Guidance and short-term market outlook

Guidance for 2024*

Valmet reiterates its guidance issued on June 13, 2024, in which Valmet estimates that net sales in 2024 will remain at the previous year's level in comparison with 2023 (EUR 5,532 million) and Comparable EBITA in 2024 will increase in comparison with 2023 (EUR 619 million).

Short-term market outlook*

Valmet estimates that the short-term market outlook for pulp has increased to satisfactory (previously weak) and that the short-term market outlook for board and paper has increased to satisfactory (previously weak/satisfactory, in which weak referred to customer activity and satisfactory to Valmet's capacity utilization). Furthermore, Valmet estimates that the short-term market outlook for energy has decreased to satisfactory (previously good). Valmet
reiterates the good short-term market outlook for services, flow control and automation systems, and the satisfactory short-term market outlook for tissue.

The short-term market outlook is given for the next six months from the end of the reported period. It is based on customer activity (50%) and Valmet’s capacity utilization (50%), and the scale is ‘weak–satisfactory–good’.

Valmet guidance 2024

*Half Year Financial Review for January-June 2024. Published on July 24, 2024.

Previously published guidance and outlook

Guidance for 2024*

Valmet estimates that net sales in 2024 will remain at the previous year's level in comparison with 2023 (EUR 5,532 million) and Comparable EBITA in 2024 will increase in comparison with 2023 (EUR 619 million).

*Valmet's stock exchange release on June 13, 2024

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Guidance for 2024*

Valmet reiterates its guidance issued on February 7, 2024, in which Valmet estimates that net sales in 2024 will remain at the previous year's level in comparison with 2023 (EUR 5,532 million) and Comparable EBITA in 2024 will remain at the previous year's level or increase in comparison with 2023 (EUR 619 million).

Short-term market outlook*

Valmet estimates that the short-term market outlook for services has increased to good (previously good/satisfactory), that the short-term market outlook for pulp has decreased to weak (previously satisfactory) and that the short-term market outlook for board and paper has decreased to weak/satisfactory (previously satisfactory). In board and paper, customer activity is weak and Valmet's capacity utilization satisfactory. Valmet reiterates the good short-term market outlook for flow control, automation systems and energy, and the satisfactory short-term market outlook for tissue.

*Interim Review for January-March 2024. Published on April 24, 2024.

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Guidance for 2024*

Valmet estimates that net sales in 2024 will remain at the previous year's level in comparison with 2023 (EUR 5,532 million) and Comparable EBITA in 2024 will remain at the previous year's level or increase in comparison with 2023 (EUR 619 million).

Short-term market outlook*

Valmet reiterates the good/satisfactory short-term market outlook for services (capacity utilization good, customer activity satisfactory), the good short-term market outlook for flow control, automation systems and energy, and the satisfactory short-term market outlook for pulp, board and paper, and tissue.

*Financial Statements Review 2023. Published on February 7, 2024.

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Guidance for 2023*

Valmet reiterates its guidance issued on February 2, 2023, in which Valmet estimates that net sales in 2023 will increase in comparison with 2022 (EUR 5,074 million) and Comparable EBITA in 2023 will increase in comparison with 2022 (EUR 533 million).

Short-term market outlook*

*Interim Review January-September 2023. Published on October 25, 2023.

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Guidance for 2023*

Short-term market outlook*

Valmet estimates that the short-term market outlook for services has decreased to good/satisfactory (previously good), the short-term market outlook for board and paper has decreased to satisfactory (previously good) and the short-term market outlook for pulp has decreased to satisfactory (previously good/satisfactory). Valmet reiterates the good short-term market outlook for flow control, automation systems and energy, and the satisfactory short-term market outlook for tissue.

*Half Year Financial Review January-June 2023. Published July 26, 2023.

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Guidance for 2023*

Short-term market outlook*

Valmet reiterates the good short-term market outlook for Services, Flow Control, Automation Systems, Energy, and Board and Paper, the good/satisfactory short-term market outlook for Pulp, and the satisfactory short-term market outlook for Tissue.

*Interim Review January-March 2023. Published April 26, 2023.

