#1November 2023 Metso Investor presentation PPPP PXP#2N Forward looking statements 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 customer industry profitability and investment willingness, expectations for company growth, development and profitability and the realization of synergy benefits and cost savings, and statements preceded by "expects", "estimates", "forecasts" or similar expressions, are forward looking statements. These statements are based on current decisions and plans and currently known factors. They involve risks and uncertainties which may cause the actual results to materially differ from the results currently expected by the company. 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 and thereby the orders received by the company and their margins 2) the competitive situation, especially significant technological solutions developed by competitors 3) the company's own operating conditions, such as the success of production, product development and project management and their continuous development and improvement 4) the success of pending and future acquisitions and restructuring. Metso#3Metso - Enabling sustainable modern life Megatrends Urbanization Electrification Sustainability Resource scarcity Al & digitalization Vision To be customers' number one choice for sustainable use of Earth's natural resources. Together we deliver service, reliability, innovation and results – safely. Brand promise We are the partner for positive change Top priorities Financial performance Customer success Sustainability Performance culture 1888 DOO MINERALS | METALS I 000 Planet Positive 0000 SERVICES | CONSUMABLES A High ambition - always Customer Getting it done in center - together Open and honest AGGREGATES Values 3 Metso#4Enabling sustainable modern life 5.3 billion euro sales in 2022 45+ countries we operate in VISION: To be customers' number one choice for sustainable use of Earth's natural resources. Together we deliver service, reliability, innovation and results - safely. 16,000+ employees 90+ nationalities 30 locations with R&D, testing or laboratory capabilities Metso#5Our businesses о Metso:Outotec Lokotrack Nordberg HP mtso SED-202 Aggregates Largest global supplier of crushers Minerals Comprehensive offer covering the whole process Service Spare parts and professional services Consumables Widest range of products on the market Metals Smelting business part of the core; two other businesses will be sold Metso 5#6We will deliver shareholder value through various means Growth Reducing volatility Offering competitive dividend שוש ()))))) Delivery of synergies ןןןן TCO Improving profitability Strengthening of balance sheet Metso#7Metso investment highlights 7 Leading offering in aggregates and mining with full flowsheet Industry leader in sustainability and technology Strong aftermarket presence & capability Committed to further improvement of profitability Metso#8Metso key financials 10/2022-9/2023 Sales EUR 5.4 billion 8 Planet Positive -sales* EUR 1.5 billion Sales by segment 73% 27 % Aggregates Minerals Sales by geography 17% Services share of sales ~55 % Adjusted EBITA EUR 872 million / 16.1 % * 1.9.2022-31.8.2023 15% Europe 23 % North and Central America Asia Pacific 23 % 22% South America and Africa Middle-East and India Metso#9A Sustainability Progress: 80% K F. Customer success Progress: 70% Strategy implementation continues via TOP priorities о Performance culture Progress: 90% Financial performance Progress: 100% More focus on customer success Upgraded financial targets 6 Metso#10O O O C 10 Financial targets support our value creation Adjusted EBITA- margin of >17% over the cycle Dividend payout of at least 50% of earnings per share Maintaining Q3/23: Investment Grade 16.1% credit rating Baa2/ BBB Progress in sustainability in 2022: alignment with the 83% 1.5 C On track commitment Metso#1111 6,000 Our margin journey after the merger EUR million 5,000 4,000 3,000 2,000 1,000 2018 2019 Completion of merger 2020 2021 2022 Q1/23 Q2/23 Target of >17% % Q3/23 Sales, rolling 12 months, EUR million - - Adjusted EBITA, rolling 12 months, % of sales Note: 2018 and 2019 figures are Metso Outotec pro forma and H1/2020 illustrative combined. The merger was