Orders received increased in all business lines Comparable EBITA increased

Orders received increased in all business lines Comparable EBITA increased Interim Review, January September 218 October 23, 218 Pasi Laine, President and CEO Kari Saarinen, CFO

Agenda Interim Review, January September 218 1 2 3 4 5 6 Q3/218 in brief Development of the business lines Moving the industry forward with Industrial Internet Financial development Guidance and short-term market outlook Summary of Q3/218 7 Appendix 2 October 23, 218 Valmet Interim Review, January September 218

Q3/218 in brief

Q3/218 in brief Orders received increased to EUR 381 million in stable business 1 Orders received increased to EUR 57 million in capital business 2 Net sales increased to EUR 765 million Order backlog remained at the previous year s level at EUR 2.8 billion Comparable EBITA increased to EUR 61 million and margin was 8.% Gearing was -11% 217 financials have been restated following the adoption of IFRS 15. 1) Stable business = Services business line and Automation business line. For Automation, this figure includes internal orders received from other business lines. 2) Capital business = Pulp and Energy business line and Paper business line 4 October 23, 218 Valmet Interim Review, January September 218

Valmet in Q3/218 Orders received EUR 94 million Orders received by business line Orders received by area 12% 22% Net sales EUR 765 million 32% 32% 16% Comparable EBITA EUR 61 million 6% Comparable EBITA margin 8.% 29% 7% 43% Employees 12,481 Services Automation North America South America Pulp and Energy EMEA Paper China Asia-Pacific 5 October 23, 218 Valmet Interim Review, January September 218

Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Orders received increased to EUR 94 million in Q3/218 Orders received (EUR million) Orders received in Q1 Q3/218 by area 1,4 1,2 3,5 3, Asia-Pacific 1% North America 22% 1, 8 2,5 2, China 17% 6 4 2 1,11 1,23 466 48 58 781 725 793 83 692 788 857 1,5 796 743 727 89 865 94 1,5 1, 5 South America 6% EMEA 44% Orders received (LHS) Last 4 quarters (RHS) In stable business, orders received increased to EUR 381 million in Q3/218 In capital business, orders received increased to EUR 57 million in Q3/218 EMEA and North America accounted for 67% of orders received during first three quarters of the year 6 October 23, 218 Valmet Interim Review, January September 218

Stable business orders received totaled EUR 1,649 million during the last four quarters Orders received (EUR million) in stable business 1 6 1,8 5 4 3 267 273 242 273 293 42 95 33 342 78 75 394 49 81 88 344 8 372 87 443 88 424 13 359 383 75 11 439 445 93 12 381 81 1,5 1,2 9 2 1 267 273 242 273 293 37 252 267 313 321 264 284 355 321 284 282 346 344 3 6 3 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Services (LHS) Automation, total (including internal) (LHS) Last 4 quarters (RHS) In Q3/218, total orders received in stable business increased 1) Including internal orders received for the Automation business line. 7 October 23, 218 Valmet Interim Review, January September 218

Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Order backlog at EUR 2,791 million at the end of Q3/218 Order backlog (EUR million) Structure of order backlog 3, 2,5 2, 1,972 2,46 2,312 1,998 2,64 2,28 2,117 2,74 2,27 2,16 2,192 2,283 2,74 2,714 2,72 2,458 2,583 2,621 2,791 ~3% 1,5 1, ~7% 5 Stable business Capital business Order backlog was EUR 17 million higher than at the end of Q2/218 Approximately 3% of the order backlog relates to stable business 8 October 23, 218 Valmet Interim Review, January September 218

Development of the business lines

Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Services: Orders received increased and net sales remained at the previous years level Orders received (EUR million) Net sales (EUR million) Q1 Q3/217: EUR 96 million Q1 Q3/218: EUR 99 million Q1 Q3/217: EUR 838 million Q1 Q3/218: EUR 854 million 4 35 3 25 267 273 273 293 37 313 321 242 252 267 264 284 355 346 344 321 3 284 282 1,6 1,4 1,2 1, 4 35 3 25 224 251 235 34 34 314 34 316 325 32 278 286 284 268 282 257 242 252 247 1,6 1,4 1,2 1, 2 8 2 8 15 6 15 6 1 4 1 4 5 2 5 2 Orders received (LHS) Orders received, last 4 quarters (RHS) Net sales (LHS) Net sales, last 4 quarters (RHS) Orders received increased compared with Q3/217 - Orders received increased in North America, China and EMEA, remained at the previous year s level in Asia-Pacific and decreased in South America - Orders received increased in Rolls, Performance Parts, Fabrics, and Mill Improvements and decreased in Energy and Environmental Net sales remained at the previous year s level 1 October 23, 218 Valmet Interim Review, January September 218

Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Automation 1 : Orders received and net sales increased Orders received 2 (EUR million) Net sales 2 (EUR million) Q1 Q3/217: EUR 267 million Q1 Q3/218: EUR 276 million Q1 Q3/217: EUR 22 million Q1 Q3/218: EUR 233 million 12 1 8 6 4 2 62 62 95 1 85 78 75 81 8 8 15 7 67 66 88 6 82 8 87 88 7 9 16 72 78 72 13 12 91 75 13 62 11 93 12 9 91 11 18 82 84 81 11 7 45 375 3 225 15 75 12 1 8 6 4 2 55 55 79 11 72 6 68 66 11 6 95 66 9 58 81 8 69 4 73 65 99 5 94 72 12 59 8 8 73 68 8 6 115 11 14 69 1 59 9 14 76 73 9 64 45 375 3 225 15 75 Orders received, internal (from other business lines) Orders received, external Orders received, total (including internal) Orders received, last 4 quarters (RHS) Net sales, internal (from other business lines) Net sales, external Net sales, total (including internal) Net sales, last 4 quarters (RHS) Orders received increased compared with Q3/217 - Orders received increased in China, Asia-Pacific and North America, remained at the previous year s level in EMEA and decreased in South America - Orders received increased in Energy and Process and remained at the previous year s level in Pulp and Paper Net sales increased compared with Q3/217 1) Comments refer to orders received and net sales including also internal orders received and net sales. 2) Q1/215 orders received and the underlying figures for Orders received, last 4 quarters and Net sales, last 4 quarters are calculated based on Metso s reported figures and pro forma figures excluding Process Automation Systems and are therefore indicative only. 11 October 23, 218 Valmet Interim Review, January September 218

Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Pulp and Energy: Orders received and net sales increased Orders received (EUR million) Net sales (EUR million) Q1 Q3/217: EUR 527 million Q1 Q3/218: EUR 549 million Q1 Q3/217: EUR 581 million Q1 Q3/218: EUR 631 million 7 6 622 56 1,4 1,2 7 6 1,4 1,2 5 1, 5 1, 4 3 2 1 96 66 138 259 261 275 238 247 265 26 18 141 151 192 122 85 272 8 6 4 2 4 3 2 1 229 234 181 312 222 231 245 262 215 181 196 187 189 192 2 219 23 25 223 8 6 4 2 Orders received (LHS) Orders received, last 4 quarters (RHS) Net sales (LHS) Net sales, last 4 quarters (RHS) Orders received increased compared with Q3/217 - Orders received increased in China, North America, Asia-Pacific and EMEA and decreased in South America - Orders received increased in Energy and decreased in Pulp - Approximately EUR 1 million of marine scrubber orders received in Q3/218 Net sales increased compared with Q3/217 12 October 23, 218 Valmet Interim Review, January September 218

Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Paper: Orders received and net sales increased Orders received (EUR million) Net sales (EUR million) Q1 Q3/217: EUR 832 million Q1 Q3/218: EUR 921 million Q1 Q3/217: EUR 48 million Q1 Q3/218: EUR 657 million 4 35 3 25 2 212 19 197 199 186 176 246 314 275 27 243 23 353 299 1,2 1,5 9 75 6 4 35 3 25 2 186 177 185 2 157 165 138 188 144 165 17 34 223 237 196 1,2 1,5 9 75 6 15 1 128 142 149 129 19 45 3 15 1 114 18 12 97 45 3 5 15 5 15 Orders received (LHS) Orders received, last 4 quarters (RHS) Net sales (LHS) Net sales, last 4 quarters (RHS) Orders received increased compared with Q3/217 - Orders received increased in South America, Asia-Pacific and North America and decreased in China and EMEA - Orders received increased in Tissue and decreased in Board and Paper Net sales increased compared with Q3/217 13 October 23, 218 Valmet Interim Review, January September 218

Moving the industry forward with Industrial Internet

Valmet transforms Industrial Internet and digitalization into peak performance and excellent customer experience Industrial Internet applications and services Data visualization, reporting and guidance Asset reliability optimization Operations performance optimization Five global and two Area Performance Centers Remote monitoring and optimization On-demand expert support Data discovery and analysis Customer Portal Our expertise and on-line services in one platform Four modules and more to come Expert Fastlane Opportunities Learning Operations Panel Solution Ecosystem Leading industry players gathered together by Valmet To create new value-adding applications and services to customers Current partners in the ecosystem are Tieto, Kemira and Energy Opticon 15 October 23, 218 Valmet Interim Review, January September 218

