u2013
\u2013
1
-1
\u2013
Other changes
\u2013
2
2
9
13
Impairment losses
\u2013
\u2013
0
\u2013
0
Amortization charges for the year
\u2013
-3
-3
-60
-66
Accumulated depreciation at end of year
\u2013
-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
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\u2019s
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\u2019s last-quarter estimate
and the approved strategy for the next five years, beyond which cash flows are calculated using the terminal value
method. The terminal growth rate used is based on management\u2019s judgment of average long-term growth. Cash
flows include only normal maintenance investments and exclude any potential investments that enhance the CGU\u2019s
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\u2019s business is assessed as part of this overall risk assessment. Due to the impact
of uncertainties related to impact assessment, in the Board of Directors\u2019 report the possible effects of climate change
on the company\u2019s operating environment and business have been described in more detail with scenarios. A
balanced approach considering the base line for the short and medium term as well as long-term climate-related
risks and opportunities has been used in the value in use calculations. 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\u2019s 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\u2019s 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 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\u2019s future business priorities may affect the
recoverable amounts.
Goodwill allocation to cash generating units
EUR million
2025
2024
Balance at the beginning of year
1,123
1,097
Translation differences
-8
-1
Transfer from discontinued operations to continuing operations
29
\u2013
Acquisitions and disposals
132
28
Balance at the end of year
1,277
1,123
EUR million
Minerals
Aggregates
Total
Balance at the end of year
1,030
247
1,277
Annual impairment test in 2025
On December\u00a031, 2025, goodwill totaled EUR 1,277 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 2025. The value in use calculations were derived
from estimates, budgets, and strategy figures reviewed by Metso\u2019s 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 five years estimate period
12.7%
9.7%
EBITDA % range in five years estimate period
18.6-21.6%
17.1%-19.1%
Growth rate in the terminal period
2.0%
2.0%
WACC after tax
10.1%
10.1%
WACC before tax
12.7%
12.8%
Values assigned to key assumptions reflect past experience and the management\u2019s 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\u2019s 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\u2019s 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\u2019s peer companies.
Sensitivity analysis
The sensitivity to impairment of the calculations of both cash generating units was tested in the following
scenarios:
\u2022 Scenario 1: increasing WACC by 2.0 percentage points
\u2022 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
-22%
-5%
Aggregates
-21%
-4%
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 2025, the sensitivity analyses did not indicate risks of impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-518": { "value": "
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\u2019s value in use or the CGU\u2019s 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 cost 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:
\u2022 Patents and licenses 5\u201310 years
\u2022 Computer software 3\u20135 years
\u2022 Technology 3\u201320 years
\u2022 Customer relationships 3\u201320 years
\u2022 Other intangible assets < 1\u201320 years
The probable useful lives of assets are reviewed annually. If material deviations from previous estimates arise, 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.
Gains and losses on the disposal of intangible assets and possible impairments are recognized in other operating
income and expenses.
Goodwill and intangible assets
2025
EUR million
Goodwill
Patents and
licenses
Capitalized
software
Other
intangible
assets
Goodwill and
intangible
assets total
Acquisition cost at beginning of year
1,165
103
38
1,166
2,472
Translation differences
-8
0
0
-6
-15
Business acquisitions
132
44
0
6
183
Capital expenditure
\u2013
3
6
19
27
Reclassifications
\u2013
3
15
-19
\u2013
Other changes
\u2013
-31
-1
-16
-48
Acquisition cost at end of year
1,289
121
58
1,151
2,619
Accumulated depreciation at beginning of year
\u2013
-82
-14
-369
-465
Translation differences
\u2013
0
0
5
5
Other changes
\u2013
30
1
12
43
Impairment losses
\u2013
0
0
-6
-7
Amortization charges for the year
\u2013
-7
-8
-66
-81
Accumulated depreciation at end of year
\u2013
-59
-20
-425
-504
Classified as held for sale
-12
-1
0
-15
-27
Net book value at end of year
1,277
62
38
712
2,088
Goodwill and other intangible assets classified as held for sale have been impaired, see note 5.5.
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
0
32
61
Capital expenditure
\u2013
4
9
34
47
Reclassifications
\u2013
-1
1
0
\u2013
Other changes
\u2013
-4
0
-9
-13
Acquisition cost at end of year
1,165
103
38
1,166
2,472
Accumulated depreciation at beginning of year
\u2013
-81
-13
-317
-411
Translation differences
\u2013
\u2013
1
-1
\u2013
Other changes
\u2013
2
2
9
13
Impairment losses
\u2013
\u2013
0
\u2013
0
Amortization charges for the year
\u2013
-3
-3
-60
-66
Accumulated depreciation at end of year
\u2013
-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
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-517": { "value": "
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\u2019s value in use or the CGU\u2019s 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 cost 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:
\u2022 Patents and licenses 5\u201310 years
\u2022 Computer software 3\u20135 years
\u2022 Technology 3\u201320 years
\u2022 Customer relationships 3\u201320 years
\u2022 Other intangible assets < 1\u201320 years
The probable useful lives of assets are reviewed annually. If material deviations from previous estimates arise, 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.
Gains and losses on the disposal of intangible assets and possible impairments are recognized in other operating
income and expenses.
Goodwill and intangible assets
2025
EUR million
Goodwill
Patents and
licenses
Capitalized
software
Other
intangible
assets
Goodwill and
intangible
assets total
Acquisition cost at beginning of year
1,165
103
38
1,166
2,472
Translation differences
-8
0
0
-6
-15
Business acquisitions
132
44
0
6
183
Capital expenditure
\u2013
3
6
19
27
Reclassifications
\u2013
3
15
-19
\u2013
Other changes
\u2013
-31
-1
-16
-48
Acquisition cost at end of year
1,289
121
58
1,151
2,619
Accumulated depreciation at beginning of year
\u2013
-82
-14
-369
-465
Translation differences
\u2013
0
0
5
5
Other changes
\u2013
30
1
12
43
Impairment losses
\u2013
0
0
-6
-7
Amortization charges for the year
\u2013
-7
-8
-66
-81
Accumulated depreciation at end of year
\u2013
-59
-20
-425
-504
Classified as held for sale
-12
-1
0
-15
-27
Net book value at end of year
1,277
62
38
712
2,088
Goodwill and other intangible assets classified as held for sale have been impaired, see note 5.5.
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
0
32
61
Capital expenditure
\u2013
4
9
34
47
Reclassifications
\u2013
-1
1
0
\u2013
Other changes
\u2013
-4
0
-9
-13
Acquisition cost at end of year
1,165
103
38
1,166
2,472
Accumulated depreciation at beginning of year
\u2013
-81
-13
-317
-411
Translation differences
\u2013
\u2013
1
-1
\u2013
Other changes
\u2013
2
2
9
13
Impairment losses
\u2013
\u2013
0
\u2013
0
Amortization charges for the year
\u2013
-3
-3
-60
-66
Accumulated depreciation at end of year
\u2013
-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
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-516": { "value": "
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\u2019s value in use or the CGU\u2019s 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 cost 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:
\u2022 Patents and licenses 5\u201310 years
\u2022 Computer software 3\u20135 years
\u2022 Technology 3\u201320 years
\u2022 Customer relationships 3\u201320 years
\u2022 Other intangible assets < 1\u201320 years
The probable useful lives of assets are reviewed annually. If material deviations from previous estimates arise, 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.
Gains and losses on the disposal of intangible assets and possible impairments are recognized in other operating
income and expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-515": { "value": "
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\u2019s value in use or the CGU\u2019s 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.
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\u2019s proportionate share of the acquiree\u2019s 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\u2019s 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,
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-514": { "value": "
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\u2019s value in use or the CGU\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-513": { "value": "
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\u2019s value in use or the CGU\u2019s 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.
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\u2019s proportionate share of the acquiree\u2019s 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\u2019s 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,
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-519": { "value": "
Intangible assets
Intangible assets with a definite useful life, mainly trademarks, patents, licenses, IT software, or acquired order
backlog are measured at cost less accumulated amortization and impairment losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-520": { "value": "
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\u2019s
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\u2019s last-quarter estimate
and the approved strategy for the next five years, beyond which cash flows are calculated using the terminal value
method. The terminal growth rate used is based on management\u2019s judgment of average long-term growth. Cash
flows include only normal maintenance investments and exclude any potential investments that enhance the CGU\u2019s
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\u2019s business is assessed as part of this overall risk assessment. Due to the impact
of uncertainties related to impact assessment, in the Board of Directors\u2019 report the possible effects of climate change
on the company\u2019s operating environment and business have been described in more detail with scenarios. A
balanced approach considering the base line for the short and medium term as well as long-term climate-related
risks and opportunities has been used in the value in use calculations. 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\u2019s 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\u2019s 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 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\u2019s future business priorities may affect the
recoverable amounts.
Goodwill allocation to cash generating units
EUR million
2025
2024
Balance at the beginning of year
1,123
1,097
Translation differences
-8
-1
Transfer from discontinued operations to continuing operations
29
\u2013
Acquisitions and disposals
132
28
Balance at the end of year
1,277
1,123
EUR million
Minerals
Aggregates
Total
Balance at the end of year
1,030
247
1,277
Annual impairment test in 2025
On December\u00a031, 2025, goodwill totaled EUR 1,277 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 2025. The value in use calculations were derived
from estimates, budgets, and strategy figures reviewed by Metso\u2019s 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 five years estimate period
12.7%
9.7%
EBITDA % range in five years estimate period
18.6-21.6%
17.1%-19.1%
Growth rate in the terminal period
2.0%
2.0%
WACC after tax
10.1%
10.1%
WACC before tax
12.7%
12.8%
Values assigned to key assumptions reflect past experience and the management\u2019s 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\u2019s 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\u2019s 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\u2019s peer companies.
Sensitivity analysis
The sensitivity to impairment of the calculations of both cash generating units was tested in the following
scenarios:
\u2022 Scenario 1: increasing WACC by 2.0 percentage points
\u2022 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
-22%
-5%
Aggregates
-21%
-4%
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 2025, the sensitivity analyses did not indicate risks of impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-522": { "value": "
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\u2019s
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\u2019s last-quarter estimate
and the approved strategy for the next five years, beyond which cash flows are calculated using the terminal value
method. The terminal growth rate used is based on management\u2019s judgment of average long-term growth. Cash
flows include only normal maintenance investments and exclude any potential investments that enhance the CGU\u2019s
performance and acquisitions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-521": { "value": "
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\u2019s
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\u2019s last-quarter estimate
and the approved strategy for the next five years, beyond which cash flows are calculated using the terminal value
method. The terminal growth rate used is based on management\u2019s judgment of average long-term growth. Cash
flows include only normal maintenance investments and exclude any potential investments that enhance the CGU\u2019s
performance and acquisitions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-523": { "value": "1277000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:549300R0VN9C371W0E07", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-524": { "value": "
3.2.\u00a0 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:
\u2022 Buildings 15\u201340 years
\u2022 Machinery and equipment3\u201320 years
\u2022 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 grants
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 Aggregates Technology
Center in Tampere, Finland. In year 2025 the cumulative recorded investment amount was EUR 55 million
(EUR\u00a011\u00a0million in 2024) and it is presented in the assets under construction. More information available on
note 4.5. Borrowings.
