EX-99.2

31 Exhibit 99.2 Text 31 39 230 Background 231 234 36 Accents 1 219 130 0 2 49 166 77 3 130 255 110 4 38 154 201 5 153 230 132 6 132 158 140 Hyperlink 87 255 81 Followed 2 Hyperlink 255 27 INNIO Green 164 (Darker for text ) 98 211 Second Quarter 2026 Results INNIO Red 32 8 255 INNIO Yellow 241 92 0 July 28, 2026 INNIO Cyan 181 213

Today’s Agenda Company Highlights Summary 01 04 Q2 Business Update 02 Financial Results 03 2

Disclaimer Forward-LookingStatements This presentation includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this presentation, including statements regarding our future results of operations and financial position, industry dynamics, business strategy and plans, our objectives for future operations and, our engines' long-term performance, industry expectations for gas prices, the expected growth and future performance of our Services segment, our capacity expansion and future production capacity, and our expectations for our future revenue, Adjusted EBITDA and Adjusted EBITDA Margin, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as“may,”“will,”“should,”“aim,”“expect,”“plan,” “anticipate,”“could,”“intend,”“target,”“project,”“contemplate,”“believe,”“estimate,”“predict,”“potential” or“continue” or the negative of these words or other similar terms or expressions that are intended to identify forward-lookingstatements. These forward-looking statements involve known and unknown risks, uncertainties, changes in circumstances that are difficult to predict and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statement including, but not limited to: changes in macroeconomic and market conditions and market volatility, including risk of recession, inflation, supply chain constraints or disruptions, interest rates, the value of securities and other financial assets, oil, natural gas and other commodity prices and exchange rates, and the impact of such changes and volatility on our business operations, financial results and financial position; global economic trends, competition and geopolitical risks, including impacts from the ongoing geopolitical conflicts (such as the Iran conflict, Russia-Ukraine conflict, ongoing tensions between the United States and China and China and Taiwan), demand or supply shocks from events such as a major terrorist attack, natural disasters or actual or threatened public health pandemics or other emergencies, or an escalation of sanctions, tariffs or other trade tensions, and related impacts on our supply chains and strategies; our ability to successfully execute our business and growth strategy; our future financial performance, including our expectations regarding the performance of our Services segment, our revenue, operating expenses and ability to remain profitable; economic and industry trends, projected growth, or trend analysis, particularly as it relates to AI; our ability to develop and introduce new technologies to meet market demand and evolving customer needs, which depends on many factors, including the ability to obtain any required permits, licenses, and registrations; our ability to attract and retain highly qualified personnel; our expectations concerning relationships with our channel partners and distribution network; our ability to manage and predict our backlog; actual or perceived quality issues or safety failures related to our complex and specialized products, solutions and services; significant disruptions in our supply chain, including the high cost or unavailability of raw materials, components, and products essential to our business, and significant disruptions to our manufacturing and production facilities and distribution networks; our ability to obtain, maintain, protect, and effectively enforce our intellectual property rights; our capital allocation plans, including the timing and amount of dividends; shifts in market and other dynamics related to electrification, decarbonization or sustainability; the amount and timing of our cash flows and earnings, which may be impacted by macroeconomic, customer, supplier, competitive, contractual and other dynamics and conditions; actions by our joint venture arrangements and similar collaborations with third parties for certain projects that result in additional costs and obligations; any reductions or modifications to, or the elimination of, governmental incentives or policies that support renewable energy and energy transition innovation and technology; our ability to stay in compliance with laws and regulations that currently apply or may become applicable to our business both in the United States and internationally and changes in law, regulation or policy that may affect our businesses; our ability to maintain the security and availability of our platform and protect against data breaches and other security incidents; our ability and challenges to our operations as a public company, including the increased expenses associated with being a public company, or achieve some or all of the benefits we expect to achieve; the risk of significant volatility in our share price; our ability to retain tax residency in Germany; our ability to remediate the material weaknesses we identified in our internal control over financial reporting or prevent material weaknesses in the future; and other statements regarding our future operations, financial condition, and prospects and business strategies. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements. For additional informationon otherpotential risksand uncertaintiesthat couldcauseactual results to differfrom expected results,pleaserefer to our filingswith the SecuritiesandExchange Commission. The forward-looking statements included in this presentation are made only as of the date hereof. The Company undertakes no obligation to update any forward-looking statements for any reason after the date of this presentationto conformthesestatementsto actual results or to changesin our expectations, except as may be required by law. FinancialInformationandNon-GAAP Measures We report under accounting principles generally accepted in the United States(“U.S.GAAP”). We maintain our financial books and records and publish our consolidated financial statements in U.S. dollars, which is our reporting currency. This presentation also contains certain supplemental financial measures that are not calculated under U.S. GAAP, including but not limited to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Diluted Adjusted EPS, Adjusted EBITDA - Capex, Free Cashflow, Free Cashflow Conversion and Cash Conversion. These non-GAAP financial measures are in addition to, and not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Furthermore, the non-GAAP financial measures presented herein may not be presented in our future SEC filings. See the Appendix to this presentation for the definition and reconciliation of each such non-GAAP financial measureto its mostdirectlycomparableGAAP measure. © 2026 INNIO. All rights reserved 3

