Wärtsilä (WRT1V) Q3 2026 earnings summary

Executive summary

• Q3 order intake rose 33% to €2,368M, with 41% organic growth; net sales increased 7% to €1,493M and comparable operating result rose 19% to €212M.

• Order book reached a record €9,876M, up 22% YoY; operating cash flow was €583M and LTM ROCE was 94.1%.

• 9M order intake grew 26% to €7,302M and net sales increased 2% to €4,497M.

Financial highlights

• Q3 comparable operating margin was 14.2%; reported operating result rose 4% to €222M, with a 14.9% margin.

• 9M comparable operating result rose 12% to €623M, with a 13.9% margin; reported operating result increased 9% to €621M.

• Q3 order intake increased 33% to €2,368M; 9M intake was €7,302M, up 26%.

• Q3 operating cash flow was €583M versus €340M; 9M cash flow was €1,087M versus €946M.

Outlook and guidance

• Marine and Energy demand environments for Q4 2026–Q3 2027 are expected to be similar to the comparison period, with continued strength especially in Energy.

• Marine and Energy combined targets are 5% annual organic growth and a 14% operating margin; the combined margin target was reached at 14.2% LTM.

• Energy delivery lead times for new customers extend into the 2030s; capacity additions are planned for early 2028 and early 2029, subject to supply-chain readiness.

• 2026 capital expenditure on intangible assets and property, plant and equipment is expected to exceed depreciation, amortisation and impairment.