Roadshow Presentation May 2021 Agenda Valmet Roadshow Presentation

Valmet – unique offering with process technology, automation and services

Roadshow presentation May 2021 Agenda Valmet roadshow presentation

1 Valmet in brief

2 Investment highlights

3 Financials

4 Conclusion

2 May 2021 © Valmet | Roadshow presentation Valmet in brief We have strong market shares, unique offering and over 220 years of history

Paper Pulp and Automation Services Energy

Market position Market position Market position Market position #1 #1–3 #1–3 #1–2

Market share Market share Market share Market share ~50% ~20–45% ~25% ~17–18%

Valmet’s road to becoming a global market leader 1797 onwards 1951 1968–1996 1999 Key acquisitions End of 2013 Acquisitions Tamfelt, Beloit, KMW, Valmet Several M&As, e.g. Metso created Beloit Technology (2000), Demerger to create Automation (2015) Sunds Defibrator KMW (1986), through the merger of Kvaerner Pulping & Valmet and Metso GL&V (2019) Wärtsilä paper finishing machinery (1987), Valmet and Rauma Kvaerner Power (2006), J&L (2019) Tampella Papertech (1992) Tamfelt (2009) PMP (2020)

4 May 2021 © Valmet | Roadshow presentation Valmet’s development since 2013

Orders received Net sales Comparable EBITA Comparable EBITA margin (EUR billion) (EUR billion) (EUR million) (%)

4.5 4.5 450 11% 10% 4.0 4.0 400 9% 3.5 3.5 350 8% 3.0 3.0 300 7% 2.5 2.5 250 6%

2.0 2.0 200 5% 4% 1.5 1.5 150 3% 1.0 1.0 100 2% 0.5 0.5 50 1% 0.0 0.0 0 0% 2013 2014 2015 2016 2017 2018 2019 2020 LTM 2013 2014 2015 2016 2017 2018 2019 2020 LTM 2013 2014 2015 2016 2017 2018 2019 2020 LTM 2013 2014 2015 2016 2017 2018 2019 2020 LTM Business lines Business lines Services and Automation Services and Automation Comparable Comparable Pulp, Energy and Paper Pulp, Energy and Paper EBITA EBITA margin

5 May 2021 © Valmet | Roadshow presentation 2013 figures on carve-out basis Key figures 2020

Net sales by business line Net sales by area Orders received 12% EUR 3,653 million 18% Net sales 29% 35% EUR 3,740 million 13%

Comparable EBITA 16% EUR 365 million Comparable EBITA margin 9.8% 9% 27% Order backlog 41% EUR 3,257 million Services North America Employees Automation South America 14,046 Pulp and Energy EMEA Paper China Asia-Pacific

6 May 2021 © Valmet | Roadshow presentation Strong, global presence is a good platform for growth

~100 98 EMEA 9,187 employees service centers sales offices

China 1,878 employees

North America 1,523 employees 43 16 production units R&D centers

Asia-Pacific 893 employees 8 South America Performance Centers 545 employees

Personnel as at March 31, 2021

7 May 2021 © Valmet | Roadshow presentation Process technology, services and automation Valmet’s unique offering differentiates the company from its competitors

Process technology

Customer

Services Automation

8 May 2021 © Valmet | Roadshow presentation Significant, customer focused research and development work

R&D focus areas

• Advanced and competitive technologies and services • Raw material, water and energy efficiency • Promotion of renewable materials

16 EUR 75 million ~1,300 research and R&D spending protected development in 2020 inventions centers

9 May 2021 © Valmet | Roadshow presentation Acknowledged leader in sustainability 360° approach to sustainability

Good progress in 2020 highlights sustainability indices Corporate Sustainable 2%  In Dow Jones Sustainability citizenship supply chain decrease of CO intensity* Index for the seventh We are a trusted We develop sustainable 2 consecutive year partner and respected supply chain practices corporate citizen  Received Bronze Class 2021 87% Sustainability Award increase in support for non-profit organizations  Achieved A- rating in CDP’s climate program and reached Sustainable Health, safety solutions 360° and environment 32% the leadership level for the We develop and provide We protect the safety improvement in LTIF fifth consecutive year solutions that support of our people and sustainability partners and minimize  In Ethibel Sustainability Index our environmental 92% Excellence Europe impact People and of suppliers screened  In CDP’s Supplier performance over sustainability risks We are a responsible Engagement Leaderboard employer and promote with best A rating diversity

* tCO emissions / MEUR Net sales 10 May 2021 © Valmet | Roadshow presentation 2 Valmet´s Climate Program: Forward to a carbon neutral future

Targets by 2030 for the entire value chain

SUPPLY CHAIN OWN OPERATIONS USE PHASE OF VALMET’S TECHNOLOGIES -20% -80% -20% 100%

CO2 emission reduction CO2 emission reduction Further reduced energy use Carbon neutral production of Valmet’s current technologies

 Valmet´s new Climate Program sets credible targets and concrete actions for 2030 for the entire value chain  Program is aligned with the Paris Climate Agreement´s 1.5-degree pathway and UN Sustainable Development Goals and Valmet is in process to send its climate targets for the Science Based Targets Initiative for validation Main actions to reach targets by 2030

 Target CO2 emission reductions from supply chain

 Reduce energy usage and use renewable fuels and CO2 free electricity and district heating in own locations  Improve energy efficiency of our existing process technology offering by 20%  Develop existing and new technologies to enable carbon neutral production for our customers

11 May 2021 © Valmet | Roadshow presentation Financial targets

Growth Profitability ROCE Dividend policy Net sales for stable Comparable EBITA: Comparable return on Dividend payout at least business to grow over 10–12% capital employed (ROCE) 50% of net profit two times the market before taxes1: >20% growth

Net sales for capital business to exceed market growth

1) Comparable ROCE before taxes = (profit before taxes + interests and other financial expenses +/- items affecting comparability) / (balance sheet total - non-interest-bearing liabilities (average for the period))

12 May 2021 © Valmet | Roadshow presentation Investment highlights Investment highlights

1 Strong position in the growing market of converting renewables

2 Widest technology and services offering combined with automation excellence

3 Services: The widest offering and strong geographical presence

4 Automation: Maximizing efficiency and safety of our customers

5 Paper: World-class technology for packaging and hygiene needs

Pulp and Energy: Strong business with high market share and flexible cost 6 structure

7 Systematically building the future

14 May 2021 © Valmet | Roadshow presentation Strong position in the growing market of converting renewables 1

Paper Board Tissue Pulp Energy Automation Services #1 0.4 ~ -2% #1 1.0 ~ 2-3% #1 0.7 ~ 3-4% #1-2 1.5 ~ 1% #1-3 2.0 ~ 1% #1-3 2.1 ~ 1% #1-2 8.0 ~ 1-2% EUR bn p.a. EUR bn p.a. EUR bn p.a. EUR bn p.a. EUR bn p.a. EUR bn p.a. EUR bn p.a.

Increasing role of digital World trade, e-commerce Rise in purchasing power Growing demand for Decarbonization in energy Aging machines and Increasing pulp, tissue, media decreases demand for and emerging markets and living standards sustainable packaging, production installed automation board and energy print papers growth drive packaging Urbanization and improved tissue, hygiene products Biomass and residual systems production Demand for technology Demand for light weight hygiene and textiles waste used in heat and Investments in new pulp Customer demand for driven efficiency board Fast economic growth in Increasing environmental process steam production and paper production lines resource efficiency, improvements Shift from plastic packaging emerging markets awareness and stricter Tightening air emissions and industrial productivity, end-product Need for specialty papers to renewable materials regulations legislation and stricter decarbonization quality, industrial internet Demand for higher quality services and reduced Conversions from paper to Fiber-based plastic directives Demand for raw material Consumers’ higher hygiene replacement savings, process environmental impact board habits Demand for second efficiencies and Customer focus on core, generation bioethanol sustainability decreasing own resources Demand for Industrial and outsourcing of non- Internet based solutions core operations driven by customer Size and gradual aging of digitalization installed base and capacity increases Closures and conversions of non-competitive production lines

3% of net sales 20% of net sales 6% of net sales 18% of net sales 9% of net sales 9% of net sales 35% of net sales

# Market positon | Estimated market size for current offering (EUR) | Anticipated long-term market growth For paper, board and tissue market position and estimated market size calculated as average during 2018-2020. For pulp, energy and automation the market position and estimated market size calculated based on 2020 figures. For services, the market position calculated from 2020 and estimated market size once the market recovers from the 15 May 2021 © Valmet | Roadshow presentation temporary negative impact of COVID on customer operations and services demand Widest technology and services offering combined with 2 automation excellence

Paper Pulp Energy • Board, paper and tissue production lines • Wood and pulp handling • Heat and power generation • Rebuilds • Fiber processing • Air emission control • Stand-alone products • Recovery • Biofuels

