Wallenius Wilhelmsen Asa · OSL:WAWI
Wallenius Wilhelmsen Asa — Q3 2026 Earnings Presentation
44 slides from Wallenius Wilhelmsen Asa's earnings presentation, November 2026
Slide 1: Wallenius Wilhelmsen ASA Q3 2026
Wallenius Wilhelmsen ASA Q3 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 increase in demand for shipping ex-Asia supports higher freight and charter rates Contracting for ~40% of shipping volumes for 2027 well underway with two large awards totalling USD 1.7bn announced post quarter end Adjusted EBITDA for Q3 2026 ended at USD 428m, up 19% QoQ du
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 main market trends support continuation of the cycle
Three main market trends support continuation of the cycle despite geopolitical and regulatory challenges 01 02 03 04 Geopolitical and Chinese export Constrained RoRo Rates boom capacity strengthening regulatory challenges Deliveries are absorbed Structural growth in Freight and charter Potential im
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 +28% +29% 3.1 3.1 15.5 15.7 3.0
Slide 8: Chinese growth in Q3 driven by Europe, ME and North Africa
Chinese growth in Q3 driven by Europe, ME and North Africa Chinese light vehicles exports split by destination (excl. Russia) Thousand units +49% 2 700 2 618 QoQ YoY Europe South America and Caribbean1 Africa +11% 116 growth growth Other Asia North Africa and Middle East 140 2 400 2 352 North Americ
Slide 9: The RoRo capacity gap widened further in Q3
The RoRo capacity gap widened further in Q3 China Customs vehicle exports1 and RoRo capacity2 trend • The capacity gap continues to widen as Chinese vehicle exports outpace RoRo capacity growth China Customs exports RoRo capacity • Non-RoRo volumes remain significant, with our analysis indicating an
Slide 10: 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 6.5k 1-TC 7k 1-TC (DF) 200 +135% +132% 120 190 115 +120% 180 110 110 105 170 +12% 100 100 160 95 150 90 140 85 80 130 75 120 70
Slide 11: Fleet growth continues with ordering activity picking up
Fleet growth continues with ordering activity picking up, but new orders likely not delivered before 2030/2031 Development of PCC ordering by expected delivery year1 Number of vessels Deliveried 2026 2027 2028 2029 2030+ 49 • 12x vessels remaining for 2026 delivery 32 33 31 (47 delivered YTD) 30 27
Slide 12: Fleet will continue to grow until 2030
Fleet will continue to grow until 2030 Development of global fleet capacity1 Million CEU Fleet size Newbuildings Estimated vessels ≥ 30-year-old +2% +1% +3% +4% 6.3 6.3 6.2 +6% 0.3 0.1 6.0 0.4 +9% 5.7 0.3 +13% 5.4 0.4 0.1 5.0 6.2 6.3 6.0 5.7 5.3 5.4 4.4 2024 2025 2026E 2027E 2028E 2029E 2030E 2031E
Slide 13: Market impacted by geopolitics and regulatory changes
Wallenius Wilhelmsen operates in a market impacted by geopolitics and regulatory changes UK: Import EV tariffs considered Canada: EV import quota and market-access restrictions EU: EV tariffs and potential quotas US: Tariffs, technology restrictions and potential port fees China: Export Strait of Ho
Slide 14: EU hybrid quota of 350K may impact ~5% of Chinese exports
EU hybrid quota of 350K may impact ~5% of Chinese exports Chinese light vehicles exports split by EU27 and rest of the world Million light vehicles China export Rest of the World EU27 BEV and ICE PHEV and HEV Quota Potential impacted volumes 9.0 7.2 (80%) 1.8 0.9 0.9 350k 0.5 (6%) 2026E Non EU impor
Slide 15: Insufficient RoRo lifting
Dependent on Chinese growth, how tight is the market going forward? RoRo lifting capacity ex. Asia with deliveries, no recycling and projected ex-China automotive growth 37% CAGR last 3 years Growth 10% Insufficient RoRo lifting capacity ex. Asia 2-4m non-RoRo exports deficit Growth 7.5% Growth 5% F
