Result presentation Q1 2020

1. © Wärtsilä PUBLIC
WÄRTSILÄ CORPORATION
INTERIM REPORT JANUARY-MARCH 2020
21 April 2020
Jaakko Eskola, President & CEO
21 April 2020 INTERIM REPORT JANUARY-MARCH 20201

2. © Wärtsilä PUBLIC
Net sales stable, profitability burdened
by COVID-19 impacts and mix

3. © Wärtsilä PUBLIC
KEY FIGURES Q1/2020
Order intake EUR 1,247 million, -12%
Order book at the end of the period
EUR 5,745 million, -4%
Net sales EUR 1,170 million, +2%
Book-to-bill 1.07 (1.23)
Comparable operating result EUR 56 million (102),
or 4.8% of net sales (8.9)
Earnings per share EUR 0.05 (0.10)
Cash flow from operating activities
EUR 42 million (35)

4. © Wärtsilä PUBLIC
57%
38%
5%
Wärtsilä Marine
Wärtsilä Energy
Portfolio Business
INTERIM REPORT JANUARY-MARCH 20204
Demand was reasonable considering the market conditions
Rolling 12m, MEUR
1,416 1,247
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Q218-Q119 Q318-Q219 Q418-Q319 Q119-Q419 Q219-Q120
Q1
-12%
First quarter 2020 and comparison 2019
21 April 2020
50%50%
Services
Equipment
Order intake
by business type
Order intake
by business area
First quarter development
(35)
(60)
(54) (46)
(6)

5. © Wärtsilä PUBLIC INTERIM REPORT JANUARY-MARCH 20205
Net sales increased slightly driven by the Marine Business
1,151 1,170
0
1,000
2,000
3,000
4,000
5,000
6,000
Q218-Q119 Q318-Q219 Q418-Q319 Q119-Q419 Q219-Q120
Rolling 12m, MEUR
First quarter 2020 and comparison 2019
21 April 2020
Q1
+2%
65%
30%
5%
Wärtsilä Marine
Wärtsilä Energy
Portfolio Business
51%49%
Services
Equipment
Net sales
by business type
Net sales
by business area
First quarter development
(35)
(61)
(50) (50)
(4)

6. © Wärtsilä PUBLIC INTERIM REPORT JANUARY-MARCH 20206
Book-to-bill
1.15
1.20
1.17
1.22
1.18 1.15 1.13
1.03
0.99
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Q217-Q118 Q317-Q218 Q417-Q318 Q118-Q418 Q218-Q119 Q318-Q219 Q418-Q319 Q119-Q419 Q219-Q120
Order intake Net sales Book-to-bill
Rolling 12m, MEUR
21 April 2020

7. © Wärtsilä PUBLIC INTERIM REPORT JANUARY-MARCH 20207
Order book distribution
0
500
1,000
1,500
2,000
2,500
3,000
3,500
31.3.2019* 31.3.2020
Delivery in current year Delivery next year or later
MEUR
21 April 2020
*During 2019, Wärtsilä implemented stricter requirements for the booking of new orders, which resulted in certain projects being removed from the Energy Business’ order book. The figures in the graph have been adjusted to reflect this change.

8. © Wärtsilä PUBLIC INTERIM REPORT JANUARY-MARCH 20208
Operating result impacted by weaker fixed cost absorption, service
sales mix, and delivery of projects affected by cost overruns
11.3% 11.1%
9.6%
8.8%
7.9%
0%
2%
4%
6%
8%
10%
12%
0
100
200
300
400
500
600
700
Q218-Q119 Q318-Q219 Q418-Q319 Q119-Q419 Q219-Q120
Comparable operating result Comparable operating result, %
Rolling 12m, MEUR Review period development
21 April 2020
8.9%
4.8%
0%
2%
4%
6%
8%
10%
12%
14%
-20
0
20
40
60
80
100
120
1-3/2019 1-3/2020
Portfolio Business
Wärtsilä Energy
Wärtsilä Marine
Wärtsilä Group, % of sales
MEUR

9. © Wärtsilä PUBLIC
0
100
200
300
400
500
600
700
2015 2016 2017 2018 2019
INTERIM REPORT JANUARY-MARCH 20209
Cash flow from operating activities
MEUR
21 April 2020
Review period development
0
5
10
15
20
25
30
35
40
45
50
1-3/2019 1-3/2020

10. © Wärtsilä PUBLIC
Review period development
INTERIM REPORT JANUARY-MARCH 202010
Working capital
543
490
563 581
732
10.8% 10.2%
11.5%
11.2%
14.2%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0
200
400
600
800
1,000
1,200
1,400
1,600
2015 2016 2017 2018 2019
Working capital Total inventories Advances received Working capital / net sales*
MEUR
21 April 2020
656 660
12.5% 12.7%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0
200
400
600
800
1,000
1,200
1,400
1,600
31.3.2019 31.3.2020
*Working capital / 12 months rolling net sales