completed on July 1, 2020, after which the data is based on IFRS. 4 + 2 0 6 8 10 14 12 Metso 16#12Emphasizing services and product development Lokovci ST2.3 $ CONTINUOUSLY GROW SERVICES · Reinforce presence in service-intensive businesses FOCUS ON PRODUCT • DEVELOPMENT Building on our end-to- end process knowledge о 12 meso • Profitability and stability over cycles • Standardized and pre- engineered products Grow coverage of own installed base and grow beyond that Securing service business potential via design to service • Reducing dependency on big projects Metso#1313 Broad range of sustainability initiatives Metso Larox FFP INN EQUIPMENT Planet Positive products Examples: Concorde Cell, Geminex and digital, hydro, battery chemicals, recycling offering AFTERMARKET Recycling of consumables Significant increase of product lifetime Carbon-free products CAPABILITIES Industry-leading metallurgical expertise Supply chain decarbonization Metso#1414 Digitalization drives growth and aftermarket captivity Digital and automation technologies and capabilities Focusing on creating Intelligent equipment Enabling Higher customer value Growth of equipment and aftermarket business Customer segment specific offerings Fleet management Process & operations optimization Metso#15Global infrastructure growth is expected to accelerate in 2025 Crushed stone price and production US production - 12m rolling (Mt) US price (index 2020=100) Japan price (index 2020=100) India price (index 2020=100) Index 2020=100 - 135 130 125 120 115 110 105 100 95 Jan-21 Oct-20 Jul-20 Apr-20 Jan-20 Aggregates capex expectations BEUR Mt 8 1,650 7 1,500 6 5 1,350 4 1,200 3 2 1,050 1 900 0 2020 2021 Jul-23 Apr-23 Jan-23 Oct-22 Jul-22 Apr-22 Jan-22 Oct-21 Jul-21 Apr-21 Note: Construction sector covers construction of buildings and civil engineering works. Data presented measures volume changes over time. Source: USGS, Thomson Reuters Updated 14.11.2023 15 +15% -2% +5% 2022 2023E 2024E 2025E * Analyst consensus sample consists of 8 of Metso Key Accounts: CRH, HeidelbergCement, LafargeHolcom, Martin Marietta, Vulcan Materials, Vinci, Boral, Skanska * Growth impact mainly coming from Vinci which recently won a Grand Paris Express contract. Excluding Vinci numbers, the low-digit negative growth forecasted for 2023 Source: Consensus Analysis, S&P Global, Companies' interim reports Updated: 14.11.2023 Metso#16Metal prices remain at attractive levels. Tight monetary policy and uneven China recovery weigh on the outlook COMMODITY COPPER GOLD IRON ORE SUPPLY AND DEMAND Mined Copper Supply Mined Copper Demand PRICE DEVELOPMENT US$/t 12 000 kt 4% 24 10 000 LME-Copper Grade A Cash 5% - 22 200 LTM 8 000 20 Latest Forecast 10/2023 18 6.000 Previous Forecast 08/2023 16 4 000 2021 2022 2023f 2024f 2025f 2026f Total Gold Supply Total Gold Demand ニニニ 2010 2012 2014 2016 2018 2020 2022 2024 2026 US$/oz 2 000 +2% kt -6% 46 +2 1 800 LBMA-Gold Bullion 1 600 4 LTM 1 400 Latest Forecast 10/2023 1 200 Previous Forecast 08/2023 1 000 0 2021 2022 2023 2024 800 2010 2012 2014 2016 2018 2020 2022 2024 2026 US$/t Mined Iron Ore Supply Mined Iron Ore Demand +1% 250 Mt NYMEX-Iron Ore 62% FE +1% 200 3 000 LTM 150 2 000 - Latest Forecast 10/2023 Previous Forecast 08/2023 100 - 1 000 50 0 2021 2022 2023 2024 2025 2026 0 2010 2012 2014 2016 2018 2020 2022 2024 2026 Source: S&P Global, HSBC Metals Quarterly, Investment banks price forecasts, Thomson Reuters Eikon datastream. *Market balance equals total supply minus total demand. When the difference is positive it means there is a surplus in the market (demand<supply), if negative it means there is a deficit (demand>supply). 