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© Wärtsilä Shaping the decarbonisation of marine and energy Roadshow presentation January 2026 1
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© 50 % 28 % 11 % 11 % Marine Energy Energy Storage Portfolio Business Wärtsilä – Shaping the decarbonisation of marine and energy Marine and Energy, combined financial targets • 5% annual organic growth • 14% operating margin Energy Storage, financial targets • Low double-digit annual organic growth • 3-5% operating margin Group, financial targets • Gearing below 0.5 • Distribute a dividend of at least 50% of earnings Committed to financial targets 0% 2% 4% 6% 8% 10% 12% 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 2020 2021 2022 2023 2024 LTM Q3/2025Net sales Order intake Comparable operating result, % of net sales MEUR % As of 1 April 2025, Wärtsilä has three reporting segments: Wärtsilä Marine, Wärtsilä Energy, and Wärtsilä Energy Storage. Portfolio Business continues to be reported as other business activities. Wärtsilä Marine Marine offers engines, propulsion systems, hybrid technologies and integrated power transmission systems and related services that support our customers in moving towards carbon neutrality. Wärtsilä Energy Energy offers flexible, efficient, and reliable power plants and services for balancing and baseload applications in the changing energy landscape – enabling 100% renewable energy systems. Wärtsilä Energy Storage Energy Storage offers hardware, software, and lifecycle solutions that unlock more efficient and optimised power systems. Net sales by business, LTM Q3/2025 Strong track record in innovations – ~4% of net sales on R&D yearly
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© Market fundamentals 3 Decarbonisation is shaping the marine industry POLICIES AND REGULATIONS • IMO1 target: to reach net zero greenhouse gas emissions from international shipping by or around 2050 • Cost of carbon emissions: EU Fit for 55, IMO global fuel standard, and local green policies • Access to capital: EU taxonomy, Poseidon Principles and ESG • Demand for green sea transport: a growing market driven by corporate carbon reduction pledges TECHNOLOGY • Focus on carbon-neutral and zero-carbon fuels. The switch to these fuels will be progressive • Next steps in abatement technologies, e.g. maritime carbon capture • Increase in battery systems, hybrid solutions, and energy-saving technologies • Focus on fuel flexibility and upgradeability to increase overall efficiency CONNECTIVITY AND DATA • Optimisation solutions based on a holistic view of the entire transport system • Performance-based service agreements with a focus on uptime, reliability, and fuel efficiency • Vessels are data pools, and are becoming increasingly complex • Cyber security growing in importance 1) International Maritime Organization Energy is moving towards a 100% renewable energy future POLICIES AND REGULATIONS • EU: Climate-neutral by 2050 • China: Carbon neutral by 2060 • Countries with net zero targets cover 88% of global emissions TECHNOLOGY • Electricity generation would need to grow by almost 3x, and renewables by 8x to reach Net Zero targets by 2050 (Source: IEA World Energy Outlook 2024) • Renewables are becoming the main source of electricity and are the cheapest form of generating power • Intermittent energy sources requiring balancing solutions • Sustainable fuels for balancing power CONNECTIVITY AND DATA • Digitalisation creates opportunities for optimising energy use and costs • Power systems becoming increasingly complex with different types of generation assets • Cyber security growing in importance
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© 4 Transform Attractive growth opportunities in the decarbonisation transformation Perform Clear path for operational improvements and increased profitability Our value creation potential is based on two strategic themes
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© Marine and Energy continue to execute earlier communicated strategies with a clear path to reach the updated financial targets 5 Perform ▪ Services >60% of net sales in 2024, moving up the service value ladder with book-to-bill ratio well above one ▪ Strong focus on quality of revenues − Improving newbuild order margins − Energy’s focus on equipment deliveries instead of EPC ▪ Improving capacity utilisation ▪ Addressing footprint and cost structure wherever and whenever needed ▪ Limited additional capex needed to facilitate profitable growth ▪ Focus on continuous improvement Transform ▪ Industry-leading technology portfolio ▪ Market leader in: − 4-stroke medium speed main engines − Engine power plants ▪ Technology leader in green fuels ▪ Pioneer in marine carbon capture & storage ▪ ~25% growth in services since 2022 ▪ All-time high order book at the end of 2024 (~€5.7bn) 14% Operating margin 5% Annual organic growth
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© Energy Storage continues to focus on selective profitable growth 6 1) GEMS software platform Perform ▪ Strong focus on quality of revenues − Industry-leading project delivery & execution capabilities − Strong risk management, focus on equipment delivery − Selective market expansion to new geographies (related investments expected to burden short-term profitability) − Diversified supplier base ▪ Addressing cost structure wherever and whenever needed ▪ Capital-light business with positive cash flow ▪ Project business with volatility in revenues and operating margin Transform ▪ Selective commercial approach focusing on our strengths: − Excellence in project execution − Industry-leading solution performance and thermal safety − GEMS1 for optimised energy management of a single installation, fleets and microgrids ▪ Multisourcing implemented for key components, ability to provide a product not made in China ▪ Growth in recurring revenue through long- term service agreements, enabled by GEMS1 ▪ Continuous improvement of modularised hardware & software to create customer value 3-5% Operating margin Low double-digit Annual organic growth
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© Annual equipment contracting of 4-stroke medium speed main engine-powered units (GW)1), CAGR Strong market fundamentals and the decarbonisation transformation will support profitable growth in Marine business 7 1) Source: Clarksons September 2025 forecast “Base Case” scenario, excludes navy; 2) assuming 100% of fuel consumption subject to Fit for 55 regulations and VSLFO price at 550 EUR/ton, EU allowances price from EUR 65/ton in 2024 to EUR 129/ton in 2030 ▪ Contracting in Wärtsilä's key segments is expected to remain clearly above the 10-year average level, with latest forecast indicating a 36% increase in contracting volumes by 2030 ▪ The IMO target of reaching net-zero GHG emissions by 2050 remains intact, despite the decision to delay the vote on adoption of the Net-Zero Framework by one year ▪ The decarbonisation of shipping continues to progress, driven by local regulations e.g. in the EU and a wide range of customers’ decarbonisation strategies ▪ In the EU, regulatory landscape will double fuel costs up to 20302) ▪ Switch to carbon neutral and zero carbon fuels will be progressive, reaching net-zero emissions will require a fundamental shift towards sustainable fuels and abatement solutions 4,0 5,3 2025 2030 +6%
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© Energy Energy Storage The increasing share of renewables and need for balancing power will support the demand for Wärtsilä’s Energy and Energy Storage offering 8 1) Wärtsilä Engine Power Plants theme call for investors 12/2024, base year updated with 2024 data in Autum 2025. Sources: BNEF, Wärtsilä estimates; 2) Wärtsilä Energy Storage theme call for investors 4/2025. Estimated from BNEF energy storage market outlook. Addressable market excluding certain geographical markets and residential & commercial storage. Sources: BNEF, S&P Global and Wärtsilä estimates 20302025 +13% 4 19 2024 2030 +28% Addressable market in balancing1) GW; CAGR Addressable market2) €; CAGR ▪ Thermal balancing market is expected to grow +4X by 2030 driven by accelerating intermittent baseload. US is an important market for thermal balancing ▪ Power generation related regulatory changes support uptake of thermal balancing (US Federal and State bills, EU electricity market reform and China market reform) ▪ Flexible engine power plants balance grids in an affordable and sustainable way, also for longer shortages in intermittent renewable generation. Sustainable fuels used for balancing can fully decarbonise power systems in the future. ▪ Energy storage systems are essential for near-instantaneous flexibility and short-duration energy shifting