Property, plant, and equipment
2025
EUR million
Land and
water areas
Buildings
Machinery and
equipment
Assets under
construction
PPE total
Acquisition cost at beginning of year
38
273
652
119
1,083
Translation differences
-1
-14
-28
-1
-45
Business acquisitions
\u2013
0
6
0
6
Capital expenditure
8
11
52
98
169
Reclassifications
2
7
38
-47
0
Divestments and other changes
-1
-6
-28
-5
-40
Acquisition cost at end of year
46
271
691
164
1,173
Accumulated depreciation at beginning of year
0
-115
-425
-2
-541
Translation differences
0
5
16
\u2013
21
Business acquisitions
\u2013
\u2013
-3
\u2013
-3
Divestments and other changes
0
2
26
2
30
Write-downs
0
0
0
\u2013
0
Depreciation charges for the year
\u2013
-11
-48
\u2013
-60
Accumulated depreciation at end of year
0
-119
-434
\u2013
-553
Classification as held for sale
\u2013
0
-10
\u2013
-10
Net book value at end of year
46
152
247
164
609
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
\u2013
0
8
\u2013
9
Capital expenditure
\u2013
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
\u2013
-121
-447
\u2013
-568
Translation differences
\u2013
0
13
\u2013
13
Business acquisitions
\u2013
0
-5
\u2013
-5
Divestments and other changes
0
22
63
-2
84
Write-downs
\u2013
-5
-4
\u2013
-9
Depreciation charges for the year
\u2013
-11
-45
\u2013
-56
Accumulated depreciation at end of year
0
-115
-425
-2
-541
Classification as held for sale
\u2013
\u2013
1
6
7
Net book value at end of year
38
159
228
124
549
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-526": { "value": "
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:
\u2022 Buildings 15\u201340 years
\u2022 Machinery and equipment3\u201320 years
\u2022 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 grants
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-525": { "value": "
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:
\u2022 Buildings 15\u201340 years
\u2022 Machinery and equipment3\u201320 years
\u2022 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 grants
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-527": { "value": "
Government grants
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-528": { "value": "
3.3.\u00a0 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:
\u2022 fixed payments, less any lease incentives provided by the lessor;
\u2022 variable payments that depend on an index or a rate;
\u2022 expected payments under residual value guarantees;
\u2022 the exercise price of purchase options when exercise is estimated to be reasonably certain; and
\u2022 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:
\u2022 lease liability;
\u2022 lease payments made at or before the commencement of the lease, less lease incentives received;
\u2022 initial direct costs; and
\u2022 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\u2019s 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\u2019s 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\u2019s 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.
Amounts recognized in balance sheet
2025
EUR million
Land and
water areas
Buildings
Machinery and
equipment
Right-of-Use
assets total
Acquisition cost at beginning of year
5
192
43
240
Translation differences
-1
-8
-1
-9
Business acquisitions
\u2013
3
\u2013
3
Additions
\u2013
27
12
39
Derecognition
0
-25
-11
-36
Acquisition cost at end of year
4
190
44
237
Accumulated depreciation at beginning of year
0
-83
-19
-102
Translation differences
0
3
0
4
Accumulated depreciations for derecognized contracts
0
22
9
31
Depreciation charges for the year
0
-33
-13
-46
Accumulated depreciation at end of year
0
-91
-23
-114
Classification as held for sale
\u2013
-1
0
-1
Net book value at end of year
4
98
21
123
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
\u2013
10
\u2013
10
Additions
\u2013
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
\u2013
0
-1
-1
Net book value at end of year
5
109
23
136
Amounts recognized in profit and loss
EUR million
2025
2024
Operating profit
Depreciation expense on right-of-use assets
-46
-38
Rental expense relating to leases of low-value assets
-1
-2
Rental expense relating to leases of short-term assets
-4
-6
Finance expenses
Interest expense on lease liabilities
-5
-5
Total amount recognized in profit and loss
-56
-51
The total cash outflow for leases including short-term leases and leases of low-value assets in 2025 was
EUR\u00a056 million (EUR\u00a050 million in 2024). A maturity analysis of lease liabilities is presented in note 4.5 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-529": { "value": "
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:
\u2022 fixed payments, less any lease incentives provided by the lessor;
\u2022 variable payments that depend on an index or a rate;
\u2022 expected payments under residual value guarantees;
\u2022 the exercise price of purchase options when exercise is estimated to be reasonably certain; and
\u2022 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:
\u2022 lease liability;
\u2022 lease payments made at or before the commencement of the lease, less lease incentives received;
\u2022 initial direct costs; and
\u2022 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\u2019s 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\u2019s 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\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-530": { "value": "
3.4.\u00a0 Depreciation and amortization
Figures in the tables comprise continuing operations. Comparative information for the year 2024 has been re-
presented. For more information, see Note 5.5. Discontinued operations.
Depreciation and amortization by asset class
EUR million
2025
2024
Intangible assets
Intangible assets from acquisitions
-60
-54
Other intangible assets
-21
-12
Property, plant and equipment
Buildings
-11
-11
Machinery and equipment
-48
-45
Right-of-use assets
Land areas
0
0
Buildings
-33
-28
Machinery and equipment
-13
-10
Total
-186
-160
Depreciation and amortization by function
EUR million
2025
2024
Cost of goods sold
-92
-85
Selling, general and administrative expenses
-95
-75
Total
-186
-160
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-532": { "value": "
4.1.\u00a0 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\u2019s 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.\u00a0
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\u2019s view on future
volatility of the financial instruments.\u00a0\u00a0
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.\u00a0
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\u00a0501\u00a0million (EUR 431 million in 2024), and there were no deposits or securities
with a maturity more than three months (EUR\u00a00\u00a0million in 2024).\u00a0\u00a0
In addition, Metso has a committed and undrawn syndicated EUR 700 million revolving credit facility with a
maturity in 2030. At the end of the period the facility was undrawn. The company also has a EUR 600 million
Finnish commercial paper program which was not utilized at the end of December.
Metso had bonds outstanding EUR 1,060 million at carrying value the end of December (EUR 892 million at
the end of December 2024).
Metso\u2019s 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\u2019s
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.\u00a0
Maturities of debts
2025
2024
EUR million
<1 year
1\u20135 years
> 5 years
<1 year
1\u20135 years
> 5 years
Long-term borrowings
Repayments
\u2013
1,025
300
\u2013
948
360
Interests
50
123
23
\u2013
123
14
Short-term borrowings
Repayments
98
\u2013
\u2013
165
\u2013
\u2013
Interests
2
\u2013
\u2013
52
\u2013
\u2013
Trade payables
671
\u2013
\u2013
581
\u2013
\u2013
Total
821
1,147
323
798
1,071
374
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\u00a031,
2025, the equity attributable to shareholders was EUR 2,663 million (EUR 2,601 million in 2024), and the
amount of interest-bearing debt excluding lease liabilities was EUR 1,467 million (EUR 1,465 million in 2024).
Metso has a target to have net debt to EBITDA ratio below 1.5. Moody\u2019s Investor Service has assigned a \u2018Baa2\u2019
long-term issuer rating with positive outlook to Metso.
There are no financial covenants in Metso\u2019s financing agreements.
A part of the Metso\u2019s 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, excluding lease liabilities and
the Aggregates Technology Center financing arrangement, was 2.5 years as of December\u00a031, 2025 (1.9 years
in 2024).
At the end of 2025, the balance sheet items exposed to interest rate risk were interest-bearing assets of EUR
503 million (EUR 433 million in 2024), and interest-bearing debt excluding lease liabilities amounted to EUR
1,467 million (EUR 1,465 million in 2024).
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\u2019s net interest expenses, net of taxes, of
EUR -/+0.2 million (EUR -/+1.8 million in 2024).
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
2025
2024
Effects in
Income statement
+/-2.2
+/-4.1
Equity
+/-1.5
+/-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. Calculation method has changed compared to previous year
calculation and is now calculated based on aggregate position including interest payments and repayments of
the loans.
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 76 percent
of Metso\u2019s 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
2025
2024
Operational items
577
566
Financial items
1,075
1,140
Hedges
-1,629
-1,682
Total exposure
22
25
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 +5.9/-3.9 million
(EUR +5.4/-4.1 million in 2024). Transaction exposure is spread to about 40 currencies and as of December\u00a031,
2025, the biggest open exposures were in the South African rands, US dollars and British pounds
(approximately 44 percent).
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:
2025
2024
EUR million
USD
CNH
Other
Total
Total
Effects in
Income statement
\u00a0 +/-27.6
+/-7.5
+/-4.7
+/-24.7
+-14.9
Equity
+/-5.1
+/-0.0
+/-1.0
+/-6.1
+/-3.3
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 Indian
rupee, Canadian dollar, Mexican peso, Chinese yuan and Australian dollar, which altogether comprise
approximately 52 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.
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:
\u2022 Over-the-counter derivatives classified as financial assets/liabilities at fair value through profit and loss or
qualified for hedge accounting
\u2022 Debt securities classified as financial instruments at fair value through profit and loss
\u2022 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 2025 nor in 2024.
Financial assets and liabilities measured at fair value
Dec 31, 2025
Dec 31, 2024
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
\u2013
20
\u2013
\u2013
25
\u2013
Financial assets at fair value through other comprehensive
income
Derivatives under hedge accounting
\u2013
11
\u2013
\u2013
18
\u2013
Total
\u2013
31
\u2013
\u2013
43
\u2013
Liabilities
Financial liabilities at fair value through profit and loss
Derivatives not under hedge accounting
\u2013
19
\u2013
\u2013
58
\u2013
Financial liabilities at fair value through other
comprehensive income
Derivatives under hedge accounting
\u2013
15
\u2013
\u2013
23
\u2013
Total
\u2013
35
\u2013
\u2013
80
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-531": { "value": "
4.1.\u00a0 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\u2019s 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.\u00a0
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\u2019s view on future
volatility of the financial instruments.\u00a0\u00a0
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.\u00a0
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\u00a0501\u00a0million (EUR 431 million in 2024), and there were no deposits or securities
with a maturity more than three months (EUR\u00a00\u00a0million in 2024).\u00a0\u00a0
In addition, Metso has a committed and undrawn syndicated EUR 700 million revolving credit facility with a
maturity in 2030. At the end of the period the facility was undrawn. The company also has a EUR 600 million
Finnish commercial paper program which was not utilized at the end of December.
