Global Economic Downturn Impacting Demand: Economic slowdowns can significantly reduce demand for new marine vessels and power generation projects, impacting Wartsila's order intake, sales volumes, and revenue across its key segments.

Technological Disruption and Decarbonization Pressures: The rapid shift towards alternative fuels and sustainable energy solutions (e.g., hydrogen, ammonia, batteries) poses a risk if Wartsila fails to innovate fast enough or if existing technologies become obsolete, affecting future market competitiveness.

Intense Competition and Pricing Pressure: Wartsila operates in highly competitive global markets for marine engines, power plants, and services. This intense competition can lead to pricing pressure, reduced profit margins, and challenges in securing new contracts.