Wärtsilä Oyj : Result presentation Q2 2026

About this update from Wartsila Oyj Abp

‌Wärtsilä Corporation Result presentation Q2 2026 Håkan Agnevall, President & CEO Arjen Berends, CFO 21 July 2026 1 © ‌All-time high order intake and improved operating result Total order intake increased by 33% to 2,849 MEUR to an all-time high quarter All-time high quarterly order intake in Energy of 1,661 MEUR All-time high quarterly order intake in Marine of 1,152 MEUR All-time high order book of 8,976 MEUR Since the start of 2025, Energy order book has more than doubled, while the gross margin of the Energy equipment order book has improved by 500+ bps Marine and Energy combined service order book increased by 11%, ending up with an all-time high of 2,602 MEUR Service 12m rolling book-to-bill ratio above one at 1.07 Net sales remained stable at 1,559 MEUR Comparable operating result increased by 7% to 218 MEUR 14.0% of net sales Operating result increased by 14% to 209 MEUR 13.4% of net sales Cash flow from operating activities amounted to 497 MEUR Return on capital employed (ROCE) was 73% 2 © ‌Record-high orders drive a strong quarter Comparative figures have been restated following Energy Storage classification as discontinued operations MEUR 4-6/2026 4-6/2025 CHANGE 1-6/2026 1-6/2025 CHANGE Order intake 2,849 2,140 33% 4,934 4,012 23% of which services 882 920 -4% 1,849 1,911 -3% of which equipment 1,967 1,220 61% 3,085 2,101 47% Order book 8,976 7,963 13% of which current year deliveries 2,633 2,769 Net sales 1,559 1,594 -2% 3,004 3,027 -1% of which services 845 900 -6% 1,642 1,780 -8% of which equipment 714 694 3% 1,362 1,247 9% Book-to-bill 1.83 1.34 1.64 1.33 Comparable operating result 218 203 7% 411 379 8% % of net sales 14.0 12.7 13.7 12.5 Operating result 209 183 14% 399 354 13% % of net sales 13.4 11.5 13.3 11.7 Following the classification of Energy Storage as assets held for sale and discontinued operations in June 2026 and its discontinuation as a reportable segment, comparative financial information for 2025 and H1 2026 has been restated. 3 © ‌Marine: Market sentiment remains supportive in Wärtsilä's key segments Shipping markets remained resilient despite macroeconomic headwinds caused by the Middle East conflict WAKTSlLA The number of vessels ordered in the review period increased to 1,483 (647 in the corresponding period in 2025, excluding late reporting of contracts). The Middle East conflict has disrupted energy markets and supply chains, but shipping markets have remained resilient despite the disruption and macroeconomic headwinds. Market sentiment remained supportive and ordering appetite continued to be on a good level in Wärtsilä's key segments. Contracting in these segments is expected to remain well above the 10-year average level. China introduced a GHG target for international shipping, requiring vessels to cut CO2 intensity by at least 15% by 2030 versus 2025 levels, driving demand for emissions-reduction solutions while adding to regulatory fragmentation. In January-June, 245 orders for new alternative fuel capable ships were reported, accounting for 17% (28) of all contracted vessels and 24% (55) of the capacity of contracted vessels. Vessel contracting trend Number of vessels (total) 4000 3000 2000 1 000 0 2020 2021 2022 2023 2024 2025 TOLaI 1 0-y£'ar avg. {Total ) Number of vessels {Wartsila's key seqments) 800 G00 400 200 0 202G 2027 Total, F orecasr{Clark sons) 2028 2020 202J 2022 2023 2024 2025 W rrsil 's key seg mei›rs 2026 2027 2028 - 1 0-year avg . {W an sil a's key se gmen Is) Warrsil 's key seg mei›rs. Forecast(Clark sons) Source: Clarksons Research, as per 3rd of July 2026 (+2,000 DWT/GT, including offshore ship-shaped units.) Wärtsilä key segments include LNG carriers, LPG carriers, cruise & ferry, offshore, and special vessels. Historical figures in graphs are on rolling 12-month basis and are subject to change due to late reporting of contracts. The impact is most significant for the latest quarters; therefore, data from the last two quarters is not included. Forecasts are from March 2026. 