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Guidance for 2023*

Valmet estimates that net sales in 2023 will increase in comparison with 2022 (EUR 5,074 million) and Comparable EBITA in 2023 will increase in comparison with 2022 (EUR 533 million).

Short-term market outlook*

*Financial Statements Review 2022, published February 2, 2023

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Guidance for 2022*

Valmet reiterates its guidance issued on April 1, 2022, in which Valmet estimates that, including the merger with Neles, net sales in 2022 will increase in comparison with 2021 (EUR 3,935 million) and Comparable EBITA in 2022 will increase in comparison with 2021 (EUR 429 million).

Short-term market outlook*

Valmet reiterates the good short-term market outlook for services, flow control, automation systems, energy, and board and paper, the good/satisfactory short-term market outlook for pulp, and the satisfactory short-term market outlook for tissue.

*Interim Review January-September 2022, published October 26, 2022

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Guidance for 2022*

Short-term market outlook*

Valmet estimates that the short-term market outlook for energy has improved to good (previously satisfactory) and the short-term market outlook for pulp has decreased to good/satisfactory (previously good). Valmet reiterates the good short-term market outlook for services, flow control, automation systems, board and paper and the satisfactory market outlook for tissue.

*Half Year Financial Review January-June 2022, published July 27, 2022

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Guidance for 2022*

Short-term market outlook

Valmet reiterates the good short-term market outlook for services, automation systems, pulp, and board and paper, and the satisfactory market outlook for energy, and tissue. Valmet estimates that the short-term market outlook for flow control is good.

*Interim Review January-March 2022. Published April 27, 2022

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Guidance for 2022*

Valmet estimates that, including the merger with Neles, net sales in 2022 will increase in comparison with 2021 (EUR 3,935 million) and Comparable EBITA in 2022 will increase in comparison with 2021 (EUR 429 million).

*Valmet Oyj’s stock exchange release on April 1, 2022

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Guidance for 2022*

Valmet estimates that net sales in 2022 will increase in comparison with 2021 (EUR 3,935 million) and Comparable EBITA in 2022 will increase in comparison with 2021 (EUR 429 million).

Short-term market outlook

Valmet estimates that the short-term market outlook for energy has improved to satisfactory (previously weak). Valmet reiterates the good short-term market outlook for services, automation, pulp, and board and paper, and the satisfactory market outlook for tissue.

*Financial Statements Review 2021, published February 3, 2022

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Guidance for 2021*

Valmet reiterates its guidance issued on April 16, 2021, in which Valmet estimates that net sales in 2021 will increase in comparison with 2020 (EUR 3,740 million) and Comparable EBITA in 2021 will increase in comparison with 2020 (EUR 365 million).

Short-term market outlook

Valmet estimates that the short-term market outlook for services has improved to good (previously good/satisfactory) and the short-term market outlook for tissue has decreased to satisfactory (previously good). Valmet reiterates the good short-term market outlook for automation, pulp, and board and paper and the weak short-term market outlook for energy

*Interim Review January-September 2021, published October 26, 2021

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Guidance for 2021*

Short-term market outlook

Valmet estimates that the short-term market outlook for services has improved to good/satisfactory (previously satisfactory). Valmet reiterates the good short-term market outlook for automation, pulp, board and paper, and tissue and the weak market outlook for energy.

*Half Year Financial Review January-June 2021, published July 22, 2021

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Guidance for 2021*

Valmet estimates that net sales in 2021 will increase in comparison with 2020 (EUR 3,740 million) and Comparable EBITA in 2021 will increase in comparison with 2020 (EUR 365 million).

Short-term market outlook

Valmet estimates that the short-term market outlook for services has improved to satisfactory (previously satisfactory/weak). Valmet reiterates the good short-term market outlook for automation, pulp, board and paper, and tissue and the weak short-term market outlook for energy.

*Interim Review January-March 2021. Published April 22, 2021

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Guidance for 2021*

Valmet estimates that net sales in 2021 will increase in comparison with 2020 (EUR 3,740 million) and Comparable EBITA in 2021 will increase in comparison with 2020 (EUR 365 million).