Metso had bonds outstanding EUR 1,060 million at carrying value the end of December (EUR 892 million at
the end of December 2024).
Metso\u2019s 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\u2019s
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.\u00a0
Maturities of debts
2025
2024
EUR million
<1 year
1\u20135 years
> 5 years
<1 year
1\u20135 years
> 5 years
Long-term borrowings
Repayments
\u2013
1,025
300
\u2013
948
360
Interests
50
123
23
\u2013
123
14
Short-term borrowings
Repayments
98
\u2013
\u2013
165
\u2013
\u2013
Interests
2
\u2013
\u2013
52
\u2013
\u2013
Trade payables
671
\u2013
\u2013
581
\u2013
\u2013
Total
821
1,147
323
798
1,071
374
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\u00a031,
2025, the equity attributable to shareholders was EUR 2,663 million (EUR 2,601 million in 2024), and the
amount of interest-bearing debt excluding lease liabilities was EUR 1,467 million (EUR 1,465 million in 2024).
Metso has a target to have net debt to EBITDA ratio below 1.5. Moody\u2019s Investor Service has assigned a \u2018Baa2\u2019
long-term issuer rating with positive outlook to Metso.
There are no financial covenants in Metso\u2019s financing agreements.
A part of the Metso\u2019s 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, excluding lease liabilities and
the Aggregates Technology Center financing arrangement, was 2.5 years as of December\u00a031, 2025 (1.9 years
in 2024).
At the end of 2025, the balance sheet items exposed to interest rate risk were interest-bearing assets of EUR
503 million (EUR 433 million in 2024), and interest-bearing debt excluding lease liabilities amounted to EUR
1,467 million (EUR 1,465 million in 2024).
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\u2019s net interest expenses, net of taxes, of
EUR -/+0.2 million (EUR -/+1.8 million in 2024).
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
2025
2024
Effects in
Income statement
+/-2.2
+/-4.1
Equity
+/-1.5
+/-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. Calculation method has changed compared to previous year
calculation and is now calculated based on aggregate position including interest payments and repayments of
the loans.
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 76 percent
of Metso\u2019s 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
2025
2024
Operational items
577
566
Financial items
1,075
1,140
Hedges
-1,629
-1,682
Total exposure
22
25
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 +5.9/-3.9 million
(EUR +5.4/-4.1 million in 2024). Transaction exposure is spread to about 40 currencies and as of December\u00a031,
2025, the biggest open exposures were in the South African rands, US dollars and British pounds
(approximately 44 percent).
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:
2025
2024
EUR million
USD
CNH
Other
Total
Total
Effects in
Income statement
\u00a0 +/-27.6
+/-7.5
+/-4.7
+/-24.7
+-14.9
Equity
+/-5.1
+/-0.0
+/-1.0
+/-6.1
+/-3.3
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 Indian
rupee, Canadian dollar, Mexican peso, Chinese yuan and Australian dollar, which altogether comprise
approximately 52 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.
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:
\u2022 Over-the-counter derivatives classified as financial assets/liabilities at fair value through profit and loss or
qualified for hedge accounting
\u2022 Debt securities classified as financial instruments at fair value through profit and loss
\u2022 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 2025 nor in 2024.
Financial assets and liabilities measured at fair value
Dec 31, 2025
Dec 31, 2024
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
\u2013
20
\u2013
\u2013
25
\u2013
Financial assets at fair value through other comprehensive
income
Derivatives under hedge accounting
\u2013
11
\u2013
\u2013
18
\u2013
Total
\u2013
31
\u2013
\u2013
43
\u2013
Liabilities
Financial liabilities at fair value through profit and loss
Derivatives not under hedge accounting
\u2013
19
\u2013
\u2013
58
\u2013
Financial liabilities at fair value through other
comprehensive income
Derivatives under hedge accounting
\u2013
15
\u2013
\u2013
23
\u2013
Total
\u2013
35
\u2013
\u2013
80
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-533": { "value": "
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.\u00a0
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\u00a0501\u00a0million (EUR 431 million in 2024), and there were no deposits or securities
with a maturity more than three months (EUR\u00a00\u00a0million in 2024).\u00a0\u00a0
In addition, Metso has a committed and undrawn syndicated EUR 700 million revolving credit facility with a
maturity in 2030. At the end of the period the facility was undrawn. The company also has a EUR 600 million
Finnish commercial paper program which was not utilized at the end of December.
Metso had bonds outstanding EUR 1,060 million at carrying value the end of December (EUR 892 million at
the end of December 2024).
Metso\u2019s 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\u2019s
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.\u00a0
Maturities of debts
2025
2024
EUR million
<1 year
1\u20135 years
> 5 years
<1 year
1\u20135 years
> 5 years
Long-term borrowings
Repayments
\u2013
1,025
300
\u2013
948
360
Interests
50
123
23
\u2013
123
14
Short-term borrowings
Repayments
98
\u2013
\u2013
165
\u2013
\u2013
Interests
2
\u2013
\u2013
52
\u2013
\u2013
Trade payables
671
\u2013
\u2013
581
\u2013
\u2013
Total
821
1,147
323
798
1,071
374
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\u00a031,
2025, the equity attributable to shareholders was EUR 2,663 million (EUR 2,601 million in 2024), and the
amount of interest-bearing debt excluding lease liabilities was EUR 1,467 million (EUR 1,465 million in 2024).
Metso has a target to have net debt to EBITDA ratio below 1.5. Moody\u2019s Investor Service has assigned a \u2018Baa2\u2019
long-term issuer rating with positive outlook to Metso.
There are no financial covenants in Metso\u2019s financing agreements.
A part of the Metso\u2019s 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-534": { "value": "501000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300R0VN9C371W0E07", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-535": { "value": "431000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-536": { "value": "
Capital structure management in Metso comprises both equity and interest-bearing debt. As of December\u00a031,
2025, the equity attributable to shareholders was EUR 2,663 million (EUR 2,601 million in 2024), and the
amount of interest-bearing debt excluding lease liabilities was EUR 1,467 million (EUR 1,465 million in 2024).
Metso has a target to have net debt to EBITDA ratio below 1.5.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-537": { "value": "2663000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:549300R0VN9C371W0E07", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-538": { "value": "2601000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-539": { "value": "
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, excluding lease liabilities and
the Aggregates Technology Center financing arrangement, was 2.5 years as of December\u00a031, 2025 (1.9 years
in 2024).
At the end of 2025, the balance sheet items exposed to interest rate risk were interest-bearing assets of EUR
503 million (EUR 433 million in 2024), and interest-bearing debt excluding lease liabilities amounted to EUR
1,467 million (EUR 1,465 million in 2024).
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\u2019s net interest expenses, net of taxes, of
EUR -/+0.2 million (EUR -/+1.8 million in 2024).
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
2025
2024
Effects in
Income statement
+/-2.2
+/-4.1
Equity
+/-1.5
+/-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. Calculation method has changed compared to previous year
calculation and is now calculated based on aggregate position including interest payments and repayments of
the loans.
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 76 percent
of Metso\u2019s 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
2025
2024
Operational items
577
566
Financial items
1,075
1,140
Hedges
-1,629
-1,682
Total exposure
22
25
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 +5.9/-3.9 million
(EUR +5.4/-4.1 million in 2024). Transaction exposure is spread to about 40 currencies and as of December\u00a031,
2025, the biggest open exposures were in the South African rands, US dollars and British pounds
(approximately 44 percent).
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:
2025
2024
EUR million
USD
CNH
Other
Total
Total
Effects in
Income statement
\u00a0 +/-27.6
+/-7.5
+/-4.7
+/-24.7
+-14.9
Equity
+/-5.1
+/-0.0
+/-1.0
+/-6.1
+/-3.3
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 Indian
rupee, Canadian dollar, Mexican peso, Chinese yuan and Australian dollar, which altogether comprise
approximately 52 percent of the total equity exposure. Metso is currently not hedging any equity exposure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-540": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-541": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-542": { "value": "
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:
\u2022 Over-the-counter derivatives classified as financial assets/liabilities at fair value through profit and loss or
qualified for hedge accounting
\u2022 Debt securities classified as financial instruments at fair value through profit and loss
\u2022 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 2025 nor in 2024.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-543": { "value": "
Financial assets and liabilities measured at fair value
Dec 31, 2025
Dec 31, 2024
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
\u2013
20
\u2013
\u2013
25
\u2013
Financial assets at fair value through other comprehensive
income
Derivatives under hedge accounting
\u2013
11
\u2013
\u2013
18
\u2013
Total
\u2013
31
\u2013
\u2013
43
\u2013
Liabilities
Financial liabilities at fair value through profit and loss
Derivatives not under hedge accounting
\u2013
19
\u2013
\u2013
58
\u2013
Financial liabilities at fair value through other
comprehensive income
Derivatives under hedge accounting
\u2013
15
\u2013
\u2013
23
\u2013
Total
\u2013
35
\u2013
\u2013
80
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-544": { "value": "
4.2.\u00a0 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\u2019s 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.\u00a0
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.\u00a0
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 liabilities 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.
Financial assets and liabilities by category
2025
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 assets
Non-current financial assets
1
\u2013
\u2013
1
1
Derivative financial instruments
6
\u2013
\u2013
6
6
Other non-current receivables
\u2013
\u2013
25
25
25
Total
7
\u2013
25
31
31
Current assets
Trade receivables
\u2013
\u2013
1,038
1,038
1,038
Trade receivables, for sale
\u2013
13
\u2013
13
13
Loan receivables
\u2013
\u2013
2
2
2
Derivative financial instruments
14
11
\u2013
25
25
Deposits and securities
\u2013
\u2013
143
143
143
Cash on hand and in bank accounts
\u2013
\u2013
357
357
357
Liquid funds total
\u2013
\u2013
501
501
501
Total
14
24
1,541
1,578
1,578
Non-current liabilities
Bonds 1)
\u2013
\u2013
1,060
1,060
1,058
Loans from financial institutions
\u2013
\u2013
309
309
309
Borrowings total
\u2013
\u2013
1,369
1,369
1,367
Lease liabilities
\u2013
\u2013
85
85
85
Derivative financial instruments
9
\u2013
\u2013
9
9
Other non-current liabilities
\u2013
\u2013
1
1
1
Total
9
\u2013
1,455
1,464
1,462
Current liabilities
Current portion of non-current debt
\u2013
\u2013
98
98
98
Loans from financial institutions
\u2013
\u2013
0
0
0
Borrowings total
\u2013
\u2013
98
98
98
Lease liabilities
\u2013
\u2013
42
42
42
Trade payables
\u2013
\u2013
671
671
671
Derivative financial instruments
10
15
\u2013
26
26
Total
10
15
811
836
836
For more information on derivative financial instruments, see note 4.8.
