Wallenius Wilhelmsen Asa · OSL:WAWI
Wallenius Wilhelmsen Asa — Investor Day (September 2026)
87 slides from Wallenius Wilhelmsen Asa's investor day presentation, Sep 24, 2026
Slide 1: 2026 Market update
2026 Market update September 24 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 09:00–09:05 Welcome Lasse Kristoffersen 09:05–10:00 Automotive Anders Redigh Karlsen 10:00–10:20 H&H Anders Redigh Karlsen 10:20–10:30 Q&A 10:30–10:45 Break 10:45–11:00 Fleet development Morten Skedsmo 11:00–11:25 Presentation from BofA Francesco Allamandi 11:25–11:50 Presentation from DNB Ke
Slide 4: Agenda
Agenda 1. Automotive 1. Asia 2. Europe 3. United States 2. High & Heavy 3. Fleet development 4. Presentation from Bank of America 5. Presentation from DNB 6. Summary
Slide 5: The strong RoRo cycle is driven by increased share of Asian exports
The strong RoRo cycle is not driven by high sales, but by an increased share of Asian exports and lower local production Global light vehicles sales split by intra-regional and export sales Million light vehicles China intra-regional Intra-regional 92.7 92.0 Exports 90.8 90.8 86.7 88.1 87.2 87.8 84.
Slide 6: Seaborne trade growth, Asian exports and East/West imbalance drive tonnage demand
Seaborne trade growth, higher Asian export volume, and a growing East/West imbalance are key tonnage demand drivers Seaborne LV trade between regions (excludes intra-regional trade) Million light vehicles Exports Exports ex.East 16.8 16.4 15.8 Chinese seaborne export has grown sharply, whilst 14.7 1
Slide 7: Regional automotive sales 2025: Local production vs. imports
Regional automotive sales 2025: Local production vs. imports 22% 13.1 3.6 3% 5.5 11% 27% Europe 27.0 14.8 0.7 5.5 0.8 Japan & China South Korea North America 2.9 65% 1.6 5.2 0% Africa & 1.4 9.3 Middle East 0.0 1.4 100% India 4.6 3.0 35% 16.7 1.6 0.0 ~91M 27.7 Oceania & Australia South America 20.3 4
Slide 8: Global production balance has shifted to the East
Global production balance has shifted to the East Global Light Vehicle production split by region (% of total) Millions light vehicles 35 Trends 2000-2005 • Europe from 33% to 29% of global production China • Japan/Korea stable ~22% • US from 22% to 18% 30 • China up from ~3% to 9% 25 Other 20 15 Eu
Slide 9: 1.1 Asia
\\ Wallenius Wilhelmsen
Slide 10: Global automotive expansion follows a familiar path, but each new wave moves faster
Global automotive expansion follows a familiar path, but each new wave moves faster Japan and Korea established the playbook for winning international markets 1930 1950 1970 1990 2010 2026 JAPAN 1934 First exports 1957 US entry 1959 Overseas production 1971 Export scale 1982 US transplants Datsun to
Slide 11: Japanese and Korean OEMs have combined exports and global production expansion
Japanese and Korean OEMs have combined exports and global production expansion Japanese and Korean OEMs’ production footprint Million light vehicles Local-for-Local North American production Exports Other World production 35 36 34 35 34 34 33 33 32 31 32 32 30 28 29 28 28 28 27 17 17 15 15 16 16 25
Slide 12: Japanese and Korean OEMs expanded globally through local production
Japanese and Korean OEMs expanded globally through local production 1.4 14% 11% 95% 8.0 0.8 3.1 3.5 5.4 43% Europe 0.5 Japan & China South Korea 1.1 North 9% America 0.2 0.0 65% 2.9 Africa & Middle East 1.1 25% 0.5 2.5 69% India 0.2 0.1 South Brand America Southeast Asia Japanese Korean Share of tot
Slide 13: Looking at historical exports from Japan and Korea
Looking at historical exports from Japan and Korea Japanese & Korean exports of motor vehicles Million units Japan Korea Drop in Japan’s exports post 2008 caused by 9.4 9.4 appreciation of JPY leading to overseas expansion. New locations included USA, Mexico, China and ASEAN 8.6 8.0 7.6 2.8 2.7 7.6
Slide 14: Recent export developments from Japan and Korea
