METSO OYJ

“While geopolitical risks may hinder investments they also offer opportunities for innovation and resilience. • Sustainability transformation: Electrification is driving demand for metals, and the focus on recycling and sustainable construction is increasing.”

Annual report 2025A · The company itself

“Impacts Actual / potential (+/-) Risks Opportunities Time horizon Key management methods CIRCULARITY IN CUSTOMER OPERATIONS Metso's customers increasingly demand value chain transparency, and there is increasing competitive pressure to offer recycled/circular products and recycling services. This provides a business opportunity for Metso.”

Annual report 2025A · The company itself

“In the Aggregates segment, the strategic choices include growing the aftermarket business, expanding regionally, leading in quarries, contractors and aggregates aftermarket, and strengthening the position in aggregates and infra-recycling.”

Annual report 2025A · The company itself

“The sustainable development of metals-refining and smelting focuses especially on solutions for batteries, low-carbon steel production, circular economy, and copper processing technologies.”

Annual report 2025A · The company itself

“By advocating sustainable practices throughout the supply chain, Metso also promotes the wider adoption of responsible management practices and the reduction of waste generation (SDG 12).”

Annual report 2025A · The company itself

“E5 Resource use and circular economy At Metso, the circular economy is not only a sustainability imperative, but also a strategic business opportunity. Metso’s technologies and services help customers reduce waste, extend product lifetimes and optimize resource use. Additionally in most cases Metso's circularity solutions also help customers to improve their cost competitiveness.”

Annual report 2025A · The company itself

“In Metso’s foundry operations, more than 80% of all raw materials come from recycled sources, reflecting the high circularity of the process. All metal scrap generated during production is recovered and remelted internally. Likewise, used molding sand is continuously regenerated and reused, significantly reducing the need for virgin materials.”

Annual report 2025A · The company itself

“This model integrates equipment provision, operations management and maintenance into a single contract, with Metso responsible for both the machinery and labor. In practice, the model enables the reuse of equipment and components across multiple contracts, reducing the consumption of virgin materials and minimizing waste.”

Annual report 2025A · The company itself

“As an example, in 2025 Metso’s Crushing as a Service operations in Brazil employed approximately 300 people and produced an estimated 24 million tons during the year. The model has demonstrated scalability and agility, with projects such as the LHG Mineração contract mobilized within 120 days and operating at an average capacity of 700 tons per hour.”

Annual report 2025A · The company itself

“In 2025, Metso signed an agreement to acquire Finland-based TL Solution’s recycling operations and induction heating technology development capabilities. The acquired technology strengthens Metso's recycling technology development capabilities based on induction heating and enables consistent delivery of recycling services to mill lining service contract customers.”

Annual report 2025A · The company itself

“Metso's approach includes technological innovations, such as offering equipment that is more energy- and water-efficient and designed to operate reliably with renewable electricity. Metso also focuses on retrofitting and incorporating new technologies into existing minerals processing and aggregates flowsheets and on decreasing the carbon footprint and use of virgin materials in consumables.”

Annual report 2025A · The company itself

“Metso’s sustainable Metso Plus offering, along with innovations to further develop this portfolio, creates value for both Metso’s customers and other stakeholders. The customer-focused Metso Plus portfolio includes more than 100 products that are meaningfully more sustainable than market benchmark products or previous technological generations, based on factors that also drive total lifetime cost of ownership, such as energy and water efficiency.”

Annual report 2025A · The company itself

“Circularity at Metso goes beyond recycling. It includes reuse, remanufacturing, refurbishment, upgrades, predictive maintenance, and innovative business and commercial models such as product exchange and service-based transactions. Circularity is also one of the core elements of Metso Plus since this offering supports resource efficiency by optimizing energy and water use without compromising performance, contributing to circularity by lowering resource intensity and ensuring more efficient use of natural inputs across customer operations.”

Annual report 2025A · The company itself

“Metso Plus offering and innovations for customers – actions Circularity is a core element of the sustainable Metso Plus offering and innovations.”

Annual report 2025A · The company itself

“To support long-term use, Metso offers a comprehensive portfolio of services and wear parts, including options for upgrading, repairing and refurbishing equipment with new parts. Long-term planning of energy consumption, maintenance, repairs, reuse, remanufacturing, refurbishment and recycling of parts are Metso's ways of minimizing the resources, waste and emissions required in the customers’ processes.”

Annual report 2025A · The company itself

“Metso is also piloting in small scale with customers to recover worn-out parts such as mill and crusher liners, pump casings and wear components. These are returned to Metso, processed, and used as raw material in new castings, closing the material loop between Metso’s production and the customers’ operations in the most optimal way when possible, by following the zero-waste concept.”

Annual report 2025A · The company itself

“For rubber-metal composite liners, new recycling methods have been piloted to separate and recover both materials, diverting previously landfilled waste into valuable secondary materials. Metso is also in the initial stages of exploring how to recover value from materials that are harder to recycle such as rubber-based components.”

Annual report 2025A · The company itself

“Other examples of Metso's offering supporting circular economy include e.g. water treatment solutions for minerals processing and crushing equipment for recycling demolition waste, construction waste and infrastructure materials. Metso’s circularity initiatives include the implementation of the Crushing as a Service model, which was presented at the World Circular Economy Forum in Brazil in 2025.”

Annual report 2025A · The company itself

“Through Life Cycle Services (LCS) contracts, Metso can extend the lifetime of customer assets by combining maintenance, refurbishment, and facilitating the reuse of parts and components as well as continuous improvement programs. This reduces premature replacements and maximizes resource value, while minimizing waste.”

