Wärtsilä's Interim Report January-September 2026

Wärtsilä Corporation, Interim Report January–September 2026, 27 October 2026 at 8:30 (EET)

Wärtsilä’s Interim Report January–September 2026

This release is a summary of Wärtsilä’s Interim Report January–September 2026. The complete report is attached to this release as a pdf file. It is also available on the company website at www.wartsila.com.

Increased profitability and continued strong order intake momentum

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 accordingly. Unless otherwise stated, the comparison figures in brackets refer to the corresponding period of the previous year.

July–September 2026 highlights

• Total order intake increased by 33% to EUR 2,368 million (1,779), while organic growth, which excludes FX impact and the impact of acquisitions and divestments, was 41%
• Order intake for Marine and Energy combined increased by 47% to EUR 2,368 million (1,614), while organic growth was 45%
• Service order intake increased by 11% to EUR 950 million (854). Organic service order intake growth was 13%
• Total net sales increased by 7% to EUR 1,493 million (1,397), while organic growth was 16%
• Net sales for Marine and Energy combined increased by 19% to EUR 1,492 million (1,252), while the organic growth was 18%
• Book-to-bill amounted to 1.59 (1.27)
• The comparable operating result increased by 19% to EUR 212 million (179), which represents 14.2% of net sales (12.8)
• The operating result increased by 4% to EUR 222 million (214), which represents 14.9% of net sales (15.3)
• Earnings per share decreased to EUR 0.21 (0.31)
• Earnings per share for continuing operations decreased to EUR 0.28 (0.29)
• Cash flow from operating activities increased to EUR 583 million (340)

January–September 2026 highlights

• Total order intake increased by 26% to EUR 7,302 million (5,790), while organic growth, which excludes FX impact and the impact of acquisitions and divestments, was 38%
• Order intake for Marine and Energy combined increased by 40% to EUR 7,178 million (5,120), while organic growth was 42%
• Service order intake remained stable at EUR 2,799 million (2,765). Organic service order intake growth was 7%
• The order book at the end of the period increased by 22% to EUR 9,876 million (8,064)
• Total net sales remained stable at EUR 4,497 million (4,424), while organic growth was 9%
• Net sales for Marine and Energy combined increased by 9% to EUR 4,239 million (3,884), while the organic growth was 10%
• Book-to-bill amounted to 1.62 (1.31)
• The comparable operating result increased by 12% to EUR 623 million (558), which represents 13.9% of net sales (12.6)
• The operating result increased by 9% to EUR 621 million (568), which represents 13.8% of net sales (12.8)
• Earnings per share decreased to EUR 0.70 (0.75)
• Earnings per share for continuing operations increased to EUR 0.78 (0.73)
• Cash flow from operating activities increased to EUR 1,087 million (946)
Wärtsilä's outlook

Wärtsilä's outlook

Marine


Wärtsilä expects the demand environment for the next 12 months (Q4/2026-Q3/2027) to be similar to that of the comparison period.

Energy


Wärtsilä expects the demand environment for the next 12 months (Q4/2026-Q3/2027) to be similar to that of the comparison period.

Following high order intake quarters, the outlook reflects a continued strong demand environment, especially in Energy.

Håkan Agnevall, President & CEO: Strong orders supported by structural drivers

“The third quarter of 2026 was another solid quarter for Wärtsilä, characterised by continued strong momentum in order intake. Global economic growth moderated but remained resilient, despite the conflict in the Middle East. However, higher energy prices, changing trade policies, and persistent geopolitical uncertainty continued to weigh on the global economic outlook.

In the energy market, electricity demand continued to grow, supported by the electrification of industry and transport, rising cooling needs, and data centre investments. The International Energy Agency expects electricity demand to grow at least 2.5 times faster than overall energy demand between 2026 and 2030, driving demand for new power-generating capacity.

The favourable economics of wind and solar continued to advance the global energy transition, increasing the need for flexible balancing capacity to ensure reliable and stable power systems. This need was reflected in an order booked during the third quarter for Australia’s largest-ever reciprocating engine power plant. The 300 MW plant will use 13 Wärtsilä 46TS-SG engines to provide critical grid balancing and system security, enabling greater integration of renewable energy. The project will utilise our newest industry leading Wärtsilä 46TS platform, which combines high efficiency, flexibility and reliability, and further strengthens the competitiveness of our engine power plant offering.

Interest from the data centre segment also remained strong, with a dynamic pipeline of opportunities. During the third quarter, we secured an order to supply a 282 MW onsite power solution for a data centre project in the United States. The project will use 15 Wärtsilä 50SG engines. The order demonstrates the growing need for fast-deployable, reliable, and scalable power solutions as AI-driven electricity demand grows and grid connection timelines remain lengthy. We continue to see strong momentum in balancing and data centres for the years to come.

The marine market remained strong despite the weaker near-term economic outlook and continued uncertainty. Geopolitical disruptions, particularly in the Middle East and around the Strait of Hormuz, continued to contribute to longer voyage distances and trade rerouting, generally supporting tonne-mile demand, vessel utilisation, and freight rates. Supported by positive market sentiment and an ageing global fleet, newbuild investment was very strong during the first nine months of 2026. According to Clarksons Research, a total of 2,552 newbuild contracts were reported, compared with 1,200 in the corresponding period of 2025, excluding late reporting.