Recent export developments from Japan and Korea Japanese and Korean export volumes remain stable despite tariff headwinds HMG’s Korean exports remain resilient Thousand units Thousand units and share of total Korea exports Japan Korea HMG 0% 1 876 1 802 1 794 1 771 1 763 1 695 1 723 1 682 1 657 1 63
Slide 15: China compressed decades of export scale-up into six years
China compressed decades of export scale-up into six years, reaching global leadership at unprecedented speed ~ 6 years export ramp ~3.7m Japan 1971 Exports ~1m 1976 Export growth: +2.6m ~1.5m Korea 1995 Exports ~1.2m 2000 Export growth: +0.3m China 2021 Exports ~1.5m 2026E ~10m Export growth: +8.5m
Slide 16: Automotive became a strategic pillar of China's industrial policy
Automotive became a strategic pillar of China’s industrial policy 2001–09 2015 2021–26 Build the technology base Elevate autos into industrial Convert scale into global policy reach NEV R&D, demonstration fleets and Cost, technology and supply-chain public-sector deployment Made in China 2025 names
Slide 17: Production have outpaced domestic sales, creating a growing export push
Production have outpaced domestic sales, creating a growing export push Mainland China production of light vehicles by brand origin Million light vehicles Chinese Japanese Korean European American Other 33 30 2 29 17x production 27 28 27 26 2 2 3 from 2000 to 2025 3 24 25 4 24 3 3 23 2 4 23 3 2 21 2
Slide 18: China's rise as the largest auto market is powered by domestic brands
China’s rise as the largest auto market is powered by domestic brands Mainland China sales of light vehicles by brand origin Million light vehicles Chinese Japanese Korean European American Other The world’s largest auto market 28 28 has enabled an ecosystem of 70+ 27 27 25 26 1 brands 24 3 25 24 24
Slide 19: Chinese OEMs have evolved from technology followers to global innovation leaders
Chinese OEMs have evolved from technology followers to global innovation leaders Gartner Digital Automaker Index 2026 Overall score Western China Learn China 1 Joint ventures and partnerships enabled Chinese OEMs to absorb global China manufacturing expertise and automotive technologies China Wester
Slide 20: Chinese brands compete across the entire price spectrum
Chinese brands compete across the entire price spectrum Entry Mass market Premium Luxury/Super car Renault Tesla Audi Rolls-Royce Citroen Skoda Mercedes-Benz VW Hyundai BMW Mclaren Bugatti Non- Chinese Kia Volvo Porsche Maybach Dacia Toyota Onvo L60 Denza N9 Maextro S800 Ora Good Cat Haval H6 Changa
Slide 21: Chinese brands compete across the entire price spectrum
Chinese brands compete across the entire price spectrum Entry Mass market Premium Luxury/Super car Renault Tesla Audi Rolls-Royce Citroen Skoda Mercedes-Benz VW Hyundai BMW Mclaren Bugatti Non- Chinese Kia Volvo Porsche Maybach Dacia Toyota Jaecoo 7 Maextro S800 XPeng G9 Li Auto L9 Leapmotor C10 BYD
Slide 22: Chinese export rate accelerates and may reach 10m+ units in 2026
Chinese export rate accelerates and may reach 10m+ units in 2026 Chinese light vehicles exports split by destination Million light vehicles Europe North America North Africa and Middle East Oceania +52% Other Asia Africa South America and Caribbean 9.8 10.0 +55% p.a. 4.0 6.6 5.8 0.6 0.8 0.3 4.5 1.0
Slide 23: Chinese OEMs raise export targets as overseas markets become primary growth engine
Chinese OEMs raise export targets as overseas markets become the primary growth engine An increased share of Chinese OEMs sales are overseas Chinese OEMs 2026 targets (YoY%)1 Annual overseas sales in percent of total sales Latest target, unless otherwise stated 2024 2025 YTD 2026 Previous 26 target
Slide 24: Chinese auto exports match sales in key regions suggesting no inventory build-up