Annual report 2025A · The company itself

“Metso's unique mill liner recycling service provides a solution for the disposal of worn mill liners. Reducing the amount of material sent to landfill and cutting CO2 emissions helps to improve environmental efficiency and supports the industry’s shift toward circular practices. It is facilitated by innovative technology that enables safe and efficient separation of different rubber and metal liner components, like cast inserts, wear plates, and backing plates.”

Annual report 2025A · The company itself

“S1 Own workforce – Metso’s people Metso’s own workforce consists of over 21,000 people ( 2024: over 20,000 ), including around 18,000 employees (2024: 16,800 ) and 3,200 non-employee workers (2024 : 3,700 ).”

Annual report 2025A · The company itself

“Inadequate employment conditions could weaken Metso’s employees’ quality of life, increase inequality, as well as reduce job satisfaction and commitment, resulting in a weakening in Metso’s employer brand and performance and could negatively impact customer relations.”

Annual report 2025A · The company itself

“Engaged employees are more likely to perform well and remain with the company. There is a strong correlation between engaged employees and satisfied customers, both correlate to good business results.”

Annual report 2025A · The company itself

“DIVERSITY AND INCLUSION At Metso, diversity and inclusion is embedded into the company culture, fostered and promoted; it increases engagement and promotes employee wellbeing. If diversity and inclusion would not be embedded, it could have a negative impact on employee engagement and wellbeing.”

Annual report 2025A · The company itself

“If Metso doesn’t provide training and development opportunities, it can impact employees’ learning, growth and career development negatively. It can also impact Metso’s innovation and growth capabilities, and competitiveness.”

Annual report 2025A · The company itself

“Material impacts, risks and opportunities Impacts, risks and opportunities Impacts Actual / potential (+/-) Risks Opportunities Time horizon Key management methods HEALTH AND SAFETY Considering the nature of the industry, working at customer sites exposes workers to multiple health and safety risks. In many of the countries where Metso has suppliers, the enforcement of health and safety laws is poor, unsafe conditions are common, and the rate of accidents high.”

Annual report 2025A · The company itself

“Especially among lower tiers of the supply chain, poor implementation of health and safety measures is common, as are unsafe conditions, lack of personal protective and safety equipment, inadequate knowledge, limited training, and poor hygiene. Inadequate health and safety requirements or their implementation may negatively affect the suppliers’ and customer’s employees’ physical and mental health, as well as increase accidents.”

Annual report 2025A · The company itself

“In critical areas, such as direct procurement, audits for new suppliers are carried out prior to approval. Any improvement needs identified during these audits must be addressed with corrective actions before suppliers are accepted into Metso's supply base.”

Annual report 2025A · The company itself

“Incidents of corruption or bribery In 2025, 58 reports of suspected financial misconduct (2024: 60) and 96 reports of suspected non-financial misconduct (2024: 67) were received by Metso’s Compliance department.”

Annual report 2025A · The company itself

“Key figures for 2025 include: • Around 18,000 people in around 50 countries (the number of employees per country is described under S1 – Own workforce • Around 3,500 service experts, offering field and service expertize in more than 50 countries • 17 service centers, including three Performance Centers • Around 45 research and development or testing locations geographically distributed across main markets • 5 own foundries and several selected partner foundries • 9 rubber and Poly-Met wear parts factories • 9 pump and slurry handling factories and/or assembly centers • 6 screen assembly centers • Three filtration technology centers and one ceramics plate factory • 15 aggregates equipment factories Metso operates in an environment significantly impacted by changing regulations, particularly due to the energy, carbon, and water intensity of its customer industries.”

Annual report 2025A · The company itself

“Around 17,000 suppliers (2024: over 18,000) in 82 countries (2024: 98) benefit from long-term partnerships and Metso's responsible business practices.”

Annual report 2025A · The company itself

“In 2025, Metso paid EUR 1,169 million in wages (2024: EUR 1,089 million), EUR 150 million in taxes (on accrual basis) (2024: EUR 163 million), and EUR 315 million in dividends to its shareholders (2024: EUR 298 million).”

Annual report 2025A · The company itself

“Metso purchases components from suppliers in some countries where there is a risk of forced labor. There is also a risk of child labor relating to procuring natural rubber in certain countries in Southeast Asia.”

Annual report 2025A · The company itself

“Metso has a strong and healthy culture, where safety, inclusion and wellbeing of employees are at the core. In September 2025, Metso published its new strategy for 2026-2030 and at the same time shared its ambition to build and foster a customer-centric growth culture to best support the new strategy.”

Annual report 2025A · The company itself

“• Engagement surveys are conducted four times a year, their results are discussed, and actions agreed within teams quarterly. • Metso tracks the employee Net Promoter Score (eNPS) and has set the long-term target to be in the top 10% of the industry benchmark.”

Annual report 2025A · The company itself

“Safety targets are set annually and monitored internally on a monthly basis. Metso’s key indicator for safety performance is total recordable injury frequency (TRIF), which was 2.5 in 2025, with a target of 2.0 having been set for the year.”

Annual report 2025A · The company itself

“The Human Rights Policy, approved by the Board of Directors and reviewed annually by the Metso Leadership Team, complements Metso’s Code of Conduct and related policies, including the Supplier Code of Conduct. Metso is committed to operating in a way that human and labor rights are respected and supported across the value chain, including our own operations, suppliers, agents, distributors, and other business partners.”

