Good afternoon, good morning, everyone. This is Juha from Metso Investor Relations, and I want to welcome you all to this conference call where we discuss our fourth quarter '25 and full-year results, which were published earlier this morning.

Results will be presented by our President and CEO, Sami Takaluoma, and CFO, Pasi Kyckling, and after the presentation, we'll have normally Q&A. Please note that we have reserved 1 hour for this call, and also a reminder of the forward-looking statements that will be used in this presentation.

With these words, we are ready to start, and I'll hand over to Sami. Please go ahead.

Thank you, Juha, and good afternoon also from my behalf. Happy to talk through the highlights of the last quarter of the 2025.

We saw the market activity to be very much in line with our expectations. That also resulted then for our orders to grow in a healthy way, including also then at the end of the year being able to finalize the two larger orders from the Minerals capital side.

Sales growth was good, and that also drove then the increase in our adjusted EBITA euros. Worthwhile mentioning here in this page definitely is the strong cash generation that the businesses did in the Q4.

Looking from the figures point of view, orders received €1.5 billion for the quarter, growth by 2% compared to the comparison, and worthwhile also here mentioning that the currencies did have an impact, organic growth higher. Sales was €1.4 billion, growth from the period 11%, and exactly same growth percent for our adjusted EBITA euros.

From the relative EBITA perspective, same delivery as year before, 16.1%. Earnings per share was €0.14, improvement from the year before.

Then, as mentioned, the cash was strong compared to the comparison period. Looking our segments, Aggregates have been performing throughout the year, and in the last quarter, strong orders and performance was recorded.

Orders received, growth was to €307 million from the €294 million. This is double-digit growth in the constant currencies.

Growth was driven mainly by the European market, which has been showing that the pick up throughout the whole year already. Equipment orders growth was 7%, and the aftermarket was 1%.

Sales side also growth, €330 million for the period, year before it was €290 million. Equipment growth in the sales was significant, 23%, and the aftermarket was reflecting the previous period, so that decline by 3%.

Aftermarket share now from the sales perspective is 30% compared to the 35% year before. Then the adjusted EBITA for the Aggregates segment, €53 million, growth from the €46 million year before, and the margin also improved from 16.0% to 16.2%.

Strong sales growth was supported both adjusted EBITA and the profitability development. On the Minerals side, orders €1.194 billion, growth from the year before, and that's reflecting 5% growth in the constant currencies.

Aftermarket orders grew by 5%, and if taken the currency into account, that was a strong single-digit growth in the aftermarket for the quarter. As mentioned, and as published, there was two major equipment orders: copper smelter and also then the gold processing plant.

Sales for the period, €1.113 billion, and that was also growth from the previous period. Aftermarket in this was flat, and the equipment had a very good period finishing the projects and creating also from our perspective the capacity for the new orders and deliveries.

Aftermarket share of the sales, 57% for the period. Adjusted EBITA euros, €190 million, growth from the €173 million year before, and margin point of view, same, 17.1%, as year before.

Adjusted EBITA was driven by the higher sales, and equipment heavy mix kept margin still flat for the comparison period year before. Looking then the dividends part, as the year is in that point, the Board proposes an increase in the dividend paid by Metso.

Proposed dividend is now 69% of the EPS from the continuing operations calculation, standard way as we have been doing that in the past years, two payments, one in May and one in October. Total payout will be with this proposal €331 million.

Then I let Pasi to walk through the numbers a little bit more in the detail.

Thank you, Sami, and a good day, everyone, also on my behalf. Let's start with our profit and loss statement, where the Q4 sales increased 11% to €1.443 billion, and this was driven by successful progression of several Minerals equipment projects as well as good equipment delivery in in our Aggregates segment during Q4.

Equipment share was exceptionally high in the revenue mix and represented 49% of turnover, while aftermarket was 51%. On full-year basis, we increased the sales by 4% to €5.240 billion, and then there aftermarket represented 54% and equipment 46% of sales.

Adjusted EBITA was up €22 million in the quarter to €232 million, and the margin was flat at 16.1%. On full-year basis, our EBITA margin was 15.8%.

In Q4, the equipment business profitability was at good level, both in Aggregates and Minerals, supported by high volumes, whereas aftermarket profitability was at normal level. In Q4, we also recorded €27 million of adjustment items, and the make-up is basically three main components.

