Valmet Results Q2 2026: Revenue, Profit and Margins
In Q2 2026, Valmet’s revenue was €1,315.0 million, up 6.0% from Q2 2025. Operating profit was €127.0 million, an operating margin of 9.7% (Q2 2025: 4.6%). Net income for the period was €75.0 million and earnings per share €0.40.
Valmet income statement Q2 2026: where the revenue went
Of every €100 of revenue in Q2 2026, €9.7 was left as operating profit and €5.7 as net income.
Key figures for Q2 2026
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Revenue, €M | 1,315.0 | 1,241.0 | +6.0% |
| Gross profit, €M | 359.0 | 351.0 | +2.3% |
| Gross margin | 27.3% | 28.3% | −1.0 pp |
| Operating profit, €M | 127.0 | 57.0 | +122.8% |
| Operating margin | 9.7% | 4.6% | +5.1 pp |
| Adjusted EBITA, €M | 152.0 | 143.0 | +6.3% |
| Net income, €M | 75.0 | 28.0 | +167.9% |
| Net margin | 5.7% | 2.3% | +3.4 pp |
| Earnings per share | €0.40 | €0.15 | +166.7% |
Valmet in charts
Valmet from revenue to net income, Q2 2026
Net income was €75.0 million on revenue of €1,315.0 million, a net margin of 5.7%.
What drove Valmet’s operating profit
Operating profit rose from €57.0 million in Q2 2025 to €127.0 million in Q2 2026. The chart shows which lines of the income statement made up the change.
Valmet revenue by segment
In Q2 2026, the largest segment was Biomaterial Solutions and Services with 71.9% of revenue, followed by Process Performance Solutions (28.1% of revenue).
Valmet revenue by business area
In Q2 2026, the largest business area was Pulp, Energy and Circularity with 31.3% of revenue, followed by Packaging and Paper (27.4% of revenue).
Valmet profitability: profit margins by quarter
In Q2 2026, Valmet’s gross margin was 27.3% (Q2 2025: 28.3%), operating margin 9.7% (Q2 2025: 4.6%) and net margin 5.7% (Q2 2025: 2.3%). From Q1 2023 to Q2 2026, the operating margin ranged from 4.6% (Q2 2025) to 11.3% (Q4 2025).
Valmet revenue growth by quarter
Revenue was €1,315.0 million in Q2 2026, up 6.0% from Q2 2025. The highest quarter from Q1 2023 to Q2 2026 was Q4 2024, with €1,528.0 million.
Valmet operating profit by quarter
Operating profit was €127.0 million in Q2 2026 (Q2 2025: €57.0 million). Adjusted EBITA was €152.0 million (Q2 2025: €143.0 million).
Valmet revenue and earnings, last twelve months
In the twelve months to the end of Q2 2026, revenue was €5,331.0 million (+1.6% on a year earlier) and net income €300.0 million.
Valmet earnings per share (EPS)
Earnings per share were €0.40 in Q2 2026 (Q2 2025: €0.15).
Quarterly results
| Quarter | Revenue | Change y/y | Operating profit | Operating margin | Net income | EPS |
|---|---|---|---|---|---|---|
| Q2 2026 | 1,315.0 | +6.0% | 127.0 | 9.7% | 75.0 | €0.40 |
| Q1 2026 | 1,244.0 | +5.1% | 58.0 | 4.7% | 34.0 | €0.19 |
| Q4 2025 | 1,477.0 | −3.3% | 167.0 | 11.3% | 105.0 | €0.57 |
| Q3 2025 | 1,295.0 | 0.0% | 125.0 | 9.7% | 86.0 | €0.46 |
| Q2 2025 | 1,241.0 | −6.3% | 57.0 | 4.6% | 28.0 | €0.15 |
| Q1 2025 | 1,184.0 | −2.3% | 89.0 | 7.5% | 61.0 | €0.33 |
| Q4 2024 | 1,528.0 | +1.9% | 150.0 | 9.8% | 98.0 | €0.53 |
| Q3 2024 | 1,295.0 | 0.0% | 109.0 | 8.4% | 68.0 | €0.37 |
Annual results
| Year | Revenue | Operating profit | Operating margin | Net income | EPS |
|---|---|---|---|---|---|
| 2025 | 5,197.0 | 438.0 | 8.4% | 279.0 | €1.52 |
| 2024 | 5,359.0 | 449.0 | 8.4% | 281.0 | €1.52 |
| 2023 | 5,532.0 | 507.0 | 9.2% | 359.0 | €1.94 |
Revenue by segment
| Segment | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Process Performance Solutions | 370.0 | 372.0 | −0.5% |
| Biomaterial Solutions and Services | 945.0 | 869.0 | +8.7% |
Revenue by business area
| Business area | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Tissue | 173.0 | 125.0 | +38.4% |