4 © WARTSILA ‌Energy market: Increased demand drives energy transition investments Electricity demand growth and future projections have increased substantially, creating market opportunities for equipment providers WA6TSILA Two key themes have stood out in recent energy-related macroeconomic development: load growth and increased tariff-related uncertainty. In engine power plants, market demand for equipment has been strong. The baseload segment remains a consistent source of demand for thermal power while the drivers for balancing demand are also expected to continue to develop favourably After significant growth driven by solar up to mid-2020s, renewable capacity additions are expected to decrease slightly in 2026. Growth prospects toward the end of the decade remain solid. The speed of the data centre build-out is creating unprecedented demand for off-grid data centres, where reliable on-site power is essential. Wärtsilä continues to see strong demand from data centres, with a dynamic pipeline of opportunities. The resulting growth in the installed base also supports significant lifecycle service potential in Average annual electricity demand growth +45% 1,200 TWh 1,000 800 600 400 200 0 2030 and beyond. H istori cal 2015-2025 IEA El ectricity 2026 Previou s e xpectati on New expectation 202 1 -2030 2025-2030 IEA STEPS 2022 IEA El ectricity 2026 ‌Reciprocating engines offer the strongest economics for data centres WA6T5ILA Recent analysis by BloombergNEF identified reciprocating engines as the most cost-competitive technology option for data centres. Competitive lifecycle economics support attractive longterm project returns. Low heat rate contributes to efficient fuel use and operating performance. Low site-level emissions and negligible water consumption support sustainability objectives. Engines are well positioned for a rapidly growing market where cost, performance, and resource efficiency are increasingly critical. Engines Outcompete Turbines on Cost 1or Data Center Gas Power Levelized cost of electricity of gas plant serving a SOOMW IT capacity data center m Equipment cost Balance of plant Development cost m Fuel Variable opex Fixed open a Energy storage S per megawatt•hour $150 90 60 120 Engine OCGT CCGT Full Cell lote. CCGT is combined-cycle gas turbine and OCGT open-cycle gas turbine. Open is operational cost. MW is megawatt. IT is information technology. We as5ume the data cenlor has a power usage ePectiveness of 1.2 with a reliability target of 99.9%. Source. BloombergNE F ‌Organic order intake increased by 43% Equipment Services 1,96 7 Order intake increased by 33% Marine order intake increased by 12% MEUR, 12m rolling MEUR, 12m rolling 2,000 1,800 1,600 1,400 MEUR 1,200 1,000 800 600 400 200 0 872 1,220 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 0 2,000 1,800 1,600 1,400 MEUR 1,200 1,000 800 600 400 200 0 982 920 882 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Energy order intake increased by 82% Equipment order intake increased by 61%. The organic equipment order intake growth was 74% Service order intake decreased by 4% due to Portfolio Business divestments and a negative FX impact. The organic service order intake growth was 1% Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Equipment order intake Equipment order intake, 12m rolling 4,920 MEUR Service order intake Service order intake, 12m rolling 3,650 MEUR Marine and Energy combined service order book increased by 11%, ending up at an all-time high Organic growth excluding FX impact and the impact of acquisitions and divestments. Figures for periods prior to 2025 have not been restated to reflect the classification of Energy Storage as assets held for sale and discontinued operations. 