First, we accounted provisions related to our Minerals restructuring that was announced earlier in 2025. Then we incurred Hegblom divestment-related losses during the quarter, and additionally, we had costs regarding one legacy project that we have still in our pipeline and which we are looking to complete during the year 2026.

Additionally, in the discontinued operations, where we presented our Ferrous business, we accounted the final losses from from that divestiture. It's worth noting that early 2026, both the Ferrous divestment as well as the Hegblom divestment have been completed.

Income tax rate for the quarter for the year was was 24%, quite normal for our profit mix. In Q4, the tax rate was low at 21% due to the country result mix that we had during during this quarter.

EPS from continued operations was 14 euro cents, which is 1 euro cent up from comparison period. Let's then look at our financial position and balance sheet, where the overall position remains very healthy.

Net debt end of the period was €1.1 billion, and net debt-to-EBITDA KPI at 1.2 times, well below our 1.5 times target. The evidence of of the healthy situation is that Moody's in in December changed our outlook from from stable to positive while maintaining the Baa2 long-term credit rating that we have.

Let me then close my part by by brief look at our cash flow, and cash flow, like Sami already said, was was certainly one of the the highlights of of our quarter. During Q4, we delivered strong cash flow from operations of €365 million, and this was supported by working capital release of of €130 million during the quarter.

Looking at the full year 2025, we delivered €974 million cash flow from operations, and if I link this from the free cash flow basis deducting CapEx and acquisitions from the operating cash flow and comparing that to revenue, we delivered 13% free cash flow margin, which which is something we are happy with. With that, I would like to hand over back to Sami to to talk about our strategy execution and outlook.

Thank you, Pasi. From the strategy point of view, We Go Beyond strategy was launched in the Q4, and happy to report that the execution has started well.

One good indication is also that we measure our own employee satisfaction, and one question there is about the strategy, and we did see very high engagement level overall, and also very high improvement in the strategy question, meaning that we have a full energized organization to deliver. Certain things are already moving according to the strategy.

From the acquisition point of view, it happened after the Q4, but closing of MRA Automation, it's Multi Skilled Resources Australia company. This was a very good addition to the strategy roadmap that we have built.

Company is a leading provider of automation and software solution for the ports and terminals worldwide. Now proudly employees are Metsonites, and we are working for the synergies and growth through this acquisition.

Then, as mentioned, divestment side, making the portfolio ready for the future, we have completed the Ferrous business divestment and also the loading and hauling business, meaning Hegblom. Investment side, one thing to report here is that we are building a new rubber products plant in China to be a relevant player for this very very fastly growing business inside China.

Then also good to report the new sustainability targets that we got in the very early days of the year approved by the SBTI, and they are good ambitious targets and the most ambitious ones in the industry. We continue in that sense as well as promised in our strategy.

Then looking the market outlook, we are expecting that the market activity in both Minerals and Aggregates will remain at the current level for the next two quarters. Reminder that tariff-related turbulences could potentially affect the global economic growth and especially the certainty level of that one, and can have an impact on the market activity.

In our previously published outlook, the expectation was that it also remains the same level. We are expecting to see similar kind of activity from the markets as we did see for the Q4.

Thank you, Sami. Thank you, Pasi, for the presentation.

Operator, we can now open lines for questions and answers.

Yes, morning, everyone, and thanks for the time. I want to start with the Minerals OE developments.

Appreciate there's the two big orders in the books for the quarter, which is nice to see, but if we strip those out, I get to €220 million of OE in terms of order intake. That's down 22% Q-on-Q and 30% year-on-year.

I've got to go back quite some quarters to get to that low level. I'm just curious what's behind that.

Is there a specific commodity weakness? Is it a timing effect, as maybe you've alluded to on page 7 of the release?

It seems a little bit at odds with the strong commodity price, unlocking permitting process, and broader confidence in the tone you've had in recent months. I'll start there.

Thank you. Relevant question, and there is no real link for the commodity prices as such.

Throughout the 2025, when it comes to the Minerals capital side, we have been receiving a good amount of small replacement orders and smaller projects as well. This is no change in that.

They do fluctuate based on the month and also the quarter in question had a lower amount of these ones coming in, but there is no real change in the actual demand of that. Looking the pipeline and also looking the start of the year, they are having the normal volume, but there were less of these in the Q4 as you also pointed out.

