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Valmet's Roadshow Presentation Valmet – unique offering with process technology, automation and services Roadshow presentation May 2020 Agenda Valmet roadshow presentation 1 Valmet in brief 2 Investment highlights 3 Financials 4 Conclusion 2 May 2020 © Valmet | Roadshow presentation Valmet in brief We have strong market shares, unique offering and over 220 years of history Paper Pulp and Automation Services Energy Market position Market position Market position Market position #1 #1–3 #1–2 #1–2 Market share Market share Market share Market share ~40% 20-40% 10-20% ~17% Valmet’s road to becoming a global market leader 1797 onwards 1951 1968–1996 1999 Key acquisitions End of 2013 Acquisitions Tamfelt, Beloit, KMW, Valmet Several M&As, e.g. Metso created Beloit Technology (2000), Demerger to create Automation (2015) Sunds Defibrator KMW (1986), through the merger of Kvaerner Pulping & Valmet and Metso GL&V (2019) Wärtsilä paper finishing machinery (1987), Valmet and Rauma Kvaerner Power (2006), J&L (2019) Tampella Papertech (1992) Tamfelt (2009) 4 May 2020 © Valmet | Roadshow presentation New Comparable EBITA Valmet’s development since 2013 target 10–12% from 2020 onwards Orders received Net sales Comparable EBITA Comparable EBITA margin (EUR billion) (EUR billion) (EUR million) (%) 4.5 4.5 350 10% 4.0 4.0 9% 300 8% 3.5 3.5 250 7% 3.0 3.0 6% 2.5 2.5 200 5% 2.0 2.0 150 4% 1.5 1.5 100 3% 1.0 1.0 2% 50 0.5 0.5 1% 0.0 0.0 0 0% 2013 2014 2015 2016 2017 2018 2019 LTM 2013 2014 2015 2016 2017 2018 2019 LTM 2013201420152016201720182019 LTM 2013201420152016201720182019 LTM Pulp and Energy, and Paper business lines Pulp and Energy, and Paper business lines Comparable EBITA Comparable EBITA margin Services and Automation business lines Services and Automation business lines 2013 figures on carve-out basis 5 May 2020 © Valmet | Roadshow presentation Key figures 2019 Net sales by business line Net sales by area Orders received EUR 3,986 million 11% Net sales 26% 22% EUR 3,547 million 13% 39% Comparable EBITA EUR 316 million 10% Comparable EBITA margin 8.9% 26% 10% Order backlog 44% EUR 3,333 million Services North America Employees Automation South America 13,598 Pulp and Energy EMEA Paper China Asia-Pacific 6 May 2020 © Valmet | Roadshow presentation Strong, global presence is a good platform for growth ~100 96 EMEA 8,648 employees service centers sales offices China 1,802 employees North America 1,652 employees 39 16 production units R&D centers Asia-Pacific 910 employees 8 South America Performance Centers 556 employees Personnel as at March 31, 2020 7 May 2020 © Valmet | Roadshow presentation Process technology, services and automation Valmet’s unique offering differentiates the company from its competitors Process technology Customer Services Automation 8 May 2020 © Valmet | Roadshow presentation Significant, customer focused research and development work R&D focus areas • Advanced and competitive technologies and services • Raw material, water and energy efficiency • Promotion of renewable materials 16 EUR 71 million ~1,300 research and R&D spending protected development in 2019 inventions centers 9 May 2020 © Valmet | Roadshow presentation Acknowledged leader in sustainability Sustainability360° approach Most material UN Sustainable • In Dow Jones Sustainability Index Development Goals for the sixth consecutive year for Valmet • AAA rating in the MSCI ESG Ratings assessment in 2019 • Rating A in CDP’s climate program ranking in 2019 360o • RobecoSAM Bronze Class 2020 Sustainability Award • In Ethibel Sustainability Index Excellence Europe 10 May 2020 © Valmet | Roadshow presentation Valmet strengthened its stable business through acquisitions Valmet completed the acquisitions of GL&V and J&L Fiber Services in Q2/2019 • GL&V is a supplier of technologies, upgrade and process • J&L Fiber Services is a manufacturer and provider of refiner optimization services, rebuilds and spare parts for the pulp segments to the pulp, paper and fiberboard industry and paper industry globally - Most of the employees are located in Wisconsin, U.S, with global - Focus in chemical pulping, stock preparation, papermaking and operations through a sales representative and distribution network. finishing - Key locations in the US and Canada, operations also in Europe, • The acquired business became a part of Valmet's Services India and South America business line • Majority of the business is reported in the Services business line Key information Approximate split of net sales Key information Approximate split of net sales 4%3%1% 4% 3% Net sales in 2018 EUR ~160 million Net sales in 2018 EUR ~30 million 8% North America North America 21% EMEA 8% EMEA EBITA margin in 2018 ~11% Asia-Pacific EBITA margin in 2018 ~15% Asia-Pacific South America South America Number