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© Service has provided resilient sales and profits for Wärtsilä over decades 9 1) Service net sales as reported in Annual Reports 2000-2024. 2000–2018 service was reported as its own division and from 2019 onwards as a part of the other reporting segments. Figures reflect the data as per the organisation structure at each point in time and is not adjusted for changes such as acquisitions 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Service Net Sales, MEUR1) >€3.4bn service net sales in 2024 with good future growth potential ~30% of installed base covered by service agreement at the end of 2024 >90% LTM renewal rate of existing service contracts in 2024 Negative impact from COVID-19 702 3,422
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© We continue to execute our services strategy on all steps of the service value ladder 10 1) Customer spend ratio EUR/kW 2) 4-stroke engine MW 3) Source: Clarksons ▪ Our installed base of medium speed engines is increasing ▪ ~30% of installed base2) is under service agreements with further growth potential ▪ Moving up the service value ladder – agreements and performance-based agreements have 2–5X spend ratio (EUR/kW) relative to transactional services ▪ Total investments in Marine retrofits, including Carbon Capture and Storage solutions (CCS), are estimated to increase significantly over the next decade3) Source: CMD 2023
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© Book-to-bill shows growth for service 11 12m rolling book-to-bill1) 1) 2023 data restated to reflect the redefined organisational structure as of 1 Jan 2024. Figures prior to 2023 reflect the data as per the organisation structure at each point in time and is not adjusted for changes such as acquisitions. 0,50 0,75 1,00 1,25 1,50 1,75 Q122 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Service Spare parts Field service Service agreements Retrofits and upgrades
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© 0,50 0,75 1,00 1,25 1,50 1,75 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Energy, Total service Spare parts Field service Service agreements Retrofits and upgrades Rolling 12-month book-to-bill for service above 1 in both Marine and Energy 12 Marine, 12m rolling book-to-bill1) Energy, 12m rolling book-to-bill 1) 2023 data restated to reflect the redefined organisational structure as of 1 Jan 2024. Figures prior to 2023 reflect the data as per the organisation structure at each point in time. 0,50 0,75 1,00 1,25 1,50 1,75 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Marine, Total service Spare parts Field service Service agreements Retrofits and upgrades
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© 13 Strong commitment and a clear path to reach our updated financial targets 5% Annual organic growth Marine and Energy combined Energy Storage 14% Operating margin 3-5% Operating margin Low double-digit Annual organic growth <0.5 Gearing ≥50% Dividend of earnings Group
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© Portfolio Business to continue divestments ▪ Bernd Bertram appointed as Head of Portfolio Business reporting to CEO but not being part of the Board of Management ▪ After the divestment of Gas Solutions (closing expected in Q2/2026) only Water and Waste (annual sales approximately EUR 50 million) remains in Portfolio business. Divestments in 2025 Automation, Navigation & Control Systems ▪ In December 2024, Wärtsilä announced that it had agreed to divest its Automation, Navigation and Control Systems (ANCS) business to the Swedish investment company Solix Group AB. ▪ The transaction was completed on 1 July 2025. Marine Electrical Systems ▪ In July 2025, Wärtsilä announced that it had agreed to divest its Marine Electrical Systems business to Vinci Energies. ▪ The transaction was completed on 31 October 2025. Gas Solutions ▪ In December 2025, Wärtsilä announced that it had agreed to divest its Gas Solutions business to Mutares SE & Co. KGaA. ▪ Subject to approvals, the transaction is expected to be completed in the second quarter of 2026. We continue to actively manage our business portfolio 14
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© © 15 Solid progress towards financial targets in Marine and Energy combined Marine and Energy combined Net sales and operating margin %, last 12 months Group Gearing Group Dividend distribution Energy Storage Net sales and operating margin %, last 12 months Marine and Energy combined financial targets • 5% annual organic growth • 14% operating margin Energy Storage financial targets • Low double-digit annual organic growth • 3-5% operating margin Group financial targets • Gearing below 0.5 • Distribute a dividend of at least 50% of earnings *In 2022, dividend was paid despite negative EPS 13.2% 4.2% Organic growth +13% Organic growth -7%
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© Profitability drivers 16 + + / - -Supporting drivers Uncertainties Negative factors ▪ Continued decarbonisation in both the energy and marine markets ▪ Renewables is the cheapest way to generate electricity ▪ Growing service business ▪ Strong and long order book both in new equipment and services ▪ Improved capacity utilisation ▪ Continuous improvement ▪ Negative mix impact from increasing equipment deliveries ▪ Investments in new markets in Energy Storage ▪ Geopolitical tensions ▪ Tariffs and trade restrictions ▪ Recession risk
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© The strategic priorities are the key levers to improve our performance and reach our target position 17 1 Excel in creating customer value We continuously evolve our understanding of, and responsiveness to, our customers to make them successful 2 Develop high performing teams that make a difference We attract high performing people and excite diverse teams that excel in continuous learning and collaboration. Our leaders provide direction and support, empowering people to act 3 Drive decarbonisation in marine and energy We accelerate decarbonisation in marine and energy through innovation, focused investments and selective partnerships, while also decarbonising our own operations. We provide optimisation solutions and are a thought leader in our industries 4 Capture growth in services We excel in transactional and retrofit business. We move up the service value ladder by growing in performance-based agreements 5 Continuously improve our end-to-end value chain We continuously improve our end-to-end business to meet customer expectations on quality, lead time and delivery accuracy, while reducing complexity and improving competitiveness. We leverage digitalisation throughout our value chain
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© Marine highlights 18
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© 50 %50 % Marine Other businesses Share of total net sales LTM Q3/2025 Leading the path towards decarbonisation by developing state-of-the-art tech and enabling adoption of clean fuels 19 Wärtsilä Marine – Key figures LTM Q3/2025 Order intake 3,856 MEUR Net sales 3,405 MEUR Comparable operating result 421 MEUR 12.4% of net sales 64 % 36 % Services Equipment Marine net sales split LTM Q3/2025 * Financial figures for 2023 have been restated to reflect the redefined organisational structure after discontinuation of Ma rine Systems as a reporting segment as of 1 January 2024. Exhaust Treatment and Shaft Line Solutions business units were moved from Marine Systems to Marine Power and consequently, Marine Power changed its name to Wärtsilä Marine as of 1 January, 2024. Offering ▪ Multi-fuel 4-stroke engines ▪ Propulsion systems ▪ Catalyst systems ▪ Fuel gas supply systems ▪ Hybrid and electrification solutions ▪ Voyage and fleet optimisation ▪ Exhaust treatment ▪ Shaft line solutions ▪ Services ̵ Spare parts and maintenance services ̵ Performance based agreements ̵ Retrofits and upgrades Key customer segments ❖ Cruise & ferry ❖ Offshore ❖ Merchant ❖ Other segments: ̵ Special vessels ̵ Gas carriers ̵ Navy
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© 20 Decarbonisation can be reached through different pathways; net-zero targets will require a fundamental shift towards sustainable fuels Decarbonisation pathways Burn less fuel1) Clean up emissions1) Use alternative energy sources Vessel efficiency Operational efficiency Emission abatement Sustainable fuels Electrification ▪ Reduction of GHG emissions and fuel cost ▪ E.g., energy efficiency improvement of engine, propulsion, hull, other systems ▪ Reduction of GHG emissions and fuel cost ▪ E.g., speed reduction, route optimisation, onboard energy management ▪ Significant reduction of GHG emissions through onboard carbon capture, regardless of the fuel ▪ CO2 offloading infrastructure, onboard storage and value chain needed ▪ Significant / total reduction of GHG emissions ▪ Technology available; infrastructure and supply under development ▪ Zero GHG emissions through battery- electric propulsion ▪ Viable on short ranges due to low energy density 25% 25% 70% 100% 100% Approximate greenhouse gas (GHG) emission reduction potential 1) These pathways shall be combined with the utilisation of alternative fuels to support long term IMO targets
