Slide 1: Result presentation Q2 2026
Wärtsilä Corporation Result presentation Q2 2026 Håkan Agnevall, President & CEO Arjen Berends, CFO 21 July 2026 1 ©
Slide 2: All-time high order intake and improved operating result
All-time high order intake and improved operating result ▪ Total order intake increased by 33% to 2,849 MEUR to an all-time high quarter ▪ All-time high quarterly order intake in Energy of 1,661 MEUR ▪ All-time high quarterly order intake in Marine of 1,152 MEUR ▪ All-time high order book of 8,976 M
Slide 3: Record-high orders drive a strong quarter
Record-high orders drive a strong quarter Comparative figures have been restated following Energy Storage classification as discontinued operations MEUR 4–6/2026 4–6/2025 CHANGE 1–6/2026 1–6/2025 CHANGE Order intake 2,849 2,140 33% 4,934 4,012 23% of which services 882 920 -4% 1,849 1,911 -3% of whi
Slide 4: Marine: Market sentiment remains supportive in Wärtsilä's key segments
Marine: Market sentiment remains supportive in Wärtsilä’s key segments Shipping markets remained resilient despite macroeconomic headwinds caused by the Middle East conflict ▪ The number of vessels ordered in the review period increased to 1,483 (647 in the corresponding period in 2025, excluding la
Slide 5: Energy market: Increased demand drives energy transition investments
Energy market: Increased demand drives energy transition investments Electricity demand growth and future projections have increased substantially, creating market opportunities for equipment providers ▪ Two key themes have stood out in recent energy-related macroeconomic development: load growth an
Slide 6: Reciprocating engines offer the strongest economics for data centres
Reciprocating engines offer the strongest economics for data centres ▪ Recent analysis by BloombergNEF identified reciprocating engines as the most cost-competitive technology option for data centres. ▪ Competitive lifecycle economics support attractive long- term project returns. ▪ Low heat rate co
Slide 7: Order intake increased by 33%
Organic order intake increased by 43% Order intake increased by 33% Equipment Services • Marine order intake 1,967 increased by 12% 2,000 6,000 2,000 6,000 1,800 5,500 1,800 5,500 • Energy order intake 1,600 5,000 1,600 5,000 increased by 82% 4,500 4,500 1,400 1,400 Equipment order intake MEUR, 12m
Slide 8: Strong order book development, rolling book-to-bill continues above 1
Strong order book development, rolling book-to-bill continues above 1 Order book growing despite the removal of Portfolio Business Order book by business Order book delivery schedule 10,000 1.8 4,000 9,000 1.6 3,500 8,000 1.4 3,000 7,000 1.2 6,000 2,500 1.0 MEUR 5,000 MEUR 0.8 2,000 4,000 0.6 1,500
Slide 9: Existing order book will generate sales distributed further into the future
Existing order book will generate sales that are distributed further into the future Distribution in time of the deliveries of the existing order backlogs, MEUR Marine Energy 2,600 2,600 2,400 2,400 2,200 2,200 2,000 2,000 1,800 1,800 1,600 1,600 1,400 1,400 MEUR MEUR 1,200 1,200 1,000 1,000 800 800
Slide 10: Net sales remained stable
Organic net sales increased by 5% Net sales remained stable Equipment Services 1,200 4,000 1,200 4,000 • Marine net sales remained stable 1,050 3,500 1,050 3,500 900 • Energy net sales 900 3,000 900 834 845 3,000 increased by 10% MEUR, 12m rolling MEUR, 12m rolling 750 722 694 714 2,500 750 2,500 Eq
Slide 11: Profitability continued to improve
Profitability continued to improve Net sales Comparable operating result 2,400 8,000 300 16% Net sales remained stable 2,100 7,000 14% 250 Comparable operating 1,800 1,594 6,000 203 218 12% result increased by 7% 1,556 1,559 MEUR, 12m rolling 200 %, 12m rolling 1,500 5,000 176 10% Comparable operati
