Wärtsilä Corporation, Half-year Financial Report January–June 2026, 21 July 2026 at 8:30 (EEST)
Wärtsilä’s Half-year Financial Report January–June 2026
This release is a summary of Wärtsilä’s Half-year Financial Report January–June 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.
ALL-TIME HIGH ORDER INTAKE AND IMPROVED OPERATING RESULT
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.
April–June 2026 highlights
- Total order intake increased by 33% to EUR 2,849 million (2,140), while the organic growth, which excludes FX impact and the impact of acquisitions and divestments, was 43%
- Order intake for Marine and Energy combined increased by 45% to EUR 2,813 million (1,944), while organic growth was 47%
- Service order intake decreased by 4% to EUR 882 million (920) due to Portfolio Business divestments and a negative FX impact. The organic service order intake growth was +1%
- Total net sales remained stable at EUR 1,559 million (1,594), while organic growth was 5%
- Net sales for Marine and Energy combined increased by 5% to EUR 1,461 million (1,391), while the organic growth was 6%
- Book-to-bill amounted to 1.83 (1.34)
- The comparable operating result increased by 7% to EUR 218 million (203), which represents 14.0% of net sales (12.7)
- The operating result increased by 14% to EUR 209 million (183), which represents 13.4% of net sales (11.5)
- Earnings per share increased to EUR 0.25 (0.23)
- Cash flow from operating activities increased to EUR 497 million (416)
January–June 2026 highlights
- Total order intake increased by 23% to EUR 4,934 million (4,012), while the organic growth, which excludes FX impact and the impact of acquisitions and divestments, was 36%
- Order intake for Marine and Energy combined increased by 37% to EUR 4,810 million (3,506), while organic growth was 41%
- Service order intake decreased by 3% to EUR 1,849 million (1,911), due to Portfolio Business divestments and a negative FX impact. The organic service order intake growth was +4%
- The order book at the end of the period increased by 13% to EUR 8,976 million (7,963)
- Total net sales remained stable at EUR 3,004 million (3,027), while organic growth was 5%
- Net sales for Marine and Energy combined increased by 4% to EUR 2,746 million (2,633), while the organic growth was 6%
- Book-to-bill amounted to 1.64 (1.33)
- The comparable operating result increased by 8% to EUR 411 million (379), which represents 13.7% of net sales (12.5)
- The operating result increased by 13% to EUR 399 million (354), which represents 13.3% of net sales (11.7)
- Earnings per share increased to EUR 0.50 (0.44)
- Cash flow from operating activities decreased to EUR 504 million (606)
Wärtsilä's 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.
Håkan Agnevall, President & CEO: Record-high orders drive a strong quarter
“The second quarter of 2026 was strong for Wärtsilä. We achieved an all-time high order intake, while further improving profitability. Elevated geopolitical tensions continued to influence the operating environment. In particular, the conflict in the Middle East increased volatility in the energy and commodity markets, adding complexity to market conditions and contributing to a more uncertain global economic outlook.
In the energy market, electricity demand continued to grow, supported by electrification, rising cooling needs, and the rapid build-out of data centres. The recent heat wave in Europe, together with rising temperatures globally, has highlighted the growing pressure on power systems. This reinforces the need for reliable and flexible power generating capacity to ensure a robust supply during peak demand periods. Wärtsilä’s flexible engine technology is well positioned to meet these requirements, offering fast-ramping and highly efficient capacity that complements renewable generation and supports grid stability.
The interest from the data centre segment remained strong, with a dynamic pipeline of opportunities. The market is increasingly driven by the need for efficient, reliable, and scalable power solutions to support critical operations. A recent BloombergNEF analysis highlights the competitiveness of reciprocating engines in this market, identifying engines as the most cost-competitive technology option for AI data centres. In addition to attractive lifecycle economics, engines offer a low heat rate, low site-level emissions, and negligible water consumption. These qualities are highly relevant in a fast-developing market where long-term performance and resource use are becoming increasingly important. The resulting growth in the installed base also supports significant lifecycle service potential in 2030 and beyond.
The marine market remained strong despite the continued uncertainty. Geopolitical disruptions, particularly in the Middle East and around the Strait of Hormuz, have led to longer voyage distances, trade rerouting, and strategic stockpiling of commodities, which together generally support vessel utilisation and freight rates. Decarbonisation also remains an integral part of the operating environment. Regulations for international shipping, including China’s new carbon-intensity reduction target, are supporting the industry’s focus on more efficient and future-ready vessels — areas where Wärtsilä is well positioned through its newbuild solutions and lifecycle services offering.
