Wallenius Wilhelmsen Asa · OSL:WAWI
Wallenius Wilhelmsen Asa — Q4 2025 Earnings Presentation
46 slides from Wallenius Wilhelmsen Asa's earnings presentation, Feb 11, 2026
Slide 1: Wallenius Wilhelmsen ASA Q4 2025
Wallenius Wilhelmsen ASA Q4 2025
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: Firm performance continues
Firm performance continues Adjusted EBITDA for 2025 ended at USD 1,811m (down 4.7% YoY) Adjusted EBITDA for Q4 2025 ended at USD 400m (down 16% QoQ) Resolved to pay a dividend of USD 1.01 per share for H2 25, based on 50% of the net profit combined with an extraordinary dividend of USD 200m followin
Slide 5: Wallenius Wilhelmsen has used the cycle to strengthen and reposition the company
Wallenius Wilhelmsen has used the cycle to strengthen and reposition the company 1 Financial transition 2 Commercial transition 3 Operational transition 5
Slide 6: Resilient financial position secure flexibility
Resilient financial position secure flexibility Balance sheet strengthened while solid dividends distributed… … enabling increased financial flexibility Net debt (USD bn) Leverage ratio1 Dividend (USD m) 524 465 451 3.4 287 219 144 38 25 Ability to invest countercyclical 5.4x 1.7 Ability to pay divi
Slide 7: Commercial resilience built on long-term partnerships and a solid book of business
Commercial resilience built on long-term partnerships and a solid book of business Net freight per cbm1 and 1 year TC-in rate2 development Shipping book of business details Per cbm & 1,000 USD per day Net freight per cbm 1Y TC rate (rhs) 90 120 Total backlog 85 end Q4 25: USD 7.4bn 80 100 75 Contrac
Slide 8: Operational efficiency to ensure competitiveness
Operational efficiency to ensure competitiveness One integrated company and synergies ✓ Realization of significant synergies in Shipping (EUKOR and WW Ocean) ✓ Integration of acquired companies (e.g. Armacup, ALS, Syngin) Fleet renewal ✓ Introduction of Shaper class vessels gradually from Q3 2026 ✓
Slide 9: Agenda
Agenda 1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A
Slide 10: Three major market trends to watch
Three major market trends to watch 1 Changing geopolitical landscape 2 Continued Asian export growth 3 Market is tight despite fleet growth 10
Slide 11: Complex geopolitical landscape from global to bilateral
Complex geopolitical landscape from global to bilateral 11
Slide 12: Deep-sea volumes increased by 5% in 2025 and is forecasted to increase by 2% in 2026
Deep-sea volumes increased by 5% in 2025 and is forecasted to increase by 2% in 2026... Annual global deep-sea volumes split by trade1 Million light vehicles AS-NA AS-ME EU-AS AS-SA AS-EU EU-NA Intra-Asia Other 5% 2% 6% YoY growth 15.6 15.9 13% 14.9 13% 14.1 -4% 2.8 0% 2.8 13.1 2.8 12.5 2.9 11.5 0.9
Slide 13: Forecasts being revised upwards on the back of strong Asian exports
.. with forecasts being revised upwards on the back of strong Asian exports fueling underlying demand for tonnage 2025 forecast change for deep-sea1, current vs last year’s 2026 forecast change for deep-sea1, current vs last year’s Million light vehicles Million light vehicles Deep-sea AS EU NA Othe
Slide 14: Continuation of rising East-West imbalance fuelling underlying demand for tonnage
Slide not included in Q4 webcast Continuation of rising East-West imbalance fuelling underlying demand for tonnage Development of passenger car volumes ex. East Development of passenger car volumes ex. West Million light vehicles and YoY change Million light vehicles and YoY change +8% 12.1 3.1 3.1
Slide 15: If the growth ex-China continues the forecast may still be too cautious for 2026
If the growth ex-China continues the forecast may still be too cautious for 2026 China auto exports Million units Chinese OEMs 2026 targets3 (YoY%) Conservative considering Light vehicles exports1 OEMs ambitions? 1.5-1.6m overseas -5% sales (+43%) +39% 6.2 5.9 3.45m total sales (+14%) ? 3.2m total d
Slide 16: Tight tonnage market despite peak vessel delivery in 2025
Tight tonnage market despite peak vessel delivery in 2025 Development of global fleet capacity1 1-year TC rates2 development Million CEU 1,000 USD/day Fleet size Newbuildings Recycling 120 WAWI deliveries 110 4 x 11.7k CEU Shaper class 2028 100 4% 4 x 9.3k & 2027 3 x 11.7k CEU Shaper class 8% 90 6.0
Slide 17: Latest S&P forecast indicates a supply surplus of light vehicles
Slide not included in Q4 webcast Latest S&P forecast indicates a supply surplus of light vehicles due to a hike in production levels Global LV sales1, production and surplus/deficit in supply Million light vehicles Sales Production Surplus/Deficit Dec. forecast 95 93.1 92.6 91.6 91.2 89.3 88.1 92.3
Slide 18: Agenda
Agenda 1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A
Slide 19: 2025 financials
2025 was another year showcasing our resilient earnings base Shipping services Logistics services Government services 2025 financials 4.0 USD bn in revenues 1.6 USD bn of adj. EBITDA 1.1 USD bn in revenues 131 USD m of adj. EBITDA 411 USD m in revenues 153 USD m of adj. EBITDA Adj. EBITDA, USD m 0%
Slide 20: Q4 2025 financials
Slide not included in Q4 webcast Group Q4 EBITDA was USD 379m (adjusted USD 400m) Shipping services Logistics services Government services Q4 2025 financials 974 USD m in revenues 354 USD m of adj. EBITDA 261 USD m in revenues 27 USD m of adj. EBITDA 86 USD m in revenues 22 USD m of adj. EBITDA Adj.
