Wartsila (WRTIV.HE): Solid beat, consensus likely to move up LSD

研报英文原文证据摘录

Wartsila (WRTIV.HE): Solid beat, consensus likely to move up LSD

Equity Research

21 July 2026 | 7:58AM BST

Wartsila (WRT1V.HE): Solid beat, consensus likely to move up LSD

Daniela Costa

+44(20)7774-8354 |

daniela.costa@gs.com

Goldman Sachs International

Wartsila 2027 EPS consensus (on continuing operations) is likely to move

upwards LSD. Orders beat Vara consensus by 11% with both Energy and Marine

beating by double digits, including 1.2GW of Data Centers orders. The company also

noted that Energy order book gross margin is >500bps up and delivery visibility

extends to 2029 with agreement attachment rate clearly higher than for the installed

base (providing visibility in service in out year earnings). Sales missed by 1% due to

Marine, where customers are currently taking a more cautious approach to retrofit

investments due to uncertainty on carbon regulations. Adj EBITA beat by 1% on

40bps better margins, with both segments beating but a larger magnitude in Energy.

As in prior quarters, CFFO was a large beat, more than twice the level expected by

consensus and the company continues to guide for negative working capital over the

coming years and long term staying below historical average. Outlook is unchanged

for Marine and moved to ‘similar’ sequentially for Energy (from ‘better’ at 1Q26),

while consensus is still modelling Energy to improve sequentially. Based on the order

beat, and all else equal, Wartsila’s 2027 EPS consensus (on continuing operations) is

likely to move upwards LSD. Overall these earnings read positive for Accelleron.

Key questions for the call: (1) how did they grow the gross margin in the Energy

order book so much and €/MW of original equipment orders has been down

sequentially?; (2) how do they see industry supply and demand for energy post