Record Financial Performance and Margins
All-time highs in multiple metrics for FY2025: comparable operating results up 20% to EUR 829m (12.0% of net sales), operating result up 16% to EUR 833m (12.1% of net sales - milestone), net sales up 7% to EUR 6.9bn, and full-year operating cash flow all-time high at EUR 1.6bn. Q4 comparable operating result up 23% to EUR 256m (12.8% of net sales). 12-month rolling comparable operating margin improved to ~12% from 10.8%.
Strong Operating Cash Flow and Working Capital
Q4 operating cash flow EUR 652m (quarterly all-time high); full-year operating cash flow EUR 1.6bn. Working capital at an all-time low; working capital excluding advances improved to roughly EUR 80m (from ~EUR 600m two years earlier). ROCE nearly doubled year-over-year; solvency up to 40.5% from 37.4%.
Marine and Energy Combined: Robust Growth and Profitability
Marine & Energy combined FY order intake up 17% to EUR 6.9bn (organic +20%). Net sales up 12% to EUR 5.5bn (organic +15%). Equipment orders +43% to EUR 3.3bn; order book +18% to EUR 6.7bn. Comparable operating results up 21% to EUR 758m (13.7% of net sales) and book-to-bill at 1.24 — on track to reach 14% margin target.
Q4 Business Mix and Book-to-Bill Strength
Group book-to-bill remains >1 for the 19th consecutive quarter (group Q4 book-to-bill 1.11). Services 12-month rolling book-to-bill: Energy 1.1, Marine 1.01, supporting recurring revenue stability.
Strategic Orders and Technology Wins
Large data center equipment order: 507 MW power plant for a U.S. data center (27 x W50SG engines) booked in Q4, scheduled for 2027 delivery. Marine technology milestone: second ammonia engine newbuild order (W25 Ammonia) for a Norwegian cargo vessel. These wins validate technology leadership and market traction in decarbonization solutions.
Capacity and Supply-Chain Investments to Support Growth
Announced expansion of Vaasa STH technology center (technical capacity +35%) with ~EUR 140m investment (commissioning expected Q1 2028). Spare parts hub in Kampen expansion +40% (~EUR 14m, commissioned by 2027). Strategic supplier partnership with Siempelkamp foundry to secure critical cast components.
Portfolio Simplification and Divestments Progress
Continued divestment of Portfolio Business (ANCS divested July 1; MES divested Oct 31; Gas Solutions signed for sale expected to complete Q2). Adjusted group order book by ~EUR 900m due to divestments, with ANCS (2025 revenue ~EUR 127m) and MES (~EUR 92m) removed and Gas Solutions (~EUR 394m) expected to leave.
Shareholder Returns and EPS
Earnings per share at an all-time high EUR 1.06. Board proposes base dividend EUR 0.54 (two installments) plus extraordinary dividend EUR 0.52, totaling EUR 1.06 per share.