Slides
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© Power supply for data centres 1 A significant growth opportunity in new build and service February 12, 2026
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© Agenda 2 1 Market development The past and present of the market, the structure of the industry, and growth 2 Technology The importance of the right technology in the market for data centre power 3 Competitiveness How Wärtsilä’s Engine Power Plant solutions compare to the competition Q&A Anders Lindberg President, Wärtsilä Energy Håkan Agnevall President & CEO, Wärtsilä Corporation 4
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© Data centre market development 3
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© Wärtsilä is a rapidly emerging player in the market for data centre primary power 4 ▪ Until recently, data centres required tens of MWs for data storage applications, were grid connected, and used backup power with high-speed engines to mitigate power cuts. Wärtsilä engines were not the right solution for this application ▪ The new data centres for AI applications require hundreds of MWs, often in the form of off-grid baseload power supply with high uptime and reliability. This application is very well suited to Wärtsilä’s technical strengths and shorter delivery times ▪ Wärtsilä’s engine solutions are energy efficient and modular, do not derate in hot climates, and require virtually zero water ▪ Engines have superior capabilities to operate in tandem with renewables, providing balancing power for a robust power supply. This, combined with Wärtsilä’s sustainable fuel development, supports data centre customers in their emissions commitments ▪ Wärtsilä had a breakthrough in the US data centre market in 2025, and two orders were booked with a total capacity of 789 MW. In the beginning of 2026, Wärtsilä booked an additional 429 MW order from a utility for a plant serving a data centre
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© 20-100 MW 5 ▪ Typical power supply: grid connection and high-speed engine backup ▪ Customer focus: power availability, CAPEX Historical: grid-connected ▪ Typical power supply: medium- speed engines or gas turbines ▪ Customer focus: delivery time, modularity, OPEX, emissions, water consumption ▪ Data centres growing in size, accelerated by AI requiring computing power ▪ Grid interconnection lead time increasing; 5-7 years in many markets ▪ Off-grid power solutions growing in importance Now and future: off-grid >400 MW 50-400 MW ▪ Typical power supply: heavy- duty gas turbines (OCGT/CCGT) ▪ Customer focus: delivery time, OPEX, emissions Wärtsilä’s sweet spot >400 MW The data centre market is shifting towards stand-alone baseload power, driven by long grid connection times and increased power needs <50 MW Larger projects can also be in Wärtsilä’s sweet spot, as they are often built in phases (e.g. 200 MW at a time) and developers are increasingly using a mixture of technologies. MW: Megawatt AI: Artificial Intelligence DC: Data centre CAPEX: Capital expenditure OPEX: Operating expenditure OCGT: Open-cycle gas turbine CCGT: Combined-cycle gas turbine ▪ Data centres mainly focused on data storage
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© 6 IPPs: Independent power producers IPPs and Industrial developers Developing and providing power to data centre clients Utilities Investing in additional capacity to address data centre buildout Hyperscalers and colocation data centres Building or leasing the facility and operating the data centres and AI factories Existing Wärtsilä customer segments New high growth customer segment The ongoing data centre buildout generates demand both in traditional customer segments and with new types of customers Data centre-focused developers Specialised in data centre power to drive the ongoing AI data centre buildout Developers and utilities Operators and end usersWärtsilä Equipment and Services
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© Wärtsilä data centre solutions meet customer demand for quick access to power while offering flexibility for the future 7 Wärtsilä engines provide dedicated baseload power to meet data centre demand while the grid catches up. Step 1 After grid connection, customers can run a hybrid setup, both serving the data centre and selling to the grid. Step 2 When renewables come to the system, the plant can move to a pure balancing model, maximising customer revenue. Engines have superior balancing capabilities. Step 3
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© Wärtsilä’s sweet spot in the data centre segment is off-grid baseload power plants in the 50-400 MW range with high lifecycle value opportunities 8 United States ▪ The US market is developing rapidly, and on-site power is needed as grid connection often takes years ▪ Key customer segments are data centre developers and IPPs ▪ Targeted applications include off-grid and behind-the-meter* data centres ▪ In 2025, Wärtsilä sold 789 MW of flexible engines to data centres in the US ▪ In the beginning of 2026, Wärtsilä booked a 429 MW order from a utility for a plant serving a data centre Europe ▪ The partnership model with AVK in Europe has offered operational efficiency with lower risk in this emerging market ▪ Wärtsilä’s scope is to provide the engineered equipment and maintenance support ▪ Three energy centre projects are under execution in Ireland, with further cases in the pipeline ▪ In addition to Ireland, Spain, Germany, and the UK offer new growth opportunities Middle East & Asia ▪ Demand is growing in data centre hot spots, raising concerns about future grid sufficiency ▪ The key focus is on emerging off-grid opportunities in countries where data centre demand is outpacing grid capacity ▪ There are mid- to long-term growth opportunities in Japan, Malaysia, Indonesia, and Australia Behind the meter: On-site power generation on the customer’s side of the meter
