Wartsila Oyj Abp · OMXHEX:WRT1V

Wartsila Oyj Abp — Wärtsilä — Non-Deal Roadshow (November 2025)

95 slides from Wartsila Oyj Abp's roadshow presentation, November 2025

Slide 1: Wärtsilä Roadshow presentation November 2025
Wärtsilä Shaping the decarbonisation of marine and energy Roadshow presentation November 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 business
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 and need for balancing power will support demand
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 on all steps of the service value ladder
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 Service Spare parts Field service Service agreements Retrofits and upgrades 1) 2023 data restated to reflect the redefined organis
Slide 12: Rolling 12-month book-to-bill for service above 1 in both 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 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2
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: 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 growth -7% targets +13% • 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 19: Leading the path towards decarbonisation with state-of-the-art tech and clean fuels
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 LTM Q3/2025 ▪ Fuel gas supply systems Key figures LTM Q3/2025 ▪
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 Reduced energy demand alternative fuels; long-term fuel mix is dependent on
Slide 22: Half of the total 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 fossil and sustainable 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 further
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 target 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 currently 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 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 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 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 38: Strong growth opportunities in marine based on technology leadership
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 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 LTM Q3/2025 ▪ Future-fuel enabled baseload power plants Key figures LTM Q3/2025 ▪ Lifecycle services 28% Energy Order intake Key customer segments 2,909 MEUR O
Slide 41: Balancing solutions are key enablers for the renewable energy 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: Well positioned to provide fuel flexibility 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 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: 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 49: Solid services performance continues
Solid services performance continues Growing Service Net sales Strong orderbook and book-to-bill +25% total Services sales 2022–LTM Q3/2025 MEUR +9% p.a. 1,200 1.4 +16% Service agreements sales 1,200 1,115 2022–LTM Q3/2025 1,000 1.2 +50% total orderbook 1,000 2020–2024 782 1.0 800 800 0.8 Energy ser
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 driven by sales growth, service volumes and continuous improvement
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 54: 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 54 ©
Slide 55: 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 56: 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 57: 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 58: 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 60: 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 61: 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 63: 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%
Slide 64: Marine market: Moderating demand for newbuilds
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
Slide 65: 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
Slide 66: Organic order intake increased by 6%
Organic order intake increased by 6% Equipment Services Order intake remained stable Marine order intake increased by 8% Energy order intake increased by 29% Energy Storage order intake decreased by 79% Equipment order intake remained stable Service order intake remained stable 66 © ©
Slide 67: 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 Financial figures for 2023 have been restated to reflect a redefined organisational structure after discontinuation of Marine Systems as a reporting segment as of 1 January 2024. Gas So
Slide 68: Organic net sales remained stable
Organic net sales remained stable Equipment Services Net sales decreased by 5% Marine net sales increased by 18% Energy net sales decreased by 30% Energy Storage net sales decreased by 10% Equipment net sales decreased by 11% Service net sales remained stable 68 © ©
Slide 69: Profitability continued to improve
Profitability continued to improve Net sales Comparable operating result Net sales decreased by 5% Comparable operating result increased by 10% Comparable operating margin 12m rolling at 11.6% (10.6) 69 © ©
Slide 70: 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 MEUR + Higher service and equipment volumes + Better operating leverage - Increased R&D Net sales costs +18% F
Slide 71: 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 +8% CAGR 2023 data restated to reflect the redefined organisational structure as of 1 Jan 2024. Figures
Slide 72: Energy: Increased order intake; lower net sales
Energy: Increased order intake; lower net sales due to timing of deliveries Continued growth in equipment and service order intake Order intake Comparable operating result Comparable operating result +29% MEUR 12m rolling 7.3% + Higher service volumes - Lower equipment sales - Increased R&D Net sale
Slide 73: 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 +7% CAGR As of 1 April 2025, the reporting segment Energy has been separated into two independent repor
Slide 74: Energy Storage: Order intake low due to US tariffs and 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 MEUR + Solid project execution + Higher service volumes - Increased headcount supporting new markets,
Slide 75: Strong cash flow from operating activities
Strong 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. 75 © ©
Slide 76: Order intake
Order intake Third quarter development (19) (3) Order Order intake intake by by (48) business (52) business (50) (28) type 76 © ©
Slide 77: Net sales
Net sales Third quarter development (10) (15) Net sales Net sales by by business (53) business (47) (43) type (32) 77 © ©
Slide 78: Third quarter development by business type
Third quarter development by business type Order intake Net sales (28) (31) Marine Marine MEUR (34) MEUR (39) 970 870 (902) (739) (15) (16) (10) (9) (10) (21) (8) Spare parts Spare parts (49) Field service (21) Field service Energy Energy MEUR Service Agreements MEUR Service Agreements (6) 644 Retro
Slide 79: 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
Slide 80: 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 Power Producers) Africa and Middle East Industrials 315 (29) Others Equipment order intake 1–9/2025: MEUR 1,258 (597) 80 © ©
Slide 81: 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) 81 © ©
Slide 83: 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 84: Strong presence in sustainable development indices
Strong presence in sustainable development indices S&P Europe 350 ESG Index ©
Slide 85: 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 87: 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 88: 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 89: Largest shareholders October 2025
Largest shareholders October 2025 CMi2i quarterly update # Name Shares Share % 1 Invaw Invest AB 104,711,363 17.70 2 BlackRock Fund Advisors 20,907,740 3.53 3 Keskinäinen Työeläkevakuutusyhtiö Varma 20,679,064 3.49 4 The Vanguard Group, Inc. 18,903,962 3.19 5 Keskinäinen Eläkevakuutusyhtiö Ilmarinen
Slide 90: For more information, visit our Investors page
For more information, visit our Investors page Next upcoming IR events ▪ 3.11.-7.11. Roadshow in the US ▪ 11.11.-12.11. UBS European Conference ▪ 20.11. Roadshow to Stockholm ▪ 26.11. Finnish Investor Seminar ▪ 27.11. CEO Strategy call ▪ 2.12. Nordea Nordic Focus Day ▪ 3.13. Goldman Sachs Industrial
Slide 92: 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 93: 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 94: 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% 94 ©
Slide 95: WARTSILA
re, WARTSILA