*Valmet Oyj's stock exchange release on April 16, 2021

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Guidance for 2021*

Valmet estimates that net sales in 2021 will remain at the previous year’s level in comparison with 2020 (EUR 3,740 million) and Comparable EBITA in 2021 will remain at the previous year’s level in comparison with 2020 (EUR 365 million).

Short-term market outlook

Valmet estimates that the short-term market outlook in automation has improved to good (previously good/satisfactory), the short-term market outlook in tissue has improved to good (previously satisfactory), and the short-term market outlook in energy has decreased to weak (previously satisfactory). Valmet reiterates the good short-term market outlook for pulp, and board and paper, and the satisfactory/weak short-term market outlook for services.

* Financial Statements Review 2020, published February 4, 2021

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Guidance for 2020*

Valmet issued a guidance for 2020 on October 13, 2020. Valmet estimates that net sales in 2020 will remain at the previous year’s level in comparison with 2019 (EUR 3,547 million) and Comparable EBITA in 2020 will increase in comparison with 2019 (EUR 316 million).

Short-term market outlook

Valmet reiterates the good short-term market outlook for pulp, and board and paper, the good/satisfactory short-term market outlook for automation, the satisfactory short-term market outlook for energy, and tissue, and the satisfactory/weak short-term market outlook for services

*Interim Review January-September 2020. Published October 27, 2020

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Guidance for 2020*

Valmet announced on April 16, 2020 that the company withdraws its guidance for 2020 due to increased uncertainty related to the COVID-19 pandemic.

Short-term market outlook

*Half year Financial Review January-June 2020. Published July 23, 2020

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Guidance for 2020*

Valmet announced on April 16, 2020 that the company withdraws its guidance for 2020 due to increased uncertainty related to the COVID-19 pandemic.

General economic outlook

As a result of the COVID-19 pandemic, the global economy is projected to contract sharply by 3 percent in 2020, much worse than during the 2008–09 financial crisis. In a baseline scenario, which assumes that the pandemic fades in the second half of 2020 and containment efforts can be gradually unwound, the global economy is projected to grow by 5.8 percent in 2021 as economic activity normalizes, helped by policy support. The risks for even more severe outcomes, however, are substantial. (International Monetary Fund, April 14, 2020)

Short-term market outlook

Valmet estimates that the short-term market outlook in services has decreased to a satisfactory/weak level (previously good level) and the short-term market outlook in automation has decreased to a good/satisfactory level (previously good level).

Valmet reiterates the good short-term market outlook for pulp, and board and paper, and the satisfactory short-term market outlook for energy, and tissue.

*Interim Review January-March 2020. Published April 23, 2020

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Guidance for 2020*

Valmet estimates that net sales in 2020 will increase in comparison with 2019 (EUR 3,547 million) and Comparable EBITA in 2020 will increase in comparison with 2019 (EUR 316 million).

Short-term market outlook

Valmet reiterates the good short-term market outlook for services, automation, pulp, and board and paper, and the satisfactory short-term market outlook for energy, and tissue.

*Financial Statements 2019. Published February 5, 2020

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Guidance for 2019*

Valmet estimates that net sales in 2019 will increase in comparison with 2018 (EUR 3,325 million) and Comparable EBITA in 2019 will increase in comparison with 2018 (EUR 257 million).

Short-term market outlook

Valmet reiterates the good short-term market outlook for services, automation, pulp, and board and paper, and the satisfactory short-term market outlook for energy, and tissue.

*Interim Review January-September 2019. Published October 24, 2019

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Guidance for 2019*

Valmet estimates that net sales in 2019 will increase in comparison with 2018 (EUR 3,325 million) and Comparable EBITA in 2019 will increase in comparison with 2018 (EUR 257 million).

Short-term market outlook

Valmet reiterates the good short-term market outlook for services, automation, pulp, and board and paper, and the satisfactory short-term market outlook for energy, and tissue.

