Wärtsilä reported robust Q1 23 results, with beats across order intake, sales and profitability, primarily driven by the good momentum in the Services division. For FY 2023, while the outlook for the Marine business was reiterated, management downgraded the outlook for the Energy business over the next 12 month period (from Q2 23 to Q1 24). We will increase our estimates to incorporate the strong show in Q1 23 and are likely to retain our positive stance on the stock.
