Wartsila Oyj Abp · OMXHEX:WRT1V
Wartsila Oyj Abp — Wärtsilä — Non-Deal Roadshow (August 2025)
98 slides from Wartsila Oyj Abp's roadshow presentation, August 2025
Slide 1: Shaping the decarbonisation of marine and energy
Wärtsilä Shaping the decarbonisation of marine and energy Roadshow presentation August 2025 1 ©
Slide 2: Wärtsilä – Shaping the decarbonisation of marine and energy
Wärtsilä – Shaping the decarbonisation of marine and energy As of 1 April 2025, Wärtsilä has Wärtsilä Marine Wärtsilä Energy Wärtsilä Energy Storage three reporting segments: Marine offers engines, propulsion systems, Energy offers flexible, efficient, and reliable Energy Storage offers hardware, Wä
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 2024, 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 ▪ IMO MEPC 80 has adopted a revised strategy to reduce GHG emissions by 20% by 2030, 70% by
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 >€3.4bn from COVID-19 3,422 3,500 service net sales in 2024 with 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 Q122 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Service Spare parts Field service Service agreements Retrofits and upgrades 1) 2023 data restated to reflect the redefined organisational st
Slide 12: Rolling 12-month book-to-bill for service above 1
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 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2022 2022 2022 20
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 Automation, Navigation & Control Systems divested Portfolio Business to continue divestments ▪ In December 2024, Wärtsilä announced that it had agreed to ▪ Bernd Bertram appointed as Head of Portfolio Business divest its Automation, Navigation an
Slide 15: Good progress towards financial targets in Marine and Energy combined
Good 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 6,000 16% 1,500 5.0% combined financial 1,300 4.0% targets 3.4% 5,000 14
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 in 2024 ▪ Fuel gas supply systems Key figures in 2024 ▪ Hybrid a
Slide 20: IMO MEPC 83 reached a historic agreement on carbon pricing
IMO MEPC 83 reached a historic agreement on carbon pricing for global shipping, driving GHG emission reductions to reach 2050 net-zero target The tiered global fuel standard approved in MEPC 83 doubles the fuel bill for an HFO fuelled vessel by 20352) IMO GHG Strategy1) IMO GHG Fuel Intensity (GFI)
Slide 21: 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 22: 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 Reduced energy demand alternative fuels; long-term fuel mix is dependent on
Slide 23: 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% vessel GT ordered s
Slide 24: Sustainable fuels roadmap to 2050
Sustainable fuels roadmap to 2050 In Wärtsilä, alternative fuel-capable engines account for 70% MW delivered in 2024 24 ©
Slide 25: 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 26: 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 27: 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 28: 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 29: 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 Specials Merchant Hy-El merchant Engines / Diesel-Electric Main Engines Hybrid-Electric Aux Engines Main Engines Aux Engines Hybrid-Electric Hybrid1) Aux Engines Ma
Slide 30: 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) 6,000 7% CAGR Cruise 5,000 Ferries We have a Offshore strong position 4,000 Merchant in Cruise, Ferry, 3,000
Slide 31: Global cruise travelling is forecast to grow by 21%
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 32: Vessel contracting forecast
Vessel contracting forecast No of ships, 2,000+ dwt/GT, ship-shaped mobile offshore vessels only1) Demand picks up in Continuing accelerated fleet Short-term uncertainty emerging gas carrier renewal and potential increased around trade and 3,000 segments and some catch- consensus over fuelling and e
Slide 33: Global shipyard capacity is currently at ~75% of previous peak
Global shipyard capacity is currently at ~75% of previous peak, but is expected to increase to 85% 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) 120%