7 © ‌Strong order book development, rolling book-to-bill continues above 1 Order book growing despite the removal of Portfolio Business Order book by business 10,000 9,000 8,000 7,000 MEUR 6,000 5,000 4,000 3,000 2,000 1,000 0 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Marine Energy Energy Storage Portfolio Business Book-to-bill, 12m rolling 1.38 1.8 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 Order book delivery schedule 4,000 3,500 3,000 2,500 MEUR 2,000 1,500 1,000 500 0 Delivery current year Delivery current year +1 Later deliveries Order book 30.6.2024 Order book 30.6.2025 Order book 30.6.2026 Note: Order book adjusted to exclude Energy Storage The data presented in this chart reflects the latest published financial information available for each reporting period. Due to changes in Wärtsilä's organisational and reporting structure over time, certain historical figures have been restated. Consequently, not all figures presented are fully comparable across the periods shown. ‌Existing order book will generate sales that are distributed further into the future Distribution in time of the deliveries of the existing order backlogs, MEUR Marine Energy 2,600 2,400 2,200 2,000 1,800 1,600 MEUR 1,400 1,200 1,000 800 600 400 200 0 Delivery current year Delivery current year +1 Later deliveries 2,600 2,400 2,200 2,000 1,800 1,600 MEUR 1,400 1,200 1,000 800 600 400 200 0 Delivery current year Delivery current year +1 Later deliveries Order book 30.6.2024 Order book 30.6.2025 Order book 30.6.2026 Order book 30.6.2024 Order book 30.6.2025 Order book 30.6.2026 ‌Organic net sales increased by 5% Equipment Services Net sales remained stable Marine net sales 1,200 1,050 900 MEUR 750 600 450 300 150 0 722 694 714 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 1,200 1,050 900 MEUR 750 600 450 300 150 0 834 MEUR, 12m rolling MEUR, 12m rolling 900 845 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 remained stable Energy net sales increased by 10% Equipment net sales increased by 3%. The organic equipment net sales growth was 12% Service net sales decreased by 6%. The organic service net sales were stable at -1% Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Equipment net sales Equipment net sales, 12m rolling 2,782 MEUR Service net sales Service net sales, 12m rolling 3,415 MEUR Organic growth excluding FX impact and the impact of acquisitions and divestments. Figures for periods prior to 2025 have not been restated to reflect the classification of Energy Storage as assets held for sale and discontinued operations. 10 © ‌Profitability continued to improve Net sales Comparable operating result 2,400 2,100 1,800 MEUR 1,500 1,200 900 600 300 0 1,556 %, 12m rolling 1,594 1,559 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 300 250 200 MEUR 150 100 50 0 176 203 MEUR, 12m rolling 218 16% 14% 12% 10% 8% 6% 4% 2% 0% Net sales remained stable Comparable operating result increased by 7% Comparable operating margin 12m rolling at 13.5% (11.6) Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Net sales Net sales, 12m rolling 6,197 MEUR Comparable operating result Comparable operating margin, 12m rolling 13.5% Figures for periods prior to 2025 have not been restated to reflect the classification of Energy Storage as assets held for sale and discontinued operations. 11 © ‌Technology and partnership highlights Enabling industry decarbonisation Wärtsilä continues to expand its data center footprint with two new orders announced during Q2 2026 Wärtsilä will supply an off-grid energy power solution for a new data center facility in Texas, USA. The 790 MW power plant will operate with 42 Wärtsilä 50SG engines running on natural gas. Wärtsilä will supply 412 MW of engine power to support a major new hyperscale data center project in Ohio, USA. The project includes 40 Wärtsilä 34SG engines. Both orders were booked as order intake by Wärtsilä in Q2 2026. Wärtsilä booked >500 MW of balancing power orders in various locations during Q2 2026 One of the orders booked was a second contract with Origem Energia in Brazil, following a first contract received in Q1. The contract covers the supply of 185 MW of power solutions to support the delivery of reliable and flexible capacity to the Brazilian power grid. The order follows the Reserve Capacity Auction 2026 (LRCAP), the largest capacity auction ever held in Brazil. Origem Energia emerged as one of the auction's leading winners, securing projects that are scheduled to commence commercial operation between 2028 and 2029. 