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© 0 20 40 60 80 100 120 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 EPRI BNEF Goldman Sachs IEA JP Morgan McKinsey There is a broad span of estimates of growth in power for data centres. Off-grid solutions will be an important market segment 9 US DC power demand growth to 2030 (estimates) Wärtsilä’s addressable market visualised “Long-term growth will be driven by Corporate AI. This journey is only at the very beginning.” - Data centre power customer GW GW Total DC power Likely to proceed Gas- powered 50-400 MW Off-grid & BTM GW BTM: Behind-the-meterSource: BNEF Global Data Centre Power Demand Outlook, Wärtsilä calculations 2030 estimates range from 41 GW to 113 GW
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© 10 Wärtsilä has a growing pipeline of data centre opportunities with attractive lifecycle margins High activity within the off-grid data centre segment, with a continuously increasing pipeline Data centre customers highly value speed to power, in a market that is short on equipment supply Wärtsilä’s revenue recognition is connected to deliveries, with related service business revenue picking up in 2030 and beyond
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© Technology comparison 11
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© 12 Wärtsilä Engine Power Plants offer an optimal combination of technical attributes to power DCs Full-load efficiency Part-load efficiency Modular design Heat tolerance Low CO2 emissions Minimal water use Unlimited stops/starts Low gas pressure Altitude tolerance
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© In the 50-400 MW sweet spot, Wärtsilä excels in thermal and capacity efficiency, its modular, flexible design, and robust performance in any operating environment 13 Efficiency Ramp-up to full load Unlimited stops/starts Modular design Heat tolerance Altitude tolerance CO2 emissions Gas pressure Water use High-speed engine 40% <2 min Medium-speed engine 50% <2 min Aeroderivative gas turbine 40% <10 min Combined-cycle gas turbine 55% >30 min Source: Wärtsilä calculations for a 300 MW data centre in Texas, US from internal and external sources. Ramp-up time is from minimum stable load to full load. CO2: Carbon dioxide 300 MW off-grid data centre, Texas
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© Relative strength Technology choice in the market for data centre primary power is driven by the best combination of key attributes 14 Trade-offs between key attributes in the 50-400 MW sweet spot Medium-speed engines win in a holistic evaluation Source: Wärtsilä calculations CCGT Aero MS engine HS engine Scalability CCGT Aero MS engine HS engine Efficiency CCGT Aero MS engine HS engine Modularity CCGT Aero MS engine HS engine Flexibility CCGT Aero MS engine HS engine ▪ Ultra-low water use ▪ Low CO2 emissions ▪ Heat tolerance ▪ Altitude ▪ Low gas pressure In addition, medium-speed engines perform well on secondary attributes such as: #1 Relative strength
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© Wärtsilä competitiveness 15
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© 0 100 200 300 400 500 600 CCGT Aero MS engine Primary capacity Maintenance reserve DC peak capacity Wärtsilä engines can meet data centre reserve requirements without the need for costly additional capacity 16 MW▪ Increased reserve requirements for off-grid data centres make gas turbines less competitive due to higher CAPEX ▪ Example: 300 MW off-grid DC equipped with 5 × 72.8 MW CCGT units (364 MW), or 11 × 33.2 MW Aero units (365 MW), where the prime power solution must meet 99.9% uptime and availability requirements ▪ To reach 300 MW with these uptime and availability requirements, you need the following installed capacity: W34 engine 358 MW Aero 465 MW CCGT 510 MW ▪ Engine startup times are a major advantage, and have a significant impact on the needed scale of backup and reserve solutions ▪ Gas turbines may in some cases need a backup power plant, which is not needed for a Wärtsilä solution Higher reserve requirements reduce turbine competitiveness Note: Combinations of different generating technologies (e.g. CCGT + engines) are possible *Calculations for 358 MW: (33 x 9.2 MW + 6 x 9.2 MW) , W34SG engine Source: Wärtsilä calculations from internal and external sources Assumptions: SGT-800 (CCGT), LM2500 (Aero) vs. W34SG (engine) 210 MW 165 MW 57 MW Redundant capacity Case example: 300 MW off-grid data centre, Texas
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© 0 20 40 60 80 100 120 140 CCGT Aeros Engine OPEX (annual) USD/MWh Fixed costs (CAPEX + FOM, annual) USD/MWh An engine-based solution is more cost-effective due to better modularity and smaller capacity sizing 17 Case example: 300 MW off-grid data centre, TexasHigher fuel efficiency does not guarantee the lowest cost EUR/MWh Source: Wärtsilä calculations from internal and external sources Assumptions: SGT-800 (CCGT), LM2500 (Aero) vs. W34SG (engine), gas price 4.3 USD/MMBtu, 20-year project life ▪ The additional reserve capacity significantly increases CAPEX for the CCGT and Aero options ▪ While a CCGT may have better fuel efficiency, an engine-based solution has a much lower LCOE due to significant CAPEX savings ▪ Assuming a 4.3 USD/MMBtu fuel price, a CCGT plant would have approximately 30% higher LCOE than an engine power plant ▪ Even if the fuel price doubled to 8.6 USD/MMBtu, a CCGT plant would have around 16% higher LCOE than an engine power plant ▪ Over a 20-year project lifetime, CCGTs remain more expensive than engines despite lower running costs, while Aeros spend about 265 MUSD more on fuel Note: BESS included in both cases LCOE: Levelised cost of energy FOM: fixed operational and maintenance expenses BESS: Battery energy storage system Aero MS engine