Slide 34: 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 35: 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 36: 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 L
Slide 37: Fleet under Wärtsilä 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 38: 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 39: Onboard Carbon Capture and Storage allows capture of >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 40: 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 41: Energy highlights
Pa) WARTSILA Energy highlights a © WARTSILA
Slide 42: 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 in 2024 ▪ Future-fuel enabled baseload power plants Key figures in 2024 ▪ Lifecycle services Energy Order intake 29% Key customer segments 2,238 MEUR Other bus
Slide 43: As the energy transition accelerates, balancing solutions are key
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 44: Thermal balancer market expected to grow ~29% per year
Thermal balancer market expected to grow ~29% 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 +17% p.a. total thermal bal
Slide 45: Wärtsilä’s sweet spot is in 50-400 MW plants
Wärtsilä’s sweet spot is 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 flexible tha
Slide 46: 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 47: 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 48: Fuel flexibility needed for the energy transition
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 49: Growth opportunities for baseload engine power plants in Data Centres
We see growth opportunities for baseload engine power plants in Data Centres Global data centre power demand growth1 25 New data centre power capacity expected to be added 2024-2027 ~ 45 GW 20 Typical grid connection time currently 5 years 15 GW 10 Wärtsilä’s sweet spot Baseload power for off- grid
Slide 50: 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 50-300 MW needed while awaiting grid connection 20-100 MW typical power need typical power need Grid
Slide 51: Two disclosed data centre orders in the U.S. and Europe
Wärtsilä has disclosed two data centre orders – one in the U.S. and the other in Europe Wärtsilä engines selected to deliver reliable power for U.S. data centre ▪ Wärtsilä will supply 282MW of flexible engines to operate a new data centre project in Ohio, USA. ▪ The onsite power facility, providing
Slide 52: Solid services performance continues
Solid services performance continues Growing Service Net sales All time high orderbook & strong book-to-bill +17% total Services sales 2022–LTM Q3/2024 MEUR +9% p.a. 1,200 1,200 1.4 +22% Service agreements sales 1,115 2022–LTM Q3/2024 1,000 1,000 1.2 +40% total orderbook 2020–2023 782 1.0 800 800 0.
Slide 53: 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 54: 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 55: Future performance driven by 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 56: Energy Storage highlights
Energy Storage highlights 56 ©
Slide 57: Energy Storage in 2024
Energy Storage in 2024 ~€800MM >€1bn ~4% Net sales Order intake Operating margin Capital-light >€1bn >€20MM with positive Order book Annual recurring revenue cash flow Source: Energy Storage call April 2025 57 ©
Slide 58: 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 59: 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 60: 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 61: 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 62: R&D
co WARTSILA R&D © WARTSILA,
Slide 63: We continue investing in innovation
We continue investing in innovation to ensure a broad, industry-leading solution offering 4.6 4.3 3.2 296 258 165 2018 2019 2020 2021* 2022 2023 2024 R&D expenditure, MEUR % of net sales * Figure in the comparison period 2021 has been restated to reflect a change in the definition of research and de
Slide 64: 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 65: Q2 2025 development
Pa) WARTSILA Q2 2025 development 65 © WARTSILA
Slide 66: Order intake, net sales, operating result and cash flow all increased
