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Combination of Valmet and Neles Would Create a Unique Platform For Valmet’s proposal to start discussions on a statutory merger between Valmet and Neles Pasi Laine, President and CEO, Valmet Kari Saarinen, CFO, Valmet Valmet has approached the Board of Directors of Neles with a proposal to start discussions on a potential statutory merger between Valmet and Neles Valmet announced 14.88 percent share acquisition of Neles’ shares from Solidium Oy on June 17, 2020 and has gradually increased its ownership further to 29.5%. Valmet has today (September 29, 2020) approached the Board of Directors of Neles with a proposal to start discussions on a potential statutory merger between the two companies. Valmet sees that a combination of the two companies in the long-term would create excellent value for Valmet’s and Neles’ shareholders. A statutory merger between the companies require negotiations between the two companies. Even if such negotiations are initiated, there is no certainty that they will result in a final agreement. 2 29 September, 2020 © Valmet Contents 1 Valmet’s strategy and development 2 Valmet today 3 Neles today and its strategy Valmet and Neles together - a winning combination creating 4 future success 3 29 September, 2020 © Valmet Valmet’s way forward Our Vision Our Must-Wins To become the global champion Customer excellence in serving our customers Our Strategy Leader in technology and Valmet develops and supplies innovation competitive process technology, Excellence in processes services and automation to the Winning team Our Mission pulp, paper and energy industries. We are committed to moving our Converting renewable resources Growth Accelerators into sustainable results customers’ performance forward with our unique offering and way Field services to serve. Industrial Internet and digitalization Our Values Megatrends Customers Excellence • Resource efficient and clean world We move our customers’ performance forward We improve every day to deliver results • Digitalization and new technologies Renewal People • Urban, responsible and global consumer We promote new ideas to create the future We work together to make a difference 4 29 September, 2020 © Valmet Valmet’s 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 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)) 5 29 September, 2020 © Valmet Valmet’s development since 2013 Orders received Comparable EBITA Comparable EBITA margin 10-12% (EUR billion) (EUR million) (%) Comparable EBITA target 4.5 350 10% 4.0 9% 300 8% 3.5 328% 250 7% 3.0 Total Shareholder 6% 200 Return since 2.5 demerger 5% 2.0 150 4% 1.5 100 3% 1.0 2% 50 24% 0.5 1% Annualized Total Shareholder Return 0.0 0 0% 2013 2014 2015 2016 2017 2018 2019 LTM 2013201420152016201720182019 LTM 2013201420152016201720182019 LTM since demerger Pulp and Energy, and Paper business lines Comparable EBITA Comparable EBITA margin Services and Automation business lines 2013 figures on carve-out basis 6 29 September, 2020 © Valmet Valmet’s acquisition strategy Well considered acquisitions with clear industrial logic Several successful acquisitions • Focus on organic growth Process Automation Systems 2015 • Selective acquisitions done to support growth MC machinery 2015 Enertechnix 2018 GL&V 2019 Acquisition themes J&L Fiber Services 2019 PMP Group 2020 (signed 9/2020) • Strengthening Services Automation business line - Complementing existing portfolio Orders received (EUR million) - Expansion in consumables 416 368 386 337 57 • Strengthening Automation 51 56 38 - Stronger Pulp & Paper automation - Expansion in Industrial Internet The growth path of Automation 330 359 - Stronger presence in growth markets 299 317 business is a good example of Valmet’s ability to extract • Expanding business in pulp, paper and energy synergies and successfully value chain 2016 2017 2018 2019 integrate as well as develop the Orders received, internal businesses combined. Orders received, external 7 29 September, 2020 © Valmet Contents 1 Valmet’s strategy and development 2 Valmet today 3 Neles today and its strategy Valmet and Neles together - a winning combination creating 4 future success 8 29 September, 2020 © Valmet Valmet today A leading provider of process technologies, services and automation to pulp, paper and energy industries Paper Pulp and Services Automation Energy Market position Market position Market position Market position #1 #1–3 #1–2 #1–2 Pulp and paper Energy and Market share Market share Market share industry share of process industry ~40% 20-40% ~17% Net Sales share of Net Sales ~ 70% ~ 30% Strong global