- Order intake and sales decreased across Wärtsilä's businesses due to the impacts of COVID-19, with the exception of stable sales in Marine Systems. - The comparable operating result decreased 51% to EUR 55 million due to lower sales volumes and an unfavorable sales mix impacting profitability. - Cash flow from operating activities increased significantly to EUR 252 million due to improved working capital management.

1. 17 JULY 2020
JAAKKO ESKOLA, PRESIDENT & CEO

2. © Wärtsilä

3. © Wärtsilä
MEUR 4-6/2020 CHANGE 1-6/2020 CHANGE
Order intake 1,011 -27% 2,259 -19%
of which services 486 -22% 1,120 -12%
Order book 5,401 -12%
Net sales 1,220 0% 2,390 +1%
of which services 510 -17% 1,103 -7%
Book-to-bill 0.83 -0.30 0.95 -0.23
Comparable operating result 55 -51% 111 -48%
% of net sales 4.5% -4.8 pp 4.7% -4.4 pp
Earnings per share, EUR 0.04 -0.07 0.09 -0.12
Cash flow from operating activities 252 +289 293 +295
KEY FIGURES
17 July 2020 HALF YEAR REPORT JANUARY-JUNE 20203

4. © Wärtsilä
0
10
20
30
40
50
60
70
80
90
01-11
06-11
11-11
04-12
09-12
02-13
07-13
12-13
05-14
10-14
03-15
08-15
01-16
06-16
11-16
04-17
09-17
02-18
07-18
12-18
05-19
10-19
03-20
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
06-11
11-11
04-12
09-12
02-13
07-13
12-13
05-14
10-14
03-15
08-15
01-16
06-16
11-16
04-17
09-17
02-18
07-18
12-18
05-19
10-19
03-20
Total vessel contracting Specialised tonnage
VESSEL ORDERS REMAINED AT A VERY LOW LEVEL
17 July 2020 HALF YEAR REPORT JANUARY-JUNE 20204
Source: Clarksons Research, contracting as per 1 July, 2020
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

5. © Wärtsilä5
17% 13% 14% 15% 14% 17% 9% 8%
0
5,000
10,000
15,000
20,000
25,000
Q317-Q218 Q417-Q318 Q118-Q418 Q218-Q119 Q318-Q219 Q418-Q319 Q119-Q419 Q219-Q120
Wärtsilä Others
17 July 2020 HALF YEAR REPORT JANUARY-JUNE 2020
ENERGY MARKETS AT A STABLE LEVEL
The total market, including also power plants with prime movers above 500 MW, decreased by 2% to 46.2 GW during the twelve-month period ending in March 2020 (47.2 at the end of December).
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

6. © Wärtsilä
39%
12%5%
39%
5%
Marine Power
Marine Systems
Voyage
Energy
Portfolio Business
48%52%
Services
Equipment
1,377
1,011
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Q318-Q219 Q418-Q319 Q119-Q419 Q219-Q120 Q319-Q220
ORDER INTAKE
17 July 2020 HALF YEAR REPORT JANUARY-JUNE 20206
Q2
-27%
Order intake
by business area
Second quarter development
MEUR, 12m rolling
Second quarter 2020 and comparison 2019
Order intake
by business type
(3)
(32)
(5)
(14)
(55)
(45)
(46)

7. © Wärtsilä
3%
1%
5%
42%
16%
6%
35%
32%
9%
3%
13%
32%
8%
6%
6%
3%
16%
7%
3%
3%
35%
5%
12%
11%
5%
18%
7%
1%
15%
24%
45%
20%
38%
45%
25%
19%
1%
21%
1%
3%
Services
Equipment
Services
Equipment
Services
Equipment
VoyageMarineSystemsMarinePower
Gas carriers Cruise & ferry Offshore Navy Special vessels Merchant Other
33% 30%
24%
59%
30%
11%14%
Services Equipment
Other
Industrials
Independent
Power
Producers
Utilities
Marine Businesses Energy
JANUARY–JUNE ORDER INTAKE BY CUSTOMER SEGMENT
17 July 2020 HALF YEAR REPORT JANUARY-JUNE 20207
(15) (34) (3) (16) (11) (20)
(16) (27) (13) (9) (12) (22) (2)
(45) (18) (30) (5)
(5) (9) (5) (34) (9) (38)
(0) (47) (11) (4) (3) (19) (17)
(1) (50) (5) (1) (7) (36) (0)
(32)
(23)
(35)
(10)
(62)
(19)
(19)
(0)(1) (0)