*Interim Review January-June 2019. Published July 23, 2019

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Guidance for 2019*

Valmet estimates that net sales in 2019 will increase in comparison with 2018 (EUR 3,325 million) and Comparable EBITA in 2019 will increase in comparison with 2018 (EUR 257 million).

Short-term market outlook

Valmet estimates that the short-term market outlook in pulp has improved to a good level (previously satisfactory level).

Valmet reiterates the good short-term market outlook for services, automation, and board and paper, and the satisfactory short-term market outlook for energy, and tissue.

*Interim Review January-March 2019. Published April 26, 2019

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Guidance for 2019*

Valmet estimates that net sales in 2019 will increase in comparison with 2018 (EUR 3,325 million) and Comparable EBITA in 2019 will increase in comparison with 2018 (EUR 257 million).

Short-term market outlook

Valmet estimates that the short-term market outlook in tissue has decreased to a satisfactory level (previously good level).

Valmet reiterates the good short-term market outlook for services, automation, and board and paper, and the satisfactory short-term market outlook for pulp, and energy.

*Stock exchange release. Published April 1, 2019

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Guidance for 2019*

Valmet estimates that net sales in 2019 will increase in comparison with 2018 (EUR 3,325 million) and Comparable EBITA in 2019 will increase in comparison with 2018 (EUR 257 million). The guidance is subject to the completion of the acquisition of GL&V.

Short-term market outlook

Valmet estimates that the short-term market outlook in tissue has decreased to a satisfactory level (previously good level).

Valmet reiterates the good short-term market outlook for services, automation, and board and paper, and the satisfactory short-term market outlook for pulp, and energy.

*Stock exchange release. Published February 26, 2019

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Guidance for 2019*

Valmet estimates that net sales in 2019 will remain at the same level as in 2018 (EUR 3,325 million) and Comparable EBITA in 2019 will increase in comparison with 2018 (EUR 257 million).

Short-term market outlook

Valmet estimates that the short-term market outlook in tissue has decreased to a satisfactory level (previously good level).

Valmet reiterates the good short-term market outlook for services, automation, and board and paper, and the satisfactory short-term market outlook for pulp, and energy.

*Financial Statements 2018. Published February 7, 2019

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Guidance for 2018*

Valmet reiterates its guidance presented on July 17, 2018, in which Valmet estimates that net sales in 2018 will increase in comparison with 2017 (EUR 3,058 million) and Comparable EBITA in 2018 will increase in comparison with 2017 (EUR 218 million).

Short-term market outlook

Valmet estimates that the short-term market outlook has improved to a satisfactory level in pulp (previously weak level).

Valmet reiterates the good short-term market outlook for services, automation, board and paper, and tissue, and the satisfactory short-term market outlook for energy.

*Interim Review January-October 2018

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Guidance for 2018*

On July 17, 2018, Valmet revised upwards its net sales guidance for 2018:

Valmet estimates that net sales in 2018 will increase in comparison with 2017 (EUR 3,058 million) and Comparable EBITA in 2018 will increase in comparison with 2017 (EUR 218 million).

Short-term market outlook

Valmet reiterates the good short-term market outlook for services, board and paper, tissue and automation, the satisfactory short-term market outlook for energy, and the weak short-term market outlook for pulp.

*Half Year Financial Review January-June 2018

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Guidance for 2018*

Valmet reiterates its guidance presented on March 21, 2018, in which Valmet estimates that net sales in 2018 will remain at the same level as in 2017 (EUR 3,058 million) and Comparable EBITA in 2018 will increase in comparison with 2017 (EUR 218 million).

Short-term market outlook

*Interim Review January-March 2018.

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Guidance for 2018*

Valmet estimates that net sales in 2018 will remain at the same level as in 2017 (EUR 3,058 million) and Comparable EBITA in 2018 will increase in comparison with 2017 (EUR 218 million).

Short-term market outlook

Valmet estimates that the short-term market outlook has improved to a good level in automation (previously satisfactory level).

Valmet reiterates the good short-term market outlook for services, board and paper, and tissue, the satisfactory short-term market outlook for energy, and the weak short-term market outlook for pulp.

*Stock exchange release published on March 21, 2018.