16 Metso#17EV sales continue to grow despite macroeconomic headwinds COMMODITY SUPPLY AND DEMAND EV BY UNIT SALES (M) COBALT LITHIUM (chemical) NICKEL (sulphide and laterite) Refined supply including secondary Refined consumption +12% kt 350 +12% 300 250 EV share in total car sales, % (lhs) mn EV vehicles sold (rhs) 40 38 40 38 200 36 36 150 34 34 100 32 32 2021 2022 2023 2024 2025 2026 30 30 28 26 LCE kt 24 +24% 2 000 22 +24% 20 1 500 18 1 000 16 14 500 12 10 0 2021 2022 2023 2024 2025 2026 8 6 4 4 22222 612 - 06 + 28 26 24 20 18 14 10 8 2 2 +8% kt 0 0 21 22 23e 24f 25f 26f 4 500 +8% 4 000 Penetration rate fct 08/23 (%) UK 3 500 Penetration rate fct 10/23 (%) Japan 3 000 China Korea 2 500 EU27 US 2 000 Norway Other 2021 2022 2023 2024 2025 2026 Source: S&P Global Market Intelligence: nickel, cobalt, lithium (10/2023) 17 Metso#18о Focus areas for acquired growth MF3085 2 OVERVIEW ALARMS PERFORMANCE STATUS PERFORMANCE (Last updated yesterday 01:15:13) Running Food Products with high aftermarket intensity Sustainable offering Subystem Se Last status change Swing Right 08/02/2022 Moon check feed sal 02-2211 Mohon Exch dearing Exch Am High Bearings alas alams I warnings Gears warning Bechic motor OK RECENT ALARMS AND WARNINGS 07/29/2022 08/02/ 0400112 08:00 08/01/2022 03-59-44 2 Horizont Displacement Fred Let Food Right Left Stroke Right Stroke Discharge Description Time Waming Asial accel Feed 08/08 Rightoft angle D. 08/07 gear status Ge 08/0 aring status 08/ 18 Automation & digitalization Supply chain competitiveness Metso#19ОООСО 19 Becoming an industry leader Strong platform to grow and create value Leading position in technology and sustainability Business model reducing volatility Self-help improving profitability Metso#20Sustainability, R&D and people Metso#21Mining industry and equipment suppliers play an important role in addressing the climate challenge About 3-5% of the world's power is used in comminution Around 1% of the worlds power runs through our equipment We must improve our sustainability performance throughout the value chain. Our customers need our help to fulfil their sustainability ambitions. We must manage our own footprint: operations, supply chain and logistics. 21 22 Metso#22о We have ambitious goals that target limiting global warming to 1.5 degrees о We are committed to Science-Based Targets CDP ratings: A- for climate change leadership, B - for tackling water security CDP Supplier Engagement Leaderboard 22 Metso#23Helping our customers to solve their sustainability challenges 23 Climate change Planet Positive Water Circular Biodiversity economy Planet Positive offering Footprint Net zero by 2030 Integrated in strategy 16 01208 SES Metso#24оо 0000 24 Reducing our environmental footprint We aim to minimize our footprint by reducing environmental impact in our own operations, logistics and procurement. ThinkPad CO2 emissions in own operations Net-zero by 2030* -69% as of 09/23 Logistics CO2 emissions -20% by 2025 * -2% as of 09/23 Spend from suppliers with Science-Based emissions targets 30% by 2025 24% as of 09/23 Metso#25Making an environmental impact with our Planet Positive offering Sales totaled EUR 1.3 billion in 2022 (+51%) Metso:Outotec • • 25 Planet Positive • Around 140 products Demonstrably better than the industry benchmark Growing faster than overall sales Customer benefits: • Energy efficiency • Carbon efficiency • Optimized for using renewable energy • Water efficiency • Less pollution • Reduced embedded carbon • Electrified solutions Metso#26Examples of our Planet Positive solutions Minerals pro Energy- efficient modular In-pit crush and convey solutions sing Energy efficient Horizontal Mill Plant units for optimized grinding circuit throughput Concorde Cell™ for recovering fine and ultra-fine particles with minimized energy and water consumption 26 Energy-efficient comminution circuits with HRCe™ HPGRs and modular Stirred milling plants MD series mill discharge pumps for enhanced sustainability LaroxⓇ FFP3716 Filter for sustainable tailings filtration Planet Positive Metso#27Examples of our Planet Positive solutions Spare are and wear parts, upgrades and modernizations 27 Truck body Lighter, more payload & less fuel per hauled ton Optimized wear parts More efficient processes Long lasting wears Lower energy consumption Safer operations Repairs Extending the lifetime of customer assets for reduced waste Unique BSE Screen Eliminates water consumption in the screening process Recycling solutions for worn materials Upgrades and modernizations e.g., FloatForce upgrade for lower energy consumption and improved wear life Planet Positive Metso#28Industry-leading service expertise with global network Comprehensive service portfolio from spares and wears to advanced lifecycle services World-class team of experts Efficient service processes