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© A progressive switch to sustainable fuels is already under way 21 1) Source: DNV Maritime Forecast 2050; 2) HFO – Heavy Fuel Oil; LSFO – Low Sulphur Fuel Oil; MGO – Marine Gas Oil; MDO – Marine Diesel Oil; 3) Energy Saving Technology Fuel transition is under way: ~50% of tonnage on orderbook is set to use alternative fuels; long-term fuel mix is dependent on supply of different fuels LNG is still #1 alternative fuel. Methanol and ammonia will pick up in the longer run Hybrids, batteries, ESTs3) are growing: ‒ ~238 hybrid / full-electric 2 000+ GT vessels were ordered in 2024 (compared to 120 in 2022 and 60 in 2019) Sustainable fuel uptake scenario for net-zero in 20501) 0 5 10 15 2030 2035 2040 2045 20502025 Fossil fuels (HFO, LSFO, MGO, MDO, LNG)2) Carbon-neutral and zero-carbon fuels (methanol, ammonia, bio- / electro- fuels) Reduced energy demand Total energy consumption, EJ Electricity from grid Source: CMD 2023
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© The regulatory changes impact maritime now: half of the total shipbuilding orderbook can run on alternative fuels 22 1) Source: Clarksons Research, October 2025; other includes ammonia, nuclear, ethane, hydrogen, biofuels, fuel cells and battery/hybrid Orderbook by fuel type, mGT1) ~50% of the orderbook is alternative fuel capable ~48% vessel GT ordered by Q3/2025 was alternative fuel capable Alternative fuels uptake Alternative fuels 2024 saw the highest-ever alternative fuel capable vessel ordering, excluding gas carriers 0% 10% 20% 30% 40% 50% 60% 0 50 100 150 200 250 300 350 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Conventional LNG LPG Methanol Other % Alt. fuel
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© Cost of emissions will close the price gap between fossil and sustainable fuels; fuel selection impacts the vessel structure 23 1) Fuel production cost estimate for 2025 and 2035; source: Maersk Mc-Kinney Møller Center for Zero Carbon Shipping – NavigaTE 2023; 2) Price range spans between fossil & electro- methane; 3) Price range spans between bio- & electro- methanol; 4) Price range spans between blue- & electro- ammonia/hydrogen; 5) Assuming 100% consumption subject to EU Fit-for-55, EU allowances at EUR 159/ton (source: Transport & Environment NGO); 6) Gross tank estimations based on Wärtsilä data; 7) 1.7x membrane tank s, 2.4x type C tanks; 8) Shore energy price EUR 0.1-0.27/kWh Fuel type Low Sulphur Fuel Oil @ 20°C Liquified Natural Gas @ -162°C Methanol @ 20°C Ammonia @ -33°C Liquid Hydrogen @ -253°C Compressed Hydrogen @ 350bar Marine Battery Rack Fuel price factor (per GJ)1) 1x 1.1x – 4.6x2) 2.6x – 5.5x3) 2.4x – 4.3x4) 3.6x – 4.6x4) 2.1x – 3.1x4) 2.0x – 5.3x8) Fuel price factor in 2035, incl. carbon tax1) 5) 1x 0.8x – 1.42) 0.8x – 1.6x3) 0.7x – 1.2x4) 1.2x – 1.5x4) 0.6x – 1.0x4) 0.8x – 2.0x8) Gross tank size factor6) 1x 1.7x – 2.4x7) 1.7x 3.9x 7.3x 19.5x ~40x (~20x potential) Source: CMD 2023
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© The alternative fuel ecosystem must continue to develop further to support the maritime green transition 24 Engine technology ▪ Technology is readily available, with ~50% of the current vessel orderbook set to run on alternative fuels ▪ Wärtsilä leads in fuel flexibility and efficiency, having the industry’s most comprehensive offering: Availability of fuels ▪ Alternative fuels are not yet available at the required scale ▪ Production is estimated to pick up, with planned capacity of sustainable methanol and ammonia reaching ~190 Mt by 20301): Port infrastructure ▪ Bunkering infrastructure is limited but developing rapidly; carbon capture and storage infrastructure is still lacking ▪ ~60% of the top 50 ports worldwide either have or are planning to have alternative fuel bunkering3): 2024 2025 Engines LNG Biofuel Methanol Ammonia Hydrogen blend Hydrogen 100% CCS 0 50 100 150 200 2024 2025 2026 2027 2028 2029 2030 Ammonia firm Methanol firm Ammonia planned Methanol planned 1) Source: DNV AFI, 2) Global fleet would require an estimated ~600Mt of fuel to run solely on ammonia and methanol due to their lower energy content, 3) Source: Clarksons 0 10 20 30 Active Potential 5-10% of est. consumption2) Production of sust. methanol and ammonia, Mt Alternative fuels bunkering in top 50 ports, no. portsWärtsilä’s alternative fuel roadmap
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© LNG DF1) engine to run on: Fuel System Engine base Engine top ▪ Bio/Synthetic diesel ▪ No changes ▪ No changes ▪ No changes ▪ Bio/Blue/Green methane ▪ No changes ▪ No changes ▪ No changes ▪ Ammonia ▪ Replace with AmmoniaPac ▪ No changes ▪ Change fuel injection system and power pack2) ▪ Methanol ▪ Replace with MethanolPac ▪ No changes ▪ Change fuel injection system and power pack2) ▪ Hydrogen blend3) ▪ Move to alternative fuel handling system ▪ No changes ▪ No changes Replacement of fuel handling and storage system has bigger impact in terms of CapEx, cargo space and vessel range Upgrading a multi-fuel engine to a new fuel requires limited investment thanks to high modularity and part commonality Our engines have built-in upgradability to future fuels, with significant part commonality between different fuel versions and a modular design 25 1) DF – Dual Fuel; 2) I.e., piston, cylinder liner, connecting rod; 3) Up to 15% on fuel volume
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© Our market share is stronger on alternative fuel capable engines compared to diesel engines 26 EUR ~1.2bn total market2) We are growing in auxiliary engines, as sustainable fuels are de-commoditising and consolidating the market We are market leaders in 4-stroke medium speed main engines, and particularly strong in high-value segments and sustainable fuels EUR ~2bn total market2) ~45% ~75% ~15% ~25% Auxiliary engines market share1)4-stroke medium speed main engines market share1) 1) Wärtsilä estimates, MW; 2) Average 2024-2028, based on Clarksons March 2024 forecasts and internal models Outer circle: Wärtsilä total market share Inner circle: Wärtsilä market share on alternative fuel engines Source: Marine theme call, May 2024
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© Cruise Ferries Offshore Navy Specials6) Merchant Hy-El merchant Engines / Hybrid1) Diesel-Electric Main Engines Aux Engines Hybrid System Hybrid-Electric Aux Engines Main Engines Aux Engines Main Engines5) Hybrid-Electric Propulsion2) Tunnel Thrusters CPP or Waterjets Steerable Thrusters Tunnel Thrusters CPP, FPP or Waterjets CPP or Steerable Thrusters Tunnel Thrusters CPP Tunnel Thrusters EST CPP Tunnel Thrusters EST Potential3) 15-40 MEUR 10-25 MEUR 5-15 MEUR 5-15 MEUR 5-15 MEUR 2-15 MEUR 25-30 MEUR % of Order Intake4) ~25% ~5% ~10% ~5% ~50% - We focus on the most high-value, performance-driven segments 27 Typical Wärtsilä Marine offering per vessel1) 1) Non-exhaustive list; offering depends on vessel specific configuration and may vary substantially. 2) CPP/FPP = Controllable/ Fixed Pitch Propeller; EST = Energy Saving Technology, e.g., gate rudder, EnergoProFin, EnergoFlow, EnergoPac; 3) Potential per shipset; it includes catalyst systems and electrical systems; carbon capture is not included, and could unlock additional 2-8 MEUR potential; 4) Marine equipment order intake, 2023; ~5% in non-vessel markets, mainly simulation and ports; 2-stroke cargo order intake mainly from LNG carriers and containerships; 5) Predominantly 2-stroke main engines, 4-stroke main engines only on small vessels and coastal vessels 6) Dredgers, fishing ves sels, inland vessels, tugs and service vessels, such as icebreakers Source: Marine call 2024
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© 0 1000 2000 3000 4000 5000 6000 2025 2026 2027 2028 2029 2030 28 1) Clarksons September 2025 forecast “Base Case” scenario 2) Fishing, dredgers, support units, yachts, tugs, etc.; navy is ex cluded Annual equipment contracting of 4-stroke medium speed main engine-powered units (MW)1) Cruise Offshore Merchant Others2) 6% CAGR Ferries Recovery in our key target segments is growing the 4-stroke medium speed main engine addressable market We have a strong position in Cruise, Ferry, and Offshore segments
