Note - The two remaining business units reported under Portfolio Business are expected to be divested in Q2/2026 and Q3/2026, but some estimates still include Portfolio Business for 2027 and 2028.
Note - The two remaining business units reported under Portfolio Business are expected to be divested in Q2/2026 and Q3/2026, but some estimates still include Portfolio Business for 2027 and 2028.
| KPI | [EUR m] | Q2 2025 | Q3 2025 | FY 2025 | Q2 2026 E | Q3 2026 E | FY 2026 E | FY 2027 E | FY 2028 E |
|---|---|---|---|---|---|---|---|---|---|
| Marine, Order intake | Number of Estimates | 12 | 11 | 12 | 12 | 12 | |||
| Marine, Order intake | Highest | 1,093.0 | 1,051.3 | 4,225.0 | 4,685.5 | 5,000.0 | |||
| Marine, Order intake | Consensus (Mean) | 1,031.0 | 970.0 | 3,926.0 | 1,022.8 | 993.6 | 4,045.7 | 4,176.3 | 4,336.7 |
| Marine, Order intake | Median | 1,022.5 | 992.0 | 4,052.5 | 4,192.0 | 4,356.5 | |||
| Marine, Order intake | Lowest | 924.0 | 940.9 | 3,796.0 | 3,669.0 | 3,603.0 | |||
| Marine, Net sales | Number of Estimates | 13 | 12 | 13 | 13 | 13 | |||
| Marine, Net sales | Highest | 953.0 | 978.0 | 3,975.0 | 4,076.0 | 4,375.8 | |||
| Marine, Net sales | Consensus (Mean) | 862.0 | 870.0 | 3,494.0 | 914.3 | 926.0 | 3,681.8 | 3,887.5 | 4,051.4 |
| Marine, Net sales | Median | 913.0 | 926.6 | 3,681.0 | 3,893.0 | 4,049.0 | |||
| Marine, Net sales | Lowest | 870.6 | 877.0 | 3,551.0 | 3,668.0 | 3,589.0 | |||
| Marine, Comparable operating result | Number of Estimates | 13 | 12 | 13 | 13 | 13 | |||
| Marine, Comparable operating result | Highest | 131.0 | 132.0 | 549.0 | 575.0 | 628.8 | |||
| Marine, Comparable operating result | Consensus (Mean) | 114.0 | 108.0 | 443.0 | 122.0 | 118.7 | 484.8 | 523.9 | 557.5 |
| Marine, Comparable operating result | Median | 123.0 | 117.0 | 479.0 | 526.0 | 564.0 | |||
| Marine, Comparable operating result | Lowest | 112.3 | 111.7 | 453.0 | 460.0 | 442.0 | |||
| Energy, Order intake | Number of Estimates | 12 | 11 | 12 | 12 | 12 | |||
| Energy, Order intake | Highest | 1,529.3 | 1,022.0 | 4,895.0 | 5,078.0 | 5,229.5 | |||
| Energy, Order intake | Consensus (Mean) | 913.0 | 644.0 | 2,940.0 | 1,267.3 | 832.5 | 4,009.7 | 3,859.1 | 4,011.8 |
| Energy, Order intake | Median | 1,251.5 | 804.0 | 3,898.8 | 3,902.5 | 4,106.0 | |||
| Energy, Order intake | Lowest | 975.0 | 703.0 | 3,568.0 | 2,663.0 | 2,701.0 | |||
| Energy, Net sales | Number of Estimates | 13 | 12 | 13 | 13 | 13 | |||
| Energy, Net sales | Highest | 635.0 | 690.0 | 2,561.0 | 3,068.0 | 4,610.0 | |||
| Energy, Net sales | Consensus (Mean) | 529.0 | 382.0 | 2,048.0 | 566.2 | 574.5 | 2,399.0 | 2,848.5 | 3,500.3 |
| Energy, Net sales | Median | 565.0 | 577.0 | 2,389.0 | 2,870.3 | 3,441.0 | |||
| Energy, Net sales | Lowest | 513.0 | 463.0 | 2,243.0 | 2,623.0 | 3,185.0 | |||
