Wallenius Wilhelmsen Asa · OSL:WAWI
Wallenius Wilhelmsen Asa — Q2 2026 Earnings Presentation
46 slides from Wallenius Wilhelmsen Asa's earnings presentation, Aug 11, 2026
Slide 1: Wallenius Wilhelmsen ASA Q2 2026
Wallenius Wilhelmsen ASA Q2 2026
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking information and statements relating to the business, financial performance and results of the Group, and/or the industry and markets in which it operates. Forward-looking statements are statements that are not historical facts and may be identifi
Slide 3: Agenda
Agenda 1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A
Slide 4: Strong outlook
Strong outlook Continued strong and growing shipping demand from Asia resulted in full utilization of fleet and increasing freight and charter rates Adjusted EBITDA for Q2 2026 ended at USD 361m, down 7% QoQ, reflecting higher bunker expenses in Shipping services Continued positive development in Lo
Slide 5: Agenda
Agenda 1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A
Slide 6: Three major market trends to watch
Three major market trends to watch 1 Chinese exports booming 2 RoRo in short supply 3 Rates strengthening 6
Slide 7: Continued strong volume growth ex-Asia driven by China
Continued strong volume growth ex-Asia driven by China Development of passenger car volumes ex. East Development of passenger car volumes ex. West Million light vehicles and implicit YoY change Million light vehicles and implicit YoY change China Japan Korea EU USA UK +15% +23% 3.1 3.1 14.9 3.0 13.9
Slide 8: Domestic market weakness accelerates China's export push
Domestic market weakness accelerates China’s export push Chinese Retails Sales of Passenger Vehicles Chinese Exports of Passenger Vehicles Million units Million units +31% -9% 7.5 23.7 22.9 5.7 4.7 21.7 21.5 3.8 20.5 2.4 2022 2023 2024 2025 12 months rolling 2022 2023 2024 2025 12 months rolling Sou
Slide 9: Chinese OEMs taking market share in China and abroad
Chinese OEMs taking market share in China and abroad Mainland China auto sales World excl. Mainland China, US and Russia auto sales Market share of auto sales Market share of auto sales 100 100 89% 90 90 Non-Chinese 80 80 71% 70 Chinese 70 60 60 50 50 40 40 29% 30 Non-Chinese 30 20 20 11% 10 10 Chin
Slide 10: No signs of inventory build-up of Chinese cars in destination markets
No signs of inventory build-up of Chinese cars in destination markets United Kingdom Australia Thousand vehicles (lhs) and percentage (rhs) Thousand vehicles (lhs) and percentage (rhs) China Customs Car reg Ratio - Sales/Export 65 240 50 220 60 220 200 45 55 200 180 40 50 180 160 45 35 160 140 40 30
Slide 11: Chinese OEMs prefer RoRo but struggle to find capacity
Chinese OEMs prefer RoRo but struggle to find capacity China Customs vehicle exports1 and RoRo capacity2 trend • A widening capacity deficit push OEMs to find alternative transport modes, including container, LoLo, and landbridge options China Customs exports RoRo capacity • Our analysis indicates t
Slide 12: Fleet development as expected with ordering activity picking up
Fleet development as expected with ordering activity picking up Development of global fleet capacity1 Million CEU Newbuildings Fleet size Recycling Vessels ≥ 30-year-old -2% +1% +3% 5.9 +6% 6.0 5.9 0.1 +9% 0.2 5.7 0.3 +13% 5.4 0.4 • Expect around 60 vessels to be 0.2 delivered to the fleet in 2026 +
Slide 13: Increasingly tight freight and charter market despite fleet growth
Increasingly tight freight and charter market despite fleet growth Assessed “spot” rate levels from Asia to Europe 1-year TC-in rates1 development USD per cbm USDk per day +79% 120 A recent 2-year agreement for 170 a newbuild was concluded at 115 USD 80K/d 160 110 150 105 +88% 100 140 95 +80% 130 90
Slide 14: The ME conflict has triggered significant volatility in fuel prices
The ME conflict has triggered significant volatility in fuel prices Bunker prices continue to be elevated following Strait of Hormuz closure USD/t 2,000 MGO Bunker Prices, Singapore VLSFO Bunker Prices (0.5% Sulphur), Singapore 1,800 High and volatile fuel prices 1,600 1,400 1,200 Fuel availability
Slide 15: Agenda
Agenda 1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A
Slide 16: Q2 2026 financials
