Wartsila Oyj Abp · OMXHEX:WRT1V
Wartsila Oyj Abp — Wärtsilä — Non-Deal Roadshow (February 2026)
118 slides from Wartsila Oyj Abp's roadshow presentation, February 2026
Slide 1: Shaping the decarbonisation of marine and energy
Wärtsilä Shaping the decarbonisation of marine and energy Roadshow presentation February 2026 1 ©
Slide 2: Wärtsilä – Shaping the decarbonisation of marine and energy
Wärtsilä – Shaping the decarbonisation of marine and energy Wärtsilä Marine Wärtsilä Energy Wärtsilä Energy Storage Marine offers engines, propulsion systems, Energy offers flexible, efficient, and reliable Energy Storage offers hardware, Portfolio Business is hybrid technologies and integrated powe
Slide 3: Market fundamentals
Market fundamentals Decarbonisation is shaping the marine industry POLICIES AND REGULATIONS TECHNOLOGY CONNECTIVITY AND DATA • IMO1 target: to reach net zero greenhouse • Focus on carbon-neutral and zero-carbon • Optimisation solutions based on a holistic gas emissions from international shipping fu
Slide 4: Our value creation potential is based on two strategic themes
Our value creation potential is based on two strategic themes Transform Perform Attractive growth opportunities Clear path for operational in the decarbonisation improvements and transformation increased profitability 4 ©
Slide 5: Marine and Energy continue to execute earlier communicated strategies
Marine and Energy continue to execute earlier communicated strategies with a clear path to reach the updated financial targets Transform Perform ▪ Industry-leading technology portfolio ▪ Services >60% of net sales in 2025, moving up the service value ladder with ▪ Market leader in: book-to-bill rati
Slide 6: Energy Storage continues to focus on selective profitable growth
Energy Storage continues to focus on selective profitable growth Transform Perform ▪ Selective commercial approach focusing ▪ Strong focus on quality of revenues on our strengths: − Industry-leading project delivery & − Excellence in project execution execution capabilities − Industry-leading soluti
Slide 7: Strong market fundamentals will support profitable growth in Marine
Strong market fundamentals and the decarbonisation transformation will support profitable growth in Marine business Annual equipment contracting of 4-stroke medium speed main engine-powered units (GW)1), CAGR ▪ Contracting in Wärtsilä's key segments is expected to remain clearly above the 10-year av
Slide 8: Increasing share of renewables supports demand for Energy and Energy Storage
The increasing share of renewables and need for balancing power will support the demand for Wärtsilä’s Energy and Energy Storage offering Energy Energy Storage Addressable market in Addressable market2) balancing1) €; CAGR ▪ Thermal balancing market is expected to grow +4X by 2030 GW; CAGR driven by
Slide 9: Service has provided resilient sales and profits over decades
Service has provided resilient sales and profits for Wärtsilä over decades Service Net Sales, MEUR1) 4,000 Negative impact 3,575 >€3.5bn from COVID-19 service net sales in 2025 with 3,500 good future growth potential 3,000 2,500 >30% of installed base covered 2,000 by service agreement at the 1,500
Slide 10: We continue to execute our services strategy
We continue to execute our services strategy on all steps of the service value ladder ▪ Our installed base of medium speed engines is increasing ▪ >30% of installed base2) is under service agreements with further growth potential ▪ Moving up the service value ladder – agreements and performance-base
Slide 11: Book-to-bill shows growth for service
Book-to-bill shows growth for service 12m rolling book-to-bill1) 1.75 1.50 1.25 1.00 0.75 0.50 Q122 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Service Spare parts Field service Service agreements Retrofits and upgrades 1) 2023 data restated to reflect the redefined or
Slide 12: Rolling 12-month book-to-bill for service above 1 in Marine and Energy
Rolling 12-month book-to-bill for service above 1 in both Marine and Energy Marine, 12m rolling book-to-bill1) Energy, 12m rolling book-to-bill 1.75 1.75 1.50 1.50 1.25 1.25 1.00 1.00 0.75 0.75 0.50 0.50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 13: Strong commitment and a clear path to reach our updated financial targets
Strong commitment and a clear path to reach our updated financial targets Marine and Energy combined Energy Storage 5% Low double-digit Annual organic growth Annual organic growth 14% 3-5% Operating margin Operating margin Group <0.5 ≥50% Gearing Dividend of earnings 13 ©
Slide 14: We continue to actively manage our business portfolio
