Wartsila Oyj Abp · OMXHEX:WRT1V

Wartsila Oyj Abp — Wartsila Corp B Shs — Q2 2025 Earnings Presentation

34 slides from Wartsila Oyj Abp's earnings presentation, Jul 18, 2025

1. Slide 1: Result presentation Q2 2025

   Wärtsilä Corporation Result presentation Q2 2025 Håkan Agnevall, President & CEO Arjen Berends, CFO 18 July 2025 1 ©

2. Slide 2: 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

3. Slide 3: Good development in key figures

   Good development in key figures MEUR 4-6/2025 4-6/2024 CHANGE 1-6/2025 1-6/2024 CHANGE Order intake 2,190 1,854 18% 4,092 3,778 8% of which services 926 982 -6% 1,918 1,931 -1% of which equipment 1,264 872 45% 2,174 1,847 18% Order book 8,764 7,607 15% of which current year deliveries 3,260 2,967 Ne

4. Slide 4: Marine market: Activity in Wärtsilä's 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

5. Slide 5: 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

6. Slide 6: 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

7. Slide 7: All-time high order book, rolling book-to-bill continues 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

8. Slide 8: 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

9. Slide 9: 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

10. Slide 10: Technology and partnership highlights

    Technology and partnership highlights Enabling industry decarbonisation Wärtsilä engines selected to deliver reliable power for U.S. data center ▪ Wärtsilä will supply 282MW of flexible engines to operate a new data center project in Ohio, USA. ▪ The onsite power facility, providing power directly t

11. Slide 11: Marine

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12. Slide 12: 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

13. Slide 13: 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

14. Slide 14: Energy

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15. Slide 15: 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

16. Slide 16: 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

17. Slide 17: Energy Storage

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18. Slide 18: Energy Storage: Order intake decreased due to direct and indirect impact from 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

19. Slide 19: Comparable operating result improved – improvement in Marine, Energy and Portfolio business

    Comparable operating result improved – improvement in Marine, Energy and Portfolio business MEUR % of net sales 250 14.3% 2.9% 6.7% (14.0) (3.7) (4.6) 12.0% Comparable operating 13.2% 200 (13.5) -4 5 result increased by 18% 19 11.3% 11 150 100 207 176 50 0 Comparable Marine Energy Energy Portfolio C

20. Slide 20: Other key financials

    —_ wks Other key financials 20 © WARTSILA

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

    Other key financials: Strong cash flow from operating activities MEUR 4-6/2025 4-6/2024 1-6/2025 1-6/2024 Cash flow from operating activities 416 216 606 475 Working capital -924 -420 Net interest-bearing debt -1,123 -250 EBITDA 251 205 458 367 Return on capital employed (ROCE), %* 44.6 24.3 Gearing

22. Slide 22: Strong cash flow from operating activities following good level of received customer payments

    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

23. Slide 23: 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

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

    Becoming more focused, stable and profitable company Progress in Portfolio Business divestments Divestment of Automation, Navigation and Control Systems business to Solix ▪ On 1 July, Wärtsilä divested business unit Automation, Navigation and Control Systems (ANCS) to the Swedish investment company

25. Slide 25: Outlook

    Outlook Marine ▪ Wärtsilä expects the demand environment for the next 12 months (Q3/2025–Q2/2026) to be better than in the comparison period. Energy ▪ Wärtsilä expects the demand environment for the next 12 months (Q3/2025–Q2/2026) to be similar to that of 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 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) 28 ©

29. Slide 29: 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) 29 ©

30. Slide 30: 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

31. Slide 31: 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

32. Slide 32: 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) 32 ©

33. Slide 33: 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) 33 ©

34. Slide 34: WARTSILA

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Wartsila Corp B Shs — Q2 2025 Earnings Presentation on 6ix