Chinese auto exports match sales in key regions suggesting no inventory build-up 3 months rolling exports and car registrations with 3 months lag from customs to registration Thousand vehicles (lhs) and percentage (rhs) China Customs Car reg Ratio - Sales/Export 140 120 60 160 120 140 100 50 120 100
Slide 25: Consumers are increasingly embracing Chinese brands
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 key market 30 YTD 2026 25 29% Australia 21% UK 20 17% UK 15 13% Italy 10 12% Italy 6% Germany 5 5% Ge
Slide 26: China remains the primary manufacturing base despite establishing plants globally
China remains the primary manufacturing base despite establishing plants globally 23.3 25.6 0.2 1.0 Europe China 0.1 0.1 0.4 0.9 0.1 0.3 India Southeast Asia Africa & Middle East 0.2 0.9 South America Projected production 2026 2030 Source: WAWI Analysis, Mobility Global Production July 2026, not inc
Slide 27: Europe: Localisation may reduce import dependence but not eliminate imports
Europe: Localisation may reduce import dependence but not eliminate imports 1911-31 1982-92 1997-2008 2025-28 European production by brand 4% 4% 5% Korean 9% 10% 9% 9% 8% 8% 5% American 8% 7% 8% 8% 9% Japanese 85% 81% 81% 80% 79% 78% European American Japanese Korean Chinese European imports by bran
Slide 28: Chinese players actively establishing European manufacturing ecosystem
Chinese players actively establishing European manufacturing ecosystem Vehicle production1 ~1m vehicles UK Cherry / Nissan Estimated Chinese-linked European production by 2030 Germany CATL | 14 GWh operating Battery capacity2 UK + France Austria AESC | 27.7 GWh operating / ramping France XPeng / Mag
Slide 29: Volume scenarios for Chinese auto sales in Europe in 2030
Volume scenarios for Chinese auto sales in Europe in 2030 Scenarios of Chinese OEM imports into Europe in 2030 Million light vehicles Imports Latest UK market share Latest Australian market Estimated local production 2030 share Based on estimate of 5.3 15m units sold in Europe in 2030 4.5 3.8 3.0 4.
Slide 30: Can Chinese sales grow further? EUR 20K new car vs second-hand
Can Chinese sales grow further? What if a EUR 20K new car move buyers away from second-hand cars 1 Market Scale 2 The Consumer Choice 3 Trade-offs new vs. second-hand Low-priced new vehicles may trigger second- Price hand buyers to reconsider 25-30m second-hand sales per year Reduced maintenance cos
Slide 31: Chinese automotive is following a proven path to global scale
Chinese automotive is following a proven path to global scale CREATE DEMAND BUILD SCALE COMPETE + LEARN SCALE ABROAD Large home market supported by Build capacity ahead of demand. Intense domestic competition Enter foreign markets with policy, infrastructure and competitive Convert scale into a stru
Slide 32: 1.2 Europe
1.2 Europe
Slide 33: European car production down ~20% in ten years
European car production down ~20% in ten years with decline driven by Western OEMs European OEM plant utilization European production development European production share by brand origin Percentage Million light vehicles Million light vehicles 0.90 -19% 0.1 Other Utilisation (actual) 0.1 0.5 Utilis
Slide 34: Europe's automotive trade position is being reshaped
Europe's automotive trade position is being reshaped by declining exports and surging imports European exports European imports Million light vehicles Million light vehicles Trade Balance 2015 vs 2025 +0.8m -1.3m -29% +82% 3.4 3.6 0.6 2.7 1.3 0.5 2.5 2.2 0.5 0.3 2.4 2.3 2.0 0.3 2.0 0.1 0.1 0.4 0.3 1
Slide 35: Europe's automotive industry loses ground in global markets
Europe’s automotive industry loses ground in global markets… Non-European sales for major European OEMs are down whilst European produced auto exports total LV sales increase Million light vehicles Million light vehicles -27% +19% 3.8 14 95 3.6 3.6 3.6 3.6 3.6 90 3.4 13 1.4 1.4 3.4 1.3 1.5 85 0.6 0.