We continue to actively manage our business portfolio All Portfolio Business units agreed to be sold Automation, Navigation & Control Systems ▪ In December 2024, Wärtsilä announced that it had agreed to divest its Automation, Navigation and Control Systems (ANCS) business to the Swedish investment c
Slide 15: Solid progress towards financial targets in Marine and Energy combined
Solid progress towards financial targets in Marine and Energy combined Marine and Energy combined Energy Storage Net sales and operating margin %, last 12 months Net sales and operating margin %, last 12 months Marine and Energy Organic Organic combined financial growth +15% growth -11% targets • 5%
Slide 16: Profitability drivers
Profitability drivers + Supporting drivers + / - Uncertainties - Negative factors ▪ Continued decarbonisation in both ▪ Geopolitical tensions ▪ Negative mix impact from the energy and marine markets ▪ Tariffs and trade restrictions increasing equipment deliveries ▪ Renewables is the cheapest way to
Slide 17: The strategic priorities are the key levers to improve our performance
The strategic priorities are the key levers to improve our performance and reach our target position 1 Excel in creating customer value We continuously evolve our understanding of, and responsiveness to, our customers to make them successful Develop high performing teams that make a difference 2 We
Slide 18: Marine highlights
Pa) WARTSILA Marine highlights 18 © WARTSILA
Slide 19: Leading the path towards decarbonisation with state-of-the-art tech
Leading the path towards decarbonisation by developing state-of-the-art tech and enabling adoption of clean fuels Offering ▪ Multi-fuel 4-stroke engines ▪ Propulsion systems ▪ Catalyst systems Wärtsilä Marine – Share of total net sales 2025 ▪ Fuel gas supply systems Key figures 2025 ▪ Hybrid and ele
Slide 20: Decarbonisation can be reached through different pathways
Decarbonisation can be reached through different pathways; net-zero targets will require a fundamental shift towards sustainable fuels Decarbonisation pathways Burn less fuel1) Clean up emissions1) Use alternative energy sources Vessel efficiency Operational efficiency Emission abatement Sustainable
Slide 21: A progressive switch to sustainable fuels is already under way
A progressive switch to sustainable fuels is already under way Sustainable fuel uptake scenario for net-zero in 20501) Total energy consumption, EJ 15 Fuel transition is under way: ~50% of tonnage on orderbook is set to use alternative fuels; long-term fuel mix is Reduced energy demand dependent on
Slide 22: Half of the shipbuilding orderbook can run on alternative fuels
The regulatory changes impact maritime now: half of the total shipbuilding orderbook can run on alternative fuels 2024 saw the highest-ever alternative fuel capable vessel ordering, excluding gas carriers Alternative fuels uptake ~50% Orderbook by fuel type, mGT1) 350 60% 300 50% of the orderbook is
Slide 23: Cost of emissions will close the price gap between fuels
Cost of emissions will close the price gap between fossil and sustainable fuels; fuel selection impacts the vessel structure Fuel type Low Sulphur Liquified Methanol Ammonia Liquid Compressed Marine Fuel Oil Natural Gas @ 20°C @ -33°C Hydrogen Hydrogen Battery Rack @ 20°C @ -162°C @ -253°C @ 350bar
Slide 24: The alternative fuel ecosystem must continue to develop
The alternative fuel ecosystem must continue to develop further to support the maritime green transition Engine technology Availability of fuels Port infrastructure ▪ Technology is readily available, with ▪ Alternative fuels are not yet available ▪ Bunkering infrastructure is limited but ~50% of the
Slide 25: Our engines have built-in upgradability to future fuels
Our engines have built-in upgradability to future fuels, with significant part commonality between different fuel versions and a modular design LNG DF1) engine to run on: Fuel System Engine base Engine top ▪ Bio/Synthetic diesel ▪ No changes ▪ No changes ▪ No changes ▪ Bio/Blue/Green methane ▪ No ch
Slide 26: Our market share is stronger on alternative fuel capable engines
Our market share is stronger on alternative fuel capable engines compared to diesel engines 4-stroke medium speed main engines market share1) Auxiliary engines market share1) ~45% ~15% ~75% ~25% We are market We are growing in leaders in 4-stroke auxiliary engines, as medium speed main EUR ~2bn engi
Slide 27: We focus on the most high-value, performance-driven segments
We focus on the most high-value, performance-driven segments Typical Wärtsilä Marine offering per vessel1) Cruise Ferries Offshore Navy Specials6) Merchant Hy-El merchant Engines / Diesel-Electric Main Engines Hybrid-Electric Aux Engines Main Engines Aux Engines Hybrid-Electric Hybrid1) Aux Engines
Slide 28: Recovery in key segments is growing the addressable market
