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© Shaping the decarbonisation of marine and energy – accelerating value creation Håkan Agnevall President & CEO Helsinki | 3 November 2026 1
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© Marine Energy Group Raising the ambition – introducing new mid-term financial targets 2 Annual organic net sales growth Mid-single-digit % High-teens % Low-double-digit % Operating result 14% 18% 16% Net profit to FCF1 conversion >90% Dividend at least 50% of earnings per share 1) free cash flow
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© 3 Solid path to reach the upgraded targets • Unprecedented structural growth in Energy in balancing power and data centres • Above market equipment growth in Marine driven by decarbonisation and core segments • Building a geographically and industry-wise diversified customer base to support long- term growth and profitability • Services >50% of Wärtsilä’s net sales • Growing installed base will generate growing service business well into the next decade • Moving up the service value ladder by shifting to more service agreements and outcome-based agreements increases share of customer service spend Capture significant growth opportunities in equipment Grow lifecycle revenues over many years • Price discipline and price realisation • More than double operational capacity in tandem with resilient supply chain • Drive operational leverage and project execution excellence • Leverage continuous improvement, digital and AI • Strong capital management and cash flow • Clear capital allocation principles Increase value through excellence in execution
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© We have positioned Wärtsilä as an industry leader and achieved critical milestones since 2023 4 Technology and thought leader • #1 in marine high-value segments & decarbonisation • #1 in medium-speed engines for energy A more focused and simplified portfolio • Portfolio Business wound down, 11 non-core businesses divested • Energy storage joint venture (Valo) established On track for our 2030 decarbonisation targets • To become carbon neutral in own operations • To provide a product portfolio ready for zero carbon fuels • 25% reduction of suppliers’ GHG emissions Safety, customer success and employee engagement • Positive trend in safety indicators • Successful by making our customers successful • Listed on the Forbes Global 2000 and recognised as one of the world’s best employers Operating result1,2 14.2% Target: 14% Dividend3 >70% Target: ≥50% of EPS ROCE2 ~94% Organic growth1 ~12% Target: 5% Gearing (Sep’26) -0.81 Target: <0.5 Order book (Sep’26) ~€9.9bn 1) Marine and Energy combined 2) LTM Q3/26 3) 10-year average CAGR 23-LTM Q3/26
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© Consistency in strategy. The Wärtsilä Way is the foundation for continued value creation 5
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© 722 Previous expectation 2021-2030 IEA STEPS 2022 New expectation 2025-2030 IEA Electricity 2026 1,047 Unprecedented demand growth in Energy driven by structural shifts 6 +45% Average annual electricity demand growth TWh • Entering the highest electricity demand growth in history. By 2030 demand increase is expected to equal more than the total US power consumption today • Demand growth has a broad set of drivers: – Industry – Cooling & heating – Transport – Data centres • In addition, more than 200 GW of coal and turbine capacity is planned to retire by 2030 • Electricity demand growth and replacement of old generation capacity will increasingly be met by renewables combined with flexible balancing technologies such as medium-speed gas engines Core segments • Wärtsilä is #1 in medium-speed engines for the energy sector • Medium-speed engine technology is very competitive for data centres Electricity demand Source: IEA, Global Energy Monitor
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© Above market equipment growth for Marine driven by decarbonisation and growth of core segments 7 ~5% Core segments1 Annual contracting of 4-stroke medium- speed main engines (GW); CAGR 1) Clarksons September 2026 forecasts and internal models, naval vessels excluded 4.8 5.8 2026 2030 Decarbonisation Fuel efficiency • Rising fuel and compliance costs increase the value of fuel efficiency, triggering investments • Wärtsilä has a leading portfolio of equipment and services to support customers in achieving efficiency targets Fuel flexibility • Uncertainty of future fuels drives value of technology optionality • Wärtsilä has a leading portfolio in all fuels and in fuel flexibility Core segments • The core segments will grow faster than the general marine market • Wärtsilä holds #1 position in high-value vessel segments (e.g. cruise, ferries and offshore)
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© Every equipment sale creates 20+ years of accretive lifecycle service business 8 • Services account for >50% of total revenues • In the coming 5 years we estimate to deliver engines representing 25% of current installed base • The new fleet starts to generate significant service business in 4-5 years after equipment order intake • In Marine, ~70% of fleet additions will be in alternative fuels compared to ~25% of current installed base. Alternative fuels have ~30% higher share of customer service spend than diesel • In Energy, ~80% of fleet additions will have a service agreement compared to ~37% of installed base coverage today • By moving up the service value ladder towards outcome-based agreements, the share of customer service spend increases even further (up to 2-5x relative to transactional services) 1) share of customer service spend Moving up the service value ladder Transactional • Spare parts • Field services Retrofits and upgrades Agreements and outcome-based agreements 1x Up to 2-5x1 Optimised maintenance
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© #1 #1 #1 ~57% of net sales2 • Technology leader in high- value vessel segments • Leader in fuel efficiency and alternative fuels • Leader in LNG methane slip reduction • Leader in hybrid and full- electric vessels • Pioneer with 1st ammonia engine delivered • Technology leader in fuel efficiency and low water consumption • Competitive solution for all scenarios: – Baseload power – After grid connection, hybrid setup serving both the data centre and selling to the grid – With renewables, the plant can move to balancing, maximising customers’ asset value • Transactional: spare parts & field service • Moving up the service value ladder increases share of customer service spend: – Optimised maintenance & outcome-based agreements – Leveraging digital and AI • Superior fuel efficiency and operational flexibility • Fuel conversion packages available already today • Successful testing of world’s first large-scale 100% H2 engine Wärtsilä is well-positioned to capture the significant growth … 9 Leader in medium-speed main engines in Marine Leader in medium-speed data centre engine solutions Global services network to ensure maximum uptime Leader in baseload and balancing power in Energy1 1) engine units >5MW 2) services YTD Sep’26, Marine and Energy combined
