Wartsila Oyj Abp · OMXHEX:WRT1V

Wartsila Oyj Abp — Wartsila Corp B Shs — Q3 2025 Earnings Presentation

34 slides from Wartsila Oyj Abp's earnings presentation, Oct 28, 2025

1. Slide 1: Result presentation Q3 2025

   Wärtsilä Corporation Result presentation Q3 2025 Håkan Agnevall, President & CEO Arjen Berends, CFO 28 October 2025 ©

2. Slide 2: Operating result and cash flow increased

   Operating result and cash flow increased ▪ Order intake was stable at 1,790 MEUR ▪ Marine order intake increased by 8% ▪ Energy order intake increased by 29% ▪ Strong order book of 8,637 MEUR ▪ Net sales decreased by 5% to 1,632 MEUR ▪ Comparable operating result increased by 10% to 195 MEUR ▪ 11.9%

3. Slide 3: Good development in key figures

   Good development in key figures MEUR 7–9/2025 7–9/2024 CHANGE 1–9/2025 1–9/2024 CHANGE Order intake 1,790 1,803 -1% 5,882 5,580 5% of which services 864 874 -1% 2,782 2,805 -1% of which equipment 926 929 0% 3,100 2,776 12% Order book 8,637 7,583 14% of which current year deliveries 1,844 1,648 Net s

4. Slide 4: Marine market: Moderating demand for newbuilds, still in line with 10-year average

   Marine market: Moderating demand for newbuilds, still in line with 10-year average Strong ordering across cruise, containerships and LNG bunkering vessels ▪ The number of vessels ordered in the review period decreased Vessel contracting trend to 1,200 (1,723 in the corresponding period in 2024, excl

5. Slide 5: Energy market: Increased demand drives energy transition investment

   Energy market: Increased demand drives energy transition investment The global energy transition continues to move forward ▪ The IEA expects renewables, grids, and storage investment to Installed wind and solar capacity post another record high in 2025, and investment in fossil fuels to decrease. BN

6. Slide 6: Organic order intake increased by 6%

   Organic order intake increased by 6% Order intake remained Equipment Services stable 1,600 5,000 1,600 5,000 1,400 4,500 1,400 4,500 Marine order intake 4,000 4,000 increased by 8% 1,200 1,200 3,500 3,500 MEUR, 12m rolling MEUR, 12m rolling 1,000 946 929 926 3,000 1,000 3,000 Energy order intake 842

7. Slide 7: Strong order book, rolling book-to-bill continues well above 1

   Strong order book, rolling book-to-bill continues well above 1 Order book by business Order book delivery schedule 10,000 1.8 4,500 9,000 1.6 4,000 8,000 3,500 1.4 7,000 1.2 3,000 6,000 1.0 2,500 MEUR MEUR 5,000 0.8 2,000 4,000 0.6 3,000 1,500 0.4 2,000 1,000 1,000 0.2 500 0 0.0 Q3/23 Q4/23 Q1/24 Q2

8. Slide 8: Organic net sales remained stable

   Organic net sales remained stable Net sales decreased by 5% Equipment Services 1,200 4,000 1,200 4,000 Marine net sales 1,050 3,500 1,050 3,500 increased by 18% 911 900 811 3,000 900 807 821 3,000 Energy net sales decreased by 30% MEUR, 12m rolling MEUR, 12m rolling 762 750 690 2,500 750 2,500 Energ

9. Slide 9: Profitability continued to improve

   Profitability continued to improve Net sales Comparable operating result 2,400 8,000 250 14% 2,100 7,000 Net sales decreased by 5% 12% 195 200 1,800 1,718 1,632 6,000 177 10% Comparable operating MEUR, 12m rolling 1,452 result increased by 10% %, 12m rolling 1,500 5,000 150 8% 125 MEUR MEUR 1,200 4,

10. Slide 10: Technology and partnership highlights

    Technology and partnership highlights Enabling industry decarbonisation 217 MW Wärtsilä dual-fuel power plant to deliver reliable power for Kentucky residents ▪ Wärtsilä will supply the engineering and equipment for a 217 gross MW power plant in Kentucky, USA. ▪ The plant is needed to provide additi

11. Slide 11: Marine

    © WARTSILA Marine u © WARTSILA

12. Slide 12: Marine: Increased order intake, net sales and comparable operating result

    Marine: Increased order intake, net sales and comparable operating result Continued growth in equipment order intake Order intake +8% Comparable operating result Comparable operating result 1,200 4,000 MEUR 970 140 14.0% 902 902 MEUR, 12m rolling 900 3,000 120 12.0% MEUR 600 2,000 + Higher service 1

13. Slide 13: Overall Marine service book-to-bill well above 1

    Overall Marine service book-to-bill well above 1 Strong growth in service agreements, however, reduced order intake in retrofits and upgrades Marine service, Net sales Marine service, Book-to-bill 700 +8% 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

14. Slide 14: Energy

    Pa WARTSILA Energy 14 © WARTSILA

15. Slide 15: Energy: Increased order intake; lower net sales due to timing of deliveries

    Energy: Increased order intake; lower net sales due to timing of deliveries Continued growth in equipment and service order intake Order intake +29% Comparable operating result Comparable operating result 1,200 4,000 120 16.0% MEUR 12m rolling MEUR, 12m rolling 900 3,000 7.3% 644 14.0% MEUR 600 500

