Market review Interim report Q1 2013

Continued economic uncertainty is impacting Pöyry’s energy, industry and infrastructure sectors. Underlying demand nevertheless remains steady, albeit client decisions seem to be taking longer, leading to delays in
procurement of engineering and consulting services. Demand for management consulting services has generally been weak with differences across local markets.

Market Outlook 2013, Full year result report 2012

In the beginning of 2013 the outlook for the US, China and many emerging economies, including Brazil, is improving. The positive development is supported by low interest rates and fiscal and monetary stimulus.
The leading indicators for Europe are stabilizing but the outlook for the first half of 2013 remains challenging. Global economic growth in 2013 is driven by private consumption and services. The investment
outlook is, however, weaker than the overall economic growth, especially in Europe.

In those energy and the industrial sectors that are relevant to Pöyry’s businesses, the long-term economic fundamentals remain solid, however, demand is increasingly geared to emerging markets whereas
investment activity in Europe is slowing down. Economic uncertainty may continue to delay investment decisions. Regulatory uncertainty may additionally impact upon investment decisions in the energy sector.
The number of potential new nuclear investment projects in certain European countries has decreased but on the other hand, there is an increasing need for investments in other power generation technology. Investment activity in energy transmission and distribution is expected to increase.

The general economic development around Pöyry’s key European markets is expected to evolve moderately. The outlook for Latin America and Asia is somewhat more positive. Industrial production in Northern
Europe is expected to improve modestly. Industrial activity in Continental Europe is expected to remain stable, while industrial activity is expected to resume in Brazil and in Thailand.

However, the current macroeconomic environment may unfavourably impact demand for management consulting services especially in Europe and North America as clients may be postponing assignments for
consulting services.