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© • Maintain technology leadership in Marine and Energy • R&D expenditure 3-4% of net sales p.a. • Focus on value-based pricing and price realisation • Expand operational leverage • Leverage continuous improvement – the lean journey • Continue to excel in project execution • Maintain discipline in capital management • Leverage digital and AI • >2X stepwise operational capacity expansion to ~8 GW1 until beginning of 2029 • Scale within existing footprint • Short payback period • Secure access to critical components • Strategic partnerships with key suppliers • Possibility for further capacity expansion exists … and drive competitiveness through excellence in execution 10 Continued technology leadership Execute, Execute, ExecuteFlexible capacity expansion with resilient supply chain 1) ~6 GW in STH, Vaasa and ~2 GW in joint ventures
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© Evolve AI foundation Data availability, governance and AI tooling 11 Using AI in Wärtsilä has significant potential to accelerate service growth and productivity • Leverage AI and deep domain expertise to support growth of service business • Focus on providing industry- leading uptime, reliability, fuel efficiency and emissions reduction • Improve customer experience and ease to work with Wärtsilä • Leverage AI as a tool in the toolbox for continuous improvement – the lean journey Develop customer solutions & experience Boost Wärtsilä Continuous Improvement • Reconfigure selected end-to-end processes using AI to strengthen competitiveness • Reduce lead times and improve responsiveness • Improve efficiency and productivity Reconfigure processes for competitiveness Wärtsilä AI framework
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© 12 • Being successful by making our customers successful • Clear leadership and delegated profit & loss responsibilities • Improve speed and make decisions close to where customer value is created • Caring for people and professional development • Mindset of continuous improvement Performance culture – customer focus, speed in decision-making and continuous improvement
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© THE BEST IS YET TO COME – accelerating value creation 13 • Raising the ambition with new mid-term financial targets • Solid path to reach the upgraded targets: – Capturing significant growth opportunities in equipment – Growing lifecycle revenues over many years – Increasing value through excellence in execution
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© 14 Disclaimer This presentation has been prepared by Wärtsilä Corporation ("Wärtsilä") solely for information purposes and does not constitute an offer to sell or buy any securities of Wärtsilä in any jurisdiction, nor does it constitute investment advice or a recommendation. Forward-looking statements: Statements in this presentation on Wärtsilä's strategy, financial targets and demand environment are forward-looking and reflect management's current expectations and assumptions. They involve risks and uncertainties, many beyond Wärtsilä's control, such as macroeconomic, geopolitical and regulatory developments, market demand and competition, supply chain disruption, and currency and commodity prices, and actual results may differ materially. Financial targets are not forecasts or guidance. Wärtsilä undertakes no obligation to update the statements presented herein, except as required by law or stock exchange rules. Third-party information: Market and competitor information is based on third-party sources and Wärtsilä's estimates and has not been independently verified. Illustrative technical or savings calculations do not guarantee the performance of any Wärtsilä equipment or technology. Alternative performance measures: Wärtsilä presents alternative performance measures in accordance with ESMA guidance. Definitions and reconciliations are available in Wärtsilä's financial reports at https://www.wartsila.com/investors/reports-presentations. To the extent permitted by law, neither Wärtsilä nor its representatives accept any liability for any loss arising from the use of this presentation.
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© Capturing unprecedented opportunities for structural growth and profitability improvements Anders Lindberg President of Energy Helsinki | 3 November 2026 1
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© Upgraded targets based on three structural drivers 2 Upgraded Energy targets Grow lifecycle revenues over many years • Grow the service business as the installed base expands • Increase lifecycle value by growing the agreement business • Move customers up the service value ladder towards outcome-based agreements Increase value through excellence in execution • Continue to focus on equipment deliveries rather than EPC • Deliver excellence in project execution • Capture operating leverage and drive continuous improvement • Leverage digitalisation and AI to improve performance Capture unprecedented equipment growth • Leverage record load growth and renewables capacity additions • Expand in the growing balancing power and data centre markets • Differentiate through industry-leading efficiency, flexibility, reliability, and track record as a lifecycle partner • Scaling up the industry- leading Wärtsilä 46TS platform to further improve our competitiveness High-teens % annual organic net sales growth 18% operating result1 1) Post-IFRS 18
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© Focus areas from CMD 2023 Status as of CMD 2026 Focused on profitability and delivery Stronger risk management +3.4pp profitability1, >85% EEQ2 in order book Operational leverage from growth +142% order intake1, +39% net sales1, +6% FTE1, 3 Moving up the service value ladder +15% of agreements growth driven by outcome-based agreements1 Increasing agreement coverage +5pp agreement coverage of installed base1, >90% renewal rate Captured growth in new build and services Increasing new build orders Record equipment order book (4.3 BEUR), +331%1 Strong thermal balancing growth +250% increase in balancer order book1 Continuing growth in Services +39% in Services order book1, book-to-bill 1.2x in Services, >50% of sales from Services New build agreement sales growth ~80% agreement capture in new build won deals Future-proof technology portfolio 100% H2 engine tested, growing references for W31, W46TS Milestones achieved since 2023 3 1) Growth: LTM (last twelve months) Q3/2026 compared to FY2023 2) Engineering and Equipment 3) Full-time Employees; only Energy employees i.e. excluding manufacturing, research & development All figures in MEUR unless otherwise indicated