Today, customers are extensively utilizing Valmet s Industrial Internet capabilities Examples of results: Valmet s competence network Energy savings with remote paper machine optimization Customer s expert Valmet experts Savings per prevented unplanned shutdown by using diagnostic tools and remote support Customer industry specific Valmet Performance Centers 2 35 54 9 5 46 Ongoing Regional Performance Centers operational in China and North America. Advanced process control installations Online connections with customers Performance agreements with remote connections Customers from 13 countries served from Board & Paper Performance Center in the last 6 months Co-creation of advanced analytics with customers 16 October 23, 218 Valmet Interim Review, January September 218

Financial development

Key figures EUR million Q3/218 Q3/217 Change Q1 Q3/218 Q1 Q3/217 Change Orders received 94 743 27% 2,696 2,544 6% Order backlog 1 2,791 2,72 3% 2,791 2,72 3% Net sales 765 715 7% 2,34 2,91 12% Comparable EBITA 61 56 1% 144 138 5% % of net sales 8.% 7.8% 6.2% 6.6% EBITA 55 49 12% 131 133-1% Operating profit (EBIT) 48 41 16% 19 19 % % of net sales 6.3% 5.8% 4.7% 5.2% Earnings per share, EUR.23.18 26%.52.48 8% Return on capital employed (ROCE) before taxes 2 13% 12% Cash flow provided by operating activities 119 78 52% 141 23-31% Gearing 1-11% -3% Items affecting comparability: EUR -6 million in Q3/218 (EUR -6 million in Q3/217), EUR -13 million in Q1 Q3/218 (EUR -5 million in Q1 Q3/217) 1) At the end of period 2) Annualized. In the calculation of 217 figures, non-restated data points from 216 have been used. 18 October 23, 218 Valmet Interim Review, January September 218

Q1/214 Q2/214 Q3/214 Q4/214 Q1/215 Q2/215 Q3/215 Q4/215 Q1/216 Q2/216 Q3/216 Q4/216 Q1/217 Q2/217 Q3/217 Q4/217 Q1/218 Q2/218 Q3/218 Q1/214 Q2/214 Q3/214 Q4/214 Q1/215 Q2/215 Q3/215 Q4/215 Q1/216 Q2/216 Q3/216 Q4/216 Q1/217 Q2/217 Q3/217 Q4/217 Q1/218 Q2/218 Q3/218 Gross profit and SG&A development Gross profit (EUR million and % of net sales) SG&A (EUR million and % of net sales) 25 23% 25% 25 25% 2 2% 2 2% 15% 15 15% 15 15% 1 1% 1 1% 5 5% 5 5% % % EUR million (LHS) % of net sales (RHS) EUR million (LHS) % of net sales (RHS) Gross profit was 23% of net sales (23% in Q3/217) Capital business had a higher share of net sales in Q3/218 Selling, general & administrative (SG&A) expenses increased by EUR 4 million SG&A was 15% of net sales (16% in Q3/217) 19 October 23, 218 Valmet Interim Review, January September 218

Comparable EBITA margin development Net sales and Comparable EBITA (EUR million and %) 519 295 224 588 59 3.7% 5.5% 337 354 251 235 777 6.1% 498 278 561 3.5% 319 242 854 779 734 7.3% 6.9% 6.4% 445 48 4 49 371 334 652 4.8% 338 314 84 7.1% 427 377 7.5% 685 334 351 785 7.2% 375 411 7.8% 732 715 645 5.3% 6.5% 357 37 333 374 345 311 967 8.4% 523 444 732 426 3.% 36 844 7.2% 442 41 8.% 765 419 346 Target 8 1% Capital business Stable business Comparable EBITA %.7% Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 4 22 32 48 19 54 47 63 31 57 52 56 34 48 56 81 22 61 61 Comparable EBITA (EUR million) Net sales and Comparable EBITA increased compared with Q3/217 - Profitability improved due to higher net sales 2 October 23, 218 Valmet Interim Review, January September 218

