Wärtsilä (WRT1V) Investor presentation summary

Strategic transformation and business structure

• Transitioned to two core segments: Marine and Energy, after divesting Portfolio Business and discontinuing Energy Storage as a separate segment in 2026.

• Marine focuses on engines, propulsion, hybrid tech, and services for carbon neutrality; Energy delivers flexible, efficient power plants and services for renewable systems.

• Achieved all-time high order intake and order book in 2026, with strong growth in both segments.

• Financial targets: 5% annual organic growth, 14% operating margin, gearing below 0.5, and dividend payout of at least 50% of earnings.

• Completed major divestments in 2025-2026, eliminating non-core activities and focusing on core growth areas.

Market fundamentals and growth drivers

• Decarbonisation and regulatory changes are accelerating demand for sustainable marine and energy solutions.

• Marine market supported by resilient contracting, regulatory push for net-zero emissions, and rising alternative fuel adoption.

• Energy market driven by surging electricity demand, data centre buildout, and the shift to renewables requiring balancing solutions.

• Service business is a key growth driver, with >60% of Marine and 42% of Energy net sales from services in 2025.

• Strong order book and book-to-bill ratios above 1 in both segments, indicating sustained demand.

Operational and financial performance

• 2025 net sales reached €6.2bn, with a comparable operating result of €805m (12.9% margin).

• Q2 2026 saw record order intake (+33% YoY), stable net sales, and improved operating margin (14%).

• Marine and Energy order books at all-time highs, with Energy order book more than doubling since 2025.

• Cash flow from operating activities increased to €1.5bn (LTM Q2 2026).

• Organic net sales growth of 5% and continued improvement in profitability.