Slide 12: Technology and partnership highlights
Technology and partnership highlights Enabling industry decarbonisation Wärtsilä continues to expand its data center footprint with two new orders announced during Q2 2026 ▪ Wärtsilä will supply an off-grid energy power solution for a new data center facility in Texas, USA. The 790 MW power plant wi
Slide 13: Technology and partnership highlights
Technology and partnership highlights Enabling industry decarbonisation World’s first large-scale 100% hydrogen engine tested at Wärtsilä’s Bermeo laboratory to support the Spanish grid ▪ Wärtsilä Energy has successfully operated a new 100% hydrogen engine supplying power to Spain’s national electri
Slide 14: Wärtsilä will increase its operational capacity to approximately 2.2 times the 2025 level
Wärtsilä will increase its operational capacity to approximately 2.2 times the 2025 operational level ▪ During the quarter, Wärtsilä announced an investment of approximately EUR 90 million to further expand its technical production capacity by 30% at its Sustainable Technology Hub (STH) in Vaasa, Fi
Slide 15: Marine
q WARTSILA Marine © WARTSILA
Slide 16: Marine: All-time high quarterly order intake in Wärtsilä Marine
Marine: All-time high quarterly order intake in Wärtsilä Marine Order intake and comparable operating result improved Order intake Comparable operating result Comparable operating result +12% MEUR 2,000 5,000 160 16.0% MEUR, 12m rolling 4,000 1,500 1,152 140 14.0% 1,031 3,000 124 13.1% MEUR 1,000 90
Slide 17: Marine service order book increased by 8% compared to Q2 2025
Overall Marine service book-to-bill above 1 Marine service order book increased by 8% compared to Q2 2025 Marine service, Net sales Marine service, Book-to-bill 700 +7% CAGR 2,800 1.60 600 2,400 1.40 500 2,000 12m rolling book-to-bill 400 1,600 1.20 MEUR 300 1,200 1.00 200 800 0.80 100 400 0 0 0.60
Slide 18: Energy
q WARTSILA Energy 18 © WARTSILA
Slide 19: Energy: All-time high quarterly order intake in Wärtsilä Energy
Energy: All-time high quarterly order intake in Wärtsilä Energy Since the start of 2025, the gross margin of the Energy equipment order book has improved by 500+ bps Order intake +82% Comparable operating result Comparable operating result MEUR 2,000 5,000 160 15.5% 16.0% 1,661 MEUR, 12m rolling 4,0
Slide 20: Energy service order book increased by 16% compared to Q2 2025
Overall Energy service book-to-bill above 1 Energy service order book increased by 16% compared to Q2 2025 Energy service, Net sales Energy service, Book-to-bill 400 +5% CAGR 1,800 1.60 350 1,600 1,400 1.40 300 12m rolling book-to-bill 1,200 250 1.20 1,000 MEUR 200 800 150 1.00 600 100 400 0.80 50 2
Slide 21: The comparable operating result improved
The comparable operating result improved 250 15.5% 4.3% (14.3) (6.7) 14.0% 225 14.0% 12.7% (13.2) 14 -9 Comparable operating 200 10 result increased by 7% 175 150 MEUR 125 218 100 203 75 50 25 0 Comparable operating Marine Energy Portfolio Business Comparable operating result Q2/25 result Q2/26 21 ©
Slide 22: Other key financials
) WARTSILA Other key financials © WARTSILA
Slide 23: Streamlining Wärtsilä's business portfolio
Streamlining Wärtsilä's business portfolio Wärtsilä has completed Portfolio Business divestments • In 2025, Wärtsilä completed the divestments of Automation, Navigation & Control Systems (1 July), and Marine Electrical Systems (31 October). • On 1 June 2026, Wärtsilä completed the divestments of the
Slide 24: Working capital remains at an exceptionally low level