Substantial progress made since IPO while building momentum Record Q2’26 results 1 • Equipment Order Intake : $2.3bn , +316% year - over -year 1 • Equipment Order Backlog : $6.6bn, +279% year - over -year • Equipment Revenue: $569m , +61% year - over -year • Total Revenue: $938m , +42% year - over -year 1 • Adj. EBITDA : $172m , +20% year - over -year Powering the global energy demand • INNIO offers a differentiated engine platform for many applications • Securing key orders to fulfill data center demand • Self - funded capacity expansion on track 1 Note: Equipment Order Intake and Equipment Order Backlog are KPIs. Adjusted EBITDA is a non - GAAP measure. Please see appendix for fur ther details on reconciliations and definitions of our © 2026 INNIO. All rights reserved 4 non - GAAP measures and KPIs.

31 Text 31 39 230 Background 231 Company Highlights 234 36 Accents 1 219 130 0 2 49 166 77 3 130 255 110 4 38 154 201 5 153 230 132 6 132 01 158 140 Hyperlink 87 255 81 Followed 2 Hyperlink 255 27 INNIO Green 164 (Darker for text ) 98 211 INNIO Red 32 8 255 INNIO Yellow 241 92 0 5 INNIO Cyan 181 213

INNIO in numbers: 2025 ~100 ~$2.6bn ~$549m ~70% ~ 5,000 1 1 Adj. EBITDA Countries Served Revenue Cash Conversion FTEs (~21% margin) Equipment Services 52% of Revenue 48% of Revenue 35% of Adj. Segment EBITDA 65% of Adj. Segment EBITDA Data Center Power Solutions Compression Services ~59% of ~35% of ~6% of 1 1 1 Equip. Order Intake Equip. Order Intake Equip. Order Intake 1 Note: All figures as of 31st December 2025, unless otherwise noted. Adjusted EBITDA, Adjusted EBITDA Margin, and Cash Conversion are non - GAAP measures. Equipment Order Intake is a © 2026 INNIO. All rights reserved 6 KPI. Please see appendix for further details on reconciliations and definitions of our non - GAAP measures and KPIs.

s o m v r e M e e c r i s t a v - h j r g e o a n s e r u o l L n s i i s e s u a b B s d e e l c l i a v t r s e n S I g e n h Multi - year revenue visibility from record backlog feeds INNIO's high - margin Services flywheel Equipment Flywheel Services Equipment revenue fuels Services growth 1 Equipment Order Intake Revenue $ 3.9 bn $6.6bn $ 1.3bn $1.4bn FY25A LTM Q2’26 FY25A LTM Q2’26 Equipment revenues Equipment Revenue Adj. Segment EBITDA Margin $ 1.4bn $ 1.7bn ~29% ~30% FY25A LTM Q2’26 FY25A LTM Q2’26 Book - to - Bill Ratio Adj. Segment EBITDA earned 3,4 based on Equipment sales 2.8x 3.9x ~2.5x FY25A LTM Q2’26 1,2 ~44 GW Installed Base 1 Q2’26 Equipment Order Backlog of $6.6bn provides substantial visibility for the coming years of the high - margin Services business 1 Note: Equipment Order Intake, Equipment Order Backlog and Installed Base are KPIs. Please see appendix for further details on recon cil iations and definitions of our non - GAAP measures and © 2026 INNIO. All rights reserved 7 2 3 KPIs. As of 31 - Dec - 2025. The range reflects the average ratio of Services Adjusted Segment EBITDA relative to Equipment Adjusted Segment EBITDA betwee n J anuary 1, 2023 through March 4 31, 2026. The engine sales included within Equipment EBITDA are tied to the same sales included within Services EBITDA. i t w o g r F g u n e l i A e l d o b e v y M m e i y r P n u l h a o n a t r a u n f d l d i g i t a l s o l u t i o n s

