WÄRTSILÄ CORPORATION

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1 WÄRTSILÄ CORPORATION 26 RESULT PRESENTATION OLE JOHANSSON, PRESIDENT & CEO 6 FEBRUARY 27 1 Wärtsilä

2 Highlights 26 Order intake +32.4% Order book +52.8% Net sales +26.6% Operating income +29.2% Profitability 8.2% (8.) EPS EUR 3.72 (1.8), EUR 1.49 refers to capital gains Good demand continues 2 Wärtsilä

3 Key figures 26 Net sales by business 26 Ship Power 3.9% (28.2) Power Plants 29.3% (28.2) MEUR 26 25* Change(%) Net sales 3, , Operating income % of net sales Income before taxes 446.8² 212.4¹ Earnings/share, EUR Services 39.7% (43.4) 1 The figure in the comparison period includes Imatra Steel's pre-tax profit of EUR 21.4 million and Wärtsilä s share of Ovako s profit after taxes EUR 1.4 million.. 2 The January December result 26 includes Wärtsilä's share of Ovako's profit after taxes EUR 18.1 million and a tax-free capital gain of EUR 49.3 million from the sale of Oy Ovako Ab and a capital gain of EUR million from the sales of Assa Abloy B shares. *For comparability reasons net sales and operating income for 25 are presented without Imatra Steel. 3 Wärtsilä

4 Key figures MEUR Net sales Order intake Order book % , % 38.6% 17.6% 52.3% Q4/5 Q4/ , , % % 15.9% 31.5% % 1,1.5 1, , % 18.7% 46.9% 39.4% -1.1% 3.4% Q4/5 Q4/ , % 17.6% 4, % 82.1% Wärtsilä Services Power Plants Ship Power

5 Comparable sales by market area MEUR Other America Europe Asia Wärtsilä

6 Personnel development Engine Division Power Plants Ship Power Services Wärtsilä

7 Order book distribution good visibility for 27 and beyond MEUR Delivery next year Delivery next year Wärtsilä

8 Delivered engine megawatts from own factories MW E27 Power Plants Ship Power Full-year estimate 8 Wärtsilä

9 Strong cash flow MEUR Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Liquid funds at the end of period Wärtsilä

10 Strong financial position enables further growth % Solvency ,6,5,4,3,2,1 Gearing NOTE: according to FAS, 24- IFRS Convertible subordinated debentures treated as equity 1 Wärtsilä

11 EPS and dividend/share EUR 4, 3,5 3, 2,5 2, 1,5 Extra dividend Dividend EPS 1,,5, -,5-1, * *Board s proposal NOTE: according to FAS, 24- IFRS 11 Wärtsilä

12 16 14 Volume [million DWT] Vessel orders, # of vessels Tankers Bulk carriers Containers Others 3 months moving average dwt Source: Based on data from Clarkson Research Studies 12 Wärtsilä # of vessels

13 Vessel orders - other vessels, # of vessels LNG carriers LPG carriers Reefers Other dry > 5, dwt Offshore & other Cruise vessels Ro-Ro ferries 3 months moving average dwt # of vessels Volume [Million DWT] Source: Based on data from Clarkson Research Studies 13 Wärtsilä

14 Net sales of Ship Power by vessel type MEUR Container ships 14% Special vessels & other 11% Bulk carriers 3% Offshore 29% Tankers 12% Cruise & Ferry 18% General cargo 1% LNG 3% Others Tankers Bulk carriers Container ships 14 Wärtsilä

15 The market position of Wärtsilä s marine engines Q4/26 Own production Production by licensees Own production Medium-speed main engines Low-speed main engines Auxiliary engines Wärtsilä 51% (5) Wärtsilä 16% (17) Wärtsilä 6% (7) Comp. 3 3%(4) Others 13%(13) Comp. 1 13%(14) Comp. 2 23%(23) Comp. 1 81%(79) Others 94%(93) Total market volume last 12 months: 9,2 MW (9,6) Total market volume last 12 months: 26,6 MW (21,9) Total market volume last 12 months: 7,6 MW (6,7) Wärtsilä s own calculation is based on: Lloyd s Register Fairplay, Clarkson s Research Studies and BRL Shipping Consultants. Market shares based on installed power, numbers in brackets are from the end of the previous quarter. The total market is based on the volume of the last 12 months. Numbers in brackets reflect the volume of the last 12 months at the end of the previous quarter. 15 Wärtsilä

16 The market position of Wärtsilä s propellers Q4/26 Controllable pitch propellers Fixed pitch propellers (includes JV) Steerable thrusters Wärtsilä 36%(35) Wärtsilä 11%(18) Wärtsilä 11%(11) Others 64%(65) Others 89%(82) Others 89%(89) Wärtsilä own calculation based on: Lloyd s Register Fairplay & Wärtsilä Ship Power Market shares based on number of installations, numbers in brackets are from the end of the previous quarter. 16 Wärtsilä