to enable our experts to get it right – fast Deep understanding of customer process, product design and technology Efficient logistic network in all main customer markets )000000 28 performance centers 6 own foundries and selected partner foundries 9 rubber and Poly-Met part factories ~3,000 service experts <-140 3 service locations Metso#29Strong innovation and R&D power оо Close to 30 70 30 98% 7,400+ million euros New Planet Positive launches in 2022 Investment in research and development in 2022 Discovery N12 R&D centers, co-creating and customizing solutions to customers R&D project spend with sustainability targets in 2022 Patents 29 Metso#30о Uncompromised safety in offering and operations LTIFR* (2022) 1.1 Long-term target Zero harm 30 30 · Health and safety of people Safe and secure workplace Proactive attitude towards zero harm • Safe products and services Products designed for safety • Safe and professional service teams • • Safe and responsible supply chain Rigorous supplier screening Supplier code of conduct TRIFR** (2022) 2.8 Long-term target Zero harm * Lost time injury frequency rate ** Total recordable injury frequency rate Metso#31Our industry leading diverse group of professionals Our largest countries People Our people by geography Our people by employee category 31 Chile 2,800 Finland 2,400 Brazil 1,600 India 1,400 China 1,000 United States 960 Australia 850 Mexico 710 Sweden 650 United Kingdom 600 16,000+ employees globally 45+ countries 90+ Europe South America Asia Pacific and Greater China North and Central America Africa and MEI nationalities Blue collars Professionals Management 44/56% women/men in executive team 18/82% women/men Metso#32Diversity & inclusion is the basis of everything we do 32 We are committed to developing a workplace where diversity and inclusion is embedded and celebrated in our culture. We believe that an inclusive environment where everyone can be their genuine selves makes our teams and our business stronger. Metso#33Metso Leadership Team Extended Metso Leadership Team 33 Metso CFO's office Leadership Eeva Sipilä Team CEO Pekka Vauramo Legal & Compliance Nina Kiviranta Aggregates Minerals Markku Simula Markku Teräsvasara Metals Piia Karhu Services Sami Takaluoma North & Central America (NCA) Giuseppe Campanelli South America (SAM) Eduardo Nilo Europe (EUE) Saso Kitanoski Middle East & India (MEI) Kamal Pahuja Market Areas HR Carita Himberg Consumables Heikki Metsälä Greater China (CHN) Xiaofeng Liang Africa (AFR) lan Barnard Asia-Pacific (APA) Stuart Sneyd Central Asia (CEA) Artem Askhadulin Distributor Management (DMO) Juha Yli-Petäys Metso#34Our offering Metso#35Aggregates to build modern societies Supplying equipment and services for a diverse customer base 35 Customer benefits • Best cost, best availability, easy- • to-buy, and easy-to-own solutions Comprehensive range of brands and solutions • Less noise and dust in urban . environments Timely and reliable expert service and parts near customers • Extensive distributor network Going electric Crushing is energy-intensive. We Innovate with our customers to provide products and solutions that are positive for our planet Our customers Large international and smaller local companies in the aggregates industry Metso#36Driven by sustainability and digitalization Crushers and screens ● • Mobile and portable machines and plants Stationary crushing and screening plant systems году 36 Spares and wears • Spare and wear parts and upgrades THROUGHPUT Lekotack Tass (80307) Lelo Lk 720 1 Professional services • Installation, inspections, plant audit, maintenance, shutdowns, optimization • Life cycle services and performance solutions Our equipment is ~40% electric • Stationary: fully electric Wheel mounted: fully electric • Track mounted -15% electric Digital customer experience • Intelligent crushing Fleet management • Remote control Metso#37Multi-brand: Serving our customers' different needs Global brands Metso:Outotec High performance crushing & screening solutions McCloskey INTERNATIONAL Regional brands TESAB * LIPPMANN JONSSON SRH PART OF METSO TM TM Mobile crushing, screening & recycling Mobile crushing, screening & material handling Heavy duty crushing & screening Heavy duty electric crushing & screening Fit-for-purpose crushing & screening 37 Aggregates recycling & demolition Nordtrack Aggregates contractors Lokotrack Quarries OEM business Aggregates recycling & demolition Aggregates contractors Quarries Metso#38о Minerals processing Focus on smarter and more sustainable mining processes. 