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 assets
Non-current financial assets
2
\u2013
\u2013
2
2
Derivative financial instruments
9
\u2013
\u2013
9
9
Other non-current receivables
\u2013
\u2013
23
23
23
Total
11
\u2013
23
34
34
Current assets
Trade receivables
\u2013
\u2013
927
927
927
Trade receivables, for sale
\u2013
10
\u2013
10
10
Loan receivables
\u2013
\u2013
2
2
2
Derivative financial instruments
24
10
\u2013
34
34
Deposits and securities
\u2013
\u2013
43
43
43
Cash on hand and in bank accounts
\u2013
\u2013
388
388
388
Liquid funds total
\u2013
\u2013
431
431
431
Total
24
20
1,360
1,404
1,404
Non-current liabilities
Bonds 1)
\u2013
\u2013
892
892
894
Loans from financial institutions
\u2013
\u2013
408
408
408
Borrowings total
\u2013
\u2013
1,300
1,300
1,303
Lease liabilities
\u2013
\u2013
99
99
99
Derivative financial instruments
13
\u2013
\u2013
13
13
Other non-current liabilities
\u2013
\u2013
5
5
5
Total
13
\u2013
1,405
1,417
1,420
Current liabilities
Current portion of non-current debt
\u2013
\u2013
128
128
128
Loans from financial institutions
\u2013
\u2013
7
7
7
Commercial papers
\u2013
\u2013
29
29
29
Borrowings total
\u2013
\u2013
165
165
165
Lease liabilities
\u2013
\u2013
42
42
42
Trade payables
\u2013
\u2013
581
581
581
Derivative financial instruments
58
10
\u2013
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-547": { "value": "
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\u2019s 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.\u00a0
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.\u00a0
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 liabilities 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-546": { "value": "
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\u2019s 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.\u00a0
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.\u00a0
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 liabilities 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.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-545": { "value": "
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\u2019s 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.\u00a0
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.\u00a0
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 liabilities 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-548": { "value": "
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.\u00a0
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 liabilities 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-549": { "value": "
Financial assets and liabilities by category
2025
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 assets
Non-current financial assets
1
\u2013
\u2013
1
1
Derivative financial instruments
6
\u2013
\u2013
6
6
Other non-current receivables
\u2013
\u2013
25
25
25
Total
7
\u2013
25
31
31
Current assets
Trade receivables
\u2013
\u2013
1,038
1,038
1,038
Trade receivables, for sale
\u2013
13
\u2013
13
13
Loan receivables
\u2013
\u2013
2
2
2
Derivative financial instruments
14
11
\u2013
25
25
Deposits and securities
\u2013
\u2013
143
143
143
Cash on hand and in bank accounts
\u2013
\u2013
357
357
357
Liquid funds total
\u2013
\u2013
501
501
501
Total
14
24
1,541
1,578
1,578
Non-current liabilities
Bonds 1)
\u2013
\u2013
1,060
1,060
1,058
Loans from financial institutions
\u2013
\u2013
309
309
309
Borrowings total
\u2013
\u2013
1,369
1,369
1,367
Lease liabilities
\u2013
\u2013
85
85
85
Derivative financial instruments
9
\u2013
\u2013
9
9
Other non-current liabilities
\u2013
\u2013
1
1
1
Total
9
\u2013
1,455
1,464
1,462
Current liabilities
Current portion of non-current debt
\u2013
\u2013
98
98
98
Loans from financial institutions
\u2013
\u2013
0
0
0
Borrowings total
\u2013
\u2013
98
98
98
Lease liabilities
\u2013
\u2013
42
42
42
Trade payables
\u2013
\u2013
671
671
671
Derivative financial instruments
10
15
\u2013
26
26
Total
10
15
811
836
836
For more information on derivative financial instruments, see note 4.8.
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 assets
Non-current financial assets
2
\u2013
\u2013
2
2
Derivative financial instruments
9
\u2013
\u2013
9
9
Other non-current receivables
\u2013
\u2013
23
23
23
Total
11
\u2013
23
34
34
Current assets
Trade receivables
\u2013
\u2013
927
927
927
Trade receivables, for sale
\u2013
10
\u2013
10
10
Loan receivables
\u2013
\u2013
2
2
2
Derivative financial instruments
24
10
\u2013
34
34
Deposits and securities
\u2013
\u2013
43
43
43
Cash on hand and in bank accounts
\u2013
\u2013
388
388
388
Liquid funds total
\u2013
\u2013
431
431
431
Total
24
20
1,360
1,404
1,404
Non-current liabilities
Bonds 1)
\u2013
\u2013
892
892
894
Loans from financial institutions
\u2013
\u2013
408
408
408
Borrowings total
\u2013
\u2013
1,300
1,300
1,303
Lease liabilities
\u2013
\u2013
99
99
99
Derivative financial instruments
13
\u2013
\u2013
13
13
Other non-current liabilities
\u2013
\u2013
5
5
5
Total
13
\u2013
1,405
1,417
1,420
Current liabilities
Current portion of non-current debt
\u2013
\u2013
128
128
128
Loans from financial institutions
\u2013
\u2013
7
7
7
Commercial papers
\u2013
\u2013
29
29
29
Borrowings total
\u2013
\u2013
165
165
165
Lease liabilities
\u2013
\u2013
42
42
42
Trade payables
\u2013
\u2013
581
581
581
Derivative financial instruments
58
10
\u2013
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-550": { "value": "
4.3.\u00a0 Liquid funds
Material accounting policies
Cash and cash equivalents, which Metso refers to as liquid funds, 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
2025
2024
Cash and cash equivalents
Deposits and securities, maturity three months or less 1)
143
43
Cash on hand and bank accounts
357
388
Cash and cash equivalents, continuing operations
501
431
Cash and cash equivalents, discontinued operations
10
\u2013
Liquid funds total
511
431
1) All deposits and securities meet the IAS 7 definition of cash equivalents.
Average returns for deposits and securities
%
2025
2024
With maturity three months or less
7.00%
9.91%
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-551": { "value": "
Material accounting policies
Cash and cash equivalents, which Metso refers to as liquid funds, 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-552": { "value": "
4.4.\u00a0 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 difference
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.
Share capital and number of shares
Metso Corporation's registered share capital, which is fully paid, was EUR 107,186,442.52 on December\u00a031,
2025, and December\u00a031, 2024. Metso's shares have no nominal value.
\u00a0
2025
2024
Number of outstanding shares at beginning of year
827,351,330
826,328,191
Shares granted from share ownership plans
409,427
1,023,139
Number of outstanding shares at end of year
827,760,757
827,351,330
Own shares held by the Parent Company
1,211,683
1,621,110
Total number of shares at end of year
828,972,440
828,972,440
As of December\u00a031, 2025, the acquisition price of 1,211,683 own shares held by the Parent company was
EUR\u00a09,945,723.14 and was recognized in treasury shares.
Dividend proposals
The Board of Directors proposes that a dividend of EUR 0.40 per share be paid based on the balance sheet
to be adopted for the financial year, which ended December\u00a031, 2025,and the remaining portion of the profit
be retained and carried forward in the Company\u2019s unrestricted equity.These financial statements do not
reflect this dividend payable of EUR\u00a0331 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, 2025
-13
1
14
0
1,136
1,137
Cash flow hedges
Fair value gains (+) / losses (-), net of tax
\u2013
-8
\u2013
\u2013
\u2013
-8
Transferred to profit and loss, net of tax
Sales
\u2013
-1
\u2013
\u2013
\u2013
-1
Cost of goods sold / Administrative expenses
\u2013
7
\u2013
\u2013
\u2013
7
Share-based payments, net of tax
3
\u2013
-2
\u2013
\u2013
2
Other
\u2013
\u2013
\u2013
\u2013
1
1
December 31, 2025
-10
-1
12
0
1,137
1,138
EUR million
Treasury
shares
Hedge
reserve
Fair value
reserve
Legal
reserve
Other
reserves
Total
January 1, 2024
-23
-3
22
0
1134
1131
Cash flow hedges
Fair value gains (+) / losses (-), net of tax
\u2013
-9
\u2013
\u2013
\u2013
-9
Transferred to profit and loss, net of tax
Sales
\u2013
2
\u2013
\u2013
\u2013
2
Cost of goods sold / Administrative expenses
\u2013
10
\u2013
\u2013
\u2013
10
Share-based payments, net of tax
9
\u2013
-8
\u2013
\u2013
1
Other
\u2013
\u2013
\u2013
0
2
2
December 31, 2024
-13
1
14
0
1,136
1,137
Cumulative translation adjustments included in shareholders\u2019 equity
EUR million
2025
2024
Cumulative translation adjustment at beginning of year
-215
-177
Currency translation, change
-43
-37
Cumulative translation adjustment at end of year
-257
-215
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-554": { "value": "
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-553": { "value": "
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-555": { "value": "
Translation difference
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.
Foreign currency translation
The financial statements are presented in euros, which is the Parent company\u2019s functional currency and
Metso\u2019s 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.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-556": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-558": { "value": "
Share capital and number of shares
Metso Corporation's registered share capital, which is fully paid, was EUR 107,186,442.52 on December\u00a031,
2025, and December\u00a031, 2024. Metso's shares have no nominal value.
\u00a0
2025
2024
Number of outstanding shares at beginning of year
827,351,330
826,328,191
Shares granted from share ownership plans
409,427
1,023,139
Number of outstanding shares at end of year
827,760,757
827,351,330
Own shares held by the Parent Company
1,211,683
1,621,110
Total number of shares at end of year
828,972,440
828,972,440
As of December\u00a031, 2025, the acquisition price of 1,211,683 own shares held by the Parent company was
EUR\u00a09,945,723.14 and was recognized in treasury shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-557": { "value": "
Share capital and number of shares
Metso Corporation's registered share capital, which is fully paid, was EUR 107,186,442.52 on December\u00a031,
2025, and December\u00a031, 2024. Metso's shares have no nominal value.