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© Global cruise travelling is forecast to grow by 21% from 2024 to 2028 29 Global cruise traveling increased by 9% year-over- year in 2024 with 34.6 million passengers sailing By 2028, cruise is forecast to grow to nearly 42 million passengers (+21% vs 2024) Cruise is attracting an increasing number of first- time cruisers 60% of ships with delivery between 2023 and 2028 are set to run on LNG fuel Methanol is gaining traction, e.g., Celebrity Cruises new Edge Series ship will be equipped with Wärtsilä 46F methanol-ready engines Source: CLIA, the state of the cruise industry 2025 First-time cruisers in past two years, million passengers 29,7 5,8 4,8 20,4 31,7 34,6 37,7 39,6 40,9 41,9 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Cruise passengers, million passengers 24% 27% 31% 2019 2023 2024
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© 0 500 1 000 1 500 2 000 2 500 3 000 3 500 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Historical Forecast No of ships, +2,000 DWT/GT Ship-shaped mobile offshore vessels only Merchant Cruise & Ferry Miscellaneous Gas Carriers Offshore Historical average 2014-2024 Vessel contracting forecast 30 Increase after current softer period with more bulker and tanker orders as container order wave slows No of ships, 2,000+ dwt/GT, ship-shaped mobile offshore vessels only1) Order volumes supported by accelerating fleet renewal 1) Source: Clarksons Research, September 2025
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© 40% 50% 60% 70% 80% 90% 100% 110% 120% 130% 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 China South Korea Europe Other Total Global shipyard capacity is currently at ~75% of previous peak, but is expected to increase to ~90% by 2030 31 1) Source: Clarksons Research, September 2025, shipyard capacity measured in CGT, Compensated Gross Tonnage. Regional shipyard capacity as % of 2011-12 peak, CGT1) Development of global shipyard capacity Forecast Capacity increases are expected especially in China Distribution of current shipyard capacity 49% 24% 8% 19% China South Korea Europe Other
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© 32 Source: Service call 2024. 1) Q3 2023–Q2 2024; agreement sales include all spare parts and field services sold to vessels under agreement, plus the agreement fee Growth drivers Focus areas % services sales1) Transactional ▪ Installed base growth ▪ Customer service ▪ Service offering ▪ Long-tail customers ~60% Agreements ▪ Increasing ship complexity ▪ Increasing cost of emissions ▪ Increasing cost of fuel ▪ Guaranteed performance and outcome-based models ▪ Service level differentiation ▪ AI Digital tools combined with in-depth product know-how ~30% Retrofits and upgrades ▪ New regulations ▪ Increasing cost of emissions ▪ Increasing cost of fuel ▪ New retrofit solutions ▪ Consultative sales through Decarbonisation Services ~10% Services accounts for >60% of Marine sales; we operate through an integrated service framework with three service delivery models
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© Moving up the service value ladder in Marine We increase sales and profits by moving up our service value ladder 33 Enhanced support agreement Data visibility Operational support Frame agreement for supply of parts and labour Technical management agreement AI-based Expert Insight Operational support Data-driven dynamic maintenance planning Parts and labour invoiced as orders are received Optimised maintenance agreement AI-based Expert Insight Operational support Data-driven dynamic maintenance planning Execution with parts and labour included Guaranteed asset performance agreement AI-based Expert Insight Operational support Data-driven dynamic maintenance planning Execution with parts and labour included Profit sharing, guaranteed performance From 1x1) Up to 2-3x1) 1) Sales EUR/kW relative to transactional Source: CMD 2023
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© 34 We have the widest service network in marine ~39,500 marine field service jobs started annually LTM - Last twelve months, Q3 2023-Q2 2024; 1) Billable field services and workshop personnel as per Q2 2024, including Marine and Energy; 2) One delivery can include one or multiple lines to for the same customer, one line includes a material number and i ts quantity We continuously review our footprint to better serve our customers and access the best talents ~3,400 professionals in 70+ countries1) 34 706 38 620 39 478 2022 2023 LTM Q2/24 3 053 3 257 3 371 2022 2023 2024 Source: Service call 2024
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© >90% renewal rate LTM Q2 2024 29% of our engine installed base is under agreement2) 24% sales to agreement vessels in 2023 were linked to GAP 13% growth in sales to agreement vessels LTM Q2 2024 The fleet under Wärtsilä service agreement keeps expanding and shifting towards higher-tier agreements 35 Source: Service call 2024. LTM - Last twelve months, Q3 2023–Q2 2024; 1) Agreement scope including 4-stroke and 2-stroke engines; Ship Electrical Solutions, Propulsions, Voyage, Exhaust Treatment excluded; GAP - Guaranteed asset performance agreement, OMA - Optimised maintenance agreement, TMA - Technical management agreement, ESA - Enhanced support agreement; figures as per end of June of each year; 2) In MW terms, 4-stroke installed base, excluding QuantiParts 0 100 200 300 400 500 600 700 2020 2021 2022 2023 2024 GAP OMA TMA ESA Fleet under agreement as end of Q2 over 2020-2024, # ships1)
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© Tightening regulations and increasing fuel and emission cost will boost demand for retrofits 3636 53% of the fleet is not CII compliant in 20242) 79% of the existing fleet will not be CII compliant in 2028 if no action is taken2) 1) Source: Clarksons; 2) CII (Carbon Intensity Indicator) applies to cargo, RoPax, cruise ships >5 000 GT (with some exceptions); source: Wärtsilä CII tool, correction factors excluded, ships with D or E rating considered as non-compliant; 3) OptiDesign: optimised propeller for actual operating profile; EnergoFlow: pre-swirl stator; EnergyProFin: propeller cap; OptiDesign, EnergoFlow, EnergyProFin can be sold both combined and as stand-alone; 4) E.g., Energy storage system, power distribution, energy management system; 5) Hybrid upgrades Propulsion efficiency improvements, e.g., OptiDesign, EnergoFlow, EnergyProFin3) 700+ vessels contracted 20K-1 MEUR per shipset Propulsion efficiency upgrades Engine retrofits to run on alternative fuels on top of conventional diesel 10+ vessels contracted 3-8 MEUR per shipset Alternative fuel conversions 2-stroke power output reduction to optimise efficiency, fuel consumption and emissions at lower speeds 30+ vessels contracted 5-8 MEUR per shipset Radical power derating Electrical system4) upgrade, including hybrids and shaft generators to improve OpEx, emissions, safety 30+ vessels delivered5) 3-8 MEUR per shipset Electrification projects Total investments in retrofits, including Carbon Capture and Storage solutions (CCS), are estimated to increase significantly over the next decade1) Source: Marine call 2024
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© 37 Onboard Carbon Capture and Storage (CCS) allows to capture >70% of the CO2 generated onboard >97% SOx reduction ~90% PM reduction >80% NOx reduction >70% CO2 reduction Applicable to all carbon-based fuels, vessels types and sizes Captured CO2 is stored onboard for discharge at port reception facility At our research centre and test facility in Moss, Norway, we simulate vessel installations of onboard carbon capture: ▪ Operated for >3 years (since Jan. 2022) ▪ CO2 capture capacity: 10 tons/day ▪ CO2 capture rate: ~70% First full-scale system operational on LPG carrier “Clipper Eris” in Q4 2024 Commercial release in May 2025
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© Strong growth opportunities in marine based on technology leadership, moving up the service value ladder, and favorable vessel contracting mix 38 Market share Addressable market Decarbonisation: uptake of alternative fuels and emission reduction technology Equipment Favorable vessel contracting mix Moving up the service value ladder Services Decarbonisation- driven retrofits Growing installed base Source: Marine call 2024
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© Energy highlights 39
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© Towards a 100% renewable energy future 40 Offering ▪ Future-fuel enabled grid balancing power plants ▪ Future-fuel enabled baseload power plants ▪ Lifecycle services Key customer segments ❖ Utilities ❖ Independent Power Producers (IPPs) ❖ Industrial customers Wärtsilä Energy – Key figures LTM Q3/2025 Order intake 2,909 MEUR Net sales 1,886 MEUR 28 % 72 % Energy Other businesses Share of total net sales LTM Q3/2025 63 % 37 % Services Equipment Energy net sales split LTM Q3/2025