Slide 21: Shipping volumes up QoQ and YoY with seasonal trade variations
Shipping volumes up QoQ and YoY with seasonal trade variations 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 +6% 13.6 13.8 • Seasonal (holiday) reduction in 13.0 +1% volumes ex East offset by increased volumes e
Slide 22: Stable H&H volumes QoQ but volumes up from last year
Slide not included in Q4 webcast Stable H&H volumes QoQ but volumes up from last year High & Heavy volumes Million cbm1 & H&H/BB %-share of total2 H&H/BB H&H/BB share, unprorated in % • H&H volumes have stabilized following +8% last year’s lows 3.1 3.2 • Likely to see improvements driven by 2.9 +1%
Slide 23: Net rate per cbm for 2025 up 4% compared to last year
Net rate per cbm for 2025 up 4%2 compared to last year Net freight rate/cbm and estimated net TCE earnings/day1 Net freight rate/cbm for QoQ2 and YoY YTD (USD) Estimated net TCE earnings/day (USD 000) Net freight rate per CBM (USD) -6% -4% 65.5 -0.8 -1.4 63.3 66 66 65 65 61 63 60 61 57 57 56 57 54 5
Slide 24: Logistics underperformance in 2025, but sale of MIRRAT highlighted strong underlying values
Logistics underperformance in 2025, but sale of MIRRAT highligted the strong underlying values Adjusted EBITDA and Cash EBITDA margin for logistics from 2024 to 2025 USD million Cash EBITDA margin -35% 197 • The sale of MIRRAT reduced Logistics (38) EBITDA – at the same time, it (12) (5) 128 (10) hi
Slide 25: Target to improve cash EBITDA margin from 2% in 2025 to 10% in 2028
Target to improve cash EBITDA margin from 2% in 2025 to 10% in 2028 through three main levers Increase volumes in sites with low utilization Extend and grow network Reduce cost through standardization & digitalization 25
Slide 26: Government services impacted by seasonality, US fleet re-activation, and US Government shutdown
Government services impacted by seasonality, US fleet re- activation, and US Government shutdown Government services revenue split1 Million USD US flag/Government/Other MSP Commercial cargo -21% 117 8 111 112 • Another strong year for Government 4 107 106 13 13 13 8 services with an EBITDA of USD 15
Slide 27: USD 1bn worth of contracts booked in Q4
USD 1bn worth of contracts booked in Q4 % of Shipping volume based on contract Estimated contract revenue split for startup1 Logistics services (USD m)2 Contract backlog details Estimated lifting capacity Shipping Logistic 8% services services 6% 16% 9% Value of contract 7.4bn 3.1bn 41% 26% backlog
Slide 28: Agenda
Agenda 1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A
Slide 29: LTIF for both shipping and logistics below target for the year
LTIF for both shipping and logistics below target for the year LTIF for Shipping & Government and Logistics services LTIF LTM Target Shipping & 0.70 Govt.1 1.12 0.60 1.02 0.54 0.66 • LTIF Shipping1 is at 0.66 for Q4 0.22 0.21 0.18 0.20 2025, up from 0.54 in Q3 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3
Slide 30: Absolute emissions and intensity emissions up due to seasonal weather conditions
Absolute emissions and intensity emissions up due to seasonal weather conditions and increased average speed Total emissions CO2e intensity Thousand tonne CO2e gCO2e / tonne nautical miles (EEOI) Tank-to-wake Well-to-tank Actual CO2e intensity CO2e intensity target 5% 4% 7% 3% 64.5 64.7 64.0 1,295 1
Slide 31: Agenda
Agenda 1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A
Slide 32: Financial highlights – FY 2025
Financial highlights – FY 2025 USD m, per cent and multiples 2024 2025 YoY Financial targets1 ROCE > 12% 2025 2024 Revenue 5,308 5,240 ➔ 18.4% 19.9% EBITDA 1,869 1,801 Equity ratio > 35% Adj. EBITDA 1,901 1,811 42.2% 39.5% Net profit 1,065 1,104 Leverage ratio < 3.0x Operating cash flow 1,778