Process technology

Services Customer Automation • Spare parts and components • Distributed Control Systems (DCS) • Maintenance and shutdown services • Quality Management Systems (QMS) Services Automation • Outsourcing services • Analyzers and measurements • Production consumables • Industrial Internet solutions • Process support and optimization

16 May 2021 © Valmet | Roadshow presentation Services: The widest offering and strong geographical presence 3

Services business line

 Widest offering to support customers’ all service needs Services business line  Benefits from growing installed base Orders received (EUR million)

 Strong geographical presence close to customers 1,459 Organic 1,315 1,356 1,343 growth  Steady increase in market share from 13% in 2014 to 1,242 ~4% 1,182 1,119 CAGR in 17-18% in 2020 1,055 2014-2019  Targeting to grow with the market and by winning further market share  Opportunities to win new customers and increase share of wallet with existing customers

2014 2015 2016 2017 2018 2019 2020 LTM

17 May 2021 © Valmet | Roadshow presentation Automation: Maximizing efficiency and safety of our customers 4

Automation business line

 Solutions range from single measurements to plant-wide Automation business line process automation systems Orders received (EUR million)  Designed to maximize safety, sustainability and efficiency Organic of customers’ businesses growth 416 415 422 386 ~5% 368  Securing future competitiveness with R&D 57 81 77 CAGR 337 56 51  Strong track record since acquired to Valmet in 2015 38  Several drivers for future growth – Increasing direct sales to customers 359 – Package sales with Valmet’s capital equipment 330 334 345 299 317 – Replacing competitors’ installed base and entering new industries – Growing in automation services

2016 2017 2018 2019 2020 LTM

18 May 2021 © Valmet | Roadshow presentation Paper: World-class technology for packaging and hygiene needs 5

Paper business line

 Offering includes world-leading technology and products Paper business line for board, tissue and paper making Orders received (EUR million) Net sales (EUR million)

1,077 1,148  Long-term growth supported by favorable 1,035 1,0431,0291,071 1,076 937 913 megatrends 784 718 – Growing e-commerce and packaging needs 671 673 659 647 528 – Increasing demand for hygiene products  High market share  Technological advantage and excellent references 2014 2015 2016 2017 2018 2019 2020 LTM 2014 2015 2016 2017 2018 2019 2020 LTM

Capacity Market Market  R&D targeted to introduce new products and improve the 2015 2020 existing offering costs share position EUR million 270 301 Board ~50% #1  Flexible organization and low capacity cost % of net sales 41% 28% Tissue ~35% #1 provides resilience to market fluctuations Paper ~50% #1

19 May 2021 © Valmet | Roadshow presentation Pulp and Energy: Strong business with high market share and 6 flexible cost structure

Pulp and Energy business line

 Offering includes full pulp mills and energy solutions for Pulp and Energy business line biomass and emission control Orders received (EUR million) Net sales (EUR million)  Long-term growth supported by favorable 1,344 1,125 1,000 1,019 1,003 993 megatrends 939 934 956 919 864 913 863 – Growing demand for sustainable packaging and hygiene products and 826 800 678 textiles – Replacing plastic with fiber-based materials  High market share

 Technological advantage by focusing on R&D 2014 2015 2016 2017 2018 2019 2020 LTM 2014 2015 2016 2017 2018 2019 2020 LTM  Flexible organization and low capacity cost provides Capacity Market Market 2015 2020 resilience to market fluctuations costs share position  Yearly variations in orders received are typical due to EUR million 218 196 Pulp ~45% #1-2 timing of large orders % of net sales 24% 20% Energy ~20% #1-3

20 May 2021 © Valmet | Roadshow presentation Systematically building the future 7

Customer Technology Process People Valmet’s way to serve: Develop new products Continue to improve Continuous development Lifecycle collaboration and technologies project management of employees through between the customer and project execution training programs and Valmet Improve product cost competitiveness Valmet’s climate Building capabilities Add value to customers program targeting to globally through Industrial Increase material and reduce emissions in the Continue to improve Internet solutions energy efficiency and whole value chain safety and lower LTIF further develop solutions Ensure strong market to reduce carbon position in capital footprint business

Continue to increase market share in the stable business

21 May 2021 © Valmet | Roadshow presentation LTIF = Lost time incident frequency Financials Key figures

EUR million Q1/2021 Q1/2020 Change 2020 Orders received 1,312 1,187 11% 3,653

Order backlog1 3,709 3,557 4% 3,257

Net sales 858 821 5% 3,740

Comparable EBITA 80 52 55% 365

% of net sales 9.4% 6.3% 9.8%

EBITA 89 51 75% 355

Operating profit (EBIT) 76 42 81% 319

% of net sales 8.9% 5.1% 8.5%

Earnings per share, EUR 0.38 0.20 92% 1.54

Return on capital employed (ROCE) before taxes2 20% 13% 22%

Cash flow provided by operating activities 148 173 -14% 532

Gearing1 3% -22% 13%

Items affecting comparability: EUR 8 million in Q1/2021 (EUR -1 million in Q1/2020) Valmet’s investment in Neles had a positive impact on EBITA of EUR 3.7 million in Q1/2021 Valmet’s investment in Neles had a positive impact on operating profit of EUR 0.2 million in Q1/2021

1) At end of period 2) Annualized

23 May 2021 © Valmet | Roadshow presentation Comparable EBITA margin1 target level reached for the first time

Net sales and Comparable EBITA, rolling 12 months (EUR million and %)1 3,777 Target 10–12% 3,682 3,700 3,676 3,740 3,547 10.4% 3,429 9.8% 3,308 3,325 3,279 3,337 9.1% 9.1% 3,257 8.9% 8.8% 3,145 8.6% 8.7% 8.7% 3,019 3,044 3,058 2,928 2,995 2,926 2,851 2,919 2,876 2,846 7.7% 2,707 7.1% 2,500 2,473 2,515 2,374 6.8% 6.7% 6.8% 6.7% 6.7% 6.7% 6.8% 2,363 6.4% 6.5% 6.6% 6.2% 5.9% Capital business, rolling 12 5.6% months

4.8% 1,832 1,942 2,005 Stable business, rolling 12 1,736 1,762 2,013 2,079 2,141 4.3% 1,799 1,720 months 1,591 1,610 1,544 1,473 1,469 1,399 1,435 1,584 1,676 1,762 1,811 1,572 1,715 1,739 1,695 1,601 1,666 1,663 1,661 1,636 1,625 1,525 1,559 1,579 1,429 1,434 1,451 1,453 1,450 1,447 1,441 1,474 1,469 1,496 1,497 Comparable EBITA %, rolling 1,490 1,369 1,378 1,484 1,508 1,357 12 months 1,226 1,127 1,010 1,005 984 989 1,007

1.3% 1.3% 1.4%

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 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Comparable EBITA, 33 32 33 106 121 153 167 182 194 197 202 196 199 190 194 218 206 219 225 257 282 291 311 316 320 327 336 365 393 rolling 12 months (EUR million)

• In Q1/2021, net sales remained at the previous year's level and Comparable EBITA increased compared with Q1/2020

1) Rolling 12 months. Carve-out figures for 2013 have been used in the calculation of Q1–Q3/2014 figures. Valmet implemented IFRS 15 – Revenue from Contracts with Customers as of January 1, 2018 by applying full retrospective method. Thus, figures presented are not fully comparable.

24 May 2021 © Valmet | Roadshow presentation Guidance and short-term market outlook

Guidance for 2021 (as announced on April 16, 2021)

Guidance Valmet estimates that net sales in 2021 will increase in comparison with 2020 (EUR 3,740 million) and Comparable EBITA in 2021 will increase in comparison with 2020 (EUR 365 million).

Short-term market outlook

Q2/2020 Q3/2020 Q4/2020 Q1/2021

Services Satisfactory / Weak Satisfactory / Weak Satisfactory / Weak Satisfactory

Automation Good / Satisfactory Good / Satisfactory Good Good

Pulp Good Good Good Good Pulp and Energy Energy Satisfactory Satisfactory Weak Weak

Board and Paper Good Good Good Good Paper Tissue Satisfactory Satisfactory Good Good

The short-term market outlook is based on customer activity (50%) and Valmet’s capacity utilization (50%) and is given for the next six months from the end of the respective quarter. The scale is ‘weak–satisfactory–good’.