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© • We are entering the highest electricity demand growth period in history • By 2030, global electricity demand will grow by 5 400 TWh 1 , equalling more than total U.S. power consumption today • More than 200 GW of coal and turbine capacity is planned to retire by 2030 2 Accelerated load growth and retirement of firm capacity create an unprecedented opportunity for equipment and service revenue growth for Wärtsilä The demand environment is undergoing a structural shift to higher levels of growth while ageing capacity is retiring 4 0 500 1,000 Historical 2015-2025 IEA Electricity 2026 Previous expectation 2021-2030 IEA STEPS 2022 New expectation 2025-2030 IEA Electricity 2026 211 GW Retiring plants Americas Unprecedented demand Average annual electricity demand growth Retiring ageing firm capacity Planned coal and turbine plant retirements 2026-2030 2 Africa & Europe Middle East & Asia 1) IEA Electricity 2026; 2) Global Energy Monitor +45%TWh
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© Electricity demand growth has robust, diversified drivers… 5 Drivers of electricity demand 2025-2030 Industry Cooling and heating Transport Other Data centres Main drivers Electrification of industry Steel, cement, aluminium, chemicals Air conditioning and heat pumps Air conditioning uptake strongly correlated with growing per-capita income Electric vehicle uptake Sales of EVs forecast to double by the end of the decade All other, e.g. appliances Artificial intelligence Highly concentrated loads seek off-grid solutions Share of growth (average >1 000 TWh annually) Source: IEA Electricity 2026 36% 13% 12% 31% 9% Addressed by Wärtsilä’s on-grid balancing and conventional baseload solutions Addressed by Wärtsilä’s off-grid data centre solutions
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© … and will predominantly be met by renewables and balancing technologies such as medium-speed gas engines 6 1) IEA Electricity 2026: share of net growth in power generation 2) Forecast derived from BloombergNEF scenarios, Wärtsilä analysis 3) Flexibility for a secure and affordable power sector transformation; Planned Energy Scenario (International Renewable Energy Agency, 2026). 4) Q3/2026 compared to Q4/2023 The scale of electricity demand growth is unprecedented Demand growth is primarily met 1 with renewable generation supported by gas Wärtsilä is well positioned to support the transition with flexible solutions 25% CAGR 2026-2030 2 in Wärtsilä’s addressable market Flexibility needs are already growing 3 and gas power is set to provide much of the needed power system flexibility Engines enable the lowest overall system cost by combining high efficiency and flexibility 250% increase in balancer order book 4 Over 2 GW of Wärtsilä balancing order intake in the U.S. during 2024-2026 The trend is global: • Wärtsilä has received balancer orders in 10 countries since 2021 • ~60% of Wärtsilä’s balancer order intake in 2026 is from non-U.S. markets >1 000 TWh Annual growth in electricity demand until 2030 -200 0 200 400 600 800 1000 1200 1400 2026 2028 2030 Net growth, TWh Wind & solar Gas (all technologies) Other (coal, nuclear, hydro, etc.) Source: IEA Electricity 2026
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© 0 100 200 2018 2022 2026 2030 Data centre market growth is increasingly reliant on fast, scalable, and efficient off-grid power 7 1)1H 2026 US Data center outlook, BNEF (2026); 2) Data centre forecast derived from BloombergNEF data centre market forecasts. AVK: AVK-SEG is an energy solutions company based in England; TGES: Tokyo Gas Engineering Solutions Corporation; DC: data centre Data centre capacity is surging, and increasingly powered off-grid U.S. installed data centre capacity 1 Wärtsilä’s flexible generation is attractive for all future grid scenarios Wärtsilä’s industry-leading solutions are valued by customers and partners 15% CAGR 2026-2030 2 in Wärtsilä’s addressable market >3 GW of Wärtsilä capacity sold for data centres in the U.S. during 2025-2026 Wärtsilä’s medium-speed engines bring off-grid power online quickly, combining efficient generation with operational flexibility and a modular design In the U.S., Wärtsilä partners with Schneider Electric and Stanley Consultants In Europe, Wärtsilä and AVK collaborate to deliver on-site power generation for DCs In Japan, TGES and Wärtsilä jointly evaluate power supply solutions for DCs Off-grid share of future U.S. data centres is estimated at 25% to 42% based on BNEF, Orennia, and Cleanview BNEF 1H 2026 base case Third-party forecast range Dedicated data centre baseload power while the grid catches up Hybrid setup serving the data centre and selling to the grid Pure balancing model to support renewables in the grid GW
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© Efficiency Ramp-up to full load Unlimited starts Land use intensity Water use Medium- speed engine Aeroderivative gas turbine Combined- cycle gas turbine High-speed engine Wärtsilä’s efficient and modular solutions, flexible design, and robust performance excel in baseload generation for data centres 8 Source: Wärtsilä analysis from internal and external sources. Illustrative comparison for typical 50-500 MW power plants with unit sizes for the technologies between 1-150 MW. BNEF: Engines offer the lowest LCOE for off-grid data centres Levelised cost of electricity (LCOE) for a 500 MW data centre 0 20 40 60 80 100 120 140 Engine OCGT CCGT Fuel cell USD/MWh Note: OCGT = open-cycle gas turbine, CCGT = combined-cycle gas turbine Source: Gas Engines Beat Turbines on Costs at US Data Centres, BNEF (2026) 50% <2 min 40% <10 min 55% <30 min 40% <2 min
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© Medium-speed engines offer lower generation costs with only ~20% as many units as high-speed engines 9 High-speed engines: 151 units High-speed engines requiring more units increase the customer’s • Number of maintenance activities • Potential component-level failure points • Required footprint per MW Up to 5% lower LCOE1 with medium-speed engines than high-speed for a 400 MW data centre due to • Higher fuel efficiency • Higher reliability • Lower operating costs Wärtsilä: 27 units Wärtsilä needs fewer units to meet the same 400 MW data centre demand Source: Unlock power. Unleash growth., Wärtsilä (2026). Illustrative comparison of site footprint 1) Levelised cost of electricity
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© 0 200 400 600 800 Medium-speed engines High-speed engines Aeroderivative gas turbines Open-cycle gas turbines Combined-cycle gas turbines 10 Total cost of ownership for a 400 MW data centre capacity in Texas, US EUR/kW of data centre capacity per year Medium-speed engines deliver the lowest cost of ownership for data centres across all markets assessed in our recent study Unlock power. Unleash growth. How data centres can create tomorrow's power system flexibility. Access two recent papers on powering AI here: Source: Unlock power. Unleash growth., Wärtsilä (2026) Paper: Power solutions for off-grid data centre Paper: How data centres can create tomorrow’s power system flexibility
