Wärtsilä’s Interim Report January–March 2026
This release is a summary of Wärtsilä’s Interim Report January-March 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.
DOUBLE-DIGIT INCREASE IN ORDER INTAKE, ALL-TIME HIGH ORDER BOOK, AND IMPROVED OPERATING RESULT
January–March 2026 highlights
Wärtsilä's outlook
Marine
Wärtsilä expects the demand environment for the next 12 months (Q2/2026-Q1/2027) to be similar to that of the comparison period.
Energy
Wärtsilä expects the demand environment for the next 12 months (Q2/2026-Q1/2027) to be better than in the comparison period.
Energy Storage
Wärtsilä expects the demand environment for the next 12 months (Q2/2026-Q1/2027) to be better than in the comparison period. However, the current geopolitical uncertainty particularly impacts this business and may affect growth.
In general, Wärtsilä underlines that the current high external uncertainties make forward-looking statements challenging. Due to high geopolitical uncertainty, the changing landscape of global trade, and the lack of clarity related to tariffs, there are risks of postponements in investment decisions and of global economic activity slowing down.
Håkan Agnevall, President & CEO: A strong start to the year in Marine and Energy
“In the first quarter of 2026, Wärtsilä recorded higher order intake, contributing to an all-time high order book, and delivered an improved comparable operating result. At the same time, the global macroeconomic environment remained challenging due to elevated and prolonged geopolitical tensions. These tensions continue to increase uncertainty and the risk of further global fragmentation, thereby weighing on the macroeconomic outlook.
In the energy market, load growth continued to accelerate, driven by electrification across industries and transport, the growing need for cooling, as well as the rapid expansion of data centres. This has resulted in strong demand for power‑generating capacity and for solutions that ensure availability during peak demand periods. The momentum for renewables remained positive, supported by favourable economics and an increased focus on energy security amid ongoing uncertainty in global fuel supply chains. The growing share of intermittent renewable generation continues to drive demand for Wärtsilä’s solutions, which enable efficient, flexible, and secure power systems.
The demand for flexible capacity was reflected in an order booked during the quarter with EMPower, a long‑standing partner with Wärtsilä. Wärtsilä will deliver generating sets for a new 123 MW power plant to be built in Odessa, Texas. The plant will be operated and maintained by Wärtsilä under a 10‑year operation and maintenance agreement.
Furthermore, we continued to see growing interest from the data centre segment during the quarter. Our pipeline for data centre orders is strong, although remaining volatile. The size of data centre orders is trending upwards. Data centres require highly reliable and efficient power solutions to support their critical operations, and our medium‑speed engine technology is well suited to meet these demands. During the quarter, we announced an order for 24 Wärtsilä 50SG engines, delivering an output of 429 MW, for a power plant located in the United States serving a data centre application.
In the marine market, 2026 has started robustly, supported by a healthier earnings environment across most vessel segments, contributing to positive market sentiment. Newbuild activity increased markedly, with 549 vessel orders reported in the first quarter of 2026, compared to 235 in 2025, excluding late reporting.
Despite geopolitical tensions dominating the agenda for both the shipping and shipbuilding industries, decarbonisation remains a key structural theme, driven by fleet renewal, energy‑saving retrofits, and operational measures such as slower sailing speeds. Wärtsilä continues to support customers with the industry’s broadest portfolio of decarbonisation solutions across the full vessel lifecycle, enabling reduced emissions, improved fuel efficiency, and strong operational performance.
In the first quarter of 2026, Wärtsilä's order intake increased organically by 22%, with Energy recording its highest-ever quarterly order intake. Equipment order intake increased in both Energy and Marine. Order intake in Energy Storage was low, reflecting the ongoing headwinds from elevated US tariffs and regulatory changes, as well as intensified competition in other markets. The low order intake continues to put significant pressure on Energy Storage profitability going forward. Unless short-term order intake improves significantly, we will start incurring losses in the second half of the year. The competitiveness of the business remains in our focus, and we have already taken actions to reduce our cost structure.
