Wallenius Wilhelmsen Asa · OSL:WAWI
Wallenius Wilhelmsen Asa — Pareto Securities Energy Conference September 2026
24 slides from Wallenius Wilhelmsen Asa's conference presentation, September 2026
Slide 1: Wallenius Wilhelmsen ASA Investor presentation
Wallenius Wilhelmsen ASA Investor presentation Bjørnar Bukholm, EVP & CFO 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. Wallenius Wilhelmsen in brief 2. Market 3. Financial update 4. Summary and Q&A
Slide 4: Global market leader in vehicle and heavy equipment logistics
Global market leader in vehicle and heavy equipment logistics ORIGIN LOGISTICS O C E AN D E S T I N AT I O N L O G I S T I C S Technical Inland Terminal & port Ocean Terminal & port Final services distribution services transportation services distribution Factory Inland carrier Processing centre Oce
Slide 5: Unmatched global scale across shipping and logistics
Unmatched global scale across shipping and logistics The world`s largest Ro-Ro fleet with ~130 vessels1 15 trade routes transporting ~3.5 million vehicles 8 terminals handling ~3 million vehicles 70 processing centers handling ~ 6.3 million vehicles ~12,000 employees 1 Owned & operated vessels in Q2
Slide 6: We operate within three key segments
We operate within three key segments Shipping Logistics Government 4.0 USD billion in revenues 1.6 USD billion of adj. EBITDA 1.1 USD billion in revenues 133 USD million of adj. EBITDA 411 USD million in revenues 153 USD million of adj. EBITDA Market leader with unrivaled Customers’ preferred partne
Slide 7: Agenda
Agenda 1. Wallenius Wilhelmsen in brief 2. Market 3. Financial update 4. Summary and Q&A
Slide 8: Three market forces support continuation of the cycle
Three market forces support continuation of the cycle 01 02 03 Chinese exports booming RoRo capacity constrained Rates strengthening Structural growth in long-distance vehicle Deliveries are absorbed and lead times Freight and charter markets reflect tight flows remain long marginal capacity 8
Slide 9: 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 10: 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 11: 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 12: 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 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: Agenda
Agenda 1. Wallenius Wilhelmsen in brief 2. Market 3. Financial update 4. Summary and Q&A
Slide 15: Solid financial performance in an unstable world…
Solid financial performance in an unstable world… Adjusted EBITDA and ROCE development USD million Adj. EBITDA ROCE1 Shipping services 20% 20% Strong financial performance on favorable supply demand balance with attractive freight rates last 18% couple of years 16% Solid auto volumes ex-East (Asia)
Slide 16: 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 17: Continued positive development in Logistics services due to improvement program
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 18: Exceptional value creation for shareholders since 2021
Exceptional value creation for shareholders since 2021 Share price development relative to January 20211 1,100% 1,005% 1,000% WAWI total shareholder return since 1,005% Jan 20212 900% 800% 700% 600% of net profit distributed to 500% ~63% shareholders in the period 400% 300% 200% 100% 135% OBX ~$2.8B
Slide 19: We have taken significant steps to optimize our capital structure
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 20: Disciplined financial strategy balancing shareholder returns, resilience and growth
Disciplined financial strategy balancing shareholder returns, resilience and value-accretive growth Financial discipline • ROCE > 12% and Equity > 30%, • Leverage ratio < 3.0x with liquidity > USD 1bn Attractive shareholder returns • 30 - 50% payout with semi-annual distributions + potential EOD • T
Slide 21: 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 22: Agenda
Agenda 1. Wallenius Wilhelmsen in brief 2. Market 3. Financial update 4. Summary and Q&A
Slide 23: Investment highlights
Investment highlights Integrated logistics platform Largest global vehicle and high Long-term strategic spanning ocean shipping, inland & heavy logistics provider, relationships with global OEMs distribution, terminals, and supported by a strong contracted supported by multi-year government services
Slide 24: Thank you!
W Thank you!
Wallenius Wilhelmsen — Pareto Securities Energy Conference September 2026 on 6ix