Slide 36: … and in their home markets
… and in their home markets European sales by brand origin Million light vehicles European Japanese American Korean Chinese ~73% ~68% Average market share European Average market share European 4% originated OEMs 2002-20191 originated OEMs 2021-2026 10% 6% 4% 5% 8% 9% 7% 14% 10% 7% 6% 8% 12% 8% 12%
Slide 37: Scale, fragmentation and productivity gaps compound Europe's cost disadvantage
Scale, fragmentation and productivity gaps compound Europe’s direct production-cost disadvantage Additional direct manufacturing costs compared to costs in China for a small EV SUV 1000 USD/vehicle Lower scale and less vertical integration +9.5 1 Lower production volumes • Greater reliance on extern
Slide 38: Complexity and rigidity also slow vehicle development and increase R&D costs
Complexity and rigidity also slow vehicle development and increase R&D costs Average Chinese OEMs combine faster development with R&D project cost per full vehicle equivalent continuous product iteration Development cost index Chinese OEMs European OEMs 100 Chinese BEV OEM Time to market 24-36 month
Slide 39: European OEMs' complexity has become a structural disadvantage
European OEMs’ complexity has become a structural disadvantage Audi Q6 e-tron BMW iX5 Mercedes-Benz GLC XPENG G9 Technology packages 4 exterior colours 3-6 trim levels Lighting packages 4 interior colours 8-12 exterior colours Comfort packages Optional air suspension 2 tow hitch choices 5-10 upholst
Slide 40: Europe's automotive exposure is driving a broader policy response
Europe’s automotive exposure is driving a broader policy response WHY THE SECTOR MATTERS THE EU RESPONSE IS TAKING TWO FORMS NEAR TERM STRUCTURAL EU GPD across €1 trillion automotive sector > ~ 6% of EU GPD Trade defense Industrial policy jobs across the 13.8m automotive ecosystem ~ 6% of total EU e
Slide 41: An extension of tariffs to PHEV may slow Chinese growth
An extension of tariffs to PHEV may slow Chinese growth, but are unlikely to derail it Chinese passenger vehicles exports to the EU by powertrain Thousand vehicles 448 450 EV 400 PHEV / HEV 1 Chinese BEVs remain cost competitive despite EU duties ICE 350 335 300 OEMs have successfully shifted growth
Slide 42: Industrial Accelerator Act may raise import barriers
Industrial Accelerator Act may raise import barriers, but it will not address global competitiveness European-brand sales outside Europe remain significant and IAA automotive protection plan essentially unprotected by the IAA Million vehicles POLICY MECHANISM European brands sales outside Europe Eur
Slide 43: European OEMs restructure to enhance competitiveness
European OEMs restructure to enhance competitiveness 1 RESIZE 2 SIMPLIFY 3 REGIONALISE 4 REINVEST Workforce + capacity Portfolio + organisation Supply chain + footprint Technology + next products Lower fixed costs and align Reduce model complexity, Move production and sourcing Redirect capital towar
Slide 44: 1.3 United States
1.3 United States W v1 : | | “Sg \ EY
Slide 45: US auto sales focused on light trucks, total market around 16m-17m units
US auto sales is focused on light trucks, with a total market of around 16m-17m units Annual light auto vehicle sales in the US Million light vehicles Light Trucks Auto 18 17.3 17.4 17.5 17.2 17.1 16.9 16.9 17.2 17.0 16.8 16.6 17 16.5 16.5 16.3 16.1 15.9 16 15.5 15.5 14.9 15 14.4 14.5 14 13.8 13.2 1
Slide 46: US production mix reflects the domestic demand pattern
US production mix reflects the domestic demand pattern US annual light vehicle production Million assemblies Light Trucks Auto 13 12.3 12.2 12 11.9 11.8 11.8 11.6 11.5 11.4 11.2 11.0 11 10.7 10.8 10.9 10.4 10.5 10.4 10.0 10.2 10.0 10 9.7 9 8.9 8.4 8.6 8.3 8 7.6 7 6.0 6 5.6 5 8.6 8.8 8.7 4 7.9 7.8 8.