Service order intake remained stable, supported by good development in agreements. Organic service order intake increased by 9%. The rolling 12-month service book-to-bill ratio remains above 1.
Net sales increased organically by 8%, with growth in equipment deliveries. Equipment delivery times have increased, 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 16% to EUR 199 million, representing 12.8% of net sales. The result was supported by good development in all businesses. Cash flow from operating activities decreased, primarily due to increased working capital from an exceptionally low level in the fourth quarter, reflecting higher project execution activity. We expect the negative working capital level to be sustained over the next years and will continue our active efforts to manage working capital to maintain it well below the long-term historical average.
We continued to streamline our business portfolio to become a more focused and profitable company. Agreements have now been reached to divest all business units reported under Portfolio Business. Currently, Portfolio Business comprises of two remaining units: the divestment of Gas Solutions is expected to be completed in the second quarter of 2026, and Water & Waste in the third quarter of 2026. Following these transactions, Wärtsilä will have completed the divestment of all Portfolio Business units.
During the quarter, we announced a 35% expansion of our technical production capacity at our Sustainable Technology Hub (STH) in Vaasa, Finland. This increase will enable us to deliver higher engine volumes, and better support both customer needs and continued long-term business growth. The new capacity is expected to be commissioned in the first quarter of 2028, and the project is progressing as planned.
We expect the demand environment for the coming 12 months to be better than in the comparison period in Energy and Energy Storage, while the demand environment in Marine is expected to remain at a similar level. It is worth noting that order intake for Energy Storage in the comparison period of the last 12 months was weak. The current high level of external uncertainties continues to make forward-looking statements challenging.
We are executing our strategy with focus and consistency, working closely with our customers as the marine and energy markets continue to present opportunities for further profitable growth. By strengthening our core businesses, we are building a resilient foundation for long‑term success in an increasingly uncertain global environment.”
| Key figures | ||||
| MEUR | 1–3/2026 | 1–3/2025 | Change | 2025 |
| Order intake | 2,099 | 1,902 | 10% | 8,102 |
| of which services | 981 | 992 | -1% | 3,740 |
| of which equipment | 1,119 | 910 | 23% | 4,362 |
| Order book, end of period | 8,900 | 8,533 | 4% | 8,248 |
| Net sales | 1,556 | 1,560 | 0% | 6,914 |
| of which services | 803 | 884 | -9% | 3,575 |
| of which equipment | 753 | 676 | 11% | 3,338 |
| Book-to-bill | 1.35 | 1.22 | 1.17 | |
| EBITDA | 236 | 207 | 14% | 1,045 |
| % of net sales | 15.2 | 13.3 | 15.1 | |
| Comparable operating result | 199 | 171 | 16% | 829 |
| % of net sales | 12.8 | 11.0 | 12.0 | |
| Operating result | 194 | 165 | 18% | 833 |
| % of net sales | 12.5 | 10.6 | 12.1 | |
| Result before taxes | 192 | 164 | 17% | 828 |
| Earnings per share (EPS), basic and diluted, EUR | 0.25 | 0.21 | 1.06 | |
| Return on capital employed (ROCE)*, % | 63.8 | 40.6 | 65.4 | |
| Cash flow from operating activities | 7 | 190 | 1,598 | |
| Net interest-bearing debt, end of period | -1,567 | -817 | -2,006 | |
| Gearing | -0.65 | -0.34 | -0.70 | |
| Solvency, % | 35.0 | 35.2 | 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 on the same day, today, Tuesday 28 April 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/q1-2026/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 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.
palvelu.flik.fi/teleconference/?id=50054171
If you are participating via the dial-in teleconference, you can enter the que by clicking *5 (star-five) in 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 6.9 billion. Wärtsilä is listed on Nasdaq Helsinki. www.wartsila.com
Wärtsilä Interim Report January-March 2026