Christian, just complementing, when we look more in detail where the delta comes from, it comes from this sort of medium-size orders in our order intake. The sort of a base business, smaller orders, that is at very normal level, but in the sort of medium size of orders, we see this decline that you pointed out.

Thank you both. Maybe turning to the working capital dynamic.

I think customer advances have been about 10% of revenue, at least in the first three quarters. How do we think that working capital item evolves?

You've seen a step-up in large orders. Do you require a larger level of advance payments on those large orders versus the mid-sized ones?

No, thanks for that one. Indeed, on those two large orders that we have announced, we have also during the quarter received the prepayments, and the prepayment size is sort of similar to other orders, it's not larger than in other orders.

Yes, it has a positive impact of some tens of millions in our fourth quarter cash flow, but not more than that.

Thank you. Then maybe just finally, in the service business again within Minerals, were there any revenue gaps in the year as a whole, either as a result of customers moving to carry maintenance, say in the nickel market, or perhaps through the site-specific issues?

We know there's been a lot of productivity challenges, I just wonder if there's any gaps during the year.

Nothing significant that would have affected Metso service numbers as such. Of course, these are never good ones when there has been a lot of challenges in a certain customers, but we have not had that kind of stake of service business that would have been creating any real impact for our situation.

The two main incidents at customer side, Cobre Panama, those are there, but they're nothing new. They have been there already for some time.

That's clear. Thank you.

Hi Sami, Pasi, and Juha. Thanks for taking my questions.

Just the first one, the drop-through of 17% in the Minerals business, which, given only equipment revenues grew, would imply that this is the drop-through on equipment revenues. Is this the sort of normalized drop-through we should think about going forwards?

Or, maybe put it another way, is 17% roughly what the equipment gross margins are?

Maybe I can take that, Edward. Thanks.

No, when we look at the numbers, we see the higher revenue impacting positively the capital margins. If you think about our margins in Minerals capital overall, at drop-through level, they are higher than 17%.

Sales margins are greater than that.

Okay. That's helpful.

Thanks. Then, maybe just one further question.

Just within the release, you talk about mining FIDs being slow. Is the implication that the pipeline remains very strong, and is there any sense that these FIDs might accelerate into 2026?

Yes. We have seen already the change coming to the end of the '25 that activity remains high, but there's more closer to the final kind of situation in the negotiation, and also from the customer side readiness to start to move and place the orders.

We see no change in this when looking now Q1 and then the rest of the '26 at this moment.

That's great. Thank you very much.

Hi. Sorry, can you hear me?

Yes, we can.

Yes, we can.

Amazing. Good afternoon.

Thank you for taking my questions. I have two, please.

Maybe if I could just follow up on the Minerals margin. Here, clearly, the equipment mix was negative in the quarter, but going forward, how should we think about the pass-through towards your 20% margin target should mix continue to be a negative?

Thanks for the question, and great that you got also through the line. We have obviously in our strategy to target to grow the share of aftermarket, and I think you can appreciate based on the numbers and looking at the history that we were extremely successful in Q4 in terms of recognizing revenue from those OE projects, which resulted to unusual profit mix.

What I take as encouragement is that, despite that mix, we were able to deliver okay numbers in Minerals, and that's a proof point that the system works. Of course, going forward, we are not looking to have, over time, this kind of a mix, but rather higher share of aftermarket in line with strategy, and then with that also, journey towards the 20% Minerals margin by 2028.

Thank you. Then maybe if I could just ask on the Aggregates margin.

Here, the margin improved quite nicely in the quarter, and you were saying that you were bringing back temporary workers, I think, back into Q2. Do you think you'll need more people, capacity, if demand continues to be strong in H1?

How should we think about this?

I think that is very positive problem if that comes because that means that the main markets are active and the orders are coming in. Definitely, we have capability for that, and that's not going to be a challenge for us in that sense.

Right now, we are in a good situation. We have a good capacity in the factories, and the work is happening, and people are working for the current level of business.

As said, we, of course, have all the readiness for also increasing the production.

If you look at what happened in Aggregates during 2025, a lot of equipment was delivered from inventory. The finished goods inventory during the year went quite a bit down in Aggregates, which was, of course, a positive news, but then the consequence is that to deliver, for example, the same amount of equipment in 2026, we need to manufacture significantly more, which is positive.