Gas engines are a cost - saving behind - the - meter (BTM) technology. Once installed, operational cost is below grid cost 1 Levelized cost of electricity (LCOE) comparison Key advantages against grid BTM solutions ($ per MWh) Grid costs ($ per MWh) INNIO engines have favorable levelized cost of electricity 140 131 106 103 110 Grid prices expected to structurally increase as data centers are asked to absorb build - out costs 85 76 72 63 Regulation is driving BTM commitments by DCs Operational cost of BTM gas engine (Ratepayer Protection Pledge) setup per BloombergNEF Gas Engine Simple Cycle Fuel Cell Texas Ohio Pennsylvania Sunk BTM capex locks in significant economic Turbine advantage compared to grid alternative Transient perf. W/o subsystemsPPO Inferior power quality of grid requires additional capex & BTM infrastructure to meet power Modular requirements deployment PPP Even IF grid power may become available, we believe INNIO remains the lower cost option driven by avoided grid charges, efficiency, modularity, and lower overbuild 1 Source: BloombergNEF ; Data Center On - site Gas Power Costs (Jun 2026) ; company information. CCGT, a still nascent technology for behind - the - meter ( BTM) setups, at $110/MWh, has been © 2026 INNIO. All rights reserved 1 excluded.

31 Text 31 39 Q2 2026 230 Background 231 234 Business Update 36 Accents 1 219 130 0 2 49 166 77 3 130 255 110 4 38 154 201 5 153 230 132 6 132 02 158 140 Hyperlink 87 255 81 Followed 2 Hyperlink 255 27 INNIO Green 164 (Darker for text ) 98 211 INNIO Red 32 8 255 INNIO Yellow 241 92 0 9 INNIO Cyan 181 213

Second Quarter 2026 Highlights $2.3bn $569m $938m $172m Equipment Equipment Total Adj. 1 1 Order Intake Revenue Revenue EBITDA +316% yoy +61% yoy +42% yoy +20% yoy 1 Note: Equipment Order Intake is a KPI. Adjusted EBITDA is a non - GAAP measure. Please see appendix for further details on reconciliations and definitions of our non - GAA P measures and KPIs. © 2026 INNIO. All rights reserved © 2026 INNIO. All rights reserved 10

Q2’26 order commentary Q2’26 order dynamics Resulting customer profile 1 1 Top customers by Equipment Order Intake • Equipment Order Intake of $2.3bn in Q2'26, up 316% y/y 1 — strongest quarter to date, driven by continued data Each bucket represents a unique customer representing >2.5% of total Equipment Order Intake for the period center demand • Follow - on orders from a hyperscaler and colocation providers (direct and indirect) for phased build - outs — repeat purchasing validates product performance and delivery track record • Exceptional order activity also in Power Solutions and Compression business lines other other Other other • Customer base continues to broaden — near - term outlook shows new accounts entering the top - customer profile 2024 2025 Near - term outlook 2 Existing customers New customers vs. prior bar 1 2 Note: Equipment Order Intake is a KPI. Please see appendix for the definitions of our KPIs. New customers shown are defined as new equipment orders placed in respective period © 2026 INNIO. All rights reserved 11 by a single customer which represent >2.5% of total Equipment Order Intake for the same period.

31 Text 31 39 230 Background 231 Q2’26 landmark order 234 36 Accents 1 219 130 0 2 49 166 77 • Secured 1.1 GW prime power order from new customer 3 130 255 110 • Customer is a developer and operator of mega - scale 4 38 154 data centers 201 5 153 230 • INNIO’s J624 gas engine expected to deliver resilient, 132 6 132 scalable, and efficient behind - the - meter power 158 generation 140 Hyperlink 87 255 81• Phased, multi - year delivery schedule Followed 2 Hyperlink 255 27 INNIO Green 164 (Darker for text ) 98 211 INNIO Red 32 8 255 INNIO Yellow 241 92 0 12 INNIO Cyan 181 213

31 Text 31 39 230 Background 231 Financial Results 234 36 Accents 1 219 130 0 2 49 166 77 3 130 255 110 4 38 154 201 5 153 230 132 6 132 03 158 140 Hyperlink 87 255 81 Followed 2 Hyperlink 255 27 INNIO Green 164 (Darker for text ) 98 211 INNIO Red 32 8 255 INNIO Yellow 241 92 0 13 INNIO Cyan 181 213

Q2 2026 key messages 1 Accelerating demand across all business lines: Q2 Equipment Order Intake up >300% YoY 1 Disciplined backlog execution driving growth across Equipment and Services 2 Capacity expansion projects across the U.S. and EU are already driving output growth 3 1 2 FY26E Adj. EBITDA guidance of $720M – $740M, +33% at midpoint vs. FY25A 4 Order momentum, execution, and investment help to support FY26E guidance 1 Note: Equipment Order Intake is a KPI. Adjusted EBITDA is a non - GAAP measure. Please see appendix for further details on reconciliatio ns and definitions of our non - GAAP measures and KPIs. © 2026 INNIO. All rights reserved 14 2 A reconciliation of Adjusted EBITDA guidance to Net Income is not available on a forward - looking basis without unreasonable effo rt.