In the second quarter of 2026, Wärtsilä's order intake increased organically by 43% to a new all-time high, supported by record quarterly orders in both Energy and Marine. In Energy, order intake surpassed the previous all-time high set in the first quarter of 2026 by more than 70%, largely as a result of 1.2 GW of firm data centre-related orders across two projects and more than 0.5 GW in balancing orders.
Robust demand in Energy has contributed to more than doubling the Energy order book since the start of 2025. Over the same period, the gross margin of the Energy equipment order book has improved by more than 500 basis points.
During the quarter, we announced a further expansion of production capacity at our Sustainable Technology Hub (STH), strengthening our ability to meet growing global demand. Once fully commissioned in the first quarter of 2029, the expansion will increase output to approximately 2.2 times the 2025 operational level.
Organic service order intake remained stable. Marine and Energy combined service order book increased by 11%, ending up at an all-time high. 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 5%, 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.
The comparable operating result increased by 7% to EUR 218 million, representing 14.0% of net sales. Cash flow from operating activities amounted to EUR 497 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.
During the quarter, we continued to actively streamline our portfolio. On 1 June 2026, we completed the divestment of Water & Waste to Solix Group AB and Gas Solutions to Mutares SE & Co. KGaA. With these transactions, all businesses previously reported under Portfolio Business have now been divested, marking an important milestone for Wärtsilä.
On 15 June 2026, Wärtsilä agreed to establish a 50/50 joint venture with German company RCT Solutions GmbH for its global Energy Storage business. Closing is expected in the third quarter of 2026. The transaction offers the Energy Storage business an opportunity to strengthen its long-term competitiveness.
We expect the demand environment over the next 12 months to remain at a similar level in both Energy and Marine as in the past 12 months. 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 our decision in the second quarter to further expand capacity.
With our global team of dedicated professionals, we are executing our strategy with discipline and consistency. Following the streamlining of our business portfolio, we are now a more focused and profitable company. We are well placed to further build on our strong market position and continue to capture opportunities for profitable organic growth.”
Key figures
| MEUR | 4–6/2026 | 4–6/2025 | Change | 1–6/2026 | 1–6/2025 | Change | 2025 |
| Order intake | 2,849 | 2,140 | 33% | 4,934 | 4,012 | 23% | 7,647 |
| of which services | 882 | 920 | -4% | 1,849 | 1,911 | -3% | 3,712 |
| of which equipment | 1,967 | 1,220 | 61% | 3,085 | 2,101 | 47% | 3,935 |
| Order book, end of period | 8,976 | 7,963 | 13% | 7,530 | |||
| Net sales | 1,559 | 1,594 | -2% | 3,004 | 3,027 | -1% | 6,219 |
| of which services | 845 | 900 | -6% | 1,642 | 1,780 | -8% | 3,553 |
| of which equipment | 714 | 694 | 3% | 1,362 | 1,247 | 9% | 2,667 |
| Book-to-bill | 1.83 | 1.34 | 1.64 | 1.33 | 1.23 | ||
| EBITDA | 245 | 244 | 0% | 471 | 453 | 4% | 1,004 |
| % of net sales | 15.7 | 15.3 | 15.7 | 15.0 | 16.1 | ||
| Comparable operating result | 218 | 203 | 7% | 411 | 379 | 8% | 805 |
| % of net sales | 14.0 | 12.7 | 13.7 | 12.5 | 12.9 | ||
| Operating result | 209 | 183 | 14% | 399 | 354 | 13% | 810 |
| % of net sales | 13.4 | 11.5 | 13.3 | 11.7 | 13.0 | ||
| Result before taxes | 200 | 184 | 9% | 388 | 352 | 10% | 805 |
| Earnings per share (EPS), basic and diluted, EUR | 0.25 | 0.23 | 0.50 | 0.44 | 1.06 | ||
| Return on capital employed (ROCE)*, % | 72.7 | 44.6 | 65.4 | ||||
| Cash flow from operating activities | 497 | 416 | 504 | 606 | 1,598 | ||
| Net interest-bearing debt, end of period | -1,719 | -1,123 | -2,006 | ||||
| Gearing | -0.68 | -0.45 | -0.70 | ||||
| Solvency, % | 38.2 | 36.6 | 40.5 | ||||
| *Rolling 12 months. | |||||||
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 today, Tuesday 21 July 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/q2-2026/register
If you are participating via the web, you can enter the Q&A que 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 organisations 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/q2-2026/dial-in
If you are participating via the dial-in teleconference, you can enter the que 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