\u00a0
2025
2024
Number of outstanding shares at beginning of year
827,351,330
826,328,191
Shares granted from share ownership plans
409,427
1,023,139
Number of outstanding shares at end of year
827,760,757
827,351,330
Own shares held by the Parent Company
1,211,683
1,621,110
Total number of shares at end of year
828,972,440
828,972,440
As of December\u00a031, 2025, the acquisition price of 1,211,683 own shares held by the Parent company was
EUR\u00a09,945,723.14 and was recognized in treasury shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-559": { "value": "
Dividend proposals
The Board of Directors proposes that a dividend of EUR 0.40 per share be paid based on the balance sheet
to be adopted for the financial year, which ended December\u00a031, 2025,and the remaining portion of the profit
be retained and carried forward in the Company\u2019s unrestricted equity.These financial statements do not
reflect this dividend payable of EUR\u00a0331 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-560": { "value": "0.40", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-561": { "value": "331000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-562": { "value": "
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, 2025
-13
1
14
0
1,136
1,137
Cash flow hedges
Fair value gains (+) / losses (-), net of tax
\u2013
-8
\u2013
\u2013
\u2013
-8
Transferred to profit and loss, net of tax
Sales
\u2013
-1
\u2013
\u2013
\u2013
-1
Cost of goods sold / Administrative expenses
\u2013
7
\u2013
\u2013
\u2013
7
Share-based payments, net of tax
3
\u2013
-2
\u2013
\u2013
2
Other
\u2013
\u2013
\u2013
\u2013
1
1
December 31, 2025
-10
-1
12
0
1,137
1,138
EUR million
Treasury
shares
Hedge
reserve
Fair value
reserve
Legal
reserve
Other
reserves
Total
January 1, 2024
-23
-3
22
0
1134
1131
Cash flow hedges
Fair value gains (+) / losses (-), net of tax
\u2013
-9
\u2013
\u2013
\u2013
-9
Transferred to profit and loss, net of tax
Sales
\u2013
2
\u2013
\u2013
\u2013
2
Cost of goods sold / Administrative expenses
\u2013
10
\u2013
\u2013
\u2013
10
Share-based payments, net of tax
9
\u2013
-8
\u2013
\u2013
1
Other
\u2013
\u2013
\u2013
0
2
2
December 31, 2024
-13
1
14
0
1,136
1,137
Cumulative translation adjustments included in shareholders\u2019 equity
EUR million
2025
2024
Cumulative translation adjustment at beginning of year
-215
-177
Currency translation, change
-43
-37
Cumulative translation adjustment at end of year
-257
-215
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-564": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-563": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-565": { "value": "
2025
2024
EUR million
Carrying values
Fair values
Carrying values
Fair values
Long-term interest-bearing debt
\u00a0 Bonds
1,060
1,058
892
894
\u00a0 Loans from financial institutions
309
309
408
408
Total long-term borrowings
1,369
1,367
1,300
1,303
Lease liabilities
85
85
99
99
Total long-term interest-bearing debt
1,455
1,452
1,399
1,402
Short-term borrowings
\u00a0 Loans from financial institutions, current portion
98
98
128
128
\u00a0 Loans from financial institutions
0
0
7
7
\u00a0 Commercial papers
\u2013
\u2013
29
29
Total short-term borrowings
98
98
165
165
Lease liabilities
42
42
42
42
Total short-term interest-bearing debt
140
140
207
207
Total interest-bearing debt
1,595
1,592
1,606
1,609
Bonds
2025
EUR million
Nominal
interest rate
Effective
interest rate
Outstanding original
loan amount
Outstanding
carrying value
Public bond 2020\u20132028
0.875%
1.03%
300
290
Public bond 2022\u20132027
4.875%
4.96%
170
171
Public bond 2023\u20132030
4.375%
4.52%
300
301
Public bond 2025-2032
3.750%
3.86%
300
298
Bonds total
1,070
1,060
2024
EUR million
Nominal interest
rate
Effective interest
rate
Outstanding original
loan amount
Outstanding
carrying value
Public bond 2020\u20132028
0.875%
1.04%
300
287
Public bond 2022\u20132027
4.875%
4.98%
300
302
Public bond 2023\u20132030
4.375%
4.54%
300
303
Bonds total
900
892
Metso had EUR 1,060 million (EUR 892 million in 2024) bonds outstanding at carrying value at the end of
2025.
Metso maintains a committed syndicated revolving credit facility of EUR 700 million, maturing in 2030. 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, which was not utilized at the end of December.
During 2025, the company made several funding transactions:
\u2022 New EUR 700 million sustainability-linked revolving credit facility agreement maturing in 2030 which
refinanced EUR 600 million facility
\u2022 The company structured its maturity profile by purchasing EUR 130 million of the outstanding bond
maturing in 2027 through a voluntary tender offer. At the same time the company issued a new EUR
300\u00a0million bond with a coupon of 3.75% and maturity in 2032.
On December\u00a031, 2025 the average interest rate of loans and derivatives was 3.3% (3.8%), the duration of
interest-bearing debt, excluding lease liabilities and the Aggregates Technology Center financing
arrangement, was 2.5 years (1.9 years) and the average maturity 3.6 years (3.3 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, 2025, was 8.50% (6.34% in 2024). In 2026, interest amounting to EUR 0.0 million is expected
to be paid concurrently with respective principals on the short-term debt.
On June 3, 2024 Metso announced that it will build a modern Aggregates Technology Center in Tampere,
Finland. The new technology center will enable transferring current operations in Tampere city center 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 2025 the cumulative recorded investment amount
was EUR 55 million (EUR 11 million in 2024). 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 2025, was EUR 1.2 million (EUR 0.2 million in 2024).
Maturities of interest-bearing debt at nominal value
2025
EUR million
Borrowings
Repayments
Interests
Lease liabilities 1)
2026
150
98
52
46
2027
382
338
44
35
2028
350
320
30
20
2029
45
20
25
15
2030
376
352
25
9
Later
374
350
24
15
Total
1,676
1,477
198
139
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
1) Future lease payments at nominal value.
The maturities of derivative financial instruments are presented in note 4.8 .
Net interest-bearing liabilities
EUR million
2025
2024
Borrowings, non-current
1,369
1,300
Borrowings, current portion
98
128
Borrowings, non-current total
1,467
1,428
Lease liabilities, non-current
85
99
Lease liabilities, current portion
42
42
Lease liabilities total
127
141
Borrowings, current
0
37
Loan receivables
-2
-2
Liquid funds
-501
-431
Net interest-bearing liabilities
1,092
1,173
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-566": { "value": "
4.6.\u00a0 Interest-bearing net debt reconciliation
Net interest-bearing liabilities
EUR million
2025
2024
Borrowings, non-current
1,369
1,300
Borrowings, current portion
98
128
Borrowings, non-current total
1,467
1,428
Lease liabilities, non-current
85
99
Lease liabilities, current portion
42
42
Lease liabilities total
127
141
Borrowings, current
0
37
Loan receivables
-2
-2
Liquid funds
-501
-431
Net interest-bearing liabilities
1,092
1,173
Changes in net interest-bearing liabilities
2025
EUR million
Balance at
beginning
of year
Cash
flows
Acquisitions
Translation
differences
Other
non-cash
movements
Classification
as held for
sale
Balance at
end of year
Borrowings, non-current
1,428
-5
\u2013
\u2013
45
\u2013
1,467
Lease liabilities
141
-46
3
-5
34
\u2013
127
Borrowings, current
37
-36
\u2013
-1
\u2013
\u2013
0
Loan receivables
-2
1
-1
0
0
\u2013
-2
Liquid funds
-431
-62
-36
19
\u2013
10
-501
Net interest-bearing liabilities
1,173
-149
-34
13
79
10
1,092
2024
EUR million
Balance at
beginning
of year
Cash
flows
Acquisitions
Translation
differences
Other
non-cash
movements
Classification
as held for
sale
Balance at
end of year
Borrowings, non-current
1,371
37
5
0
16
\u2013
1,428
Lease liabilities
118
-38
10
1
50
\u2013
141
Borrowings, current
39
-16
13
\u2013
\u2013
\u2013
37
Loan receivables
-6
4
0
0
\u2013
\u2013
-2
Liquid funds
-638
208
-1
\u2013
\u2013
\u2013
-431
Net interest-bearing liabilities
884
195
27
2
66
\u2013
1,173
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-567": { "value": "
4.7.\u00a0 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\u2019s advance payments or to secure commercial contractual
obligations, or given as counter guarantees to banks, which have given commercial guarantees to a Group company.
EUR million
2025
2024
Guarantees
External guarantees given by parent and group companies
1,268
1,470
Other commitments
Other contingencies
\u2013
0
Total
1,268
1,470
More information about lawsuits and claims is presented in note 6.2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-572": { "value": "
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\u2019s advance payments or to secure commercial contractual
obligations, or given as counter guarantees to banks, which have given commercial guarantees to a Group company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-571": { "value": "
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\u2019s advance payments or to secure commercial contractual
obligations, or given as counter guarantees to banks, which have given commercial guarantees to a Group company.
EUR million
2025
2024
Guarantees
External guarantees given by parent and group companies
1,268
1,470
Other commitments
Other contingencies
\u2013
0
Total
1,268
1,470
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-570": { "value": "
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\u2019s advance payments or to secure commercial contractual
obligations, or given as counter guarantees to banks, which have given commercial guarantees to a Group company.
EUR million
2025
2024
Guarantees
External guarantees given by parent and group companies
1,268
1,470
Other commitments
Other contingencies
\u2013
0
Total
1,268
1,470
", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-569": { "value": "
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\u2019s advance payments or to secure commercial contractual
obligations, or given as counter guarantees to banks, which have given commercial guarantees to a Group company.
EUR million
2025
2024
Guarantees
External guarantees given by parent and group companies
1,268
1,470
Other commitments
Other contingencies
\u2013
0
Total
1,268
1,470
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-568": { "value": "
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\u2019s advance payments or to secure commercial contractual
obligations, or given as counter guarantees to banks, which have given commercial guarantees to a Group company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-573": { "value": "
4.8.\u00a0 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 hedge
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.
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 under finance expenses or in
other comprehensive income. Both realized interest payments and unrealized changes in fair value of interest rate
swap contracts recognized at fair value through profit or loss are recorded in the same income statement item,
'Interest expenses from interest rate swaps.' 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 by 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
2025
EUR million
Notional amount
Fair value, assets
Fair value,
liabilities
Fair value,
net
Forward exchange contracts 1)
3,346
25
26
-1
Interest rate swaps
455
6
9
-3
Total
3,801
31
35
-4
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
1) Some 11 percent of the notional amount at the end of 2025 qualified for cash flow hedge accounting (some 21 percent in 2024).
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
2025
2024
EUR million
Assets
Liabilities
Assets
Liabilities
Interest rate swaps - cash flow hedges
1
\u2013
1
\u2013
Interest rate swaps - fair value hedges
4
9
7
13
Interest rate swaps - non-qualifying hedges
1
\u2013
1
\u2013
Interest rate swaps total
6
9
9
13
Forward exchange contracts - cash flow hedges
6
6
10
10
Forward exchange contracts - non-qualifying hedges
19
19
24
58
Forward exchange contracts total
25
26
34
68
Derivatives total
31
35
43
80
In 2025 and 2024, there was no ineffectiveness related to the cash flow hedges. As of December\u00a031, 2025, the
fixed interest rates of swaps varied from -0.38 percent to 3.09 percent (from -0.38 percent to 3.09 percent as
of December 31, 2024).