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© Scaling up the Wärtsilä 46TS platform to further improve our competitiveness The Wärtsilä 46TS is the new industry-leading large-bore engine designed for balancing renewables and providing cost-efficient baseload. Industry-leading performance • Significantly increased power output • World-leading efficiency Unparalleled operability • Excellent performance in hot climates and at high altitudes • Rapid response to power system fluctuations Ready for the future • Designed to operate on various fuels • Ready for Wärtsilä Synchronous Condenser, supporting grid stability 11
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© 0 1 2 3 4 5 6 Q3 2026 0.0 0.5 1.0 1.5 2.0 2.5 3.0 2026 2027 2028 2029+ 12 Energy’s strong order book supports continued installed base growth while lead times have extended new deliveries to 2030 and beyond Q3/2026 order book delivery schedule, Energy €bn €bn Equipment Services Delivery schedule For service agreements, only the expected net sales for the next 24 months are included in the order book. • Energy’s strong order book supports continued installed base growth and attractive service revenue potential beyond the mid-term targets • The reported 2028-2029 order book does not fully reflect committed and reserved capacity, including signed orders pending down payment or notice to proceed, as well as capacity held for active quotations with a typical validity time of 60-90 days • New customers are currently facing delivery availability in 2030 and beyond
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© 13 The expanding installed base, with considerably higher agreement coverage in the pipeline, drives long-term growth in services CoD: Commercial operation date Operating installed base Estimated deliveries until 2030 ~60 GW ~37% Service agreement coverage ~13 GW ~80% Service agreement capture rate by CoD of which 6 GW in order book
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© Each equipment sale creates lifecycle service business for over 20 years 14 Year 4-5 Year 25+ Current average lifecycle revenue Expected lifecycle revenue in new deliveries Cumulative equipment and lifecycle service order intake +50% New deliveries’ lifetime service potential grows with a higher agreement capture rate and increased share of customer service spend. Equipment delivery Order intake End of warranty Start of operations Illustrative example; values vary by engine type, operating profile, equipment & service scope. Variance in service revenue is larger in Energy than in Marine Current average Expected for new deliveries Year 0
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© Our strategy of moving up the service value ladder is delivering tangible results 15 Moving up the service value ladder Up to 3-5x share of customer service spend in outcome-based agreements compared to transactional 31% → 37% agreement coverage of installed base Q3/2026 vs. Q4/2023 >90% agreement renewal rate 15% of agreement growth is outcome-based Q3/2026 vs. Q4/2023 in MWs Transactional: spare parts and field services Maintenance & operational support Outcome- based & decarbonisation 1x Up to 3-5x Guaranteed performance services Wärtsilä Service Value Ladder Sales EUR/kW relative to Transactional Upgrades & fuel conversions as additional drivers
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© Outcome-based agreements increase services revenue potential enabled by Wärtsilä’s AI and digital capabilities 16 Capture high-value operating hours Customer example Âmbar Energia in Brazil Predict maintenance needs AI-powered analytics combine plant data with expert know-how to guide proactive service Optimise maintenance around market opportunities and requirements so plants are ready when it matters most Financial terms linked to plant performance. Digital tools and predictive maintenance support operational efficiency and cost savings
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© Unprecedented growth opportunities in balancing, data centres and services. Execution and price realisation drive profitability 17 +331% increase in equipment order book1 31% → 37% service agreement coverage1 +3.4pp profitability improvement1 EUR >150m decrease in WCAP2 with net sales up EUR ~600m2 >500bp improvement in equipment order book margin3 Growth Profitability Equipment Balancing growth globally Partnerships to address off-grid data centres Conventional baseload pockets Service Growing the installed base Increasing agreement coverage Climbing the service value ladder Execution excellence Excellence in project execution Operational leverage Continuous improvement Digitalisation and AI Price management Value-based pricing and price realisation Price indexation mitigates inflation risk 1) LTM Q3/2026 compared to FY2023; 2) LTM Q3/2026 compared to LTM Q3 2023, WCAP referring to working capital excluding advances; 3) Q2/2026 compared to Q4/2024
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© 18 Capturing unprecedented opportunities for structural growth and profitability improvements Upgraded Energy targets High-teens % annual organic net sales growth 18% operating result1 Grow lifecycle revenues over many years Increase value through excellence in execution Capture unprecedented equipment growth 1) Post-IFRS 18
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© Disclaimer 19 This presentation has been prepared by Wärtsilä Corporation ("Wärtsilä") solely for information purposes and does not constitute an offer to sell or buy any securities of Wärtsilä in any jurisdiction, nor does it constitute investment advice or a recommendation. Forward-looking statements: Statements in this presentation on Wärtsilä's strategy, financial targets and demand environment are forward-looking and reflect management's current expectations and assumptions. They involve risks and uncertainties, many beyond Wärtsilä's control, such as macroeconomic, geopolitical and regulatory developments, market demand and competition, supply chain disruption, and currency and commodity prices, and actual results may differ materially. Financial targets are not forecasts or guidance. Wärtsilä undertakes no obligation to update the statements presented herein, except as required by law or stock exchange rules. Third-party information: Market and competitor information is based on third-party sources and Wärtsilä's estimates and has not been independently verified. Illustrative technical or savings calculations do not guarantee the performance of any Wärtsilä equipment or technology. Alternative performance measures: Wärtsilä presents alternative performance measures in accordance with ESMA guidance. Definitions and reconciliations are available in Wärtsilä's financial reports at https://www.wartsila.com/investors/reports-presentations. To the extent permitted by law, neither Wärtsilä nor its representatives accept any liability for any loss arising from the use of this presentation.