Annual report 2025A · The company itself

“Metso’s EHS Policy applies to employees as well as contractors working at Metso premises or under Metso's direct supervision. This policy states Metso’s intent to manage hazards and reduce risks to create a safe and healthy workplace, and to respect the human rights of its own employees, contractors and customers.”

Annual report 2025A · The company itself

“Metso measures the employees’ overall wellbeing and job satisfaction with an employee engagement survey that is conducted four times per year.”

Annual report 2025A · The company itself

“An important safety priority is ensuring that products and services are safe to use and maintain; thus, the safety of operation and maintenance is considered in the early phases of product development. The Product Compliance Management process ensures that products designed and supplied by Metso worldwide meet all applicable safety requirements.”

Annual report 2025A · The company itself

“Metso’s technology strategy and R&D prioritize the development of products and services that can help customers achieve their own sustainability targets, e.g. carbon, energy or water efficiency.”

Annual report 2025A · The company itself

“The mining, metals refining, and aggregates industries face increasing demands to reduce their use of energy and water resources, and to mitigate dust, noise and biodiversity impacts, as well as to comply with increasingly stringent environmental legislation.”

Annual report 2025A · The company itself

“Water scarcity may result in increased demand for Metso's water-efficient technologies.”

Annual report 2025A · The company itself

“Actual (-) Customers’ access to inputs, e.g. water, can be hindered by chronic climate changes in the environment. For some customers, this may mean reduced business and therefore decreased sales.”

Annual report 2025A · The company itself

“Environmental efficiency in own operations – actions Metso is committed to reducing water consumption in its own operations in water-scarce locations and to fulfilling all local environmental legislation requirements for water consumption and effluent quality management in accordance with local environmental permits.”

Annual report 2025A · The company itself

“In minerals processing, the emphasis is on energy- and water-efficient solutions for preconcentration, comminution, separation, and tailings management.”

Annual report 2025A · The company itself

“As a result of water efficiency measures, water consumption was reduced by approximately 36,000 m3 in Metso’s operations in 2025.”

Annual report 2025A · The company itself

“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.”

Annual report 2025A · The company itself

“Metso Plus offering Metso Plus products and aftermarket offering need to meet the sustainability performance criteria set by Metso. The products and aftermarket offering included in the Metso Plus portfolio are distinctive from a sustainability point of view, address Metso’s customers’ sustainability needs, and build on our competitive advantages.”

Annual report 2025A · The company itself

“Short Medium Long • The Metso Plus offering has around 40 solutions that address water-related challenges and that are considered better than the market benchmark or previous-generation product. Metso aims to keep expanding and improving this offering to be able to offer water-efficient technologies to its customers. • All Metso’s R&D projects must have sustainability targets, and Metso targets 80% of the R&D spend is on Metso Plus portfolio development by 2030.”

Annual report 2025A · The company itself

“Water-efficient offering for customers – actions Metso’s products can help customers manage their water footprint, and water efficiency is one of the qualifying criteria for the Metso Plus products and aftermarket offering portfolio. Metso defines the level of performance needed to qualify to ensure that designated products and services in this portfolio can make a meaningful contribution to customers’ efforts towards reaching their climate and other environmental targets, including water conservation.”

Annual report 2025A · The company itself

“Filtration solutions High-pressure filtration can reduce water content in tailings, decreasing storage volume and environmental impact. Metso’s larger filters increase material processing capacity and therefore increase overall productivity. Metso’s filtration expertise ensures reliable, efficient systems with minimal downtime and maintenance costs.”

Annual report 2025A · The company itself

“The center’s work has contributed to more sustainable and efficient filtration practices across industries - over 90% of Metso’s filters are part of the Metso Plus offering thanks to their energy, emissions and water efficiency. • Orders for the delivery of filtration technology to mining projects in Indonesia and India. These deliveries include a total of 22 fast-opening Larox® FFP3512 filters equipped with membrane technology, hole-less filter cloths, and corrosion-resistant components. These solutions enhance moisture reduction, operational efficiency, and sustainability.”

Annual report 2025A · The company itself

“• Repeat orders in concentrate and tailings filtration, The majority of the orders are for filter modernizations and upgrades. Orders in concentrate and tailings filtration modernizations total approximately EUR 60 million in 2025. • Launch of Symons® HydroLoop upgrade that is designed to eliminate the open-loop water sealing method used in traditional Symons crushers.”

Annual report 2025A · The company itself

“Orders in concentrate and tailings filtration modernizations total approximately EUR 60 million in 2025. • Launch of Symons® HydroLoop upgrade that is designed to eliminate the open-loop water sealing method used in traditional Symons crushers. This closed-loop recirculation system captures, filters and reuses over 99% of sealing water, helping operations dramatically reduce water waste, lower operating costs and improve ESG performance.”

Annual report 2025A · The company itself

“Metso’s technological focus is on several areas related to customer biodiversity impacts, e.g. closed water loops, raw material efficiency, tailings management, non-toxic processing options, and emissions management systems. These technologies can help in reducing land-use impacts, preventing pollution, and reducing groundwater consumption. They also contribute to minimizing the amount of raw materials needed as inputs in customer operations.”

Annual report 2025A · The company itself

“Leveraging data and analytics allows Metso to optimize customers’ equipment, processes and flowsheets, which can lead to significant productivity gains, cost savings and minimizing environmental impacts.”

Annual report 2025A · The company itself

“Metso’s technology strategy and R&D prioritize the development of products and services that can help customers achieve their own sustainability targets, e.g. carbon, energy or water efficiency.”

Annual report 2025A · The company itself

“The mining, metals refining, and aggregates industries face increasing demands to reduce their use of energy and water resources, and to mitigate dust, noise and biodiversity impacts, as well as to comply with increasingly stringent environmental legislation.”