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Guidance for 2018 to be announced in March 2018 at the latest*

Following the adoption of the new principles of IFRS 15, effective as of January 1, 2018, Valmet’s revenue recognition will change in 2018. As a result, Valmet will publish restated figures for 2017 in March 2018 at the latest. Valmet will announce its financial guidance for 2018 in conjunction with the restated figures.

Short-term market outlook

Valmet estimates that the short-term market outlook has improved to a good level in automation (previously satisfactory level).

Valmet reiterates the good short-term market outlook for services, board and paper, and tissue, the satisfactory short-term market outlook for energy, and the weak short-term market outlook for pulp.

*Financial Statements Review 2017. Published February 6, 2018.

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Guidance for 2017*

Valmet reiterates its guidance presented on April 12, 2017, in which Valmet estimates that net sales in 2017 will increase in comparison with 2016 (EUR 2,926 million) and Comparable EBITA in 2017 will increase in comparison with 2016 (EUR 196 million).

Short-term market outlook

Valmet estimates that the short-term market outlook has decreased to a satisfactory level in energy (previously good level).

Valmet reiterates the good short-term market outlook for services, board and paper, and tissue, the satisfactory short-term market outlook for automation, and the weak short-term market outlook for pulp.

*Interim Review January-September 2017. Published October 24, 2017.

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Guidance for 2017*

Short-term market outlook

Valmet reiterates the good short-term market outlook for services, energy, board and paper, and tissue, the satisfactory short-term market outlook for automation and the weak short-term market outlook for pulp.

*Half Year Financial Review January-June 2017. Published July 27, 2017.

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Interim Review January-March 2017*

On April 12, 2017, Valmet revised upwards its net sales guidance for 2017. According to the revised guidance, Valmet estimates that net sales in 2017 will increase in comparison with 2016 (EUR 2,926 million) and Comparable EBITA in 2017 will increase in comparison with 2016 (EUR 196 million).

Short-term market outlook

Valmet estimates that the short-term market outlook has increased to a good level in services (previously satisfactory level) and decreased to a weak level in pulp (previously satisfactory level).

Valmet reiterates the good short-term market outlook for energy, board and paper, and tissue, and the satisfactory short-term market outlook for automation.

*Interim Review January-March 2017. Published April 25, 2017.

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Financial Statements Review 2016*

Guidance for 2017

Valmet estimates that net sales in 2017 will remain at the same level as in 2016 (EUR 2,926 million) and Comparable EBITA in 2017 will increase in comparison with 2016 (EUR 196 million).

Short-term market outlook

Valmet estimates that the short-term market outlook has increased to a good level in board and paper (previously satisfactory level).

Valmet reiterates the good short-term market outlook in tissue and energy as well as the satisfactory short-term market outlook for services, automation and pulp.

*Financial Statements Review 2016. Published February 8, 2017.

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Interim Review January-September 2016*

Valmet reiterates its guidance for 2016

Valmet is reiterating its guidance presented on February 9, 2016 in which Valmet estimates that net sales in 2016 will remain at the same level with 2015 (EUR 2,928 million) and Comparable EBITA in 2016 will increase in comparison with 2015 (EUR 182 million).

Short-term market outlook

Valmet estimates that the short-term market outlook has increased to a good level (previously satisfactory) in tissue and in energy and decreased to a satisfactory level (previously good level) in board and paper.

Valmet reiterates the satisfactory short-term market outlook for services, automation and pulp.

*Interim Review January-September 2016. Published on October 27, 2016

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Interim Review January-June 2016*

Guidance for 2016

Due to new regulation by the European Securities and Market Authority, Valmet has decided to replace the performance measure ‘EBITA before non-recurring items’ with ‘Comparable EBITA’. The content of items affecting comparability, i.e. items previously disclosed as non-recurring, remain unchanged and therefore ‘Comparable EBITA’ equals previously disclosed ‘EBITA before non-recurring items’ (EUR 182 million in 2015). Items affecting comparability consist of income and expenses arising from activities that amend the capacity of Valmet’s operations or are incurred outside its normal course of business.