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© Project 3 Project 4 EUR/kW sales prices are not a reliable proxy for margins 1 Project 1 Project 2 +80% EUR/kW +/- 0% EUR/kW • Size in MW and number of engines • Type of project (EPC, Extended EEQ, EEQ) • Scope (MV/LV switchgear, SCRs) • Delivery term (FCA, DDP) • Specific costs related to location • Transport • Local site labour, etc. Many factors influence the margin and net sales of an individual project EPC: Engineering, Procurement, and Construction; EEQ: Engineering and Equipment; MV/LV: Medium voltage / low voltage; SCR: Selective Catalytic Reduction; FCA: Free Carrier; DDP: Delivered Duty Paid Margin-% vs. Margin-% +4pp Margin-% +12pp vs. Margin-% EUR/kW +80% vs. EUR/kW EUR/kW +/- 0% vs. EUR/kW
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© Decarbonisation leadership drives profitable growth in equipment and services Roger Holm President, Wärtsilä Marine and Executive Vice President Helsinki | 3 November 2026 1
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© Upgraded targets based on three structural drivers 2 Upgraded Marine targets 1) Post-IFRS 18 Grow lifecycle revenues over many years • Growing installed base with increasing technology complexity • Expansion of service agreements and moving up the service value ladder to outcome-based models • Retrofits accelerating towards the end of the decade Increase value through excellence in execution • Operating leverage • Continuous improvement • Digitalisation and AI • Disciplined price management Capture above-market equipment growth • Positive outlook in our core, high-value segments • Decarbonisation-driven demand for efficiency and fuel flexibility plays to our technology strengths Mid-single-digit annual organic net sales growth 14% operating result1)
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© Focus areas from CMD 2023 Status as of CMD 2026 Led maritime decarbonisation #1 in high-value segments #1 in 4-stroke medium-speed main engines • Top-tier in alternative-fuel aux engines #1 in alternative fuels >400 methanol engines sold • 1st ammonia engines delivered • Lowest methane slip #1 in electrification #1 in hybrid and full-electric vessels • 1st hybrid-electric contracted Lead across decarbonisation pathways 1st full-scale onboard carbon capture delivered • 1st Gate Rudder system delivered Tap into decarbonisation-driven retrofits Progress slower than anticipated due to regulatory uncertainty Delivered profitable growth1) Grow in equipment and services Net sales: EUR 3.6bn, 10% CAGR • Orderbook: EUR 4.3bn, +53% Move up the service value ladder 37% agreement coverage, +4pp2) • 40% outcome-based, +12pp • >90% renewals2) Improve profitability 13.0% EBIT3), +3.1pp Milestones achieved since CMD 2023 3 1) Net sales and EBIT comparisons are based on LTM Q3 2026 versus FY 2023; orderbook and agreement fleet comparisons are based on Q3 2026 versus year-end 2023; 2) 4-stroke medium-speed engines, excluding QuantiParts; calculated on vessels less than 20 years old; 3) Pre-IFRS 18
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© Rising fuel and compliance costs increase the value of fuel efficiency 4 IMO net-zero target remains; the lack of a global framework is creating a fragmented regional regulatory landscape EU ETS generated USD ~5.6bn cost for shipping from 2025 emissions1) China targets >15% lower CO2 intensity by 2030 vs 2025 1) Source: Clarksons; 2) EUA (EU Allowance): EUR 82/tCO2 in 2025 to EUR 230/tCO2 in 2050; VLSFO (Very Low Sulphur Fuel Oil): EUR 600/t Fuel and compliance costs for a VLSFO-fuelled vessel operating 100% in the EU2) Fuel cost ETS cost FuelEU Maritime compliance cost 1x 1.4x 1.7x 3.9x 2025 2030 2035 2050 Vessel’s lifetime The transition will accelerate during the lifetime of a vessel (>25 years) As fuel costs increase, the value of efficiency increases, triggering investments Wärtsilä has a leading portfolio of equipment and services to support customers in achieving their efficiency targets
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© Fuel uncertainty increases the value of technology optionality 5 Newbuild development by fuel type, % GT1) LNG • LNG accounts for ~30% of GT in the shipyards’ orderbooks and is increasingly seen as a longer-term option as methanol and ammonia uptake is delayed • Wärtsilä is the market leader in LNG main engines, with ~85% market share and the industry’s lowest verified methane slip 2) Fuel flexibility • To deal with uncertainty and avoid stranded assets, shipowners are looking for fuel flexibility • Wärtsilä holds a leading position in all fuels and in fuel flexibility 1) Source: Clarksons; other: battery, LPG, ethane, hydrogen; GT – Gross Tonnage; 2) Across 4-stroke medium-speed engines; industry-first verified methane slip performance for two large cruise ships, resulting in EUR ~2m savings in emission costs, with benefits set to increase over time LNG Methanol / Ethanol Ammonia Other Diesel 0% 50% 100% 2026 2030 2040 2050
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© We are the best technology partner enabling the most cost-effective decarbonisation journey for our customers 6 Burn less fuel Clean up emissions Use alternative energy sources Vessel efficiency Operational efficiency Carbon capture Sustainable fuels Electrification Our position Leader in fuel efficiency Leader in voyage and energy optimisation Pioneer in carbon capture Leader in LNG, methanol, ammonia Leader in hybrid and full-electric GHG reduction potential1) 1) Indicative maximum GHG reduction potential; actual reductions vary by application and energy source 25% 25% 75% 100% 100%
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© 7 Fuel transition further strengthens our competitive position 1) Market share as of Q3 2026, in MW; CMD 2023: main engines ~45% (alternative fuels ~70%), auxiliary engines ~15% (alternative fuels ~25%); alternative fuels include LNG, methanol, ammonia; 2) Average 2026–2030, based on Clarksons September 2026 forecasts and internal models; naval vessels excluded Wärtsilä total market share Wärtsilä market share in alternative fuels EUR ~3bn total market2) Auxiliary engines1) Top-tier player with ~2x higher market share in alternative fuels 4-stroke medium-speed main engines1) EUR ~2bn total market2) Market leader with an even stronger position in alternative fuels Wärtsilä market share ~85% in alternative-fuel medium- speed main engines ~45% in total medium-speed main engines ~20% in alternative-fuel auxiliary engines ~10% in total auxiliary engines