Financial snapshot ($m) Q2’25 Q2’26 yoy % ’25 YTD ’26 YTD yoy % Q2’26 dynamics Equipment Strong momentum across all business lines, 550 2,290 +316% 1,203 3,908 +225% 1 with Equipment book - to - bill at 4.4x in H1’26 Order Intake Equipment 1,735 6,576 +279% Substantial increase in visibility 1 Order Backlog Successfully executing against ramp up with growth 660 938 +42% 1,154 1,606 +39% Total Revenue across segments 1 144 172 +20% 258 295 +14% Adj. EBITDA 1 1 Adj. EBITDA growth and margin constrained by higher share of Equipment segment and investments Adj. EBITDA in growth 22% 18% (3.5)%pt 22% 18% (4.1)% pt 1 Margin 1 Free cashflow fueled by strong operating cash 1 45 205 +352% 42 342 +707% Free Cashflow development, supporting self - funded growth and capacity expansion 1 Increasing Equipment Order Backlog and solid execution sets the foundation for future accelerated growth 1 Note: Equipment Order Intake and Equipment Order Backlog are KPIs. Adjusted EBITDA and Adjusted EBITDA margin are non - GAAP measures. Free Cashflow is a non - GAAP measure defined © 2026 INNIO. All rights reserved 15 as Operating Cashflow – Capex. Please see appendix for further details on reconciliations and definitions of our non - GAAP measures and KPIs.

Backlog and slot reservations provide multi - year visibility and fuel long duration Services business 1 More than 4x of Q2’26 LTM Power Delivered ~64% of >15 GW related to BTM data center solutions >15 GW 1 Q2’26 Combined Equipment Order Backlog and Slot Within Data Center, ~94% related to prime power 2 Reservations across Data Center, Power Solutions and Compression business lines Expected service intensity substantially above average 1 of current Installed Base 1 Combined Equipment Order Backlog and Slot Reservations of >15 GW give multi - year visibility and feed a growing, high - intensity Services base 1 2 Note: Equipment Order Backlog, Power Delivered and Installed Base are KPIs. Please see appendix for the definitions of our KPIs. Slot Reservation is defined as a contractual agreement © 2026 INNIO. All rights reserved 16 between a customer and INNIO reserving a dedicated production slot for Equipment. Slot Reservation measured as of June 30, 2026

Ongoing capacity increase to meet growing demand Capacity expansion Achievements to date Targeted growth of production capacity in the coming years 1 Jenbach , Austria & Hall, Austria • Construction of new, state - of-the -art assembly line in Jenbach ~10 GW • De - bottlenecking of Jenbach campus • Substantial investment in additional machining 2 Trenton, NJ & Waller, TX • New sites for dedicated containerization and packaging ~3.5 GW efforts 3 Waukesha, WI & Welland , ON • Ongoing production expansion in Wisconsin and Ontario 2025 Expected • Increasing machining and assembly capabilities 1 1 Production Capacity Production Capacity Self - funded capacity expansion is underway to meet growing demand for data center products 1 Note: Please see appendix for the definition of Production Capacity. © 2026 INNIO. All rights reserved 17

Equipment Order Intake and Backlog showcase positive momentum 1 1 Equipment Order Intake ($m) Equipment Order Backlog ($bn) +279% +83% +225% $6.6 $3,908 $4.9 +316% $3.6 $2,290 $3.3 $1,203 $1.7 $550 Q2’25 Q2’26 ’25 YTD ’26 YTD Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Data Center Power Solutions Compression 1 Broad - based momentum across Data Center , Power Increasing Equipment Order Backlog provides visibility on 1 Solutions and Compression driving Equipment Order Intake topline growth 1 No te : Equipment Order Intake and Equipment Order Backlog are KPIs. Please see appendix for the definitions of our KPIs. © 2026 INNIO. All rights reserved 18