11. © Wärtsilä PUBLIC INTERIM REPORT JANUARY-MARCH 202011
Gearing
0.00
0.10
0.20
0.30
0.40
0.50
2015 2016 2017 2018 2019
21 April 2020
0.00
0.10
0.20
0.30
0.40
0.50
31.3.2019 31.3.2020
Review period development

12. © Wärtsilä PUBLIC
Wärtsilä
Marine Business

13. © Wärtsilä PUBLIC13
Decline in vessel contracting reflects market uncertainty
Specialised tonnageTotal vessel contracting
Source: Clarksons Research, contracting as per April 7th, 2020
CGT= gross tonnage compensated with workload
WÄRTSILÄ MARINE BUSINESS
21 April 2020 INTERIM REPORT JANUARY-MARCH 2020
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
05/11
09/11
01/12
05/12
09/12
01/13
05/13
09/13
01/14
05/14
09/14
01/15
05/15
09/15
01/16
05/16
09/16
01/17
05/17
09/17
01/18
05/18
09/18
01/19
05/19
09/19
01/20
MillionCGT
Numberofvessels
Merchant Offshore
Cruise and Ferry Special vessels
3 months moving average in CGT
0
10
20
30
40
50
60
70
80
01/11
05/11
09/11
01/12
05/12
09/12
01/13
05/13
09/13
01/14
05/14
09/14
01/15
05/15
09/15
01/16
05/16
09/16
01/17
05/17
09/17
01/18
05/18
09/18
01/19
05/19
09/19
01/20
Numberofvessels
Offshore Cruise and Ferry Special vessels LNG carriers LPG carriers

14. © Wärtsilä PUBLIC
First quarter development
INTERIM REPORT JANUARY-MARCH 202014
Order intake development
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
0
200
400
600
800
1,000
1,200
1-3/2019* 4-6/2019* 7-9/2019* 10-12/2019 1-3/2020
Wärtsilä Marine, equipment
Wärtsilä Marine, services
Wärtsilä Marine total, rolling 12 months
WÄRTSILÄ MARINE BUSINESS
QTD, MEUR Rolling 12m, MEUR
31%
3%
10%
14%
18%
18%
6%
22%
14%
13%12%
25%
13%
2%
Services
order intake
by segment
Equipment
order intake
by segment
◼ Offshore
◼ Navy
◼ Special Vessels
◼ Merchant
◼ Others
◼ Cruise & Ferry
◼ Gas carriers
21 April 2020
(25)
(4)
(4)
(33)
(24)
(13)
(6)
(25)
(11)
(15)
(10)
(24)
(5)
(2)
*Rolling figures not adjusted to reflect the new reporting structure

15. © Wärtsilä PUBLIC INTERIM REPORT JANUARY-MARCH 202015
Net sales development
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
0
200
400
600
800
1,000
1,200
1-3/2019* 4-6/2019* 7-9/2019* 10-12/2019 1-3/2020
Wärtsilä Marine, equipment
Wärtsilä Marine, services
Wärtsilä Marine total, rolling 12 months
25%
15%
6%
5%
49%
Spare parts Field service
Service agreements Service projects
Wärtsilä Marine, equipment
WÄRTSILÄ MARINE BUSINESS
QTD, MEUR Rolling 12m, MEUR
First quarter
development
EUR 759 million (699)
21 April 2020
(49)
(6)
(16)
(27)
(3)
*Rolling figures not adjusted to reflect the new reporting structure

16. © Wärtsilä PUBLIC 21 April 2020 INTERIM REPORT JANUARY-MARCH 202016
Net sales from installations under agreement
0
50
100
150
200
250
300
2017 2018 2019 31.3.2020
WÄRTSILÄ MARINE BUSINESS
Rolling 12m, MEUR
Wärtsilä introduces a
new agreement-based solution
for offshore installations
• The solution provides the asset
with up to six months of
operating time without planned
maintenance activity onboard,
enabling significant cost savings
• The solution can be tailored for
each individual installation and
is supplied together with a
power system

17. © Wärtsilä PUBLIC
• Wärtsilä will provide an integrated system
consisting of an LNG plant, dual-fuel
engines, and an electrical propulsion
system for the latest addition to Canada-
based BC Ferries’ series of Salish Class
vessels
• The LNG solutions enable BC Ferries to
reliably serve their customers while
helping to protect the pristine waters of
British Columbia
PROVIDING GREATER EFFICIENCY AND PERFORMANCE

18. © Wärtsilä PUBLIC
Wärtsilä
Energy Business

19. © Wärtsilä PUBLIC INTERIM REPORT JANUARY-MARCH 202019
Market for gas and liquid fuel power plants, <500 MW
21% 17% 13% 14% 15% 14% 17% 9%
0
5,000
10,000
15,000
20,000
25,000
Q217-Q118 Q317-Q218 Q417-Q318 Q118-Q418 Q218-Q119 Q318-Q219 Q418-Q319 Q119-Q419
Wärtsilä Others
WÄRTSILÄ ENERGY BUSINESS
Rolling 12m, MW
21 April 2020
The total market, including also power plants with prime movers above 500 MW, increased by 10% to 47.2 GW during the twelve-month period ending in December 2019 (43.0 at the end of September).
Market shares are calculated on a 12 months rolling basis. 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.