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© Positive outlook in our core market segments supports continued equipment growth 8 0 10 20 2023 2026 2030 Target market 4-stroke medium-speed engine global contracting, GW1) Main engines Auxiliary engines 1) Based on Clarksons September 2026 forecasts and internal models, naval vessels excluded; CAGR refers to main engines; 2) Wärtsilä’s position in 4-stroke medium-speed engines Wärtsilä market position2) #1 cruise Passenger growth and strong operator financials #1 ferries Fleet replacement needs and electrification #1 offshore Replacement demand and strong FPSO/ FLNG pipeline #1-3 merchant aux Newbuild demand normalising from high levels ~5% CAGR ~8% CAGR
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© Year 0 Year 5 Year 30+ Each equipment sale creates lifecycle service business over 30 years 9 Cumulative equipment and lifecycle service order intake Illustrative example based on historical averages End of vessel’s lifetimeStart operations End of warranty Equipment delivery 2x Equipment + services 1x Equipment Order intake ~60% of total Marine sales come from services
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© 10 Growth of installed base and the shift towards alternative fuels expand our long-term service opportunity 1) 4-stroke medium-speed engines, excluding QuantiParts; estimated deliveries and orderbook include deliveries from joint ventures; 2) ~50% from joint ventures; 3) Calculated on vessels less than 20 years old Operating installed base1) Estimated deliveries until 20301) Alternative fuels Diesel ~60 GW ~25% ~17 GW2) ~6 GW in orderbook ~70% Diesel Alternative fuels Share of customer service spend3) + ~30%
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© Service growth is driven by installed base expansion, agreement growth and outcome-based models 11 Moving up the service value ladder Up to 2–3x share of customer service spend in outcome- based agreements versus transactional 33% → 37% agreement coverage of installed base Q3 2026 versus year-end 20232) 28% → 40% of agreements are outcome-based Q3 2026 versus year-end 2023 >90% agreement renewal rate2) 1) Share of customer service spend; 2) 4-stroke medium-speed engines, excluding QuantiParts; calculated on vessels less than 20 years old Transactional Parts Field services Retrofits Energy efficiency Decarbonisation Compliance and obsolescence Outcome-based agreements Profit sharing, guaranteed performance 1x Up to 2–3x1) Maintenance agreements Expert Insight Operational support Data-driven dynamic maintenance planning Wärtsilä Marine service value ladder
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© Decarbonisation-driven retrofits will accelerate towards 2030, adding significant service potential 12 Wärtsilä Marine addressable retrofit market, average annual, EUR bn1) Energy-saving Sustained demand as fuel and emission costs rise Fuel conversions Market accelerates as regulation tightens and fuel supply matures Carbon capture Uptake as emission costs rise and CO2 handling infrastructure develops 1) Based on Clarksons September 2026 forecasts and internal models; values represent Wärtsilä’s potential addressable scope only Energy-saving Fuel conversions Carbon capture 0 10 20 2021–2025 2026–2030 2031–2035 ~2x ~2.5x
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© AI brings unprecedented speed and scale for customer value creation and productivity improvement 13 Examples of AI in action AI-powered diagnostics combines real-time data, AI-powered analytics and expert know-how to detect anomalies and improve asset performance Agentic parts quotation automates quotation processing, shortening response times, improving conversion and increasing productivity EUR 3.5m in fuel, spares and labour costs avoided since 2025 across a fleet of 14 containerships >30% of parts quotations targeted for touchless processing by H1 2027 AI-enhanced customer value AI-enhanced productivity
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© Delivery excellence, scaled AI adoption and disciplined pricing drive continued profitability improvement 14 Examples of execution excellence, LTM Q3 2026 versus FY 2023 –33% engine production lead time1) +52% service net sales via online portals EUR >100m decrease in WCAP, with net sales up EUR >700m2) 1) Lead time from engine block start to delivery; reduction calculated by engine platform and averaged across platforms; 2) WCAP – Working capital; excluding advances, rolling 12 months Growth Profitability Equipment Positive outlook in our core segments Decarbonisation-driven demand for fuel efficiency and flexibility plays to our strengths Execution excellence Operating leverage Continuous improvement Digitalisation and AI Service Growing installed base with increasing technology complexity Expansion of service agreements Retrofits Price management Value-based pricing and price realisation Price indexation mitigates inflation
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© Decarbonisation leadership drives profitable growth in equipment and services 15 Upgraded Marine targets 1) Post-IFRS 18 Grow lifecycle revenues over many years Increase value through excellence in execution Capture above- market equipment growth Mid-single-digit annual organic net sales growth 14% operating result1)
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© Disclaimer 16 This presentation has been prepared by Wärtsilä Corporation ("Wärtsilä") solely for information purposes and does not constitute an offer to sell or buy any securities of Wärtsilä in any jurisdiction, nor does it constitute investment advice o r a recommendation. Forward-looking statements: Statements in this presentation on Wärtsilä's strategy, financial targets and demand environment are forward-looking and reflect management's current expectations and assumptions. They involve risks and uncertainties, many beyond Wärtsilä's control, such as macroeconomic, geopolitical and regulatory developments, market demand and competition, supply chain disruption, and currency and commodity prices, and actual results may differ materially. Financial targets are not forecasts or guidance. Wärtsilä undertakes no obligation to update the statements presented herein, except as required by law or stock exchange rules. Third-party information: Market and competitor information is based on third-party sources and Wärtsilä's estimates and has not been independently verified. Illustrative technical or savings calculations do not guarantee the performance of any Wärtsilä equipment or technology. Alternative performance measures: Wärtsilä presents alternative performance measures in accordance with ESMA guidance. Definitions and reconciliations are available in Wärtsilä's financial reports at https://www.wartsila.com/investors/reports-presentations. To the extent permitted by law, neither Wärtsilä nor its representatives accept any liability for any loss arising from the use of this presentation.