Improving fuel efficiency and operational performance remains a key priority for the shipping industry, supported by fleet renewal and energy-saving technologies. Shipowners also continue to place a strong emphasis on fuel flexibility as they prepare for evolving market and regulatory requirements. Wärtsilä is well positioned to support customers through its newbuild solutions and lifecycle services.

In the third quarter of 2026, Wärtsilä's order intake increased organically by 41%. Order intake increased in Energy, and remained stable in Marine, driven by the lumpy nature of new equipment business. Order intake in Marine and Energy combined increased organically by 45%. Considering the strong Energy order intake, lead times for our engines continue to increase.

Organic service order intake increased by 13%, supported by several exceptionally large retrofit orders during the quarter in Energy, as well as high activity in spare parts. The rolling 12-month service book-to-bill ratio remains above 1, reflecting our continued progress in moving up the service value ladder.

Net sales increased organically by 16% driven by growth in equipment deliveries. Equipment delivery times continued to increase, impacting the timing of revenue recognition. Consequently, the existing order book will generate sales that are distributed further into the future. Importantly, equipment deliveries also expand our installed base and create opportunities for future service business. The earlier announced capacity expansions in both manufacturing and services strengthen our ability to meet growing customer demand in Energy and Marine.

The comparable operating result increased by 19% to EUR 212 million, representing 14.2% of net sales. Cash flow from operating activities amounted to EUR 583 million, following a good level of received customer payments. We expect to sustain a negative working capital position over the coming years, and will continue our active efforts to maintain working capital well below our long-term historical average.

After the reporting period, on 1 October, Wärtsilä closed the transaction to establish a 50/50 joint venture with German engineering company RCT Solutions GmbH for its global Energy Storage business. The joint venture, named Valo, combines Wärtsilä’s global energy storage capabilities with RCT Solutions’ engineering expertise, and provides a strong platform for long-term growth in the rapidly evolving energy storage market.

We expect the demand environment over the next 12 months to remain at a similar level in both Energy and Marine to that of the past 12 months. The outlook reflects a continued strong demand environment, supported by structural shift especially in Energy.

In a sign of our progress developing the high-performing teams needed to deliver our strategy and support future growth, our internal MyVoice employee survey showed an increased favourable employee engagement rate of 84% and overall improvements compared to the previous survey done in 2024. Also during the quarter Forbes recognised Wärtsilä as one of the world's best employers for the second consecutive year.

With our global team of dedicated professionals, we remain focused on helping our customers to succeed as the marine and energy markets evolve. Our technology leadership, lifecycle offering, and strong market positions enable us to respond to changing customer needs and continue pursuing opportunities for long-term value creation.”

Key figures

Wärtsilä presents certain alternative performance measures in accordance with the guidance issued by the European Securities and Markets Authority (ESMA). The definitions of these alternative performance measures are presented in the Calculations of financial ratios section.

Analyst and press conference

A virtual analyst and press conference will be held as a webinar on the same day, today, Tuesday 27 October 2026, at 10.00 a.m. Finnish time (8.00 a.m. UK time).

Participating via the web

Register and login to the web interface via the web address below. When you register, you are prompted to participate as a listener or as an active Q&A participant. Once the event starts, the event page will switch to the presentation mode automatically.

wartsila.events.inderes.com/q3-2026/register

If you are participating via the web, you can enter the Q&A queue by clicking the raise hand button on the bottom-right corner of the video/audio player. Once the event host announces your name, please open your microphone from the bottom-left corner of the video/audio player to be able to be heard.

Participating via the teleconference

Please use the teleconference dial-in option only if you experience issues with the web participation or your organisation’s firewalls set limitations for the web participation.

You can access the teleconference by registering on the link below. After the registration you will receive an email with the dial-in numbers and your personal PIN code to access the conference.

events.inderes.com/wartsila/q3-2026/dial-in

If you are participating via the dial-in teleconference, you can enter the queue by clicking *5 (star-five) on the telephone keypad, and if you want to withdraw your question, click *6 (star-six) respectively.

A recording of the webcast will be available on the company website as soon as possible after the event.

For further information, please contact:

Arjen Berends
Executive Vice President & CFO
Tel. +358 10 709 5444
arjen.berends@wartsila.com

Hanna-Maria Heikkinen
Vice President, Investor Relations
Tel. +358 10 709 1461
hanna-maria.heikkinen@wartsila.com  

For press information, please contact:

Anne Alarotu
Head of External Communications
Tel. +358 50 487 1308
anne.alarotu@wartsila.com

Wärtsilä in brief

Wärtsilä is a global leader in innovative technologies and lifecycle solutions for the marine and energy markets. We emphasise innovation in sustainable technology and services to help our customers continuously improve environmental and economic performance. Our dedicated and passionate team of 17,900 professionals in 199 locations in 78 countries shape the decarbonisation transformation of our industries across the globe. In 2025, Wärtsilä’s net sales totalled EUR 6.2 billion. Wärtsilä is listed on Nasdaq Helsinki. www.wartsila.com