Short-term market outlook

Valmet reiterates the good short-term market outlook for board and paper, and the satisfactory short-term market outlook for services, automation, pulp, energy, and tissue.

*Interim Review January-June 2016. Published on July 28, 2016

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Interim Review January-March 2016*

Guidance for 2016

Short-term market outlook

Valmet reiterates the good short-term market outlook for board and paper, and the satisfactory short-term market outlook for services, automation, pulp, energy, and tissue.

*Interim Review January-March 2016. Published on April 27, 2016

Financial Statements Review 2015*

Guidance for 2016

Valmet estimates that net sales in 2016 will remain at the same level with 2015 (EUR 2,928 million) and EBITA before non-recurring items in 2016 will increase in comparison with 2015 (EUR 182 million).

Short-term market outlook

Valmet estimates that the short-term market outlook has improved for Board and Paper to good level (previously satisfactory level) and for Energy to satisfactory level (previously weak level). Valmet also estimates that the short-term market outlook for Pulp has decreased to satisfactory level (previously good level).

Valmet reiterates the satisfactory short-term market outlook for services, automation, and tissue.

*Financial Statements Review 2015. Published on February 9, 2016

Interim Review January-September 2015*

Guidance for 2015

Valmet is reiterating its guidance presented on February 6, 2015 in which Valmet estimates that, including the acquisition of Process Automation Systems, net sales in 2015 will increase in comparison with 2014 (EUR 2,473 million) and EBITA before non-recurring items in 2015 will increase in comparison with 2014 (EUR 106 million).

Short-term market outlook

Valmet estimates that the short-term market outlook for board and paper has decreased to a satisfactory level (previously good level).

Valmet reiterates the good short-term market outlook for pulp, the satisfactory short-term market outlook for services, automation, and tissue, and the weak short-term market outlook for energy.

*Interim Review January-September 2015. Published on October 30, 2015

Interim Review January-June 2015*

Guidance for 2015

Short-term market outlook

Valmet is reiterating its short-term market outlook presented on April 29, 2015. Valmet estimates that activity in pulp, and board and paper markets will remain on a good level. The activity in the services, tissue, and automation markets is estimated to remain satisfactory. The activity in the energy markets is expected to remain weak.

*Interim Review January-June 2015. Published on July 30, 2015

Interim Review January-March 2015*

Guidance for 2015

Short-term market outlook

Due to increased customer activity in the pulp market, the short-term market outlook for pulp has increased to a good level (previously satisfactory level). Following, among others, increased uncertainty in the energy markets, the short-term market outlook for energy has decreased to a weak level (previously satisfactory level).

Valmet reiterates the good short-term market outlook for board and paper, and the satisfactory short-term market outlook for services, and tissue.

As of April 1, 2015, Valmet has a fourth business line, called Automation, and therefore begins to announce a short-term market outlook also for the automation business. Valmet estimates that the short-term market outlook for automation is satisfactory.

*Interim Review January-March 2015. Published on April 29, 2015

Financial Statements Review 2014*

Guidance for 2015

Valmet estimates that, including the acquisition of Process Automation Systems, net sales in 2015 will increase in comparison with 2014 (EUR 2,473 million) and EBITA before non-recurring items in 2015 will increase in comparison with 2014 (EUR 106 million).

The completion of the acquisition of Process Automation Systems is subject to approval by the competition authorities.

Short-term market outlook

Valmet is reiterating its short-term market outlook presented on July 31, 2014. Valmet estimates that activity in board and paper markets will remain on a good level. The activity in the services, pulp, energy, and tissue markets is estimated to remain satisfactory.

*Financial Statements Review 2014. Published on February 6, 2015

Interim Review January-September 2014*

Guidance for 2014

Valmet is reiterating its guidance presented on February 6, 2014 in which Valmet estimates that net sales in 2014 will decline from the 2013 level and EBITA before non-recurring items will increase in comparison with 2013.

Short-term market outlook

*Interim Review January-September 2014. Published on October 24, 2014.

