Metso Interim Review Q3 2015 presentation. For more information about Metso, please visit our website www.metso.com/investors.

1. Matti Kähkönen, President and CEO
Harri Nikunen, CFO
October 22, 2015

2. © Metso
Forward looking statements
It should be noted that certain statements herein which are not historical facts, including, without limitation, those regarding
expectations for general economic development and the market situation, expectations for customer industry profitability and
investment willingness, expectations for company growth, development and profitability and the realization of synergy
benefits and cost savings, and statements preceded by ”expects”, ”estimates”, ”forecasts” or similar expressions, are
forward-looking statements. These statements are based on current decisions and plans and currently known factors. They
involve risks and uncertainties which may cause the actual results to materially differ from the results currently expected by
the company.
Such factors include, but are not limited to:
1) general economic conditions, including fluctuations in exchange rates and interest levels which influence the operating
environment and profitability of customers and thereby the orders received by the company and their margins
2) the competitive situation, especially significant technological solutions developed by competitors
3) the company’s own operating conditions, such as the success of production, product development and project
management and their continuous development and improvement
4) the success of pending and future acquisitions and restructuring.
2

3. © Metso
0
50
100
150
200
250
300
350
400
0
2
4
6
8
10
12
14
Lost time incident frequency (LTIF)
Total number of lost time incidents
3 * LTIF September 2015
Safety is an important driver for success
Continuous focus on our LTIF target of less than 1 leads to results
• Demand from customers: license to play
• Safe working environment for the whole
personnel
• Improved safety performance supports
productivity
• Actions leading to improvement
 Active and visible management support
 Safety being part of every decision
 Safety included in incentive plans
 Development of safety culture
 Development of safe working methods
 Learning from every incident
LTIF
2.9 *

4. © Metso
• Mining:
- weak demand for new equipment
- demand for services satisfactory, affected by
miners’ cost cutting with large regional
differencies
• Aggregates:
- both equipment and services demand has
declined in the emerging markets
- better demand in North America and Europe
• Flow Control:
- oil & gas project-related demand satisfactory
- other process industries (e.g. pulp) stable
Markets in brief
4
Orders received totaled EUR 647 million
Excluding PAS
372
186
91 81
339
136
96
76
0
50
100
150
200
250
300
350
400
450
500
Minerals
Services
Minerals
Capital
Flow Control
Services
Flow Control
Capital
2014 Q3 2015 Q3
-9%
-27%
+5%
-6%
EUR million

5. © Metso
Orders received by market area
Order intake in Q3/15 and change year-on-year (excluding PAS)
5
North America
EUR 140 million, -3 %
South and Central
America
EUR 125 million, -16 %
Europe
EUR 154 million, -11 %
Africa and Middle
East
EUR 60 million, -34 %
China
EUR 36 million, -41%
Asia-Pacific
EUR 132 million, +19 %
51% from the
emerging markets

6. © Metso
Financial highlights
• Good performance in a challenging market
situation
• Net sales declined largely due to lower equipment
sales in Minerals
• Minerals’ profitability holding up fairly well, thanks
to mix and cost control
• Very good profitability at Flow Control
• Free cash flow increased to EUR 117 million
(EUR 46 million)
• Extra dividend of EUR 0.40 was paid at the
beginning of August
* Before non-recurring items6
Quarterly orders received, net sales and EBITA%*
Current structure
791 834
727 721 738
823
647
757
885
799
921
733 756
680
11.4
13.7
12.4
13.0
10.6
12.4
13.6
0
2
4
6
8
10
12
14
16
0
200
400
600
800
1 000
1 200
1 400
1 600
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2014 2014 2014 2014 2015 2015 2015
Orders received Net sales Ebita-%
%EUR million

7. © Metso
• Our offering and competitiveness remain strong
• Significant differences in market activity between
regions
• Minerals
- Performance services orders at a good level
- Miners’ cost cutting actions impact wear and
spare business
- Orders from Central and South America,
excluding Brazil, increased
- China and North America declined
• Flow Control
-Orders grew 5% (fastest growth was in
pumps)
Services development
7
Current structure Services orders and net sales
Excluding PAS
500 500
463
446
507 495
436
410
476
459
525
440
483
435
0
100
200
300
400
500
600
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2014 2014 2014 2014 2015 2015 2015
Services orders received Services net sales
EUR million

8. Harri Nikunen
CFO
Financial
performance

9. © Metso
Group key figures
9
*Before non-recurring items
** According to old structure
EUR million Q3/2015 Q3/2014 Change %
Q1-Q3/
2015
Q1-Q3/
2014 Change % 2014
Orders received 647 727 -11 2,207 2,353 -6 3,074
without currency impact -11 -11
Service orders received 436 464 -6 1,434 1,459 -2 1,905
without currency impact -5 -6
Net sales 680 799 -15 2,168 2,443 -11 3,363
without currency impact -16 -16
Services net sales 435 459 -5 1,365 1,344 1 1,883
without currency impact -4 -3
EBITA* 92 99 -7 265 306 -13 426
% of net sales 13.6 12.4 12.2 12.5 12.7
EBIT ** 76 72 5 488 250 95 351
Earnings per share**, EUR 0.29 0.26 12 2.60 0.89 192 1.25
Return on capital employed (ROCE) before
taxes, annualized, %** 26.5 15.5 16.4
Free cash flow** 117 46 154 282 141 100 204
Current structure except when noted

10. © Metso
Positive margin and SG&A impact on EBITA
10
* Before non-recurring items
Note: Volume, margin and SG&A changes calculated with constant currencies. Currency impact is included in ’FX rates & Others’.
Current structure, illustrative
306 265
0
50
100
150
200
250
300
350
Q3/2014
EBITA*
Volume Margin S, G & A FX rates & Others Q3/2015
EBITA*
EUR million

