Wartsila Oyj ADR

Strong Q3 momentum (orders, sales, profitability) - Order intake: +33% YoY to EUR 2.4bn (+41% organic). - Service orders: +11% to EUR 950m (service “rolling” book-to-bill >1, now 1.1 group). - Energy vs Marine mix: Energy is the main driver—equipment orders +53% to EUR 1.4bn; energy order intake growth highlighted as +121% YoY (marine order intake broadly stable). - Net sales: +7% to EUR 1.5bn (services slightly down/flat; equipment stronger). - Profitability: Comparable operating result +19% to EUR 212m (14.2% of net sales, up from 12.8%). Operating result +4% to EUR 222m (14.9%).

Full-year picture: modest sales growth, stronger profit trend - Full-year order intake: +26% to EUR 7.3bn (from EUR 5.6bn). - Net sales: +2% YoY; organic net sales +9% (so growth is stronger when excluding FX/portfolio effects). - Comparable operating result: +12% to EUR 623m (13.9% margin). - Order book: all-time high ~EUR 9.9bn, supporting visibility; book-to-bill improving continuously (1.27 → 1.59).

Cash flow + balance sheet improvements (good news for investors) - Operating cash flow: EUR 583m in Q3 (described as all-time high Q3). - Working capital: largely improved due to customer payments/advances & receivables; inventories up as the company builds future deliveries. - ROCE journey: 94.1% (up from just over 70% end of prior quarter). - Solvency: improving to 39.4% (from 38.2–39.4% referenced earlier).