20. © Wärtsilä PUBLIC
First quarter development
2%
97%
1%
28%
25%
33%
14%
Services
order intake
by segment
Equipment
order intake
by segment
◼ Independent Power Producers
◼ Industrials
◼ Others
◼ Utilities
INTERIM REPORT JANUARY-MARCH 202020
Order intake development
0
500
1,000
1,500
2,000
2,500
0
100
200
300
400
500
600
700
800
1-3/2019* 4-6/2019* 7-9/2019* 10-12/2019 1-3/2020
Wärtsilä Energy, equipment
Wärtsilä Energy, services
Wärtsilä Energy total, rolling 12 months
WÄRTSILÄ ENERGY BUSINESS
QTD, MEUR Rolling 12m, MEUR
21 April 2020
(67)
(10)
(23)
(28)
(24)
(40)
(8)
*Rolling figures not adjusted to reflect the new reporting structure

21. © Wärtsilä PUBLIC INTERIM REPORT JANUARY-MARCH 202021
Orders received for energy equipment globally
WÄRTSILÄ ENERGY BUSINESS
IPP’s
(Independent
Power Producers)
Utilities
Industrials
Order intake 1-3/2020:
544 MW (607)
Americas
448 (172)
Africa and
Middle East
60 (191)
Europe
12 (24)
21 April 2020
Others
Asia
24 (220)

22. © Wärtsilä PUBLIC22
Energy installed base covered by long-term service agreements
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 30.3.2020
MW under agreement* % of Wärtsilä Energy installed base
An O&M agreement with a
Colombian cement producer
extended to its 25th year
• The O&M agreement
relationship between Wärtsilä
and Cemex Colombia is one of
the longest made with an energy
customer
• The agreement ensures
optimised and guaranteed
performance and predictability
of O&M costs, while enabling
Cemex to focus on its core
business
WÄRTSILÄ ENERGY BUSINESS
21 April 2020 INTERIM REPORT JANUARY-MARCH 2020
MW
*Includes agreements covering both installed assets and assets to be installed in the future

23. © Wärtsilä PUBLIC INTERIM REPORT JANUARY-MARCH 202023
Net sales development
0
500
1,000
1,500
2,000
2,500
0
100
200
300
400
500
600
700
800
1-3/2019* 4-6/2019* 7-9/2019* 10-12/2019 1-3/2020
Wärtsilä Energy, equipment
Wärtsilä Energy, services
Wärtsilä Energy total, rolling 12 months
19%
7%
21%
5%
48%
Spare parts Field service
Service agreements Service projects
Wärtsilä Energy, equipment
WÄRTSILÄ ENERGY BUSINESS
QTD, MEUR Rolling 12m, MEUR
First quarter
development
EUR 351 million (403)
21 April 2020
(53)
(5)
(18)
(22)
(2)
*Rolling figures not adjusted to reflect the new reporting structure

24. © Wärtsilä PUBLIC
COLLABORATING FOR LIFECYCLE INNOVATION
• Wärtsilä’s hybrid, dual-fuel solution
establishes the new Wasaline RoPax ferry
as a benchmark in efficiency and
sustainability
• Predictive maintenance lowers operating
costs and improves reliability
• Wärtsilä benefits in the form of a floating
technology demonstrator and R&D lab
in connection to the Smart Technology
Hub being built in Vaasa
FLEXIBLE BASELOAD POWER TO LATIN AMERICA
• Wärtsilä was awarded full engineering,
procurement, and construction (EPC)
contracts for two power plants in Latin
America
• The fast-starting flexibility of the solution
enables efficient integration of renewable
energy into the system
• Wärtsilä will also operate and maintain
both of the plants under a 10-year service
agreement

25. © Wärtsilä PUBLIC
PROSPECTS
The coronavirus (COVID-19) outbreak and
the measures taken to contain the pandemic
will materially impact Wärtsilä’s net sales
and earnings for 2020. The full financial
impact cannot be quantified at this time.
Consequently, Wärtsilä withdrew its market
outlook for 2020 on 31 March 2020 pending
an improvement in visibility.

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