38 Our customers are focusing on: Energy consumption Water stewardship Agility Planet Positive Faster speed of innovation through, for example, modularity New levels of reliability Metso#3939 Presence in the whole ore to metals value chain Energy Exploration and mine planning Hauling and Crushing and Grinding conveying screening Water and circularity Separation Tailings management Dewatering Refining ㅁㅁ □□ IIIIIIIII Emissions WE CREATE THE BIGGEST IMPACT THROUGH OUR CUSTOMERS Metal product Metso#40о Capturing the value of ore, responsibly Leading offering for mining and minerals processing Broad offering ranging from pre-feasibility studies, engineering and process equipment to complete process islands and plants with related life cycle services ○ 40 Solutions for virtually all ore types and process steps covering comminution, sizing, concentration, dewatering, material and slurry handling and tailings management, and hydrometallurgical processing Digitalization at the core Geminex™ metallurgical digital twin for flow sheet planning to manage variability and optimize resources, a wide automation offering complemented with connected services to deliver insight-driven performance Driving sustainable flowsheets An extensive range of Planet Positive products continuously complemented with new value- adding solutions Metso#4141 Comprehensive expertise with a full portfolio of sustainable solutions for all ore types and processes Grinding Industry's most comprehensive portfolio Separation Maximizing recovery throughout minerals' processing operations Crushing: Combining legacy and unmatched expertise Screening Reliable solutions designed to optimize your process Slurry Handling Maximizing pumping efficiency in mining Materials handling Less maintenance, safer operations Plant Solutions Unmatched performance and expertise Filtration Enabling economic and environmental sustainability Hydrometallurgy Industry-leading hydrometallurgical process technology for main metals Metso#4242 Innovation leader across the entire mining value chain Equipment and process performance with intelligent Planet Positive solutions Optimal comminution process 600 Superior performance in beneficiation Planet Positive 儒 395 Reduced downtime Reduced energy costs Improved availability Unrivaled recovery Smart dewatering Process know-how In-pit crush & convey (IPCC) solutions Geminex HRC ™Me high pressure grinding Geminex™ rolls (HPGR) Stirred mills portfolio High-capacity enhanced customer Concorde Cell ™ screens performance Tailings & concentrates filtration Life Cycle Services, upgrades & modernizations, remote monitoring, predictive maintenance Metso#43Generating value in battery minerals D Metso#44Batteries require multiple minerals Typical sourcing processes 0000 Hard rock Brines Battery Recycling (Black mass) 44 Typical battery minerals Copper Cobalt Graphite Lithium Nickel Manganese Metso#45O O O Lithium is the new gasoline! Demand Scenario by 2040 (kt LCE*) Source - International Energy Agency Other Sectors EVs and Storage CAGR 10% CAGR 15% 6,178 518 45 1,988 518 1,287 414 391 1 470 873 276 115 2020 2030 Low Scenario 2,453 414 391 2 039 115 276 2040 2020 2030 5 660 2040 High Scenario *Lithium Carbonate Equivalent Estimates say that by 2040 demand for Lithium may grow by over 1,500% Metso#46Our unique position in the industry Metso covers over 90% of the value chain From battery minerals extraction to refinement and recycling 46 4 + Mining & concentrates Chemical production & metallurgy Precursor manufacturing Battery production EVs Battery recycling Recycling: Towards a closed loop Circular economy and product lifecycle will be the keys to energy transition Metso#47Segment's widest technology offering High-performance solutions throughout the value chain оо Improving the efficiency of existing brownfield mining and extraction sites, plants and processes. New exploration and new greenfield sites with state-of-the-art equipment and practices. Developing efficient and responsible processes for recycling and reusing minerals from decommissioned batteries. 