8. © Wärtsilä
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
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
Delivery
current year
Delivery next
year
Delivery after
next year
30.6.2018 30.6.2019** 30.6.2020
Order book by business area Order book delivery schedule
ORDER BOOK
17 July 2020 HALF YEAR REPORT JANUARY-JUNE 20208
*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

9. © Wärtsilä
1,217 1,220
0
1,000
2,000
3,000
4,000
5,000
6,000
Q318-Q219 Q418-Q319 Q119-Q419 Q219-Q120 Q319-Q220
NET SALES
17 July 2020 HALF YEAR REPORT JANUARY-JUNE 20209
Second quarter 2020 and comparison 2019
34%
20%
5%
37%
4%
Marine Power
Marine Systems
Voyage
Energy
Portfolio Business
42%
58%
Services
Equipment
Net sales
by business area
Second quarter development
Net sales
by business type
(5)
(33)
(37)
(6)
(19)
(50)
(50)
MEUR, 12m rolling
Q2
0%

10. © 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 7-9/2018 1-3/2019 7-9/2019 1-3/2020
Services Equipment Service sales, 12m rolling
23%
13%
4%
4%
56%
Spare parts
Field service
Service agreements
Service projects
Equipment
17%
5%
14%
4%
60%
NET SALES BY BUSINESS TYPE
17 July 2020 HALF YEAR REPORT JANUARY-JUNE 202010
(48)
(7)
(16)
(25)
(4)
(53)
(18)
(4)
(19)
(5)
MEUR MEUR, 12m rolling
Second quarter development
Marine
Businesses
EUR 715 million
(756)
Energy
EUR 457 million
(400)

11. © Wärtsilä11 17 July 2020 HALF YEAR REPORT JANUARY-JUNE 2020
NET SALES BRIDGE
MEUR

12. © Wärtsilä
11.1%
9.6%
8.8%
7.9%
6.8%
0%
2%
4%
6%
8%
10%
12%
0
100
200
300
400
500
600
700
Q318-Q219 Q418-Q319 Q119-Q419 Q219-Q120 Q319-Q220
Comparable operating result Comparable operating result, %
9.1%
4.7%
-2%
0%
2%
4%
6%
8%
10%
-50
0
50
100
150
200
250
1-6/2019 1-6/2020
Marine Power Marine Systems
Voyage Energy
Portfolio Business Total, % of sales
Review period development
COMPARABLE OPERATING RESULT
17 July 2020 HALF YEAR REPORT JANUARY-JUNE 202012
MEUR, 12m rolling MEUR

13. © Wärtsilä
0
100
200
300
400
500
600
700
2015 2016 2017 2018 2019
-50
0
50
100
150
200
250
300
350
1-6/2019 1-6/2020
Review period development
CASH FLOW FROM OPERATING ACTIVITIES
17 July 2020 HALF YEAR REPORT JANUARY-JUNE 202013
MEUR MEUR

14. © Wärtsilä14
490 563 581 732
492
10.2%
11.5% 11.2%
14.2%
9.5%
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 30.6.2020
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
17 July 2020 HALF YEAR REPORT JANUARY-JUNE 2020
WORKING CAPITAL
MEUR

15. © Wärtsilä
0.00
0.10
0.20
0.30
0.40
0.50
2015 2016 2017 2018 2019
0.00
0.10
0.20
0.30
0.40
0.50
30.6.2019 30.6.2020
Review period development
GEARING
17 July 2020 HALF YEAR REPORT JANUARY-JUNE 202015

16. © Wärtsilä

17. © Wärtsilä
• Order intake decreased by 38% to EUR 391
million (632)
• Ordering activity under pressure due to
idling of fleet and customers adjusting their
capital and operating expenditures
• Net sales decreased by 6% to EUR 420 million
(447)
• Comparable operating result amounted to
EUR 24 million (62) or 5.7% of net sales (13.8)
• Profitability weakened primarily due to an
unfavourable sales mix and weaker fixed
cost absorption
0
100
200
300
400
500
600
700
Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20
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
Net sales and profitability
Services Equipment Comparable operating result, %
MARINE POWER
MARINE POWER
17 July 2020 HALF YEAR REPORT JANUARY-JUNE 202017
MEUR
MEUR