| Energy, Comparable operating result | Number of Estimates | 13 | 12 | 13 | 13 | 13 | |||
| Energy, Comparable operating result | Highest | 92.0 | 105.0 | 420.0 | 523.0 | 695.0 | |||
| Energy, Comparable operating result | Consensus (Mean) | 76.0 | 61.0 | 315.0 | 84.2 | 89.1 | 372.3 | 457.0 | 570.7 |
| Energy, Comparable operating result | Median | 86.0 | 91.0 | 376.8 | 452.0 | 564.0 | |||
| Energy, Comparable operating result | Lowest | 76.7 | 73.0 | 335.0 | 386.0 | 436.0 | |||
| Energy Storage, Order intake | Number of Estimates | 12 | 11 | 12 | 12 | 12 | |||
| Energy Storage, Order intake | Highest | 165.0 | 176.0 | 718.0 | 1,141.0 | 1,220.0 | |||
| Energy Storage, Order intake | Consensus (Mean) | 50.0 | 11.0 | 455.0 | 88.2 | 98.3 | 414.8 | 565.7 | 644.2 |
| Energy Storage, Order intake | Median | 79.0 | 99.0 | 424.0 | 559.5 | 630.1 | |||
| Energy Storage, Order intake | Lowest | 30.0 | 63.0 | 222.9 | 267.5 | 321.0 | |||
| Energy Storage, Net sales | Number of Estimates | 13 | 12 | 13 | 13 | 13 | |||
| Energy Storage, Net sales | Highest | 150.0 | 181.0 | 590.0 | 801.0 | 1,032.0 | |||
| Energy Storage, Net sales | Consensus (Mean) | 125.0 | 235.0 | 694.0 | 112.9 | 132.7 | 491.7 | 522.5 | 581.5 |
| Energy Storage, Net sales | Median | 107.0 | 135.5 | 491.0 | 515.0 | 570.0 | |||
| Energy Storage, Net sales | Lowest | 93.0 | 80.0 | 400.0 | 271.0 | 333.0 | |||
| Energy Storage, Comparable operating result | Number of Estimates | 13 | 12 | 13 | 13 | 13 | |||
| Energy Storage, Comparable operating result | Highest | 6.0 | 7.0 | 20.0 | 24.0 | 29.0 | |||
| Energy Storage, Comparable operating result | Consensus (Mean) | 4.0 | 16.0 | 24.0 | 3.0 | 0.9 | 8.8 | 12.5 | 18.4 |
| Energy Storage, Comparable operating result | Median | 3.7 | 0.9 | 7.2 | 15.0 | 19.0 | |||
| Energy Storage, Comparable operating result | Lowest | -2.0 | -7.5 | -7.0 | -11.6 | 9.0 | |||
| Portfolio Business, Order intake | Number of Estimates | 12 | 11 | 12 | 12 | 12 | |||
| Portfolio Business, Order intake | Highest | 120.0 | 126.6 | 290.5 | 60.0 | 61.0 | |||
| Portfolio Business, Order intake | Consensus (Mean) | 196.0 | 165.0 | 781.0 | 81.0 | 24.7 | 201.3 | 9.3 | 9.5 |
| Portfolio Business, Order intake | Median | 73.7 | 14.0 | 202.0 | 0.0 | 0.0 | |||
| Portfolio Business, Order intake | Lowest | 15.0 | 0.0 | 132.0 | 0.0 | 0.0 | |||
| Portfolio Business, Net sales | Number of Estimates | 13 | 12 | 13 | 13 | 13 | |||
| Portfolio Business, Net sales | Highest | 140.0 | 29.0 | 341.0 | 60.0 | 61.0 | |||
| Portfolio Business, Net sales | Consensus (Mean) | 204.0 | 146.0 | 677.0 | 92.1 | 14.8 | 270.2 | 10.6 | 8.7 |
| Portfolio Business, Net sales | Median | 100.0 | 13.0 | 271.0 | 0.0 | 0.0 | |||
| Portfolio Business, Net sales | Lowest | 15.0 | 0.0 | 206.0 | 0.0 | 0.0 | |||
