Metso Outotec: Balancing Opportunities and Challenges Amid Market UncertaintyWe believe the buoyant commodity prices, internal improvements, and growth in AM should propel Metso towards its >7% revenue CAGR, which is potentially conservatively set. Detail Large OE Orders: Complementing the recent comments made during the 3Q25 results, confidence was expressed that several large mining equipment orders have progressed and are now in advanced discussions, with an expectation that these orders will be booked in 4Q25F or 1Q26F. Mgmt indicated that they have more confidence in the copper upcycle opportunities over the potential for a shorter lived goldcycle, with copper orders being, in general, of a larger magnitude due to the size/volumes of the mines/material and the increased difficulty of extracting copper as opposed to gold.