We need our people to do that, and the teams are now back in work since the springtime.

Okay. Thank you.

Thank you. Hi, Sami and Pasi.

Klas at Citi. First, I want to come back to large orders versus underlying.

I think you said before, Sami, that we can't have both large orders and underlying orders improving at the same time. One of the reasons why underlying orders were solid from mid-'24 was because of relatively slow decision-making on the larger side.

Now we see the large orders coming through in a big way, but small- and medium-sized are down year-over-year. Should we then assume that the current level of underlying, often €200 million, around €800 million annualized, is the right level right now and then add new larger orders on top?

I'm just interested in your thoughts on the dynamic there. Thank you.

Hi, Klas. I don't fully recall what quote you are referring to because these two are not really fully aligned in that sense that the let's say underlying small, medium-sized projects, they live their own life, and they have their own drivers.

Then this larger ones, they have different dynamics and approval process and so on. They are not connected in that sense.

What I was now in this call saying is that there is a fluctuation. It's not constant month by month when it comes to these smaller ones, which are very important for us.

In Q4, we had two months with the lower amount. That's not so much to do with the large orders coming in.

It was more about those two months had less orders coming in, and already reflected that beginning of the year seems to have a normal level if I call something normal.

Got it. We had that discussion in November when we met, but yeah, all good.

Then my second question, coming back to the mix in Minerals, if I back the warranty cost of €5 million from last year, the margin in Minerals is down from 16.5% to 16.1%. During the CMD, I think the message was that mix shouldn't be an issue for you to get to at least 20% margin.

Obviously, as you said, Pasi, it's a pretty extreme quarter, but when you look at other peers, particularly upstream, thinking about Sandvik here, they had very strong equipment deliveries, no mix issue. Two questions on this topic: Do you expect the equipment margin to improve already in the next couple of quarters, and when do you look to see your modernization orders with higher margin sort of going through the backlog and then boosting the mix?

Just to understand the dynamic when this mix can sort of start to improve. Thank you.

Maybe, Klas, and and thanks for that, starting from the upgrades and modernizations, which which are aftermarket business business for us, there the dynamic changed during during 2025, and we we started to receive those orders and and have good amount of those in the pipeline to be delivered now during 2026. The expectation is that we we continue to see some of those orders coming in during '26, and and that is based on simply based on the customer fleet that is out there, and and from timing point of view requires those activities.

Then, when it comes to to the drop-through, my take on Q4 is that it's it's encouragement that the capital business is healthy and can deliver. Like I already said, and you also, reported or or said as part of your question, it's it's not the normal mix, and and we should not expect that we have this kind of a mix on rolling basis basis going forward.

We will we will continue to see the steady growth in in our aftermarket business, and and then that will be complemented by by healthy capital business.

Okay. My final question is on free cash flow.

You're now at a all-in free cash margin, not operating, but all-in free cash margin around 12% for the year. I just want to zoom in on the underlying working capital ex the prepayments.

Receivables are up 2 percentage points to sales. Inventories are down by around the same amount, but payables and other liabilities are going up and looks like creating a boost.

I'm trying to understand if this is sustainable. Are you better payment terms with your suppliers, and what's going on there looking at other liabilities?

Appreciate that was a very low level last year, but just to understand that dynamic on working capital, Pasi, would be very very good. Thank you.

Thank you. Then, if I quickly talk through all the three or four main components starting from the prepayments, which we already discussed here, yes, the prepayments from those two larger orders had an impact on our fourth quarter cash flow.

The impact was some tens of millions, of course significant, but that's not sort of on its own behind the strong cash flow that we created. On those projects, we continue to operate so that we run them on cash-positive basis throughout the project execution.

Then if you look at inventories, that has been a focus area for us for some time. Now when you look at Q4 inventory numbers, just want to highlight that the MCP business back to continuing operations has impact on inventories as well.

We talk about some €50 million worth of inventory, and if you do the comparison, for example, to the balance sheet end of 2024, there is just something to be noted. When it comes to payables, you are indeed right that we have gained some traction there.

I wouldn't think that this is one-off activity. It's rather thanks to the work that our procurement people are doing to work with our suppliers and bring the payment times up in the discussions, agreements that we have with our supplier partners.

Then finally receivables, nothing ordinary there. Continues to be a focus area to sort of make sure that our customers pay on time and in line with the terms that we have agreed with them.