Order intake, net sales, operating result and cash flow all increased ▪ Order intake increased by 18% to 2,190 MEUR ▪ All-time high order book of 8,764 MEUR ▪ Net sales increased by 11% to 1,719 MEUR ▪ Comparable operating result increased by 18% to 207 MEUR ▪ 12.0% of net sales ▪ Operating result i
Slide 67: Marine market: Activity in key segments remains supportive
Marine market: Activity in Wärtsilä’s key segments remains supportive Strong ordering across cruise, containerships and LNG bunkering vessels ▪ The number of vessels ordered in the review period decreased Vessel contracting trend to 647 (926 in the corresponding period in 2024, excluding late Number
Slide 68: Energy market: Global energy transition continues to move forward
Energy market: Global energy transition continues to move forward Growth in electricity demand continues to drive new power capacity ▪ Most upcoming capacity growth will be met with renewables, Installed wind and solar capacity with both wind and solar expected to post all-time high additions in 202
Slide 69: Organic order intake increased by 20%
Organic order intake increased by 20% Equipment Services Order intake MEUR MEUR, 12m rolling MEUR MEUR, 12m rolling increased by 18% 1,600 5,000 1,600 5,000 1,400 4,500 1,400 4,500 Equipment order 1,264 1,200 4,000 1,200 4,000 intake increased by 3,500 982 3,500 45% 1,000 1,000 913 926 872 3,000 3,0
Slide 70: All-time high order book, rolling book-to-bill well above 1
All-time high order book, rolling book-to-bill continues well above 1 Order book by business Order book delivery schedule MEUR MEUR 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 5,000 2,000 0.8 4,000 1,500 0.6 3,000 0.4 1,000 2,000 1,000 0.2 500 0 0.0 0 30.6.2023 31.12.2
Slide 71: Organic net sales increased by 13%
Organic net sales increased by 13% Equipment Services MEUR MEUR, 12m rolling MEUR MEUR, 12m rolling 1,200 4,000 1,200 4,000 Net sales increased 1,100 1,100 by 11% 3,500 3,500 1,000 1,000 907 900 812 3,000 900 807 834 3,000 Equipment net sales 800 722 800 2,500 increased by 12% 2,500 700 647 700 600
Slide 72: Profitability continued to improve
Profitability continued to improve Net sales Comparable operating result Net sales increased by MEUR MEUR, 12m rolling MEUR %, 12m rolling 11% 2,400 8,000 250 12.0% 2,100 7,000 207 Comparable operating 1,719 6,000 200 10.0% result increased by 18% 1,800 176 1,556 1,500 1,454 5,000 150 8.0% Comparabl
Slide 73: Marine: Higher order intake, net sales and comparable operating result
Marine: Higher order intake, net sales and comparable operating result Service net sales increased by 11% supported by the merchant, ferry and cruise segments Order intake +14% Comparable operating result Comparable operating result 12m rolling MEUR MEUR 3,788 MEUR MEUR 12m rolling 11.9% 1,200 1,031
Slide 74: Good development in Marine service
Good development in Marine service Overall service book-to-bill well above 1 Marine service, Net sales Marine service, Book-to-bill MEUR 12m rolling book-to-bill 700 2,800 1.75 +10% CAGR 600 2,400 1.50 500 2,000 400 1,600 1.25 300 1,200 200 800 1.00 100 400 0 0 0.75 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 75: Energy: Record high order intake
Energy: Record high order intake Double-digit net sales growth and increased operating result Order intake +93% MEUR 12m rolling Comparable operating result Comparable operating result MEUR 2,765 MEUR MEUR 12m 12mrolling 14.5% rolling 1,200 4,000 913 120 7.3% 16.0% 900 3,000 + Better operating 600 4
Slide 76: Good development in Energy service
Good development in Energy service Overall service book-to-bill well above 1 Energy service, Net sales Energy service, Book-to-bill MEUR 12m rolling book-to-bill 450 1,800 1.75 400 1,600 +8% CAGR 350 1,400 1.50 300 1,200 250 1,000 1.25 200 800 150 600 1.00 100 400 50 200 0 0 0.75 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 77: Energy Storage: Order intake decreased due to US tariffs
Energy Storage: Order intake decreased due to direct and indirect impact from US tariffs Order intake and revenue recognition expected to improve in the second half of the year Order intake -79% MEUR 12m rolling Comparable operating result Comparable operating result MEUR 741 800 1,200 MEUR MEUR 12m
Slide 78: Strong cash flow from operating activities
