Slide 1: Second Quarter 2026 Results
31 Exhibit 99.2 Text 31 39 230 Background 231 234 36 Accents 1 219 130 0 2 49 166 77 3 130 255 110 4 38 154 201 5 153 230 132 6 132 158 140 Hyperlink 87 255 81 Followed 2 Hyperlink 255 27 INNIO Green 164 (Darker for text ) 98 211 Second Quarter 2026 Results INNIO Red 32 8 255 INNIO Yellow 241 92 0 J
Slide 2: Today's Agenda
Today’s Agenda Company Highlights Summary 01 04 Q2 Business Update 02 Financial Results 03 2
Slide 3: Disclaimer: Forward-Looking Statements
Disclaimer Forward-LookingStatements This presentation includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this presentation, including state
Slide 4: Substantial progress made since IPO while building momentum
Substantial progress made since IPO while building momentum Record Q2’26 results 1 • Equipment Order Intake : $2.3bn , +316% year - over -year 1 • Equipment Order Backlog : $6.6bn, +279% year - over -year • Equipment Revenue: $569m , +61% year - over -year • Total Revenue: $938m , +42% year - over -
Slide 5: Company Highlights
31 Text 31 39 230 Background 231 Company Highlights 234 36 Accents 1 219 130 0 2 49 166 77 3 130 255 110 4 38 154 201 5 153 230 132 6 132 01 158 140 Hyperlink 87 255 81 Followed 2 Hyperlink 255 27 INNIO Green 164 (Darker for text ) 98 211 INNIO Red 32 8 255 INNIO Yellow 241 92 0 5 INNIO Cyan 181 213
Slide 6: INNIO in numbers: 2025
INNIO in numbers: 2025 ~100 ~$2.6bn ~$549m ~70% ~ 5,000 1 1 Adj. EBITDA Countries Served Revenue Cash Conversion FTEs (~21% margin) Equipment Services 52% of Revenue 48% of Revenue 35% of Adj. Segment EBITDA 65% of Adj. Segment EBITDA Data Center Power Solutions Compression Services ~59% of ~35% of
Slide 7: Multi-year revenue visibility from record backlog feeds Services flywheel
s o m v r e M e e c r i s t a v - h j r g e o a n s e r u o l L n s i i s e s u a b B s d e e l c l i a v t r s e n S I g e n h Multi - year revenue visibility from record backlog feeds INNIO's high - margin Services flywheel Equipment Flywheel Services Equipment revenue fuels Services growth 1 Equi
Slide 8: Gas engines are a cost-saving behind-the-meter technology
Gas engines are a cost - saving behind - the - meter (BTM) technology. Once installed, operational cost is below grid cost 1 Levelized cost of electricity (LCOE) comparison Key advantages against grid BTM solutions ($ per MWh) Grid costs ($ per MWh) INNIO engines have favorable levelized cost of ele
Slide 9: Q2 2026 Business Update
31 Text 31 39 Q2 2026 230 Background 231 234 Business Update 36 Accents 1 219 130 0 2 49 166 77 3 130 255 110 4 38 154 201 5 153 230 132 6 132 02 158 140 Hyperlink 87 255 81 Followed 2 Hyperlink 255 27 INNIO Green 164 (Darker for text ) 98 211 INNIO Red 32 8 255 INNIO Yellow 241 92 0 9 INNIO Cyan 18
Slide 10: Second Quarter 2026 Highlights
Second Quarter 2026 Highlights $2.3bn $569m $938m $172m Equipment Equipment Total Adj. 1 1 Order Intake Revenue Revenue EBITDA +316% yoy +61% yoy +42% yoy +20% yoy 1 Note: Equipment Order Intake is a KPI. Adjusted EBITDA is a non - GAAP measure. Please see appendix for further details on reconciliat
Slide 11: Q2'26 order commentary
Q2’26 order commentary Q2’26 order dynamics Resulting customer profile 1 1 Top customers by Equipment Order Intake • Equipment Order Intake of $2.3bn in Q2'26, up 316% y/y 1 — strongest quarter to date, driven by continued data Each bucket represents a unique customer representing >2.5% of total Equ
Slide 12: Q2'26 landmark order
31 Text 31 39 230 Background 231 Q2’26 landmark order 234 36 Accents 1 219 130 0 2 49 166 77 • Secured 1.1 GW prime power order from new customer 3 130 255 110 • Customer is a developer and operator of mega - scale 4 38 154 data centers 201 5 153 230 • INNIO’s J624 gas engine expected to deliver res