Recovery in our key target segments is growing the 4-stroke medium speed main engine addressable market Annual equipment contracting of 4-stroke medium speed main engine-powered units (MW)1) 6000 6% CAGR Cruise 5000 Ferries We have a Offshore strong position 4000 Merchant in Cruise, Ferry, 3000 Othe
Slide 29: Global cruise travelling is forecast to grow by 21% from 2024 to 2028
Global cruise travelling is forecast to grow by 21% from 2024 to 2028 Cruise passengers, million passengers Global cruise traveling increased by 9% year-over- 37.7 39.6 40.9 41.9 year in 2024 with 34.6 29.7 31.7 34.6 million passengers sailing 20.4 By 2028, cruise is forecast to 5.8 4.8 grow to near
Slide 30: Vessel contracting forecast
Vessel contracting forecast No of ships, 2,000+ dwt/GT, ship-shaped mobile offshore vessels only1) 3,500 Increase after current softer Order volumes supported by accelerating fleet Ship-shaped mobile offshore vessels only period with more bulker and tanker orders as container order renewal 3,000 wav
Slide 31: Global shipyard capacity is at ~75% of previous peak
Global shipyard capacity is currently at ~75% of previous peak, but is expected to increase to ~90% by 2030 Capacity increases are expected especially in China Development of global shipyard capacity Distribution of current shipyard capacity Regional shipyard capacity as % of 2011-12 peak, CGT1) 130
Slide 32: Services accounts for >60% of Marine sales
Services accounts for >60% of Marine sales; we operate through an integrated service framework with three service delivery models Transactional Agreements Retrofits and upgrades % services sales1) ~60% ~30% ~10% ▪ Increasing ship complexity ▪ New regulations Growth drivers ▪ Installed base growth ▪
Slide 33: Moving up the service value ladder in Marine
Moving up the service value ladder in Marine We increase sales and profits by moving up our service value ladder From 1x1) Up to 2-3x1) Guaranteed asset Optimised performance maintenance agreement Technical management agreement AI-based Expert Insight Enhanced support agreement AI-based Expert Insig
Slide 34: We have the widest service network in marine
We have the widest service network in marine ~3,400 ~39,500 We continuously professionals in 70+ countries1) marine field service jobs review our footprint started annually to better serve our 39,478 customers and 3,371 3,257 38,620 access the best talents 3,053 34,706 2022 2023 2024 2022 2023 LTM Q
Slide 35: The fleet under service agreement keeps expanding
The fleet under Wärtsilä service agreement keeps expanding and shifting towards higher-tier agreements Fleet under agreement as end of Q2 over 2020-2024, # ships1) >90% renewal rate LTM Q2 2024 700 600 29% 500 of our engine installed base is under agreement2) 400 300 24% 200 sales to agreement vesse
Slide 36: Tightening regulations will boost demand for retrofits
Tightening regulations and increasing fuel and emission cost will boost demand for retrofits Total investments in retrofits, including Carbon Capture and Storage solutions (CCS), are estimated to increase significantly over the next decade1) Propulsion Alternative fuel Radical power Electrification
Slide 37: Onboard Carbon Capture and Storage allows to capture >70% of CO2
Onboard Carbon Capture and Storage (CCS) allows to capture >70% of the CO2 generated onboard Applicable to all carbon-based fuels, vessels types and sizes SOx reduction NOx reduction Captured CO2 is stored onboard for discharge at port reception facility >97% >80% At our research centre and test fac
Slide 38: Strong growth opportunities in marine
Strong growth opportunities in marine based on technology leadership, moving up the service value ladder, and favorable vessel contracting mix Equipment Services Addressable Favorable vessel Decarbonisation- market contracting mix driven retrofits Growing installed base Decarbonisation: uptake of Ma
Slide 39: Energy highlights
Pa) WARTSILA Energy highlights 39 © WARTSILA
Slide 40: Towards a 100% renewable energy future
Towards a 100% renewable energy future Offering ▪ Future-fuel enabled grid balancing power plants Wärtsilä Energy – Share of total net sales 2025 ▪ Future-fuel enabled baseload power plants Key figures 2025 ▪ Lifecycle services 28% Energy Order intake Key customer segments 2,940 MEUR Other businesse
Slide 41: Balancing solutions are key enablers for the renewable transition
As the renewable energy transition accelerates, balancing solutions are key enablers for the transition Share of renewables in global energy generation Technology disruption in the energy sector Renewables Other Renewable generation 1) Renewables becoming main source of power 8X Gradual replacement
Slide 42: Thermal balancer market expected to grow ~28% per year
