Metso Outotec’s Financial Statements review January 1 – December 31, 2020

Metso Outotec’s Financial Statements review January 1 – December 31, 2020 The demerger of Metso Corporation and the combination of Metso’s Minerals business and Outotec was completed on June 30, 2020. In the transaction, the legal acquirer Outotec issued new shares to Metso shareholders and received all assets, rights, debts, and liabilities related to Metso’s Minerals business. This transaction is treated in IFRS reporting as a reverse acquisition, where Metso Minerals is the accounting acquirer and Outotec the accounting acquiree. The historical IFRS-based information for 2019 and January-June 2020 includes only Metso Minerals carve-out information. In this Financial Statements Review, the segment reporting is based on the Metso Outotec organization, consisting of the Minerals, Aggregates, and Metals segments. On October 28, 2020, Metso Outotec announced its decision to divest its Recycling business. Therefore, the Recycling business has been classified as discontinued operations in 2020. All income statement, order intake and order backlog figures presented in this Financial Statements Review relate to continuing operations and the financial information for the comparison periods has been restated accordingly. Financial information related to the business divestments classified as discontinued operations is presented in note 9. The Metals and Recycling segment has been renamed as the Metals segment to reflect the changes in the continuing business. Metso Outotec has prepared both illustrative and IFRS-based historical quarterly segment information for 2019 and January-June 2020. The illustrative historical segment information is presented as a combination of Metso Minerals carve-out information and Outotec information, according to the Metso Outotec segment structure. The Outotec information is based on Outotec’s historical accounting principles; Outotec’s Minerals Processing segment is included in Metso Outotec’s Minerals segment, and Outotec’s Metals Refining segment is included in Metso Outotec’s Metals segment. Figures in brackets refer to the corresponding period in 2019, unless otherwise stated. Fourth-quarter 2020 in brief, IFRS (comparison period illustrative combined) Orders received EUR 1,304 million (EUR 1,045 million) Sales EUR 977 million (EUR 1,087 million) Adjusted EBITA EUR 103 million, or 10.6% of sales (EUR 138 million, or 12.7%) With Recycling, orders received were EUR 1,348 million, sales EUR 1,012 million, adjusted EBITA EUR 106 million EBIT EUR 44 million, or 4.5% of sales (EUR 103 million, or 9.4%) Earnings per share EUR 0.02 EUR 65 million annual run rate of the Metso Outotec cost synergies realized by the end of the year January-December 2020, IFRS and illustrative combined Orders received EUR 4,150 million (EUR 4,370 million) Sales EUR 3,897 million (EUR 4,030 million) Adjusted EBITA EUR 448 million, or 11.5% of sales (EUR 509 million, or 12.6%) EBIT EUR 253 million, or 6.5% of sales (EUR 423 million, or 10.5%) Earnings per share EUR 0.17 (based on outstanding shares) Cash flow from operations EUR 587 million (IFRS) Net debt EUR 799 million (IFRS) and gearing 39.2% (IFRS) The Board will propose an annual dividend of EUR 0.20 for 2020, to be paid in two installments President and CEO Pekka Vauramo: After the Metso Outotec merger was completed on June 30, 2020, we have been busy carrying out the integration, realizing the synergies, and laying out the future direction of the new company. We proceeded swiftly and efficiently on all these fronts during the second half, and the initial results were visible already at the end of the year. The organizational restructuring is almost complete, and we reached a run rate of EUR 65 million cost synergies by the end of December. In addition, the first revenue synergies have been achieved and booked in the order intake of 2020. Several actions are still ongoing and will be finalized during 2021. An important milestone for our new company was the launch of our strategy and financial targets in October. Metso Outotec’s purpose is to enable sustainable modern life. Our aim is to be a top-tier supplier of products, technologies, and services in the aggregates and minerals industries and a top financial performer. The strategy is being implemented through four priorities: integration and financial performance, customer centricity, sustainability, and performance culture. These priorities will lead all of us in our everyday work and will generate value for all our stakeholders. I am confident that we have the right people, the best knowledge, and a value-adding service and product offering to achieve the position we are aiming for. The recognition of Metso Outotec ranking 8th on the list of the world’s most sustainable companies proves that we have a strong basis for future development. I want to thank our entire personnel for their efforts in completing the merger and together building the new company in 2020. Our overall performance in 2020 was good in a market environment affected by the Covid-19 pandemic. Our annual orders and sales were organically only 5% and 4% lower compared to 2019, despite restrictions and limitations impacting our customer industries. The profitability of the Aggregates and Minerals segments was healthy, whereas the Metals segment, where volumes were severely impacted by the pandemic, reported a loss. This is being addressed in the ongoing turnaround program with results to be seen during 2021. In the fourth quarter, we saw an uptick in orders received in both the Minerals and Metals segments and customer activity improved in the Aggregates segment. The strong order intake at the end of the year provides good support for early 2021, and we hope to be able to gradually return to normal with the easing of Covid-19 and related restrictions. Covid-19 market update After its outbreak during the first months of the year, the Covid-19 pandemic continued to affect Metso Outotec’s end markets and customer operations throughout 2020. The most severe impact was seen during the second quarter, after which the situation stabilized and remained largely unchanged for the rest of the year. The most significant impacts resulted from restrictions on workforce mobility and limited access to customer sites. Metso Outotec’s own operations were running with additional health and safety measures and without major disruptions since early June. The aggregates business, which faced the most rapid and negative impacts during the second quarter, saw market activity normalizing towards the end of the year. In the minerals and metals markets, decision-making as well as commissioning related to bigger investments was hampered by mobility restrictions. However, positive news around Covid-19 vaccine development and high metal prices activated decision-making in the fourth quarter and resulted in a strong order intake for Metso Outotec. The services business continued to be affected by limited access to planning, preparing, and carrying out maintenance and modernization work at customer sites. The demand for spare parts and consumables continued to be good, supported by healthy utilization rates at mines thanks to high metal prices. Market outlook According to its disclosure policy, Metso Outotec’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. Metso Outotec expects the market activity to improve, subject to the development of the Covid-19 pandemic.

For more information on Metso Outotec’s Financial Statements review January 1 – December 31, 2020 talk to Metso UK Ltd