| Portfolio Business, Comparable operating result | Number of Estimates | 13 | 12 | 13 | 13 | 13 | |||
| Portfolio Business, Comparable operating result | Highest | 14.0 | 5.9 | 40.6 | 4.8 | 4.9 | |||
| Portfolio Business, Comparable operating result | Consensus (Mean) | 14.0 | 10.0 | 47.0 | 6.5 | 1.4 | 25.7 | 0.6 | 0.8 |
| Portfolio Business, Comparable operating result | Median | 5.0 | 0.9 | 27.0 | 0.0 | 0.0 | |||
| Portfolio Business, Comparable operating result | Lowest | 0.0 | 0.0 | 7.9 | -1.0 | 0.0 | |||
| Total Services, Order intake | Number of Estimates | 4 | 4 | 4 | 4 | 4 | |||
| Total Services, Order intake | Highest | 1,159.0 | 1,166.0 | 4,837.0 | 5,158.0 | 6,206.0 | |||
| Total Services, Order intake | Consensus (Mean) | 926.0 | 864.0 | 3,740.0 | 1,004.5 | 965.9 | 4,096.4 | 4,311.3 | 4,742.1 |
| Total Services, Order intake | Median | 955.9 | 908.2 | 3,884.3 | 4,082.7 | 4,330.7 | |||
| Total Services, Order intake | Lowest | 947.0 | 881.0 | 3,780.0 | 3,922.0 | 4,101.0 | |||
| Marine, Service Order intake | Number of Estimates | 7 | 7 | 7 | 7 | 7 | |||
| Marine, Service Order intake | Highest | 619.0 | 600.3 | 2,475.0 | 2,673.0 | 2,886.8 | |||
| Marine, Service Order intake | Consensus (Mean) | 571.0 | 537.0 | 2,242.0 | 597.3 | 566.3 | 2,359.5 | 2,473.5 | 2,593.0 |
| Marine, Service Order intake | Median | 598.9 | 560.0 | 2,354.0 | 2,466.9 | 2,565.6 | |||
| Marine, Service Order intake | Lowest | 565.0 | 537.0 | 2,297.0 | 2,356.0 | 2,437.0 | |||
| Energy, Service Order intake | Number of Estimates | 7 | 7 | 7 | 7 | 7 | |||
| Energy, Service Order intake | Highest | 330.0 | 322.0 | 1,402.8 | 1,545.0 | 1,699.0 | |||
| Energy, Service Order intake | Consensus (Mean) | 300.0 | 298.0 | 1,311.0 | 321.8 | 314.6 | 1,368.4 | 1,452.7 | 1,532.5 |
| Energy, Service Order intake | Median | 324.0 | 316.0 | 1,362.0 | 1,431.9 | 1,503.0 | |||
| Energy, Service Order intake | Lowest | 311.7 | 304.0 | 1,338.2 | 1,407.0 | 1,446.0 | |||
| Total Services, Net sales | Number of Estimates | 4 | 4 | 4 | 4 | 4 | |||
| Total Services, Net sales | Highest | 975.0 | 901.0 | 3,831.0 | 3,980.0 | 4,443.9 | |||
| Total Services, Net sales | Consensus (Mean) | 907.0 | 821.0 | 3,575.0 | 896.9 | 863.7 | 3,648.6 | 3,857.9 | 4,104.7 |
| Total Services, Net sales | Median | 886.5 | 861.0 | 3,611.5 | 3,864.3 | 4,039.5 | |||
| Total Services, Net sales | Lowest | 839.4 | 831.8 | 3,540.5 | 3,723.0 | 3,896.0 | |||
| Marine, Service Net sales | Number of Estimates | 6 | 6 | 6 | 6 | 6 | |||
| Marine, Service Net sales | Highest | 611.0 | 548.0 | 2,345.0 | 2,530.5 | 2,783.6 | |||
| Marine, Service Net sales | Consensus (Mean) | 569.0 | 512.0 | 2,222.0 | 566.3 | 535.1 | 2,259.5 | 2,368.3 | 2,493.9 |
| Marine, Service Net sales | Median | 566.1 | 534.8 | 2,253.5 | 2,356.8 | 2,452.3 | |||