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© 30% 59% 85% 89% 2022 2030 2040 2050 Renewables Other Renewable generation 1) 8X As the renewable energy transition accelerates, balancing solutions are key enablers for the transition 41 Technology disruption in the energy sector 1) IEA World Energy Outlook 2023 (Net Zero Emissions scenario) Renewables becoming main source of power Gradual replacement of coal Increased need for balancing solutions Development and increasing use of sustainable fuels – Being enabled for future fuels avoids stranded assets Power systems becoming increasingly more complex Share of renewables in global energy generation Source: CMD 2023
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© +17% p.a. total Thermal balancer market expected to grow ~28% per year – the baseload market outlook remains stable Outlook ▪ The transition towards renewables is the driving force behind demand for thermal balancing ▪ We see large balancing market potential e.g. in North America and Europe ▪ The role of gas as a transition fuel is essential for a secure transition, as highlighted by the IEA ▪ Future fuels will play an important role, a credible roadmap is essential ▪ Running hours have remained stable even with the growth of balancing 1) Forecast based on BloombergNEF forecast on wind and solar capacity additions, and estimated share of balancing capacity compared to renewables growth. Addressable annual market estimates updated on Autumn 2025. Addressable annual market (GW) 5 22 42 Engine power plants Wärtsilä operating installed base (GW) 56 60 0 1 000 2 000 3 000 4 000 5 000 6 000 0 10 20 30 40 50 60 2020 2022 Q2/2024 Installed base GW Average annual running hours Source: Service call 2024 7 9 4 19 2024 2030 Baseload Balancing
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© High-speed engines ▪ Low capex and low efficiency ▪ Best suited for backup and low running hours applications 43 Wärtsilä’s sweet spot is typically in 50 - 400 MW plants Aeroderivative gas turbines ▪ Lower capex than engines but less fuel-efficient ▪ More flexible than heavy-duty gas turbines (HDGTs) Open-cycle gas turbines (OCGTs) ▪ Low efficiency; poorly suited for balancing ▪ Competitive mainly in peaking applications with low amount of starts/stops Combined-cycle gas turbines (CCGTs) ▪ High efficiency, but high capital costs (CAPEX) ▪ Best suited for large-scale baseload applications ▪ High efficiency due to multiple modular units ▪ Faster start-up; can cycle several times per day with no cost impact ▪ Transparent modelling shows the value of balancing with engines Wärtsilä medium-speed engines Most competitive in applications with high numbers of starts/stops and markets with structures and incentives that reward flexibility Engine technologies Gas turbine technologies Source: Engine Power Plants call 2024
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© 44 Faster startup time ▪ Combined cycle gas turbines can take over 30 minutes to start, whereas combustion engine power plants can start and reach full load in less than 5 minutes Advantages of modularity ▪ Combustion engine power plants are comprised of multiple generating units Better part-load efficiency and flexibility ▪ Unlike gas turbines, Wärtsilä engine power plants have near full range capability of emissions-compliant turndown Better pulse-load efficiency and profitability ▪ Combustion engine power plants are dispatchable and can adjust load daily, ramping up and down with demand Higher ramp rate ▪ Ramp rate = the rate at which a power plant can increase or decrease output ▪ Wärtsilä engines can ramp at over 100%/minute. For combined cycle gas turbines, typical ramp rates are around 10%/minute. Derating due to ambient temperature ▪ Combustion engines are less sensible to temperature and humidity Fuel flexibility ▪ Gas turbines have reduced availability and output when running on fuel oils Lower water consumption ▪ A combined cycle gas turbine power plant (CCGT) with a recirculating system = 780 liters/MWh. ▪ Wärtsilä combustion engine power plant operating in simple cycle on natural gas = 3 liters/MWh. Advantages of Wärtsilä power plants over combined cycle gas turbines
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© 45 Case Texas shows future trends. Increasing renewables creates need for balancing with engines outperforming competing technologies Texas as a proofpoint for thermal balancing ▪ High amount of renewables ▪ Granular price signals ▪ Policy support for balancing Similar conditions forming in: ▪ Midwestern USA (SPP and MISO)*, ▪ Australia ▪ Europe Source: S&P Capital IQ Pro, ERCOT (September 2023 data), 1) ERCOT’s Security Constrained Economic Dispatch (SCED) data – Wärtsilä study. Data based on average of 2 Aeroderivative gas turbine plants and 2 Wärtsilä engine plants for the full year 2022 *SPP = Southwest Power Pool *MISO = Midcontinent Independent System Operator 30 million population with 133 GW of installed power (system size equal to France) ▪ 7% in annual growth of thermal balancing the last 5 years with expected continued growth ▪ Growing regulatory support for balancing in Texas ▪ Wärtsilä installed based (and growing): - 1 GW of thermal balancing - 1.2 GWh of energy storage 1.6X higher¹ real time market revenue potential for engines vs. gas turbines - 20 40 60 80 100 120 140 160 180 200 kUSD / MWSolar and wind - 39% Fossil fuel baseload - 47% Nuclear - 4% Thermal balancing - 8% Energy storage - 2% 1.6X Gas Turbine Plants Engine Plants Source: CMD 2023
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© Wärtsilä Energy is well positioned to provide the fuel flexibility needed for the energy transition 46 ▪ Plant lifetimes stretching to 2050: fuel flexibility future- proofs engines ▪ There will be no single global green fuel for use in the energy sector ▪ We launched our 100% hydrogen power plant in Q2 this year, expected to be released for sales in 2025 ▪ 25% hydrogen blend already possible today ▪ Sustainable fuels come with high conversion losses and should be used exclusively for balancing and the decarbonisation of hard to abate sectors ▪ Using expensive sustainable fuels for inflexible baseload power does not make commercial or environmental sense – leading to a future advantage for balancing 82 % 9 % 9 % Gas Dual Fuel Liquid Fuel Technology roadmap for engines Energy Power Plants order intake by fuel, 2020-24 (MW) ▪ 91% of engine MW designed for natural gas operation ▪ Strong upgrade track record, with 140 liquid fuel engines converted to gas in 18 countries Source: Engine Power Plants call 2024
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© 47 The Data Centre power market is shifting, with new thermal baseload opportunities in specific markets ▪ Customer focus: CAPEX, availability ▪ Segment typically served by high- speed engines ▪ High risk in case of strict availability guarantees ▪ Limited lifecycle service opportunity 20–100 MW typical power need 50–400 MW typical power need Historical: backup power Emerging: off-grid baseload ▪ Customer focus: delivery time, OPEX, emissions ▪ Typically requires medium-speed engines or gas turbines ▪ Wärtsilä competitiveness high due to shorter lead times, modularity, reliability ▪ High lifecycle sales potential Grid interconnections immediately available Grid interconnection times up to 5-7 years in some markets US market developing rapidly as baseload is needed while awaiting grid connection >50% of all data centres worldwide >10% of total electricity consumption in at least 5 US states $22 billion invested in data centres (2023) Sources: IEA, LinklatersSource: Engine Power Plants call 2024
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© 48 Wärtsilä has disclosed three data centre orders – two in the U.S. and one in Europe Wärtsilä engines selected to deliver reliable power for U.S. data centre ▪ Wärtsilä will supply 282MW of flexible engines to operate a new data centre project in Ohio, USA. ▪ The onsite power facility, providing power directly to the data centre, will operate with fifteen Wärtsilä 18V50SG engines running on natural gas. ▪ The order was booked in Q2 2025. Wärtsilä and AVK collaborate to deliver on-site power generation for data centres ▪ Wärtsilä and energy solutions business AVK-SEG have signed a cooperation agreement aimed at meeting data centres’ unique power requirements. ▪ Wärtsilä will provide the engineered equipment and maintenance support. ▪ Wärtsilä and AVK are currently executing energy centre projects in Ireland. ▪ The agreement was signed in Q2 2024. Wärtsilä continues growth in the data centre segment with a 507 MW order in the US, offering engines as a reliable power solution ▪ Wärtsilä will deliver 27 engines to provide continuous primary power for a new data centre under construction in the United States. ▪ The onsite power facility will operate with 27 Wärtsilä 50SG flexible engines with a power of 507 MW. The engines will run on natural gas and can be converted to run on sustainable fuels in the future. ▪ The order was booked in Q4 2025.