25 May 2021 © Valmet | Roadshow presentation Conclusion Conclusion

1 Strong position in the growing market of converting renewables

2 Widest technology and services offering combined with automation excellence

3 Services: The widest offering and strong geographical presence

4 Automation: Maximizing efficiency and safety of our customers

5 Paper: World-class technology for packaging and hygiene needs

Pulp and Energy: Strong business with high market share and flexible cost 6 structure

7 Systematically building the future

27 May 2021 © Valmet | Roadshow presentation Important notice

It should be noted that certain statements herein which are not historical facts, including, without limitation, those regarding expectations for general economic development and the market situation, expectations for growth, profitability and investment willingness, expectations for company development, growth and profitability and the realization of synergy benefits and cost savings, and statements preceded by “anticipates”, “believes”, ”estimates”, “expects”, ”foresees” or similar expressions, are forward-looking statements. Since these statements are based on current decisions and plans, estimates and projections, they involve risks and uncertainties which may cause the actual results to materially differ from the results currently expressed. Such factors include, but are not limited to: 1) general economic conditions, including fluctuations in exchange rates and interest levels which influence the operating environment and profitability of customers of the company or economic growth in the company’s principal geographic markets. 2) industry conditions, intensity of competition situation, especially potential introduction of significant technological solutions developed by competitors, financial condition of the customers and the competitors of the company, 3) the company’s own operating factors, such as the success of production, product development and project management and the efficiencies therein including continuous development and improvement 4) the success of pending and future acquisitions and restructuring.

28 May 2021 © Valmet | Roadshow presentation Appendix

1 Financials

2 Growth and profitability improvement

3 Shareholders and share price development

4 Strategy and offering

5 Management and remuneration

29 May 2021 © Valmet | Roadshow presentation Appendix Financials Quarterly Comparable EBITA margin development

Net sales and Comparable EBITA (EUR million and %) 12.5% 11.5% 10.7% 1,167 10.9% Target 10–12% 1,103 9.4% 967 984 9.5% 919 8.4% 901 854 844 7.7% 857 832 858 804 7.8% 821 777 779 7.3% 7.5% 785 7.2% 765 8.3% 734 732 732 7.1% 685 715 8.0% 686 6.3% 6.1% 652 7.2% 6.9% 6.4% 645 6.5% 588 590 561 5.3% 6.9% Capital business 519 4.8% 583 649 Stable business 5.5% 523 512 458 3.7% 445 375 445 3.5% 427 442 521 520 453 519 408 334 357 370 419 457 Comparable EBITA % 400 338 333 444 472 346 443 519 409 411 426 412 337 498 377 401 399 380 295 354 319 371 351 374 345 346 364 334 314 311 340 339 278 3.0% 251 235 242 224 306

0.7% 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 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21

4 22 32 48 19 54 47 63 31 57 52 56 34 48 56 81 22 61 61 113 47 69 81 118 52 76 91 146 80 Comparable EBITA (EUR million)

31 May 2021 © Valmet | Roadshow presentation Services: Orders received remained at the previous year’s level at EUR 385 million in Q1/2021 Orders received (EUR million) Net sales (EUR million)

2019: 2020: 2019: 2020: EUR 1,459 million EUR 1,356 million EUR 1,374 million EUR 1,327 million

400 371 395 398 385 1,600 450 1,800 358 402 355 346 400 344 335 342 350 321 321 325 328 1,400 400 366 361 1,600 307 313 293 300 340 336 284 284 282 288 350 314 316 325 322 1,400 300 267 273 273 267 264 1,200 304 304 302 307 286 284 295 290 242 252 300 278 282 276 1,200 268 257 250 1,000 251 242 252 247 250 224 235 1,000 200 800 200 800 150 600 150 600 100 400 100 400 50 200 50 200

0 0 0 0

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 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 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 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21

Orders received (LHS) Orders received, last 4 quarters (RHS) Net sales (LHS) Net sales, last 4 quarters (RHS)

• Orders received remained at the previous year's level compared with Q1/2020 - Orders received increased in China, remained at the previous year's level in North America and Asia-Pacific, and decreased in South America and EMEA - Orders received increased in Rolls, remained at the previous year’s level in Performance Parts, and Board, Paper and Tissue Solutions, and decreased Pulp and Energy Solutions and Fabrics • Net sales remained at the previous year’s level compared with Q1/2020 • Despite COVID-19 related travel restrictions and lower capacity utilization in graphical paper mills, Services’ orders received and net sales remained at the previous year’s level compared with Q1/2020

32 May 2021 © Valmet | Roadshow presentation Automation1: Orders received increased to EUR 123 million in Q1/2021 Orders received (EUR million) Net sales (EUR million)

2019: 2020: 2019: 2020: EUR 416 million EUR 415 million EUR 393 million EUR 402 million 160 480 160 480 137 141 140 123 420 140 124 420 116 120 109 112 115 17 24 120 103 101 102 103104 98 360 120 101 99 18 360 95 93 97 24 20 11 95 94 88 87 88 15 17 24 90 88 87 100 78 81 80 12 9 81 8 81 300 100 79 6 81 5 80 80 300 10 75 75 11 18 21 12 16 72 72 73 73 13 80 6 9 16 240 80 66 69 68 69 14 12 17 15 67 240 8 15 7 11 16 11 8 8 11 8 13 6 4 12 9 9 60 180 60 9 8 10 120 117 18 180 103 104 106 85 91 91 94 95 86 96 92 96 95 94 40 82 72 78 72 82 84 82 81 120 40 73 73 76 82 75 77 72 120 70 67 66 62 70 65 68 66 58 65 59 60 59 64 64 69 20 60 20 49 60

0 0 0 0

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 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 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 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Orders received, internal (from other business lines) Net sales, internal (from other business lines) Orders received, external Net sales, external Orders received, total (including internal) Net sales, total (including internal) Orders received, last 4 quarters (RHS) Net sales, last 4 quarters (RHS)

• Orders received increased compared with Q1/2020 - Orders received increased in EMEA and decreased in South America, North America, Asia-Pacific and China • Net sales decreased compared with Q1/2020 • COVID-19 caused access restrictions to some customer sites

1) Comments refer to orders received and net sales including also internal orders received and internal net sales.

33 May 2021 © Valmet | Roadshow presentation Pulp and Energy: Orders received increased to EUR 461 million in Q1/2021 Orders received (EUR million) Net sales (EUR million)

2019: 2020: 2019 : 2020: EUR 1,125 million EUR 934 million EUR 919 million EUR 1,003 million

700 1,400 622 700 1,400 560 600 1,200 600 1,200 461 500 451 1,000 500 1,000 395 400 376 800 320 400 800 291 312 315 259 261 275 265 272 286 300 247 600 265 238 300 245 262 600 206 201 210 215 229 234 231 232 231 240 230 192 222 215 219 205 223 212 211 180 196 187 189 192 200 203 200 141 151 400 181 181 138 122 200 160 400 96 85 66 100 52 200 100 200

0 0 0 0

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 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21

Orders received (LHS) Orders received, last 4 quarters (RHS) Net sales (LHS) Net sales, last 4 quarters (RHS)

• Orders received increased compared with Q1/2020 - Orders received increased in North America, EMEA and China, and decreased in South America and Asia-Pacific - Orders received increased in Pulp and decreased in Energy • Net sales remained at the previous year’s level compared with Q1/2020 • Pulp and Energy business line has managed challenges caused by COVID-19 well, and therefore the pandemic did not cause major impacts on its operations in Q1/2021

34 May 2021 © Valmet | Roadshow presentation Paper: Orders received increased to EUR 363 million in Q1/2021

Orders received (EUR million) Net sales (EUR million)

2019: 2020: 2019: 2020: EUR 1,043 million EUR 1,029 million EUR 913 million EUR 1,076 million

450 419 1,200 450 1,200 400 400 362 1,050 353 363 1,050 350 350 314 321 304 900 299 900 289 295 300 280 300 275 270 267 255 750 246 243 243 750 237 246 242 250 223 214 217 250 212 211 200 196 190 197199 203 199 201 600 186 185 188 186 600 186 176 182 200 177 165 165170 200 156 157 142149 450 138 144 450 150 128 129 150 114108120 109 97 300 100 300 100 50 150 50 150

0 0 0 0

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 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21

Orders received (LHS) Orders received, last 4 quarters (RHS) Net sales (LHS) Net sales, last 4 quarters (RHS)

• Orders received increased compared with Q1/2020 - Orders received increased in all areas except Asia-Pacific, where orders received decreased - Orders received increased in Stock Preparation and Recycled Fiber, as well as in Tissue and remained at the previous year's level in Board and Paper - Small and Medium size Machines (the acquired PMP Group) contributed EUR 10 million to orders received • Net sales increased compared with Q1/2020 - Small and Medium size Machines (the acquired PMP Group) contributed EUR 21 million to net sales • Paper business line has managed challenges caused by COVID-19 well, and therefore the pandemic did not cause major impacts on its operations in Q1/2021

35 May 2021 © Valmet | Roadshow presentation Orders received and net sales split in 2020

Orders received (EUR million and % of total) Net sales (EUR million and % of total)