Maturities of financial derivatives on (expressed as notional amounts)
December 31, 2025
EUR million
2026
2027
2028
2029
2030 and later
Forward exchange contracts
3,344
2
\u2013
\u2013
\u2013
Interest rate swaps
\u2013
100
150
25
180
Notional and carrying amounts of financial derivatives applying hedge accounting
2025
EUR million
Notional
amount
Fair value,
assets
Fair value,
liabilities
Fair value,
net
Forward exchange contracts
664
6
6
0
Interest rate swaps
430
5
9
-4
Total
1,094
11
15
-4
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
Forward exchange contracts hedge commercial cash flows of projects applying hedge accounting. The hedge
ratio is 1:1. 100% of hedged cash flows mature in year 2026, 0% in year 2027.
Impact of cash flow hedge in the statement of financial position
2025
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
3,346
-2
1
1
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 430
million (EUR 480 million in 2024). 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
Carrying value
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
170
171
59%
December 7,
2027
-1
100
December 7,
2027
1
300
290
50%
May 26,
2028
9
150
May 26,
2028
-9
300
301
43%
November
22, 2030
-3
130
November
22, 2030
3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-575": { "value": "
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 hedge
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.
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 under finance expenses or in
other comprehensive income. Both realized interest payments and unrealized changes in fair value of interest rate
swap contracts recognized at fair value through profit or loss are recorded in the same income statement item,
'Interest expenses from interest rate swaps.' 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 by 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-574": { "value": "
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 hedge
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.
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 under finance expenses or in
other comprehensive income. Both realized interest payments and unrealized changes in fair value of interest rate
swap contracts recognized at fair value through profit or loss are recorded in the same income statement item,
'Interest expenses from interest rate swaps.' 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 by 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-576": { "value": "
5.1.\u00a0 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\u2019s proportionate share of the acquiree\u2019s 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\u2019s 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,
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\u2019 equity. Gains
or losses on disposal to non-controlling interests are also recorded directly in shareholders\u2019 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\u2019s functional currency and
Metso\u2019s 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.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-577": { "value": "
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\u2019s proportionate share of the acquiree\u2019s 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\u2019s 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,
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-578": { "value": "
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\u2019 equity. Gains
or losses on disposal to non-controlling interests are also recorded directly in shareholders\u2019 equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-580": { "value": "
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.
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 \u2013 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-579": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-581": { "value": "
The financial statements are presented in euros, which is the Parent company\u2019s functional currency and
Metso\u2019s presentation currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-582": { "value": "
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", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-583": { "value": "
5.2.\u00a0 Subsidiaries
Ownership
Country
Company name
2025
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%
Metso Metals Australia Pty Ltd
100.0%
Outotec Pty. Ltd.
100.0%
Q&R Industrial Holdings Pty Ltd
100.0%
Q&R Industrial Hoses Pty Ltd
100.0%
Swiss Tower Mills Minerals Australia Pty. Ltd.
100.0%
Austria
KMF STM Production GmbH
50.0%
Metso Austria GmbH
100.0%
Brazil
Metso Brazil Ind\u00fastria e Com\u00e9rcio Ltda
100.0%
Outotec Tecnologia Brazil Ltda
100.0%
Bulgaria
Metso Bulgaria EOOD
100.0%
Ownership
Country
Company name
2025
Canada
McCloskey International Limited
100.0%
Metso Canada Inc.
100.0%
Chile
Metso Chile SpA
100.0%
Metso Industrial Services SpA
100.0%
Swiss Tower Mills Minerals SpA
100.0%
China
Metso (Tianjin) Investment Co., Ltd.
100.0%
Metso Heavy Industries (Quzhou) Co., Ltd.
100.0%
Metso Heavy Industries (Tianjin) Co., Ltd.\u00a0
100.0%
Metso\u00a0Machinery\u00a0Heavy Industries (Suzhou) Co., Ltd.
100.0%
Metso Metals (Suzhou) Co., Ltd.
100.0%
Metso Outotec New Material Technology (Shanghai) Co., Ltd.
100.0%
Powertrack Machinery (Jiangsu) Co., Ltd
100.0%
Saimu Technology (Shenyang) Co., Ltd
100.0%
Shaorui Heavy Industries (Guangdong) Co. Ltd
100.0%
SISUPER Machinery Heavy Industry (Suzhou) Co Ltd
100.0%
Czech Republic
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. H\u00e4ggblom 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 Single Member IKE
100.0%
Hong Kong
Metso International (Hong Kong) Co. Ltd
100.0%
India
Metso India Private Ltd
100.0%
Metso Outotec Metals India Private Limited
100.0%
Outotec India Private Ltd.
100.0%
Ownership
Country
Company name
2025
Indonesia
PT Metso Technology Solutions 1)
99.9%
PT Outotec Technology Solutions
100.0%
Iran
Outotec Iranian Minerals and Metals Processing 3)
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%
Lithuania
Metso Global Business Services UAB
100.0%
Metso Lithuania UAB
100.0%
Macedonia
Metso Dooel Skopje
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 Per\u00fa SA
100.0%
Poland
Metso Poland Sp. z o.o.
100.0%
Portugal
Metso Portugal, Lda
100.0%
Qatar
Kempe International Properties W.L.L 2)
49.0%
Outotec Trading & Contracting WLL 2)
49.0%
Russia
OOO Metso Outotec 3)
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%
Ownership
Country
Company name
2025
Spain
Metso Espana SA
100.0%
Sweden
AB P. J. Jonsson och S\u00f6ner
100.0%
H\u00e4ggblom Sverige AB
100.0%
Larox AB
100.0%
Metso Outotec Metals Sweden AB
100.0%
Metso Sweden AB
100.0%
Switzerland
Swiss Tower Mills Minerals AG Switzerland
100.0%
Vertical Power Mills Technology AG
100.0%
Thailand
Metso Outotec (Thailand) Limited
100.0%
Turkey
Metso Maden Teknolojileri Anonim Sirketi
100.0%
United Arab Emirates
Metso FZCO
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) Has been 70% consolidated due to the control established.
3) Non-operative and dormant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-585": { "value": "
5.3.\u00a0 Associated companies 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 an influence is presumed to exist for investments in companies in which Metso\u2019s 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\u2019s 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 is presented separately in the
consolidated statements of income.
Associated companies
2025
2024
Company
Ownership
Carrying value
Ownership
Carrying value
Enefit Outotec Technology O\u00fc
40.0%
2
40.0%
3
Sidvin Outotec Engineering Private Ltd
25.1%
0
25.1%
1
Total
3
3
Movements in the carrying value of investments in associated companies
EUR million
2025
2024
Investments in associated companies
Acquisition cost as of January 1
2
2
Acquisition cost as of December 31
2
2
Equity adjustments in investments in associated companies
Equity adjustments as of January 1
1
1
Share of results
1
1
Dividends received
-1
-1
Equity adjustments as of December 31
1
1
Shares classified as held for sale
-2
-3
Carrying value at end of year
0
1
Metso's share of the assets and liabilities, sales and results of the associated companies which have
been accounted for using the equity method
EUR million
2025
2024
Assets
3
4
Liabilities
0
0
Sales
2
2
Profit
1
1
Related party transactions
Transactions carried out and related balances with associated companies
EUR million
2025
2024
Sales
0
1
Purchases
-1
-2
Receivables
\u2013
\u2013
Payables
\u2013
\u2013
Metso Board of Directors, Chief Executive Officer and other Executive 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-584": { "value": "
5.3.\u00a0 Associated companies 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 an influence is presumed to exist for investments in companies in which Metso\u2019s 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\u2019s 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 is presented separately in the
consolidated statements of income.
Associated companies
2025
2024
Company
Ownership
Carrying value
Ownership
Carrying value
Enefit Outotec Technology O\u00fc
40.0%
2
40.0%
3
Sidvin Outotec Engineering Private Ltd
25.1%
0
25.1%
1
Total
3
3
Movements in the carrying value of investments in associated companies
EUR million
2025
2024
Investments in associated companies
Acquisition cost as of January 1
2
2
Acquisition cost as of December 31
2
2
Equity adjustments in investments in associated companies
Equity adjustments as of January 1
1
1
Share of results
1
1
Dividends received
-1
-1
Equity adjustments as of December 31
1
1
Shares classified as held for sale
-2
-3
Carrying value at end of year
0
1
Metso's share of the assets and liabilities, sales and results of the associated companies which have
been accounted for using the equity method
EUR million
2025
2024
Assets
3
4
Liabilities
0
0
Sales
2
2
Profit
1
1
Related party transactions
Transactions carried out and related balances with associated companies
EUR million
2025
2024
Sales
0
1
Purchases
-1
-2
Receivables
\u2013
\u2013
Payables
\u2013
\u2013
Metso Board of Directors, Chief Executive Officer and other Executive 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-587": { "value": "
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 an influence is presumed to exist for investments in companies in which Metso\u2019s 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\u2019s 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 is presented separately in the
consolidated statements of income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-586": { "value": "
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 an influence is presumed to exist for investments in companies in which Metso\u2019s 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\u2019s 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 is presented separately in the
consolidated statements of income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-588": { "value": "
Associated companies
2025
2024
Company
Ownership
Carrying value
Ownership
Carrying value
Enefit Outotec Technology O\u00fc
40.0%
2
40.0%
3
Sidvin Outotec Engineering Private Ltd
25.1%
0
25.1%
1
Total
3
3
Movements in the carrying value of investments in associated companies
EUR million
2025
2024
Investments in associated companies
Acquisition cost as of January 1
2
2
Acquisition cost as of December 31
2
2
Equity adjustments in investments in associated companies
Equity adjustments as of January 1
1
1
Share of results
1
1
Dividends received
-1
-1
Equity adjustments as of December 31
1
1
Shares classified as held for sale
-2
-3
Carrying value at end of year
0
1
Metso's share of the assets and liabilities, sales and results of the associated companies which have
been accounted for using the equity method
EUR million
2025
2024
Assets
3
4
Liabilities
0
0
Sales
2
2
Profit
1
1
Related party transactions
Transactions carried out and related balances with associated companies
EUR million
2025
2024
Sales
0
1
Purchases
-1
-2
Receivables
\u2013
\u2013
Payables
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-589": { "value": "
Related party transactions
Transactions carried out and related balances with associated companies
EUR million
2025
2024
Sales
0
1
Purchases
-1
-2
Receivables
\u2013
\u2013
Payables
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-590": { "value": "
5.4.\u00a0 Acquisitions and business disposals
Acquisitions in 2025
Metso completed the acquisition of Swiss Tower Mills Minerals AG (STM) on April 1, 2025 by acquiring an 85%
share of the company.\u00a0Previously Metso had a 15% minority ownership in the company, which had been
classified as a non-current financial asset. In connection with the acquisition, this interest was valued at fair
value through Other income (see note 1.4) following the transaction. STM\u2019s expertise in vertical grinding mills
strengthens Metso\u2019s leading comminution solutions portfolio for the mining industry, playing a vital role in
energy-efficient solutions for the diverse needs of customers and enabling Metso to provide enhanced
service levels to customers using\u00a0stirred\u00a0mill technology. The acquired business was consolidated into the
Minerals segment. Sales of the acquired business in the financial year that ended in December 2024 were
approximately EUR 25 million. This sales figure does not reflect the full scope of STM's business operations, as
Metso has for years held exclusive rights to sell and service STM's grinding mills.The business employed about
30 people at the time of acquisition.
