Result presentation Q3 2015

1. © Wärtsilä
WÄRTSILÄ CORPORATION
INTERIM REPORT JANUARY-SEPTEMBER 2015
22 OCTOBER 2015
Björn Rosengren,
President & CEO

2. • Order intake EUR 1,086 million, -17%
• Net sales EUR 1,222 million, +9%
• Book-to-bill 0.89 (1.17)
• EBIT EUR 160 million, 13.1% of net sales
(EUR 142 million or 12.7%)
• EBITA EUR 170 million, 13.9% of net sales
(EUR 149 million or 13.3%)
• EPS EUR 0.49 (0.43)
• Cash flow from operating activities EUR -5 million (68)
• Order book at the end of the period
EUR 5,112 million, +9%
EBIT is shown excluding non-recurring items.
EBITA is shown excluding non-recurring items and purchase price allocation amortisation.
Highlights Q3/2015
2 © Wärtsilä

3. © Wärtsilä
0
200
400
600
800
1 000
1 200
1 400
1 600
Q3/2014 Q3/2015
-17%
-56%
10%
-12%
1,309
MEUR
Third quarter development
MEUR
3
Year to date order intake supported by Services
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
5 500
2011 2012 2013 2014 2015
1,086
Q1-Q3 Q4
Energy
Solutions
Marine
Solutions
Services

4. © Wärtsilä
0
200
400
600
800
1 000
1 200
1 400
Q3/2014 Q3/2015
Net sales in line with our expectations
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
2011 2012 2013 2014 2015
9%
12%
23%
-14%
1,117
MEUR
Third quarter development
MEUR
1,222
4
Net sales developing well
Q1-Q3 Q4
Energy
Solutions
Marine
Solutions
Services

5. © Wärtsilä
Net sales by business 1-3/2012
Marine Solutions
33% (36)
Energy Solutions
22% (22)
Services
45% (43)
5
Net sales by business 1-9/2015

6. © Wärtsilä
1.07 1.05 1.05 1.06 1.03
0,0
0,2
0,4
0,6
0,8
1,0
1,2
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
5 500
2011 2012 2013 2014 1-9/2015
Order intake Net sales Book-to-bill
MEUR
6
Book-to-bill ratio remains above one

7. © Wärtsilä
Order book distribution
MEUR
7
Order book distribution
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
30.9.2014 30.9.2015
Delivery current year Delivery next year or later

8. © Wärtsilä
MEUR
8
Operating result and profitability in line with expectations
EBIT%EBIT
11.1% 10.9%
11.2%
11.9%
0%
2%
4%
6%
8%
10%
12%
14%
0
100
200
300
400
500
600
2011 2012 2013 2014
EBIT is shown before non-recurring items. Figures for 2011-2013 include both discontinued and continuing operations.
Third quarter development
MEUR
12.7% 13.1%
0%
2%
4%
6%
8%
10%
12%
14%
0
20
40
60
80
100
120
140
160
180
Q3/2014 Q3/2015

9. © Wärtsilä9
Macroeconomic
uncertainty continues to
effect power generation
markets

10. © Wärtsilä10
Energy Solutions’ quotation activity on a good level
Multi-fuel
Gas
Liquid fuel
0
2 000
4 000
6 000
8 000
10 000
12 000
14 000
16 000
18 000
Q1/2012
Q2/2012
Q3/2012
Q4/2012
Q1/2013
Q2/2013
Q3/2013
Q4/2013
Q1/2014
Q2/2014
Q3/2014
Q4/2014
Q1/2015
Q2/2015
Q3/2015
MW

11. © Wärtsilä
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2011 2012 2013 2014 2015
MEUR
Review period development
Total EUR 642 million (792)
IPP’s*
Utilities
Industrials
Oil
64%
Gas
36%
Review period order intake by fuel in MW
x%
11
Energy Solutions’ order intake impacted by delayed
customer decision-making
44%
11%
44%
Q1-Q3 Q4
*IPP = Independent Power Producer