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© Solid services performance continues 0 200 400 600 800 1 000 1 200 1,115 782 MEUR Spare parts Field service Retrofits and upgrades +9% p.a. Agreements Growing Service Net sales Energy services growth drivers remain solid ▪ Increasing agreement coverage ▪ Growing installed base ▪ Upgrades & sustainable fuel conversion demand ▪ Growth potential in outcome-based and decarbonisation agreements ▪ Stable total running hours +25% total Services sales 2022–LTM Q3/2025 +16% Service agreements sales 2022–LTM Q3/2025 +50% total orderbook 2020–2024 0,0 0,2 0,4 0,6 0,8 1,0 1,2 1,4 0 200 400 600 800 1 000 1 200 Orderbook, MEUR Book-to-bill r12m Strong orderbook and book-to-bill 49 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 Source: Engine Power Plants call 2024, figures updated as of Q3/2025
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© Increasing agreement coverage is supporting growth LTM = Last twelve months, Q3/23-Q2/24 782 1 110 24% 30% 20% 22% 24% 26% 28% 30% 0 200 400 600 800 1 000 1 200 2020 2021 2022 2023 Q2/24 Agreement coverage of installed base (%) MEUR Service Net Sales (LTM Q2/2024) Increasing share of agreement customers in our installed base 30% agreement coverage High agreement renewal rate for existing customers >90% renewal rate LTM Q2/24 Sales to installations under agreement account for 56% of net sales (2023) Our strategic focus to increase lifecycle agreement coverage is generating growth in Energy Anders Lindberg President, Energy % 50 Source: Service call 2024
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© 51 Transactional: spare parts and field services Maintenance & operational support Guaranteed performance services Outcome-based & decarbonisation 1x 5x Wärtsilä service value ladder Sales EUR/kW relative to transactional Continuous growth in agreement coverage ▪ Securing service agreements for new power plants ▪ Maintaining high renewal rate for existing agreements: >90% renewal rate shows high customer satisfaction ▪ Increasing the share of agreement customers in our installed base: 29% agreement coverage and ~18GW under agreement1), 3,4GW added since 2021 Moving customers up the service value ladder ▪ Local presence, global operations, and investments in data & digital solutions enable us to meet high customer expectations ▪ Higher satisfaction scores for agreement customers that are higher up the value ladder ▪ Portfolio of agreements with performance guarantees is growing: Total 7GW with ~2GW added since 2021 1) Includes agreements covering both installed assets and assets to be installed in the future Moving up the service value ladder in Energy We increase sales, profitability and customer satisfaction by moving up the service value ladder Source: CMD 2023
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© Future performance will be driven by strong sales growth and service volumes, continuous improvement, and a future-proof solution portfolio 52 New build sales Strong thermal balancing growth Strong energy storage growth Future-proofed portfolio for sustainable fuels and optimisation Service sales Growing installed base Increasing agreement coverage Climbing the service value ladder Growth New build margins New organisation & governance Stronger risk management Operational leverage from growth Continuous improvement Lean operations and flow efficiency Predictive and autonomous operations Cost indexation & active pricing Profitability Recent actions: New organisational structure and processes: Updated sales-to-order processes and Business Units with P&L responsibility Rebalance in risk appetite: EEQ as the preferred offering, EPC only considered in selected markets Stronger risk / reward profile: Legacy projects have been concluded Source: CMD 2023
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© Energy Storage highlights 53
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© Energy Storage in 2024 54 ~€800MM Net sales >€1bn Order intake ~4% Operating margin >€1bn Order book >€20MM Annual recurring revenue Capital-light with positive cash flow Source: Energy Storage call April 2025
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© Selected target markets Key takeaways Source: BloombergNEF (“BNEF”), S&P Global and Wärtsilä Internal 1) Estimated from BNEF energy storage market outlook. Addressable market excluding certain geographical markets and residential & commercial storage Energy Storage’s target market is expected to grow ~13% per annum between 2025-2030 55 ▪ The need for energy storage systems has grown rapidly and is expected to further increase driven by the energy transition ▪ Energy storage is critical to meeting the need for energy flexibility ▪ Wärtsilä Energy Storage’s current key markets include Australia, UK and the US ▪ Selective market expansion targeted to new geographies ▪ Wärtsilä among top 5 players, new entrants entering the system integration market Addressable annual market (€)1 2025 2030 ~13% CAGR Source: Energy Storage call April 2025
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© Strategic priorities to reach Energy Storage’s financial targets 56 1 Capture profitable growth in selected target markets 2 3 4 5 Drive product cost reduction through hardware & software development Capture growth in recurring revenue Excel in multisourcing and strengthen regional supply chains Continuously improve our project execution and delivery capabilities 6 Attract, hire and retain high performing talent
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© Our role in the value chain Wärtsilä Energy Storage offering 57 ▪ Our core offering consists of 1) battery energy storage hardware, 2) GEMS Digital Energy Platform, and 3) lifecycle services, ▪ We are an energy storage system integrator, adding value to our customers by providing fully-engineered, end-to-end storage solutions: Wärtsilä’s energy storage hardware integrates battery modules, Battery Management System and Power Conversion System to a Wärtsilä-designed Quantum enclosure to offer a complete energy storage system (ESS) to our customers. Our project execution team manages full installation and integration at the customer’s site(s). Wärtsilä’s GEMS Digital Energy Platform monitors, controls and optimises storage and other energy assets in the system Our Service+ lifecycle solutions include Expertise Center support, planned maintenance, performance guarantees and software maintenance 1 2 3 4 Quantum Wärtsilä-designed and assembly subcontracted Battery modules and cells Procured from supplier ACC DCC Cabinet Wärtsilä-designed Liquid chiller and HVAC Procured from supplier GEMS Energy Management Software Wärtsilä’s own software Inverter Procured from supplier Transformer Procured from supplier Power Conversion System Software
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© 58 Wärtsilä Energy Storage competitive advantages Our key differentiators ▪ Safety: Wärtsilä’s ESS is designed to meet stringent safety and quality standards (including UL certification for fire safety). ▪ Integration and scalability: Wärtsilä’s Quantum is a fully-integrated energy storage solution. Its modular and scalable design enables ease of deployment and optimisation. It integrates storage to other energy assets and to the electricity grid to ensure full utilisation of storage benefits. ▪ Reliability and maturity: Wärtsilä combines 15+ years of proprietary software leadership, top-tier battery energy storage systems, and extensive power sector experience in project execution in all key markets. We are a leading storage integrator globally, with a wide services network, and with a 6.5+ GW / 13+ GWh global portfolio. ▪ GEMS and bankability: With smart optimisation software and complex renewables and grid integration capabilities, our solution ensures the lowest lifecycle costs, the smallest system footprint and new revenue opportunities for our customers – to fully optimise on industry price volatility and demanding transitions in energy.
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© R&D 59
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© 60 165 258 296 3,2 4,3 4,6 2018 2019 2020 2021* 2022 2023 2024 R&D expenditure, MEUR % of net sales We continue investing in innovation to ensure a broad, industry-leading solution offering * Figure in the comparison period 2021 has been restated to reflect a change in the definition of research and development expenditure.