Continued topline growth and targeted capacity expansions driving long - term scale Total Revenue ($m) Adj. Segment EBITDA ($m) Adjusted Segment EBITDA Margin +39% 23% 20 % 23% 20% $1,606 +19% $321 $1,154 +42% $ 270 +24% $938 $188 $660 $152 Q2’25 Q2’26 ’25 YTD ’26 YTD Q2’25 Q2’26 ’25 YTD ’26 YTD Equipment Services Equipment Services Strong order dynamics already translating Adj. Segment EBITDA growth temporarily constrained by into topline growth shift in business mix and investments in growth Note: P lease see appendix for further details on reconciliations and definitions of our non - GAAP measures. © 2026 INNIO. All rights reserved 19

Equipment segment Data Center We are turning market demand +58% Power Solutions into results $892 Compression • Disciplined execution on Equipment +61% 1 Order Backlog expected to translate $569 $564 into revenue growth, including large - scale data center projects Revenue ($m) $354 • Margin trajectory reflects self - funded growth investments enabling substantial growth in Equipment 1 Order Intake Q2’25 Q2’26 ’25 YTD ’26 YTD • Adjusted Segment EBITDA Margin 1 expected to expand as operating Order Intake ($m) 550 2,290 1,203 3,908 leverage expected to increase in H2 Adj. Segment 66 79 94 102 vs H1 EBITDA ($m) Margin (%) 19% 14% 17% 11% Self - funded capacity expansion is underway to meet growing demand for data center products 1 Note: Equipment Order Intake and Equipment Order Backlog are KPIs. Please see appendix for further details on reconciliations and definitions of our non - GAAP measures © 2026 INNIO. All rights reserved 20 and KPIs.

Services segment Our flywheel - based business model has delivered +21% • Consistent conversion of strong $715 Equipment sales into long - term high - $589 margin Services business +21% Revenue ($m) $368• Temporary growth - related $305 investment in parts capacity and service force mitigated by margin accretive parts vs labor mix • Growing installed base gives long - Q2’25 Q2’26 ’25 YTD ’26 YTD term profit growth visibility Adj. Segment 86 110 176 220 EBITDA ($m) Margin (%) 28% 30% 30% 31% Strong and resilient service growth with additional visibility through today’s equipment order backlog and future order intak e Note: Please see appendix for further details on reconciliations and definitions of our non - GAAP measures. © 2026 INNIO. All rights reserved 21

Fiscal 2026 full - year outlook 1 Revenue ($m) Adj. EBITDA ($m) 1 2 Margin 21% ~19 % 2 +46% 2 $3,800 - 3,900 +33% 3 $720 - 740 Services 2 ~35% $ 2,637 $549 Services ~48% Equipment 2 ~65% Equipment ~52% FY25 A FY26 E FY25 A FY26 E Accelerating revenue growth expected in combination with margin recovery as we grow into our cost base 1 Note: Adjusted EBITDA and Adjusted EBITDA margin are non - GAAP measures. Please see appendix for the reconciliations and definitions of our non - GAAP measures. © 2026 INNIO. All rights reserved 22 2 3 Please see appendix for the definitions of our KPIs. At midpoint. A reconciliation of Adjusted EBITDA guidance to Net Income is not available on a forward - looking basis without unreasonable effort.

31 Text 31 39 230 Background 231 Summary 234 36 Accents 1 219 130 0 2 49 166 77 3 130 255 110 4 38 154 201 5 153 230 132 6 132 04 158 140 Hyperlink 87 255 81 Followed 2 Hyperlink 255 27 INNIO Green 164 (Darker for text ) 98 211 INNIO Red 32 8 255 INNIO Yellow 241 92 0 23 INNIO Cyan 181 213

31 Text 31 39 230 Background 231 234 36 Accents 1 219 130 0 2 49 166 77 3 130 255 110 4 38 154 201 5 153 Q&A 230 132 6 132 158 140 Hyperlink 87 255 81 Followed 2 Hyperlink 255 27 INNIO Green 164 (Darker for text ) 98 211 INNIO Red 32 8 255 INNIO Yellow 241 92 0 25 INNIO Cyan 181 213

31 Text 31 39 230 Background 231 234 36 Accents 1 219 130 0 2 49 166 77 3 130 255 110 4 38 154 201 5 153 230 132 6 132 158 Appendix 140 Hyperlink 87 255 81 Followed 2 Hyperlink 255 27 INNIO Green 164 (Darker for text ) 98 211 INNIO Red 32 8 255 INNIO Yellow 241 92 0 26 INNIO Cyan 181 213