No material issues there to report, which is, of course, a good position to be.

All right. Thank you.

Hi, guys. It's Antti from SEB.

A couple of questions from me as well. Coming back to the Minerals sales mix discussion, if we look at kind of the equipment orders in Minerals in the past couple of years have been €1.5, €1.6 billion, and that's the level of sales that you also delivered in '21, and the service book-to-bill is obviously better.

I just wanted to maybe understand better how do you expect that equipment backlog to convert into sales during this year, '26? Is the backlog longer, shorter than what it has been, and is there still kind of a contribution from early orders that could drive that top line into growth in latter parts of this year on equipment specifically in Minerals?

Thanks, Antti, for that. If we start from the backlog number point of view, the backlog in equipment is in substance the same as it was when we started year 2025.

Where the backlog improvement is coming from is from our aftermarket business, which is good because now we have a significantly more solid starting point for '26 compared to starting point we had for 2025. Then if we think about the projects that in Minerals capital side that we will recognize during 2026, it's of course first the sort of bread-and-butter business, the smaller ones, which turn as they come.

Then none of the bigger projects that we announced in late 2024 are fully complete. Yes, we have started to recognize the revenue, but they will contribute to '26 still.

In some cases, it will go up to 2027. If we think then about the new ones, the smelter project and then the Mahd Ad Dahab gold plant, there the revenue recognition will start potentially something H1 this year, but then towards end of the year when we get the underlying works with our teams, with suppliers, with customer moving.

That's a little bit the dynamics. I think it's quite typical with these larger ones that it takes 6, 8, 10 quarters to deliver those.

They are big projects, and when we do POC accounting on them, this is the outcome from revenue point of view.

I guess you're seeing fairly stable outlook for, let's say, the smaller ones, so that the ones that you would book this year and would still contribute in a meaningful manner on revenue. One would assume that the sales mix improves actually year-over-year, driven by kind of service growth and flatterish equipment, or is that bit of a stretch?

That's good thinking, Antti, and as stated, we see good amount in our pipeline of those small, medium-sized ones, and 2025 showed that we are winning also a lot of those opportunities.

Okay. Then the second one was on the Aggregates side.

It's a good order growth end of '25, I guess a positive indication now that we are heading into the summer season. Do you want to talk anything about how you've seen kind of the European demand trending early this year?

You talked about that kind of there's a sentiment improvement throughout '25, but maybe not much happening on the utilization rates or the work situation for your end customers. Are you seeing kind of an improvement on that front, and are you seeing kind of a volume pickup that would, let's say, compensate or more than compensate on the increased cost base that you have on the European production setup?

From the European market first. Yes, 2025 was already the year of the pickup, and it came from let's say Eastern European countries, if I put it this way.

At the same time, we also had low hours coming to the machines located in other countries. Kind of not creating the aftermarket potential, but from the new equipment point of view, there was a clear pickup, and we see that the pickup is to stay.

There is a continuous request for quotes and also then winning the orders from the European countries.

If we look at the distributor inventories, that continues to be an encouraging data for us. The decline started spring 2025, and continues to be at sort of a level where we expect it to be supportive for our business in the short-term outlook.

Is it too early to comment anything on the potential summer season and the bigger Central European regions that have been historically big markets for you, the Germanys and the Frances and countries like that?

Yeah. I think that the Germany, which was somehow maybe impacting also the pickup of the Europe last year, the Germany stimulus package, which maybe have not created so much of business coming from the actual Germany yet, so that is a little bit positive upside potential that when that governmental money actually is flowing down for the provinces and for the actual infrastructure projects, so that could be creating that normal seasonality in that sense.

No real signs of that yet.

All right. Thank you very much.

Gentlemen, good afternoon. Thanks very much for taking my two questions.

I'll start with commodity mix, please. Could you talk about the difference in demand levels between gold customers and industrial metal customers?

Is there a notable difference in urgency to take investment decisions for those group of customers? Also, could you provide an update of what your exposure to gold customers was in 2025 and whether it could grow in 2026?

Hi, Vlad. Good to hear you.

Yes. The gold customers have had much faster decision-making process than the so-called traditional commodity metal customers.

Of course, it has been driven by the very, very high record high prices of the gold and not waiting to get orders in, and also the execution of the delivery projects moving forward. That has been one area that we did see already '25, and seems to continue at the moment.

