1. Interim Review
January – March 2012
Matti Kähkönen, President and CEO
Harri Nikunen, CFO
April 26, 2012

2. 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 © Metso April 26, 2012

3. Presentation contents
1. Q1 highlights
2. Strategic priorities
3. Financial performance
4. Outlook and guidance
3 © Metso April 26, 2012

4. Q1 highlights
Matti Kähkönen
President and CEO

5. A positive start for the year
First quarter highlights
• Customer demand unchanged since the end of 2011
• Strong order intake at EUR 1,920 million
• Good development in the strategic priorities
• Organic growth higher than 20% year-on-year
• EBITA before non-recurring items EUR 140 million
compared to EUR 124 million in Q1 2011
• Strong cash generation; free cash flow totaled
EUR 116 million
5 © Metso April 26, 2012

6. Strong order intake at EUR 1,920 million
EUR million
3,000
2,500
1,847 1,920
2,000
1,500
1,000
500
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012
Services orders Capital orders
• At the Group level, both capital and services orders up by 4%
• Positive currency impact of 1%-point
• Mining booked 20% increase in orders
• Automation orders increased by 2%
• Orders for Power more than doubled, Paper and Pulp declined
6 © Metso April 26, 2012

7. Net sales increased by 22% year-on-year
EUR million
2,000 1,755
1,444
1,500
1,000
500
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012
Services net sales Capital net sales
• Growth was fully organic
• Positive currency impact of 2%-points
• All segments contributed, Mining and Construction in particular
• Services accounted for 43% (46%)
• Emerging markets accounted for 50% (48%)
7 © Metso April 26, 2012

8. EBITA* up by 14% year-on-year
EUR million %
250 11.2 12
10.4
9.7
9.7 8.9 8.9
9.1 8.6 10
200
7.5 6.8 8.0
6.5 7.5
8
150
6
100
4
50 2
0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012
EBITA* EBITA* %
• Result was driven by higher volumes
• Mining and Construction performed well
• Automation had an exceptionally weak quarter
• Softer project mix at Pulp, Paper and Power
8 © Metso April 26, 2012 *before non-recurring items

9. EBITA* and margin by segment
EUR million Q1 2012 Q1 2011 Change,% 2011
Mining and Construction 83.2 56.7 +47 322.1
% of net sales 11.1 10.1 11.7
Automation 11.7 22.4 -48 103.9
% of net sales 6.4 13.6 13.5
Pulp, Paper and Power 54.9 54.3 +1 218.8
% of net sales 7.6 8.6 8.1
Metso total 140.4 123.6 +14 628.5
% of net sales 8.0 8.6 9.5
% of net sales excluding non-core
8.4 9.0 10.0
businesses**
* before non-recurring items
** Recycling and Valmet Automotive
9 © Metso April 26, 2012

10. Positive development of the key figures
Q1 2012 Q1 2011
Earnings per share, EUR 0.56 0.49
Return on equity (ROE), % (annualized) 17.3 15.4
Return on capital employed (ROCE) before
17.8 15.2
taxes, % (annualized)
Free cash flow, EUR million 116 68
Cash conversion, % 135 92
Gearing at the end of period, % 7.6 13.8
10 © Metso April 26, 2012

11. Strategic
Good development in services priority #1
Services orders +4% in Q1 2012 Services orders by segment
EUR million
1000
800
48%
Services business
52% (48%) 600
(45%)
Product
(52%) 400
and project
businesses 200
(2011 in brackets)
0
Q1 2011 Q1 2012
Mining and Construction Automation Pulp, Paper and Power
EUR million Services net sales growth
3,500
3,000
2,500
• Solid demand for services in all segments
• Mining and Construction especially strong,
2,000
orders up by 17%
1,500 • Share of emerging markets was 41% (45%)
1,000
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1
2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012
Services net sales, rolling 12 months
11 © Metso April 26, 2012

12. Strategic
Extending presence in emerging markets priority #2
Orders received in Q1 2012
% of total (Q1 2011 in brackets)
EUR million Q1 2012 Q1 2011
orders
USA 255 13% 307
45%
55%
Sweden 242 13% 98 (41%)
(59%)
Brazil 187 10% 107
Finland 106 6% 98 Emerging markets
Developed markets
Canada 95 5% 91
Orders in Q1 2012 by market area
Turkey 91 5% 14
India 90 5% 56 42% 40%
China 89 5% 144
18%
Australia 87 5% 208
Russia 65 3% 73
Europe North America Others
12 © Metso April 26, 2012

13. Strategic
Strong growth in the mining business priority #3
EUR million
Mining order intake
1,200 Q1 2012 mining orders by market area
1,000
800 24% 25%
600
400
15%
200
36%
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012
EMEA North America South America Asia Pacific
Services orders Capital orders
EUR million
Mining order backlog
2,000
Major contracts in Q1:
1,600
- Delivery of vertical grinding technology for
1,200
MMX in Brazil
800
- Bulk materials handling equipment for
Hamersley Iron in Australia
400 - A multi-year life-cycle services contract with
Northland Resources in Sweden
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012
Services backlog Capital backlog
13 © Metso April 26, 2012