Strong cash flow from operating activities following good level of received customer payments Cash flow from operating activities Working capital to net sales ratio MEUR MEUR, 12m rolling MEUR 500 2,000 400 4% 450 1,800 200 134 2% 416 400 1,600 0 0% 350 1,400 -200 -2% 300 1,200 -400 -4% 250 216 1,00
Slide 79: Order intake
Order intake Second quarter development 9% (13) 2% (13) 47% Marine (49) 42% Services Order intake Energy Order intake (53) by business by business type Equipment Energy Storage 58% 42% (26) Portfolio Business (47) 79 ©
Slide 80: Net sales
Net sales Second quarter development 12% (12) 7% (14) Marine 50% Services Net sales (49) Energy 47% Net sales by business Energy Storage (46) by business type Equipment 53% Portfolio Business (54) 31% (26) 80 ©
Slide 81: Second quarter development by business type
Second quarter development by business type Order intake 23% Net sales 28% (27) (30) 34% Marine (32) Marine 45% MEUR 1,031 MEUR 862 (34) (759) (901) 13% (14) 17% Spare parts 10% (18) Spare parts 4% 15% (9) 12% (15) (10) Field service Field service 11% (11) (25) Service agreements Service agreements
Slide 82: 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 6% (5) 21% (27) 10% (5) 18% (6) 6% (13) 37% (38) 4% (6) Services 13% (14) 24% (23) 15% (15) 8% (10) 11% (11) 27% (26) 1% (1) Total 10% (11) 23% (24) 13% (11) 12% (9
Slide 83: January-June orders received for Energy equipment globally
January-June orders received for Energy equipment globally Europe 5 (177) Asia 7 (270) Americas 592 (359) Utilities IPP’s (Independent Africa and Power Producers) Middle East Industrials 308 (27) Others Equipment order intake 1-6/2025: MEUR 911 (374) 83 ©
Slide 84: January-June orders received for Energy Storage equipment globally
January-June orders received for Energy Storage equipment globally Europe 44 (157) Americas 5 (58) Asia 25 (244) Utilities IPP’s (Independent Power Producers) Industrials Others Equipment order intake 1-6/2025: MEUR 74 (459) 84 ©
Slide 85: Sustainability
© WARTSILA Sustainability 85 © WARTSILA
Slide 86: 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 87: Strong presence in sustainable development indices
Strong presence in sustainable development indices S&P Europe 350 ESG Index ©
Slide 88: 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 89: Governance
Oo WARTSILA Governance 89 © WARTSILA,
Slide 90: Board of Management
Board of Management Håkan Agnevall, Arjen Berends, Tamara de Gruyter, Kari Hietanen, Roger Holm, President & CEO Chief Financial Officer President, Wärtsilä Public Affairs and President, Energy Storage Sustainability Wärtsilä Marine Anders Lindberg, Teija Sarajärvi, Anu Sirkiä, Nora Steiner-Forsberg
Slide 91: 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 92: Largest shareholders July 2025
Largest shareholders July 2025 (CMi2i quarterly update) # Name Shares Share % 1 Invaw Invest AB 104,711,363 17.70 2 BlackRock Fund Advisors 21,296,351 3.60 3 Keskinäinen Työeläkevakuutusyhtiö Varma 20,679,064 3.49 4 Keskinäinen Eläkevakuutusyhtiö Ilmarinen 19,882,292 3.36 5 The Vanguard Group, Inc.
Slide 93: For more information, visit our Investors page
For more information, visit our Investors page Next upcoming IR events ▪ 20.8. SEB Nordic Large Cap Seminar ▪ 4.9. MS Industrial CEOs conference ▪ 10.9. CEO Strategy call Wärtsilä Investor Relations Hanna-Maria Heikkinen, Vice President, Investor Relations tel. +358 10 709 1461, email: hanna-maria.h
Slide 94: Appendix
co WARTSILA Appendix 94 © WARTSILA,
Slide 95: Key figures 2024
MEUR KEY FIGURES 2024 10,000 13% 8,000 33% Order intake 6,000 2024 8,072 MEUR 4,000 Net sales, geographical 28% 2,000 Net sales 6,449 MEUR 0 2020 2021 2022 2023 2024 26% Comparable operating result Net sales Order intake Europe Asia Americas Other 694 MEUR Order book 2024 10.8% of net sales MEUR % 5
Slide 96: 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 businesses Energy Ship owners Utilities Ship operators Independent Power Producers Ship management companies
Slide 97: Geographical breakdown of net sales
Wärtsilä’s position as a global company is reflected in the geographical breakdown of our net sales Geographical net sales, 2024 Europe 33% Americas 28% Asia 26% Other 13% 97 ©
Slide 98: WARTSILA
re, WARTSILA