| Marine, Service Net sales | Lowest | 520.5 | 520.5 | 2,199.0 | 2,227.0 | 2,357.0 | |||
| Energy, Service Net sales | Number of Estimates | 7 | 7 | 7 | 7 | 7 | |||
| Energy, Service Net sales | Highest | 299.0 | 314.0 | 1,326.0 | 1,389.0 | 1,597.3 | |||
| Energy, Service Net sales | Consensus (Mean) | 278.0 | 285.0 | 1,188.0 | 287.1 | 302.9 | 1,237.2 | 1,334.8 | 1,431.8 |
| Energy, Service Net sales | Median | 288.8 | 299.3 | 1,226.0 | 1,341.0 | 1,387.3 | |||
| Energy, Service Net sales | Lowest | 276.0 | 294.0 | 1,207.6 | 1,281.0 | 1,332.0 | |||
| Total Equipment, Order intake | Number of Estimates | 4 | 4 | 4 | 4 | 4 | |||
| Total Equipment, Order intake | Highest | 1,599.0 | 1,105.6 | 4,952.0 | 5,339.0 | 6,047.1 | |||
| Total Equipment, Order intake | Consensus (Mean) | 1,264.0 | 926.0 | 4,362.0 | 1,509.3 | 948.2 | 4,603.7 | 4,557.7 | 4,621.5 |
| Total Equipment, Order intake | Median | 1,515.0 | 969.0 | 4,744.5 | 4,635.4 | 4,727.5 | |||
| Total Equipment, Order intake | Lowest | 1,408.0 | 749.0 | 3,974.0 | 3,621.0 | 2,984.0 | |||
| Marine, Equipment Order intake | Number of Estimates | 7 | 7 | 7 | 7 | 7 | |||
| Marine, Equipment Order intake | Highest | 472.6 | 450.9 | 1,769.0 | 2,012.5 | 2,113.1 | |||
| Marine, Equipment Order intake | Consensus (Mean) | 460.0 | 433.0 | 1,684.0 | 437.2 | 430.4 | 1,703.2 | 1,752.6 | 1,803.8 |
| Marine, Equipment Order intake | Median | 437.0 | 442.0 | 1,718.0 | 1,804.0 | 1,858.0 | |||
| Marine, Equipment Order intake | Lowest | 391.0 | 410.0 | 1,616.6 | 1,520.0 | 1,561.3 | |||
| Energy, Equipment Order intake | Number of Estimates | 7 | 7 | 7 | 7 | 7 | |||
| Energy, Equipment Order intake | Highest | 1,200.0 | 700.0 | 3,044.0 | 3,051.0 | 3,623.5 | |||
| Energy, Equipment Order intake | Consensus (Mean) | 613.0 | 346.0 | 1,629.0 | 987.4 | 523.5 | 2,663.3 | 2,487.6 | 2,595.6 |
| Energy, Equipment Order intake | Median | 993.2 | 500.0 | 2,600.0 | 2,460.0 | 2,574.0 | |||
| Energy, Equipment Order intake | Lowest | 662.0 | 388.0 | 2,206.0 | 1,930.0 | 1,800.0 | |||
| Total Equipment, Net sales | Number of Estimates | 4 | 4 | 4 | 4 | 4 | |||
| Total Equipment, Net sales | Highest | 865.0 | 860.0 | 3,513.0 | 3,954.0 | 4,629.0 | |||
| Total Equipment, Net sales | Consensus (Mean) | 812.0 | 811.0 | 3,338.0 | 790.7 | 785.0 | 3,300.2 | 3,470.2 | 4,044.1 |
| Total Equipment, Net sales | Median | 806.0 | 804.0 | 3,372.3 | 3,486.0 | 3,888.0 | |||
| Total Equipment, Net sales | Lowest | 686.0 | 672.0 | 2,943.0 | 2,955.0 | 3,771.5 | |||
| Marine, Equipment Net sales | Number of Estimates | 6 | 6 | 6 | 6 | 6 | |||
| Marine, Equipment Net sales | Highest | 363.9 | 405.0 | 1,509.0 | 1,736.0 | 1,782.0 | |||
| Marine, Equipment Net sales | Consensus (Mean) | 293.0 | 358.0 | 1,272.0 | 339.9 | 375.5 | 1,398.4 | 1,533.0 | 1,590.3 |