Interim Review January-June 2014*

Guidance for 2014

Short-term market outlook

Based on Valmet’s improved utilization of adjusted capacity and expectations for customer activity, the short-term market outlook for board and paper has improved to a good level (previously satisfactory level).

Valmet reiterates the satisfactory short-term market outlook for services, pulp, energy, and tissue, as presented on February 6, 2014.

*Interim Review January-June 2014. Published on July 31, 2014.

Interim Review Q1/2014*

Guidance for 2014

Short-term market outlook

Valmet is reiterating its short-term market outlook presented on February 6, 2014. Valmet estimates that activity in the services, pulp, energy, board and paper, and tissue markets will remain satisfactory.

*Interim Review Q1/2014. Published on April 25, 2014.

Financial Statements 2013*

Guidance for 2014

Valmet estimates that net sales in 2014 will decline from the 2013 level and EBITA before non-recurring items will increase in comparison with 2013.

Short-term market outlook

Valmet estimates that activity in the service, pulp, and tissue markets will remain satisfactory. Activity on board and paper market is assessed to have improved and to be on satisfactory level (previously on weak level). Valmet also assesses that market activity for power plants utilizing renewable energy sources has improved to satisfactory level (previously on weak level).

*Financial Statements Review 2013. Published on February 6, 2014.

Stock exchange release December 19, 2013

Metso lowers its EBITA guidance for the Pulp, Paper and Power segment (to be transferred to Valmet) for 2013

Both net sales and EBITA before non-recurring items are expected to be significantly lower compared to 2012. Net sales during the second half are expected to be at the level booked during the first half (EUR 1,345 million), but the EBITA before non-recurring items is expected to be significantly lower than during the first half of 2013 (EUR 55.5 million).

*Metso's stock exchange release about lowering the guidance for the Pulp, Paper and Power segment. Published December 19, 2013.

Stock exchange release November 26, 2013*

No significant changes in short-term market outlook

Valmet expects demand to remain satisfactory in its Services business line.

In its Pulp and Energy business line, Valmet expects the demand for pulp mills and rebuilds to remain satisfactory, while demand for power plants based on renewable energy sources is expected to remain weak.

In its Paper business line, Valmet believes that structural changes in the paper industry are likely to continue and expects that demand for paper and board making lines will remain weak. Demand for tissue production lines is expected to remain satisfactory.

Going forward, Valmet will assess the market outlook for its services, pulp, energy, paper & board, and tissue businesses separately. Three terms – good, satisfactory, and weak – will be used to characterize the short-term market outlook for these businesses.

Profitability of Valmet’s business lines

Going forward, Valmet will assess its profitability on a business line basis and characterize performance using three terms: good, satisfactory, and weak. The current profitability of the Services business line is satisfactory, while that of the Pulp and Energy business line and the Paper business line is weak.

Valmet has responded to market developments by reducing its capacity and improving the efficiency of its operations and cost structure.

* Metso's stock exchange release about Valmet 's Capital Market Day November 26, 2013 in London. Published November 26, 2013.

Interim Review Q3/2013*

Guidance: Pulp Paper and Power segment (PPP)

Both net sales and EBITA before non-recurring items are expected to be significantly lower compared to 2012. Net sales and EBITA before non-recurring items during the second half are expected to be at about the first half’s level.

Short-term outlook

The pulp mill market remained satisfactory, but decision-making relating to many orders under negotiation was further delayed. Demand for rebuilds and services was satisfactory. Structural changes in the paper industry continued and the demand for paper and board remained weak, whereas demand for tissue lines continued to be good. Stable capacity utilization rates in the paper, board, and tissue industry kept demand for services at a satisfactory level. Demand for recovery boilers for the pulping industry remained unchanged and was satisfactory, while demand for power plants based on renewable energy sources remained weak due to increased shale gas investments, especially in North America.

* Metso Interim Review January 1 - September 30, 2013. Published October 24, 2013.

Valmet estimates that the short-term market outlook has improved to a satisfactory level in pulp (previously weak level).

Valmet reiterates the good short-term market outlook for services, automation, board and paper, and tissue, and the satisfactory short-term market outlook for energy.