Working capital remains at an exceptionally low level MEUR 4–6/2026 4–6/2025 1–6/2026 1–6/2025 Cash flow from operating activities 497 416 504 606 Working capital -1,257 -924 Net interest-bearing debt -1,719 -1,123 EBITDA 245 244 471 453 Return on capital employed (ROCE), %* 72.7 44.6 Gearing -0.68
Slide 25: Cash flow from operating activities increased
Cash flow from operating activities increased Cash flow from operating activities Working capital to net sales ratio 1,000 2,000 400 4.0% 900 1,800 200 2.0% 800 1,600 0 0.0% -200 -2.0% 700 1,400 MEUR, 12m rolling -400 -4.0% 600 1,200 -420 497 -600 -6.0% MEUR MEUR 500 1,000 416 -800 -8.0% 400 800 -1,
Slide 26: Solid progress towards financial targets in Marine and Energy combined
Solid progress towards financial targets in Marine and Energy combined Financial targets Marine and Energy combined Group • 5% annual organic growth • Gearing below 0.5 • 14% operating margin • Distribute a dividend of at least 50% of earnings Marine and Energy combined Group Group Net sales and ope
Slide 27: Outlook
Outlook Marine Wärtsilä expects the demand environment for the next 12 months (Q3/2026-Q2/2027) to be similar to that of the comparison period. Energy Wärtsilä expects the demand environment for the next 12 months (Q3/2026-Q2/2027) to be similar to that of the comparison period. Following two consec
Slide 28: WARTSILA © WARTSILA
) WARTSILA 28 © WARTSILA
Slide 29: Save the Date: Wärtsilä Capital Markets Day
Save the Date: Wärtsilä Capital Markets Day Date: 3 November 2026 Time: 14:00-17:30 EET Place: In Helsinki, Finland and via live webcast The event will be hosted by President and CEO Håkan Agnevall, together with members of Wärtsilä’s Board of Management. The Capital Markets Day will be followed by
Slide 30: Appendix
WARTSILA Appendix
Slide 31: Order intake
Order intake Second quarter development 1% (9%) 31% (43) 40% Order Order (48) Marine intake intake Energy Services by Equipment by Portfolio Business business business 58% type (43) 69% (57) 31 ©
Slide 32: Net sales
Net sales Second quarter development (13%) 6% Net sales 46% Net sales Marine Services 37% by Energy (44) by business Equipment (33) business Portfolio Business 54% 57% type (56) (54) 32 ©
Slide 33: Second quarter order intake development by business type
Second quarter order intake development by business type Order intake growth, % 4-6/2026 4-6/2026 23% reported organic (23) change change Marine Group order intake 33% 43% MEUR 51% 1,152 of which services -4% 1% (45) (1,031) 13% (13) of which equipment 61% 74% Spare parts Marine order intake 12% 12%
Slide 34: Second quarter net sales development by business type
Second quarter net sales development by business type Net sales growth, % 4-6/2026 4-6/2026 27% reported organic (28) change change 38% (34) Marine Group net sales -2% 5% MEUR 882 of which services -6 % -1 % (862) of which equipment 3% 12 % 16% (17) Marine net sales 2% 3% 7% Spare parts (10) 11% of
Slide 35: January–June order intake by customer segment
January–June order intake by customer segment Marine Gas carriers Cruise & ferry Offshore Navy Special vessels Merchant Other Equipment 8% (6) 28% (21) 10% (10) 12% (18) 5% (6) 34% (37) 3% (4) Services 12% (13) 24% (24) 18% (15) 11% (8) 10% (11) 24% (28) 1% (1) Total 10% (10) 25% (23) 14% (13) 12% (
Slide 36: January–June orders received for Energy equipment globally
January–June orders received for Energy equipment globally Europe 0 (5) Americas 1,851 (592) Asia 24 (7) Utilities Africa and IPP’s Middle (Independent East Power Producers) 117 (308) Industrials Others Equipment order intake 1–6/2026: MEUR 1,992 (911) 36 ©
Slide 37: WARTSILA
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