11. © Metso11
Gross margins remain healthy
Current structure
• The mix has improved (services vs. equipment)
• Margins in all businesses at a good level
211
252 240
261
222
235
224
27.9
28.4
30.0
28.3
30.3 31.2
32.9
0
5
10
15
20
25
30
35
0
50
100
150
200
250
300
350
400
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2014 2014 2014 2014 2015 2015 2015
EUR million
Gross profit Gross margin

12. © Metso12
• People costs and spend down year-on-year
• Total y-t-d 7% down in constant currencies
• Biggest decline in the mining equipment business
Actions to reduce SG&A continue
Current structure
139
151
142
167
147 147
127
18.4 17.0 17.7
18.1
20.1
19.4 18.6
0
5
10
15
20
25
0
50
100
150
200
250
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2014 2014 2014 2014 2015 2015 2015
EUR million
SGA SGA-%

13. © Metso
Minerals quarterly performance
13
• Good profitability despite declining topline
• Net sales of new equipment declined close to
40%
• Gross margins held up well and SG&A declined
overall 9%
• Strong cash flow
• Operational ROCE of 17.4% (18.9%)
597 662
558
544
558
642
475
608 706
619
743
563
560 501
11.3
13.6
11.9
13.5
9.9
10.8 11.2
0
2
4
6
8
10
12
14
16
0
100
200
300
400
500
600
700
800
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2014 2014 2014 2014 2015 2015 2015
EUR million
Minerals orders received
Minerals net sales
Minerals EBITA-%
%

14. © Metso
Flow Control quarterly performance
14
• Strong performance continued
• Good gross margins and lower SG&A
• Strong cash flow
• Operational ROCE of 40.4% (34.9%)
Current structure
194
172 172 178 179 181 172149
177 185
173 170
194 179
14.2
17.3
20.2
14.2
16.7
18.6
20.7
0
5
10
15
20
25
0
50
100
150
200
250
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2014 2014 2014 2014 2015 2015 2015
EUR million
Flow Control orders received
Flow Control net sales
Flow Control EBITA-%
%

15. © Metso
Strong cash generation
15
EUR million Q1-Q3/15 Q1-Q3/14 Comments
EBITDA 538 305
Adjustments -235 54
Change in net working capital 70 -54 Lower inventories and receivables
Financial items and taxes, paid -79 -137
NET CASH FROM OPERATIONS 294 168
Capex on fixed assets -31 -46 FY 2015 well below FY 2014
Acquisitions and divestments 247 -19 PAS disposal
Proceeds from (+)/Investments in (-) financial assets -50 1
NET CASH FROM INVESTING ACTIVITIES 166 -64
Cash flow from operations and investing activities 460 104

16. © Metso
Capital employed and net working capital
16
EUR million Sep 30,
2015
Dec 31,
2014
Change
Net working capital 592 681 -89
Tangible assets 345 398 -53
Intangible assets 552 560 -8
Other 160 176 -16
Cash 537 277 +260
TOTAL 2,186 2,092 94
Turnover 1.4 1.7
EUR million Sep 30,
2015
Dec 31,
2014
Change
Inventories 752 842 -90
Trade receivables 486 645 -159
Trade payables -279 -333 +54
Advances + POC -155 -145 -10
Customer NWC 804 1,009 -205
Other -212 -328 +116
TOTAL 592 681 -89
% of net sales 19.2% 20.2%
NWC declined thanks to lower inventories and receivablesLarger cash position increased capital employed

17. © Metso
Solid balance sheet and financial position
*Annualized
**Excluding PAS17
EUR million Sep 30, 2015 Sep 30, 2014 Dec 31, 2014
Return on equity (ROE), % * 33.3 15.0 15.7
Return on capital employed (ROCE) before taxes, %* 26.5 / 17.1** 15.5 16.4
Gearing at the end of the period, % 15.0 49.6 45.6
Cash conversion, % 206 105 108
Debt to capital, % 37.4 42.8 41.2
Net debt / EBITDA * 0.3 1.5 1.3
Interest cover (EBITDA) 17.4 5.9 6.2

18. Matti Kähkönen
President and CEO
Outlook and
guidance

19. © Metso
27% of net sales* of which 55% services
Outlook:
• Oil & gas-related project pipeline is
soft; demand from other process
industries remains stable
• Good demand for replacements and
services
Short-term market outlook
19
46% of net sales* of which 75% services
Outlook:
• Weakness to continue in the
equipment and systems business
• A few large orders being negotiated;
timing is uncertain
• Demand for services satisfactory,
impacted by miners’ cost actions
23% of net sales* of which 45% services
Outlook:
• Lower demand in the emerging
markets compared to the US and
Europe
Mining Aggregates Flow Control
*year-to-date 2015

20. © Metso
Order backlog
20
Flow Control Minerals, services Minerals, capital
Current structure
1 780
1 735
1 672
1 402 1 445 1 411
1 289
0
500
1 000
1 500
2 000
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2014 2014 2014 2014 2015 2015 2015
EUR Million
Deliveries in
2015
Deliveries
after 2015
Deliveries in
2014
Deliveries
after 2014
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
Order backlog Sep 30,
2014
Order backlog Sep 30,
2015
EUR million
• Healthy backlog and good mix, supporting our guidance

21. © Metso
Confirming the guidance for 2015
21
• Our net sales in 2015 will be between EUR 3,000
and 3,200 million
• Our EBITA margin before non-recurring items for
2015 will be around 12.5% (12.0-13.0%)
The guidance takes into account the current market activity in our customer industries and current exchange rates.

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