Wartsila Oyj Abp · OMXHEX:WRT1V
Wartsila Oyj Abp — Wartsila Corp B Shs — Q4 2025 Earnings Presentation
39 slides from Wartsila Oyj Abp's earnings presentation, Feb 4, 2026
Slide 1: Result presentation Q4 2025
Wärtsilä Corporation Result presentation Q4 2025 Håkan Agnevall, President & CEO Arjen Berends, CFO 4 February 2026 1 ©
Slide 2: 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 3: All-time high order intake, net sales, operating result and cash flow in full year 2025
All-time high order intake, net sales, operating result and cash flow in full year 2025 MEUR 10–12/2025 10–12/2024 CHANGE 1–12/2025 1–12/2024 CHANGE Order intake 2,220 2,491 -11% 8,102 8,072 0% of which services 959 1,007 -5% 3,740 3,812 -2% of which equipment 1,262 1,484 -15% 4,362 4,260 2% Order b
Slide 4: Key figures for Marine and Energy combined and Energy Storage
Key figures for Marine and Energy combined and Energy Storage Marine and Energy combined Energy Storage MEUR 2025 2024 CHANGE 2025 2024 CHANGE Order intake 6,866 5,875 17% 455 1,128 -60% organic growth* 20% -59% of which services 3,553 3,562 0% 28 36 -20% of which equipment 3,313 2,312 43% 427 1,093
Slide 5: Marine: Market sentiment for Wärtsilä's key segments remained on a good level
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 6: 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 7: Organic order intake decreased by 4%
Organic order intake decreased by 4% Order intake decreased by Equipment Services 11% 1,600 5,000 1,600 5,000 1,484 1,400 4,500 1,400 4,500 Marine order intake 1,262 4,000 4,000 increased by 8% 1,200 1,200 3,500 3,500 MEUR, 12m rolling MEUR, 12m rolling 1,007 1,000 980 3,000 1,000 959 3,000 Energy o
Slide 8: 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 10,000 1.8 5,500 9,000 5,000 1.6 8,000 4,500 1.4 7,000 4,000 1.2 6,000 3,500 1.0
Slide 9: Existing order book will generate sales that is distributed 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 2,600 2,600 2,600 2,400 2,400 2,400 2,200 2,200 2,200 2,000 2,000 2,000 1,
Slide 10: Organic net sales increased by 16%
Organic net sales increased by 16% Net sales increased by 8% Equipment Services 1,200 4,000 1,200 4,000 Marine net sales 1,050 1,039 3,500 1,050 3,500 increased by 10% 948 963 905 900 3,000 900 843 3,000 Energy net sales 800 increased by 29% MEUR, 12m rolling MEUR, 12m rolling 750 2,500 750 2,500 En
Slide 11: Profitability continued to improve
Profitability continued to improve Net sales Comparable operating result 2,400 8,000 300 14% 2,100 2,002 7,000 256 Net sales increased by 8% 12% 1,854 250 1,800 1,644 6,000 209 10% Comparable operating MEUR, 12m rolling 200 result increased by 23% %, 12m rolling 1,500 5,000 177 8% MEUR MEUR 1,200 4,
Slide 12: Technology and partnership highlights
Technology and partnership highlights Enabling industry decarbonisation Wärtsilä continues growth in the data centre segment with a 507 MW order in the US, offering engines as a reliable power solution ▪ Wärtsilä continues its growth in power supply for data centres and will deliver 27 engines to pr
Slide 13: Key investments to support future growth
Key investments to support future growth Wärtsilä further expands its production capacity in Finland by 35% to meet global increase in demand in energy and marine ▪ Wärtsilä will invest approximately EUR 140 million to further expand its production capacity by 35% at its technology centre, Sustainab
Slide 14: Becoming a more focused and profitable company
Becoming a more focused and profitable company Progress in Portfolio Business divestments The divestment of Automation, Navigation and Control Systems (ANCS) business to Solix was completed on 1 July 2025 ▪ Annual revenue of the business was 127 MEUR in 2025 (close to 230 MEUR in 2024). ▪ ANCS has c
Slide 15: Marine
Cc WARTSILA Marine 15 © WARTSILA
Slide 16: Marine: Growing order intake and net sales, as well as improving comparable operating result
Marine: Growing order intake and net sales, as well as improving comparable operating result Order intake +8% Comparable operating result Comparable operating result 1,200 4,000 MEUR 988 140 14.0% 918 MEUR, 12m rolling 900 844 3,000 122 120 12.0% MEUR 600 2,000 122 + Higher service and equipment 99
Slide 17: 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 700 +9% CAGR 2,800 1.60 600 2,400 1.40 500 2,000 12m rolling book-to-bill 400 1,600 1.2