Annual report 2025A · The company itself

“Developing innovative solutions that are more energy efficient is one of the key priorities for the mining industry where the comminution process, consisting of crushing and grinding, is the most energyintensive stage of minerals production. Given the decreasing grade of ore bodies, which requires even more processing of ore to achieve the same volume of metal, improving processing efficiency is vital.”

Annual report 2025A · The company itself

“High Short – Long Non-optimal choices in R&D expenditure may affect the speed and quality of the development of Metso’s product and services offering. Inability to develop the innovations needed for the increasing commodity supply required for the energy transition is a risk.”

Annual report 2025A · The company itself

“Climate change related risks Category Description Financial impact Time horizon Transitional risks Technology Future sustainability-related requirements will influence market expectations and lead to completely new or alternative technology solutions and processes. The inability to meet these requirements threatens business continuity in the long term.”

Annual report 2025A · The company itself

“Research and development activities concentrate on crushing technology, electrification of aggregates production, and environmental performance.”

Annual report 2025A · The company itself

“In minerals processing, the emphasis is on energy- and water-efficient solutions for preconcentration, comminution, separation, and tailings management.”

Annual report 2025A · The company itself

“In Minerals, the focus is on technology leadership in processing and smelting, particularly through Metso’s sustainable equipment and aftermarket offering (Metso Plus offering).”

Annual report 2025A · The company itself

“The most significant risks and opportunities identified for Metso include the ability to develop environmentally efficient products to meet customers’ future needs and the ability to operate in a changing business and external environment. Additionally, environmental legislation, customer energy supply, the global regulatory environment, and political and social unrest are considered material factors.”

Annual report 2025A · The company itself

“Short Medium Long • Metso has net-zero targets and a transition plan to achieve the targets, as described in more detail in section 2.3.5. Environmental efficiency in own operations. • Metso Plus offering – over 100 products and services that are more energy-efficient than an industry benchmark or a previous-generation product in the market.”

Annual report 2025A · The company itself

“Metso's approach includes technological innovations, such as offering equipment that is more energy- and water-efficient and designed to operate reliably with renewable electricity. Metso also focuses on retrofitting and incorporating new technologies into existing minerals processing and aggregates flowsheets and on decreasing the carbon footprint and use of virgin materials in consumables.”

Annual report 2025A · The company itself

“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.”

Annual report 2025A · The company itself

“Metso Plus offering Metso Plus products and aftermarket offering need to meet the sustainability performance criteria set by Metso. The products and aftermarket offering included in the Metso Plus portfolio are distinctive from a sustainability point of view, address Metso’s customers’ sustainability needs, and build on our competitive advantages.”

Annual report 2025A · The company itself

“Operating environment Market activity in Metso’s customer industries remained solid throughout 2025. However, tariffs and broader macro‑economic uncertainty continued to slow some customers’ investment decisions related to new equipment purchases. In the Minerals segment, the number of requests for quotations stayed at a high level all year as customers actively planned to increase the production of metals needed for the electrification of society. This development was particularly supported by high market prices for copper and gold.”

Annual report 2025A · The company itself

“Orders received increased by 3% year-on-year, thanks to aftermarket and large equipment orders. Aftermarket orders increased by 4%, as activity - especially related to rebuilds and modernizations - was higher compared to 2024.”

Annual report 2025A · The company itself

“This shift demands large investments in renewable power generation, transmission infrastructure and battery technologies. As a result, the supply of key metals, such as nickel, copper, lithium, zinc, and manganese, must increase rapidly and significantly.”

Annual report 2025A · The company itself

“Electrification will increase the demand for certain metals, such as copper and other battery metals, which will strengthen the demand for minerals and hence the outlook for mining and Metso’s business. Short Medium Long CLIMATE CHANGE ADAPTATION Climate change impacts the physical environment.”

Annual report 2025A · The company itself

“Renewables and electrification would create strong demand for copper and battery metals, and spending on infrastructure accelerates.”

Annual report 2025A · The company itself

“Due to an increase in demand and reductions in ore grades, the footprint of copper and other energy transition materials is likely to increase rapidly. Decreasing ore grades will require larger operational footprints, resulting in larger amounts of tailings.”

Annual report 2025A · The company itself

“Rising raw material costs and availability challenges further increase the need for sustainable and circular solutions.”

Annual report 2025A · The company itself

“Metso is well-positioned in the fastest-growing metals and critical minerals, such as nickel, copper, lithium, zinc and manganese, with a comprehensive equipment and aftermarket offering and strong capabilities in full flowsheet offering.”

Annual report 2025A · The company itself

“For metals refining customers, Metso offers a comprehensive portfolio of modern smelting solutions for the treatment of primary and secondary raw materials. For example, the Metso Plus flash smelting process is currently the most widely used copper smelting method globally, delivering high metal recovery at the lowest total cost of ownership as well as providing the most effective emissions control.”

Annual report 2025A · The company itself

“DRI smelting can replace traditional blast furnaces used in iron and steel making, which generate most of the CO2 emissions in steel production. • Metso Plus orders included complete flotation flowsheet beneficiation and dewatering equipment for a copper-gold project in Pakistan, key equipment for the first greenfield copper concentrator of this scale in Australia, a portable plug-and-play High Pressure Grinding Roll (HPGR) circuit for gold operation in Australia, a comprehensive suite of minerals processing equipment for two strategic projects in Malaysia, key process equipment for high-grade gold projects both in Co-operative Republic of Guyana (South America) and Namibia (Africa), key process equipment for a greenfield iron ore concentrator plant and for a copper concentrator plant in Oman as well as orders for key process equipment for a greenfield critical minerals greenfield project in the US.”

