Result presentation 2020

28 JANUARY 2021
JAAKKO ESKOLA, PRESIDENT & CEO

© Wärtsilä
MEUR 10-12/2020 CHANGE 1-12/2020 CHANGE
Order intake 1,118 -28% 4,359 -18%
of which services 626 -14% 2,267 -16%
Order book 5,057 -14%
Net sales 1,220 -28% 4,604 -11%
of which services 654 -12% 2,255 -10%
Book-to-bill 0.92 -0.01 0.95 -0.08
Comparable operating result 103 -49% 275 -40%
% of net sales 8.4 -3.6 pp 6.0 -2.9 pp
Earnings per share, EUR 0.10 -0.07 0.23 -0.14
Cash flow from operating activities 274 -21 681 +449
Dividend proposal per share, EUR 0.20 -58%
KEY FIGURES
3 28 January 2021 RESULT PRESENTATION 2020

© Wärtsilä
0
10
20
30
40
50
60
70
80
90
01-11
08-11
03-12
10-12
05-13
12-13
07-14
02-15
09-15
04-16
11-16
06-17
01-18
08-18
03-19
10-19
05-20
12-20
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
0
50
100
150
200
250
01-11
08-11
03-12
10-12
05-13
12-13
07-14
02-15
09-15
04-16
11-16
06-17
01-18
08-18
03-19
10-19
05-20
12-20
Total vessel contracting Specialised tonnage
VESSEL ORDERS AT A LOW LEVEL THROUGHOUT 2020
4
Source: Clarksons Research, contracting as per 7 January 2021
CGT= gross tonnage compensated with workload
Number of vessels Million CGT Number of vessels
Cruise and ferry
Merchant
3 months moving average in CGT
Special vessels
Offshore
Cruise and ferry
Offshore
LNG carriers
Special vessels LPG carriers
28 January 2021 RESULT PRESENTATION 2020

© Wärtsilä
5
14% 15% 14% 17% 9% 8% 9% 9%
0
5,000
10,000
15,000
20,000
25,000
Q118-Q418 Q218-Q119 Q318-Q219 Q418-Q319 Q119-Q419 Q219-Q120 Q319-Q220 Q419-Q320
Wärtsilä Others
ENERGY MARKET SITUATION STABILISED DURING 2020
The total market, including also power plants with prime movers above 500 MW, decreased by 4% to 37.8 GW during the twelve-month period ending in September 2020 (39.3 at the end of June).
The market data includes all Wärtsilä power plants and other manufacturers’ gas and liquid fuelled gas turbine based power plants with prime movers below 500 MW, as well as the estimated output of steam turbines
for combined cycles. The data is gathered from the McCoy Power Report. The main gas turbine competitors are GE, Siemens, Mitsubishi, and Ansaldo. Other combustion engines are not included.
MW, 12m rolling
Market for gas and liquid fuel power plants <500 MW

© Wärtsilä
39%
12%
5%
42%
2%
Marine Power
Marine Systems
Voyage
Energy
Portfolio Business
56%
44%
Services
Equipment
1,555
1,118
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Q119-Q419 Q219-Q120 Q319-Q220 Q419-Q320 Q120-Q420
ORDER INTAKE
6
Order intake
by business
Fourth quarter development
MEUR, 12m rolling
Fourth quarter 2020 and comparison 2019
Order intake
by business type
(5)
(38)
(6)
(9)
(53)
(47)
(42)
Q4
-28%

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0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
31.3.2018* 30.9.2018* 31.3.2019** 30.9.2019** 31.3.2020 30.9.2020
Marine Businesses total Marine Power Marine Systems
Voyage Energy Portfolio Business
Book-to-bill, QTD
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Delivery next year Delivery after next
year
31.12.2018 31.12.2019** 31.12.2020
Order book by business Order book delivery schedule
ORDER BOOK
7
*2018 figures not restated to accommodate the establishment of Portfolio Business entity
**As published in the Interim report January-March 2020, order book figures for 2019 have been restated due to stricter requirements for booking new orders.
MEUR MEUR

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1,684
1,220
0
1,000
2,000
3,000
4,000
5,000
6,000
Q119-Q419 Q219-Q120 Q319-Q220 Q419-Q320 Q120-Q420
NET SALES
8
Fourth quarter 2020 and comparison 2019
40%
14%
6%
38%
2%
Marine Power
Marine Systems
Voyage
Energy
Portfolio Business
54%
46%
Services
Equipment
Net sales
by business
Net sales
by business type
(4)
(38)
(36)
(5)
(17)
(56)
(44)
MEUR, 12m rolling
Q4
-28%