Metso completed the acquisition of Saimu Technology (Shenyang) Co., Ltd (Saimu). on July 3, 2025 by
acquiring a 100% share of the company. The acquisition will further enriches Metso\u2019s product portfolio and
strengthens its competitiveness and market position in the screening business. The acquired business was
consolidated into the Minerals segment. Sales of the acquired business in the financial year that ended in
December 2024 were approximately EUR 13 million. The business employed about 180 people at the time of
acquisition.
Metso completed the acquisition of Q&R Industrial Hoses Pty Ltd on October 1, 2025 by acquiring a 100%
share of the company. The acquisition will strengthen Metso's offering in comprehensive, end-to-end slurry
handling solutions and services. Acquired business was consolidated into the Minerals segment. Sales of the
acquired business in the financial year that ended in December 2024 were approximately EUR 2 million. The
business employs about 20 people.
Assets and liabilities recognized as a result of the acquisitions
EUR million
2025
Fixed assets
57
Inventory
5
Receivables
14
Liquid funds
36
Liabilities
-43
Net identifiable assets acquired at fair value
69
Goodwill
132
Purchase consideration
201
Contingent consideration
-1
Previously owned shares at fair value
-29
Cash consideration paid
172
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
2025
Cash consideration paid
-172
Cash and cash equivalents acquired
36
Net cash flow for the year
-136
Contingent consideration
-1
Cash considerations, total
-137
Acquisition costs of EUR 1.6 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 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\u2019s offering in mobile equipment for the
organic recycling markets.\u00a0Screen Machine Industries broadens Metso\u2019s 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.\u00a0
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.
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.
Business disposals
There were no business disposals in years 2025 and 2024. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-593": { "value": "
5.5.\u00a0 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 \u2013 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, and these businesses were classified as discontinued operations starting from
September 30, 2023. On May 30, 2025, Metso announced the sale of its Ferrous business to SMS group, and
the divestment was completed on January 5, 2026. Metso decided to retain the businesses not included in the
transaction, and as a result, these operations were reclassified as continuing operations as of July 1, 2025. As a
result, related assets and liabilities as well as income statement items have been reclassified into continuing
operations, and comparative income statement figures have been restated accordingly. The reclassified assets
included EUR 29 million of goodwill, EUR 26 million of intangible assets, EUR 1 million of other non\u2011current
assets, EUR 13 million of inventories, and EUR 57 million of trade and other current receivables, as well as EUR
74 million of current liabilities. Depreciation and amortization of fixed assets and right-of-use assets have
resumed, with the cumulative impact from October 1, 2023, to June 30, 2025, recognized through the income
statement and adjusted on the balance sheet under continuing operations. The amount of resumed
amortization and depreciation was EUR 3 million. These reclassifications to continuing operations are reflected
in segment reporting under the Minerals segment. The assets and related liabilities of the Ferrous business
held for sale continue to be presented on separate lines in the balance sheet, and the income statement
items are presented separately from continuing operations. Goodwill and intangible assets, total value of EUR
23 million, associated with the operations to be discontinued have been impaired in year 2025.
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.
Condensed consolidated statement of income statement
2025
EUR million
Continuing
operations
Discontinued
operations
Metso
total
Sales
5,240
37
5,277
Cost of sales
-3,561
-40
-3,602
Gross profit
1,679
-3
1,675
Selling and marketing expenses
-465
-5
-470
Administrative expenses
-402
-13
-415
Research and development expenses
-109
-2
-112
Other income and expenses, net
32
-36
-4
Share of results of associated companies
0
0
1
Operating profit
735
-59
676
Finance income and expenses, net
-99
\u2013
-99
Profit before taxes
636
-59
577
Income taxes
-150
0
-150
Profit for the period
486
-59
427
Profit attributable to
Shareholders of the Parent Company
482
-59
423
Non-controlling interests
4
\u2013
4
Earnings per share, EUR
0.58
-0.07
0.51
Condensed consolidated balance sheet
2025
EUR million
Continuing
operations
Discontinued
operations
Metso
total
Non-current assets
3,100
15
3,116
Inventories
1,903
7
1,910
Trade and other receivables
1,668
10
1,678
Cash and cash equivalents
501
10
511
Total assets
7,173
42
7,215
Non-current liabilities
1,796
6
1,802
Current liabilities
2,720
17
2,737
Total liabilities
4,515
24
4,539
Condensed consolidated statement of cash flows
2025
EUR million
Continuing
operations
Discontinued
operations
Metso
total
Profit for the period
486
-59
427
Adjustments to profit for the period
454
24
478
Change in net working capital
74
-4
70
Cash flow from operations
1,014
-39
974
Financing items, net
-44
\u2013
-44
Income taxes paid
-152
0
-152
Net cash flow from operating activities
818
-40
779
Net cash flow from investing activities
-277
0
-277
Net cash flow from financing activities
-403
\u2013
-403
Net change in liquid funds
138
-40
98
Condensed consolidated statement of income statement, comparison period
2024
EUR million
Continuing
operations
Discontinued
operations
Metso
total
Sales
5,026
51
5,076
Cost of sales
-3,356
-44
-3,400
Gross profit
1,669
7
1,677
Selling and marketing expenses
-435
-10
-445
Administrative expenses
-364
-5
-369
Research and development expenses
-106
-4
-109
Other income and expenses, net
-15
-242
-257
Share of results of associated companies
0
1
1
Operating profit
749
-252
497
Finance income and expenses, net
-80
0
-80
Profit before taxes
670
-252
417
Income taxes
-163
76
-88
Profit for the period
506
-177
330
Profit attributable to
Shareholders of the Parent Company
505
-177
329
Non-controlling interests
1
0
1
Earnings per share, EUR
0.61
-0.21
0.40
Condensed consolidated balance sheet, comparison period
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
\u2013
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
Condensed consolidated statement of cash flows, comparison period
2024
EUR million
Continuing
operations
Discontinued
operations
Metso
total
Profit for the period
506
-177
330
Adjustments to profit for the period
443
-78
365
Change in net working capital
-63
-56
-119
Cash flow from operations
886
-310
576
Financing items, net
-62
\u2013
-62
Income taxes paid
-183
0
-183
Net cash flow from operating activities
642
-310
332
Net cash flow from investing activities
-225
1
-224
Net cash flow from financing activities
-315
\u2013
-315
Net change in liquid funds
102
-309
-207
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-592": { "value": "
5.5.\u00a0 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 \u2013 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, and these businesses were classified as discontinued operations starting from
September 30, 2023. On May 30, 2025, Metso announced the sale of its Ferrous business to SMS group, and
the divestment was completed on January 5, 2026. Metso decided to retain the businesses not included in the
transaction, and as a result, these operations were reclassified as continuing operations as of July 1, 2025. As a
result, related assets and liabilities as well as income statement items have been reclassified into continuing
operations, and comparative income statement figures have been restated accordingly. The reclassified assets
included EUR 29 million of goodwill, EUR 26 million of intangible assets, EUR 1 million of other non\u2011current
assets, EUR 13 million of inventories, and EUR 57 million of trade and other current receivables, as well as EUR
74 million of current liabilities. Depreciation and amortization of fixed assets and right-of-use assets have
resumed, with the cumulative impact from October 1, 2023, to June 30, 2025, recognized through the income
statement and adjusted on the balance sheet under continuing operations. The amount of resumed
amortization and depreciation was EUR 3 million. These reclassifications to continuing operations are reflected
in segment reporting under the Minerals segment. The assets and related liabilities of the Ferrous business
held for sale continue to be presented on separate lines in the balance sheet, and the income statement
items are presented separately from continuing operations. Goodwill and intangible assets, total value of EUR
23 million, associated with the operations to be discontinued have been impaired in year 2025.
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.