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© Industry’s most comprehensive offering for decarbonisation 61 2023 2024 2025 Engines Diesel FAME/HVO1) LNG Bio-methane Synthetic methane LPG Methanol Ammonia Hydrogen blends Hydrogen 100% Electric Hybrid Full electric Carbon capture system Fuel cells Energy saving technology 1) Biodiesels: FAME – Fatty Acid Methyl Esters, HVO – Hydrogenated Vegetable Oil; 2) Newbuild and retrofits Market leaders in 4-stroke medium-speed main engines Industry’s fastest and broadest future fuel roadmap Methanol engines available from 2022 onwards2), Ammonia engine was launched in Q4 2023, 100% hydrogen-ready power plant engine technology was launched in Q2 2024 Pioneer with the world’s first full scale carbon capture solution in 2024 and full commercial release in 2025 Short sea / inland waterways Through partnering
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© Q3 2025 development 62
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© 63 Operating result and cash flow increased ▪ Order intake was stable at 1,790 MEUR ▪ Marine order intake increased by 8% ▪ Energy order intake increased by 29% ▪ Strong order book of 8,637 MEUR ▪ Net sales decreased by 5% to 1,632 MEUR ▪ Comparable operating result increased by 10% to 195 MEUR ▪ 11.9% of net sales ▪ Operating result increased by 20% to 230 MEUR ▪ 14.1% of net sales ▪ Items affecting comparability amounted to 35 MEUR, mostly related to the divestment of ANCS ▪ Group service book-to-bill ratio well above one ▪ Strong cash flow from operating activities of 340 MEUR
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© © Marine market: Moderating demand for newbuilds, still in line with 10-year average Strong ordering across cruise, containerships and LNG bunkering vessels Vessel contracting trend Number of vessels (total) 64 Source: Clarksons Research, as per 3rd of October 2025 (+2,000 DWT/GT, including offshore ship-shaped units.) Wärtsilä key segments include LNG carriers, LPG carriers, cruise & ferry, offshore, and special vessels. Historical figures in graphs are on rolling 12-month basis and are subject to change due to late reporting of contracts. The impact is most significant for the latest quarters; therefore, data from the last two quarters is not included. Forecasts are from September 2025. Number of vessels (Wärtsilä’s key segments) ▪ The number of vessels ordered in the review period decreased to 1,200 (1,723 in the corresponding period in 2024, excluding late reporting of contracts). ▪ The regulatory uncertainty, high newbuild prices and softer market conditions affected negatively the newbuild investment demand in some segments. ▪ Ordering has been uneven across vessel segments, with continued strong ordering appetite in Wärtsilä's key segments, cruise, containerships and LNG bunkering vessels. ▪ Contracting in the Wärtsilä's key segments is expected to remain clearly above the 10-year average level, with latest forecast indicating a 30% increase in contracting volumes between 2025-2027. ▪ Shipbuilding continues to expand primarily in China. ▪ In January–September, 259 orders for new alternative fuel capable ships were reported, accounting for 22% (28) of all contracted vessels and 48% (50) of the capacity of contracted vessels.
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© © 65 Energy market: Increased demand drives energy transition investment The global energy transition continues to move forward ▪ The IEA expects renewables, grids, and storage investment to post another record high in 2025, and investment in fossil fuels to decrease. BNEF reported that both wind and solar investment grew in the first half of the year compared to H1 2024. ▪ Energy-related macroeconomic development in 2025 has been heavily impacted by elevated risks in the geopolitical environment. ▪ In engine power plants, market demand for equipment and services has been strong. Demand for baseload engine power plants is expected to remain stable with further growth opportunities in data centres. The drivers for engine balancing power plants continue to develop favourably. ▪ In battery energy storage, the demand is closely linked to the increasing share of intermittent renewables in the energy system, which continues to progress strongly. The US market is facing headwinds in the regulatory environment, though several drivers remain solid, with data centres as a potential new opportunity. Installed wind and solar capacity Source: BloombergNEFSources: IEA Global Energy Review 2025, Electricity 2025, and Renewables 2024 (IEA: International Energy Agency, BNEF: BloombergNEF)
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© © 66 Organic order intake increased by 6% Order intake remained stable Marine order intake increased by 8% Energy order intake increased by 29% Energy Storage order intake decreased by 79% Equipment order intake remained stable Service order intake remained stable Equipment Services
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© © Strong order book, rolling book-to-bill continues well above 1 67 Order book by business Financial figures for 2023 have been restated to reflect a redefined organisational structure after discontinuation of Marine Systems as a reporting segment as of 1 January 2024. Gas Solutions business unit was moved to Portfolio Business for divestment, and Exhaust Treatment and Shaft Line Solutions business units were moved from Marine Systems to Marine Power and consequently, Marine Power changed its name to Marine as of 1 January 2024. As of 1 April 2025, the reporting segment Energy has been separated into two independent reporting segments: Energy and Energy Storage. The comparison figures have been restated to reflect the new segment structure. Order book delivery schedule
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© © 68 Organic net sales remained stable Net sales decreased by 5% Marine net sales increased by 18% Energy net sales decreased by 30% Energy Storage net sales decreased by 10% Equipment net sales decreased by 11% Service net sales remained stable Equipment Services
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© © 69 Profitability continued to improve Net sales decreased by 5% Comparable operating result increased by 10% Comparable operating margin 12m rolling at 11.6% (10.6) Net sales Comparable operating result
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© © Net sales Order intake Marine: Increased order intake, net sales and comparable operating result 70 Continued growth in equipment order intake Comparable operating result Comparable operating result MEUR + Higher service and equipment volumes + Better operating leverage - Increased R&D costs Financial figures for 2023 have been restated to reflect the redefined organisational structure after the discontinuation of Marine Systems as a reporting segment as of 1 January 2024. Exhaust Treatment and Shaft Line Solutions business units were moved from Marine Systems to Marine Power and consequently, Marine Power changed its name to Wärtsilä Marine. As financial figures prior to 2023 have not been restated to account for the current organisational structure, the non-comparable figures are marked with a dashed line. +8% +18%
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© © 71 Marine service, Net sales Marine service, Book-to-bill 2023 data restated to reflect the redefined organisational structure as of 1 Jan 2024. Figures prior to 2023 are not fully comparable due to organisational changes. Overall Marine service book-to-bill well above 1 Strong growth in service agreements, however, reduced order intake in retrofits and upgrades +8% CAGR
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© © Net sales Order intake Energy: Increased order intake; lower net sales due to timing of deliveries 72 Continued growth in equipment and service order intake Comparable operating result Comparable operating result MEUR + Higher service volumes - Lower equipment sales - Increased R&D costs 12m rolling 7.3% As of 1 April 2025, the reporting segment Energy has been separated into two independent reporting segments: Energy and Energy Storage. The comparison figures have been restated to reflect the new segment structure. +29% -30%
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© © 73 Energy service, Net sales Energy service, Book-to-bill As of 1 April 2025, the reporting segment Energy has been separated into two independent reporting segments: Energy and Energy Storage. The comparison figures have been restated to reflect the new segment structure. Overall Energy service book-to-bill well above 1 Strong growth in service agreements, however, reduced order intake in retrofits and upgrades +7% CAGR
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© © Energy Storage: Order intake low due to US tariffs, regulatory changes and increased competition 74 Strong profitability in Q3 Comparable operating result MEUR + Solid project execution + Higher service volumes - Increased headcount supporting new markets, customers, and products As of 1 April 2025, the reporting segment Energy has been separated into two independent reporting segments: Energy and Energy Storage. The comparison figures have been restated to reflect the new segment structure. Net sales Order intake Comparable operating result-79% -10%
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© © Strong cash flow from operating activities 75 Cash flow from operating activities Working capital to net sales ratio Average working capital is calculated by taking the average of the period's starting value and ending value.