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© Wärtsilä's engine technology consumes up to 2000 times less water than comparable gas turbines 18 Case example: 300 MW off-grid data centre, TexasLow water consumption from power generation ▪ Medium-speed engines require less cooling than gas turbines due to thermodynamic and mechanical differences and higher efficiency ▪ Engines have a closed-loop cooling system that only requires the occasional top-up ▪ Engines are an inherently water-efficient solution, with negligible water consumption compared to gas turbines ▪ Example: 300 MW off-grid DC equipped with a Wärtsilä engine solution consumes a negligible amount of water every year ▪ To meet cooling and power augmentation needs, the CCGT and Aero options require 2000 and 500 times more water per year, respectively ▪ The ultra-low water footprint of reciprocating engines is a major advantage in an era of growing water scarcity and rising scrutiny of industrial water use 2000x 500x 0 400 800 1200 1600 2000 2400 CCGT Aero MS engine Water consumption Million litres/year Source: Wärtsilä calculations from internal and external sources Assumptions: SGT-800 (CCGT), LM2500 (Aero) vs. W34SG (engine)
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© Wärtsilä offers faster delivery and construction times than the competition 19 0 10 20 30 40 50 60 CCGT Aero Engine Typical time to plant commissioning Delays due to capacity constraints Source: McCoy Power Reports (averages), competitor disclosures, Wärtsilä calculations. Assumes total plant capacity of 300-400 MW. Wärtsilä offers even faster deliveries for smaller plants Months
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© Off-grid engine power plants benefit from Wärtsilä's strong service offering and global network ▪ Wärtsilä's strong end-to-end solution portfolio and global service operations offer data centre developers a competitive advantage by providing expertise and peace of mind in operations ▪ Wärtsilä’s broad service offering includes parts agreements, full operation and maintenance agreements, and performance and outcome-based agreements, delivered through a strong global service network ▪ Data centre customer key focus areas are reliability and security, which are delivered through optimised service agreements and on-site support, contributing to climbing the services value ladder ▪ Off-grid power plant operations yield high running hours to provide prime baseload power for data centres and strong service potential 20
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© 21 Wärtsilä has recently booked three data centre-related orders in the United States with a total capacity of 1.2 GW ▪ Wärtsilä was awarded two orders to provide continuous primary power to data centres under construction in the United States, for a total capacity of 789 MW ▪ The two orders include 42 Wärtsilä 50SG flexible engines which will run on natural gas and can be converted to run on sustainable fuels in the future ▪ The orders were booked by Wärtsilä in Q2 and Q4/2025, and engines will be delivered in phases, starting in late 2026 and continuing into 2027 ▪ These orders were followed in the beginning of 2026 by an order to supply engines for an American power plant owned and operated by an investor-owned utility ▪ This order was for 24 Wärtsilä 50SG engines delivering an output of 429 MW for a power plant located in the United States, serving a data centre
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© Wärtsilä is taking orders with deliveries further into the future ▪ Incoming orders will deliver a higher share of EEQ with revenue recognition connected to milestone events rather than EPC with Percentage of Completion revenue recognition ▪ US data centre deliveries will begin towards the end of 2026, with revenue recognition connected to deliveries and the related service business expected to pick up in 2030 and beyond The existing order book will generate sales that are distributed further into the future Distribution in time of the existing Energy backlog, MEUR 22 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 2 200 2 400 2 600 Delivery current year Delivery current year +1 Later deliveries Order book 1.1.2024 Order book 1.1.2025 Order book 1.1.2026 MEUR Source: Wärtsilä Q4/2025 interim report
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© 23 Wärtsilä will further expand its industrial capacity in Finland by 35% to meet a global increase in demand ▪ Wärtsilä will invest approximately 140 MEUR to further expand its production capacity by 35% at Sustainable Technology Hub (STH) in Vaasa, Finland and the associated global supply chain ▪ This expansion will increase Wärtsilä’s industrial capacity and strengthen the capacity of the associated global supply chain, positioning Wärtsilä to meet growing market demand in energy and marine ▪ The expanded capacity will enable Wärtsilä to deliver a higher volume of engines, and better support customer needs and continued business growth long-term ▪ The new production capacity will be installed within the STH facility expansion announced in April 2025 and is expected to be commissioned in Q1/2028
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© Balancing Baseload Wärtsilä is well positioned to grow across multiple customer segments in both balancing and baseload 24 Maximising customer value with profitable growth in both new build and service in a highly dynamic market for thermal power Industrials Captive generation for industry, including mining, manufacturing, and data centres Independent power producers (IPPs) Private entities generating electricity for sale to utilities or other end users Utilities Public- and investor-owned utilities providing electricity to customers Wärtsilä focus:
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© 25 Power for data centres is a significant growth opportunity in new build and service Growth through the new, rapidly expanding off-grid power segment Strong demand in existing grid markets due to load growth Baseload power and high-value service potential