Adjusted EBITDA of USD 361m in the quarter Shipping services Logistic services Government services Q2 2026 financials 998 USD m in revenues 299 USD m of adj. EBITDA 278 USD m in revenues 47 USD m of adj. EBITDA 86 USD m in revenues 26 USD m of adj. EBITDA Adj. EBITDA, USD m +10% -10% +11% 411 409 35
Slide 17: Seasonal pickup in volumes QoQ, largely unchanged YoY
Seasonal pickup in volumes QoQ, largely unchanged YoY as capacity remains stable and fully utilized Shipping services volumes and H&H share Million cbm1 & H&H/BB %-share of total2 Auto H&H/BB Share of H&H/BB Prior to Red Sea avoidance -1% 13.7 13.6 +4% • Volumes recovered from a seasonal 13.1 slow i
Slide 18: Net rate per cbm for Q2 2026 down 3% QoQ due to cargo mix
Net rate per cbm for Q2 2026 down 3% QoQ due to cargo mix Net freight rate/cbm and estimated net TCE earnings/day1 Net freight rate/cbm QoQ (USD) Net freight rate per CBM (USD 000) Estimated TCE earnings/day (USD) -3% 63.2 -0.4 -1.5 61.4 -5% 66 66 65 65 62 63 61 61 61 -3% 60 57 55 56 57 54 55 54 Q1
Slide 19: Hormuz and Bab-el-Mandeb straits still effectively closed
Hormuz and Bab-el-Mandeb straits still effectively closed Middle East effect on Wallenius Wilhelmsen No sailings through Strait of Hormuz at present Bab-el-Mandeb remains a no-go zone Hormuz Bab-el- Mandeb From Q1-2026 presentation 19
Slide 20: Continued positive development in Logistics services
Continued positive development in Logistics services due to improvement program launched in H2 2025 Adjusted EBITDA USD m and EBITDA margin 65 18% 17% 60 16% 55 15% 50 14% 13% 45 11% 11% 12% 40 10% 35 10% 30 8% 25 47 42 6% 20 34 15 30 28 4% 28 10 2% From Q4-25 presentation 5 0 0% Q1 25 Q2 25 Q3 25 Q
Slide 21: Government services impacted by regular docking of vessels
Government services impacted by regular docking of vessels and temporary lower volumes Government services revenue split1 Million USD US Government MSP Commercial 111 112 4 107 106 13 8 13 14 -1% 13 13 88 87 86 • Q2 negatively impacted by regular 13 12 8 docking of vessels 16 14 -19% 13 17 • Middle
Slide 22: Sold out in 2026 – negotiations for 2027 ongoing
Sold out in 2026 – negotiations for 2027 ongoing % of Shipping volume based on contract Estimated contract revenue split for startup1 Logistics services (USD m)2 Contract backlog details Estimated lifting capacity 1% Shipping Logistics 10% services services 12% 13% 20% Value of contract 6.5bn 2.7bn
Slide 23: Agenda
Agenda 1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A
Slide 24: Positive QoQ development in LTIF's for Shipping and Logistics
Positive QoQ development in LTIF’s for Shipping and Logistics LTIF for Shipping & Government and Logistics services LTIF LTM Target Shipping & Govt.1 1.12 1.02 0.66 0.54 0.41 0.18 0.20 0.21 • LTIF Shipping1 is at 0.21 for Q2 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 2026, down from 0.41 in Q1
Slide 25: Morning Concert safely exits the Persian Gulf on 30 June
Morning Concert safely exits the Persian Gulf on 30 June There were difficult days, but what impressed me most was how the crew continued to look after each other. Crew, Morning Concert 25
Slide 26: Absolute emissions remains stable with intensity down
Absolute emissions remains stable with intensity down due to increased fuel efficiency and low carbon fuels Total emissions CO2e intensity Thousand tonne CO2e gCO2e / tonne nautical miles (EEOI) Tank-to-wake Well-to-tank Biofuel/LNG % of fuel consumption Actual CO2e intensity CO2e intensity target 9
Slide 27: Wind in her sail: installation of wing sail on Tirranna completed
Wind in her sail: installation of wing sail on Tirranna completed Image credit: David Falk, Göteborgs Hamn Video credit: Oceanbird 27
Slide 28: Agenda
Agenda 1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A
Slide 29: Financial highlights
° Financial highlights USD m, except EPS, per cent and multiples PERFORMANCE FINANCIAL TARGETS 1 Q2 2025 Q1 2026 Q2 2026 YoY QoQ Metric Target Q2 2026 Revenue 1 350 1 253 1 305 -3% 4% ROCE >12% 15.6 % Adjusted EBITDA 472 389 361 -24% -7% Reported EBITDA 472 381 349 -26% -9% Equity ratio >35% 48.8 %
Slide 30: Shipping services adjusted EBITDA down USD 34m QoQ
Shipping services adjusted EBITDA down USD 34m QoQ on increased cost, especially net bunker cost Revenue1 (USD m) Adj. EBITDA development QoQ (USD m) -3.5% +5.8% Adjustment reversals 10 1 033 1 011 998 333 974 943 3 299 -31 -8 -5 -3 Adj. EBITDA (USD m) -27% -10% 411 409 354 333 299 Q2 25 Q3 25 Q4 25