Wärtsilä — Non-Deal Roadshow (November 2025) on 6ix

Wartsila Oyj Abp — Wärtsilä — Non-Deal Roadshow (November 2025)

Slide 1: Wärtsilä Roadshow presentation November 2025

Slide 2: Wärtsilä – Shaping the decarbonisation of marine and energy

Slide 3: Market fundamentals

Slide 4: Our value creation potential is based on two strategic themes

Slide 5: Marine and Energy continue to execute earlier communicated strategies

Slide 6: Energy Storage continues to focus on selective profitable growth

Slide 7: Strong market fundamentals will support profitable growth in Marine business

Slide 8: Increasing share of renewables and need for balancing power will support demand

Slide 9: Service has provided resilient sales and profits over decades

Slide 10: We continue to execute our services strategy on all steps of the service value ladder

Slide 11: Book-to-bill shows growth for service

Slide 12: Rolling 12-month book-to-bill for service above 1 in both Marine and Energy

Slide 13: Strong commitment and a clear path to reach our updated financial targets

Slide 14: We continue to actively manage our business portfolio

Slide 15: Solid progress towards financial targets in Marine and Energy combined

Slide 16: Profitability drivers

Slide 17: The strategic priorities are the key levers to improve our performance

Slide 18: Marine highlights

Slide 19: Leading the path towards decarbonisation with state-of-the-art tech and clean fuels

Slide 20: Decarbonisation can be reached through different pathways

Slide 21: A progressive switch to sustainable fuels is already under way

Slide 22: Half of the total shipbuilding orderbook can run on alternative fuels

Slide 23: Cost of emissions will close the price gap between fossil and sustainable fuels

Slide 24: The alternative fuel ecosystem must continue to develop further

Slide 25: Our engines have built-in upgradability to future fuels

Slide 26: Our market share is stronger on alternative fuel capable engines

Slide 27: We focus on the most high-value, performance-driven segments

Slide 28: Recovery in key target segments is growing the addressable market

Slide 29: Global cruise travelling is forecast to grow by 21% from 2024 to 2028

Slide 30: Vessel contracting forecast

Slide 31: Global shipyard capacity is currently at ~75% of previous peak

Slide 32: Services accounts for >60% of Marine sales

Slide 33: Moving up the service value ladder in Marine

Slide 34: We have the widest service network in marine

Slide 35: The fleet under Wärtsilä service agreement keeps expanding

Slide 36: Tightening regulations will boost demand for retrofits

Slide 37: Onboard Carbon Capture and Storage allows capture of >70% of CO2

Slide 38: Strong growth opportunities in marine based on technology leadership

Slide 39: Energy highlights

Slide 40: Towards a 100% renewable energy future

Slide 41: Balancing solutions are key enablers for the renewable energy transition

Slide 42: Thermal balancer market expected to grow ~28% per year

Slide 43: Wärtsilä's sweet spot is typically in 50-400 MW plants

Slide 44: Advantages of Wärtsilä power plants over combined cycle gas turbines

Slide 45: Case Texas shows future trends

Slide 46: Well positioned to provide fuel flexibility for the energy transition

Slide 47: The Data Centre power market is shifting

Slide 48: Two disclosed data centre orders in the U.S. and Europe

Slide 49: Solid services performance continues

Slide 50: Increasing agreement coverage is supporting growth

Slide 51: Moving up the service value ladder in Energy

Slide 52: Future performance driven by sales growth, service volumes and continuous improvement

Slide 53: Energy Storage highlights

Slide 54: Energy Storage in 2024

Slide 55: Energy Storage's target market expected to grow ~13% per annum

Slide 56: Strategic priorities to reach Energy Storage's financial targets

Slide 57: Wärtsilä Energy Storage offering

Slide 58: Wärtsilä Energy Storage competitive advantages

Slide 59: R&D

Slide 60: We continue investing in innovation

Slide 61: Industry's most comprehensive offering for decarbonisation

Slide 62: Q3 2025 development

Slide 63: Operating result and cash flow increased

Slide 64: Marine market: Moderating demand for newbuilds

Slide 65: Energy market: Increased demand drives energy transition investment

Slide 66: Organic order intake increased by 6%

Slide 67: Strong order book, rolling book-to-bill continues well above 1

Slide 68: Organic net sales remained stable

Slide 69: Profitability continued to improve

Slide 70: Marine: Increased order intake, net sales and comparable operating result

Slide 71: Overall Marine service book-to-bill well above 1

Slide 72: Energy: Increased order intake; lower net sales

Slide 73: Overall Energy service book-to-bill well above 1

Slide 74: Energy Storage: Order intake low due to US tariffs and competition

Slide 75: Strong cash flow from operating activities

Slide 76: Order intake

Slide 77: Net sales

Slide 78: Third quarter development by business type

Slide 79: January–September order intake by customer segment