Q1/214 Q2/214 Q3/214 Q4/214 Q1/215 Q2/215 Q3/215 Q4/215 Q1/216 Q2/216 Q3/216 Q4/216 Q1/217 Q2/217 Q3/217 Q4/217 Q1/218 Q2/218 Q3/218 Cash flow provided by operating activities Cash flow provided by operating activities (EUR million) 214: EUR 236 million 215: EUR 78 million 216: EUR 246 million 217: EUR 291 million Q1 Q3/218: EUR 141 million 14 12 1 117 122 119 8 6 4 2-2 43 46 3-2 17 16 64 3 33 88 94 31 78 89 19 3-4 Change in net working capital 1 EUR 65 million in Q3/218 Cash flow provided by operating activities EUR 119 million in Q3/218 CAPEX EUR 21 million in Q3/218 1) Change in net working capital in the consolidated statement of cash flows. 21 October 23, 218 Valmet Interim Review, January September 218

Q1/214 Q2/214 Q3/214 Q4/214 Q1/215 Q2/215 Q3/215 Q4/215 Q1/216 Q2/216 Q3/216 Q4/216 Q1/217 Q2/217 Q3/217 Q4/217 Q1/218 Q2/218 Q3/218 Net working capital at -12% of rolling 12 months orders received Net working capital and orders received (EUR million) 1,5 3% 1, 5 1,11 1,23 466 48 58 781 725 793 83 692 788 857 1,5 796 743 727 89 865 94 2% 1% -5-235 -249-345 -353-317 -265-244 -238-194 -181-265 -294-378 -335-37 -387-384 -362-427 % -1% -1, -2% Net working capital (LHS) Average net working capital/rolling 12 months orders received (RHS) Orders received (LHS) Net working capital/rolling 12 months orders received (RHS) Net working capital EUR -427 million, which equals -12% of rolling 12 months orders received Net working capital excluding non-cash net working capital impact from dividend liability. 22 October 23, 218 Valmet Interim Review, January September 218

214 215 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 214 215 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Net debt and gearing decreased compared with Q3/217 Net debt (EUR million) and gearing (%) Equity to assets ratio (%) 3 3% 5% 2 1-1 -2-3 -166-21% 21% 24% 27% 231 15% 178 192 126 6% 52-3% -27 4% 31-3% -3-1 -12-11% -12% % -4-98 -11% 2% 1% % -1% -2% -3% 45% 4% 35% 3% 25% 2% 15% 1% 5% % 42% 36% 35% 36% 38% 37% 39% 41% 41% 42% 39% 41% 43% Net debt Gearing Gearing (-11%) and net debt (EUR -98 million) decreased compared with both Q2/218 and Q3/217 Equity to assets ratio increased compared with both Q2/218 and Q3/217 Automation acquisition was completed on April 1, 215. 23 October 23, 218 Valmet Interim Review, January September 218

Capital employed and Comparable ROCE Capital employed (EUR million) and Comparable return on capital employed (ROCE), before taxes 1 (%) 985 967 92 877 1,239 1,24 12% 1,214 1,231 14% 14% 1,184 1,194 13% 12% 1,167 14% 1,195 13% 1,112 14% 1,138 1,141 1,137 16% 14% 13% 1,33 1,49 16% 17% 18% 1,79 Target 15 2% 1% 1% 1% 2% 2% Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Capital employed Comparable ROCE (before taxes), rolling 12 months Target for Comparable return on capital employed (ROCE): 15 2% 1) Rolling 12 months. Carve-out figures for 213 have been used in the calculation of Q1 Q3/214 figures. In the calculation of 217 figures, data points from 216 that have not been restated have been used. 24 October 23, 218 Valmet Interim Review, January September 218

Guidance and short-term market outlook

Guidance and short-term market outlook Guidance for 218 (as announced on July 17, 218) Guidance Valmet estimates that net sales in 218 will increase in comparison with 217 (EUR 3,58 million) and Comparable EBITA in 218 will increase in comparison with 217 (EUR 218 million). Short-term market outlook Q4/217 Q1/218 Q2/218 Q3/218 Services Good Good Good Good Automation Good Good Good Good Pulp and Energy Pulp Weak Weak Weak Satisfactory Energy Satisfactory Satisfactory Satisfactory Satisfactory Paper Board and Paper Good Good Good Good Tissue Good Good Good Good The short-term market outlook is based on customer activity (5%) and Valmet s capacity utilization (5%) and is given for the next six months from the end of the respective quarter. The scale is weak satisfactory good. 26 October 23, 218 Valmet Interim Review, January September 218

Summary of Q3/218

Q3/218 in brief Orders received increased to EUR 381 million in stable business 1 Orders received increased to EUR 57 million in capital business 2 Net sales increased to EUR 765 million Order backlog remained at the previous year s level at EUR 2.8 billion Comparable EBITA increased to EUR 61 million and margin was 8.% Gearing was -11% 1) Stable business = Services business line and Automation business line. For Automation, this figure includes internal orders received from other business lines. 2) Capital business = Pulp and Energy business line and Paper business line 28 October 23, 218 Valmet Interim Review, January September 218