Slide 16: Agenda
Agenda 1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A
Slide 17: Q3 2026 financials
Adjusted EBITDA of USD 428m in the quarter Shipping services Logistic services Government services Q3 2026 financials 1078 USD m in revenues 355 USD m of adj. EBITDA 274 USD m in revenues 45 USD m of adj. EBITDA 113 USD m in revenues 38 USD m of adj. EBITDA Adj. EBITDA, USD m -2% +19% +47% 409 354 3
Slide 18: USD 300m equity raised to fund newbuilding program
USD 300m in equity raised post quarter end to fund expansion of the newbuilding program Private placement, October 6 Newbuild order confirmed, October 28 USD 300m in new equity 4 firm, up to 8 options • Delivery 2030 for four firm vessels • Expanded shareholder base • Delivery for options (4+4) 2031
Slide 19: Newbuilding program expanded to up to 26 vessels
Newbuilding program expanded to up to 26 vessels, with two delivered to date 7x Shaper 7x Shaper+ Up to 12x PCTCs (9,300 CEU) (11,700 CEU) (First four firm vessels: 9,900 CEU, LNG dual-fuel) 2026 2027 2028 2029 2030 2031 2032 14x Shaper and Shaper+ delivering into a strong market from 4x firm vessel
Slide 20: Volumes marginally down QoQ due to seasonality
Volumes marginally down QoQ due to seasonality 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 -3% -3% • A seasonal decline in Q3 volumes as 13.6 13.6 13.2 ex-West volumes were down. HMG volumes negatively impacte
Slide 21: Net freight rate up 5% QoQ
Net freight rate up 5% QoQ due to improved trade/customer 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) +5% 61.4 0.8 2.2 64.4 -2% 66 66 65 65 64 62 63 61 61 61 +5% 60 57 55 56 57 55 54 Q
Slide 22: Active fleet management drives incremental value
Active fleet management drives incremental value Estimated sales gain ~29 years ~USD 40m 7,900 CEU Purchase options / obligations by year Asian Captain (Q4-26) 2027 2x 2028 2x Option price ~USD 50m below ~15 years 7,600 CEU 2029 4x market value Grand Uranus 2030 2x 2031 2x Option prices below Excess
Slide 23: Stable performance for Logistics
Stable performance for Logistics following launch of improvement program Adjusted EBITDA USD m and cash EBITDA margin 65 9% 60 8% 8% 55 7% 50 7% 6% 45 6% 40 5% 35 5% 30 4% 25 4% 3% 46 45 3% 20 42 34 15 30 28 2% 28 10 1% 1% From Q4-25 presentation 5 0 0% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 MIRR
Slide 24: Improved activity level for Government services in Q3
Improved activity level for Government services in Q3 Government services revenue split1 Million USD US Government MSP Commercial +32% 111 112 113 4 107 106 13 14 8 13 14 13 13 88 15 • Total revenues flat YoY, but sharp 87 86 13 12 8 -4% improvement QoQ 16 13 14 • Sharp uptick in US Government volum
Slide 25: Majority of shipping capacity for 2027-2029 to be contracted
Majority of our shipping capacity for 2027-2029 to be contracted by year-end, at rates reflecting current market conditions % of Shipping volume at end of quarter Estimated contract revenue split for based on contract startup1 Logistics services (USD m)2 Contract backlog details Estimated lifting ca
Slide 26: Two major contracts totalling USD 1.7bn signed
..with two major contracts totalling USD 1.7bn signed post quarter Leading Equipment Manufacturer Asian OEM $950m + 100m over 3 years $700m over 3 years Shipping services Logistics services Shipping services 26
Slide 27: Agenda
Agenda 1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A
Slide 28: Positive QoQ development in LTIF
Positive QoQ development in LTIF for Shipping and Logistics LTIF for Shipping & Government and Logistics services LTIF LTM Target Shipping & Govt.1 1.02 0.66 0.54 0.41 • Q3 LTIF Shipping1 came in at 0.20, 0.18 0.20 0.21 0.20 marginally better than Q2 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 •