14. Financial
performance
Harri Nikunen, CFO

15. Increase in EBITA* driven by volume leverage
Q1 2011 – Q1 2012
EUR million
200
140
150 124
100
50
0
Q1 2011 Volume Margin S,G&A Other Q1 2012
*) before non-recurring items
15 © Metso April 26, 2012

16. Mining and Construction
EUR million Q1 2012 Q1 2011 Change, % 2011
Orders received 919 841 +9 3,464
Services orders received 454 389 +17 1,497
Net sales 747 560 +33 2,760
Services net sales 361 305 +18 1,378
% of net sales 48 55 50
EBITA* 83.2 56.7 +47 322.1
% of net sales 11.1 10.1 11.7
- Mining net sales increased by 40% and construction by 19%
- EBITA increase was mainly driven by mining projects and services
- Construction equipment business was weaker than in Q1 2011
*before non-recurring items
16 © Metso April 26, 2012

17. Automation
EUR million Q1 2012 Q1 2011 Change, % 2011
Orders received 224 220 +2 822
Services orders received 104 106 -2 352
Net sales 182 165 +10 770
Services net sales 83 75 +11 345
% of net sales 48 49 48
EBITA* 11.7 22.4 -48 103.9
% of net sales 6.4 13.6 13.5
- Good net sales growth
- Weak profitability, especially in Process Automation Systems due to high SG&A
costs and weak project mix in January and February
- Weakness only temporary as improvement was seen already at the end of Q1
*before non-recurring items
17 © Metso April 26, 2012

18. Pulp, Paper and Power
EUR million Q1 2012 Q1 2011 Change, % 2011
Orders received 677 666 +2 3,225
Services orders received 300 327 -8 1,145
Net sales 721 635 +14 2,703
Services net sales 250 236 +6 1,048
% of net sales 35 37 39
EBITA* 54.9 54.3 +1 218.8
% of net sales 7.6 8.6 8.1
- Good net sales growth
- Power contributed positively to orders, net sales and profitability
- Lower margin due to an overall softer project mix
* before non-recurring items
18 © Metso April 26, 2012

19. Strong capital structure and liquidity position
EUR million Q1 2012 Q1 2011
Net working capital / net sales, % * 4.1 5.2
Free cash flow 116 68
Cash conversion, % 135 92
Net interest bearing liabilities 148 259
Gearing at the end of period, % 7.6 13.8
Return on capital employed (ROCE) before
17.8 15.2
taxes, annualized, %
Equity to assets ratio at end of period, % 36.3 35.0
* Excluding the dividend payable of EUR 254 million in Q1 2012 and EUR 232 million in Q1 2011
19 © Metso April 26, 2012

20. Efficient capital management
Net debt and gearing Net working capital and NWC to net sales
EUR million %
EUR million %
1,200 75.7 80
800 12.0
10.5
70 700
1,000 10.0
60 600
1,099
672
800 8.0
50 500
6.0
33.4 32.5 400 4.8 6.0
600 40
4.5
375 4.2 4.1*
300
30 4.0
400 540
242 247 281 286
583 15.0 200
12.2 20
2.0
200 100
7.6*
310 10
260
148 0 0.0
0 0 2007 2008 2009 2010 2011 Q1
2007 2008 2009 2010 2011 Q1 2012 2012
Net debt Gearing Net working capital NWC / Net sales
* Gearing increased to appr. 20% after the dividend payment in April * Excluding the dividend payable of EUR 254 million
20 © Metso April 26, 2012

21. Outlook and guidance
Matti Kähkönen
President and CEO

22. Short-term market outlook
Good demand in most of our customer industries
Mining Construction Automation
29% of net sales 12% of net sales 12% of net sales
Good demand in Good demand in Good demand in all
equipment and project emerging markets and customer industries in
businesses. Services satisfactory in Europe and equipment and project
excellent. NA. Services satisfactory. businesses. Services
also good.
Power Paper, board, tissue Pulp
11% of net sales 21% of net sales 9% of net sales
Satisfactory demand for Weak demand for paper Good demand for rebuilds
projects and good for and board machines. and services. Pulp mill
services. Services good. market activity satisfactory.
22 © Metso April 26, 2012

23. Healthy order backlog of EUR 5.3 billion
EUR million EUR million
6,000
6,000
5,000 5,000
4,000 4,000
3,000 3,000
2,000 2,000
1,000 1,000
services
0 0
2008 2009 2010 2011 Q1 2011 Q1 2012
Mining and Construction Automation Deliveries in 2012
Pulp, Paper and Power Other Deliveries after 2012
Total backlog
23 © Metso
April 26, 2012

24. Guidance for 2012
In line with our earlier statement, we
estimate that
• Our net sales for 2012 will grow
compared to 2011 and
• Our result (EBITA before non-
recurring items) for 2012 will improve
compared to 2011
The estimates for our financial performance in 2012 are
based on Metso’s current market outlook, strong order
backlog for 2012 and business scope, as well as on
foreign exchange rates remaining similar to those in
March 2012.
24 © Metso April 26, 2012

25. Fit for the future
• Q1 summary:
- strong orders
- strong net sales growth
- good result
• Healthy backlog gives good visibility
• Strong financial performance
and balance sheet
• Good strategy to drive profitable growth
Strategic priorities:
services, emerging markets, mining
25 © Metso April 26, 2012

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