Thermal balancer market expected to grow ~28% per year – the baseload market outlook remains stable Engine power plants Wärtsilä operating installed base (GW) Outlook ▪ The transition towards Addressable annual market (GW) renewables is the driving force behind demand for 60 thermal balancing +17% p
Slide 43: Wärtsilä's sweet spot is typically in 50-400 MW plants
Wärtsilä’s sweet spot is typically in 50 - 400 MW plants Engine technologies Gas turbine technologies High-speed engines Aeroderivative gas turbines ▪ Low capex and low efficiency ▪ Lower capex than engines but less fuel-efficient ▪ Best suited for backup and low running hours applications ▪ More fl
Slide 44: Advantages of Wärtsilä power plants over combined cycle gas turbines
Advantages of Wärtsilä power plants over combined cycle gas turbines Faster startup time Higher ramp rate ▪ Combined cycle gas turbines can take over 30 minutes to ▪ Ramp rate = the rate at which a power plant can increase or start, whereas combustion engine power plants can start and decrease outpu
Slide 45: Case Texas shows future trends
Case Texas shows future trends. Increasing renewables creates need for balancing with engines outperforming competing technologies 30 million population with 133 GW of 1.6X higher¹ real time market revenue Texas as a proofpoint for installed power (system size equal to France) potential for engines
Slide 46: Wärtsilä Energy is well positioned to provide fuel flexibility
Wärtsilä Energy is well positioned to provide the fuel flexibility needed for the energy transition Technology roadmap for engines Energy Power Plants order intake by fuel, 2020-24 (MW) ▪ Plant lifetimes stretching to 2050: fuel flexibility future- proofs engines ▪ There will be no single global gre
Slide 47: The Data Centre power market is shifting
The Data Centre power market is shifting, with new thermal baseload opportunities in specific markets Emerging: off-grid baseload US market developing Historical: backup power rapidly as baseload is 50–400 MW needed while awaiting grid connection 20–100 MW typical power need typical power need Grid
Slide 48: Wärtsilä has disclosed four data centre orders
Wärtsilä has disclosed four data centre orders – three in the U.S. and one in Europe Wärtsilä continues growth in the data centre segment with a 507 MW order in the US ▪ Wärtsilä will deliver 27 Wärtsilä 50SG engines to provide continuous primary power for a new data centre under construction in the
Slide 49: Solid services performance continues
Solid services performance continues Growing Service Net sales Strong orderbook and book-to-bill +24% total Services sales 2022–2025 MEUR +9% p.a. 1,200 1.4 +14% Service agreements sales 1,200 1,188 2022–2025 1,000 1.2 +57% total orderbook 1,000 2020–2025 782 1.0 800 800 0.8 Energy services growth 6
Slide 50: Increasing agreement coverage is supporting growth
Increasing agreement coverage is supporting growth MEUR % 30% 1,200 30% Increasing share of agreement 1,110 customers in our installed base 1,000 30% agreement coverage 28% 782 Our strategic focus to High agreement renewal rate 800 increase lifecycle for existing customers 26% agreement coverage is
Slide 51: Moving up the service value ladder in Energy
Moving up the service value ladder in Energy We increase sales, profitability and customer satisfaction by moving up the service value ladder Wärtsilä service value ladder Sales EUR/kW relative to transactional Continuous growth in agreement coverage 5x ▪ Securing service agreements for new power pl
Slide 52: Future performance will be driven by strong sales growth and service volumes
Future performance will be driven by strong sales growth and service volumes, continuous improvement, and a future-proof solution portfolio New build margins New build sales Recent actions: New organisation & governance Strong thermal balancing growth New organisational Stronger risk management Stro
Slide 53: Power supply for data centres
Power supply for data centres A significant growth opportunity in new build and service February 12, 2026 53 ©
Slide 54: Wärtsilä is a rapidly emerging player in data centre primary power
Wärtsilä is a rapidly emerging player in the market for data centre primary power ▪ Until recently, data centres required tens of MWs for data storage applications, were grid connected, and used backup power with high-speed engines to mitigate power cuts. Wärtsilä engines were not the right solution
Slide 55: The data centre market is shifting towards stand-alone baseload power
The data centre market is shifting towards stand-alone baseload power, driven by long grid connection times and increased power needs ▪ Typical power supply: grid connection and Historical: grid-connected 20-100 MW high-speed engine backup ▪ Customer focus: power availability, CAPEX ▪ Data centres m
Slide 56: Hyperscalers and colocation data centres