47 Metso#48Our competitive advantage... ... amidst fast-moving market expectations 48 Strategic Valuable Resilient Sustainable 90% coverage of processes across the value chain Strong mix of proven solutions and new innovations Strong existing process knowhow Ability to maximize the value of present operations Ability to provide state-of-the-art performance to new installations Minimizing risks through comprehensive testing Resilient tools make for more resilient plants Digitalization allows for flexibility in plant operations Tools (Geminex) for adapting operations based on variability in ore bodies Environmental performance such as reduced emissions Improved efficiency for long-term economic value Metso#49о о Advanced solutions from ore or concentrate to metal Metso for metals О Global leader in process technologies for metal and chemical industries for pyrometallurgy, agglomeration and sulphuric acid applications Unique portfolio with best-in- class technology and expertise throughout the asset lifecycle, driven by proprietary IP and strong innovation track-record supporting customers' sustainability targets Leading solutions for decreasing customers' CO₂ emissions, e.g. Copper Flash Smelting™ Alumina calcination FeCr smelting R&D focus on carbon-free production with innovative modular plants & digital solutions. 49 Metso#5050 50 . Leading process technology for metals producers Plants, equipment, and services Pyrometallurgy Process solutions for Smelting • Calcining . Roasting Direct reduction Agglomeration Process solutions for ⚫ Pelletizing . • Sintering Sulphuric acid Process solutions for Metallurgical acid plants . Sulphur burning . plants Gas cleaning Industries served Base metals Iron & steel Precious metals Light metals Fertilizers Metso#51Strong portfolio of metals processing technologies 51 Iron ore agglomeration >400 Sinter plants and >140 Pellet plants in travelling grate and grate Kiln technology supplied, including the world's biggest ones Light metals >70 Alumina Calcination and Tube Digestion plants delivered Acid plant process >650 completed acid plant deliveries • High-efficiency gas cleaning solutions • Largest Metallurgical Acid plant: 4,500 tpd (1.5 Mtpa) • Largest Sulfur Burning plant: 5,000 tpd (1.7 Mtpa) Metso Outotec Smelting technologies Operated by world's largest copper, nickel and ferro-chrome operations and widely used in various secondary smelters >60% of global • pyrometallurgical copper and nickel are produced with these technologies • ~60% of global ferrochrome is produced with this technology 100 anode casting shops • Calcining >1,500 Rotary Kiln Installations for Minerals and Metals Calcining & Roasting Fluid Bed >300 Fluid Bed Roasting installation incl. the largest partial Roasting plant Metso#52Life Cycle Services - unique maintenance and optimization capabilities and process expertise A.R A market leader: Globally 500+ Life Cycle Services contracts D Long-term solutions to help Common objectives: ○ our customers exceed their through partnership agreements performance targets A Improved reliability Highest safety, lowest environmental footprint Increased production Higher Lower availability operating costs 62 52 Metso#53о Our service solutions improve customers' equipment and process efficiency sustainably • Spare and wear parts built to perform Life Cycle Services • 53 53 . Modernizations, upgrades and retrofits • Process optimization and connected services Improved customer experience with digital solutions • Repair services • Maintenance and shutdowns Training services EVA We produce solutions for the entire market, not just for the Metso installed base Metso#54о Optimal wear solutions for the entire value chain Crusher wear parts Designed to the same specifications and exacting standards as our crushing equipment, ensuring equipment compatibility for reliable and safe operation. Loading and hauling Wide range of wear linings covering chute, conveyor and loading and hauling solutions designed to optimize safety, productivity and profit. Mill lining solutions More than 60 years of pioneering developments in mill lining - metallic, rubber and Poly-Met. Screening solutions With solutions that range from rubber and polyurethane to classic wire, Metso offers media designed to optimize your screening process. 