Wartsila Corp B Shs (WRTBF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, and welcome to this news conference for Wärtsilä Q1 2025 results. My name is Hanna-Maria Heikkinen, and I'm in charge of investor relations. Today, our CEO, Håkan Agneval, will start with the group highlights, then he will continue with the business performance, and after that, our CFO, Arjen Perens, will continue with the key financials. After the presentation, we will continue with the Q&A session. Håkan, it's time. Time to get rolling. First quarter was a strong quarter. We improved our operating results and we continue to grow strong on net sales. We have an all-time high order book of about 8.5 billion euro. Net sales increased by 18% to about 1.6 billion euro. Operating results increased by 30% to 165 million euro, which corresponds to 10.6% of net sales. Comparable operating results increased by 29% to 171 million euro, which corresponds to 11% of net sales. Our journey in services continues, so good progress there. Service order intake increased by 5%. Service net sales increased by 6%. And we continue with a book to build well above 1, so at 1.12. Cash flow, we had a solid cash flow from our operating activities of 190 million euro. And as we announced before, we have concluded our strategic review of energy storage. And we also have set new financial targets on March 31st this year. Now let's look a little bit deeper into the numbers. So if you see order intake overall was down a percent, so it landed around 1.9 billion euro. You can see that on services we still continue to grow, 5% growth, 992 million euro. Equipment looks challenging, down 7%, but that is driven by energy storage. And we talked about it before, energy storage is a lumpy business. We had a slow Q3, you remember that, very strong Q4. And now in Q1, we yet again have a slow or...