Slide 47: US production is mix of US and foreign brands
US production is mix of US and foreign brands US production by brand 1982-89 1994-97 2005-10 2011-17 6% 6% 8% Korean 20% 7% 9% 8% European 28% 34% 31% 30% 31% Japanese 79% 69% 56% 56% 56% 53% American Japanese European Korean European As US sales grew, Japanese, European and Korean OEMs transitioned
Slide 48: Despite local US production, imports remains important
Despite local US production, imports remains important US imports have increased over time Million light vehicles by origin Mexico & Canada Japan Other South Korea Europe Imports as % of sales 48% 43% 45% 43% 36% 37% 7.6 7.1 1.1 6.6 6.3 6.2 0.8 0.8 5.6 0.9 0.9 1.6 1.2 0.7 1.5 1.4 1.7 1.0 1.4 1.5 0.5
Slide 49: US light vehicle exports dominated by European premium brands
US light vehicle exports dominated by European premium brands Exports has fallen since 2015 with larger share of European OEMs SUVs dominate European brands’ exports from USA Million light vehicles and share of exports by brand BMW Mercedes-Benz American Korean European Other 0.9 Japanese 16% 0.6 -4
Slide 50: The auto sector's economic importance is driving broad US protection measures
The auto sector’s economic importance is driving increasingly broad US protection measures WHY THE SECTOR MATTERS US PROTECTION IS TAKING THREE FORMS IN EFFECT EVOLVING PROPOSED annual contribution to the $1.2tn US economy Trade Regional Technology and ~ 5% of US GDP defense localization ownership r
Slide 51: Agenda
Agenda 1. Automotive 1. Asia 2. Europe 3. United States 2. High & Heavy 3. Fleet development 4. Presentation from Bank of America 5. Presentation from DNB 6. Summary
Slide 52: H&H sentiment is mixed
H&H sentiment is mixed 01 02 03 Construction Mining Agriculture • Industrial projects such as data centers, • Energy transition and infrastructure sustain • Low margins and high rates constrain power grids and defense support activity investment affordability • Backlog conversion is lifting selected
Slide 53: Construction: Gradual improvement, varying by region
Construction: Gradual improvement, varying by region SEGMENTAL REGIONAL WHAT DO MARKET PARTICIPANTS SAY? “Looking ahead to 2026, the construction Data centers and machinery market is expected to continue to power/grid investments Europe improve.” SANY HI, report 30/3/26 “During the second quarter th
Slide 54: Mining: Demand for heavy equipment supported by investments and fleet renewal
Mining: Demand for heavy equipment supported by mining investments and fleet renewal Commodity demand & drivers Projects and key players Demand effects • Driven by energy transition, infrastructure • Green- and brownfield developments in • New mines and capacity expansions development, energy demand
Slide 55: Agriculture: Not out of the woods, but 2026 may be the floor
Agriculture: Not out of the woods, but 2026 may be the floor Key trends Demand outlook Equipment demand 1 Normalizing inventories −10% Asia-Pacific on a positive trend dealer inventory1 Mixed picture, but Europe likely stabilizing 2 Selective spend −24 pp global net spending sentiment vs 20242 Austr
Slide 56: Chinese H&H exports grows, but focus on smaller containerized units
Chinese H&H exports grows, but for now focus on smaller containerized units China H&H exports Thousand units, monthly average unit weight > 5 ton Mining/Construction: Other Trailer Mining/Construction: Excavator Mining/Construction: Cranes +18% Trucks Buses 933 863 +35% p.a. 728 358 42 13 87 575 537
Slide 57: Industrial investment remains supportive, led by construction and mining
Industrial investment remains supportive, led by construction and mining companies Construction1 Mining2 Agriculture3 Analyst consensus OEM sales (bn USD) Analyst consensus mining companies CAPEX (bn USD) Analyst consensus OEM sales (bn USD) +15% +10% 122 272 57 248 55 109 103 -3% 50 96 213 216 94 9