The ongoing data centre buildout generates demand both in traditional customer segments and with new types of customers Wärtsilä Developers and utilities Operators and end users Existing Wärtsilä customer segments Equipment and Services Utilities Investing in additional capacity to address data cent
Slide 57: Data centre solutions meet demand for quick access to power
Wärtsilä data centre solutions meet customer demand for quick access to power while offering flexibility for the future Step 1 Step 2 Step 3 Wärtsilä engines provide After grid connection, When renewables come to the dedicated baseload power to customers can run a hybrid system, the plant can move t
Slide 58: Sweet spot is off-grid baseload power plants in the 50-400 MW range
Wärtsilä’s sweet spot in the data centre segment is off-grid baseload power plants in the 50-400 MW range with high lifecycle value opportunities United States Europe Middle East & Asia ▪ The US market is developing rapidly, ▪ The partnership model with AVK in ▪ Demand is growing in data centre hot
Slide 59: Broad span of estimates of growth in power for data centres
There is a broad span of estimates of growth in power for data centres. Off-grid solutions will be an important market segment US DC power demand growth to 2030 (estimates) Wärtsilä’s addressable market visualised 120 GW 100 2030 estimates 80 range from 41 GW to 60 113 GW 40 20 0 Total DC Likely to
Slide 60: Growing pipeline of data centre opportunities
Wärtsilä has a growing pipeline of data centre opportunities with attractive lifecycle margins High activity within the off-grid data centre segment, with a continuously increasing pipeline Data centre customers highly value speed to power, in a market that is short on equipment supply Wärtsilä’s re
Slide 61: Engine Power Plants offer an optimal combination of technical attributes
Wärtsilä Engine Power Plants offer an optimal combination of technical attributes to power DCs Full-load efficiency Part-load efficiency Unlimited stops/starts Modular design Heat tolerance Altitude tolerance Low CO2 emissions Low gas pressure Minimal water use 61 ©
Slide 62: In the 50-400 MW sweet spot, Wärtsilä excels
In the 50-400 MW sweet spot, Wärtsilä excels in thermal and capacity efficiency, its modular, flexible design, and robust performance in any operating environment 300 MW off-grid data centre, Texas Ramp-up to Unlimited Modular Heat Altitude CO2 Gas Efficiency Water use full load stops/starts design
Slide 63: Technology choice is driven by the best combination of key attributes
Technology choice in the market for data centre primary power is driven by the best combination of key attributes Trade-offs between key attributes in the 50-400 MW sweet spot Medium-speed engines win in a holistic evaluation Relative Scalability Relative strength strength #1 CCGT Aero MS engine HS
Slide 64: Engines can meet reserve requirements without costly additional capacity
Wärtsilä engines can meet data centre reserve requirements without the need for costly additional capacity Higher reserve requirements reduce turbine competitiveness Case example: 300 MW off-grid data centre, Texas ▪ Increased reserve requirements for off-grid data centres make 600 MW Primary capaci
Slide 65: An engine-based solution is more cost-effective
An engine-based solution is more cost-effective due to better modularity and smaller capacity sizing Higher fuel efficiency does not guarantee the lowest cost Case example: 300 MW off-grid data centre, Texas ▪ The additional reserve capacity significantly increases CAPEX for 140 EUR/MWh the CCGT and
Slide 66: Engine technology consumes up to 2000 times less water
Wärtsilä's engine technology consumes up to 2000 times less water than comparable gas turbines Low water consumption from power generation Case example: 300 MW off-grid data centre, Texas ▪ Medium-speed engines require less cooling than gas turbines 2400 Million litres/year due to thermodynamic and
Slide 67: Faster delivery and construction times than the competition
Wärtsilä offers faster delivery and construction times than the competition Typical time to plant commissioning Delays due to capacity constraints Engine Wärtsilä offers even faster deliveries for smaller plants Aero CCGT 0 10 20 30 40 50 60 Months Source: McCoy Power Reports (averages), competitor
Slide 68: Off-grid power plants benefit from strong service offering
Off-grid engine power plants benefit from Wärtsilä's strong service offering and global network ▪ Wärtsilä's strong end-to-end solution portfolio and global service operations offer data centre developers a competitive advantage by providing expertise and peace of mind in operations ▪ Wärtsilä’s bro
Slide 69: Three data centre-related orders in the United States totalling 1.2 GW