1,029 1,076 28% 29% 1,356 1,327 37% 35% Services Services Automation Automation Pulp and Energy Pulp and Energy Paper Paper

934 334 1,003 335 26% 9% 27% 9%

349 440 621 676 10% 12% 17% 18%

489 13% 885 378 North America North America 24% 10% South America 595 South America 16% EMEA EMEA China China Asia-Pacific Asia-Pacific 1,420 1,540 39% 41%

36 May 2021 © Valmet | Roadshow presentation Business lines in 2020: Stable business

Services business line Automation business line

11% 10% 8% 17% 6% 18% 10% 28% 29% 13% 7%

25% 9% 71%

34% 43% 61%

Orders received Orders received Orders Rolls North America Pulp and Paper North America Mill Improvements South America Energy and Process South America Performance Parts EMEA EMEA Fabrics China China Energy and Environment Asia-Pacific Asia-Pacific

10% 17% 11% 8% 7% 21% 29% 28% 12% 8%

25% Net sales Net Net sales Net 8% 72% 36% 44% 60%

Rolls North America Pulp and Paper North America Mill Improvements South America Energy and Process South America Performance Parts EMEA EMEA Fabrics China China Energy and Environment Asia-Pacific Asia-Pacific

Split to Pulp and Paper / Energy and Process includes internal orders received and net sales. 37 May 2021 © Valmet | Roadshow presentation Business lines in 2020: Capital business

Pulp and Energy business line Paper business line

12% 1% 7% 21% 17% 28% 24% 26% 1% 23%

25% 50% 72%

40% 53%

Orders received Orders received Orders Pulp North America Tissue North America Energy South America Board South America EMEA Paper EMEA China China Asia-Pacific Asia-Pacific

14% 3% 9% 12% 22% 18%

34% 9% 35%

24% 11% Net sales Net Net sales Net 66%

39% 69% 35%

Pulp North America Tissue North America Energy South America Board South America EMEA Paper EMEA China China Asia-Pacific Asia-Pacific

38 May 2021 © Valmet | Roadshow presentation Areas: Orders received and net sales development

North America South America EMEA China Asia-Pacific

1,594 1,6061,690 1,508 1,470 1,420 1,320

880 885 804 717 686 730 621 670 588 533 51% 572 586 490 480 48% 46% 46% 523 479 414 378 43% 42% 428 381 383 37% 39% 342 323 349 24% 281 267 24% 247 235 183 244 244 187 19% 25% 166 17% 15% 17% 21% 22% 13% 11% 11% 14% 12% 12% 19% 19% 20% 17% 9% 7% 10% 8% 7% 9% 9% 10% 10% 10%

Orders received Orders 16% 6% 6%

(EUR million and % of total) of % and million(EUR

2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020

1,5071,5451,5661,540 1,369 1,304

1,0961,053

774 679 676 615 644 603 595 47% 49% 535 489 422 449 421 43% 45% 46% 44% 465 440 368 42% 41% 392 362 402 378 372 346 396 375 325 335 303 282 299 Net sales Net 268 205 247 16% 169 16% 15% 16% 15% 21% 22% 20% 20% 22% 13% 11% 10% 11% 10% 12% 13% 13% 13% 11% 13% 12% 10% 12% 11% 12%

16% 18% 18% 7% 8% 5%

(EUR million and % of total) of % and million(EUR

2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020

2013 figures on a carve-out basis. Automation business line figures included as of Q2/2015.

39 May 2021 © Valmet | Roadshow presentation Areas: Business line split in 2020

North America South America EMEA China Asia-Pacific

16% 18% 22% 2% 29% 32% 41% 38%

60% 58% 24% 1% 58% 27% 10% 33% 6% 8%

14% Orders received Orders Services Automation Services Automation Services Automation Services Automation Services Automation Pulp and Energy Paper Pulp and Energy Paper Pulp and Energy Paper Pulp and Energy Paper Pulp and Energy Paper

20% 18% 24% 24% 29% 3% 30% 33% 37%

56% 52% 4%

5% 25% 6% 10% 19% Net sales Net 59% 13% 31%

Services Automation Services Automation Services Automation Services Automation Services Automation Pulp and Energy Paper Pulp and Energy Paper Pulp and Energy Paper Pulp and Energy Paper Pulp and Energy Paper

40 May 2021 © Valmet | Roadshow presentation Announced orders booked in H1/2021

Booked Date Description Business line Country Value quarter

Q1 Jan 15 Extensive tissue machine rebuild Paper Finland Not disclosed Q1 Jan 29 Textile recycling plant´s main equipment Pulp and Energy Sweden Around EUR 25 million Q1 Feb 19 All main process islands and automation for a bioproduct mill Pulp and Energy Finland About EUR 350-400 million Q1 Mar 2 A coated board line and a fine paper making line Paper China Not disclosed. An order of this scope typically adds up to around EUR 190–220 million Q1 Mar 25 Tissue line Paper Turkey Not disclosed Q1 Apr 29 Multifuel boiler plant Pulp and Energy Czech Republic Typically, the value of this kind of order is EUR 35-40 million.

Q2 Apr 14 Evaporation plant Pulp and Energy Sweden Not disclosed. A project of this size and scope is typically valued at around EUR 30 million

41 May 2021 © Valmet | Roadshow presentation Announced orders booked in H2/2020

Booked Date Description Business line Country Value quarter

Q3 Aug 27 New bleach plant and upgrade of batch cooking Pulp and Energy India Not disclosed. An order of this scope is typically around EUR 20-30 million. and fiberline Q3 Oct 14 Extensive paper machine grade conversion rebuild Paper Turkey Not disclosed. An order of this scope is typically around EUR 40-50 million. Q3 Oct 19 OptiConcept M container board making line Paper China Not disclosed. Q3 Oct 21 Tissue line Paper United Kingdom Not disclosed. Q3 Oct 22 Fine paper making line Paper China Not disclosed. An order of this scope is typically around EUR 80-100 million. Q4 Dec 14 Extensive paper machine grade conversion rebuild Paper United States Not disclosed. Q4 Dec 15 New flash drying and baling line and CTMP rebuild Pulp and Energy Sweden Not disclosed. An order of this scope is typically around EUR 40-50 million. Q4 Jan 18 OptiConcept M container board making line Paper China Not disclosed. Q4 Jan 21 Boiler plant for district heat production Pulp and Energy Finland Not disclosed. Q4 Mar 2 A line for chemi thermo mechanical pulp production Pulp and Energy China Not disclosed. An order similar to the delivery scope is typically around EUR 10-20 million. Q4 Mar 9 Key pulp technology Pulp and Energy China Not disclosed. A project of this size and scope is typically valued at around EUR 100 million.

42 May 2021 © Valmet | Roadshow presentation Announced orders booked in H1/2020

Booked Date Description Business line Country Value quarter

Q1 Jan 23 Key pulp mill technology and automation (Lenzing & Pulp and Energy Brazil Not disclosed. The value of a delivery of this size and scope is typically around EUR 200-250 Duratex) million. Q1 Feb 18 Flue gas condensing plant Pulp and Energy Finland Not disclosed. The value of these types of orders is approximately between EUR 20–30 million. Q1 Feb 26 Final stage of forming section rebuild Paper Sweden Not disclosed. Q1 Feb 27 Waste-to-energy boiler Pulp and Energy Sweden Typically above EUR 10 million. Q1 Mar 16 Coated board making line Paper China Not disclosed. The value of an order of this type and scope is typically around EUR 150-200 million. Q1 Mar 24 Key containerboard machine technologies Paper India Not disclosed. The value of a project of this type and scope is typically around EUR 12-15 million. Mar 25 Mill Maintenance Outsourcing agreement Services Australia Not disclosed. Q1 Mar 26 Hard nip sizer Paper Rep. of Korea Not disclosed. The total value of an order of this type is typically around EUR 5-10 million. Q1,Q2 Apr 27 Fine paper making line with an extensive scope and a Paper (Q2), Pulp and China Not disclosed. The total value of orders of this type and scope is typically around EUR 130-150 recovery boiler Energy (Q1) million. Q1 May 7 Tissue line including an extensive automation package Paper Turkey Not disclosed. Q1 May 12 Ash treatment system Pulp and Energy Brazil Not disclosed. The total value of an order of this type is typically around EUR 10-15 million. Q1 Jun 8 Complete steam boiler plant Pulp and Energy Austria The value of the order is approximately EUR 40 million. .

