Wallenius Wilhelmsen Asa · OSL:WAWI
Wallenius Wilhelmsen Asa — Q1 2026 Earnings Presentation
45 slides from Wallenius Wilhelmsen Asa's earnings presentation, May 6, 2026
Slide 1: Wallenius Wilhelmsen ASA Q1 2026
Wallenius Wilhelmsen ASA Q1 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: Firm performance continues
Firm performance continues Adjusted EBITDA for Q1 2026 ended at USD 389m, down 3% QoQ, reflecting seasonally softer results for Shipping partly offset by improved results in Logistics Shipping demand, especially from Asia, continues to grow with an increasingly tight charter-in market putting pressu
Slide 5: Middle East: Direct impact on Wallenius Wilhelmsen
Middle East: Direct impact on Wallenius Wilhelmsen All personnel in the region remain safe • One vessel, Morning Concert, situated inside the Gulf Operational effect on shipping and logistics • Two monthly sailings from Asia to Middle East affected • Land based operations in Dubai affected • Limited
Slide 6: Agenda
Agenda 1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A
Slide 7: Three major market trends to watch
Three major market trends to watch 1 Middle East conflict creates increased market turbulence 2 Continued Asian export growth driven by China 3 Tight market despite fleet growth and geopolitical uncertainty 7
Slide 8: The Middle East represents about 10% of the global deep-sea trade
The Middle East represents about 10% of the global deep-sea trade, driven by Asian volumes Middle East volumes 2025 Million light vehicles 90.5 2.8 Global Sales Domestic Arabian Gulf Imports Saudi Arabia 0.85 54% Mostly Iran 43% UAE 0.35 22% Kuwait 10% ~224k 0.15 Japanese used cars 87.8 (97%) Qatar
Slide 9: The ME conflict has trapped ships in Strait of Hormuz
The ME conflict has trapped 14 ships in Strait of Hormuz, and some cargo is redirected to Jeddah around Cape of Good Hope Transits through Straight of Hormuz by Operator Increase ton-mile as cargo is redirected to Jeddah # of transits (one transit is in and out) Number of sailing days2 2025 % of 202
Slide 10: The Middle East conflict has triggered an increase in energy prices
The Middle East conflict has triggered an increase in energy prices and may hit inflation as well as global GDP development Bunker prices have surged following Strait of Hormuz closure USD/t 1,950 MGO Bunker Prices, Singapore 1,800 VLSFO Bunker Prices (0.5% Sulphur), Singapore 1,650 Higher energy pr
Slide 11: Continued strong growth ex-Asia (China) fuelling underlying demand for tonnage
Continued strong growth ex-Asia (China) fuelling underlying demand for tonnage Development of passenger car volumes ex. East Million light vehicles and implicit YoY change +13% 13.7 12.1 2.7 2% Korea 11.2 10.5 2.6 2.7 2.7 3.7 -2% Japan 7.9 3.8 6.8 2.2 3.8 5.9 2.0 4.0 1.8 3.3 7.3 27% China 3.4 5.7 4.
Slide 12: Chinese vehicle exports up 47% YoY
Chinese vehicle exports up 47% YoY with growth driven by Europe and South America Chinese LV exports split by destination1 and by powertrain1 Million light vehicles Africa EV +47% YoY YoY Oceania Hybrid 2.1 growth 2.1 growth North Africa and Middle East ICE South America and Caribbean 92% North Amer
Slide 13: Chinese OEMs are succeeding in gaining market share in Europe
Chinese OEMs are succeeding in gaining market share in Europe New car registrations in European markets Market share and YoY quarter change Chinese OEM %-share Country 2025 auto market Q1 2025 Q1 2026 2.9 m 2% 1.5x 3% 2.0 m 8% 1.9x 15% 1.6 m 0.01% 5.0x 0.05% 1.5 m 5% 2.2x 11% 0.8 m 11% 0.0x 11% 0.6
Slide 14: H&H markets are mixed with strong mining markets
H&H markets are mixed with strong mining markets, muted for construction while agricultural remains weak Field crop prices fail to offset war-driven Construction muted Mining commodities have been strong input cost inflation Value of total construction put in place in the US %-change relative to Q1
Slide 15: Increasingly tight charter-in market despite peak vessel delivery
Increasingly tight charter-in market despite peak vessel delivery in 2025 and another 16 vessels delivered in Q1 2026 Development of global fleet capacity1 1-year TC rates2 development Million CEU 1,000 USD/day Newbuildings Fleet size Recycling Recycling @ 30y 120 +3% 110 +6% 5.8 100 +8% 5.6 0.3 90
