Wärtsilä (WRT1V) Pre-silent call summary

Executive summary

• 50/50 Energy Storage JV with RCT Solutions closed on October 1, 2026, after a timing shift; estimated total impact revised to EUR 20m–35m from EUR 40m–50m.

• Q3 activity was developing well, with strong power-equipment demand, a healthy data-center pipeline and positive marine-market forecasts.

Trading performance and revenue trends

• Australia announcement covered the largest-ever engine power plant; Tokyo Gas collaboration signals Japan data-center activity, but no concrete orders were secured yet.

• Data-center pipeline and signing activity were progressing well; order intake is recorded only after the down payment arrives.

• Engine slots through 2029 are largely booked or committed; new customers may face delivery in 2030.

• Marine Services activity remained similar to Q2; maintenance delays mainly affected spare parts, with some spillover to field service. Service-agreement attachment on new orders was 80%+.

• Energy Storage ceased as a separate reporting segment in Q2 2026; before closing, its results were presented as a single line in discontinued operations.

Profitability and margins

• The estimated 2026 operating-result impact was reduced to EUR 10m–15m from EUR 40m–50m after the Q3 R&D write-down; it will not be classified as an item affecting comparability.

• Estimated Q4 JV operating-result contribution is EUR 10m–15m; the transaction is estimated to contribute EUR 10m–20m negative in discontinued operations.

• Selling prices were rising as demand exceeded supply; order-book pricing was described as 500 bps higher in the Q2 discussion, with further improvement expected to become visible next year.

• Energy order prices can vary sharply with delivery scope; two same-megawatt orders differed by nearly 2x solely because of scope.