Q2 Apr 16 Reel and winding technology Paper Finland Not disclosed. The total value of an order of this type is typically around EUR 10-20 million. Q2 Apr 24 Biomass-fired boiler plant Pulp and Energy Finland The value of the order is approximately EUR 70 million. Q2 Apr 29 Converting boiler plant into biomass combustion Pulp and Energy Poland The value of the order is approximately EUR 20 million. Q2 Jun 10 Cooking and fiberline Pulp and Energy China Not disclosed. Q2 Jun 25 Off-machine coater Paper Brazil Not disclosed. The value of an order of this type is typically around EUR 25-35 million. Q2 Jun 29 Hot water plant Pulp and Energy Sweden The value of an order of this size and delivery scope is typically above EUR 40 million. Q2 Jul 9 Pulp production upgrade technology Pulp and Energy Indonesia Not disclosed. An order with this scope of supply is usually in the range of EUR 10-12 million. Q2 Jul 20 Bleached chemi thermo mechanical pulp line Pulp and Energy China Not disclosed. Q2 Jul 22 Tissue line Paper Russia Not disclosed.

43 May 2021 © Valmet | Roadshow presentation Orders received increased to EUR 1,312 million in Q1/2021

Orders received (EUR million)

1,800 4,500 1,600 4,000 1,400 3,500 1,200 3,000 1,000 2,500 800 2,000 1,312 600 1,101 1,187 1,500 1,005 1,026 1,083 1,058 1,009 1,023 890 940 940 400 793 803 788 857 796 865 835 826 1,000 781 725 692 743 727 700 580 200 466 480 500

0 0

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 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21

Orders received (LHS) Last 4 quarters (RHS)

• In stable business1, orders received remained at the previous year's level at EUR 508 million in Q1/2021 • In capital business, orders received increased to EUR 825 million in Q1/2021 • Orders received increased in developed markets and decreased in emerging markets during Q1/2021 • South America, China and Asia-Pacific together accounted for 32% of orders received

1) Including internal orders received for the Automation business line.

44 May 2021 © Valmet | Roadshow presentation Stable business orders received totaled EUR 1,765 million during the last four quarters

Orders received (EUR million) in stable business1

700 2,100

600 1,800 507 514 508 461 474 463 500 443 439 445 1,500 424 435 433 426 402 394 409 112 116 123 372 383 381 104 369 400 342 344 88 359 93 102 103 120 1,200 330 88 103 109 97 98 293 95 81 81 267 273 273 87 75 101 81 300 242 78 75 80 900

200 395 398 385 600 355 346 344 358 371 335 342 293 307 313 321 321 300 325 328 267 273 273 252 267 264 284 284 282 288 100 242 300

0 0 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 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21

Services (LHS) Automation, total (including internal) (LHS) Last 4 quarters (RHS)

• Total orders received in stable business were EUR 7 million lower compared with Q1/2020

1) Including internal orders received for the Automation business line.

45 May 2021 © Valmet | Roadshow presentation Order backlog EUR 3,709 million at the end of Q1/2021

Order backlog (EUR million) Structure of order backlog

4,000

3,500 3,709 3,557 3,425 3,492 ~30% 3,333 3,311 3,000 3,216 3,257 3,001 2,791 2,829 2,704 2,714 2,720 2,500 2,583 2,621 2,406 2,458 2,312 2,283 2,000 2,208 2,207 2,192 2,064 2,117 2,074 2,106 1,972 1,998 ~70% 1,500

1,000

500 Stable business

0 Capital business

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 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21

• Order backlog was EUR 452 million higher than at the end of Q4/2020 • Approximately 65% of the order backlog is currently expected to be realized as net sales during 2021 (at the end of Q1/2020, ~60% during 2020) • Approximately 30% of the order backlog relates to stable business (~30% at the end of Q1/2020)

46 May 2021 © Valmet | Roadshow presentation Gross profit and SG&A development

Gross profit (EUR million and % of net sales) SG&A (EUR million and % of net sales)

300 30% 300 30% 25% 250 25% 250 25%

200 20% 200 20% 17%

150 15% 150 15%

100 10% 100 10%

50 5% 50 5%

0 0% 0 0%

Q1/2014 Q2/2014 Q3/2014 Q4/2014 Q1/2015 Q2/2015 Q3/2015 Q4/2015 Q1/2016 Q2/2016 Q3/2016 Q4/2016 Q1/2017 Q2/2017 Q3/2017 Q4/2017 Q1/2018 Q2/2018 Q3/2018 Q4/2018 Q1/2019 Q2/2019 Q3/2019 Q4/2019 Q1/2020 Q2/2020 Q3/2020 Q4/2020 Q1/2021 Q1/2014 Q2/2014 Q3/2014 Q4/2014 Q1/2015 Q2/2015 Q3/2015 Q4/2015 Q1/2016 Q2/2016 Q3/2016 Q4/2016 Q1/2017 Q2/2017 Q3/2017 Q4/2017 Q1/2018 Q2/2018 Q3/2018 Q4/2018 Q1/2019 Q2/2019 Q3/2019 Q4/2019 Q1/2020 Q2/2020 Q3/2020 Q4/2020 Q1/2021

EUR million (LHS) % of net sales (RHS) EUR million (LHS) % of net sales (RHS)

• Gross profit was 25% of net sales (25% in Q1/2020) − Stable business represented 40% of net sales (44% in Q1/2020) • Selling, general & administrative (SG&A) expenses decreased 5% − SG&A was 17% of net sales (18% in Q1/2020)

47 May 2021 © Valmet | Roadshow presentation Cash flow provided by operating activities and CAPEX

Cash flow provided by operating activities (EUR million)

2014: 2015: 2016: 2017: 2018: 2019: 2020: EUR 236 million EUR 78 million EUR 246 million EUR 291 million EUR 284 million EUR 295 million EUR 532 million 200

150 182 173 143 151 148 126 100 117 122 119 114 94 94 88 78 89 50 64 43 46 30 17 16 3 33 31 19 3 30 0 -20 -44 -50

-100

• Change in net working capital1 EUR 104 million in Q1/2021 • Cash flow provided by operating activities EUR 148 million in Q1/2021 • CAPEX2 EUR 24 million in Q1/2021

Valmet implemented IFRS 16 – Leases as of January 1, 2019 by applying the simplified transition method and therefore 2018 figures are not restated. 1) Change in net working capital in the consolidated statement of cash flows. 2) Excluding leased assets.

48 May 2021 © Valmet | Roadshow presentation Net working capital at -18% of rolling 12 months orders received

Net working capital1 and orders received (EUR million)

1,500 30%

1,312 1,187 1,000 1,101 20% 1,023 1,026 1,0831,058 1,005 940 1,009 940 857 890 865 781 793 803 788 796 835 826 725 692 743 727 700 500 580 10% 466 480 0 0% -235 -249 -317 -265 -244 -238 -194 -181 -265 -294 -345 -353 -378 -335 -370 -387 -384 -362 -427 -474 -459 -342 -421 -426 -614 -644 -629 -588 -662 -500 -10%

-1,000 -20%

Q1/2014 Q2/2014 Q3/2014 Q4/2014 Q1/2015 Q2/2015 Q3/2015 Q4/2015 Q1/2016 Q2/2016 Q3/2016 Q4/2016 Q1/2017 Q2/2017 Q3/2017 Q4/2017 Q1/2018 Q2/2018 Q3/2018 Q4/2018 Q1/2019 Q2/2019 Q3/2019 Q4/2019 Q1/2020 Q2/2020 Q3/2020 Q4/2020 Q1/2021 Net working capital (LHS) Orders received (LHS) Average net working capital/rolling 12 months orders received (RHS) Net working capital/rolling 12 months orders received (RHS)

• Net working capital EUR -662 million, which equals -18% of rolling 12 months orders received

1) Net working capital excluding non-cash net working capital impact from dividend liability.

49 May 2021 © Valmet | Roadshow presentation Capital employed and Comparable ROCE

Capital employed (EUR million) and Comparable return on capital employed (ROCE), before taxes1 (%)

1,639 25% 1,541 23% 23% 23% 22% 22% 1,557 24% 22% 20% 23% 1,314 1,327 1,256 1,239 1,240 1,214 1,231 1,237 1,239 1,184 1,194 1,167 1,195 18% 1,195 1,112 1,138 1,141 1,137 17% 1,150 16% 16% 985 967 902 14% 14% 14% 14% 14% 1,049 1,079 877 13% 13% 13% 1,033 12% 12% 10% 10%

2% 2% 1%

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 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21

Capital employed Comparable ROCE (before taxes), rolling 12 months

Valmet implemented IFRS 16 – Leases as of January 1, 2019 by applying the simplified transition method, and IFRS 15 – Revenue from Contracts with Customers as of January 1, 2018 by applying full retrospective method. Thus, figures presented are not fully comparable. 1) Rolling 12 months. Carve-out figures for 2013 have been used in the calculation of Q1–Q3/2014 figures.