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© Solid path to mid-term financial targets and sustainable value creation Arjen Berends Executive Vice President & CFO Helsinki | 3 November 2026 1
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© Sustainable value creation 1 Continued growth 2 Improved profitability 3 Disciplined capital allocation Strong commitment to deliver on realistic mid-term financial targets 2 Financial target Marine Energy Group Annual organic net sales growth Mid-single-digit % High-teens % Low-double-digit % Operating result 14% 18% 16% Net profit to FCF conversion >90% Dividend at least 50% of earnings per share
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© 3 We delivered on all our financial targets… Marine and Energy combined Group Net sales 5% annual organic growth Capital structure Gearing below 0.5 Profitability 14% operating result-% Dividend DPS of at least 50% of EPS 0.0 0.2 0.4 0.6 0.8 1.0 0% 5% 10% 15% 2023 2024 2025 0 1 2 3 4 5 6 7 0% 5% 10% 15% 2023 2024 2025 -1.0 -0.5 0.0 0.5 1.0 2023 2024 2025 Q3/26 0.00 0.20 0.40 0.60 0.80 1.00 1.20 0% 20% 40% 60% 80% 100% 120% 2023 2024 2025 Organic growth €bn % of net sales €bn % of EPS € Net sales Organic growth Target Operating result % of net sales Target Gearing Target DPS regular DPS extraordinary % of EPS Target LTM Q3/26 LTM Q3/26
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© …while simultaneously executing targeted actions improving the resilience and quality of our earnings 4 Focus areas Status as of CMD 2026 Service growth ~37% agreement coverage of installed base compared to ~30% in 2023, with >90% renewal rate >1 book-to-bill in service with service net sales CAGR of 5% since 20231) All-time-high service order book of EUR ~2.8 billion Q3/2026 Order book quality EPC2) share of the Energy order book further reduced from ~30% in 2023 to ~10% Longer order book provides improved visibility into future sales Continued service growth potential for 2030 and beyond is driven by today’s equipment orders Investments for the future R&D expenditure at 4-5% of net sales over past years compared to ~3% historically Capacity investments in manufacturing, supply chain, and service infrastructure supporting future growth Capital efficiency Working capital excluding advances decreased by more than EUR 300 million over the past three years while sales increased by close to EUR 1.3 billion over the same period1) Group return on capital employed (ROCE) at 94% Q3/2026 LTM compared to 17% in 2023 Focused portfolio 11 Portfolio Business units divested since 2019 Energy storage joint venture (Valo) established in October 2026 1) For Marine and Energy combined, 2) Projects involving engineering, procurement, and construction (EPC) scope
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© 9.3% 12.3% 14% FY2023 LTM Q3/26 Mid-term target 5 We introduce separate mid-term financial targets reflecting distinct market dynamics between Marine and Energy Marine Energy Operating result-% development and mid-term target Indicative historical values reflecting post-IFRS 18 situation Operating result-% development and mid-term target Indicative historical values reflecting post-IFRS 18 situation 12.0% 15.3% 18% FY2023 LTM Q3/26 Mid-term target 9.9% pre-IFRS 18 13.0% pre-IFRS 18 12.3% pre-IFRS 18 15.9% pre-IFRS 18 Annual organic growth 2023 – LTM Q3/2026: +10% Annual organic growth target: Mid-single-digit % Annual organic growth 2023 – LTM Q3/2026: +16% Annual organic growth target: High-teens % The indicative historical impact of IFRS 18 (JVs moving out of operating result and certain hedging costs moving in) is based on the latest best estimates. Restated 2026 financial information reflecting IFRS 18 will be published in March 2027.
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© Sustainable value creation is built on improved profitability, strong cash conversion, and higher dividends driven by EPS growth 6 10.3% 13.5% 16% FY2023 LTM Q3/26 Mid-term target Group Operating result-% development1) and mid-term target Indicative historical values reflecting post-IFRS 18 situation 10.8% pre-IFRS 18 14.2% pre-IFRS 18 >90% net profit to free cash flow conversion target at least 50% of EPS as annual dividend payout target Annual organic growth1) 2023 – LTM Q3/2026: +12% Annual organic growth target: Low-double-digit % 1) Marine and Energy combined The indicative historical impact of IFRS 18 is based on the latest best estimates. Restated 2026 financial information reflecting IFRS 18 will be published in March 2027.
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© 7 Both businesses are well positioned to capture attractive growth opportunities Marine, mid-term growth drivers Energy, mid-term growth drivers Mid-single-digit annual organic growth High-teens annual organic growth • Positive outlook in our core, high-value segments • Decarbonisation leadership supporting the demand for efficiency and fuel flexible solutions – Rising fuel costs increasing the value of fuel efficiency – Fuel uncertainty increasing the demand for fuel flexibility – Decarbonisation driven retrofits will accelerate towards 2030 • Moving up the service value ladder and installed base expansion driving growth in services • Record load growth and renewables capacity additions • Equipment growth in balancing power and data centres • Differentiate through industry-leading flexibility, reliability and track record as life cycle partner • Moving up the service value ladder and expanding installed base driving growth in services
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© Operating leverage in Operations1) Price realisation Marine targets 14% operating result through technology leadership and service growth 8 9.3% 12.3% FY2023 LTM Q3/26 14% Mid-term target Cost inflation and related price adjustments Operating leverage in SG&A1) Equipment and service mix impact (Equipment growing faster than service) Marine drivers to mid-term operating result-% target Pluses and minuses indicate the relative impact of change drivers for Marine operating result-% 1) Supported by continuous improvement and AI adoption, SG&A = Selling, General, and Administrative The indicative historical impact of IFRS 18 is based on the latest best estimates. Restated 2026 financial information reflecting IFRS 18 will be published in March 2027.
