- Orders received in the second quarter were slightly lower than the previous year, adjusting for a large mining order in the comparison period. Service order intake grew 8% with positive momentum across all regions and segments. - Sales were up 1% overall but did not yet reflect the growth in orders due to timing of deliveries. Profitability was impacted by lower sales, unfavorable sales mix, and raw material price pressure. - The order backlog increased and provides a solid base for deliveries in the second half of the year, although some postponements are still expected compared to planned delivery timetables.

1. H1
Half-Year Financial
Review 2017
January 1 – June 30, 2017

2. © Metso2
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.
Half-Year Financial Review 2017

3. © Metso© Metso
50
150
250
350
450
550
650
750
0
2
4
6
8
10
12
14
Lost time incident frequency (LTIF) Risk observation frequency
3
Safety is a key driver throughout our value chain
Demand from customers: License to operate
People
Encourages
employee
commitment
and motivation
Productivity
Improves
productivity and
lowers quality
costs
Partnership
Improves
stakeholder
recognition as
a sustainable
partner
Half-Year Financial Review 2017
LTIF
2.5 *
* Rolling 12 months as of June 30, 2017

4. © Metso© Metso
Quarterly highlights
Matti Kähkönen
President and CEO
4 Half-Year Financial Review 2017

5. © Metso Half-Year Financial Review 20175
Q2/2017 in brief
Healthy market activity continued with improvement in mining
equipment
Sales are not yet reflecting the growth in orders
Profitability was affected mainly by low sales and mix
Good progress in strategic initiatives

6. © Metso
433 444 423 441
496 480
1.06 1.01 1.02 1.00
1.17
1.08
0.0
0.4
0.8
1.2
1.6
0
200
400
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17
EUR million
Services sales Services orders received Services book-to-bill
56
77 77
64 66 70
9.3
11.5 12.1
9.4 10.2 10.4
0
5
10
15
20
0
20
40
60
80
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17
EUR million
Adjusted EBITA Adjusted EBITA %
%
601
671
638
676 648 675
-20
-15
-10
-5
0
5
10
15
20
0
200
400
600
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17
EUR million
Sales Sales growth y-on-y
%
663
761
628
672
733 749
1.10
1.13
0.98 0.99
1.13 1.11
0.0
0.4
0.8
1.2
1.6
0
200
400
600
800
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17
EUR million
Orders received Book-to-bill
Q2/2017 financial highlights
Profitability slightly disappointing
Services orders grew 8%; positive book-to-bill continued
6
Good order intake without large orders
Sales are not yet reflecting the order growth
-11%-18% -10%-6% +8% +1%
Half-Year Financial Review 2017
Incl. large
mining
order of
MEUR 90
No large
mining
orders

7. © Metso Half-Year Financial Review 20177
Short-term market outlook for 2017
Mining
45% of sales
80% services *
Aggregates
25% of sales
45% services *
Flow Control
25% of sales
60% services *
satisfactory good good good good
Equipment Equipment Equipment ServicesServicesServices
Previously: weak
* Based on 12 months rolling sales
good

8. © Metso Half-Year Financial Review 20178
Current topics in the second quarter
Good progress in growth initiatives
− Investments in assembly capacity of Lokotracks in Finland, and in the manufacturing of crusher wear parts in
South Africa totaling EUR 4.5 million
− Continued expansion of distribution network in Flow Control and Aggregates
Digital strategy proceeding according to plan
− Platform was chosen to create new industry-leading IoT solutions for mining and aggregates customers
New President and CEO and changes in management team
− Nico Delvaux will start as the new President and CEO on August 1
− Victor Tapia started as President of Minerals Capital on June 1

9. © Metso© Metso
Financial performance
Eeva Sipilä
CFO
9 Half-Year Financial Review 2017

10. © Metso© Metso
169 168
136 136
173 174
1.14
1.01
0.84 0.88
1.09 1.14
0.0
0.4
0.8
1.2
1.6
0
50
100
150
200
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17
EUR million
Orders received Book-to-bill
494
593
492
536 560 575
1.09
1.18
1.03 1.03
1.14 1.10
0.0
0.4
0.8
1.2
1.6
0
200
400
600
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17
EUR million
Orders received Book-to-bill
Orders were healthy in both segments
Orders increased 12%, adjusting for the big order in the comparison period
Mining supported by customers’ focus on productivity
Aggregates equipment orders increased
Pump orders up in Flow Control
10
Minerals: Productivity focus of customers supports growth
in replacement and services orders
Flow Control: Healthy order intake in valves while pumps
improved significantly
Half-Year Financial Review 2017
Incl. large
mining
order of
MEUR 90
No large
mining
orders

11. © Metso© Metso
37
54
52
47
43
55
8.2
10.8 10.8
9.1 8.9
10.5
0
5
10
15
20
0
20
40
60
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17
EUR million
Adjusted EBITA Adjusted EBITA %
%
453
504
477
522
489
523
-20
-15
-10
-5
0
5
10
15
20
0
200
400
600
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17
EUR million
Minerals Services sales Minerals Equipment sales
Sales growth y-on-y
%
Minerals: Aggregates’ improvement offset by
mining
Sales driven by double-digit growth in aggregates equipment; other businesses flat
Mining services margins affected by higher raw material prices and sales mix
-10%-20% -9%-5% +8%
11
+4%
Half-Year Financial Review 2017