Slide 31: Net bunker costs are expected to come down in H2
Net bunker costs are expected to come down in H2 QoQ change in net bunker cost vs VLSFO development USD million (lhs) and USD/metric ton (rhs) 100 1,000 80 900 800 • In Q3 2026, net bunker cost is expected to 60 700 decrease as costs are recovered through 40 Bunker Adjustment Factors (BAF) 600 18 20
Slide 32: Logistics services adjusted EBITDA up 8% QoQ
Logistics services adjusted EBITDA up 8% QoQ driven by the operational improvement program launched in H2 2025 Revenue (USD m) Adj. EBITDA development QoQ (USD m) Adjustment reversals +2% -4% +8% 273 289 278 272 261 17 46 42 -2 -11 Adj. EBITDA (USD m) +42% +8% 46 42 32 34 28 Q2 25 Q3 25 Q4 25 Q1 26
Slide 33: Government services adjusted EBITDA up 11% QoQ
Government services adjusted EBITDA up 11% QoQ, driven by higher US Government volumes Revenue (USD m) Adj. EBITDA development QoQ (USD m) -19% -1% +11% 112 11 106 86 87 86 -3 1 26 3 23 -8 Adj. EBITDA (USD m) -37% +11% 44 41 26 22 23 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q1 26 adj. US government MSP Commerc
Slide 34: Solid liquidity position
Solid liquidity position Cash flow and liquidity development Million USD -18% (-258) 1 437 • Cash and cash equivalents at quarter end of USD 0.6bn with total liquidity reserves of USD 1.2bn (74) 1 179 RCF 547 (14) (14) • Operating cash flow was USD 260m, reflecting (109) lower EBITDA and higher work
Slide 35: Continued strong financial position
Continued strong financial position Equity NIBD Liquidity reserves Billion USD Billion USD Billion USD Book equity Equity ratio Bank/bond debt Cash balance Cash balance RCF Leasing debt Leverage ratio 20% 1.2x 48.8% 1.2x 40.9% 42.2% 1.0x 40.3% 39.4% 1.0x 0.9x -3% 3.3 3.3 3.7 1.7 1.9 1.7 2.1 2.0 -18%
Slide 36: Significant steps to optimize our capital structure and efficiency
We have taken significant steps to optimize our capital structure and efficiency during the past 18 months Secured access to more flexible funding at improved terms USD 1.2bn • Debt refinanced at significantly reduced margins with longer tenor and increased flexibility Refinanced • Long-term committ
Slide 37: Cash dividend of USD 258m for H1 2026 approved
Cash dividend of USD 258m for H1 2026 approved Declared dividends1 USD Ordinary dividend Extraordinary dividend per share Share ot net profit Total dividend (USDm) 95% 94% • On August 10, 2026, the Board resolved to 82% 72% pay a dividend USD 0.61 per share for H1 2026, equal to USD 258m 50% • The d
Slide 38: Agenda
Agenda 1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A
Slide 39: Prospects
Prospects Strong demand, in particular for Shipping services, has continued into the second half of 2026 and we expect solid volumes and high utilization to continue. The time charter market for vessels has tightened further and will continue to put pressure on capacity. We expect 2026 to be another
Slide 40: Market Update 2026 – Save the Date
Save the Date Market Update 2026 24.09.2026 in Oslo, Norway More information to come
Slide 41: Q&A
Q&A
Slide 42: Thank you!
W Thank you!
Slide 43: Appendix
Appendix SSS
Slide 44: Chinese exports increased to all destination markets except the Middle East
Slide not included in Q2 webcast Chinese exports increased to all destination markets QoQ and YoY except to the Middle East Chinese light vehicles exports split by destination (excl. Russia) Thousand units +50% 2 400 2 352 QoQ YoY Europe South America and Caribbean1 Africa 87 growth growth 2 200 Oth
Slide 45: Chinese OEMs continue their success abroad
Slide not included in Q2 webcast Chinese OEMs continue their success abroad New car registrations in different markets Market share and YoY H1 change Chinese OEM %-share Country 2025 auto market H1 2025 H1 2026 EU + EFTA + UK 13.3 m 7% 1.6x 11% 2.9 m 2% 2.2x 4% 2.0 m 10% 1.8x 18% 1.5 m 5% 2.2x 12% 0
Slide 46: Logistic services volumes
Slide not included in Q2 webcast Logistic services volumes Volumes handles at our facilities -3% 0% Auto 1.4 1.5 1.6 1.5 1.6 1.6 1.5 1.5 1.5 1.5 1.6 1.5 1.5 1.3 1.4 1.1 1.2 Million units H&H +10% H&H 116 96 67 64 63 59 55 55 55 5% 49 44 36 43 46 47 45 48 ‘000 Units Terminals Volume ex. MIRRAT 542 52