Slide 33: Financial highlights – Q4 2025
Financial highlights – Q4 2025 USD m, per cent and multiples Q4-24 Q3-25 Q4-25 YoY/QoQ Financial targets1 ROCE > 12% Q4 2025 Revenue 1,341 1,331 1,261 -1.6 18.4% -1.0 EBITDA 452 488 379 Equity ratio > 35% Adj. EBITDA 452 477 400 +2.7 42.2% +1.9 Net profit 290 280 175 Leverage ratio < 3.0
Slide 34: Shipping services Adjusted EBITDA down USD 50m QoQ
Shipping services Adjusted EBITDA down USD 50m QoQ on lower net freight and year-end adjustments for voyage estimates Revenue1 (USD m) Adj. EBITDA development QoQ (USD m) +1% -4% -13% 968 1 033 1 011 974 409 970 1 21 0 3 5 354 (38) (3) -30 (5) (9) (7) (30) Adj. EBITDA (USD m) -4% -13% 387 411 409 37
Slide 35: Logistics services EBITDA down 17% QoQ on softer revenues
Logistics services EBITDA down 17% QoQ on softer revenues and year-end SG&A cost increases and allocations Revenue (USD m) Adj. EBITDA development QoQ (USD m) -12% -4% -17% 296 281 1 273 272 261 2 0 34 (2) 28 (7) Adj. EBITDA (USD m) -35% -17% 44 37 32 34 28 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q3-25 adj. A
Slide 36: Government services impacted by extended government shutdown, US vessel activation and seasonality
Government services impacted by extended government shutdown, US vessel activation and seasonality Revenue (USD m) Adj. EBITDA development QoQ (USD m) -22% -24% -51% 110 107 112 44 106 86 Adj. EBITDA (USD m) 1 22 1 0 2 -59% -51% 0 52 (27) 47 44 41 22 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q3-25 adj. Revenue
Slide 37: Cash stable QoQ despite debt repayments
Cash stable QoQ despite debt repayments. Available liquidity boosted by unused credit capacity Cash flow and liquidity development Million USD +16% 1 993 • Cash and cash equivalents at quarter end of USD 1,071 stable QoQ. Total liquidity 1 726 reserves increased by USD 268m on additional revolving c
Slide 38: Financial metrics and liquidity remains very solid
Financial metrics and liquidity remains very solid 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 40.9% 42.2% 39.5% 40.3% 1.0x 0.9x 0.9x 1.0x 0.9x 34.4% 5% -9% 3.3 3.3 3.1 3.3 1.8 1.
Slide 39: Cash dividend of USD 428m for H2 2025 approved
Cash dividend of USD 428m for H2 2025 approved Declared dividends1 USD Ordinary dividend Extraordinary dividend per share Share ot net profit Total dividend (USDm) 95% 94% • On February 10, 2026, the Board resolved to 72% pay a total dividend of USD 428 million, equivalent to USD 1.01 per share for
Slide 40: Agenda
Agenda 1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A
Slide 41: Wallenius Wilhelmsen has used the cycle to strengthen and reposition the company
Wallenius Wilhelmsen has used the cycle to strengthen and reposition the company 1 Financial transition 2 Commercial transition 3 Operational transition 41
Slide 42: Prospects
Prospects With our strong book of business, and continued solid demand going into 2026, we expect 2026 to be another strong year for Wallenius Wilhelmsen. We maintain our financial outlook for the year, expecting 2026 adjusted EBITDA to be in in the range of USD 1.65bn - 1.75bn. Our outlook assumes
Slide 43: Q&A
Q&A
Slide 44: Thank you!
W Thank you!
Slide 45: Appendix
Appendix SSS
Slide 46: Logistic services volume
Slide not included in Q4 webcast Logistic services volume Volumes handles at our facilities -5% Auto -10% Auto 1.6 1.4 1.5 1.5 1.6 1.6 1.5 1.5 1.5 1.5 1.6 1.4 1.2 1.2 1.3 1.1 Million units HH +6% H&H 116 96 57 67 64 63 59 55 55 55 2% 49 44 36 43 46 47 ‘000 Units Export Excluding MIRRAT Import 542 52