Slide 13: Financial Results
31 Text 31 39 230 Background 231 Financial Results 234 36 Accents 1 219 130 0 2 49 166 77 3 130 255 110 4 38 154 201 5 153 230 132 6 132 03 158 140 Hyperlink 87 255 81 Followed 2 Hyperlink 255 27 INNIO Green 164 (Darker for text ) 98 211 INNIO Red 32 8 255 INNIO Yellow 241 92 0 13 INNIO Cyan 181 213
Slide 14: Q2 2026 key messages
Q2 2026 key messages 1 Accelerating demand across all business lines: Q2 Equipment Order Intake up >300% YoY 1 Disciplined backlog execution driving growth across Equipment and Services 2 Capacity expansion projects across the U.S. and EU are already driving output growth 3 1 2 FY26E Adj. EBITDA gui
Slide 15: Financial snapshot
Financial snapshot ($m) Q2’25 Q2’26 yoy % ’25 YTD ’26 YTD yoy % Q2’26 dynamics Equipment Strong momentum across all business lines, 550 2,290 +316% 1,203 3,908 +225% 1 with Equipment book - to - bill at 4.4x in H1’26 Order Intake Equipment 1,735 6,576 +279% Substantial increase in visibility 1 Order
Slide 16: Backlog and slot reservations provide multi-year visibility
Backlog and slot reservations provide multi - year visibility and fuel long duration Services business 1 More than 4x of Q2’26 LTM Power Delivered ~64% of >15 GW related to BTM data center solutions >15 GW 1 Q2’26 Combined Equipment Order Backlog and Slot Within Data Center, ~94% related to prime po
Slide 17: Ongoing capacity increase to meet growing demand
Ongoing capacity increase to meet growing demand Capacity expansion Achievements to date Targeted growth of production capacity in the coming years 1 Jenbach , Austria & Hall, Austria • Construction of new, state - of-the -art assembly line in Jenbach ~10 GW • De - bottlenecking of Jenbach campus •
Slide 18: Equipment Order Intake and Backlog showcase positive momentum
Equipment Order Intake and Backlog showcase positive momentum 1 1 Equipment Order Intake ($m) Equipment Order Backlog ($bn) +279% +83% +225% $6.6 $3,908 $4.9 +316% $3.6 $2,290 $3.3 $1,203 $1.7 $550 Q2’25 Q2’26 ’25 YTD ’26 YTD Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Data Center Power Solutions Compression 1 Br
Slide 19: Continued topline growth and targeted capacity expansions driving long-term scale
Continued topline growth and targeted capacity expansions driving long - term scale Total Revenue ($m) Adj. Segment EBITDA ($m) Adjusted Segment EBITDA Margin +39% 23% 20 % 23% 20% $1,606 +19% $321 $1,154 +42% $ 270 +24% $938 $188 $660 $152 Q2’25 Q2’26 ’25 YTD ’26 YTD Q2’25 Q2’26 ’25 YTD ’26 YTD Equ
Slide 20: Equipment segment
Equipment segment Data Center We are turning market demand +58% Power Solutions into results $892 Compression • Disciplined execution on Equipment +61% 1 Order Backlog expected to translate $569 $564 into revenue growth, including large - scale data center projects Revenue ($m) $354 • Margin traject
Slide 21: Services segment
Services segment Our flywheel - based business model has delivered +21% • Consistent conversion of strong $715 Equipment sales into long - term high - $589 margin Services business +21% Revenue ($m) $368• Temporary growth - related $305 investment in parts capacity and service force mitigated by mar
Slide 22: Fiscal 2026 full-year outlook
Fiscal 2026 full - year outlook 1 Revenue ($m) Adj. EBITDA ($m) 1 2 Margin 21% ~19 % 2 +46% 2 $3,800 - 3,900 +33% 3 $720 - 740 Services 2 ~35% $ 2,637 $549 Services ~48% Equipment 2 ~65% Equipment ~52% FY25 A FY26 E FY25 A FY26 E Accelerating revenue growth expected in combination with margin recove
Slide 23: Summary
31 Text 31 39 230 Background 231 Summary 234 36 Accents 1 219 130 0 2 49 166 77 3 130 255 110 4 38 154 201 5 153 230 132 6 132 04 158 140 Hyperlink 87 255 81 Followed 2 Hyperlink 255 27 INNIO Green 164 (Darker for text ) 98 211 INNIO Red 32 8 255 INNIO Yellow 241 92 0 23 INNIO Cyan 181 213