| Flow Control | 206.0 | 196.0 | +5.1% |
| Packaging and Paper | 360.0 | 361.0 | −0.3% |
| Automation Solutions | 164.0 | 176.0 | −6.8% |
| Pulp, Energy and Circularity | 411.0 | 383.0 | +7.3% |
Dividends
| Financial year | Dividend per share | EPS | Payout ratio | Status | Source |
|---|---|---|---|---|---|
| 2025 | €1.35 | €1.52 | 88.8% | Board proposal | Release |
| 2024 | €1.35 | €1.52 | 88.8% | Decided by the AGM | Release |
“Board proposal” is the dividend the board proposed in the financial statements release. The annual general meeting usually approves it, but check the company’s AGM release for the final decision. Payout ratio is dividend per share divided by basic earnings per share (payout ratio); N/M means not meaningful (loss).
Guidance vs. actual
What Valmet told investors to expect in each report, and what it then reported for the year.
| Metric | Latest guidance (report) | Actual | Outcome |
|---|---|---|---|
| Revenue, 2026 | Flat (H1 '26) | — | Year in progress |
| Revenue growth, 2026 | Flat (Q1 '26) | — | Year in progress |
| Adjusted EBITA, 2026 | Flat or up (H1 '26) | — | Year in progress |
| Adjusted EBITA growth, 2026 | Flat or up (Q1 '26) | — | Year in progress |
| Revenue, 2025 | Flat (9M '25) | €5,197M | Not in line with guidance |
| Revenue growth, 2025 | Flat (Q1 '25) | −3% | Not in line with guidance |
| Adjusted EBITA, 2025 | Flat (9M '25) | €620M | In line with guidance |
| Adjusted EBITA growth, 2025 | Flat (Q1 '25) | 2% | Not in line with guidance |
Guidance and actuals are as the company reported them, on the same basis (for example adjusted, or growth at constant currency). “Within guidance” means the actual is inside the latest range or meets the stated minimum or maximum; an “about” figure allows ±5% (±0.5 percentage points for percentages). For a direction such as “flat”, a change of less than 2% (0.5 points for margins) counts as flat. Guidance changed in a separate release between reports is shown from the next report onwards.
Calculate it yourself
- Operating margin calculatorValmet in Q2 2026: 9.7%
- Net margin calculatorValmet in Q2 2026: 5.7%
- Gross margin calculatorValmet in Q2 2026: 27.3%
- Earnings per share calculatorValmet in Q2 2026: €0.40
About Valmet
Valmet is a Finnish supplier of process technologies, automation and services for the pulp, paper and energy industries.
- Valmet half-year report Jan–Jun 2026, published Jul 24, 2026
- Valmet interim report Jan–Mar 2026, published Apr 28, 2026
- Valmet financial statements release 2025, published Feb 6, 2026
- Valmet interim report Jan–Sep 2025, published Oct 29, 2025
- Valmet half-year report Jan–Jun 2025, published Jul 23, 2025
- Valmet interim report Jan–Mar 2025, published Apr 23, 2025
- Valmet financial statements release 2024, published Feb 13, 2025
- Valmet interim report Jan–Sep 2024, published Oct 30, 2024
- Valmet half-year report Jan–Jun 2024, published Jul 24, 2024
About these figures. All figures come from Valmet’s published interim reports and financial statements releases, linked above, and are checked against them before publication. Errors are still possible, so confirm any figure in the original report before relying on it. Amounts are in millions of the reporting currency. Quarters reported only cumulatively (for example the fourth quarter) are derived by subtraction, and when a company restates earlier figures, older quarters on the previous basis are left out of comparisons. Margins and changes are calculated by Finpendium. This page is for information only and is not investment advice or a recommendation to buy or sell any security. See how the figures are checked and our Disclaimer. Spotted an error? Let us know.