Wärtsilä (WRT1V) Q2 2026 earnings summary

Executive summary

• Achieved all-time high quarterly order intake of EUR 2.849 billion in Q2 2026, up 33% year-over-year, with record highs in both Energy (EUR 1.661 billion) and Marine (EUR 1.152 billion) segments.

• Order book reached a record EUR 8.976 billion, more than doubling in Energy since early 2025, with strong growth in both equipment and service backlogs and improved gross margins by over 500 basis points.

• Net sales remained stable at EUR 1.559 billion, with organic net sales growth of 5% year-over-year.

• Comparable operating result increased by 7% to EUR 218 million (14% of net sales); operating result rose 14% to EUR 209 million (13.4% of net sales).

• Cash flow from operations hit a record EUR 497 million, and return on capital employed (ROCE) reached 73%.

Financial highlights

• Equipment order intake surged 61% year-over-year; organic equipment order intake up 74%.

• Service order intake reported down 4%, but organic service order intake grew 1%.

• Book-to-bill ratio at 1.83 for the quarter and above one for the 21st consecutive quarter.

• Earnings per share increased to EUR 0.25 for the quarter.

• Gearing improved to -0.68, and solvency ratio rose to 38.2%.

Outlook and guidance

• Demand environment for both Marine and Energy expected to remain similar over the next 12 months, reflecting a strong and stable market.

• Capacity constraints are emerging due to high order intake; further capacity expansions planned, targeting a 2.2x increase by 2029 compared to 2025.

• Long-term growth outlook remains favorable, supported by investments in production and strong market fundamentals.