Slide 29: Absolute emissions 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 1
Slide 30: Agenda
Agenda 1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A
Slide 31: Financial highlights
° Financial highlights PERFORMANCE FINANCIAL TARGETS 1 USD m, except EPS, per cent and multiples Q3 2025 Q2 2026 Q3 2026 YoY QoQ Metric Target Q3 2026 Revenue 1 331 1 305 1 401 5% 7% ROCE >12% 14.7 % Adjusted EBITDA 477 361 428 -10% 18% Reported EBITDA 488 349 414 -15% 19% Equity ratio >35% 47.0 % N
Slide 32: Shipping: Adjusted EBITDA up 19% QoQ
Shipping: Adjusted EBITDA up 19% QoQ driven by lower net bunker cost and higher net freight rates Revenue1 (USD m) Adj. EBITDA development QoQ (USD m) +6.6% +8.1% Adjustment reversals +19% 1 078 1 011 974 998 943 47 355 2 5 1 -12 14 299 Adj. EBITDA (USD m) -13% +19% 409 354 355 333 299 Q3 25 Q4 25 Q
Slide 33: Bunker costs normalized in Q3
Bunker costs normalized in Q3, but recovery of elevated cost in H1 2026 not expected before market prices normalize Net bunker cost vs VLSFO development USD million (lhs) and USD/metric ton (rhs) 110 109 1,100 100 1,000 90 900 • Net bunker cost returned to a normalized level 80 78 78 800 in Q3 2026
Slide 34: Logistics: Adjusted EBITDA down 2% QoQ
Logistics: Adjusted EBITDA down 2% QoQ with relatively stable performance across all business areas Revenue (USD m) Adj. EBITDA development QoQ (USD m) Adjustment reversals +1% -2% -2% 289 278 274 272 261 46 1 45 2 -5 Adj. EBITDA (USD m) +31% -2% 46 45 42 34 28 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q2 26 ad
Slide 35: Government: Adjusted EBITDA up 47% QoQ
Government: Adjusted EBITDA up 47% QoQ, due to increased US government and commercial revenues Revenue (USD m) Adj. EBITDA development QoQ (USD m) +1% +32% +47% 112 113 1 7 86 87 86 20 0 38 -16 Adj. EBITDA (USD m) 26 -13% +47% 44 38 26 22 23 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q2 26 adj. US government Com
Slide 36: Solid operating cash flow supporting investments and distributions
Solid operating cash flow supporting investments and shareholder distributions Cash flow and liquidity development Million USD -13% (-153) 1 179 70 (14) (14) • Cash and cash equivalents at quarter end of 1 026 (160) USD 0.5bn with total liquidity of USD ~1.0bn 8 (36) RCF 552 428 (106) • Operating ca
Slide 37: Robust balance sheet and moderate leverage
Robust balance sheet and moderate leverage 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 48.8% 1.3x 47.0% 42.2% 1.2x 1.2x 40.3% 39.4% -4% 1.0x 1.0x +5% 3.3 3.7 3.5 3.1 3.1 1.9 2.1 1
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 Demand, in particular for Shipping services, remains strong and we expect continued solid volumes and high utilization ahead. Based on current volume assumptions, we expect the majority of our shipping capacity for 2027-2029 to be contracted by year-end, at rates reflecting current market
Slide 40: Q&A
Q&A
Slide 41: Thank you!
W Thank you!
Slide 42: Appendix
Appendix SSS
Slide 43: Logistic services volumes
Slide not included in Q3 webcast Logistic services volumes Volumes handles at our facilities -8% -3% 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 1.5 1.3 1.4 1.2 Million units H&H +6% H&H 116 96 64 63 59 55 55 55 2% 49 44 36 43 46 47 45 48 48 ‘000 Units Terminals Volume ex. MIRRAT 542 52
Slide 44: Consumers are increasingly embracing Chinese brands
Slide not included in Q3 webcast Consumers are increasingly embracing Chinese brands Monthly passenger car registrations of Chinese OEMs Percentage of monthly registrations in the country 35 34% Australia 2x – 4x share expansion in countries 30 2025 total YTD 2026 auto sales 25 24% UK 30% Australia