Wärtsilä Corporation INTERIM REPORT 24 April 2009 at 8.30 local time

NET SALES GREW 46% - STRONG PROFITABILITY

23 April 2009

FIRST-QUARTER HIGHLIGHTS

• Net sales grew 46% to EUR 1,241 million (850)
• Operating result (EBIT) grew 60% to EUR 130 million, or 10.5% of net sales (EUR 81 million and 9.6%)
• Cash flow from operating activities totalled EUR 23 million (75)
• Earnings per share amounted to 0.89 (0.49)
• Order intake fell 51% to EUR 958 million (1,936)
• Materialised order cancellations totalled EUR 51 million during the first quarter

OLE JOHANSSON, PRESIDENT AND CEO:
“The first quarter of 2009 was strong for Wärtsilä. All businesses developed favourably and Wärtsilä’s total net sales grew by 46%. Operating result grew very strongly by 60% to EUR 130 million, the EBIT margin being 10.5%. In the Ship Power markets, conditions remained unchanged and ship owner activity was mainly related to the rebalancing of capacity to demand and led to further cancellations and postponements in the market. For Wärtsilä cancellations of EUR 51 million materialised during the review period and Wärtsilä sees a potential cancellation risk of approximately EUR 1,000 million. In the Power Plants market activity remained strong. Services continued its stable development but the slowdown in the marine industry has led to shorter visibility in the marine service market. Despite the risk of cancellations and the uncertainty in the market, Wärtsilä’s prospects for 2009 remain unchanged.”

WÄRTSILÄ’S PROSPECTS FOR 2009 REITERATED
Despite the risk of cancellations, the substantial order book at the end of the year should support a 10-20 percent growth in net sales for 2009, which would maintain the profitability at last year’s good level.

Wärtsilä in brief
Wärtsilä is a global leader in complete lifecycle power solutions for the marine and energy markets. By emphasising technological innovation and total efficiency, Wärtsilä maximises the environmental and economic performance of the vessels and power plants of its customers. In 2008, Wärtsilä’s net sales totalled EUR 4.6 billion with 19,000 employees. The company has operations in 160 locations in 70 countries around the world. Wärtsilä is listed on the NASDAQ OMX Helsinki, Finland.

Wärtsilä Corporation, press release