Financial trending metrics INNIO Q2'25 Q3'25 Q4'25 FY 2025 Q1'26 Q2'26 LTM Q2’26 y/y % ($m, other than percentages) Total Revenue 660 743 741 2,637 669 938 3,090 42% 1 Adj. EBITDA 144 144 147 549 122 172 586 20% 1 Adj. EBITDA Margin 22% 19% 20% 21% 18% 18% 19% (3.5)pp Revenue by Geography ($m) Total Revenue 660 743 741 2,637 669 938 3,090 42% Total Europe 263 385 317 1,155 263 316 1,281 20% o/w Germany 75 72 85 302 72 82 311 10% Total North America 221 182 216 788 266 440 1,104 99% o/w United States 201 157 196 697 240 404 997 101% Rest of World 175 175 207 694 140 182 704 4% 1 Note: Adjusted EBITDA and Adjusted EBITDA Margin are non - GAAP metrics. Please see the reconciliation and definition slides in this app endix for more information. © 2026 INNIO. All rights reserved 27

Financial trending metrics by segment Equipment Segment Q2'25 Q3'25 Q4'25 FY 2025 Q1'26 Q2'26 LTM Q2’26 y/y % ($m, other than percentages and GW) 1 Equipment Order Intake 550 1,975 706 3,884 1,617 2,290 6,589 316% o/w Data Center 294 1,386 294 2,282 1,005 1,464 4,149 398% o/w Power Solutions 209 529 328 1,359 457 546 1,859 161% o/w Compression 47 61 84 243 155 281 581 492% 1 Equipment Order Backlog 1,735 3,293 3,599 3,599 4,865 6,576 6,576 279% Revenue 354 417 384 1,365 322 569 1,693 61% o/w Data Center 118 38 53 262 107 232 431 97% o/w Power Solutions 182 327 270 893 168 274 1,038 51% o/w Compression 55 52 61 211 47 63 223 16% Adj. Segment EBITDA 66 66 45 205 23 79 212 19% Adj. Segment EBITDA Margin 19% 16% 12% 15% 7% 14% 13% (4.8)pp 1 Power Delivered (GW) 0.9 1.1 0.9 3.4 0.7 1.1 3.8 20% Services Segment ($m, other than percentages) Revenue 305 325 357 1,271 346 368 1,397 21% o/w Transactional 193 218 226 809 206 236 886 22% o/w Contractual 113 107 131 463 140 132 511 18% Adj. Segment EBITDA 86 90 107 373 110 110 417 28% Adj. Segment EBITDA Margin 28% 28% 30% 29% 32% 30% 30% 1.8pp 1 Note: Equipment Order Intake, Equipment Order Backlog and Power Delivered are KPIs. Please see the definition slides in this append ix for more information. © 2026 INNIO. All rights reserved 28

INNIO’s deleveraging path continues 3.6x 3.2x 2.7x Net Leverage Ratio Q4’25 Q1’26 Q2’26 Indebtedness 2,659 2,634 2,619 Cash and Cash Equivalents (690) (841) (1,040) Net Indebtedness 1,969 1,793 1,579 1 LTM Adj. EBITDA 549 557 586 Net Leverage Ratio 3.6x 3.2x 2.7x 1 Note: Adjusted EBITDA is a non - GAAP measure. Please see the reconciliation and definition slides in this appendix for more information . © 2026 INNIO. All rights reserved 29

Reconciliation of GAAP Net Income to Cash Conversion and Free Cashflow Conversion ($m, other than percentages) Q2’25 Q2’26 Q2’26 y/y % Q2’25 YTD Q2’26 YTD YTD ’26 y/y % FY 2025 (127)% Net Income (loss) 62 (17) 97 (26) (127)% 142 Management adjustments 4 85 6 103 39 Other non - cash items 2 2 4 6 10 Depreciation and amortization 37 40 72 78 154 Other income (expense) – net (1) (4) (2) (7) (1) Interest expense and related financing costs – net 22 53 50 124 164 Income tax expense 18 13 30 17 42 1 Adj. EBITDA 144 172 20% 258 295 14% 549 Capex (21) (50) (48) (102) (171) 2 Adj. EBITDA - Capex 123 122 0% 210 193 (8)% 378 3 Cash Conversion 85% 71% 81% 66% 69% Net Income (loss) 62 (17) (127)% 97 (26) (127)% 142 Depreciation & Amortization 37 40 72 78 154 4 Change in NWC (45) 139 (87) 25 3 219 Other Non - Cash Expense (income) 13 93 8 139 33 Net Cash Provided by Operating Activities 67 255 282% 91 444 390 % 548 Capex (21) (50) (48) (102) (171) 5 Free Cashflow 45 205 352% 42 342 707% 377 6 Free Cashflow Conversion 73% n/m 44% n/m 266% 1 2 Note: In $Millions unless otherwise stated. Adjusted EBITDA is a non - GAAP measure. Please see the reconciliation and definition slides in this appendix for more information . Adj. EBITDA - Capex 3 4 is a non - GAAP measure and defined as Adj. EBITDA – Capex . Cash Conversion is a non - GAAP measure. And is defined as (Adj. EBITDA – Capex) / Adj. EBITDA; Consists of Accounts Receivable, © 2026 INNIO. All rights reserved 5 30 Prepaid Expenses, Inventories, Accounts Payable, Contract Liabilities, Accrued Liabilities and Other Assets and Liabilities; Free Cashflow is a non - GAAP measure and is defined as Operating 6 Cashflow – Capex; Free Cashflow Conversion is a non - GAAP measure and is defined as (Operating Cashflow – Capex) / Net Income.