| Marine, Equipment Net sales | Median | 340.6 | 382.7 | 1,379.6 | 1,515.8 | 1,569.1 | |||
| Marine, Equipment Net sales | Lowest | 316.4 | 329.0 | 1,292.1 | 1,410.0 | 1,461.0 | |||
| Energy, Equipment Net sales | Number of Estimates | 7 | 7 | 7 | 7 | 7 | |||
| Energy, Equipment Net sales | Highest | 296.0 | 330.0 | 1,235.0 | 1,726.0 | 2,252.0 | |||
| Energy, Equipment Net sales | Consensus (Mean) | 251.0 | 97.0 | 860.0 | 262.0 | 269.1 | 1,151.8 | 1,499.7 | 2,011.3 |
| Energy, Equipment Net sales | Median | 260.0 | 276.0 | 1,163.0 | 1,508.0 | 2,047.0 | |||
| Energy, Equipment Net sales | Lowest | 214.0 | 193.8 | 1,068.0 | 1,342.0 | 1,593.3 | |||
| Marine and Energy combined, Order intake | Number of Estimates | 12 | 11 | 12 | 12 | 12 | |||
| Marine and Energy combined, Order intake | Highest | 2,566.0 | 2,017.0 | 8,908.0 | 9,279.0 | 10,229.5 | |||
| Marine and Energy combined, Order intake | Consensus (Mean) | 1,944.0 | 1,614.0 | 6,866.0 | 2,290.1 | 1,826.1 | 8,055.4 | 8,035.4 | 8,348.5 |
| Marine and Energy combined, Order intake | Median | 2,267.0 | 1,776.0 | 7,987.7 | 8,081.5 | 8,466.5 | |||
| Marine and Energy combined, Order intake | Lowest | 2,007.0 | 1,690.0 | 7,473.0 | 6,332.0 | 6,304.0 | |||
| Marine and Energy combined, Net sales | Number of Estimates | 13 | 12 | 13 | 13 | 13 | |||
| Marine and Energy combined, Net sales | Highest | 1,588.0 | 1,621.0 | 6,459.0 | 7,031.0 | 8,873.0 | |||
| Marine and Energy combined, Net sales | Consensus (Mean) | 1,391.0 | 1,252.0 | 5,542.0 | 1,480.6 | 1,500.5 | 6,080.7 | 6,736.0 | 7,551.7 |
| Marine and Energy combined, Net sales | Median | 1,482.0 | 1,504.2 | 6,070.0 | 6,780.0 | 7,522.9 | |||
| Marine and Energy combined, Net sales | Lowest | 1,399.6 | 1,405.0 | 5,818.0 | 6,391.0 | 6,778.0 | |||
| Marine and Energy combined, Operating result | Number of Estimates | 10 | 9 | 9 | 10 | 10 | |||
| Marine and Energy combined, Operating result | Highest | 223.0 | 227.0 | 929.0 | 1,078.0 | 1,320.0 | |||
| Marine and Energy combined, Operating result | Consensus (Mean) | 189.0 | 166.0 | 764.0 | 207.3 | 208.4 | 867.6 | 979.4 | 1,130.2 |
| Marine and Energy combined, Operating result | Median | 208.5 | 207.0 | 858.0 | 983.0 | 1,122.4 | |||
| Marine and Energy combined, Operating result | Lowest | 192.3 | 188.7 | 829.9 | 846.0 | 878.0 | |||
| Energy Storage, Operating result | Number of Estimates | 10 | 9 | 9 | 10 | 10 | |||
| Energy Storage, Operating result | Highest | 6.0 | 7.0 | 20.0 | 24.0 | 29.0 | |||
| Energy Storage, Operating result | Consensus (Mean) | 3.0 | 16.0 | 23.0 | 2.8 | 1.0 | 9.7 | 12.6 | 17.9 |
| Energy Storage, Operating result | Median | 3.0 | 1.0 | 13.0 | 15.5 | 18.5 | |||
| Energy Storage, Operating result | Lowest | -2.0 | -7.5 | -5.5 | -11.6 | 8.0 |
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.