18. © Wärtsilä18
0
50
100
150
200
250
300
350
400
450
30.6.2017 30.6.2018 30.6.2019 30.6.2020
A new remote service to overcome travel
restrictions
• Wärtsilä introduced its Assured Operations
remote support service for Wärtsilä 4-stroke
and 2-stroke engine customers
• The service enables technical experts to
assess and resolve operational issues via
remote connection between the vessel and
Wärtsilä’s Expertise Centres
17 July 2020 HALF YEAR REPORT JANUARY-JUNE 2020
NET SALES FROM INSTALLATIONS UNDER AGREEMENT
MARINE POWER
MEUR, 12m rolling

19. © Wärtsilä
• Order intake decreased by 40% to EUR 119
million (198)
• Reduced fuel spreads resulted in lower
demand for scrubber investments
• Net sales increased by 1% to EUR 238 million
(237)
• Comparable operating result amounted to
EUR 27 million (23) or 11.2% of net sales (9.7)
• Increased scrubber delivery volumes
boosted both net sales and profitability
0
50
100
150
200
250
300
Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20
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
Net sales and profitability
Services Equipment Comparable operating result, %
MARINE SYSTEMS
MARINE SYSTEMS
17 July 2020 HALF YEAR REPORT JANUARY-JUNE 202019
MEUR
MEUR

20. © Wärtsilä
• Order intake decreased by 23% to EUR 56
million (72)
• Net sales decreased by 23% to EUR 56 million
(73)
• COVID-19 caused project postponements
and less transactional service business
• Comparable operating result amounted to EUR
-12 million (-9) or -20.8% of net sales (-12.8)
• Negative impacts from lower sales volumes,
a less favourable service mix, and
increased investments in digital
competences
0
20
40
60
80
100
120
Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20
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
Net sales and profitability
Services Equipment Comparable operating result, %
VOYAGE
VOYAGE
17 July 2020 HALF YEAR REPORT JANUARY-JUNE 202020
MEUR
MEUR

21. © Wärtsilä21
Voyage is committed to creating a Smart
Marine Ecosystem, whereby every
vessel can connect to digital services
that make voyaging safer and greener
Connected vessels enable:
• Significant cost savings
• Faster and safer voyage planning
• On time arrival, less anchorage
• Transparent ship-to-shore data
17 July 2020 HALF YEAR REPORT JANUARY-JUNE 2020
VESSELS CONNECTED TO VOYAGE DIGITAL SERVICES INCREASED 90% –
RECORD HIGH NUMBER OF VESSELS IN ORDER BOOK
VOYAGE
+90%
Commissioned,
cumulative
Order Book
Number of connected vessels
Q2/20Q3/19 Q4/19Q1/18 Q2/18 Q1/19Q3/18 Q4/18 Q2/19 Q1/20

22. © Wärtsilä
• Order intake decreased by 10% to EUR 390
million (435)
• Received equipment orders included a 200
MW flexible baseload power plant to be
delivered to South America
• Net sales increased by 14% to EUR 457 million
(400), driven by equipment deliveries
• Comparable operating result amounted to
EUR 19 million (38) or 4.0% of net sales (9.6)
• Decline in profitability mainly due to an
unfavourable sales mix and COVID-19
impacts
0
100
200
300
400
500
600
700
Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20
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
Net sales and profitability
Services Equipment Comparable operating result, %
ENERGY
ENERGY
17 July 2020 HALF YEAR REPORT JANUARY-JUNE 202022
MEUR
MEUR

23. © Wärtsilä23
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 30.6.2020
MW under agreement* % of Energy installed base
17 July 2020 HALF YEAR REPORT JANUARY-JUNE 2020
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

24. © Wärtsilä
ENERGY
ORDERS RECEIVED FOR ENERGY EQUIPMENT GLOBALLY
IPP’s
(Independent
Power Producers)
Utilities
Industrials
ORDER INTAKE 1-6/2020:
912 MW (1,058)
Others
17 July 2020 HALF YEAR REPORT JANUARY-JUNE 202024
Americas
719 (248)
Africa and
Middle East
70 (291)
Europe
22 (24)
Asia
101 (525)

25. © Wärtsilä
The COVID-19 outbreak and the measures
taken to contain the pandemic will materially
impact the demand for Wärtsilä’s solutions
and services, as well as the company’s
financial performance in 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