HELSINKI -- Starting from January 1, 2022, Valmet has decided to change its financial reporting structure to better highlight the performance of Valmet's businesses. The new reporting structure reflects Valmet's operational model, anticipates the integration of Neles into Valmet, and is aligned with the way Valmet management follows the operational performance of Valmet's businesses.

Valmet consists of three reportable segments: Services, Automation and Process Technologies. In addition to orders received and net sales, Valmet will disclose profitability of the segments.

Valmet's segments are as follows:

• Services segment, which consists of the Services business line

• Automation segment, which consists of the Flow Control (starting from 1 April, 2022) and Automation Systems business lines

• Process Technologies segment, which consists of the Pulp and Energy, and Paper business lines.

The Services segment provides customers with flexible and fit-for-purpose services throughout the lifecycle to improve process performance and reliability. The Automation segment delivers flow control technologies and services as well as automation solutions ranging from single measurements to mill- or plant-wide process automation systems. The Process Technologies segment provides technology solutions for pulp and energy production, as well as for biomass conversion and emission control, and complete production lines, machine rebuilds and process components for board, tissue and paper production. Each segment has strong position in the growing market of converting renewables and long-term growth possibilities supported by favourable megatrends.

Valmet will continue to report orders received and net sales for its business lines. Valmet's business lines are Services, Flow Control, Automation Systems, Paper, and Pulp and Energy. Automation Systems business line was previously called Automation. Reporting lines in Valmet's Executive Team remain unchanged.

To provide a basis for comparison, the following tables show Valmet's segment financial information on an unaudited basis for all four quarters of 2021 and for the full year 2021. Valmet does not provide pro forma comparative figures for the Flow Control business line.