Reconciliation of GAAP EPS to Adjusted EPS Three Months Ended June 30 ($m, other than share amounts and per share amounts) Q2’25 Q2’26 Adj. Segment EBITDA 152 188 Unallocated corporate costs (HQ & other not included in Adjusted Segment EBITDA) (8) (16) Total Group Adjusted EBITDA 144 172 Management adjustments (4) (85) Other non - cash items (2) (2) Depreciation and amortization (37) (40) Other income (expense) – net 1 4 Interest expense and related financing costs – net (22) (53) Income tax expense (18) (13) Net Income (loss) 62 (17) 0.08 Diluted EPS (0.02) Management adjustments 4 85 Tax effect of adjustments (1) (11) 1 Adjusted Net Income 65 57 1 Diluted Adjusted EPS 0.09 0.08 Weighted - average number of shares outstanding 750,000,000 750,050,711 Note: In $Millions unless otherwise stated. 1 Adjusted Net Income and Diluted Adjusted EPS are non - GAAP measures. Adjusted Net Income includes the effect of unrealized foreign currency revaluation gains/losses from external © 2026 INNIO. All rights reserved 31 and internal USD loans in EUR functional currency entities. For the three months ended June 30, 2026 and 2025, these amounted to a $(11.9) million loss and $13.8 million gain, respectively, or an unfavourable variance of $(25.7) million.

Reconciliation of Adj. Segment EBITDA to Net Income ($m) Q2’25 Q3’25 Q4’25 FY’25 Q1’26 Q2’26 LTM 62 40 5 142 (9) (17) 19 Net income (loss) 18 15 (3) 42 5 13 30 Income tax expense Interest expense and related financing costs - net 22 35 79 164 71 53 237 (1) 3 (3) (1) (3) (4) (7) Other income (expense) - net 37 41 40 154 38 40 160 Depreciation and amortization 2 2 4 10 4 2 12 Other non - cash items Management adjustments 4 8 25 39 18 85 136 - - - - - 1 1 Share - based compensation 0 5 7 12 10 81 103 IPO and Public market readiness costs 3 3 3 5 13 4 2 13 Transformation costs 2 Transaction costs 0 0 11 11 4 1 16 1 1 1 2 3 0 1 3 Acquisition and Divestment related gains (losses) - net 144 144 147 549 122 172 586 Adj. EBITDA 8 12 5 29 10 16 43 Unallocated corporate costs Adj. Segment EBITDA 152 156 151 578 133 188 629 1 Note: In $Millions unless otherwise stated. Acquisition and divestment related gains and losses incurred in connection with planned and completed acquisitions, including legal and 2 professional fees. Contingent consideration arrangements (earn - outs) relate to specific acquisitions. Transaction costs include legal and professional fees related to our legal 3 reorganization completed in June 2026 and adapting our financing structure and costs related to the July 2023 investment by Luxinva into INNIO. Transformation costs include costs in a given year incurred in relation to significant operational change initiatives and the ramp up of supply chain capacity. This includes th e ramp up of our business transformation © 2026 INNIO. All rights reserved efforts to support our capacity expansion initiatives to strengthen internal manufacturing and supply chain foundations, supp ort ed by dedicated third - party expertise to accelerate the 32 capacity uplift. Costs also include those associated with streamlining management structures, processes and operational perfo rma nce.