Slide 24: INNIO is well positioned for sustained growth
INNIO is well positioned for sustained growth Strong order pipeline Text Profitable long - term service growth Well - balanced capacity increase © 2026 INNIO. All rights reserved 24
Slide 25: Q&A
31 Text 31 39 230 Background 231 234 36 Accents 1 219 130 0 2 49 166 77 3 130 255 110 4 38 154 201 5 153 Q&A 230 132 6 132 158 140 Hyperlink 87 255 81 Followed 2 Hyperlink 255 27 INNIO Green 164 (Darker for text ) 98 211 INNIO Red 32 8 255 INNIO Yellow 241 92 0 25 INNIO Cyan 181 213
Slide 26: Appendix
31 Text 31 39 230 Background 231 234 36 Accents 1 219 130 0 2 49 166 77 3 130 255 110 4 38 154 201 5 153 230 132 6 132 158 Appendix 140 Hyperlink 87 255 81 Followed 2 Hyperlink 255 27 INNIO Green 164 (Darker for text ) 98 211 INNIO Red 32 8 255 INNIO Yellow 241 92 0 26 INNIO Cyan 181 213
Slide 27: Financial trending metrics
Financial trending metrics INNIO Q2'25 Q3'25 Q4'25 FY 2025 Q1'26 Q2'26 LTM Q2’26 y/y % ($m, other than percentages) Total Revenue 660 743 741 2,637 669 938 3,090 42% 1 Adj. EBITDA 144 144 147 549 122 172 586 20% 1 Adj. EBITDA Margin 22% 19% 20% 21% 18% 18% 19% (3.5)pp Revenue by Geography ($m) Total
Slide 28: Financial trending metrics by segment
Financial trending metrics by segment Equipment Segment Q2'25 Q3'25 Q4'25 FY 2025 Q1'26 Q2'26 LTM Q2’26 y/y % ($m, other than percentages and GW) 1 Equipment Order Intake 550 1,975 706 3,884 1,617 2,290 6,589 316% o/w Data Center 294 1,386 294 2,282 1,005 1,464 4,149 398% o/w Power Solutions 209 529
Slide 29: INNIO's deleveraging path continues
INNIO’s deleveraging path continues 3.6x 3.2x 2.7x Net Leverage Ratio Q4’25 Q1’26 Q2’26 Indebtedness 2,659 2,634 2,619 Cash and Cash Equivalents (690) (841) (1,040) Net Indebtedness 1,969 1,793 1,579 1 LTM Adj. EBITDA 549 557 586 Net Leverage Ratio 3.6x 3.2x 2.7x 1 Note: Adjusted EBITDA is a non - G
Slide 30: Reconciliation of GAAP Net Income to Cash Conversion and Free Cashflow Conversion
Reconciliation of GAAP Net Income to Cash Conversion and Free Cashflow Conversion ($m, other than percentages) Q2’25 Q2’26 Q2’26 y/y % Q2’25 YTD Q2’26 YTD YTD ’26 y/y % FY 2025 (127)% Net Income (loss) 62 (17) 97 (26) (127)% 142 Management adjustments 4 85 6 103 39 Other non - cash items 2 2 4 6 10
Slide 31: Reconciliation of GAAP EPS to Adjusted EPS
Reconciliation of GAAP EPS to Adjusted EPS Three Months Ended June 30 ($m, other than share amounts and per share amounts) Q2’25 Q2’26 Adj. Segment EBITDA 152 188 Unallocated corporate costs (HQ & other not included in Adjusted Segment EBITDA) (8) (16) Total Group Adjusted EBITDA 144 172 Management
Slide 32: Reconciliation of Adj. Segment EBITDA to Net Income
Reconciliation of Adj. Segment EBITDA to Net Income ($m) Q2’25 Q3’25 Q4’25 FY’25 Q1’26 Q2’26 LTM 62 40 5 142 (9) (17) 19 Net income (loss) 18 15 (3) 42 5 13 30 Income tax expense Interest expense and related financing costs - net 22 35 79 164 71 53 237 (1) 3 (3) (1) (3) (4) (7) Other income (expense
Slide 33: Glossary
Glossary Term Category Definition Full time equivalents. We define FTEs as each of our employees or employees of record, which are employees hired on behalf of us by a third -party organization, excluding interns, contractors, FTEs General apprentices, passive employees and employees on leaves of ab
Slide 34: Text Background Accents 2 49 166 77 3 130 255 110 4 38 154
31 Text 31 39 230 Background 231 234 36 Accents 1 219 130 0 2 49 166 77 3 130 255 110 4 38 154 201 5 153 230 132 6 132 158 140 Hyperlink 87 255 81 Followed 2 Hyperlink 255 27 INNIO Green 164 (Darker for text ) 98 211 INNIO Red 32 8 255 INNIO Yellow 241 92 0 34 INNIO Cyan 181 213