12 © ‌Technology and partnership highlights Enabling industry decarbonisation World's first large-scale 100% hydrogen engine tested at Wärtsilä's Bermeo laboratory to support the Spanish grid Wärtsilä Energy has successfully operated a new 100% hydrogen engine supplying power to Spain's national electricity grid in Bermeo, Spain. This is the world's first demonstration of a large-scale hydrogen engine running on 100% pure hydrogen. Hydrogen-fuelled Wärtsilä 31 engines can also support energy-intensive sectors, such as AI data centres and industry in the future. Two new gas carriers to stay ahead of environmental standards with Wärtsilä 25 Ammonia engine Wärtsilä will supply Wärtsilä 25 Ammonia auxiliary engine, together with a NOx reducer (SCR) and gas valve unit (GVU), for two new midsize LPG/liquid ammonia carrier vessels. The ships are being built at shipyard in Shanghai and will be owned by a joint venture between Navigator Gas and Amon Maritime, Navigator Amon Shipping AS. The order for the engines, SCR and GVU was booked by Wärtsilä in Q2 2026. 13 © ‌Wärtsilä will increase its operational capacity to approximately 2.2 times the 2025 operational level During the quarter, Wärtsilä announced an investment of approximately EUR 90 million to further expand its technical production capacity by 30% at its Sustainable Technology Hub (STH) in Vaasa, Finland and across its associated global supply chain. This expansion follows the 35% increase in technical production capacity, announced in February 2026. Once fully commissioned in the first quarter of 2029, the expansion will increase output to approximately 2.2 times the 2025 operational level. 14 © ‌Marine 15 © ‌Marine: All-time high quarterly order intake in Wärtsilä Marine Order intake and comparable operating result improved Order intake +12% Comparable operating result Comparable operating result 114 + Better operating leverage - Lower service volumes MEUR, 12m rolling MEUR 2,000 1,500 MEUR 1,000 500 0 901 1,031 1,152 Q2/24 Q4/24 Q2/25 Q4/25 Q2/26 5,000 4,000 3,000 2,000 1,000 0 124 160 140 120 100 13.1% 16.0% 124 114 103 14.0% 12.0% %, 12m rolling 10.0% Net sales 759 862 882 1,200 900 MEUR 600 300 MEUR, 12m rolling 0 +2% 4,000 3,000 2,000 1,000 0 80 8.0% MEUR 60 6.0% 40 4.0% 20 2.0% 0 0.0% Q2/24 Q4/24 Q2/25 Q4/25 Q2/26 Q2/25 Q2/26 Q2/24 Q4/24 Q2/25 Q4/25 Q2/26 The data presented in this chart reflects the latest published financial information available for each reporting period. Due to changes in Wärtsilä's organisational and reporting structure over time, certain historical figures have been restated. Consequently, not all figures presented are fully comparable across the periods shown. ‌Overall Marine service book-to-bill above 1 Marine service order book increased by 8% compared to Q2 2025 Marine service, Net sales Marine service, Book-to-bill 700 2,800 1.60 +7% CAGR 600 500 2,400 2,000 12m rolling book-to-bill 1.40 MEUR 400 1,600 1.20 300 200 100 0 Q2/23 Q4/23 Q2/24 Q4/24 Q2/25 Q4/25 Q2/26 Spare parts Field services Service agreements Retrofits and upgrades Net sales, 12m rolling 1,200 800 400 0 1.00 0.80 0.60 Q2/23 Q4/23 Q2/24 Q4/24 Q2/25 Q4/25 Q2/26 Spare parts Field services Service agreements Retrofits and upgrades Service, total 2023 data restated to reflect the redefined organisational structure as of 1 Jan 2024. Figures prior to 2023 are not fully comparable due to organisational changes. ‌Energy 18 © ‌Energy: All-time high quarterly order intake in Wärtsilä Energy Since the start of 2025, the gross margin of the Energy equipment order book has improved by 500+ bps Order intake MEUR, 12m rolling +82% Comparable operating result Comparable operating result MEUR 2,000 1,500 MEUR 1,000 500 0 1,661 913 473 Q2/24 Q4/24 Q2/25 Q4/25 Q2/26 5,000 4,000 3,000 2,000 1,000 0 + Better operating leverage + Service net 90 MEUR sales 160 140 120 100 15.5% 16.0% 14.0% 12.0% %, 12m rolling 10.0% Net sales 1,200 900 529 580 404 MEUR 600 300 +10% 4,000 3,000 2,000 1,000 76 increased 80 60 40 20 8.0% 90 76 57 6.0% 4.0% 2.0% MEUR, 12m rolling 0 0 Q2/24 Q4/24 Q2/25 Q4/25 Q2/26 Q2/25 Q2/26 0 Q2/24 Q4/24 Q2/25 Q4/25 Q2/26 0.0% As of 1 April 2025, the reporting segment Energy has been separated into two independent reporting segments: Energy and Energy Storage. The comparison figures have