Annual report 2025A · The company itself

“In the Minerals segment, the number of requests for quotations stayed at a high level all year as customers actively planned to increase the production of metals needed for the electrification of society. This development was particularly supported by high market prices for copper and gold.”

Annual report 2025A · The company itself

“While geopolitical risks may hinder investments they also offer opportunities for innovation and resilience. • Sustainability transformation: Electrification is driving demand for metals, and the focus on recycling and sustainable construction is increasing.”

Annual report 2025A · The company itself

“Climate change, urbanization, electrification and infrastructure investments continue to drive long-term commodity demand.”

Annual report 2025A · The company itself

“In the Minerals segment, the strategic choices include becoming the leading player in energy transition minerals, delivering added value to meet customer needs, and focusing on solutions that offer significant aftermarket business potential.”

Annual report 2025A · The company itself

“Research and development activities concentrate on crushing technology, electrification of aggregates production, and environmental performance.”

Annual report 2025A · The company itself

“For aggregates customers, R&D efforts focus on electrifying mobile crushing and screening equipment.”

Annual report 2025A · The company itself

“Equipment-related Scope 3 decarbonization actions are tied to Metso’s energy- and carbon-efficient Metso Plus offering as well as to Metso’s collaboration with its customers and other stakeholders in developing new technologies.”

Annual report 2025A · The company itself

“Metso’s most significant planned investments in decarbonizing its own operations focus on electrifying foundries and metal casting processes within its facilities in China and India.”

Annual report 2025A · The company itself

“For example, Metso’s offering in aggregates is currently around 46% electric and includes dual power source products such as the Lokotrack EC range.”

Annual report 2025A · The company itself

“Metso’s technology strategy and R&D prioritize the development of products and services that can help customers achieve their own sustainability targets, e.g. carbon, energy or water efficiency.”

Annual report 2025A · The company itself

“Short Medium Long • Metso has net-zero targets and a transition plan to achieve the targets, as described in more detail in section 2.3.5.”

Annual report 2025A · The company itself

“Responsible supply chain – metrics and actions Metso requires its suppliers to demonstrate continuous environmental improvement, such as developing CO2 emissions reduction plans and setting their own CO2 reduction targets. Metso especially encourages suppliers to commit to the Science Based Targets initiative (SBTi) and climate-related target setting.”

Annual report 2025A · The company itself

“Metso’s supplier engagement program began in 2020; in 2025, 34.0% of the direct supplier spend was with those committed to SBTi.”

Annual report 2025A · The company itself

“Aligned in the strategy is the aim of being an industry frontrunner in sustainability and targeting net zero emissions in own operations by 2030.”

Annual report 2025A · The company itself

“In 2021, Metso further strengthened its commitment by setting a new target to reach net-zero CO2 emissions in its own operations by 2030 and this target is now also Science Based Targets Initiative approved.”

Annual report 2025A · The company itself

“Metso aims for 30% of its direct procurement spend to be with suppliers who have committed to science-based emissions reductions by 2025. In 2025, Metso renewed its science-based targets (SBTs) and going forward commits that 40% of its suppliers by spend will have science-based targets by 2030.”

Annual report 2025A · The company itself

“This shift demands large investments in renewable power generation, transmission infrastructure and battery technologies. As a result, the supply of key metals, such as nickel, copper, lithium, zinc, and manganese, must increase rapidly and significantly.”

Annual report 2025A · The company itself

“Electrification will increase the demand for certain metals, such as copper and other battery metals, which will strengthen the demand for minerals and hence the outlook for mining and Metso’s business. Short Medium Long CLIMATE CHANGE ADAPTATION Climate change impacts the physical environment.”

Annual report 2025A · The company itself

“Renewables and electrification would create strong demand for copper and battery metals, and spending on infrastructure accelerates.”

Annual report 2025A · The company itself

“The sustainable development of metals-refining and smelting focuses especially on solutions for batteries, low-carbon steel production, circular economy, and copper processing technologies.”

Annual report 2025A · The company itself

“In the rapidly growing battery industry, Metso is well positioned to offer sustainable technology and equipment, covering e.g. lithium and nickel production, with project scopes ranging from equipment packages to complete plant deliveries, covering the entire value chain from mine to battery materials, as well as black mass recycling.”

Annual report 2025A · The company itself

“Rising raw material costs and availability challenges further increase the need for sustainable and circular solutions.”

Annual report 2025A · The company itself

“Acquisition of Swiss Tower Minerals On April 2, Metso completed the acquisition of its long-time partner Swiss Tower Mills Minerals AG (STM), of which it previously had a 15% minority ownership. The acquisition further strengthened Metso's position as a leading provider of crushing and grinding solutions for the mining industry.”

Annual report 2025A · The company itself

“Metso is well-positioned in the fastest-growing metals and critical minerals, such as nickel, copper, lithium, zinc and manganese, with a comprehensive equipment and aftermarket offering and strong capabilities in full flowsheet offering.”

Annual report 2025A · The company itself

“In the rapidly growing battery industry, Metso is well positioned to offer sustainable technology and equipment, covering e.g. lithium and nickel production, with project scopes ranging from equipment packages to complete plant deliveries, covering the entire value chain from mine to battery materials, as well as black mass recycling.”

Annual report 2025A · The company itself

“Metso’s products and services are used in the aggregates, minerals processing and metals refining industries that produce critical raw materials.”