Track record Balance sheet and cash flow Dividend per share (EUR) and payout ratio (%) Net debt (EUR million) Cash flow provided by operating activities Net debt / EBITDA ratio Net working capital

Target 200 2 600 >50% 150 178 1.5 of net 149 400 profit 0.8 100 1 532 0.4 200 52 50 0.5 236 246 291 284 295 81% 78 76% 0.90 0 -0.2 0 0 0.2 -0.4 68% 68% -238 64% 0.80 -294 -50 -0.8 -0.5 -200 -353 -387 59% 58% -90 -474 -426 -100 -588 0.65 -100 -1 -1.1 -400 0.55 -150 -1.5 -166 -600 0.42 -200 -219 -2 0.35 -250 -2.5 -800 0.25 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 0.15

2013 2014 2015 2016 2017 2018 2019 2020 Net debt Net debt / EBITDA Cash flow Net working capital

Orders received (EUR million)1 Net sales and Comparable EBITA (EUR million)1

3,740 3,986 3,547 Pulp and 3,722 3,653 3,325 Energy, and 3,014 3,058 3,225 3,272 2,928 2,926 9.8% Paper business 3,071 3,139 2,703 8.9% 2,878 2,613 lines 2,453 7.6% 2,473 7.1% 7.7% 2,584 2,168 6.4% 6.2% 6.7% Services and 2,445 2,077 1,962 2,061 6.5% 2,182 1,713 4.3% Automation 1,999 1,658 1,832 business lines 2,080 2,0161,537 2,079 5.6% 2.1% 1,473 1,584 1,799 1,585 1,390 1,572 1,147 1,715 1,661 2,003 1,581 1,525 1,362 1,576 1,729 1,484 1,357 1,453 1,474 Comparable 1,346 EBITA-% 1,6451,8181,691 974 1,011 1,032 989 1,3411,4811,558 877 999 1,1451,0551,0351,055 715 637

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Comparable EBITA Pulp and Energy, and Paper business lines 116 159 205 192 54 106 182 196 218 257 316 365 (EUR million) Services and Automation business lines

1) Carve-out figures for 2010-2013; as reported for Metso’s Pulp, Paper and Power segment for 2006-2009. Automation has been consolidated into Valmet’s financials since April 1, 2015, when the acquisition of Automation was completed.

Customer Technology Process People Valmet acquired Collaboration project with Good development in Staying safe, operational PMP Group Metsä Spring to produce project management and efficient during fossil free 3D fiber challenging times in 2020 Valmet’s way to serve products Capacity cost reductions concept launched for Record-low LTIF for own globally-unified services Valmet DNA User Remote commissioning employees (1.5) reached approach Interface received well: and start-up of new in 2020 and in Q1/2021 dozens of projects sold tissue and board Several internal training Stronger utilization of and delivered with new machine installations programs established and Valmet’s local presence technology continuing in areas in sales and ERP renewal projects Wider utilization of proceeding Industrial Internet applications and remote connections

54 May 2021 © Valmet | Roadshow presentation LTIF = Lost time incident frequency rate Actions to keep growing faster than the market Net sales growth

Stable business Capital business • Win new customers and increase share of • Benefit from strong favorable megatrends in wallet with existing customers Board, Tissue, Pulp and Energy • Grow service sales and multi-year service • Continue to bring advanced agreements with project sales technology to the market • Add customer value with on-site and • Leverage strong R&D for new product remote services innovations • Continue to develop Field services as a • Continued focus on product cost differentiator competitiveness • Competitor replacements in Automation • Create customer value with digitalization • Grow through new industries in Automation and Industrial Internet • Leverage the new Valmet DNA User Interface to win new business in Automation

Actions to reach Comparable EBITA target: Track record • Grow the stable business Stable business net sales (EUR million) • Focus on improving project management Comparable EBITA margin (%) and execution 1,767 1,728 • Positive margin deviation in capital projects 1,577 Target 1,514 • Continue to identify savings opportunities in 1,479 9.8% 10–12% 1,380 procurement through design-to-cost and 8.9% 7.7% supplier relationship management 7.1% 1,032 6.7% • Increase flexibility in operations through 989 6.2% global footprint development 4.3% • R&D and new product launches

• Internal efficiencies through digitalization 2.1% • ERP project (from 2023 onwards)

2013 2014 2015 2016 2017 2018 2019 2020

56 May 2021 © Valmet | Roadshow presentation Including internal net sales for the Automation business line. Actions to maintain ROCE at target level Comparable return on capital employed (pre-tax): >20%

Main drivers for ROCE: Track record • Improvement in Comparable EBITA is Capital employed (EUR million) the biggest driver for ROCE Comparable ROCE (%, before taxes) • Capital employed has increased due to acquisitions Equity Interest-bearing liabilities ROCE ROCE at target level in 2020 1,639 497 • Valmet’s ROCE of 22% is clearly 1,314 1,231 1,195 higher than 2020 peer average of 11% 1,137 1,150 268 371 22% Target • Strong balance sheet needed for big 310 201 877 219 >20% projects and swings in market activity 23% 68 16% 20% 14% 13% 10%

809 860 886 918 949 1,046 1,142

2014 2015 2016 2017 2018 2019 2020

57 May 2021 © Valmet | Roadshow presentation Systematically building the future Continuous renewal and improvement of operational capability

ERP renewal Operational development • ERP renewal was started in 2016 and • Procurement transformation towards will be completed in 2023 world-class performance continues • Project proceeding well • Adding focus on global processes to • Benefits are based on digitalization, decrease quality costs process efficiency and IT platform • IT continues modernizing the core platforms simplification to drive business transformation and to • Enabler for several other platform accelerate digitalization renewals • Continue the work on project management • Savings expected from 2023 onwards culture and effective processes & practices • New project portfolio management tool for R&D implemented Valmet wide

Implemented procurement savings of annual direct spend Quality costs (% of net sales)

4.3% 4.4% 4.3% 4.0% 3.8% 3.9% 3.7% 3.8% 3.6% 2.9% 3.0% 3.1% 2.6% 2.8% 2.4% 2.2% 2.2% < 1.3%

2013 2014 2015 2016 2017 2018 2019 2020 Annual goal 2013 2014 2015 2016 2017 2018 2019 2020 Long-term goal

Targeting >3% of procurement savings annually Long-term quality costs goal <1.3% of net sales • Increasing design-to-cost (DTC) to create new sources for savings • Adding focus on global processes and Global Management System • More supplier involvement through supplier relationship • Focused quality development projects related to supplier quality, management quality assurance and quality control, continuous improvement, audit • Continuing sustainable supply chain implementation and risk management

• Valmet’s acquisition strategy is to make selective acquisitions with a clear industrial Track record of successful acquisitions logic to support organic growth 2015 2018 2019 2020 ‒ Focus on strengthening services and Automation Enertechnix J&L Fiber 29.5% share automation and expanding business in the Services in Neles pulp, paper and energy value chain • Approximately 50 cases evaluated annually • Seven acquisitions made since becoming independent company in 2014 2015 2019 2020 Tissue rewinder GL&V PMP Group • Total investment in acquisitions about business EUR 1 billion

60 May 2021 © Valmet | Roadshow presentation Valmet strengthened its business by acquiring PMP Group Focus on small and medium-sized tissue machines and board and paper machine rebuilds

• PMP Group supplies process technologies and services for tissue, Key information about the acquisition board and paper machines globally Net sales in 2019 EUR ~70 million - New tissue machines Number of employees ~650 - Rebuilds and machine sections for paper and board machines Value of acquisition EUR ~64 million1

- Spare parts and services 1) plus a conditional and capped earn-out component

• Focus on small and medium-sized tissue machines and board and Operations in Poland, China, USA and Italy paper machine rebuilds • The acquisition complements Valmet’s offering and builds further our local presence especially in Central Europe and China • Widens Valmet’s portfolio to small and medium-sized tissue machines • Access to new customer and product segments • Operations in four countries: Poland, China, USA and Italy • The acquisition was announced on September 11, 2020 and was completed on October 1, 2020

61 May 2021 © Valmet | Roadshow presentation Valmet strengthened its stable business through acquisitions Valmet completed the acquisitions of GL&V and J&L Fiber Services in Q2/2019

• GL&V is a supplier of technologies, upgrade and process • J&L Fiber Services is a manufacturer and provider of refiner optimization services, rebuilds and spare parts for the pulp segments to the pulp, paper and fiberboard industry and paper industry globally - Most of the employees are located in Wisconsin, U.S, with global - Focus in chemical pulping, stock preparation, papermaking and operations through a sales representative and distribution network. finishing - Key locations in the US and Canada, operations also in Europe, • The acquired business became a part of Valmet's Services India and South America business line