Slide 58: Agenda
Agenda 1. Automotive 1. Asia 2. Europe 3. United States 2. High & Heavy 3. Fleet development 4. Presentation from Bank of America 5. Presentation from DNB 6. Summary
Slide 59: Purpose-built for global vehicle and equipment logistics
Purpose-built for global vehicle and equipment logistics What is a PCTC? Example of cargo configurations Large multi-storey floating car park with ramps 59
Slide 60: WAWI has all three type of vessels in current fleet
WAWI has all three type of vessels in current fleet with different cargo capabilities Vessel type < 6,000 CEU 6,000 – 6,999 CEU 7,000 – 8,999 CEU +9,000 CEU PCTC Standard car-carrying tonnage with low capacity for heavy or tall cargo. Classes: Mid-size, panamax, LCTC, 6 56 37 post-panamax Hybrid Fle
Slide 61: WAWI is the largest in the segment with the largest H&H capability
WAWI is the largest in the segment and having the largest H&H capability WAWI and peers by vessel types in 2026 Number of vessels PCTC Hybrid RORO 129 121 WAWI maintains unrivaled H&H 8 capability compared with other major carriers 21 91 94 87 7 67 12 100 40 80 32 14 55 26 Peer 7 Peer 5 Peer 6 Peer
Slide 62: Fleet growth is slowing, but more orders may be expected for 2030
Fleet growth is slowing, but more orders may be expected for 2030 and onwards Deliveries continue into the next years1 Global fleet capacity to decline in 20302 Thousand CEU Million CEU (rhs) and YoY growth (lhs) Deliveried to date Forecasted deliveries Recycling Est. recycling Fleet size Est. cumul
Slide 63: Ordering activity is picking up but yard availability is limited
Ordering activity is picking up but yard availability is limited through 2030 Ordering picking up in 2026 after a slow 2025 Number of vessels ordered Total PCC ordered 107 4 shipyards account for ~70% of global 1 PCTC orders 85 81 75 75 73 73 2 >2x man-hours Limited required versus a VLCC vessel ava
Slide 64: Scarce vessel availability and long lead times support TC rates
Scarce vessel availability, long lead times, and limited fixture activity support TC rates PCTC newbuilding prices 1-year TC-in rates development Million dollars USDk per day Comments 110 120 106 105 110 1 Strong TC market 100 100 95 94 90 90 90 85 80 85 2 Limited vessel availability 70 80 60 75 50
Slide 65: Shaper class entering the fleet from now through 2028
Shaper class entering the fleet from now through 2028 1st Shaper+ delivery 11,700 CEU Q1 2026 Q2 Q3 Q4 Q1 2027 Q2 Q3 Q4 Q1 2028 Q2 Q3 Q4 3x Shaper delivery in 2026 9,300 CEU 7x Shaper+ 65
Slide 66: Agenda
Agenda 1. Automotive 1. Asia 2. Europe 3. United States 2. High & Heavy 3. Fleet development 4. Presentation from Bank of America 5. Presentation from DNB 6. Summary
Slide 67: Agenda
Agenda 1. Automotive 1. Asia 2. Europe 3. United States 2. High & Heavy 3. Fleet development 4. Presentation from Bank of America 5. Presentation from DNB 6. Summary
Slide 68: Macro view on China
Macro view on China Kelly K. Chen | Senior Economist | FICC Macro Research +47 91 73 40 10 | kelly.ke-shu.chen@dnbcarnegie.no MARKETING MATERIAL
Slide 69: China deflated a housing bubble and ran hunger games
Big picture backdrop: China deflated a housing bubble and ran «hunger games» CHINA: HOUSING INVESTMENT AND GDP PROXY (INDEX TO 100) CHINA: URBAN HOUSEHOLD IMPLIED SAVINGS RATES (%) FIVE YEAR PLAN 2021-2025 Source: LSEG Workspace, DNB Carnegie 69
Slide 70: China's auto sector: softer domestic demand, stronger supply
China’s auto sector: Textbook softer domestic demand, stronger supply CHINA: IMPLIED DOMESTIC DEMAND*, VEHICLES SOLD (MN, 12M SUM) CHINA: DOMESTIC SUPPLY, VEHICLES PRODUCED (MN, 12M SUM) Source: China Customs, LSEG Workspace, DNB Carnegie 70 *Proxy for demand including stock change = domestic output
Slide 71: 2026 weakness: Partly mechanical payback after purchase support cut