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© Energy targets 18% operating result driven by price realisation, structural revenue growth and operating leverage 9 12.0% 15.3% FY2023 LTM Q3/26 18% Mid-term target 1) Supported by continuous improvement and AI adoption, SG&A = Selling, General, and Administrative The indicative historical impact of IFRS 18 is based on the latest best estimates. Restated 2026 financial information reflecting IFRS 18 will be published in March 2027. Energy drivers to mid-term operating result-% target Pluses and minuses indicate the relative impact of change drivers for Energy operating result-% Cost inflation and related price adjustments Operating leverage in Operations1) Operating leverage in SG&A1) Equipment and service mix impact (Equipment growing faster than service) Price realisation
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© A higher-margin and lower-risk order book provides a solid foundation to reach upgraded financial targets 10 The order book is well diversified across businesses, geographies, and customer segments Inflation risk is mitigated through cost-indexed customer contracts and agreements with key suppliers ~EUR 2 billion of order intake from signed long-term service agreements is not yet reflected in the order book2), providing additional long-term visibility 0 1 2 3 4 5 6 7 8 9 10 2023 2024 2025 Q3/26 0 1 2 3 4 5 6 7 8 9 10 Q3/26 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 2026 2027 2028 2029+ Delivery schedule €bn €bn€bn Equipment Agreements and retrofits Marine Energy Equipment 20% 70% Service 12% 13% Order book CAGR 1) For Marine and Energy combined, 2) For service agreements, only the expected net sales for the next 24 months are included in the order book, after which booking is done on a rolling basis based on revenue generation Order book development1) Q3/2026 order book delivery schedule Transactional Equipment Agreements and retrofits Transactional (spare parts and field service)
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© 0 1 2 3 4 5 6 Q3 2026 0 1 2 3 4 5 6 Q3 2026 0.0 0.5 1.0 1.5 2.0 2.5 3.0 2026 2027 2028 2029+ 0.0 0.5 1.0 1.5 2.0 2.5 3.0 2026 2027 2028 2029+ 11 Strong order book supports future installed base expansion, creating attractive service revenue potential also beyond the mid-term targets Q3/2026 order book delivery schedule, Marine Q3/2026 order book delivery schedule, Energy €bn €bn €bn €bn Equipment Agreements and retrofits Transactional (spare parts and field service) Equipment Agreements and retrofits Transactional (spare parts and field service) Delivery schedule Delivery schedule For service agreements, only the expected net sales for the next 24 months are included in the order book.
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© Quarterly outlook guidance will shift from demand environment to sales 12 Providing net sales guidance in combination with deeper order book insight provides better transparency and visibility for future growth and profitability development Scope Demand environment outlook by segment Horizon Next 12 months compared to past 12 months Indicator Better – Similar – Lower Scope Net sales outlook by segment Horizon Next 12 months compared to past 12 months Indicator Higher – Similar – Lower Current outlook method Future outlook method Demand guidance based on 12-month forward demand environment outlook Net sales guidance based on 12-month forward sales forecast
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© Disciplined capital allocation balances growth investment with attractive shareholder returns 13 • Fixed-asset investment at 1–3% of net sales mid-term – Equipment: STH capacity expansions in Finland – Services: Logistics centre expansion in the Netherlands • R&D expenditure to maintain technology leadership broadly flat in absolute terms, at 3–4% of net sales mid-term • Dividend of at least 50% of earnings per share • Optionality for additional shareholder returns Investments in growth and strategy execution Shareholder distributions • Focus on synergistic bolt-on acquisitions aligned with our strategy and financial targets Selective M&A
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© Delivering sustainable value creation 14 • Structural growth in attractive end markets • Capacity investments supporting growth • Moving up the service value ladder enabling increased share of customer service spend • Installed base expansion creating attractive service potential beyond the mid- term targets • Profitable growth and working capital efficiency supporting cash generation • Focused organic reinvestment in technology and capacity • Shareholder distributions and selective M&A • Towards new mid-term financial targets • Price realisation • Operating leverage • Continuous improvement • Further potential from long-term service growth Sustainable value creation Continued growth Improved profitability Disciplined capital allocation
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© Disclaimer 15 This presentation has been prepared by Wärtsilä Corporation ("Wärtsilä") solely for information purposes and does not constitute an offer to sell or buy any securities of Wärtsilä in any jurisdiction, nor does it constitute investment advice or a recommendation. Forward-looking statements: Statements in this presentation on Wärtsilä's strategy, financial targets and demand environment are forward-looking and reflect management's current expectations and assumptions. They involve risks and uncertainties, many beyond Wärtsilä's control, such as macroeconomic, geopolitical and regulatory developments, market demand and competition, supply chain disruption, and currency and commodity prices, and actual results may differ materially. Financial targets are not forecasts or guidance. Wärtsilä undertakes no obligation to update the statements presented herein, except as required by law or stock exchange rules. Third-party information: Market and competitor information is based on third-party sources and Wärtsilä's estimates and has not been independently verified. Illustrative technical or savings calculations do not guarantee the performance of any Wärtsilä equipment or technology. Alternative performance measures: Wärtsilä presents alternative performance measures in accordance with ESMA guidance. Definitions and reconciliations are available in Wärtsilä's financial reports at https://www.wartsila.com/investors/reports-presentations. To the extent permitted by law, neither Wärtsilä nor its representatives accept any liability for any loss arising from the use of this presentation.