Annual report 2025A · The company itself

“Digitalization serves as an additional key driver, enabling the development of new business models, improving efficiency and enhancing safety.”

Annual report 2025A · The company itself

“Metso places strong emphasis on the aftermarket and services, with a focus on customer experience and new digital capabilities to support both organic and inorganic growth. Key growth areas include products with high aftermarket captivity, the sustainable Metso Plus offering, automation, and digitalization.”

Annual report 2025A · The company itself

“Additionally, Metso prioritizes the development of smart and connected equipment and processes.”

Annual report 2025A · The company itself

“High Short – Long Non-optimal choices in R&D expenditure may affect the speed and quality of the development of Metso’s product and services offering. Inability to develop the innovations needed for the increasing commodity supply required for the energy transition is a risk.”

Annual report 2025A · The company itself

“The most significant risks and opportunities identified for Metso include the ability to develop environmentally efficient products to meet customers’ future needs and the ability to operate in a changing business and external environment. Additionally, environmental legislation, customer energy supply, the global regulatory environment, and political and social unrest are considered material factors.”

Annual report 2025A · The company itself

“The center’s work has contributed to more sustainable and efficient filtration practices across industries - over 90% of Metso’s filters are part of the Metso Plus offering thanks to their energy, emissions and water efficiency. • Orders for the delivery of filtration technology to mining projects in Indonesia and India. These deliveries include a total of 22 fast-opening Larox® FFP3512 filters equipped with membrane technology, hole-less filter cloths, and corrosion-resistant components. These solutions enhance moisture reduction, operational efficiency, and sustainability.”

Annual report 2025A · The company itself

“DRI smelting can replace traditional blast furnaces used in iron and steel making, which generate most of the CO2 emissions in steel production. • Metso Plus orders included complete flotation flowsheet beneficiation and dewatering equipment for a copper-gold project in Pakistan, key equipment for the first greenfield copper concentrator of this scale in Australia, a portable plug-and-play High Pressure Grinding Roll (HPGR) circuit for gold operation in Australia, a comprehensive suite of minerals processing equipment for two strategic projects in Malaysia, key process equipment for high-grade gold projects both in Co-operative Republic of Guyana (South America) and Namibia (Africa), key process equipment for a greenfield iron ore concentrator plant and for a copper concentrator plant in Oman as well as orders for key process equipment for a greenfield critical minerals greenfield project in the US.”

Annual report 2025A · The company itself

“E3 Water and marine resources Metso’s operations can affect water resources, both directly at its manufacturing sites and indirectly through its equipment when used by customers. Water management is a growing challenge for mines and quarries because they are often located in water-scarce areas.”

Annual report 2025A · The company itself

“Metso offers various solutions to help reduce biodiversity loss in customer industries: • Tailings treatment and dry stacking • Process water treatment and biotreatment of mine waters • Stockpile remediation • Recyclability of spare parts and process media • Ore pre-sorting • Energy-, water-, and chemical-efficient processing • Liner and grinding media recycling • SOx capture in sulfuric acid production • Effluent quality-control analyzers • Low-energy and electrical equipment • Concentrator plants with small environmental footprints Metso has determined that most of its Metso Plus portfolio could help reduce the risk of biodiversity loss in customer operations.”

Annual report 2025A · The company itself

“Actual (-) Availability of energy, especially clean energy, will become increasingly important. However, affordable access to clean energy might be restricted, particularly in remote customer locations, and with significant differences between countries.”

Annual report 2025A · The company itself

“Intermediate Short – Medium The availability of energy, especially low-carbon energy, will become increasingly important. However, access to affordable low-carbon energy might be restricted, particularly in remote customer locations and with significant differences between countries.”

Annual report 2025A · The company itself

“Metso’s most significant planned investments in decarbonizing its own operations focus on electrifying foundries and metal casting processes within its facilities in China and India.”

Annual report 2025A · The company itself

“Metso recognizes revenue from contracts with customers and reports under two segments: Minerals and Aggregates. Revenue for 2025 was EUR 5,240 million, of which EUR 3,974 million is attributable to Minerals, and EUR 1,266 million attributable to Aggregates.”

Annual report 2025A · The company itself

“Revenue breakdown Metso’s total sales in 2025 were EUR 5,240 million (2024: EUR 5,026 million). Minerals’ sales accounted for 76% (2024: 76%) while the remaining 24% came from Aggregates (2024: 24%).”

Annual report 2025A · The company itself

“G1 Responsible business conduct A strong growth culture is essential for achieving Metso’s strategic objectives, and ensuring responsible business conduct. The focus areas for people and culture in the strategy period 2026-2030 are customercentric growth culture, engaged Metsonites and industry-leading capabilities.”

Annual report 2025A · The company itself

“Metso’s offering and process expertise cover the entire end-to-end mining process, from professional testing and piloting to early project support, and solutions across the flowsheet, including crushing and grinding, separation and filtration, and advanced tailings management.”

Annual report 2025A · The company itself

“General information Metso, headquartered in Finland, has a global presence in around 50 countries and delivers sustainable technologies, end-to-end solutions and aftermarket parts and services, for the aggregates, minerals processing, and metals refining industries.”

Annual report 2025A · The company itself

“Additionally, Metso prioritizes the development of smart and connected equipment and processes.”

Annual report 2025A · The company itself

“Due to the cyclical nature of its customer industries, Metso outsources a significant proportion of its manufacturing.”

Annual report 2025A · The company itself

“In the Aggregates segment, the strategic choices include growing the aftermarket business, expanding regionally, leading in quarries, contractors and aggregates aftermarket, and strengthening the position in aggregates and infra-recycling.”

Annual report 2025A · The company itself

“General information Metso, headquartered in Finland, has a global presence in around 50 countries and delivers sustainable technologies, end-to-end solutions and aftermarket parts and services, for the aggregates, minerals processing, and metals refining industries.”

Annual report 2025A · The company itself

“The sustainable development of metals-refining and smelting focuses especially on solutions for batteries, low-carbon steel production, circular economy, and copper processing technologies.”

Annual report 2025A · The company itself

“For metals refining customers, Metso offers a comprehensive portfolio of modern smelting solutions for the treatment of primary and secondary raw materials. For example, the Metso Plus flash smelting process is currently the most widely used copper smelting method globally, delivering high metal recovery at the lowest total cost of ownership as well as providing the most effective emissions control.”

Annual report 2025A · The company itself

“Metso’s offering for aggregates customers includes crushers, screens, feeders, fixed and mobile crushing and screening plants, track-mounted equipment, spare and wear parts, and a wide array of services.”

Annual report 2025A · The company itself

“Metso continues to serve customers in the coal industry, for both brown- and greenfield projects and for thermal as well as metallurgical coal. However, Metso will not make any investment in the research and development of products and services specific to the coal industry.”

Annual report 2025A · The company itself

“Cybersecurity Metso’s Cybersecurity operations and development are a fundamental part of Metso’s corporate security governance and risk management framework. The main objective of the Cybersecurity function is to protect and support Metso’s business continuity as well as Metso’s customers and other business partners.”

Annual report 2025A · The company itself

“Metso contributes to local communities through cooperation with universities and other research institutes, as well as by participating in local community corporate social responsibility initiatives.”

Annual report 2025A · The company itself

“A significant share of sales in the Aggregates business is carried out through distributors. The management and development of the global distributor network is the responsibility of a dedicated distribution management organization (DMO).”

Annual report 2025A · The company itself

“Additionally, Metso’s minerals offering includes material handling equipment and slurry pumps, as well as an extensive selection of spare and wear parts and services.”

Annual report 2025A · The company itself

“Metso acknowledges that the coal industry is entering a prolonged rampdown and phase-out in response to climate change initiatives.”

Annual report 2025A · The company itself

“Environmental and emissions reporting obligations will increase. Intermediate Short Metso Corporation - Board of Directors' report and financial statements 2025 |69 Climate change related risks Category Description Financial impact Time horizon Physical risks Chronic Customers’ access to inputs, e.g. water, can be hindered by chronic changes in the environment.”

Annual report 2025A · The company itself

“Climate change related risks Category Description Financial impact Time horizon Transitional risks Technology Future sustainability-related requirements will influence market expectations and lead to completely new or alternative technology solutions and processes. The inability to meet these requirements threatens business continuity in the long term.”

Annual report 2025A · The company itself

“However, tariffs and broader macro‑economic uncertainty continued to slow some customers’ investment decisions related to new equipment purchases.”

Annual report 2025A · The company itself

“Trade restrictions and tariffs pose risks for global economic growth and may affect both Metso's customers and suppliers. Metso has actively mitigated the impact of tariffs on its operations through its extensive geographical footprint, by passing tariffs on to customers through prices, and by optimizing its sourcing and supply chain.”

Annual report 2025A · The company itself

“Climate change, urbanization, electrification and infrastructure investments continue to drive long-term commodity demand.”

Annual report 2025A · The company itself

“Climate change, urbanization, electrification and infrastructure investments continue to drive long-term commodity demand.”

Annual report 2025A · The company itself

“Material impacts, risks and opportunities Impacts Actual / potential (+/-) Risks Opportunities Time horizon Key management methods WATER USE IN METSO'S OPERATIONS Several of Metso’s locations are situated in waterscarce areas in India, China, Chile and Mexico, which increases demand for local water resources. Actual (-) Short Medium Long • 8 of Metso’s locations are located in water-scarce areas (2024: 8).”

Annual report 2025A · The company itself

“In other regions, such as China and South America, activity remained broadly in line with the previous year.”

Annual report 2025A · The company itself

“Metso’s most significant planned investments in decarbonizing its own operations focus on electrifying foundries and metal casting processes within its facilities in China and India.”

Annual report 2025A · The company itself

“Specific climate mitigation actions completed in 2025 include: • Energy-efficient upgrades to industrial furnaces and heating systems in Brazil, China and India • Installations of solar panels at manufacturing locations in Australia, China and Mexico • Change from diesel to electric tow-trucks and company vans in India and Ireland and installing electric vehicle charging stations in Finland • Installation of automated shutdown control for air conditioning to reduce energy and cooling gas waste in Brazil Metso Corporation - Board of Directors' report and financial statements 2025 |68 Metso continues to develop its Life Cycle Services (LCS) contracts toward more sustainable solutions by creating performance-based and product-as-a-service business models.”

Annual report 2025A · The company itself

“Metso's supply chain extends to many low-income countries. Expansions of sourcing to lowincome countries to improve cost-efficiency may increase the risk for wages that are not adequate.”

Annual report 2025A · The company itself

“Metso will need to adapt its operations to deal with rising temperatures, water shortages, floods, storms, and other extreme weather. These changes will require additional resources.”

Annual report 2025A · The company itself

“Key hazards that were identified as likely to become significant issues in the future included: • Heatwaves – several Metso locations are experiencing consequences of increased and prolonged heatwaves. Mitigation actions and plans to cope with this hazard are already in place.”

Annual report 2025A · The company itself

“Geopolitical tensions and related trade barriers may impact global supply chains and may affect Metso's ability to deliver on time and/or on budget.”

Annual report 2025A · The company itself

“Metso recognizes the rapid rate of change in its customer industries and has identified several megatrends impacting its strategy and business model • Deglobalization and geopolitics: Drives minerals and aggregates industries to build stronger, local supply chains.”

Annual report 2025A · The company itself

“Material impacts, risks and opportunities Impacts Actual / potential (+/-) Risks Opportunities Time horizon Key management methods WATER USE IN METSO'S OPERATIONS Several of Metso’s locations are situated in waterscarce areas in India, China, Chile and Mexico, which increases demand for local water resources. Actual (-) Short Medium Long • 8 of Metso’s locations are located in water-scarce areas (2024: 8).”

Annual report 2025A · The company itself

“Specific climate mitigation actions completed in 2025 include: • Energy-efficient upgrades to industrial furnaces and heating systems in Brazil, China and India • Installations of solar panels at manufacturing locations in Australia, China and Mexico • Change from diesel to electric tow-trucks and company vans in India and Ireland and installing electric vehicle charging stations in Finland • Installation of automated shutdown control for air conditioning to reduce energy and cooling gas waste in Brazil Metso Corporation - Board of Directors' report and financial statements 2025 |68 Metso continues to develop its Life Cycle Services (LCS) contracts toward more sustainable solutions by creating performance-based and product-as-a-service business models.”

Annual report 2025A · The company itself

“Across its customers' industries, there is a large installed base of Metso equipment, and by introducing new digital services, Metso can serve the customers even better and provide efficiency solutions for the existing installed base. Metso’s strategy leverages its aftermarket capacity to mitigate the inherent cyclicality of its customer industries and expansion into third-party installed bases.”

Annual report 2025A · The company itself

“A significant portion of Metso’s manufacturing is outsourced, emphasizing the importance of responsible procurement practices.”

Annual report 2025A · The company itself

“Metso Corporation - Board of Directors' report and financial statements 2025 |11 Even though currency exposure of firm delivery and purchase agreements is hedged, exchange rate fluctuations may impact the company's financial position.”

Annual report 2025A · The company itself

“Environmental and emissions reporting obligations will increase. Intermediate Short Metso Corporation - Board of Directors' report and financial statements 2025 |69 Climate change related risks Category Description Financial impact Time horizon Physical risks Chronic Customers’ access to inputs, e.g. water, can be hindered by chronic changes in the environment.”

Annual report 2025A · The company itself

“Metso’s procurement spend was approximately EUR 3.6 billion in 2025 (2024: EUR 3.3 billion).”

Annual report 2025A · The company itself

“In 2025, Metso’s procurement spend was approximately EUR 3.6 billion (2024: EUR 3.3 billion), and the company collaborated with around 17,000 suppliers in 82 countries (2024: over 18,000 and 98).”

Annual report 2025A · The company itself

“In other regions, such as China and South America, activity remained broadly in line with the previous year.”

Annual report 2025A · The company itself

“Personnel by area Share, % Europe Asia Pacific and Greater China Total 100 Other main events in 2025 Acquisition of screening business in China On February 10, Metso announced the acquisition of the screening business, operations and key assets of the privately owned Selm (Beijing) Technology Co., Ltd. By combining the new offering with its existing expertise, Metso will strengthen its services for mining and aggregates customers in China.”

Annual report 2025A · The company itself

“Metso’s most significant planned investments in decarbonizing its own operations focus on electrifying foundries and metal casting processes within its facilities in China and India.”

Annual report 2025A · The company itself

“• Opening of a new separation laboratory and pilot area at Pori, Finland, that supports Metso’s strategy as a leading partner in developing advanced flotation and beneficiation solutions for the global minerals industry.”

Annual report 2025A · The company itself

“In 2025 , Finland, India, Chile, Brazil and China were Metso’s five biggest countries by employment (2024: Finland, Chile, India, Brazil and China), representing 55% of the company’s total headcount (2024: 56% ).”

Annual report 2025A · The company itself

“In 2025, Metso’s spend on suppliers that are local to the purchasing operations amounted to 73% of total supply spend. Metso is committed to supporting local communities by sourcing products locally where economically feasible, and by training and recruiting local people, and supporting local economic development.”

Annual report 2025A · The company itself

“In the Aggregates market, the year was better than the previous one, especially in Europe.”

Annual report 2025A · The company itself

“The growth was attributed to the North American and European markets. Orders in North America were supported by acquisitions, while activity in Europe was higher year-on-year.”

Annual report 2025A · The company itself

“New screen manufacturing center in Romania On July 3, Metso announced that it is expanding its stationary screen production footprint by establishing a new manufacturing center in Oradea, Romania. This investment will ensure the screening business growth strategy by increasing capacity and enhancing customer proximity and service capabilities for customers located in Europe, Central East Asia, and the Middle East.”

Annual report 2025A · The company itself

“In North America, tariffs added uncertainty during the year, although market conditions were supported by the normalization of distributor inventory levels.”

Annual report 2025A · The company itself

“The growth was attributed to the North American and European markets. Orders in North America were supported by acquisitions, while activity in Europe was higher year-on-year.”

Annual report 2025A · The company itself

“New service center in Western Canada On June 6, Metso announced the construction of a new service center in Western Canada. The center is expected to be fully operational by early 2026.”

Annual report 2025A · The company itself

“Metso applies, on average, payment terms of 14-120 days in its contracts with suppliers and, as standard, payments are made according to the due date.”

Annual report 2025A · The company itself