Wartsila (WRT1V.HE): Takeaways from 2Q26 pre-silent call

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Wartsila (WRT1V.HE): Takeaways from 2Q26 pre-silent call

Wartsila (WRT1V.HE)

23 June 2026 Citi Research

anticipated; despite what we view as favorable underlying secular trends, GEV could be subject to cyclicality in its end markets

or, growth, while positive, could fall short of what appear to be increasingly elevated expectations; a competitive global

landscape could also negatively impact results vs. expectations.

Siemens Energy AG

(ENR1n.DE; €169.14; 2; 22 Jun 26; 17:30)

Valuation

We value Siemens Energy at EUR185 on a SotP basis, using our 2028 forecasts. We use 10x EV/EBITA to value Transformation

of Industry. At SGRE, we value the stock at 8x EV/EBITA. For Gas Services, we apply a 18.5x EV/EBITA multiple, a 30% discount

to GE Vernova. For Grid Technologies, we apply a 18.5x EV/EBITA multiple, similar to electrification peers. We discount the 2028

output back to 2027 at a 10% cost of equity, and round this to the nearest EUR.

Risks

We see the following as key downside risks to our target price:

1) Further deterioration in historic fleet reliability could drive further provisions in the SGRE service business.

2) Further issues from execution and cost inflation at Siemens Gamesa, both in Onshore and Offshore.

3) Weaker-than-expected orders. Project delays could drive slower-than-expected order intake. Furthermore, adverse policy

change, such as towards the role of gas turbines and fossil power, could also impact Siemens Energy’s ‘legacy’ businesses.

4) Weaker-than-expected cash flow. Siemens Energy’s project-heavy business model means significant potential for large

working capital movements, and it has built up a significant net contract liabilities balance thanks to recent strong order intake.

Weaker orders could thus lead to cash outflows.