12. © Wärtsilä
40
58
4
31
Order intake 1-9/2015: 1,687 MW (1,716)
Americas 246 (539)
Asia 174 (326)
Africa and Middle East 230 (440)
Utilities
IPP’s
Industrials
12
Energy Solutions’ orders globally
975
190
Europe 1,037 (410)
246
40
103

13. © Wärtsilä
GE
62.3%
Alstom
2.9%
Ansaldo
2.8%
Other GT’s
0.9%
1313
Siemens
27.9%
GE
35.0%
Wärtsilä
9.7%
MHI
19.5%
13
Market for gas and liquid fuel power plants, <500 MW
Market data includes all Wärtsilä power plants and other manufacturers’ gas and liquid fueled gas turbine based
power plants with prime movers above 5 MW, as well as estimated output of steam turbines for combined cycles.
The data is gathered from the McCoy Power Report.
Other combustion engines not included. In engine technology Wärtsilä has a leading position.
Other GT’s
0.5%
Ansaldo
7.4%
1-6/2014 1-6/2015
Siemens
10.4%
MHI
10.4%
Wärtsilä
9.4%
Market volume 1-6/2015: 12.6 GW (10.6), +19%

14. © Wärtsilä14
Marine markets affected
by low contracting and
a weak sentiment
in the offshore segment

15. © Wärtsilä
0
1
2
3
4
5
0
50
100
150
200
250
01.09
04.09
07.09
10.09
01.10
04.10
07.10
10.10
01.11
04.11
07.11
10.11
01.12
04.12
07.12
10.12
01.13
04.13
07.13
10.13
01.14
04.14
07.14
10.14
01.15
04.15
07.15
MillionCGT
#ofvessels
Merchant Offshore Cruise and Ferry Special vessels 3 months moving average in CGT
15
Vessel contracting activity remains low
Source: Clarkson Research Services, figures exclude late contracting
* CGT= gross tonnage compensated with workload
*
*
09.15

16. © Wärtsilä
0
300
600
900
1 200
1 500
1 800
2011 2012 2013 2014 2015
MEUR
Review period development
Total EUR 1,134 million (1,286)
Offshore
11%
Traditional
merchant
18%
Special
vessels
10%
16
Marine Solutions’ order intake impacted by
market challenges
Others
5%
Q1-Q3 Q4
Gas carriers
35%
Cruise &
Ferry
17%
Navy
4%

17. © Wärtsilä
• Joint venture order intake
totalled EUR 163 million (126)
during January-September
2015
• Wärtsilä’s share of ownership
in these companies is 50%,
and the results are reported as
a share of result of associates
and joint ventures
MEUR
Marine Solutions order intake
Joint venture order intake, includes figures from Wärtsilä Hyundai
Engine Company Ltd. and Wärtsilä Qiyao Diesel Company Ltd.
17
Joint venture ordering activity
0
100
200
300
400
500
600
700
Q1/2010
Q2/2010
Q3/2010
Q4/2010
Q1/2011
Q2/2011
Q3/2011
Q4/2011
Q1/2012
Q2/2012
Q3/2012
Q4/2012
Q1/2013
Q2/2013
Q3/2013
Q4/2013
Q1/2014
Q2/2014
Q3/2014
Q4/2014
Q1/2015
Q2/2015
Q3/2015

18. © Wärtsilä
Wärtsilä’s market shares are calculated on a 12 months rolling basis, numbers in brackets are from the end of the
previous quarter. The calculation is based on Wärtsilä’s own data portal.
Wärtsilä
63% (59)
Others
16% (16)
MAN D&T
8% (15)
Caterpillar
13% (10)
Total market volume last 12 months:
4,519 MW (4,988)
Medium-speed main engines
Wärtsilä
9% (5)
Auxiliary engines
Total market volume last 12 months:
3,986 MW (4,078)
Others
91% (95)
18
Strong position in marine engine market

19. © Wärtsilä
• The recently introduced Wärtsilä 31 engine,
the world’s most efficient 4-stroke diesel
engine, has been selected to power a new
generation icebreaker
• The icebreaker will feature three 8-cylinder
Wärtsilä 31 engines and Wärtsilä’s online
monitoring systems
• Wärtsilä 31 engine is fuel efficient, reliable,
flexible in operations and has outstanding
performance in extreme environmental
conditions
19
First Wärtsilä 31 engines selected to power an icebreaker