Slide 16: Agenda
Agenda 1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A
Slide 17: Q1 2026 financials
Adjusted EBITDA of USD 389m in the quarter Shipping services Logistic services Government services Q1 2026 financials 943 USD m in revenues 333 USD m of adj. EBITDA 289 USD m in revenues 41 USD m of adj. EBITDA 87 USD m in revenues 23 USD m of adj. EBITDA Adj. EBITDA, USD m +46% -6% +8% 387 411 409
Slide 18: Shipping volumes down 4% QoQ on seasonality
Shipping volumes down 4% QoQ on seasonality, but up 4% YoY due to strong volumes ex-Asia 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 +4% 13.8 -4% 13.1 • Seasonal (holiday) reduction QoQ in 12.7 volumes ex-East
Slide 19: H&H volumes up 20% YoY
H&H volumes up 20% YoY with strongest volumes in 1.5 years High & Heavy volumes Million cbm1 & H&H/BB %-share of total2 H&H/BB H&H/BB share, unprorated in % +20% • H&H volumes have rebounded from last year’s lows 3.2 3.3 +3% • Gradual improvement, driven by 2.7 mining demand and a gradual constructi
Slide 20: Net rate per cbm for Q1 2026 up 2% compared to Q4 2025
Net rate per cbm for Q1 2026 up 2% compared to Q4 2025 Net freight rate/cbm and estimated net TCE earnings/day1 Net freight rate/cbm QoQ (USD) Estimated net TCE earnings/day (USD 000) +2% Net freight rate per CBM (USD) 61.9 -1.8 3.1 63.2 -5% 66 66 65 65 61 63 63 60 61 +1% 57 55 56 57 54 55 54 57 58
Slide 21: Logistics delivered its best quarter in two years
Logistics (ex. MIRRAT) delivered its best quarter in two years Revenue (USD m) +3% 300 250 +11% 200 • Logistic revenue ended up 8% YoY 150 296 287 289 271 281 281 280 269 270 272 100 196 194 203 199 221 252 254 264 261 and 11% QoQ when excluding 177 192 50 MIRRAT 0 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-2
Slide 22: Strong Logistics quarter driven by Auto and Terminals
Strong Logistics quarter driven by Auto and Terminals Volumes handled at our facilities By segments Auto 15% 15% 14% 15% 15% 16%2 11% EBITDA margin 15% Auto -1% • Auto volumes improved 6% QoQ. US, Canada and +6% Oceania volumes up, in part owing to seasonality (US) 1.6 1.5 1.5 1.5 1.5 1.6 1.4 1.5 •
Slide 23: Government Services: Weak US Government revenues offset by MSP and commercial
Government Services: Weak US Government revenues offset by increased MSP payments and commercial revenues Government services revenue split1 Million USD US Government MSP Commercial 111 112 4 107 106 13 13 8 -2% • Maritime Security Program (MSP) 14 13 13 88 87 payments up on increased stipend and 13
Slide 24: Contract coverage remains strong
Contract coverage remains strong % 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 6% services services 8% 16% 18% 9% 42% Value of contract 7.0bn 2.7bn backlog USD USD
Slide 25: First Shaper Class new building set for delivery mid 26
First Shaper Class new building set for delivery mid 26 Worlds largest RORO vessel 1st Shaper delivery 1st Shaper+ delivery 9,300 CEU 11,700 CEU Q1 2026 Q2 Q3 Q4 Q1 2027 Q2 Q3 Q4 Q1 2028 Q2 Q3 Q4 2x more Shaper delivery in 2026 9,300 CEU 7x Shaper+ 25
Slide 26: Agenda
Agenda 1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A
Slide 27: Strong performance for LTIF shipping
Strong performance for LTIF shipping, while LTIF logistics at a seasonally higher level LTIF for Shipping & Government and Logistics services LTIF LTM Target Shipping & Govt.1 0.60 1.12 1.02 0.66 0.40 • LTIF Shipping1 is at 0.21 for Q1 0.54 0.21 0.18 0.20 0.21 2026, down from 0.66 in Q4 2025 Q2 24 Q
Slide 28: Absolute emissions and intensity emissions down
Absolute emissions and intensity emissions down due to lower sailing distance and reduced average speed 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% 9%
Slide 29: We are partnering with customers to transition towards Net-Zero
We are partnering with customers to transition towards Net-Zero Cargo Volume under BAF 2.0 or a Multi-Fuel BAF Scheme B30 recovery with RCS1 & BAF 2.02 %W/M Metric tonnes RCS 38% 64% 92% BAF 2.0 +17% 2025a 2026F 2028 target 310,000 100% 90% 264,515 80% 70% Today 60% 242,000 169,559 50% 128,541 40% 3