Condensed consolidated statement of income statement
2025
EUR million
Continuing
operations
Discontinued
operations
Metso
total
Sales
5,240
37
5,277
Cost of sales
-3,561
-40
-3,602
Gross profit
1,679
-3
1,675
Selling and marketing expenses
-465
-5
-470
Administrative expenses
-402
-13
-415
Research and development expenses
-109
-2
-112
Other income and expenses, net
32
-36
-4
Share of results of associated companies
0
0
1
Operating profit
735
-59
676
Finance income and expenses, net
-99
\u2013
-99
Profit before taxes
636
-59
577
Income taxes
-150
0
-150
Profit for the period
486
-59
427
Profit attributable to
Shareholders of the Parent Company
482
-59
423
Non-controlling interests
4
\u2013
4
Earnings per share, EUR
0.58
-0.07
0.51
Condensed consolidated balance sheet
2025
EUR million
Continuing
operations
Discontinued
operations
Metso
total
Non-current assets
3,100
15
3,116
Inventories
1,903
7
1,910
Trade and other receivables
1,668
10
1,678
Cash and cash equivalents
501
10
511
Total assets
7,173
42
7,215
Non-current liabilities
1,796
6
1,802
Current liabilities
2,720
17
2,737
Total liabilities
4,515
24
4,539
Condensed consolidated statement of cash flows
2025
EUR million
Continuing
operations
Discontinued
operations
Metso
total
Profit for the period
486
-59
427
Adjustments to profit for the period
454
24
478
Change in net working capital
74
-4
70
Cash flow from operations
1,014
-39
974
Financing items, net
-44
\u2013
-44
Income taxes paid
-152
0
-152
Net cash flow from operating activities
818
-40
779
Net cash flow from investing activities
-277
0
-277
Net cash flow from financing activities
-403
\u2013
-403
Net change in liquid funds
138
-40
98
Condensed consolidated statement of income statement, comparison period
2024
EUR million
Continuing
operations
Discontinued
operations
Metso
total
Sales
5,026
51
5,076
Cost of sales
-3,356
-44
-3,400
Gross profit
1,669
7
1,677
Selling and marketing expenses
-435
-10
-445
Administrative expenses
-364
-5
-369
Research and development expenses
-106
-4
-109
Other income and expenses, net
-15
-242
-257
Share of results of associated companies
0
1
1
Operating profit
749
-252
497
Finance income and expenses, net
-80
0
-80
Profit before taxes
670
-252
417
Income taxes
-163
76
-88
Profit for the period
506
-177
330
Profit attributable to
Shareholders of the Parent Company
505
-177
329
Non-controlling interests
1
0
1
Earnings per share, EUR
0.61
-0.21
0.40
Condensed consolidated balance sheet, comparison period
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
\u2013
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
Condensed consolidated statement of cash flows, comparison period
2024
EUR million
Continuing
operations
Discontinued
operations
Metso
total
Profit for the period
506
-177
330
Adjustments to profit for the period
443
-78
365
Change in net working capital
-63
-56
-119
Cash flow from operations
886
-310
576
Financing items, net
-62
\u2013
-62
Income taxes paid
-183
0
-183
Net cash flow from operating activities
642
-310
332
Net cash flow from investing activities
-225
1
-224
Net cash flow from financing activities
-315
\u2013
-315
Net change in liquid funds
102
-309
-207
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-591": { "value": "
5.5.\u00a0 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 \u2013 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, and these businesses were classified as discontinued operations starting from
September 30, 2023. On May 30, 2025, Metso announced the sale of its Ferrous business to SMS group, and
the divestment was completed on January 5, 2026. Metso decided to retain the businesses not included in the
transaction, and as a result, these operations were reclassified as continuing operations as of July 1, 2025. As a
result, related assets and liabilities as well as income statement items have been reclassified into continuing
operations, and comparative income statement figures have been restated accordingly. The reclassified assets
included EUR 29 million of goodwill, EUR 26 million of intangible assets, EUR 1 million of other non\u2011current
assets, EUR 13 million of inventories, and EUR 57 million of trade and other current receivables, as well as EUR
74 million of current liabilities. Depreciation and amortization of fixed assets and right-of-use assets have
resumed, with the cumulative impact from October 1, 2023, to June 30, 2025, recognized through the income
statement and adjusted on the balance sheet under continuing operations. The amount of resumed
amortization and depreciation was EUR 3 million. These reclassifications to continuing operations are reflected
in segment reporting under the Minerals segment. The assets and related liabilities of the Ferrous business
held for sale continue to be presented on separate lines in the balance sheet, and the income statement
items are presented separately from continuing operations. Goodwill and intangible assets, total value of EUR
23 million, associated with the operations to be discontinued have been impaired in year 2025.
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.
Condensed consolidated statement of income statement
2025
EUR million
Continuing
operations
Discontinued
operations
Metso
total
Sales
5,240
37
5,277
Cost of sales
-3,561
-40
-3,602
Gross profit
1,679
-3
1,675
Selling and marketing expenses
-465
-5
-470
Administrative expenses
-402
-13
-415
Research and development expenses
-109
-2
-112
Other income and expenses, net
32
-36
-4
Share of results of associated companies
0
0
1
Operating profit
735
-59
676
Finance income and expenses, net
-99
\u2013
-99
Profit before taxes
636
-59
577
Income taxes
-150
0
-150
Profit for the period
486
-59
427
Profit attributable to
Shareholders of the Parent Company
482
-59
423
Non-controlling interests
4
\u2013
4
Earnings per share, EUR
0.58
-0.07
0.51
Condensed consolidated balance sheet
2025
EUR million
Continuing
operations
Discontinued
operations
Metso
total
Non-current assets
3,100
15
3,116
Inventories
1,903
7
1,910
Trade and other receivables
1,668
10
1,678
Cash and cash equivalents
501
10
511
Total assets
7,173
42
7,215
Non-current liabilities
1,796
6
1,802
Current liabilities
2,720
17
2,737
Total liabilities
4,515
24
4,539
Condensed consolidated statement of cash flows
2025
EUR million
Continuing
operations
Discontinued
operations
Metso
total
Profit for the period
486
-59
427
Adjustments to profit for the period
454
24
478
Change in net working capital
74
-4
70
Cash flow from operations
1,014
-39
974
Financing items, net
-44
\u2013
-44
Income taxes paid
-152
0
-152
Net cash flow from operating activities
818
-40
779
Net cash flow from investing activities
-277
0
-277
Net cash flow from financing activities
-403
\u2013
-403
Net change in liquid funds
138
-40
98
Condensed consolidated statement of income statement, comparison period
2024
EUR million
Continuing
operations
Discontinued
operations
Metso
total
Sales
5,026
51
5,076
Cost of sales
-3,356
-44
-3,400
Gross profit
1,669
7
1,677
Selling and marketing expenses
-435
-10
-445
Administrative expenses
-364
-5
-369
Research and development expenses
-106
-4
-109
Other income and expenses, net
-15
-242
-257
Share of results of associated companies
0
1
1
Operating profit
749
-252
497
Finance income and expenses, net
-80
0
-80
Profit before taxes
670
-252
417
Income taxes
-163
76
-88
Profit for the period
506
-177
330
Profit attributable to
Shareholders of the Parent Company
505
-177
329
Non-controlling interests
1
0
1
Earnings per share, EUR
0.61
-0.21
0.40
Condensed consolidated balance sheet, comparison period
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
\u2013
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
Condensed consolidated statement of cash flows, comparison period
2024
EUR million
Continuing
operations
Discontinued
operations
Metso
total
Profit for the period
506
-177
330
Adjustments to profit for the period
443
-78
365
Change in net working capital
-63
-56
-119
Cash flow from operations
886
-310
576
Financing items, net
-62
\u2013
-62
Income taxes paid
-183
0
-183
Net cash flow from operating activities
642
-310
332
Net cash flow from investing activities
-225
1
-224
Net cash flow from financing activities
-315
\u2013
-315
Net change in liquid funds
102
-309
-207
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-594": { "value": "
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 \u2013 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-596": { "value": "
5.6.\u00a0 New accounting standards
New and amended accounting standards effective in 2025
The following new or revised IFRS accounting standards have been adopted from January 1, 2025, in these
Consolidated financial statements.
Amendments to IAS 21 - Lack of Exchangeability
The amendments in IAS 21 specify how to assess whether a currency is exchangeable and how it should
determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of
information that enables users of its financial statements to understand how the currency not being
exchangeable into the other currency affects, or is expected to affect, financial performance, financial
position and cash flows. The amendments have not material impact on Metso's financial statements.
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 *)]:
\u2022 IFRS 18 - Presentation and Disclosure in Financial Statements (IASB effective date January 1, 2027) *
\u2022 IFRS 19 - Subsidiaries without Public Accountability: Disclosures (IASB effective date January 1, 2027) *
\u2022 Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity (IASB effective
date January 1, 2026)
\u2022 Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments (IASB effective
date January 1, 2026)
\u2022 Annual Improvements Volume 11 (IASB effective date January 1, 2026)
\u2022 Amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates: Translation to Hyperinflationary
Presentation Currency (IASB effective date January 1, 2027) *
\u2022 Amendments to IFRS 19 - Subsidiaries without Public Accountability: Disclosures (IASB effective date January
1, 2027) *
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-595": { "value": "
5.6.\u00a0 New accounting standards
New and amended accounting standards effective in 2025
The following new or revised IFRS accounting standards have been adopted from January 1, 2025, in these
Consolidated financial statements.
Amendments to IAS 21 - Lack of Exchangeability
The amendments in IAS 21 specify how to assess whether a currency is exchangeable and how it should
determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of
information that enables users of its financial statements to understand how the currency not being
exchangeable into the other currency affects, or is expected to affect, financial performance, financial
position and cash flows. The amendments have not material impact on Metso's financial statements.
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 *)]:
\u2022 IFRS 18 - Presentation and Disclosure in Financial Statements (IASB effective date January 1, 2027) *
\u2022 IFRS 19 - Subsidiaries without Public Accountability: Disclosures (IASB effective date January 1, 2027) *
\u2022 Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity (IASB effective
date January 1, 2026)
\u2022 Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments (IASB effective
date January 1, 2026)
\u2022 Annual Improvements Volume 11 (IASB effective date January 1, 2026)
\u2022 Amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates: Translation to Hyperinflationary
Presentation Currency (IASB effective date January 1, 2027) *
\u2022 Amendments to IFRS 19 - Subsidiaries without Public Accountability: Disclosures (IASB effective date January
1, 2027) *
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-597": { "value": "
5.7.\u00a0 Exchange rates used
Average rates
Year-end rates
2025
2024
2025
2024
USD
US dollar
1.1243
1.0826
1.1750
1.0389
SEK
Swedish krona
11.0728
11.4226
10.8215
11.4590
GBP
Pound sterling
0.8546
0.8469
0.8726
0.8292
CAD
Canadian dollar
1.5744
1.4820
1.6088
1.4948
BRL
Brazilian real
6.2973
5.8500
6.4364
6.4253
CNY
Chinese yuan
8.0693
7.7793
8.2262
7.5833
AUD
Australian dollar
1.7484
1.6424
1.7581
1.6772
CLP
Chilean peso
1,071.1612
1,021.1669
1,057.9400
1,035.0050
INR
Indian rupee
98.0741
90.6243
105.5965
88.9335
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-598": { "value": "
6.1.\u00a0 Audit fees
EUR million
2025
2024
Audit services
-3.9
-3.7
Assurance services
-0.4
-0.4
Tax services
0.0
-0.1
Other services
0.0
0.0
Total
-4.4
-4.3
The above table discloses fees to Metso\u2019s auditor Ernst & Young Oy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-599": { "value": "
6.2.\u00a0 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\u2019s products, projects, other operations, and customer
receivables. Metso\u2019s management assesses 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\u2019s total business
activities. It should be noted, however, that outcomes of pending lawsuits, legal claims, and disputes are
beyond the direct influence of Metso\u2019s management and may, therefore, materially deviate from
management\u2019s current assessment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-600": { "value": "
6.3.\u00a0 Events after the financial year
On January 5, 2026 Metso announced that it has completed the divestment of its Ferrous business to SMS
group, a global company providing technology and services in plant construction and mechanical engineering
for the metals industry. Approximately 180 employees, primarily based in Germany, India and China, have
transferred to the SMS group in connection with the divestment. Ferrous business has been reported as
discontinued operations since September 30, 2023. The divestment does not have material financial impact on
Metso.
On 2 February 2026, Metso acquired all shares of Multiskilled Resources Australia Pty Ltd. The company
specializes in providing engineering, automation, and software solutions for bulk material handling operators
and it is a leading provider of automation and digitalization technology solutions for ports and terminals
worldwide. MRA Automation is an Australian company based in Newcastle, NSW, Australia with approximately
60 employees. The acquisition has no material impact on Metso\u2019s financials.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300R0VN9C371W0E07", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }