Metso orders rise 28% in third quarter as mining equipment demand rebounds
Key Facts
Metso's orders received rose 28% year on year in the third quarter of 2026 as demand for mining equipment grew, according to the company's earnings release. Orders totalled 1,614 million euros, compared with 1,264 million euros in the third quarter of 2025. Order growth accelerated from the second quarter of 2026, when the company reported an annual increase of 18% to 1,462 million euros from 1,241 million euros. Metso's third-quarter sales rose 3% to 1,373 million euros from 1,328 million euros a year earlier. Sales for January to September 2026 totalled about 3,960 million euros, compared with 3,797 million euros in the same period of 2025, an increase of 4%.
The company's operating profit, however, fell to 197 million euros in the third quarter from 205 million euros in the comparable period, according to the reported results. Earnings per share from continuing operations declined to 0.15 euros from 0.17 euros a year earlier. Adjusted earnings before interest, taxes and amortisation rose to 230 million euros from 222 million euros. This adjusted profitability measure grew 4% year on year in the third quarter of 2026. Its margin improved to 16.8% of sales from 16.7% in the third quarter of 2025.
The Minerals segment led order growth, posting a year-on-year increase of 34% in the third quarter, according to Metso's disclosure. Equipment orders in the segment rose 79%, particularly in grinding and crushing solutions. Management attributed mining activity to favourable copper and gold price levels. Third-quarter orders included a copper-related contract worth 90 million euros, according to Investing.com's coverage of the results. In the aftermarket business, sales of services and products increased 10% and accounted for 57% of total group sales during the period, the company said.
On liquidity, operating cash flow before financial items and taxes fell 49% year on year in the third quarter. It totalled 136 million euros, compared with 266 million euros in the same period of 2025, according to the company's disclosure. This followed an increase in operating cash flow before financial items and taxes in the second quarter to 206 million euros from 147 million euros a year earlier. The order backlog stood at about 3,883 million euros at the end of the third quarter of 2026. Metso also disclosed a reduction of 157 million euros in its previously reported backlog for the end of December 2025 after discovering a reporting error.
Against the backdrop of its services activity, Metso announced an agreement in September 2026 to provide analytical services for copper processing operations in South America. The company said the agreement was worth more than 40 million euros over 5 years. Its initial portion was booked in the Minerals segment's third-quarter orders. In a move related to spare parts supply, Metso signed an agreement to acquire Brazil's Italbronze. The acquisition aims to strengthen spare parts manufacturing capacity and secure supplies for the crushing services business, according to the company's announcement.
Looking ahead, Metso maintained its outlook for stable activity in the minerals and aggregates markets over the 6 months following its third-quarter earnings release. The company pointed to support from infrastructure projects for the aggregates market. It also cited high utilisation rates at its mining customers' facilities. On the Italbronze acquisition, Metso said in its announcement: "The acquisition is expected to be completed by the end of 2026, subject to approval by the competition authorities." The company scheduled the publication of its financial statements review for 2026 for 19 February 2027.