presence with 220 years of • 100 service centers 6 consecutive years in industrial experience • 96 sales offices Dow Jones Sustainability • 39 production units Index • 16 R&D centers 9 29 September, 2020 © Valmet Valmet’s key figures in 2019 Orders received EUR 3,986 million Orders received by business line Orders received by area 12% Net sales 22% 26% EUR 3,547 million 7% 37% Comparable EBITA EUR 316 million Comparable EBITA margin 17% 8.9% 42% 28% 9% Gearing -23% (on June 2020) Net debt (on June 2020) Services North America EUR -223 million Automation South America Pulp and Energy EMEA Employees (on Dec 31, 2019) Paper China 13,598 Asia-Pacific 10 29 September, 2020 © Valmet Contents 1 Valmet’s strategy and development 2 Valmet today 3 Neles today and its strategy Valmet and Neles together - a winning combination creating 4 future success 11 29 September, 2020 © Valmet Neles today A strong niche player with especially solid position in certain segments of the valves market Diversified valves offering Good market position Balanced global presence Focus on safety and reliability Flow control equipment and • Pulp and paper #1 2,900 employees Valves have a crucial role in services company focused • Oil and gas # 4-5 A globally balanced footprint of increasing the safety and primarily on control valves and sustainability of the customer’s • Chemicals # 7 technology centers, factories demanding on/off industrial and service centers production process valves Source: neles.com 12 29 September, 2020 © Valmet Neles’ key figures Orders received EUR 681 million Net sales by customer industry Net sales by area Net sales 16% EUR 660 million 24% 37% 36% Comparable EBITA EUR 97 million 26% Comparable EBITA margin 14.6% 21% Employees 40% O&G, industrial gas Petrochem & chemical ~2,900 EMEA Americas APAC Pulp and Paper Other Source: neles.com 13 29 September, 2020 © Valmet Neles has a good track record for growth and potential to grow further Net sales, EUR million Neles’ strategic actions to grow organically Growth 700 7.8% 660 and through acquisitions: CAGR 593 600 • Gain market share by expanding in selected 528 522 markets and broadening product offering 500 • Accelerate growth of valve controls & actuators 400 • Strengthen service business supported by digitalization 300 • Execute targeted acquisitions which support these initiatives 200 100 0 2016 2017 2018 2019 Source: neles.com 14 29 September, 2020 © Valmet Contents 1 Valmet’s strategy and development 2 Valmet today 3 Neles today and its strategy Valmet and Neles together - a winning combination creating 4 future success 15 29 September, 2020 © Valmet Valmet and Neles together A Nordic based global leader with a unique offering for process industries Process technologies Services Automation Paper Pulp and Automation Valves Energy systems Market Market position Market position Market position Market position Leadership position position in #1 #1–3 #1–2 #1–2 several segments #1 in pulp & paper Pulp and paper Energy and Pulp and paper Energy and process Market share Market share Market share industry share of process industry industry share of industry share of ~40% 20-40% ~17% Net Sales share of Net Sales Net Sales Net Sales ~ 70% ~ 30% ~ 30% ~ 70% • Large share of recurring, stable business • Solid platform to grow and develop all businesses • Strong confidence and reputation among customers • A winning team with a shared heritage and performance orientation 16 29 September, 2020 © Valmet A unique and competitive offering Paper Pulp and Energy • Board, tissue and paper machines • Pulp mills • Modernizations and grade • Multifuel boilers conversions • Environmental systems Process technology Services Customer • Spare and process parts Automation • Production consumables • Automation systems • Maintenance, shutdown and • Valves outsourcing services • Industrial Internet solutions • Process support and Services Automation optimization Focus on customer benefits 17 29 September, 2020 © Valmet Stronger margin profile and globally balanced operations Services ~32%, automation ~24% and process technologies ~44% of net sales (illustrative, based on 2019 figures) Orders received Net sales by segment Net sales by area EUR 4,667 million 32% 22% Net sales Services Paper APAC 24% EUR 4,207 million Comparable EBITA EMEA EUR 413 million 43% Process Comparable EBITA margin technologies ~44% 9.8% Order backlog 16% 22% EUR 3,613 million Valves Pulp Americas 33% 8% & energy Employees Automation Automation systems 16,464 ~24% All figures are illustrative, based on 2019 figures 18 29 September, 2020
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