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 – Q1 2026
Financial highlights – Q1 2026 USD m, per cent and multiples Q1-25 Q4-25 Q1-26 YoY/QoQ Financial targets1 ROCE > 12% Q1 2026 Revenue 1,297 1,261 1,253 -3.5 17.3% -1.4 EBITDA 462 379 381 Equity ratio > 35% Adj. EBITDA 462 400 389 +5.0 39.4% -2.8 Net profit 246 175 177 Leverage ratio < 3.0
Slide 32: Shipping services Adjusted EBITDA down USD 21m QoQ
Shipping services Adjusted EBITDA down USD 21m QoQ on lower net freight, increased net bunker and capacity cost Revenue1 (USD m) Adj. EBITDA development QoQ (USD m) -3% Adjustment reversals -3% 1 033 1 011 970 974 943 354 8 4 7 333 -21 -12 -8 Adj. EBITDA (USD m) -14% -6% 411 409 387 354 333 Q1-25 Q2
Slide 33: Net bunker costs could change significantly QoQ
Net bunker costs could change significantly QoQ with changing fuel prices due to lag in recovery mechanisms QoQ change in net bunker cost vs VLSFO development USD million (lhs) and $/metric ton (rhs) 100 1,000 80 900 800 • In Q2 2026, net bunker cost is expected to 60 increase substantially before c
Slide 34: Logistics services EBITDA up 50% QoQ
Logistics services EBITDA up 50% QoQ driven by revenue growth, efficiency gains and year-end SG&A accruals/allocations in Q4 2025 Revenue (USD m) Adj. EBITDA development QoQ (USD m) +49% +3% +11% 289 6 42 281 273 272 261 2 1 0 5 28 Adj. EBITDA (USD m) +15% +49% 42 37 32 34 28 Q1-25 Q2-25 Q3-25 Q4-25
Slide 35: Government services Adjusted EBITDA up 8% QoQ
Government services Adjusted EBITDA up 8% QoQ due to increased and retroactive MSP payments Revenue (USD m) Adj. EBITDA development QoQ (USD m) -19% +1% +6% 107 112 2 106 5 23 86 87 22 -1 4 Adj. EBITDA (USD m) -8 -51% +8% 47 44 41 22 23 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q4-25 adj. US government Commerci
Slide 36: Robust operating cash flow and liquidity position
Robust operating cash flow and liquidity position Cash flow and liquidity development Million USD -28% (-556) 1 993 • Cash and cash equivalents at quarter end of USD 0.9bn with total liquidity reserves of USD 1.4bn • Operating cash flow was USD 322m, impacted by 922 higher fuel prices and increased
Slide 37: Delivering on our financial strategy by rightsizing liquidity
Delivering on our financial strategy by rightsizing liquidity 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 1.2x 40.9% 42.2% 40.3% 39.4% 1.0x 0.9x 1.0x 0.9x 34.4% -7% +19% 3.3 3.3 3
Slide 38: Agreement reached with HMG for put/call option
Agreement reached with HMG for put/call option EUKOR ownership structure Comments and details • In April 2026, Wallenius Wilhelmsen and HMG, agreed that the put and call options linked to HMG’s ownership in 80% EUKOR cannot be exercised as long as the OCC includes a commitment of at least 50% of HMG
Slide 39: Agenda
Agenda 1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A
Slide 40: Prospects
Prospects Strong demand, in particular for shipping, has continued into 2026 and we expect solid volumes and high utilization to continue. The time charter market for vessels have tightened through 2026 and can potentially put pressure on capacity cost. Furthermore, the significant increase in fuel
Slide 41: Capital Market Day 2026
Save the Date Capital Market Day 2026 24.09.2026 in Oslo, Norway More information to come
Slide 42: Thank you!
W Thank you!
Slide 43: Appendix
Appendix SSS
Slide 44: Latest S&P forecast continue to indicate a supply surplus of light vehicles
Slide not included in Q1 webcast Latest S&P forecast continue to indicate a supply surplus of light vehicles Global LV sales1, production and surplus/deficit in supply Million light vehicles Sales Production Surplus/Deficit 95 92.9 91.7 92.1 90.7 89.3 88.1 92.5 90 88.0 91.6 90.5 89.9 87.1 85.6 85 87
Slide 45: Logistic services volume
Slide not included in Q1 webcast Logistic services volume Volumes handles at our facilities -1% Auto 6% 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 1.5 1.2 1.2 1.3 1.1 Million units HH H&H 116 +1% 96 57 67 64 63 59 55 55 55 49 44 36 43 46 47 37 -21% ‘000 Units Terminals Terminals ex. MIRRAT