Wärtsilä has recently booked three data centre-related orders in the United States with a total capacity of 1.2 GW ▪ Wärtsilä was awarded two orders to provide continuous primary power to data centres under construction in the United States, for a total capacity of 789 MW ▪ The two orders include 42
Slide 70: The existing order book will generate sales further into the future
The existing order book will generate sales that are distributed further into the future Distribution in time of the existing Energy backlog, MEUR Wärtsilä is taking orders 2,600 MEUR with deliveries further into 2,400 the future 2,200 2,000 ▪ Incoming orders will deliver a 1,800 higher share of EEQ
Slide 71: Expanding industrial capacity in Finland by 35%
Wärtsilä will further expand its industrial capacity in Finland by 35% to meet a global increase in demand ▪ Wärtsilä will invest approximately 140 MEUR to further expand its production capacity by 35% at Sustainable Technology Hub (STH) in Vaasa, Finland and the associated global supply chain ▪ Thi
Slide 72: Well positioned to grow across multiple customer segments
Wärtsilä is well positioned to grow across multiple customer segments in both balancing and baseload Balancing Baseload Industrials Captive generation for industry, including mining, manufacturing, and data centres Utilities Public- and investor-owned utilities providing electricity to customers Ind
Slide 73: Power for data centres is a significant growth opportunity
Power for data centres is a significant growth opportunity in new build and service Growth through Strong demand in Baseload power the new, rapidly existing grid and high-value expanding off-grid markets due to service potential power segment load growth 73 ©
Slide 74: Energy Storage highlights
Energy Storage highlights 74 ©
Slide 75: Energy Storage
Energy Storage Offering ▪ Utility-scale high-performance battery energy storage hardware Wärtsilä Energy Storage – Share of total net sales 2025 ▪ Intelligent controls Key figures 2025 ▪ Optimisation software ▪ Lifecycle services 10% Energy Storage Order intake Key customer segments 455 MEUR Other b
Slide 76: Energy Storage's target market expected to grow ~13% per annum
Energy Storage’s target market is expected to grow ~13% per annum between 2025-2030 Selected target markets Key takeaways Addressable annual market (€)1 ▪ The need for energy storage systems has grown rapidly and is expected to further increase driven by the energy transition CAGR ▪ Energy storage i
Slide 77: Strategic priorities to reach Energy Storage's financial targets
Strategic priorities to reach Energy Storage’s financial targets 1 Capture profitable growth in selected target markets 2 Drive product cost reduction through hardware & software development 3 Capture growth in recurring revenue 4 Excel in multisourcing and strengthen regional supply chains 5 Contin
Slide 78: Wärtsilä Energy Storage offering
Wärtsilä Energy Storage offering Quantum Wärtsilä-designed and assembly subcontracted Our role in the value chain ▪ Our core offering consists of 1) battery energy storage hardware, 2) GEMS Digital Energy Platform, and 3) lifecycle services, ▪ We are an energy storage system integrator, adding value
Slide 79: Wärtsilä Energy Storage competitive advantages
Wärtsilä Energy Storage competitive advantages Our key differentiators ▪ Safety: Wärtsilä’s ESS is designed to meet stringent safety and quality standards (including UL certification for fire safety). ▪ Integration and scalability: Wärtsilä’s Quantum is a fully-integrated energy storage solution. It
Slide 80: R&D
co WARTSILA R&D © WARTSILA,
Slide 81: We continue investing in innovation
We continue investing in innovation to ensure a broad, industry-leading solution offering 4.6 4.8 4.1 4.1 4.3 3.2 3.2 3.3 329 296 241 258 196 165 164 153 2018 2019 2020 2021* 2022 2023 2024 2025 R&D expenditure, MEUR % of net sales * Figure in the comparison period 2021 has been restated to reflect
Slide 82: Industry's most comprehensive offering for decarbonisation
Industry’s most comprehensive offering for decarbonisation 2023 2024 2025 Diesel FAME/HVO1) LNG Bio-methane Market leaders in 4-stroke medium-speed main engines Synthetic methane Industry’s fastest and broadest future fuel roadmap Engines LPG Methanol engines available from 2022 onwards2), Methanol
Slide 83: Q4 2025 development
Pa) WARTSILA Q4 2025 development 83 © WARTSILA
Slide 84: All-time high operating profit and cash flow in Q4
All-time high operating profit and cash flow in Q4 ▪ Order intake increased in Energy and Marine ▪ Marine order intake increased by 8%, while the organic growth, which excludes FX impact and the impact of acquisitions and divestments, was 11% ▪ Energy order intake increased by 4%, while the organic