© Wärtsilä
8.8%
7.9%
6.8%
7.4%
6.0%
0%
2%
4%
6%
8%
10%
0
100
200
300
400
500
Q119-Q419 Q219-Q120 Q319-Q220 Q419-Q320 Q120-Q420
Comparable operating result Comparable operating result, %
8.8%
6.0%
-2%
0%
2%
4%
6%
8%
10%
-100
0
100
200
300
400
500
1-12/2019 1-12/2020
Marine Power Marine Systems
Voyage Energy
Portfolio Business Total, % of sales
Review period development
COMPARABLE OPERATING RESULT
9
MEUR, 12m rolling MEUR

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10
0
100
200
300
400
500
600
700
2016 2017 2018 2019 2020
RESULT PRESENTATION 2020
CASH FLOW FROM OPERATING ACTIVITIES RECORD HIGH
MEUR
28 January 2021

© Wärtsilä
11
0.60
0.63 0.65
0.37
0.23
0.43
0.46 0.48 0.48
0.20
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
2016 2017 2018 2019 2020*
EPS Dividend
EARNINGS AND DIVIDEND PER SHARE
EUR
28 January 2021
*Proposal of the Board
Figures for 2016-2017 have been restated to reflect the increased number of shares.

© Wärtsilä
• In 2020, order intake decreased by 23% to
EUR 1,737 million (2,247), pressurised by:
• Fleet idling
• Customers adjusting capital and operating
expenditures
• Net sales decreased by 9% to EUR 1,748
million (1,923)
• Comparable operating result amounted to EUR
137 million (273) or 7.8% of net sales (14.2),
weakened by:
• A less favourable sales mix
• Weak fixed cost absorption
0
100
200
300
400
500
600
700
Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20
Order intake
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0
100
200
300
400
500
600
700
Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20
Net sales and profitability
Services Equipment Comparable operating result, %
MARINE POWER
MARINE POWER
13
MEUR
MEUR

© Wärtsilä
14
Wärtsilä to provide xxx to xxxx
• Xxxxxxx
• Xxxxxxx
NET SALES FROM INSTALLATIONS UNDER AGREEMENT
DECLINED DUE TO COVID-19 IMPACTS
MARINE POWER
0
50
100
150
200
250
300
350
400
31.12.2018 31.3.2019 30.6.2019 30.9.2019 31.12.2019 31.3.2020 30.6.2020 30.9.2020 31.12.2020
MEUR, 12m rolling

© Wärtsilä
0
50
100
150
200
250
300
Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20
Order intake
0%
2%
4%
6%
8%
10%
12%
14%
0
50
100
150
200
250
300
Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20
MARINE SYSTEMS
MARINE SYSTEMS
15
MEUR
MEUR
EUR 539 million (754), affected by:
• Postponed customer decision-making
• Reduced fuel spreads lowering demand for
scrubber investments
• Net sales decreased by 15% to EUR 808
million (952), driven by the ending boom in
scrubber demand
83 million (60) or 10.3% of net sales (6.3)
• Operating result for 2019 weakened by cost
overruns in certain gas solution projects

© Wärtsilä
0
20
40
60
80
100
120
Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20
Order intake
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
0
20
40
60
80
100
120
Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20
VOYAGE
VOYAGE
16
MEUR
MEUR
EUR 262 million (310)
• Low demand in the cruise industry
• Growth in fleet optimisation solutions
• Net sales decreased by 12% to EUR 248
million (280), driven by:
• Project postponements
• Lower transactional service business
-41 million (-31) or -16.5% of net sales (-11.2),
negatively impacted by:
• Lower sales volumes
• A less favourable service mix
• Investments in digital competences

© Wärtsilä
17
Wärtsilä Fleet Operations Solution to
optimise the performance of UltraShip’s
entire fleet of 18 LPG tankers
• The solution saves costs while increasing
safety by automatically optimising the route
and speed of the vessel
• It also provides the fullest and latest voyage
data, keeping both onboard and onshore
personnel informed and notified
NUMBER OF CONNECTED VESSELS DOUBLED IN 2020 – ORDER
BOOK SUPPORTED BY CONTINUOUSLY HIGH ORDER INTAKE
VOYAGE
Commissioned,
cumulative
Order book
Number of connected vessels
Q2/18 Q4/19
Q1/19
Q1/18 Q3/20
Q3/18 Q4/18 Q3/19
Q2/19 Q1/20 Q2/20 Q4/20
+100%