Slide 18: Energy
o WARTSILA Energy 18 © WARTSILA
Slide 19: Energy: Growing order intake, as well as significantly improved net sales and comparable operating result
Energy: Growing order intake, as well as significantly improved net sales and comparable operating result Order intake +4% Comparable operating result Comparable operating result 1,200 4,000 120 16.0% 115rolling MEUR 12m MEUR, 12m rolling 900 758 3,000 7.3% 727 605 14.0% MEUR 600 2,000 100 + Higher
Slide 20: 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 400 +4% 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 50 200 0 0 0.60 Q4/22 Q2/23 Q4/
Slide 21: Energy Storage
Cc WARTSILA Energy Storage a © WARTSILA
Slide 22: Energy Storage: Revived order intake development after three slow quarters
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 800 1,200 25 5.0% MEUR 608 MEUR, 12m rolling 600 900 20 4.0% MEUR 400 364 600 18 18 263 + Soli
Slide 23: Comparable operating result improved – improvement in Marine, Energy and Portfolio Business
Comparable operating result improved – improvement in Marine, Energy and Portfolio Business 300 16.0% 4.3% 7.4% (15.1) (6.9) (3.7) 12.8% 13.0% -9 3 Comparable operating 250 (11.8) 31 result increased by 23% 11.3% 22 200 MEUR 150 256 100 209 50 0 Comparable Marine Energy Energy Storage Portfolio Busi
Slide 24: Other key financials
Other key financials © WARTSILA
Slide 25: All key financials significantly improved, ROCE exceeding 65%
All key financials significantly improved, ROCE exceeding 65% MEUR 10–12/2025 10–12/2024 1–12/2025 1–12/2024 Cash flow from operating activities 652 437 1,598 1,208 Working capital -1,263 -787 Net interest-bearing debt -2,006 -777 EBITDA 314 250 1,045 847 Return on capital employed (ROCE), %* 65.4 3
Slide 26: 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 1,000 2,000 400 4% 900 1,800 200 2% 800 1,600 0 0% 700 652 1,400 -200 -2% -169 MEUR, 12m rolling 600 1,200 -400 -4% MEUR MEUR 500 1,000 -600 -6% 437 389 -800 -8% 400 800 -787 -100
Slide 27: Extraordinary dividend per share proposed for 2025
Extraordinary dividend per share proposed for 2025 1.25 1.00 0.75 MEUR 0.50 0.25 0.00 -0.25 2021 2022 2023 2024 2025* Earnings per share (EPS) Dividend per share (DPS) - Regular Dividend per share (DPS) - Extraordinary *Proposal of the Board. 27 ©
Slide 28: 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 -11% 6,000 growth +15% 16.0%
Slide 29: Outlook
Outlook Marine Wärtsilä expects the demand environment for the next 12 months (Q1/2026- Q4/2026) to be similar to that of the comparison period. Energy Wärtsilä expects the demand environment for the next 12 months (Q1/2026- Q4/2026) to be better than in the comparison period. Energy Storage Wärtsil
Slide 30: WARTSILA
Cc WARTSILA
Slide 31: Upcoming events
Upcoming events Data Centre theme call Date: 12 February 2026 Time: 16:00 – 17:30 EET Platform: Microsoft Teams The discussion will feature: Anders Lindberg, President, Energy Håkan Agnevall, President & CEO Arjen Berends, Chief Financial Officer Register to the call via Wärtsilä Investor webpage 31
Slide 32: Appendix
Appendix 32 ©
Slide 33: Order intake
Order intake Fourth quarter development 5% (10) 16% (24) Order Order 45% Marine 43% intake (37) Energy intake (40) Services by Energy Storage by Equipment business Portfolio Business 57% business (60) type 34% (29) 33 ©
Slide 34: Net sales
Net sales Fourth quarter development 7% (10) 10% (14) Net sales Marine Net sales 47% Energy by 48% Services by (46) Energy Storage 52% (51) business Equipment business Portfolio Business (49) type 36% (30) 34 ©
Slide 35: Fourth quarter development by business type
Fourth quarter development by business type Order intake 26% Net sales 28% (26) (28) 35% (35) Marine Marine 45% MEUR MEUR (35) 988 935 (918) (847) 15% (16) 16% 9% (17) 20% (10) 16% 8% (24) (18) 6% 12% (15) Spare parts Spare parts (8) (9) 5% Field service Field service Energy (4) Energy MEUR Service
Slide 36: 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 37: January–December 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 Africa and Power Producers) Middle East Industrials 315 (50) Others Equipment order intake 1–12/2025: MEUR 1,629 (983) 37 ©
Slide 38: January–December 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) 38 ©
Slide 39: WARTSILA
°C, WARTSILA