Slide 85: Marine: Market sentiment for key segments remained good
Marine: Market sentiment for Wärtsilä's key segments remained on a good level Contracting in 2025 decreased from the extraordinary activity levels seen in 2024 • The number of vessels ordered in the review period Vessel contracting trend decreased to 2,029 (2,386 in the corresponding period in Numbe
Slide 86: Energy market: Increased demand drives energy transition investment
Energy market: Increased demand drives energy transition investment The global energy transition continues to move forward ▪ Two key themes stood out in energy-related macroeconomic Installed wind and solar capacity development in 2025: load growth and tariff-related uncertainty. ▪ The investment en
Slide 87: Organic order intake decreased by 4%
Organic order intake decreased by 4% Equipment Services Order intake decreased by 11% Marine order intake increased by 8% Energy order intake increased by 4% Energy Storage order intake decreased by 40% Equipment order intake decreased by 15% Service order intake decreased by 5% 87 ©
Slide 88: Strong order book, rolling book-to-bill continues above 1
Strong order book, rolling book-to-bill continues above 1 Order book decreased due to elimination of approx. 900 MEUR related to the divestments in Portfolio Business Order book by business Order book delivery schedule Financial figures for 2023 have been restated to reflect a redefined organisation
Slide 89: Existing order book will generate sales further into the future
Existing order book will generate sales that is distributed further into the future Distribution in time of the deliveries of the existing order backlogs for 2024, 2025 and 2026 respectively, MEUR Marine Energy Energy Storage 89 ©
Slide 90: Organic net sales increased by 16%
Organic net sales increased by 16% Equipment Services Net sales increased by 8% Marine net sales increased by 10% Energy net sales increased by 29% Energy Storage net sales decreased by 20% Equipment net sales increased by 15% Service net sales remained stable 90 ©
Slide 91: Profitability continued to improve
Profitability continued to improve Net sales Comparable operating result Net sales increased by 8% Comparable operating result increased by 23% Comparable operating margin 12m rolling at 12.0% (10.8) 91 ©
Slide 92: Marine: Growing order intake and net sales
Marine: Growing order intake and net sales, as well as improving comparable operating result Order intake +8% Comparable operating result Comparable operating result MEUR + Higher service and equipment volumes providing better operating leverage + Improved Net sales newbuild +10% margins - Increased
Slide 93: Overall Marine service book-to-bill above 1
Overall Marine service book-to-bill above 1 Rolling 12-month book-to-bill ratios remains above 1 in all service disciplines, excluding retrofits and upgrades Marine service, Net sales Marine service, Book-to-bill +9% CAGR 2023 data restated to reflect the redefined organisational structure as of 1 J
Slide 94: Energy: Growing order intake and improved comparable operating result
Energy: Growing order intake, as well as significantly improved net sales and comparable operating result Order intake Comparable operating result Comparable operating result +4% MEUR 12m rolling 7.3% + Higher equipment volumes providing better operating leverage + Better service Net sales +29% marg
Slide 95: Overall Energy service book-to-bill above 1
Overall Energy service book-to-bill above 1 Strong growth in service agreements Energy service, Net sales Energy service, Book-to-bill +4% CAGR As of 1 April 2025, the reporting segment Energy has been separated into two independent reporting segments: Energy and Energy Storage. The comparison figur
Slide 96: Energy Storage: Revived order intake development
Energy Storage: Revived order intake development after three slow quarters; however, below the exceptionally high comparison period Order intake -40% Comparable operating result Comparable operating result MEUR + Solid project execution - Lower volumes - Higher R&D Net sales -20% costs As of 1 April
Slide 97: All-time high cash flow from operating activities
All-time high cash flow from operating activities Cash flow from operating activities Working capital to net sales ratio Average working capital is calculated by taking the average of the period's starting value and ending value. 97 ©
Slide 98: Extraordinary dividend per share proposed for 2025
Extraordinary dividend per share proposed for 2025 *Proposal of the Board. 98 ©
Slide 99: Order intake
Order intake Fourth quarter development (10) (24) Order Order intake (37) intake (40) by by business business (60) type (29) 99 ©
Slide 100: Net sales