of employees ~630 China Number of employees ~100 China 71% Value of acquisition1 EUR ~113 million Value of acquisition1 EUR ~51 million 77% 1) Value on a cash and debt free basis subject to ordinary post-closing adjustments 1) Value on a cash and debt free basis subject to ordinary post-closing adjustments 11 May 2020 © Valmet | Roadshow presentation New and increased financial targets Growth • Net sales for stable business to grow over two times the market growth • Net sales for capital business to exceed market growth Profitability • Comparable EBITA: 10–12% ROCE • Comparable return on capital employed (ROCE) before taxes1: >20% Dividend policy • Dividend payout at least 50% of net profit The new financial targets have been announced by stock exchange release on February 5, 2020 1) Comparable ROCE before taxes = (profit before taxes + interests and other financial expenses +/- items affecting comparability) / (balance sheet total - non-interest-bearing liabilities (average for the period)) 12 May 2020 © Valmet | Roadshow presentation Investment highlights Investment highlights 1 Strong position in the growing market of converting renewables Widest offering combining process technology, services and automation in a 2 unique way 3 Large stable business offering growth and profitability 4 Strong capital business with high market share and flexible cost structure 5 Systematically building the future 14 May 2020 © Valmet | Roadshow presentation 1 2 3 4 5 Strong position in the growing market of converting renewables Paper Board Tissue Pulp Energy Automation Services #1 0.3 ~-1% #1 1.0 ~2-3% #1 0.7 ~3% #1-2 1.4 ~1% #1-3 2.0 ~1% #1-3 2.0 ~1% #1-2 8.0 ~1-2% EUR bn p.a. EUR bn p.a. EUR bn p.a. EUR bn p.a. EUR bn p.a. EUR bn p.a. EUR bn p.a. • Increasing role of digital • World trade, • Rise in purchasing • Growth in board and • Growth in energy • Aging machines and • Increasing pulp, paper media decreases e-commerce and power and living tissue consumption consumption installed automation and energy production demand for printing and emerging markets standards • Need for virgin wood • Demand for sustainable systems • Demand for more efficient writing papers growth drive packaging processes, maintenance • Fast growth in emerging pulp. Decreasing energy and shutdowns • Investments in new pulp and outsourcing of non- • Demand for technology • Demand for light-weight markets availability of recycled of coal capacity and paper mills and core operations driven efficiency board • Demand for higher paper and limitations to • Modernization of aging power plants • Customers’ decreasing improvements • Shift from plastic quality recycling rates plants • Demand for raw material amount of own resources packaging to renewable • Increased size of pulp • Incentives and savings, process • Size and gradually aging materials lines and mills regulation driven efficiencies and installed base, capacity • Conversions from paper • New applications for bio- demand sustainability increases in China, South America and Asia-Pacific to board based products • Environmental solutions • Demand for Industrial • Closures of non- • Increasing driven by marine SOx Internet based solutions competitive production environmental regulation and target lines awareness and stricter market expected • Demand for Industrial regulations temporarily to exceed Internet based solutions EUR 1 billion 5% 13% 7% 12% 14% 10% 39% of net sales of net sales of net sales of net sales of net sales of net sales of net sales Market position Estimated market size for current offering (EUR) Anticipated long-term market growth Market drivers % of net sales (2019) 15 May 2020 © Valmet | Roadshow presentation Source: Leading consulting firms, RISI, management estimates 1 2 3 4 5 Widest offering combining process technology, services and automation in a unique way Paper Pulp Energy • Board, paper and tissue production lines • Wood and pulp handling • Heat and power generation • Rebuilds • Fiber processing • Emission control • Stand-alone products • Recovery • Biofuels Process technology Services Automation • Spare parts and components Customer • Distributed Control Systems (DCS) • Maintenance and shutdown services • Quality Management Systems (QMS) • Outsourcing services • Analyzers and measurements • Production consumables • Industrial Internet solutions • Process support and optimization Services Automation 16 May 2020 © Valmet | Roadshow presentation 1 2 3 4 5 Large stable business offering growth and profitability Services Orders received (EUR million) • 17% market share offers room for growth • Wide offering to support customers’ all service needs • Opportunities to win new customers and increase share of wallet with existing customers 1,928 Growth 1,875 ~10% 1,701 CAGR Automation 1,609 430 1,519
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