© Wärtsilä
0
100
200
300
400
500
600
700
Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20
Order intake
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
0
100
200
300
400
500
600
700
Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20
ENERGY
ENERGY
18
MEUR
MEUR
• In 2020, order intake decreased by 7% to EUR
1,653 million (1,769)
• Slowdown of economic activity burdened
orders – improvement towards year-end
• Resilient activity in the storage market
• Net sales decreased by 9% to EUR 1,620
million (1,779)
101 million (155) or 6.3% of net sales (8.7),
burdened by:
• Delivery delays
• Weaker absorption of fixed costs
• Increased costs of project execution
• Delivery of projects communicated in 2019
to be affected by cost overruns

© Wärtsilä
19
0%
5%
10%
15%
20%
25%
30%
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2015 2016 2017 2018 2019 2020
MW under agreement* % of Energy installed base
A 10-year service agreement signed for
a 170 MW power plant serving a mine in
Papua New Guinea
• The tailored guaranteed asset performance
agreement worth over EUR 150 million was
signed with Lihir Gold Ltd, one of the world’s
largest gold mining companies
• The agreement covers maintenance and
operations advisory services and has shared
business case incentives to reduce operational
cost and enhance power availability,
supporting the mine’s production targets
ENERGY INSTALLED BASE COVERED BY LONG-TERM
SERVICE AGREEMENTS
ENERGY
MW
*Includes agreements covering both installed assets and assets to be installed in the future

© Wärtsilä
Wärtsilä expects the near-term demand
environment to be similar to that of the
corresponding period in the previous year.
However, visibility remains limited, and the
prevailing market conditions make the
outlook uncertain.

© Wärtsilä
4%
2%
35%
16%
22%
26%
27%
11%
4%
14%
31%
8%
7%
4%
2%
15%
4%
3%
8%
32%
3%
11%
8%
6%
16%
11%
16%
22%
54%
21%
36%
25%
26%
13%
0%
21%
3%
30%
2%
Services
Equipment
Services
Equipment
Services
Equipment
Voyage
Marine
Systems
Marine
Power
Gas carriers Cruise & ferry Offshore Navy Special vessels Merchant Other
32% 28%
29%
54%
30%
18%
9%
0%
Services Equipment
Other
Industrials
Independent
Power
Producers
Utilities
Marine Businesses Energy
JANUARY–DECEMBER ORDER INTAKE BY CUSTOMER
SEGMENT
22
(13)
(14)
(36)
(3)
(32)
(2)
(32)
(26)
(26)
(16)
(38)
(38)
(18)
(32)
(5) (42)
(8) (10) (0)
(26)
(2) (15)
(16) (5)
(48) (3) (9) (7) (21)
(25) (15) (9) (12) (22) (2)
(8) (3) (12) (21) (23)
(45) (4) (1) (3) (34) (12)
(7)

© Wärtsilä
ORDERS RECEIVED FOR ENERGY EQUIPMENT GLOBALLY
IPP’s
(Independent
Power Producers)
Utilities
Industrials
ORDER INTAKE 1-12/2020:
1,557 MW (1,980)
Others
23
Americas
493 (410)
Africa and
Middle East
298 (344)
Europe
404 (240)
Asia
362 (986)

© Wärtsilä
0
500
1,000
1,500
2,000
2,500
3,000
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
1-3/2018 10-12/2018 7-9/2019 4-6/2020
Services Equipment Service sales, 12m rolling
25%
15%
6%
7%
47% Spare parts
Field service
Service agreements
Service projects
Equipment
22%
6%
19%
8%
45%
NET SALES BY BUSINESS TYPE
24
(51)
(7)
(14)
(23)
(5)
(63)
(13)
(5)
(15)
(4)
MEUR MEUR, 12m rolling
Marine
Businesses
EUR 724 million
(965)
Energy
EUR 465 million
(648)

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26
490 563 581 732
257
10.2%
11.5% 11.2%
14.2%
5.6%
0%
2%
4%
6%
8%
10%
12%
14%
16%
-4,000
-3,000
-2,000
-1,000
0
1,000
2,000
3,000
4,000
2016 2017 2018 2019 2020
Other non-interest-bearing liabilities
Advances received
Trade payables
Other non-interest-bearing receivables
Trade receivables
Inventories
Working capital
Working capital / net sales, 12m rolling
WORKING CAPITAL
MEUR

THANK YOU
Further information:
NATALIA VALTASAARI
Vice President, Investor Relations
Tel: +358 (0) 10 709 5637
E-mail: natalia.valtasaari@wartsila.com

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