17 Global market development China growing fast in shipbuilding Vessel orders 2 Vessel orders 24 Vessel orders 26 67,595,39 dwt 14,94,49 dwt 141,589,15 dwt Others 3% Others 5% Others 5% Europe 9% Europe 8% Europe 3% China 6% Korea 48% China 17% Korea 32% China 35% Korea 38% Japan 34% Japan 38% Japan 19% Market share of dwt. Vessels > 1gt. Source: Clarkson Research Studies December Wärtsilä

18 Wärtsilä in China - growing presence Wärtsilä CME Zhenjiang Propeller Co., Ltd -Manufacturing of fixed pitch propellers (Investments in additional capacity) Qingdao Qiyao Wärtsilä MHI Linshan Marine Diesel Co Ltd (QMD) -Manufacturing of low-speed engines (Starting operations in 28) Wärtsilä Propulsion (Wuxi) Co., Ltd. -Manufacturing of steerable thrusters (Investments in additional capacity) Wärtsilä Qiyao Diesel Shanghai Co., Ltd. -Manufacturing of auxiliary gensets (Started operations in June 26) Wärtsilä production sites 18 Wärtsilä

19 Wärtsilä Hyundai Engine Company Ltd. To meet demand of growing LNG market Joint Venture 5/5 with Hyundai Heavy Industries, Korea New factory to produce Wärtsilä 5DF (dualfuel engines) Production volume: 1 engines a year Additional capacity for LNG-carrier market Investment EUR 58 million, Wärtsilä s share EUR 29 million Intended location: South Korea Start of operations in the 2nd half of Wärtsilä

20 Wärtsilä Ship Power MEUR Q4/6 Q4/5 Change(%) Ship Power net sales 26 Net sales Order intake MEUR Change(%) 3.9% Net Sales Order intake 2,27.5 1, Order book* 3,19.7 1, of total net sales 26 new record year in orders received Offshore and LNG dominated new orders * End of period 2 Wärtsilä

21 Services % Services growth per Q Services share of sales % Q1/3 Q2/3 Q3/3 Q4/3 Q1/4 Q2/4 Q3/4 Q4/4 Q1/5 Q2/5 Q3/5 Q4/5 Q1/6 Q2/6 Q3/6 Q4/6 21 Wärtsilä

22 Wärtsilä Services MEUR Q4/6 Q4/5 Change(%) Services net sales 26 Net sales MEUR Change(%) Net Sales 1, , % Personnel* of total net sales Strong growth continued Offering complemented with automation services * End of period 22 Wärtsilä

23 Power Plants - order intake 26: 2,158 MW (2,75) Europe 48 (38) Asia 633 (889) Americas 47 (325) 163 (14) 245 (24) 526 (75) 18 (184) 17 (9) 237 (317) Africa and Middle East 71 (552) Gas Oil 373 (16) 337 (446) 23 Wärtsilä

24 Power Plants - target markets per fuel MW Wärtsilä s market share 8.1% (7.8) % (8.7) % (44.2) HFO 1-6 MW LFO MW GAS MW Note I: Wärtsilä s gas power plant target markets have changed since Wärtsilä stopped manufacturing and selling high speed engines (power range < 3,5 MW) Note II: The 26 LFO figure includes liquid biofuels. Source: Diesel & Gas turbine worldwide, June 25-May Wärtsilä

25 Gas power plant market MW Wärtsilä 8.1% (7.8) Gas turbines 9,44 MW Market potential for Wärtsilä Rec.engines 1,327 MW Wärtsilä 63.5% 3 26 HFO 1-6 MW LFO MW GAS MW Note I: Wärtsilä s gas power plant target markets have changed since Wärtsilä stopped manufacturing and selling high speed engines (power range < 3,5 MW) Note II: The 26 LFO figure includes liquid biofuels. Source: Diesel & Gas turbine worldwide, June 25-May Wärtsilä

26 Power Plants order intake by segment Order intake by segment, MEUR Order intake by segment, MW Industrial self generation Ancilliary services Grid base load Industrial self generation Ancilliary services Grid base load 26 Wärtsilä

27 Wärtsilä Power Plants MEUR Q4/6 Q4/5 Change(%) Power Plants net sales Net sales Order intake MEUR Change(%) 29.3% Net Sales Order intake 1, Order book* 1, of total net sales Gas power plants over 5% of total order intake biggest gas orders from Azerbaijan, US and Africa High demand in oil and liquid biofuels as well orders for more than 16 MW biofuel power plants to Italy * End of period 27 Wärtsilä

28 Wärtsilä s holdings Wärtsilä owns 7,27,35 B shares or 2.% (4.7) of Assa Abloy shares. The holding s market value EUR 119,8 million (31 December 26). During the reporting period the operating companies of Oy Ovako Ab were sold. Wärtsilä has recorded a tax-free capital gain of EUR 49.3 million. 28 Wärtsilä

29 Wärtsilä s prospects in 27 Demand in the ship power and energy markets will remain active for Wärtsilä for at least the first half of 27. Based on the strong order book, Wärtsilä s net sales are expected to grow this year by around 15%. Profitability will exceed 9%. Wärtsilä sees further possibilities for growth in Wärtsilä

30 Presentation name / Author

1 Wärtsilä 17 June 2007 WÄRTSILÄ CORPORATION THIS IS WÄRTSILÄ

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