• Majority of the business is reported in the Services business line

Key information Approximate split of net sales Key information Approximate split of net sales 4%3%1% 4% 3% Net sales in 2018 EUR ~160 million Net sales in 2018 EUR ~30 million 8% North America North America 21% EMEA 8% EMEA EBITA margin in 2018 ~11% Asia-Pacific EBITA margin in 2018 ~15% Asia-Pacific South America South America Number of employees ~630 China Number of employees ~100 China 71% Value of acquisition1 EUR ~113 million Value of acquisition1 EUR ~51 million 77% 1) Value on a cash and debt free basis subject to ordinary post-closing adjustments 1) Value on a cash and debt free basis subject to ordinary post-closing adjustments

 Valmet acquired 29.5% of Neles in 2020  Valmet’s goal is to have an active long-term role in the development of Neles  In the long term, combination of Valmet and Neles would create a Nordic based global leader with a unique offering for process industries Valmet and Neles together  Stronger margin profile and globally balanced operations  Increased share of high-margin and growing stable business including services, automation systems and valves  A platform for further growth in automation business  Tangible revenue, technology development and cost synergy potential

63 May 2021 © Valmet | Roadshow presentation Appendix Shareholders and share price development Largest shareholders on April 30, 2021 Based on indicative data collected by Modular Finance # Shareholder name Number of shares % of shares and votes 1 Solidium Oy 16,695,287 11.1% 2 Handelsbanken Funds 5,772,760 3.9% 3 Ilmarinen Mutual Pension Insurance Company 4,210,000 2.8% 4 Vanguard 3,961,556 2.6% 5 Norges Bank 3,913,666 2.6% 6 BlackRock 3,142,320 2.1% 7 Swedbank Robur Funds 2,641,163 1.8% 8 Oddo BHF Asset Management 2,523,018 1.7% 9 Elo Mutual Pension Insurance Company 2,471,044 1.7% 10 OP Funds 2,379,446 1.6% 10 largest shareholders, total 47,710,260 31.8% Other shareholders 102,154,359 68.2% Total 149,864,619 100.0%

Five latest flagging notifications Date of transaction Shareholder Number of shares % of shares and votes Aug 9, 2019 The Goldman Sachs Group, Inc. 7,523,217 5.02% Aug 12, 2019 The Goldman Sachs Group, Inc 7,275,810 4.85% Aug 28, 2019 BlackRock, Inc. Below 5% Below 5% Aug 29, 2019 BlackRock, Inc. 7,740,836 5.16% Aug 30, 2019 BlackRock, Inc. Below 5% Below 5%

Solidium is a holding company that is wholly owned by the Finnish State 65 May 2021 © Valmet | Roadshow presentation Shareholder structure on April 30, 2021 Based on Euroclear data. The classification of sectors determined by Statistics Finland.

Sector Number of shareholders % of total shareholders Number of shares % of shares Nominee registered and non-Finnish holders 389 0.69 81,547,868 54.41 Finnish institutions, companies and foundations 2,870 5.09 31,067,741 20.73 Solidium Oy* 0 0.00 16,695,287 11.14 Finnish private investors 53,103 94.22 20,545,743 13.71 On issuer account 0 0.00 7,980 0.01 Total 56,362 100.00 149,864,619 100.00

* Solidium is a holding company that is wholly owned by the Finnish State 66 May 2021 © Valmet | Roadshow presentation Share of non-Finnish holders and number of shareholders

58% 64,000

56% 61,000

54% 58,000

52% 55,000

50% 52,000

48% 49,000

46% 46,000

44% 43,000

42% 40,000

12/2013 03/2014 06/2014 09/2014 12/2014 03/2015 06/2015 09/2015 12/2015 03/2016 06/2016 09/2016 12/2016 03/2017 06/2017 09/2017 12/2017 03/2018 06/2018 09/2018 12/2018 03/2019 06/2019 09/2019 12/2019 03/2020 06/2020 09/2020 12/2020 03/2021 Non-Finnish holders (LHS) Total number of shareholders (RHS)

67 May 2021 © Valmet | Roadshow presentation Appendix Strategy and offering Valmet’s way forward Our Vision Our Must-Wins To become the global champion  Customer excellence in serving our customers Our Strategy  Leader in technology and Valmet develops and supplies innovation competitive process technology,  Excellence in processes services and automation to the  Winning team Our Mission pulp, paper and energy industries. We are committed to moving our Converting renewable resources customers’ performance forward Growth accelerators into sustainable results with our unique offering and way  Field services to serve.  Industrial Internet and digitalization

Our Values Megatrends Customers Excellence • Resource efficient and clean world We move our customers’ performance We improve every day • Digitalization and new technologies forward to deliver results • Urban, responsible and global consumer Renewal People We promote new ideas We work together to create the future to make a difference

Rolls and Workshop Board, Paper and Pulp and Energy Performance Parts Fabrics Services Tissue Solutions Solutions Spare parts and Rolls, roll covers and Paper machine clothing Improvement Projects, Improvement Projects, Field consumables maintenance, workshop and filter fabrics Field Services, Life Services, Life Cycle services Cycle Agreements, Agreements, Outsourcing Outsourcing

70 May 2021 © Valmet | Roadshow presentation Our way to serve - Right combination of services for every stage in the lifecycle

Maintenance Industrial Our services offering Spare and Workshop and Process Fabrics development & Field services Internet process parts roll services upgrades outsourcing solutions

Delivery models Service products Service agreements Projects

Lifecycle approach Planning Start-up Operation phase

Continuous collaboration Setting foundation for Start-up curve acceleration Maximized reliability and optimized performance over the lifecycle for key optimized operational costs benefits.

Core commitments Safety comes first Close to you People you can trust Solutions to your needs

71 May 2021 © Valmet | Roadshow presentation Automation business line offering Delivered as products and technology, projects and service agreements

Distributed Quality Analyzers and Industrial Automation control systems management measurements Internet solutions services

• Highly integrated • Quality control • For measuring and • Advanced controls and • Services for high automation system system, quality optimizing different data-driven applications availability, for process control management variables in for assisted decision intelligent and condition applications. industrial making and mill-wide maintenance, monitoring. processes. optimization. process • Remote expert support performance and from Valmet risk control. Performance Center. • Valmet Customer portal for relevant information and collaboration.

Our automation Distributed control Industrial Quality Analyzers and Industrial Internet Automation offering systems applications management measurements solutions services

Delivery models Automation products and technology Automation projects Service agreements

Lifecycle approach Planning Delivery and Start-up Operation phase Guaranteed automation Value-adding automation Fast and reliable start-up by Continuous optimization and care to increase technology support and solutions to maximize dedicated experts productivity upgrade paths for your competitiveness evolving needs

Core commitments Safety comes first Close to you People you can trust Solutions to your needs

Advanced automation and process monitoring solutions and services: Over 4,500  Distributed Control System (DCS) – Valmet DNA  Industrial internet solutions automation systems  Performance solutions  Automation services and over 40,000  Quality Control System (QCS)  Process simulators analyzers and measurements  Profilers  Safety systems and solutions delivered  Analyzers and measurements

Scope/product Market size Main competitors

Distributed • DCS for process and plant controls Pulp and paper DCS market: • ABB • EUR 900 million Control • Condition monitoring • Honeywell Pulp and paper System (DCS) • Information management Power DCS market: • Emerson • APC (advanced process control) • EUR 700 million • Siemens #3 • Industrial Internet applications • Yokogawa

• QCS (Quality Control Systems) Estimated market size: • ABB • Cognex Energy Quality • Honeywell • Isra Vision Management • Profilers • >EUR 200 million • Voith System • Web inspection and web break • Paperchine #1-2 analysis systems • Procemex Oil and gas Analyzers and • Paper analyzers Estimated market size: • ABB measurements • Pulp analyzers •

Pulp Energy

Pulp Biomass conversion Energy Emission control • Chemical pulp mill • Pretreatment for bioethanol Technology for biomass and municipal • Power plant flue gas cleaning  Woodhandling production and industrial residual waste • Flue gas heat recovery  Cooking and fiberline • Black pellets • Fluidized bed boilers • NOx control  Pulp drying and baling • Lignin extraction • Modular power plants • Marine scrubbers  Chemical recovery • Gasification • Mechanical pulping • Pyrolysis process • Fiberboard defibrator systems • Industrial Internet and remote • Industrial Internet and remote support support

Stock preparation and recycled fiber Board and paper Tissue

• Stock preparation lines  Board and paper production lines  Tissue production lines – Recycled fiber lines – Technologies for all board and paper grades – Technologies for all tissue grades and products – Stock preparation systems – Technologies for all size of machinery – Technologies for all size of machinery – Approach flow systems – Tailor-made board and paper machines – Conventional, textured and structured tissue – Broke collection and handling – Modularized board and paper machines production • Rebuilds  Rebuilds  Rebuilds – Modernization and upgrades for – Modernizations and grade conversions – Upgrades for energy, product quality, safety performance improvements and efficiency improvements