Net sales Fourth quarter development (10) (14) Net sales Net sales by by (46) (51) business business (49) type (30) 100 ©
Slide 101: Fourth quarter development by business type
Fourth quarter development by business type Order intake Net sales (26) (28) Marine (35) Marine MEUR MEUR (35) 988 935 (918) (847) (16) (17) (24) (10) (18) (15) (8) Spare parts (9) Spare parts Field service Field service Energy (4) Energy MEUR Service Agreements MEUR Service Agreements 723 (7) (53)
Slide 102: January–December order intake by customer segment
January–December order intake by customer segment Marine Gas carriers Cruise & ferry Offshore Navy Special vessels Merchant Other Equipment 6% (7) 34% (28) 9% (5) 12% (6) 9% (10) 28% (37) 3% (5) Services 11% (12) 24% (25) 16% (16) 9% (11) 12% (11) 27% (25) 1% (1) Total 9% (10) 28% (26) 13% (12) 10%
Slide 103: Orders received for Energy equipment globally
January–December orders received for Energy equipment globally Europe 5 (135) Asia Americas 7 (104) 1,302 (694) Utilities IPP’s (Independent Power Producers) Africa and Middle East Industrials 315 (50) Others Equipment order intake 1–12/2025: MEUR 1,629 (983) 103 ©
Slide 104: Orders received for Energy Storage equipment globally
January–December orders received for Energy Storage equipment globally Europe Americas 83 (157) 148 (283) Asia 196 (653) Utilities IPP’s (Independent Power Producers) Industrials Others Equipment order intake 1–12/2025: MEUR 427 (1,093) 104 ©
Slide 105: Sustainability
© WARTSILA Sustainability 105 © WARTSILA
Slide 106: We are delivering towards our sustainability targets
We are delivering towards our sustainability targets On track for our 2030 Improving safety, wellbeing and Strengthening thought leadership decarbonisation targets employee engagement and being a responsible company ✓ To become carbon neutral in ✓ Positive trend in safety indicators ✓ Developing ind
Slide 107: Strong presence in sustainable development indices
Strong presence in sustainable development indices S&P Europe 350 ESG Index ©
Slide 108: Decarbonising our own operations requires a wide range of actions
Decarbonising our own operations requires a wide range of actions ”SET FOR 30” OUR MAIN DECARBONISATION INITIATIVES 2021 2030 Energy efficiency measures +/€ Low emission company vehicles +/€ Heat pumps in heating +/€€ R&D and factory engine testings – reduced time +/€ Self-generation and green elect
Slide 109: Governance
co WARTSILA Governance 109 © WARTSILA,
Slide 110: Board of Management
Board of Management Håkan Agnevall, Arjen Berends, Tamara de Gruyter, Roger Holm, President & CEO Chief Financial Officer President, Wärtsilä President, Energy Storage Wärtsilä Marine Anders Lindberg, Teija Sarajärvi, Anu Sirkiä, Nora Steiner-Forsberg, President, Human Resources Marketing and Public
Slide 111: Board of Directors
Board of Directors Tom Johnstone CBE, Chair of Mika Vehviläinen, Deputy Chair of Karen Bomba, President of Henrik Ehrnrooth, Senior the Board, President and CEO the Board, President & CEO of Smiths Interconnect 2017–2020 Industrial Partner, CVC. of AB SKF 2003–2014 Cargotec Oyj 2013-2023 President &
Slide 112: Largest shareholders January 2026
Largest shareholders January 2026 CMi2i quarterly update # Name Shares Share % 1 Invaw Invest AB 104,711,363 17.70 2 BlackRock Fund Advisors 20,820,663 3.52 3 Keskinäinen Työeläkevakuutusyhtiö Varma 19,829,064 3.35 4 The Vanguard Group, Inc. 19,129,944 3.23 5 Keskinäinen Eläkevakuutusyhtiö Ilmarinen
Slide 113: For more information, visit our Investors page
For more information, visit our Investors page Next upcoming IR events ▪ 12.2.2026 Data Center theme call ▪ 17. & 19.2. Citi Global Industrial Tech and Mobility Conference in Miami ▪ 18.2. Barclays Industrial Select Conference in Miami ▪ 18.2. Roadshow in London ▪ 19.2. Annual Report 2025 (at latest
Slide 114: Appendix
co WARTSILA Appendix 114 © WARTSILA,
Slide 115: Key figures 2025
KEY FIGURES 2025 MEUR 9,000 16% 8,000 28% 7,000 Order intake 6,000 2025 8,102 MEUR 5,000 Net sales, 4,000 geographical Net sales 3,000 26% 6,914 MEUR 2,000 1,000 30% Comparable operating result 0 2021 2022 2023 2024 2025 Europe Asia Americas Other 829 MEUR Net sales Order intake Order book 2025 12.0
Slide 116: Main competitors and customer base
Main competitors Engines Other marine solutions Other energy solutions MAN Kongsberg GE Vernova Himsen Alfa Laval Siemens Energy GE Tesla Siemens Fluence Schottel Sungrow Customer base Marine markets Energy markets Ship owners Utilities Ship operators Independent Power Producers Ship management comp
Slide 117: Geographical breakdown of net sales
Wärtsilä’s position as a global company is reflected in the geographical breakdown of our net sales 16% 28% 2025 Net sales, geographical 26% 30% Europe Asia Americas Other 117 ©
Slide 118: WARTSILA
re, WARTSILA