Wärtsilä (WRT1V) CMD 2026 summary

Mid-term financial targets

• Marine: mid-single-digit annual organic net sales growth and 14% operating result; Energy: high-teens growth and 18% operating result.

• Group targets: low-double-digit annual organic net sales growth and 16% operating result.

• Group net profit-to-free-cash-flow conversion target >90%; dividend target at least 50% of EPS.

• Separate Marine and Energy targets replace the previous combined framework; targets reflect the estimated negative IFRS 18 impact, with IFRS 18 effective from 2027.

• From FY2023 to LTM Q3 2026, combined Marine and Energy organic growth was 12%; operating result was 13.5% on an indicative post-IFRS 18 basis.

Structural growth opportunities

• Electricity demand growth for 2025–2030 is forecast 45% higher than the prior 2021–2030 expectation; >200 GW of coal and turbine capacity is planned to retire by 2030.

• Energy balancing applications are forecast to grow at 25% CAGR in 2026–2030; renewables and flexible balancing technologies are expected to meet rising power needs.

• Data-center addressable market is forecast to grow at 15% CAGR in 2026–2030; >3 GW of capacity was sold for U.S. data centers in 2025–2026, with 6 GW in the order book.

• Marine equipment growth is expected to exceed the general market, led by cruise, ferries and offshore, alongside demand for fuel efficiency and flexibility.

• Marine deliveries through 2030 are estimated at 17 GW, with 70% expected to use alternative fuels; retrofit growth was slower than expected, primarily due to limited global regulation.

Lifecycle services and technology

• Services account for >50% of total net sales and >60% in Marine; equipment can generate lifecycle service business for 20+ years in Energy and over 30 years in Marine.

• Energy service-agreement coverage is ~80% for new deliveries versus ~37% of the installed base; Marine installed-base coverage reached 37% by Q3 2026.

• Marine alternative-fuel installations typically generate 30% higher customer service spend than diesel; outcome-based agreements rose from 28% in 2023 to 40%.

• Marine decarbonization progress includes >400 methanol engines sold, first ammonia engines delivered and first full-scale onboard carbon capture delivered.

• R&D is targeted at 3%–4% of net sales; focus areas include fuel efficiency, alternative fuels, digitalization and AI, with the Wärtsilä 46TS platform supporting technology development.