54 54 ABNORMALE FOO Metso#55о Not all spare parts are created equal Screening Metso screen and feeder parts boast a strong design to suit tough operating conditions. 55 Crushing Wide-ranging parts offering for gyratory, cone and jaw crushers, to mobile and portable plants, to select non-Metso crushers. Engineered upgrades Upgrades and modernizations bring multiple benefits across the flowsheet such as higher productivity, improved safety and sustainability improvements. Grinding A proven history of designing, manufacturing, and servicing grinding mills and components. Filtration Readily available parts, enabling optimal performance, increased uptime, higher reliability, lower maintenance costs, and better personnel protection. Metso#5601. Q3/2023 results Metso#5740 57 Q3/23 highlights M Stable activity in € mining; soft in aggregates Flat sales development Adj. EBITA margin improved to 16.1% Group's profitability target upgraded October 27, 2023 Metso#58Group key figures in Q3/23 EUR million Q3/2023 Q3/2022 Change % EUR million Orders, sales and adj. EBITA Orders received % 1,191 1,318 -10 18 Sales 6,000 1,319 1,305 16 1 Adjusted EBITA 213 14 202 5 % of sales 4,000 12 16.1 15.5 10 Operating profit 189 187 8 % of sales 2,000 6 14.3 14.4 operations, EUR Earnings per share, continuing 4 0.14 0.15 -7 2 Cash flow from operations 161 21 669 Q4/22 Q1/23 0 Q2/23 Q3/23 58 October 27, 2023 - Orders received, rolling 12 months, EUR million Sales, rolling 12 months, EUR million - Adjusted EBITA, rolling 12 months, % of sales Metso#59о Aggregates segment quarterly highlights Orders received EUR 269 million (EUR 351 million) Soft market activity in North America and Europe EUR million 2,000 1,500 о India and China improved о Equipment orders -30%, services -9% 1,000 Sales EUR 308 million (EUR 362 million) о Lower backlog 500 о Services share 35% (33%) Adjusted EBITA EUR 53 million (EUR 57 million) о Margin of 17.3% (15.7%) Successful cost and price management and sales mix 59 October 27, 2023 0 Q4/22 Q1/23 Q2/23 Q3/23 - Orders received, rolling 12 months, EUR million Sales, rolling 12 months, EUR million - Adjusted EBITA, rolling 12 months, % of sales 0 Metso 5 10 10 15 % 20#60о Minerals segment quarterly highlights 60 60 Orders EUR 922 million (EUR 967 million) О Stable market with continued strong proposal activity EUR million 5,000 4,000 о Equipment orders impacted by slow decision- making 3,000 о Services activity supported by continued strive for productivity improvements 2,000 Sales EUR 1,011 million (EUR 942 million) 1,000 О Equipment +11% 0 о Services +5% о Services share 60% (61%) Adjusted EBITA EUR 174 million (EUR 158 million) ° Margin of 17.2% (16.8%) о Increased deliveries and a higher gross margin October 27, 2023 Q4/22 Q1/23 Q2/23 Q3/23 - Orders received, rolling 12 months, EUR million Sales, rolling 12 months, EUR million Adjusted EBITA, rolling 12 months, % of sales % 20 20 15 10 10 5 0 Metso#61Group Income Statement EUR million Q3/2023 Q3/2022 Q1-Q3/2023 Q1-Q3/2022 2022 EUR Sales Earnings per share 1,319 1,305 4,049 0.20 3,614 4,970 Adj. EBITA 213 202 662 0.16 505 715 0.15 0.15 0.18 0.18 0.17 0.16 0.15 Adj. EBITA, % 16.1 15.5 0.13 0.15 0.14 16.4 14.0 14.4 Operating profit* 189 187 604 0.10 306 490 Operating profit, % 14.3 14.4 14.9 8.5 9.9 0.05 Net financial expenses -23 -16 -55 -47 -63 Profit before taxes 165 171 0.00 549 259 426 Income taxes -46 -46 -142 -70 Q3/22 -108 Q4/22 Q1/23 Q2/23 Profit for the period, Q3/23 continuing operations 119 126 407 189 318 Earnings per share, continuing operations, Earnings per share, continuing operations, EUR Earnings per share, reported, EUR 0.14 0.15 EUR* 0.49 0.23 0.39 Profit for the period 124 131 410 195 301 *Q1-Q3/2022 and full-year 2022 include a EUR 150 million non-recurring charge related to the wind down of the business in Russia. 