2026 weakness: Partly mechanical payback after purchase support was cut sharply CHINA: DOMESTIC CAR SALES (MILLION VEHICLES PER YEAR, ANNUALISED*) XPeng Mona L03 (RMB 120k+) BYD Seagull (RMB 70k) Xiaomi SU7 (RMB 220k+) Tesla Model Y Performance (RMB 360k) Maextro s800 (RMB 800k+) Source: China Autom
Slide 72: China electrified transport in one single business cycle
The bigger story: China electrified transport in one single business cycle CHINA: IMPLIED DOMESTIC DEMAND*, VEHICLES SOLD (MN, 12M SUM) CHINA: DOMESTIC SUPPLY, VEHICLES PRODUCED (MN, 12M SUM) Source: China Customs, LSEG Workspace, DNB Carnegie *Proxy for demand including stock change = domestic outp
Slide 73: Exports combine stranded ICE capacity with competitive EVs
Exports combine «stranded» ICE capacity with increasingly competitive & cheap EVs CHINESE CAR EXPORTS BY DRIVETRAIN (MN VEHICLES, 12M SUM) REGIONAL SPLIT OF CHINESE VEHICLE EXPORTS, H1 2026 (% BY UNIT) 7.5 5.0 2.5 0.0 jul.07 jul.08 jul.09 jul.10 jul.11 jul.12 jul.13 jul.14 jul.15 jul.16 jul.17 jul.1
Slide 74: The next big export growth market is likely also the Rest
The next big export growth market is likely also «the Rest», not just the West MIDDLE CLASS IN DEVELOPING ECONOMIES (MILLION HOUSEHOLDS) REGIONAL SPLIT OF CHINESE ICE+HEV EXPORTS, H1 2026 (% BY UNIT) China Other EM 2015-2025 +93m +85m 2025-2035 +111m +182m REGIONAL SPLIT OF CHINESE EV+PHEV EXPORTS,
Slide 75: China's cost and technology advantages are hard to tariff away
China’s cost and technology advantages are hard to «tariff away» CHINA: EX-FACTORY GATE PRICES FOR AUTOS (INDEX T-12Y = 100) GLOBAL: AVG. LITHIUM-ION BATTERY PACK PRICE, BY REGION (INDEX*) Battery pack costs fell by 65% in 2015-21 …and fell by another 40% in 2022-25 Made-in-China by Elon Musk: Tesla
Slide 76: Europe may attempt managed market access in exchange for Chinese IP
Europe may attempt «managed market access» in exchange for Chinese IP CHINESE CAR BRANDS’ SHARE OF NEW CAR SALES IN EUROPE (% UNIT*) 2024 GEOGRAPHICAL DISTRIBUTION OF BATTERY SUPPLY CHAIN (%) Source: Dataforce, Bloomberg, IEA and DNB Carnegie 76 *Note: Based on unit sales in EU, EFTA countries + UK.
Slide 77: Key take-away: China's auto export boom is structural
Key take-away: China’s auto export boom is structural, not just cyclical - 2026 demand weakness is partly mechanical payback, but the supply build-out is structural - Rapid electrification created «stranded» ICE capacity and a new generation of globally competitive EV producers - Exports growth from
Slide 78: Disclaimer
Disclaimer This note must be read in conjunction with published research notes and/or DNB Carnegie Analyst Communication. This note must be seen as marketing material and not as an investment recommendation within the meaning of Regulation (EU) NO 596/2014 on market abuse (Market Abuse Regulation) a
Slide 79: Norway Denmark United States
Norway Denmark United States United Kingdom (Walbrook) DNB Bank ASA DNB Carnegie Investment Bank AB DNB Carnegie, Inc. DNB Bank ASA, London Branch Dronning Eufemias gate 30 Overgaden neden Vandet 9B PO Box 1935 30 Hudson Yards The Walbrook Building, 25 Walbrook 0191 Oslo | Norway 1414 Copenhagen K |
Slide 80: Agenda
Agenda 1. Automotive 1. Asia 2. Europe 3. United States 2. High & Heavy 3. Fleet development 4. Presentation from Bank of America 5. Presentation from DNB 6. Summary
Slide 81: 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 81
Slide 82: 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 83: 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 84: 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 85: Wallenius Wilhelmsen well positioned to benefit from tight freight and charter market
Wallenius Wilhelmsen is well positioned to benefit from the increasingly tight freight and charter market… % 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% se
Slide 86: 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 87: Thank you!
Thank you! SsSas