• Stand-alone products  Stand-alone products  Stand-alone products – E.g., refiners, screens, pulpers – E.g., headboxes, sizers, winders – E.g., headboxes, Yankee cylinders, rewinders

Technologies Automation Services 1 Wood handling 6 Recycled fiber • Distributed Control System • Mill and plant improvements (DCS) • Spare and wear parts 2 Heat and power 7 Mechanical fiber • Performance solutions • Paper machine clothing production 8 Stock preparation • Quality Control System (QCS) and filter fabrics 3 Chemical pulping • Profilers • Roll services 9 Board and • Analyzers and measurements • Services for evaporation 4 Chemical recovery paper making • Industrial internet solutions plants, power and recovery 5 Pulp drying 10 Tissue making • Automation services boilers • Process simulators • Services for environmental • Safety systems and solutions equipment

4 5

10 2 3 1 9

8 7 6

Technologies Automation Services 1 Fuel handling 5 Modularized • Distributed Control System • Plant improvements power plants (DCS) • Rebuilds 2 Gasification • Performance solutions • Performance services 6 Prehydrolysis 3 Boiler and flue • Analyzers and For biofuels, • Services for environmental gas cleaning biomaterials and measurements equipment biochemicals, and 4 Bio-oil production • Industrial internet solutions • Components and spare parts bio coal production • Automation services • Training

2 6 4

1 5 3

78 May 2021 © Valmet | Roadshow presentation Continuous investment in research and development to improve customers’ processes

Example of our R&D work – OptiConcept M board and paper Customers’ needs Valmet’s R&D focus Valmet’s R&D resources machine • Increase production • Modularized and • Own R&D centers and • Cost-efficient, high-quality, safe and efficiency standardized products pilot facilities flexible board making concept • Improve competitiveness • Energy, water and raw • Annual R&D spend EUR • Significant savings in energy, water and 75 million (2020) raw material use • Maximize value of raw material efficiency • Around 1,300 protected – Energy efficiency improvement up to 30% materials • Automation technology inventions • Modular and compact size • Widen raw material base • Biomass conversion • Cooperation with – Short delivery times, quick start-ups, and • Provide high-value end technologies universities and research less production space products institutions • Functional design brings increased safety and accessibility • Develop new innovations – Design acknowledged in Finnish design and technologies competition in 2014

79 May 2021 © Valmet | Roadshow presentation Growth accelerator: Valmet Industrial Internet - VII Dialogue with data to move our customers performance forward

Valmet Performance Center delivering remote support Recent development  VII solutions launched for all customer segments  Development of Mill Wide Optimization application  Asset Performance Manager for installed base monitoring and fleet management

Next steps and development actions • Augment competence of people in control room through VII applications and Valmet DNA user 1,500 80 800 380 interface Remote Customers Remote Advanced • Move towards more autonomous mills leveraging support connected connections Process automation and process technology cases solved to Valmet Controls in 2020 cloud

80 May 2021 © Valmet | Roadshow presentation Typical dimensions of pulp mills, and paper, board and tissue machines Paper and board machine Pulp mill Length 140 m, equivalent to a line of ~30 cars

Speed: 72 km/h Production: 400,000 t/a Width 7 m

Tissue machine Length 40 m, equivalent to a line of ~9 cars

• Mill site area: 2 500,000 – 5,000,000 m , equivalent to ~70–700 football fields Speed: 120 km/h • Built area: Production: 65,000 t/a 40,000 – 100,000 m2, equivalent to ~6–14 football fields

Width 5.6 m

Mikael Mäkinen Aaro Cantell Pekka Kemppainen Monika Maurer (b. 1956) (b. 1964) (b. 1954) (b. 1956) Chairman of Vice-Chairman of Board member Board member the Board the Board Finnish citizen German citizen Finnish citizen Finnish citizen

• M.Sc. (Eng.) • M.Sc. (Tech.) • Lic.Sc. (Tech.) • Diploma in Physics and Chemistry, • Selected experience: • Selected experience: • Selected experience: Diploma in Pedagogy - Member of the BoD of Finnlines Oyj - CoB of Normet Group Oy - Member of the BoD of Bittium Oyj, • Selected experience: - President, Marine at Rolls-Royce Plc - Vice-Chairman of the BoD of Solidium Oy Junttan Oy, Nestor Cables Oy - Vice Chairman of the BoD of Nokia • Share ownership: 4,990 • Share ownership: 7,407 - Several positions within KONE Shanghai Bell, Co. Ltd. • Independent of company: Yes • Independent of company: Yes • Share ownership: 3,583 - CEO of Radio Frequency Systems • Independent of owners: Yes • Independent of owners: No • Independent of company: Yes • Share ownership: 3,583 • Independent of owners: Yes • Independent of company: Yes • Independent of owners: Yes

Eriikka Söderström Tarja Tyni Rogério Ziviani Per Lindberg (b. 1968) (b. 1964) (b. 1956) (b. 1959) Board member Board member Board member Board member Finnish citizen Finnish citizen Brazilian citizen Swedish citizen

• M.Sc. (Econ.) • LL.M. • B.Sc. in Business Management, MBA • M.Sc. Mechanical Engineering • Selected experience: • Selected experience: • Selected experience: • PhD, Industrial Management and Economics - CFO of F-Secure Corporation - CoB of Mandatum Life Investment - Member of the BoD of Innovatech • Selected experience: - Member of the BoD of Bekaert Services Ltd Negócios Florestais - Senior Advisor at Peymar Holding AB • Share ownership: 4,713 - SVP, Corporates and Private Wealth • Share ownership: 10, 696 - Chairman of the BoD of Premium Svensk • Independent of company: Yes Management at Mandatum Life • Independent of company: Yes Lax AB and Permascand AB • Independent of owners: Yes • Share ownership: 6,509 • Independent of owners: Yes • Share ownership: - • Independent of company: Yes • Independent of company: Yes • Independent of owners: Yes • Independent of owners: Yes

83 May 2021 © Valmet | Roadshow presentation Board of Directors’ ownership in total 41,481 shares, which equals to 0.03% of outstanding shares Executive Team

Corporate Pasi Laine Kari Saarinen Julia Macharey Anu Salonsaari-Posti President and CEO CFO SVP, Human Resources and SVP, Marketing, Communications, Share ownership: 157,581 Share ownership: 47,655 Operational Development Sustainability and Corporate Relations Share ownership: 32,709 Share ownership: 27,053

Business lines Aki Niemi Sami Riekkola Bertel Karlstedt Jari Vähäpesola Business Line President, Business Line President, Business Line President, Business Line President, Services Automation Pulp and Energy Paper Share ownership: 57,754 Share ownership: 11,624 Share ownership: 37,825 Share ownership: 55,305

Business areas Jukka Tiitinen Celso Tacla Vesa Simola Xiangdong Zhu Petri Paukkunen Area President, Area President, Area President, Area President, Area President, North America South America EMEA China Asia Pacific Share ownership: 87,704 Share ownership: 85,784 Share ownership: 46,755 Share ownership: 24,606 Share ownership: 3,431

Executive Team’s ownership in total: 675,786 shares, which equals to 0.45% of outstanding shares. 84 May 2021 © Valmet | Roadshow presentation Remuneration of the President and CEO

 The remuneration of the President and CEO is Performance share plan comprised of 2021 2021–2023 – the total salary (monthly base salary and customary fringe benefits*), Incentive based on Comparable EBITA as % of Predefined strategic net sales, and orders received targets for a three-year – short-term and long-term incentives, and growth in the stable business performance period – pension benefits and customary insurances. (Services and Automation business lines)  The total annual base salary and customary fringe Reward payment In spring 2022 In spring 2024 benefits* of the President and CEO in 2020 was EUR 680,104 Restriction period 2 years  The relative proportion of the variable pay elements at maximum level is 2–3 times the fixed pay  Additional pension benefit in the form of a defined contribution pension plan, 20% of base salary

* Such as a car and a mobile phone, according to the local legislation and market practice.

 The remuneration of the Executive Team members Performance share plan comprises 2021 2021–2023 – a monthly total salary (including monthly salary and customary fringe benefits1), Incentive based on Comparable EBITA as % of Predefined strategic net sales, and orders received targets for a three-year – a supplementary pension plan, and growth in the stable business performance period – short-term and long-term incentives (Services and Automation business lines)  Additional pension benefit in the form of a defined Reward payment In spring 2022 In spring 2024 contribution pension plan equaling 15–20% of base salary depending on role Restriction period 2 years  Notice period is six months for both parties. If the company terminates the agreement, there is an additional severance pay equaling six times the last total monthly salary

1 Such as a car and a mobile phone. 2 Calculated in the beginning of the performance period.