Wärtsilä (WRT1V) Q1 2026 earnings summary

Executive summary

• Order intake grew 10% year-over-year to EUR 2,099 million, with organic growth at 22%, and the order book reached an all-time high of EUR 8,900 million, up 4% from the prior year.

• Strong performance in both Marine and Energy segments, with Energy order intake up 56% and Marine up 9%; Energy Storage order intake down 53% but operating result turned positive due to solid execution.

• Comparable operating result increased 16% to EUR 199 million (12.8% of net sales); net sales stable at EUR 1,556 million, with organic net sales up 8%.

• Cash flow from operations dropped to EUR 7 million, impacted by inventory build-up and increased working capital for future deliveries.

• Service order intake organically up 9%, with a rolling book-to-bill above one.

Financial highlights

• EBITDA rose 14% year-over-year to EUR 236 million (15.2% of net sales); EPS increased to EUR 0.25 from EUR 0.21.

• Return on capital employed (ROCE) reached 64%; book-to-bill ratio at 1.35 overall, and 1.55 for Marine and Energy combined.

• Gearing improved to -0.65, indicating a strong net cash position; solvency ratio stable at 35%.

• Net interest-bearing debt at period end was EUR -1,567 million; working capital remains exceptionally low at -1,139 MEUR.

• Equipment net sales up 11% to EUR 750 million; service net sales down 9% to EUR 800 million.

Outlook and guidance

• Marine demand expected to remain at a high level over the next 12 months; Energy and Energy Storage demand environments anticipated to improve.

• High geopolitical uncertainty, tariff changes, and external risks may impact investment decisions and growth, especially in Storage.