Excellent. Sami, if I can ask you about one specific project as well, it's a Reko Diq project, which obviously you won some nice orders previously.

What's the security situation over there right now because as you probably have seen, Barrick has put this project under review given the security concerns, I think it was last week. Would you give us some idea what's your backlog exposure to this project and what's your view actually from the Metso perspective on what's going on?

Let's start for the very important one, which is the security of the people, and that has been on a very very high security level from the beginning. That was also something that we worked on together with the Barrick to ensure that their people and our people have the maximum security all the time.

There has been no real issues or incidents or anything like that. Then, from the perspective of Barrick making the moves, we have of course taken a lot of these things into account between the contract between Barrick and Metso, and in that sense, there is no real issues for Metso at this point.

Backlog situation, I don't remember the numbers myself. Do you?

Vlad. If we start from the orders that we have reported, second half of 2024, we recorded roughly €150 million worth of Reko Diq orders.

Certainly, back to earlier discussion that we have here, some of those have been delivered or are in delivery as we speak, but I guess we will not go to sort of exact details that how much has been delivered and how much is still in the backlog. As a starting point, from H2 '24, we have that €150 million-ish order intake from Reko Diq.

Excellent. Just to clarify, you continue to work on this project as normal.

There is no schedule adjustments or anything like that.

As per today, we act normally together with Barrick.

Thank you so much, gentlemen.

Great. Good afternoon.

Thanks for taking my question. Just one following up on the question earlier about Aggregates demand in Europe.

Could you expand a little bit what you're seeing in other regions of the world and whether you've seen any changes in any of those into 2026? Thank you.

Let's start by three baskets we normally talk about, US, Europe, and then the rest of the world. Maybe this time, I can start from the rest of the world.

There, we have seen quite a good activity level last few months. Obviously, this third basket is the smallest of these three, but nevertheless, we are happy that our truly global exposure also for the Aggregates business is yielding results.

We have good growth numbers coming from many countries in that basket. Europe we discussed.

Then US, which normalized quite well during 2025 to the normal levels. There we have also this positive signal to our direction, what Pasi was saying, that we do see that the distributor inventories have been developing positively from our perspective, that distributors have been able to move the machines to the customers, and that gives good, normal situation for us for the beginning of 2026 situation.

Great. Thank you.

Thank you. Good afternoon, Juha, Sami, and Pasi.

First, if I can come back to the order intake in Minerals, it's been a lot of discussions about large orders versus small- and mid-sized orders. In Q4, as you pointed out, you have had two large orders, and on top of that, you had the Al Masane order as well.

I understand that the pipeline remains strong, but to repeat this kind of order level, €1.1, €1.2 billion in the Minerals segment, do you think that we need to see large orders coming through also in the coming quarters, or is it possible that we could expect a bounce in the small- and mid-sized orders? Thank you.

Thanks, Andreas said, we do see that the activity for the small-, mid-sized stays in a good level, and then it's about the timing question that when they actually come as a PO. For your question, obviously, it helps when we get the larger ones.

As our market outlook statement also says, we expect to remain on the same level as in the Q4 when we did see that these larger ones started to come, and we do know that we are having discussions with the customers with the so-called final stage. The expectation is about the same that we had during the Q4 that expecting the larger ones to come Q1, H1.

There is nothing at the moment saying that that wouldn't happen. To get those quarterly order intake numbers together, it is the mix of the larger ones, the mid ones, and then good, strongly single-digit development in the aftermarket.

Understood. Thank you.

Very clear. Then, secondly, on Aggregates, maybe a bit short-term, but in Q4, you had very strong deliveries.

Usually, we see somewhat stronger deliveries in Q1 than in Q4. Is that what we sort of should expect also going into 2026?

I think you spotted nicely that one. We did have a good amount of deliveries in the Q4, and that is making us to think that then the normal situation as you were referring to that stronger in Q1 than Q4 maybe is not the case in this quarter now.

It's going to be good delivery, but not maybe stronger than Q4.

Understood. Then, lastly, if I look at the P&L, the admin cost line increased a lot.

Is that more or less only related to the one-offs or capacity adjustment charges that you took in the quarter, or is it something else? Thank you.

Yes, thank you, Andreas. It's primarily those items impacting there.