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© © Order intake by business Order intake 76 Third quarter development Order intake by business type (48) (52)(50)(28) (3) (19)
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© © Net sales 77 Third quarter development Net sales by business Net sales by business type (47)(53) (43) (32) (15) (10)
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© © Third quarter development by business type 78 Order intake Marine MEUR 970 (902) Energy MEUR 644 (500) Energy Storage MEUR 11 (53) Net sales Marine MEUR 870 (739) Energy MEUR 382 (543) Energy Storage MEUR 235 (261) (28) (15) (10) (8) (39) (21) (5) (6) (23) (45) (85) (15) (34) (31) (16) (9) (10) (21) (5) (21) (5) (49) (2) (98) Spare parts Field service Service Agreements Retrofits and upgrades Equipment Spare parts Field service Service Agreements Retrofits and upgrades Equipment Service Service Equipment Equipment
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© © January–September order intake by customer segment 79 Marine Gas carriers Cruise & ferry Offshore Navy Special vessels Merchant Other Equipment 7% (6) 34% (23) 7% (5) 13% (6) 5% (11) 30% (44) 4% (4) Services 12% (13) 25% (22) 15% (17) 9% (11) 11% (10) 26% (26) 2% (1) Total 10% (10) 29% (22) 12% (13) 10% (9) 9% (11) 28% (33) 2% (2) Energy Utilities Independent Power Producers Industrials Other Equipment 12% (65) 22% (6) 2% (1) 64% (28) Services 41% (32) 25% (33) 26% (23) 8% (12) Total 41% (32) 25% (33) 25% (32) 9% (12) Energy Storage Utilities Independent Power Producers Industrials Other Total 6% (56) 94% (44) 0% (0) 0% (0)
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© © January–September orders received for Energy equipment globally 80 IPP’s (Independent Power Producers) Utilities Industrials Equipment order intake 1–9/2025: MEUR 1,258 (597) Others Americas 931 (486) Africa and Middle East 315 (29) Asia 7 (26) Europe 5 (56)
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© © January–September orders received for Energy Storage equipment globally 81 IPP’s (Independent Power Producers) Utilities Industrials Equipment order intake 1–9/2025: MEUR 74 (504) Others Europe 44 (157) Asia 25 (289) Americas 5 (58)
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© Sustainability 82
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© On track for our 2030 decarbonisation targets ✓ To become carbon neutral in own operations ✓ To provide a product portfolio ready for zero carbon fuels ✓ To reduce suppliers’ GHG emissions Strengthening thought leadership and being a responsible company ✓ Developing industry ecosystems and co-operation with academia ✓ Continued focus on ethical compliance ✓ Listed by TIME magazine as TIME100 most influential companies in 2023 and as one of the world's most sustainable companies in 2024. We are delivering towards our sustainability targets 83 Improving safety, wellbeing and employee engagement ✓ Positive trend in safety indicators ✓ Wellbeing behaviours & toolkit launched to support teams ✓ Improving trend in employee engagement
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© Strong presence in sustainable development indices S&P Europe 350 ESG Index
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© Decarbonising our own operations requires a wide range of actions ”SET FOR 30” 85 Energy efficiency measures +/€ Low emission company vehicles +/€ Self-generation and green electricity +++/€€ R&D and factory engine testings – reduced time +/€ Simulations and other technologies +/€ Heat pumps in heating +/€€ Replacing fossil fuels with alternative fuels +++/€€€ OUR MAIN DECARBONISATION INITIATIVES 2021 2030 + GHG reduction potential € Cost to reduce
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© Governance 86
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© 87 Board of Management Håkan Agnevall, President & CEO Arjen Berends, Chief Financial Officer Tamara de Gruyter, President, Wärtsilä Energy Storage Roger Holm, President, Wärtsilä Marine Teija Sarajärvi, Human Resources Anders Lindberg, President, Wärtsilä Energy Anu Sirkiä, Marketing and Communications Nora Steiner-Forsberg, Public Affairs and Legal
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© Board of Directors 88 Morten H. Engelstoft, CEO & EVP of A.P. Møller - Mærsk A/S, APM Terminals 2016–2022 Tom Johnstone CBE, Chair of the Board, President and CEO of AB SKF 2003–2014 Mika Vehviläinen, Deputy Chair of the Board, President & CEO of Cargotec Oyj 2013-2023 Karen Bomba, President of Smiths Interconnect 2017–2020 Tiina Tuomela, CFO, Fortum Corporation Karin Falk, President, Husqvarna Construction Division Johan Forssell, Senior Advisor of Investor AB and Wallenberg Investment AB Henrik Ehrnrooth, Senior Industrial Partner, CVC. President & CEO of Kone Corporation 2014-2023.
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© Largest shareholders October 2025 CMi2i quarterly update 89 # Name Shares Share % 1 Invaw Invest AB 104,711,363 17.70 2 BlackRock Fund Advisors 20,907,740 3.53 3 Keskinäinen Työeläkevakuutusyhtiö Varma 20,679,064 3.49 4 The Vanguard Group, Inc. 18,903,962 3.19 5 Keskinäinen Eläkevakuutusyhtiö Ilmarinen 16,598,037 2.81 6 AQR Capital Management LLC 7,234,844 1.22 7 Acadian Asset Management LLC 7,146,408 1.21 8 Keskinäinen Työeläkevakuutusyhtiö Elo 7,013,000 1.19 9 Amundi Asset Management SASU (Investment Management) 6,987,474 1.18 10 SSgA Funds Management, Inc. 6,952,087 1.17 11 Legal & General Investment Management Ltd. 5,826,418 0.98 12 Arrowstreet Capital LP 5,359,431 0.91 13 Marathon Asset Management Ltd. 5,149,041 0.87 14 Liontrust Investment Partners LLP 5,027,828 0.85 15 BlackRock Advisors (UK) Ltd. 4,919,687 0.83 Total Top 15 243,416,384 41.14
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© 90 For more information, visit our Investors page Next upcoming IR events ▪ 7.1.2026 SEB Nordic Seminar ▪ 13.1.2026 Pre-silent call ▪ 4.2.2026 Financial Statements Bulletin 2025 ▪ 12.2.2026 Data Center theme call Wärtsilä Investor Relations Hanna-Maria Heikkinen, Vice President, Investor Relations tel. +358 10 709 1461, email: hanna-maria.heikkinen@wartsila.com Samu Heikkilä, Senior Manager, Investor Relations tel. +358 10 709 1121, email: samu.heikkila@wartsila.com Maija Hongas, Senior Manager, Investor Relations tel. +358 10 709 3178, email: maija.hongas@wartsila.com Noora Suni, Investor Relations Specialist tel. +358 10 709 1101, email: noora.suni@wartsila.com Meeting requests Janine Tourneur, Executive Assistant tel. +358 10 709 5645, e-mail: janine.tourneur@wartsila.com
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© Appendix 91
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© 47 % 53 % Equipment Services 92 53 % 33 % 14 % Marine Energy Energy Storage 2024 Net sales by business -2 0 2 4 6 8 10 12 14 -100 100 300 500 700 900 2020 2021 2022 2023 2024 Comparable operating result Operating result Result before taxes Operating result, % 0 2 000 4 000 6 000 8 000 10 000 2020 2021 2022 2023 2024 Net sales Order intake Order book KEY FIGURES 2024 Order intake 8,072 MEUR Net sales 6,449 MEUR Comparable operating result 694 MEUR 10.8% of net sales Operating result 716 MEUR 11.1% of net sales Cash flow from operating activities 1,208 MEUR Personnel 18,300 33 % 26 % 28 % 13 % Europe Asia Americas Other MEUR MEUR % 2024 Net sales, geographical 2024 Net sales by business type *Restated figures for new segment structure will be published during Q2/2025. Net sales split based on Engine power plant and Energy Storage & Optimisation net sales figures as reported in 2024.
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© Main competitors MAN Himsen Kongsberg Alfa Laval GE Siemens Schottel GE Vernova Siemens Energy Tesla Fluence Sungrow Ship owners Ship operators Ship management companies Charterers Shipyards Port authorities Utilities Independent Power Producers (IPPs) Industrial customers Customer base Other marine solutionsEngines Other energy solutions Marine businesses Energy
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© Wärtsilä’s position as a global company is reflected in the geographical breakdown of our net sales 94 Geographical net sales, 2024 Europe 33% Americas 28% Asia 26% Other 13%