Glossary Term Category Definition Full time equivalents. We define FTEs as each of our employees or employees of record, which are employees hired on behalf of us by a third -party organization, excluding interns, contractors, FTEs General apprentices, passive employees and employees on leaves of absence. Production We define Production Capacity as the aggregate electrical power output (MW) of engines/gensets produced in the relevant perio d. Specifically, Production Capacity is calculated as the sum across General Capacity all produced units of the nameplate electrical output (MW) of each engine/genset multiplied by the respective quantity produc ed. Slot Reservation General Defined as a contractual agreement between a customer and INNIO reserving a dedicated production slot for Equipment. Adjusted Segment EBITDA is defined as earnings before interest, income taxes, depreciation and amortization, adjusted for ite ms that management believes are not indicative of core operating Adjusted performance, including ( i) restructuring costs, (ii) transaction related costs associated with acquisitions and other strategic activities, (iii) tran sfo rmation costs related to significant organizational General Segment EBITDA change initiatives, (iv) costs incurred for IPO and public - market readiness, and (v) s hare -based compensation expense . We define Adjusted Segment EBITDA margin as Adjusted Segment EBITDA divided by revenue. Equipment Order KPI We define Equipment Order Backlog as Equipment Order Intake that has not yet been fulfilled towards the customer. Equipment O rde r Backlog is measured as of the end of a given period. Backlog We define Equipment Order Intake as the booking of a new sales order for the Equipment segment within a given period when spe cif ic criteria are met, including a signed contract, defined scope, Equipment KPI fixed price, delivery schedule, and fully defined terms and conditions. The order must have a low probability of cancellation , all necessary approvals and risk reviews completed, and any required Order Intake down payment (if any) received. Equipment Order Intake is measured over a given period. All active Jenbacher and Waukesha engines with their corresponding power output, measured in gigawatts (GW). Active is define d as operationally available for the customer without implying any Installed Base KPI operational running profile. Active excludes all inactive engines ( i.e. engines on stock or not yet commissioned, engines decommissioned) and all engines owned or controlled by customers for whom the provision of services is restricted or prohibited or where we are unable to deliver the full -scope. We report Installed Base on an annual basis. We define Power Delivered as the aggregate electrical power output, measured in GW, of engines/gensets for which revenue has bee n recognized in the relevant period. Specifically, Power Power Delivered KPI Delivered is calculated as the sum across all delivered units of the nameplate electrical output, measured in megawatts, of e ach engine/genset multiplied by the respective quantity recognized. For our compression business line, Power Delivered is calculated by converting horsepower output into megawatts. Power Delivered is measured over a given period. We define Adjusted EBITDA as net income as adjusted for (i) income tax expense, (ii) interest and other financial charges - net, (iii) other non -operating (income)/expense - net, (iv) depreciation and Adjusted EBITDA Non -GAAP amortization, (v) other non -cash items, (vi) IPO and public market readiness costs, (vii) transformation costs, (viii) transacti on costs and (ix) acquisition and divestment related gains and losses and (x) share -based compensation expense . We define Adjusted EBITDA margin as Adjusted EBITDA divided by revenue. Adjusted Net We define Adjusted Net Income as net income (loss) as adjusted for (( i) management adjustments comprising (a) IPO and public market readiness costs, (b) transformation costs, (c) transaction Non -GAAP Income costs, (d) acquisition and divestment related gains and losses and (e) share -based compensation expense and (ii) adjusted tax ef fects from management adjustments. We define adjusted earnings per share (“Diluted Adjusted EPS”) as Adjusted Net Income divided by the weighted -average number of common shares issued and outstanding and the dilutive effect Diluted Adjusted computed under the treasury stock method of potential common shares issued (RSUs awarded). Diluted Adjusted EPS, derived from Ad justed Net Income is a non -GAAP financial measure used by Non -GAAP EPS our management to provide additional perspective and insights when analyzing the core operating performance of the Company fr om period to period and trends in the Company’s historical operating results. Accordingly, we believe these measures provide useful information to investors in understanding and evalua tin g our operating results in the same manner as our management. Cash Conversion Non -GAAP Defined as (Adj. EBITDA – Capex) / Adj. EBITDA. Capital expenditures are the sum of the additions to property, plant and equipment and additions to intangible assets over a giv en period. Free Cashflow Non -GAAP Defined as Net Cash Provided by Operating Activities – Capex. Free Cashflow Defined as ( Net Cash Provided by Operating Activities less Total Capex) / Net Income. Capital expenditures are the sum of the additions to property, plant and equipment and additi ons to Non -GAAP Conversion intangible assets over a given period. © 2026 INNIO. All rights reserved 33

31 Text 31 39 230 Background 231 234 36 Accents 1 219 130 0 2 49 166 77 3 130 255 110 4 38 154 201 5 153 230 132 6 132 158 140 Hyperlink 87 255 81 Followed 2 Hyperlink 255 27 INNIO Green 164 (Darker for text ) 98 211 INNIO Red 32 8 255 INNIO Yellow 241 92 0 34 INNIO Cyan 181 213