We have also some other variations, typical year-end stuff, but nothing material there. The bigger change is those one-off-type items.

Understood. Thank you very much.

Good morning. Thanks for taking the question.

A couple, please. With regard to the Americas or North America, could you comment a little on any impact potentially from your customers on Section 232 and how the situation sits between your Canadian operations and selling into the USA?

Then on a regional basis, the question is more around Minerals. When I look at the regional sales, I know there's a lot of FX effects in there, but South America seems to have come down a little, and North America flat.

I wonder if you'd comment on how the order versus revenue development has been in the Americas, South and North, and what your outlook is particularly in South America. Thank you.

Maybe, William, I start from the Section 232. When it comes to Minerals, this has been in place since it was introduced.

Don't remember the exact month, but during the autumn, August 2025, or if August is wrong, apologies for that, but that timeframe anyway. Our approach, like with other tariffs, has been that we price this into our customer deliveries, and then that has been successful.

It looks that this is the approach the industry has also taken. Then when it comes to Aggregates, the situation is a bit different.

You may, William, remember that this steel and aluminum derivatives discussion has been ongoing for some time, and when it comes to crushers and screens, the primary aggregate equipment, they are still excluded from Section 232. There was speculation that this would change already late last year.

We haven't seen that, and let's see if they continue to be excluded for good or if there is a change in this regard. Then for your second question, Pasi can maybe comment about the FX.

That's, of course, living its own life. When it comes to the Americas, both North and South, for obvious reasons, they are the two largest regions that we do business in.

Looking the pipeline, so that is strong in both. We are truly global company, and so is especially the Minerals business.

Obviously, we have quite a lot of current opportunities in both of these continents, and that then has the impact for the FX later on or not, it depends of how the world is at that moment.

Then, William, when it comes to currencies, I think we have seen throughout 2025 sort of appreciation of euro against most currencies that are relevant for us, and that impact is then similar in the orders and revenue. The FX, of course, impacts the sort of total levels, pushing euro level slightly down, but the impact is similar to orders and revenue.

Thank you. A short follow-up, if I might, with regard to your strategy execution.

Great cash inflow, strengthened balance sheet recognized by the agencies. You clearly have more flexibility on capital allocation.

You've made a couple of disposals. Are there more?

More importantly, what is the environment like for M&A additions, and what should we expect with regard to your acquisition-based strategy this year?

Thank you for that question. As we stated in the Capital Market Day, this is a growth strategy, and we know that by focusing, we are able to grow organically.

Integral part of the success of the strategy is also the inorganic part. We are having quite a good amount of interesting targets, if we put it this way.

How is the environment? Environment is quite normal in many sentences.

Obviously, we are looking for those kind of targets that are clearly supporting our strategy and filling in either the technology gaps that we have or creating us synergies to really accelerate our growth initiatives. We are active in that front as well, as you saw that we just closed one in Australia.

Then when it comes to the other side of the portfolio, divestitures, the Ferrous heat transfer business and loading, hauling just completed. We don't have anything else ongoing in that side, looking for growth for now.

Thank you very much.

Hello. Thanks for taking one more question from me.

Clearly strong Minerals equipment sales growth in the quarter. I'm just trying to sort of work out how this is going to translate to aftermarket in the coming quarters.

Do you mind just giving us a sense of what the usual lag is between equipment installation and when it comes through in aftermarket? Also sort of what kind of level of aftermarket sort of pickup can we expect?

What's the sort of aftermarket intensity on these sort of large projects that you're installing? Thank you.

Thank you very much. That is always good when we get the new installed base out there and in operation.

The business that starts immediately is consumables business and then also the expert services in the field. When it comes to the spare part business, that typically takes a few years before there starts to be significant amount of that type of business coming out of the newly installed base.

All in all, it starts immediately with the consumables side, and then the big kind of upgrade potentials typically then come some equipment at the year 5, and most of them at the year 10. This is a long-term game in that sense to create a large installed base for the future aftermarket growth.

That's very clear. Thank you.

All right. Thanks very much for your participation and for questions and discussions.

We conclude this conference call here. We'll be back on April 22nd for first-quarter results, and before that, we are looking ahead for quite an active conference and road-showing season.

Looking forward to see many of you in the next coming weeks face-to-face. This concludes this call.

Thanks again, and goodbye.

Thank you.

Thank you.