Posted on October 29, 2025
Wärtsilä’s Interim Report January–September 2025
This release is a summary of Wärtsilä’s Interim Report January–September 2025. The complete report is attached to this release as a pdf file. It is also available on the company website at www.wartsila.com.
OPERATING RESULT AND CASH FLOW INCREASED
July–September 2025 highlights
- Order intake remained stable at EUR 1,790 million (1,803), while the organic growth, which excludes FX impact and the impact of acquisitions and divestments, was 6%
- Service order intake remained stable at EUR 864 million (874)
- Net sales decreased by 5% to EUR 1,632 million (1,718), while organic growth was 0%
- Book-to-bill amounted to 1.10 (1.05)
- The comparable operating result increased by 10% to EUR 195 million (177), which represents 11.9% of net sales (10.3)
- The operating result increased by 20% to EUR 230 million (192), which represents 14.1% of net sales (11.2)
- Earnings per share increased to 0.31 euro (0.24)
- Cash flow from operating activities increased to EUR 340 million (296)
January–September 2025 highlights
- Order intake increased by 5% to EUR 5,882 million (5,580), while organic growth was 8%
- Service order intake remained stable at EUR 2,782 million (2,805)
- The order book at the end of the period increased by 14% to EUR 8,637 million (7,583)
- Net sales increased by 7% to EUR 4,912 million (4,595), while organic growth was 9%
- Book-to-bill amounted to 1.20 (1.21)
- The comparable operating result increased by 18% to EUR 573 million (485), which represents 11.7% of net sales (10.5)
- The operating result increased by 20% to EUR 582 million (487), which represents 11.9% of net sales (10.6)
- Earnings per share increased to 0.75 euro (0.58)
- Cash flow from operating activities increased to EUR 946 million (770)
WÄRTSILÄ’S OUTLOOK
Marine
Wärtsilä expects the demand environment for the next 12 months (Q4/2025-Q3/2026) to be better than in the comparison period.
Energy
Wärtsilä expects the demand environment for the next 12 months (Q4/2025-Q3/2026) to be similar to that of the comparison period.
Energy Storage
Wärtsilä expects the demand environment for the next 12 months (Q4/2025-Q3/2026) 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: GROWING ORDER INTAKE IN MARINE AND ENERGY, AND CONTINUED IMPROVED PROFITABILITY
“Wärtsilä’s third quarter of 2025 was characterised by steady activity in both the energy and marine markets. The external macroeconomic environment remained uncertain throughout the period. The OECD revised its 2025 global growth outlook upward, citing resilient emerging markets, front-loaded trade flows in response to anticipated US tariff changes, and strong investment in high technology sectors. However, it also notes that the full impact of higher tariffs remains unclear, with early signs of slowing output and consumption in advanced economies.
In the energy market, global electricity demand continues to rise, driven by accelerating electrification across sectors, growing industrial activity, and expanding data centre capacity. In parallel, the growing deployment of renewable energy is transforming power systems and increasing the need for flexible generation capacity. These market dynamics were evident in customer activity during the quarter. As an example, we secured an engineering and equipment contract to supply 12 Wärtsilä 50DF engines for a 217 MW power plant for East Kentucky Power Cooperative in the US. The plant is needed to provide additional grid capacity to meet growing demand.
In the marine market, sentiment has improved recently following a slow start to the year, supported by trade agreements between major economies, and the resilience in global trade. However, the impact on shipping demand has been uneven across segments, and growth in seaborne trade has moderated. Factors such as the ongoing uncertainty around trade policies, elevated newbuild prices, and softer demand in some segments have negatively affected new vessel orders this year. While new vessel ordering activity has slowed compared to the extraordinary levels seen in 2024, it remains above the 10-year average. Notably, activity in Wärtsilä’s key segments continued to be healthy. Also, the demand for alternative-fuel-capable vessels remained strong, representing 48 percent of contracted capacity so far in 2025.
After the reporting period, the vote to adopt the IMO’s Net Zero Framework was postponed by one year. This outcome opens the door to a fragmented landscape of carbon pricing mechanisms introduced by individual regions and countries. The EU already has its system in place, while China is signalling plans for its own programs, adding complexity to global shipping. At Wärtsilä, we offer a broad and flexible portfolio of technologies to support a wide range of decarbonisation strategies. We are helping our customers navigate the transition by optimising fuel efficiency and de-risking the future through fuel flexibility, leveraging hybrid solutions, alternative fuels, and carbon capture. Our commitment to sustainable innovation remains strong, aligned with evolving customer needs.
Order intake in the third quarter increased organically by 6%. Equipment order intake increased in Marine and Energy, while it decreased in Energy Storage. The Energy Storage business is facing headwinds from elevated US tariffs and regulatory changes particularly related to FEOC (Foreign Entity of Concern), as well as intensified competition in other markets. Service order intake remained stable, supported by several new long-term agreements and renewals, while retrofits and upgrades decreased. The rolling 12-month book-to-bill ratio in service remains well above 1, indicating future growth. Organic net sales remained stable. Service net sales increased, while equipment net sales decreased primarily due to the timing of deliveries in Energy.
The comparable operating result increased by 10% to EUR 195 million, representing 11.9% of net sales. The result was supported by increases in Marine and Energy Storage, while results in Energy and Portfolio Business decreased. In Energy, the comparable operating result was mainly impacted by lower equipment sales. In Portfolio Business, the comparable operating result decreased as the ANCS business unit is no longer reported under the segment following the successful closure of its divestment on 1 July 2025.
Cash flow from operating activities increased to EUR 340 million, following the improved result and a good level of received customer payments. The current working capital position is very favourable for our business, and we expect the negative level to be sustained over the next years. We will continue our active efforts to manage working capital to maintain it well below the long-term historical average.
We expect the demand environment for the coming 12 months to be better than in the comparison period in Marine and Energy Storage, while the demand environment in Energy is expected to remain at a similar level. However, as previously outlined, the current high external uncertainties make forward-looking statements challenging. It is worth noting that order intake in Energy has been strong over the past 12 months, whereas Energy Storage has experienced weaker development. The market dynamics in Energy Storage have changed significantly following the implementation of the April 2025 US tariff measures, which were introduced shortly after the completion of our strategic review and the launch of the new financial targets. The current situation is challenging, and we need orders for next year’s deliveries. While we remain focused on profitable customer segments, we are also looking at measures that improve the competitiveness of the Energy Storage business. We anticipate ordering to pick up in the fourth quarter. We also note that the positive development in Marine and Energy combined continues, with net sales growing organically by 13% and reaching a 13.2% operating margin during the last twelve months.
We are executing our strategy with discipline and purpose, supporting our customers to succeed in the fast-changing marine and energy sectors. We are building a resilient foundation for long-term success that enables us to innovate consistently, adapt swiftly, and remain a trusted partner in an increasingly complex global environment.”
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 today, Tuesday 28 October 2025, 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.
https://wartsila.events.inderes.com/q3-2025
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.
https://events.inderes.com/wartsila/q3-2025/dial-in
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 18,300 professionals in more than 230 locations in 77 countries shape the decarbonisation transformation of our industries across the globe. In 2024, Wärtsilä’s net sales totalled EUR 6.4 billion. Wärtsilä is listed on Nasdaq Helsinki. www.wartsila.com