20. © Wärtsilä20
Service market activity
developing well

21. © Wärtsilä
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
2011 2012 2013 2014 2015
-3%
0
100
200
300
400
500
600
Q3/2014 Q3/2015
MEUR
Third quarter development
MEUR
472
12% 531
21
Continued growth in Services’ net sales
5%
Q1-Q3 Q4
5%

22. © Wärtsilä
Spare parts
51%(51)
Field service
24%(24)
Contracts
17%(17)
Projects
8%(8)
22
Total EUR 1,565 million (1,375)
Services net sales distribution 1-9/2015

23. © Wärtsilä
0%
5%
10%
15%
20%
25%
30%
0
2 000
4 000
6 000
8 000
10 000
12 000
14 000
2009 2010 2011 2012 2013 2014 30.9.2015
23
MW
Development of service agreements
MW under agreement – Energy Solutions MW under agreement – Marine Solutions
% of Marine Solutions’ installed base% of Energy Solutions’ installed base

24. © Wärtsilä24
Fleet utilisation
* Source Bloomberg. Sample of more than 25 000 vessels (>299 GT) covered by IHS AIS Live.
** Source Bloomberg
Fleet Average Speed, knots**
Anchored Vessels & Fleet Development*
20 500
21 000
21 500
22 000
22 500
23 000
20%
22%
24%
26%
28%
03.13
06.13
09.13
12.13
03.14
06.14
09.14
12.14
03.15
06.15
09.15
NrofActiveVessels
PercentAnchored
Anchored Active Fleet
8,4
8,6
8,8
9,0
9,2
9,4
9,6
03.13
06.13
09.13
12.13
03.14
06.14
09.14
12.14
03.15
06.15
09.15

25. © Wärtsilä25
Solid financial
standing

26. © Wärtsilä26
Cash flow from operating activities
0
100
200
300
400
500
600
700
2011 2012 2013 2014
MEUR
0
50
100
150
200
250
1-9/2014 1-9/2015
Review period development
MEUR

27. © Wärtsilä
235
465
313
251
5.6%
9.8%
6.8%
5.2%
0%
5%
10%
15%
20%
25%
0
200
400
600
800
1 000
1 200
1 400
1 600
2011 2012 2013 2014
Working capital Total inventories Advances received Working capital / Net sales
MEUR
27
Working capital impacted by increased inventories
MEUR
Review period development
* Working capital / 12 months rolling net sales
379
5228.2%*
10.5%*
0%
5%
10%
15%
20%
25%
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
30.9.2014 30.9.2015

28. © Wärtsilä28
Gearing impacted by L-3 MSI acquisition
0,00
0,10
0,20
0,30
0,40
0,50
2011 2012 2013 2014
0,00
0,10
0,20
0,30
0,40
0,50
30.9.2014 30.9.2015
Review period development

29. © Wärtsilä
• Energy Solutions: The market for liquid and gas
fuelled power generation is expected to remain
challenging as economic uncertainty continues. The
megatrend towards distributed, flexible gas-fired power
generation is gaining further ground globally.
• Marine Solutions: The outlook for the shipping and
shipbuilding markets remains challenging. Overcapacity
continues to affect demand and low oil prices impact
investments in offshore segment. Gas carrier
contracting is expected to continue on a normalised
level, while the outlook for cruise & ferry remains
positive.
• Services: The overall service market outlook is positive
with growth opportunities in selected regions and
segments. Customers in both the marine and power
plant markets continue to show healthy interest in long-
term service agreements.
29
Market outlook

30. © Wärtsilä30
Wärtsilä expects its net sales for 2015 to grow
by 5-10% and its operational profitability
(EBIT% before non-recurring items) to be
between 12.0-12.5%. The guidance includes
the impact of the L-3 Marine Systems
International acquisition.
Prospects for 2015 unchanged

31. IR Contact:
Natalia Valtasaari
Director, Investor Relations
Tel. +358 (0) 40 187 7809
E-mail: natalia.valtasaari@wartsila.com