Wärtsilä (WRT1V) Q4 2025 earnings summary

Executive summary

• Achieved all-time highs in operating profit, cash flow, order intake, and net sales for both Q4 and the full year 2025, with strong performance in Marine and Energy segments.

• Portfolio Business divestments progressed, with major units sold and further divestments planned, streamlining the business and impacting group-level order intake.

• Growth in data centre power solutions and decarbonisation technologies supported results.

• Continued strategic focus on innovation, technology, and expanding capacity to support future growth.

Financial highlights

• Q4 net sales increased by 8% to EUR 2,002 million; full-year net sales up 7% to EUR 6,914 million, with organic growth of 11%.

• Comparable operating result for Q4 up 23% to EUR 256 million (12.8% margin); full year up 20% to EUR 829 million (12% margin).

• Operating cash flow reached EUR 652 million in Q4 and EUR 1,598 million for the year, both all-time highs.

• Earnings per share at an all-time high of EUR 1.06.

• Book-to-bill ratio (12m rolling) at 1.17.

Outlook and guidance

• Marine demand expected to remain at strong or similar levels over the next 12 months.

• Energy and Energy Storage demand environments anticipated to improve, though Energy Storage faces geopolitical and regulatory risks.

• High external uncertainties, including geopolitical, macroeconomic, and tariff risks, may delay investments and slow global economic activity.