16. Slide 16: Overall Energy service book-to-bill well above 1

    Overall Energy service book-to-bill well above 1 Strong growth in service agreements, however, reduced order intake in retrofits and upgrades Energy service, Net sales Energy service, Book-to-bill 400 +7% CAGR 1,800 1.60 350 1,600 1,400 1.40 300 12m rolling book-to-bill 1,200 250 1,000 1.20 MEUR 200

17. Slide 17: Energy Storage

    Pa WARTSILA Energy Storage "7 © WARTSILA

18. Slide 18: Energy Storage: Order intake low due to US tariffs, regulatory changes and increased competition

    Energy Storage: Order intake low due to US tariffs, regulatory changes and increased competition Strong profitability in Q3 Order intake -79% Comparable operating result Comparable operating result 800 1,200 25 5.0% MEUR MEUR, 12m rolling 600 900 20 4.0% MEUR + Solid project 400 600 261 execution 16

19. Slide 19: Comparable operating result improved – improvement in Marine and Energy Storage

    Comparable operating result improved – improvement in Marine and Energy Storage 225 12.4% 15.9% (10.4) (13.6) 6.9% 6.8% (4.0) (9.0) -13 11.9% 200 32 6 -6 Comparable operating 10.3% result increased by 10% 175 150 125 MEUR 100 195 177 75 50 25 0 Comparable Marine Energy Energy Storage Portfolio Busin

20. Slide 20: Other key financials

    Pa WARTSILA Other key financials © WARTSILA

21. Slide 21: Other key financials: Strong cash flow from operating activities

    Other key financials: Strong cash flow from operating activities MEUR 7–9/2025 7–9/2024 1–9/2025 1–9/2024 Cash flow from operating activities 340 296 946 770 Working capital -1,091 -501 Net interest-bearing debt -1,415 -405 EBITDA 273 230 731 597 Return on capital employed (ROCE), %* 51.1 28.6 Geari

22. Slide 22: Strong cash flow from operating activities

    Strong cash flow from operating activities Cash flow from operating activities Working capital to net sales ratio 500 2,000 400 4% 450 1,800 200 2% 43 400 1,600 0 0% 350 340 1,400 -200 -2% MEUR, 12m rolling 296 300 1,200 -400 -4% MEUR MEUR 250 1,000 213 -600 -501 -6% 200 800 -800 -8% 150 600 -1000 -

23. Slide 23: 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 6,000 growth +13% 16.0% 1,200 growth

24. Slide 24: Becoming more focused, stable and profitable company

    Becoming more focused, stable and profitable company Progress in Portfolio Business divestments As announced in Q2/2025, the divestment of Automation, Navigation and Control Systems (ANCS) business to Solix was completed on 1 July ▪ The divestment had a positive impact of EUR 34 million on the resul

25. Slide 25: Outlook

    Outlook Marine Wärtsilä expects the demand environment for the next 12 months (Q4/2025– Q3/2026) to be better than in the comparison period. Energy Wärtsilä expects the demand environment for the next 12 months (Q4/2025– Q3/2026) to be similar to that of the the comparison period. Energy Storage Wär

26. Slide 26: WARTSILA

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27. Slide 27: Appendix

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28. Slide 28: Order intake

    Order intake Third quarter development 9% (19) 1% (3) Order Order Marine intake Energy intake Services 48% by Energy Storage 52% by (48) Equipment 36% 54% business business (50) Portfolio Business (52) (28) type ©

29. Slide 29: Net sales

    Net sales Third quarter development 9% (10) 14% (15) Net sales Marine Net sales Energy by Services by 50% 50% 53% Energy Storage business Equipment business (53) (47) (43) Portfolio Business type 23% (32) ©

30. Slide 30: Third quarter development by business type

    Third quarter development by business type Order intake 23% Net sales 27% (28) (31) Marine 41% Marine 45% (34) MEUR MEUR (39) 970 870 (902) 14% (739) (15) 14% (16) 12% 9% 8% 20% 6% (10) (21) Spare parts 25% (9) (10) Spare parts (8) (49) 32% Field service (21) Field service Energy Energy MEUR 4% Serv

31. Slide 31: January–September order intake by customer segment

    January–September order intake by customer segment Marine Gas carriers Cruise & ferry Offshore Navy Special vessels Merchant Other Equipment 7% (6) 34% (23) 7% (5) 13% (6) 5% (11) 30% (44) 4% (4) Services 12% (13) 25% (22) 15% (17) 9% (11) 11% (10) 26% (26) 2% (1) Total 10% (10) 29% (22) 12% (13) 10

32. Slide 32: January–September orders received for Energy equipment globally

    January–September orders received for Energy equipment globally Europe 5 (56) Asia Americas 7 (26) 931 (486) Utilities IPP’s (Independent Africa and Power Producers) Middle East Industrials 315 (29) Others Equipment order intake 1–9/2025: MEUR 1,258 (597) ©

33. Slide 33: January–September orders received for Energy Storage equipment globally

    January–September orders received for Energy Storage equipment globally Europe 44 (157) Americas 5 (58) Asia 25 (289) Utilities IPP’s (Independent Power Producers) Industrials Others Equipment order intake 1–9/2025: MEUR 74 (504) ©

34. Slide 34: WARTSILA

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Wartsila Corp B Shs — Q3 2025 Earnings Presentation on 6ix