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Leadership change comes amid broader strategic reset
Pia Aaltonen-Forsell, former CFO of Finnair, will join Valmet as chief financial officer and a member of the executive leadership team no later than the end of January 2027, as the Helsinki-listed industrial technology company advances a strategic review that could separate its two core businesses into independently listed companies.
Aaltonen-Forsell succeeds Katri Hokkanen, who will leave the role by the end of September 2026 after nearly four years as CFO and almost two decades with the company, Valmet announced on July 24.
On the same day, the board launched a strategic review to assess whether separating the two businesses of Biomaterial Solutions and Services and Process Performance Solutions into independently listed companies would create greater shareholder value.
Valmet is a Finnish industrial technology company serving process industries through two businesses. Originally established as the state-owned Valtion Metallitehtaat in 1950 and re-established as an independent listed company following its demerger from Metso in 2013, its larger Biomaterial Solutions and Services segment accounts for about 70% of revenue and supplies production equipment and maintenance for pulp, paper, tissue and renewable energy plants. Process Performance Solutions generates the remaining revenue, providing industrial automation, software and flow control systems for customers across industries including chemicals, energy, water treatment and paper manufacturing.
Valmet also announced on July 22 that Sami Riekkola, executive vice president of Pulp, Energy and Circularity, will leave for an external opportunity no later than Jan. 22, 2027. The company has begun recruiting his successor.
The business she inherits
Aaltonen-Forsell takes over the finance function as Valmet navigates a mixed financial picture. The company delivered record profitability in 2025 and has reaffirmed its 2026 guidance for net sales to remain at the 2025 level and comparable EBITA to remain at or exceed last year's result. However, orders received declined in both the first and second quarters of 2026, first-half operating cash flow fell to EUR 100 million from EUR 297 million a year earlier, and gearing increased to 39% from 35% at the end of 2025.
Aaltonen-Forsell joins from Finnair, where she has served as CFO since June 2025, helping steer the flag carrier through geopolitical disruptions and higher fuel costs. Most recently, Finnair reported a record Q2 adjusted EBIT of EUR 78 million. Aaltonen-Forsell previously held CFO positions at Northvolt, Outokumpu, Ahlström-Munksjö, Munksjö and Vacon, and earlier worked in finance leadership roles at Stora Enso. She also serves on the board of UPM-Kymmene, where she chairs the audit committee.
CEO Thomas Hinnerskov said Aaltonen-Forsell's experience across global industrial companies will strengthen the company's finance leadership. "As we continue to develop Valmet and execute our strategy, her leadership will be important in driving our financial performance, cost competitiveness, and long-term value creation for our stakeholders."
What the company is trying to accomplish
Valmet is reshaping its portfolio while maintaining its financial targets. Alongside the strategic review, Valmet is expanding Process Performance Solutions through the Severn Group acquisition, broadening its Flow Control business into the refining, energy, and metals industries. It is investing EUR 55 million over five years in its Industrial NEXUS research and development program to accelerate digital and automation technologies.
At the same time, Valmet is reducing its manufacturing footprint in Sweden, Poland and Finland. The measures are expected to generate around EUR 20 million in annual net savings by early 2027, together with approximately EUR 8 million of savings during 2026 from temporary layoffs in Finland.
Valmet reaffirmed its 2026 guidance for net sales to remain at the 2025 level of EUR 5.2 billion and comparable EBITA to remain at or exceed the 2025 level of EUR 620 million. While second-quarter net sales and comparable EBITA increased from a year earlier, orders received declined in both the first and second quarters, highlighting the need to balance profitability with investment in future growth.
Investor watchpoints
The coming months will show how smoothly Valmet completes two leadership transitions, with Hokkanen leaving by the end of September, Aaltonen-Forsell joining no later than January 2027 and a successor still to be named for Riekkola.
Investors will also focus on the board's strategic review, with an update expected alongside the company's full-year 2026 results.
Operationally, attention will remain on whether Biomaterial Solutions and Services continues its recovery in capital orders, whether the planned manufacturing savings are delivered, and how Severn Group contributes to Process Performance Solutions.
Following the first-half decline in operating cash flow, investors will also watch whether cash generation improves over the remainder of the year while Valmet works toward its reaffirmed guidance.
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