been restated to reflect the segment structure. ‌Overall Energy service book-to-bill above 1 Energy service order book increased by 16% compared to Q2 2025 Energy service, Net sales Energy service, Book-to-bill 400 350 300 250 MEUR 200 150 100 50 0 +5% CAGR Q2/23 Q4/23 Q2/24 Q4/24 Q2/25 Q4/25 Q2/26 Spare parts Field services Service agreements Retrofits and upgrades Net sales, 12m rolling 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 1.60 12m rolling book-to-bill 1.40 1.20 1.00 0.80 0.60 Q2/23 Q4/23 Q2/24 Q4/24 Q2/25 Q4/25 Q2/26 Spare parts Field services Service agreements Retrofits and upgrades Service, total As of 1 April 2025, the reporting segment Energy has been separated into two independent reporting segments: Energy and Energy Storage. The comparison figures have been restated to reflect the segment structure. ‌The comparable operating result improved 250 225 200 12.7% 14.0% (13.2) 10 15.5% (14.3) 14 4.3% (6.7) -9 14.0% Comparable operating result increased by 7% 175 150 MEUR 125 218 203 100 75 50 25 0 Comparable operating result Q2/25 Marine Energy Portfolio Business Comparable operating result Q2/26 21 © ‌Other key financials 22 © ‌Streamlining Wärtsilä's business portfolio Wärtsilä has completed Portfolio Business divestments In 2025, Wärtsilä completed the divestments of Automation, Navigation & Control Systems (1 July), and Marine Electrical Systems (31 October). On 1 June 2026, Wärtsilä completed the divestments of the remaining two businesses, Gas Solutions and Water & Waste. By completing the divestments of the Gas Solutions and Water & Waste on 1 June, Wärtsilä Portfolio Business will have no remaining business activities. Energy Storage joint venture announced Agreement signed on 15 June 2026 to establish a 50/50 joint venture with RCT Solutions GmbH. Closing expected in Q3 2026, subject to customary approvals and financing arrangements. Transaction aims to strengthen the long-term competitiveness of the Energy Storage business. Joint venture expected to have a EUR -40-50 million negative impact on Wärtsilä's 2026 operating result driven by low recent order intake and transformation related costs. Approximately half of this amount relates to items affecting comparability. 23 © ‌Working capital remains at an exceptionally low level MEUR 4-6/2026 4-6/2025 1-6/2026 1-6/2025 Cash flow from operating activities 497 416 504 606 Working capital -1,257 -924 Net interest-bearing debt -1,719 -1,123 EBITDA 245 244 471 453 Return on capital employed (ROCE), %* 72.7 44.6 Gearing -0.68 -0.45 Solvency, % 38.2 36.6 Earnings per share (EPS), basic and diluted, EUR 0.25 0.23 0.50 0.44 *Last 12 months. ‌Cash flow from operating activities increased Cash flow from operating activities Working capital to net sales ratio 1,000 900 800 700 MEUR 600 500 400 300 200 100 0 497 416 216 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Cash flow from operating activities Cash flow from operating activities, 12m rolling 1,496 MEUR 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 400 200 0 -200 -400 MEUR -600 -800 -1,000 -1,200 -1,400 -1,600 -1,800 MEUR, 12m rolling Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Working Capital Avg. Working capital/Net sales rolling 12m Avg. Working capital/Net sales rolling 12m, 5-year average 4.0% 2.0% -420 -924 -1,257 0.0% -2.0% -4.0% -6.0% -8.0% -10.0% -12.0% -14.0% -16.0% -18.0% Average working capital is calculated by taking the average of the period's starting value and ending value. ‌Solid progress towards financial targets in Marine and Energy combined Financial targets Marine and Energy combined 5% annual organic growth 14% operating margin Group Gearing below 0.5 Distribute a dividend of at least 50% of earnings Marine and Energy combined Net sales and operating margin %, LTM +9% 6,000 16.0% Group Gearing 0.00 Group Dividend distribution 150% 1.50 MEUR 5,000 4,000 3,000 LTM Q4/24 LTM Q2/25 LTM Q4/25 14.0% 14.0% 12.0% 10.0% LTM Q2/26 -0.20 -0.40 -0.60 -0.80 -1.00 -0.31 -0.34 -0.45 -0.53 -0.70 -0.65 -0.68 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Gearing 1.00 0.50 0.00 100% 73% 52% 100% 50% 0% 2022* 2023 2024 2025 Dividend per share, regular, EUR % of EPS Net sales (Organic LTM growth +9%) Operating result, % of net sales Dividend per share, extraordinary, EUR *In 2022, dividend was paid despite negative EPS The current Wärtsilä financial targets were announced in March 2025. Following the discontinuation of Energy Storage as a reporting segment on 1 June 2026, the financial targets previously set for Energy Storage no longer apply. ‌Outlook Marine Wärtsilä expects the demand environment for the next 12 months (Q3/2026-Q2/2027) to be similar to that of the comparison period. Energy Wärtsilä expects the demand environment for the next 12 months (Q3/2026-Q2/2027) to be similar to that of the comparison period. Following two consecutive record order intake quarters in Energy and a record-high order intake in Marine in the second quarter, the outlook reflects a continued strong demand environment, especially in Energy. The strong demand environment is clearly underscored by Wärtsilä's decision in the second quarter to further expand capacity. 27 © ‌Q&A 28 © ‌Save the Date: Wärtsilä Capital Markets Day Date: 3 November 2026 Time: 14:00-17:30 EET Place: In Helsinki, Finland and via live webcast The event will be hosted by President and CEO Håkan Agnevall, together with members of Wärtsilä's Board of Management. The Capital Markets Day will be followed by a site visit to Wärtsilä's Sustainable Technology Hub in Vaasa, Finland , on 4 November 2026. 29 © ‌Appendix 30 © ‌Order intake Second quarter development 31% (43) Order intake by business type 69% (57) 1% (9%) 58% (43) 40% Order intake by business (48) Marine Energy Portfolio Business Services Equipment ‌Net sales Second quarter development Net sales by business type 6% (13%) Net sales by business Marine 46% Services 37% (33) 57% (54) Energy Portfolio Business (44) 54% (56) Equipment ‌Second quarter order intake development by business type 51% (45) 81% (67) Marine MEUR 1,152 ( 1,031 ) 5% (4) Energy MEUR 1,661 23% (23) 13% (13) 8% (15) 9% (11) 1% (2) 7% (17) ( 913 ) of which services 0% 1% of which equipment 81% 84% 1% (2) Spare parts Field service Service Agreements Retrofits and upgrades Equipment Order intake growth, % 4-6/2026 reported change 4-6/2026 organic change Group order intake 33% 43% of which services -4% 1% of which equipment 61% 74% Marine order intake 12% 12% of which services -2% -1% of which equipment 28% 29% Energy order intake 82% 86% of which services 4% 6% of which equipment 120% 125% Marine and Energy combined order intake 45% 47% Organic growth excluding FX impact and the impact of acquisitions and divestments ‌Second quarter net sales development by business type 27% (28) Marine MEUR 882 ( 862 ) 7% 16% (17 Net sales growth, % 4-6/2026 reported change 4-6/2026 organic change Group net sales -2% 5% of which services -6 % -1 % of which equipment 3 % 12 % Marine net sales 2% 3% of which services -4 % -4 % of which equipment 15 % 15 % Energy net sales 10% 11% of which services 4 % 6 % of which equipment 15 % 18 % Marine and Energy combined net sales 5% 6% of which services -1 % -1 % of which equipment 15 % 16 % 38% (34) 50% (48) (10) 11% (12) 3% (5) 24% ) (23) Energy MEUR 580 ( 529 ) 19% (19) 4% (5) Spare parts Field service Service Agreements Retrofits and upgrades Equipment Organic growth excluding FX impact and the impact of acquisitions and divestments ‌January-June order intake by customer segment Marine Gas carriers Cruise & ferry Offshore Navy Special vessels Merchant Other Equipment 8% (6) 28% (21) 10% (10) 12% (18) 5% (6) 34% (37) 3% (4) Services 12% (13) 24% (24) 18% (15) 11% (8) 10% (11) 24% (28) 1% (1) Total 10% (10) 25% (23) 14% (13) 12% (12) 8% (9) 29% (31) 2% (2) Energy Utilities Independent Power Producers Industrials Other Equipment 79% (51) 9% (15) 12% (34) 0% (0) Services 37% (40) 31% (23) 24% (24) 8% (14) Total 69% (46) 15% (18) 14% (30) 2% (6) ‌January-June orders received for Energy equipment globally Europe 0 (5) Americas 1,851 (592) Asia 24 (7) Utilities IPP's (Independent Power Producers) Industrials Others Equipment order intake 1-6/2026: MEUR 1,992 (911) Africa and Middle East 117 (308) ‌ ©

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