12. © Metso© Metso
19
22
28
26 25
1612.8 13.2
17.5 16.6 15.6
10.8
0
5
10
15
20
25
0
10
20
30
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17
EUR million
Adjusted EBITA Adjusted EBITA %
%
148
167 161 155 159 152
-20
-15
-10
-5
0
5
10
15
20
0
50
100
150
200
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17
EUR million
Flow Control Services sales Flow Control Equipment sales
Sales growth y-on-y
%
Flow Control: H1 performance flat with positive
book-to-bill
Sales reflecting H2/16 order intake
Low sales and related under-absorption as well as sales mix impacted profitability
-14%-13% -14%-10% +7%
12
-9%
Half-Year Financial Review 2017

13. © Metso© Metso
176
196
181 184 184 187
29.2 29.2 28.4 27.2 28.4 27.7
0
5
10
15
20
25
30
0
50
100
150
200
250
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17
EUR million
Gross profit Gross margin
%
126 130 125
135 126 127
20.9
19.4 19.6 20.0 19.5 18.8
0
5
10
15
20
25
0
50
100
150
200
Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17
EUR million
SGA SGA %
%
Differing trending in Q2 margins
Gross margin in the second quarter reflected :
- the mix in both segments,
- raw material pressure in Minerals and
- under-absorption in Flow Control.
SG&A costs were stable and as % of sales trending downwards
13 Half-Year Financial Review 2017

14. © Metso© Metso
480
240
207
153
91
174
70
-25 -63
100
-0.3
0.0
0.3
0.6
0.9
1.2
1.5
-100
100
300
500
Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17
EUR million
Net debt Net debt/EBITDA
124 120
129
83
59
103 103
127
58
46
0
100
200
300
400
500
0
50
100
150
Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17
EUR million
Cash flow from operations Cash flow from operations, rolling 12 months
Balance sheet continues to be strong
Free cash flow affected mainly by EUR 56 million increase of net working capital
Paid income taxes totaled EUR 37 million
Dividend of EUR 157 million paid in April
Maturity structure of debt was extended
- New EUR 300 million bond issued
- EUR 205 million of the 2019 outstanding EUR 400 million bond purchased back
14 Half-Year Financial Review 2017

15. © Metso© Metso
1,445 1,411
1,290 1,268 1,300
1,399
1,305 1,320
1,396 1,411
0
500
1,000
1,500
2,000
Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17
EUR Million
Flow Control backlog Minerals Services backlog Minerals Equipment backlog
Order backlog increased
Our backlog at end of June for 2017 deliveries totaled approximately EUR 1 billion
Deliveries for the remainder of the year higher compared to the end of June 2016
- We continue to expect some postponements to planned delivery timetables
Delivery timetableOrder backlog
15 Half-Year Financial Review 2017
Deliveries
in2017
Deliveries
after2017
Deliveries
in2016
Deliveries
after2016
0
500
1,000
1,500
Order backlog
June 30, 2016
Order backlog
June 30, 2017
EUR million

16. company/metso metsogroup metsoworldmetsoworld metsogroup
www.metso.com

17. © Metso© Metso
Appendix
17 Half-Year Financial Review 2017

18. © Metso
Key figures
EUR million Q2/2017 Q2/2016 Change % H1/2017 H1/2016 Change % 2016
Orders received 749 761 -2 1,482 1,424 4 2,724
without currency effect -3 1
Orders received, services business 480 444 8 976 877 11 1,741
without currency effect 7 8
Sales 675 671 1 1,323 1,272 4 2,586
without currency effect 0 2
Sales, services business 445 439 1 868 848 2 1,703
without currency effect 0 -1
Adjusted EBITA 70.0 77.3 -9 136.5 133.0 3 274.0
% of sales 10.4 11.5 10.3 10.5 10.6
Operating profit 59.8 69.3 -14 119.2 119.7 0 227.1
Earnings per share, EPS, EUR 0.24 0.28 -14 0.47 0.46 2 0.87
Return on capital employed (ROCE),
before tax, annualized, % 11.1 11.0 10.4
Free cash flow 4 74 -95 43 136 -68 339
18 Half-Year Financial Review 2017

19. © Metso
Cash flow and financial position
June 30, 2017 Dec 31, 2016
Return on equity (ROE), annualized, % 10.2 9.0
Return on capital employed (ROCE) before taxes, annualized, % 11.1 10.4
Gearing at the end of the period, % 7.5 -1.8
Cash conversion, % 61 261
Equity to assets ratio at the end of the period, % 45.9 48.0
Debt to capital, % 39.0 35.6
Net debt / EBITDA 0.3 -0.1
Interest cover (EBITDA) 9.0 7.4
Cash assets 629 698
19 Half-Year Financial Review 2017

20. © Metso
132
121
0
50
100
150
200
South and Central America
orders
EUR million
148
165
0
50
100
150
200
Asia-Pasific orders
EUR million
153 155
0
50
100
150
200
North America orders
EUR million238 234
0
50
100
150
200
250
EMEA orders
EUR million
Orders were EUR 194 million and +19%
+ Good activity continued in several regions
+ Equipment orders +36%, services flat
Geographical figures in Q2/2017
Mining
Orders were EUR 342 million and -15%
+ Services orders +12% with increase across the
services offering
+ Recovery more visible in the equipment
business
Flow ControlAggregates
Orders were EUR 174 million and +4%
+ Orders from oil & gas as well as pulp & paper
customers slightly higher
+ Pumps grew significantly
20
Minerals sales +6%
Flow Control sales -2%
North America
23% of sales
EMEA
35% of sales
Minerals sales flat
Flow Control sales -1%
Asia-Pacific
24% of sales
Minerals sales +16%
Flow Control sales -3%
South and Central America
18% of sales
Minerals sales flat
Flow Control sales flat
-2% +12% -9%+2%
Half-Year Financial Review 2017