61 October 27, 2023 Metso#62о Group Balance Sheet EUR million Sep 30, 2023 Dec 31, 2022 Indebtedness Total goodwill and intangible 1,882 1,972 EUR million 1,000 assets Total property, plant and 458 407 equipment 750 Right-of-use assets 115 115 690 684 673 617 563 Other non-current assets 294 262 470 500 443 Inventories 1,998 1,846 Receivables (trade and other) 1,589 1,551 Liquid funds 359 601 250 Assets held for sale 271 TOTAL ASSETS 6,966 6,754 Total equity 2,499 2,350 Interest-bearing liabilities 1,182 1,293 |Non-interest-bearing liabilities 3,118 3,111 Liabilities held for sale 166 TOTAL EQUITY AND 6,966 6,754 LIABILITIES Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Net debt Debt to equity, % 62 October 27, 2023 80% 840 815 70% 60% 50% 40% 30% 20% 10% 0% Q2/23 Q3/23 Metso#63Cash flow EUR million Q3/2023 Q3/2022 Q1-Q3/2023| Q1-Q3/2022 2022 EUR million Cash flow from operations 250 Profit for the period 124 131 410 195 301 212 200 Adjustments: Depreciation and amortization 39 39 117 116 156 150 Financial expenses, net 23 23 16 55 55 47 63 110 100 Income taxes 47 47 145 73 113 62 -47 6 -25 20 20 99 50 65 21 Other items Total adjustments 62 108 292 256 398 0 Change in net working capital -25 -217 -369 -341 -377 Net cash flow from operating activities before financial items and taxes 63 October 27, 2023 161 21 21 333 110 322 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Metso 161#64о Working capital EUR million 1,000 750 9 500 250 596 Dec 31, 2022 Net working capital, period end EUR million 4,000 15 14 926 596 3,000 1,177 926 1,170 2,000 10 110 LO 1,000 1,846 1,998 0 -1,000 -2,420 -2,249 -2,000 -3,000 Sep 30, 2023 Dec 31, 2022 Inventories Receivables NWC, % of revenues, last 12 months quarterly averages 64 October 27, 2023 Sep 30, 2023 Payables Metso#65Financial position Ratings: S&P Global: 'BBB' with stable outlook (April 24, 2023) Moody's: 'Baa2' long-term rating with stable outlook (April 2021; confirmed on May 2, 2023) Average interest rate of loans and derivatives 3.9% Available credit facilities: EUR 600 million committed syndicated revolving facility EUR 600 million commercial paper program, of which EUR 15 million utilized EUR 2 billion Euro Medium Term Note Program, of which EUR 763 million outstanding One-year extension to existing EUR 100 million term loan 65 October 27, 2023 EUR million Sep 30, 2023 Sep 30, 2022 Dec 31, 2022 Liquid funds 359 467 601 Net debt 815 690 684 Gearing, % 32.6 30.1 29.1 Equity-to-assets ratio, % 39.8 37.6 39.2 Debt to capital, % 29.9 31.3 33.3 Equity/share, EUR 3.01 2.77 2.84 Metso#66Group profitability target upgraded New adjusted EBITA target: exceeding 17% over the cycle Upgrade is based on - focused segments - services growth - further performance improvements Other financial targets unchanged ооо 66 October 27, 2023 Metso#67ESG highlights in Q3/2023 Planet Positive sales grew 34% y-o-y to EUR 1.5 billion ● • One large EUR 85 million copper project order 1 600 EUR million Planet Positive sales development 1 490 1 352 1 400 1 269 1 219 Good pipeline of small and medium-sized orders 1200 1 108 987 1 000 904 856 Supplier engagement program progressed well 800 . 24% of supplier spend is with suppliers that have committed to SBT's or similar climate targets Own emissions down 69% from baseline year • On track to meet the 2030 net zero goal 600 400 200 0 Dec 2021 Feb 2022 May 2022 Aug 2022 Dec 2022 Feb 2023 May 2023 Aug 2023 Rolling 12 months All-time high employee engagement Battery minerals playing a significant role in R&D and customer raw material test work 67 20 October 27, 2023 Metso#68Market Outlook Metso expects the market activity to remain at the current level in both Minerals and Aggregates. In its previously published outlook, Metso expected the overall market activity to remain at the current level in Minerals and to slightly decline in Aggregates. According to the company's disclosure policy, Metso's market outlook describes the expected sequential development of market activity during the following six-month period using three categories: improve, remain at the current level, or decline. 68 October 27, 2023 Metso#69Events after Q3 69 Segment reporting update and restated information publishing based on the new structure Tedd Engineering acquisition closed EUR 85 million contract for delivery of a copper concentrator to Kazakhstan €115 Metso#70Metso Partner for positive change f in metso.com