Appendix

Structure of loans and borrowings Interest-bearing debt EUR 21 million as at September 3, 218 Amount of outstanding interest-bearing debt (EUR million) Main financing sources and facilities 25 2 Source Loans from banks and financial institutions Amount outstanding EUR 21 million 15 1 5 EUR 2 million committed syndicated revolving credit facility 1 EUR 2 million domestic commercial paper program None outstanding None outstanding 217 218 219 22 221 222 223 224 225 1) EUR 2 million syndicated revolving credit facility agreement matures on January 14, 223 with a 1-year extension option. Average maturity of long-term loans is 3.5 years - Average interest rate is 1.3% 3 October 23, 218 Valmet Interim Review, January September 218

Largest shareholders on September 3, 218 Based on the information given by Euroclear Finland Ltd. Largest shareholders # Shareholder name Number of shares % of shares and votes 1 Solidium Oy 1 16,695,287 11.14% 2 Varma Mutual Pension Insurance Company 4,165,465 2.78% 3 Elo Pension Company 3,6, 2.4% 4 Ilmarinen Mutual Pension Insurance Company 3,416, 2.28% 5 The State Pension Fund 1,545, 1.3% 6 Keva 1,52,166 1.% 7 OP Funds 1,282,552.86% 8 Evli Funds 1,116,.74% 9 Mandatum Life Insurance Company Limited 1,22,537.68% 1 Danske Invest funds 89,442.54% 1 largest shareholders, total 35,154,449 23.45% Other shareholders 114,71,17 76.54% Total 149,864,619 1% 1) A holding company that is wholly owned by the Finnish State 31 October 23, 218 Valmet Interim Review, January September 218

Shareholder structure on September 3, 218 Nominee registered and non-finnish holders 51.3% Solidium Oy 11.1% Finnish private investors 13.1% Finnish institutions, companies and foundations 24.6% Sector Number of shareholders % of total shareholders Number of shares % of shares Nominee registered and non-finnish holders 1 339.8% 76,797,478 51.3% Finnish institutions, companies and foundations 2,372 5.3% 36,784,491 24.6% Solidium Oy 2.% 16,695,287 11.1% Finnish private investors 42,23 94.% 19,579,283 13.1% On the issuer account.% 8,8.% Total 44,914 1.% 149,864,619 1.% The shareholder structure is based on the classification of sectors determined by Statistics Finland. 1) Of which 74,932,71 nominee registered shares 2) A holding company that is wholly owned by the Finnish State 32 October 23, 218 Valmet Interim Review, January September 218

1/214 4/214 7/214 1/214 1/215 4/215 7/215 1/215 1/216 4/216 7/216 1/216 1/217 4/217 7/217 1/217 1/218 4/218 7/218 Share of non-finnish holders and number of shareholders 56% 59, 54% 52% 5% 48% 46% 44% 57, 55, 53, 51, 49, 47, 45, 42% 43, Non-Finnish holders (LHS) Total number of shareholders (RHS) 33 October 23, 218 Valmet Interim Review, January September 218

Crude oil, steam coal, natural gas and electricity Europe 14 12 1 8 6 4 2 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 CIF ARA steam coal (USD/t) Brent crude oil (USD/barrel) Natural gas spot price NBP (GBP/therm) 1 8 6 4 2-2 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 European Energy Exchange, Phelix (EUR/MWh) Nordpool Power (EUR/MWh) UK Baseload (GBP/MWh) 34 October 23, 218 Valmet Interim Review, January September 218 Source: Bloomberg

Crude oil, steam coal, natural gas and electricity United States 12 6 1 5 8 4 6 3 4 2 2 1 FOB steam coal Richards Bay (USD/t) (LHS) WTI crude oil (USD/barrel) (LHS) Henry Hub gas (USD/MMBtu) (RHS) 25 85 2 15 1 5 8 75 7 65 Electricity spot price, PJM (USD/MWh) (LHS) Electricity spot price, NEPOOL (USD/MWh) (LHS) US utility capacity utilization rate, % (RHS) 35 October 23, 218 Valmet Interim Review, January September 218 Source: Bloomberg

Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 European Carbon Emission Allowance 3 25 2 15 1 5 European Energy Exchange (EEX) spot price (EUR/t) 36 October 23, 218 Valmet Interim Review, January September 218 Source: Bloomberg

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Financial Statements Review 218 February 7, 219 www.valmet.com/investors 38 October 23, 218 Valmet Interim Review, January September 218