Q1 2026 presentation

Wallenius Wilhelmsen ASA Q1 2026

Agenda

1. Highlights

2. Market update

3. Business update

4. Sustainability update

5. Financial update

6. Prospects & Q&A

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 pressure on capacity cost

Logistics delivered a strong quarter, supported by cost measures and higher auto volumes, while Government had a soft start to the year partly explained by a seasonally lower activity level.

Direct commercial impact from the Middle East conflict is limited with only 2-3% of revenues linked to the region. However, the indirect effect of higher fuel cost in Q2 will be substantial before costs are recovered through BAF clauses in subsequent quarters

4

Adjusted EBITDA for 2026 is expected to be about USD 1.6bn, down compared to the previous outlook, primarily reflecting higher net bunker and capacity cost for Shipping

Middle East: Direct impact on Wallenius Wilhelmsen

Agenda

1. Highlights

2. Market update

3. Business update

4. Sustainability update

5. Financial update

6. Prospects & Q&A

Three major market trends to watch 1

Middle East conflict creates increased market turbulence

Continued Asian export growth

2

driven by China

Tight market despite fleet growth

3

and geopolitical uncertainty

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

G

A

87.8

(97%)

2.8

(3%)

lobal Sales

rabian Gulf

2.8

Domestic

Imports

Saudi Arabia

0.85

54%

43%

UAE

0.35

22%

Kuwait

0.15

10%

Qatar 0.09

6%

Oman 0.08

5%

57%

(1.6)

~10% of deep-sea market

+ second-hand movements1

Bahrain 0.04

2%

Iran

0.02

1%

Mostly Iran

2025 2025

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

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Peer 6

Peer 7

WAWI

Peer 8 Other

102

91

81

47

~2% of WAWI's

38 2025 shipping revenue offset by

33 other revenue

31

31

82

173

Dubai land-based

operations, annual revenue ~USD24m

Jeddah

Ad Damman

Asia - Arabian Gulf

~16.4 days

Asia - Arabian Gulf

via Bab al-Mandab

~18.2 days

2.7x

longer

Asia - Arabian Gulf

via Cape of Good Hope

~44 days

% of 2025 transits # of ships in the Gulf1

14 ships

total

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

1,800

1,650

1,500

1,350

1,200

1,050

900

750

600

450

300

150

0

MGO Bunker Prices, Singapore

VLSFO Bunker Prices (0.5% Sulphur), Singapore

Jan 20 Jul 20

Jan 21

Jul 21

Jan 22 Jul 22 Jan 23 Jul 23 Jan 24 Jul 24

Jan 25

Jul 25

Jan 26

Continued strong growth ex-Asia (China) fuelling underlying demand for tonnage

Development of passenger car volumes ex. East

+13%

13.7

0.7

3.4

Million light vehicles and implicit YoY change

2%

10.5

11.2

12.1

Korea

-2%

Japan

7.9

6.8

5.9

27%

China

2020

2021

2022

2023

2024

2025

Q1 26

annualized1

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

Oceania

North Africa and Middle East South America and Caribbean North America

Other Asia

Europe

+47%

2.1

1.8

1.8

1.6

0.5

+24%

0.4

0.3

0.3

0.3

1.1

1.1

1.2

1.2

1.2

1.0

0.2

0.2

0.1

0.1

0.2

0.3

0.3

0.2

0.2

0.1

0.3

0.2

0.1

0.2

0.1

0.1

0.2

0.1

0.1

0.2

0.1

0.1

0.1

0.1

0.1

0.4

0.4

0.3

0.3

0.2

0.3

0.2

0.2

0.2

0.2

0.4

0.3

0.3

0.4

0.4

0.4

0.5

0.5

0.5

0.6

YoY

92%

37%

21%

143%

-33%

48%

57%

growth

EV

Hybrid

2.1

YoY

ICE

1.8

1.8

Not just an EV story

31%

1.6

35%

35%

1.2

1.2

1.2

36%

1.1

1.1

28%

1.0

33%

39%

39%

23%

28%

40%

22%

20%

8%

13%

10%

41%

52%

42%

42%

37%

50%

48%

47%

52%

growth

16%

111%

Q4 23

Q1 24

Q2 24

Q3 24

Q4 24

Q1 25

Q2 25

Q3 25

Q4 25

Q1 26

Q4 23

Q1 23

Q2 24

Q3 24

Q4 24

Q1 25

Q2 25

Q3 25

Q4 25

Q1 26

Chinese OEMs are succeeding in gaining market share in Europe

New car registrations in European markets

Market share and YoY quarter change

Sources: WAWI analysis, Kraftfahrt-Bundesamt (KBA), Society of Motor Manufacturers and Traders (SMMT), French Automotive Platform (PFA), National Association of the Automotive Industry (ANFIA), Automotive

H&H markets are mixed with strong mining markets, muted for construction while agricultural remains weak

Construction muted

Mining commodities have been strong

Field crop prices fail to offset war-driven input cost inflation

Value of total construction put in place in the US

1.30

%-change relative to Q1 25 Indexed to Jan 24

Silver

Gold Aluminium

Copper

Nickel Iron Ore

Zinc

Corn

Soybean Wheat

Oil

Urea Pesticide

142

111

120

216

1.25

1.20

1.15

1.10

1.05

1.00

0.95

0.90

0.85

0.80

0.75

0.70

0.65

0.60

0.55

0.00

2019 2020 2021

2022

2023 2024 2025 2026

115

110

105

45

40

35

30

25

20

15

10

5

0

-5

-10

-15

-20

-25

-30

Q2 24

Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

112%

46%

41%

19%

14%

4%

2%

Q2 26

210

200

190

180

170

160

150

140

130

120

110

100

90

80

70

Jan 24

Apr 24

Jul 24

Oct 24

Jan 25

Apr 25

Jul 25

Oct 25

Jan 26

Apr 26

US Residential US Nonresidential

Source: US Census Bureau - Annual rate of value of construction put in

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

+29%

120

+3%

+6%

+8%

5.6

5.8

0.3

+13%

5.3

+8%

4.9

4.3

4.0

110

100

90

80

70

60

50

Q1-26: 16x vessel delivered

Q2-26: 5x del./11x to be delivered Q3-26: 11x to be delivered Q4-26: 11x to be delivered

2023

2024

2025

2026E

2027E

2028E

40

30

30-year-old: 2027 - 17 vessels3

2028 - 29 vessels3

20

10

0

Jan 23 Jul 23 Jan 24 Jul 24 Jan 25 Jul 25 Jan 26

Agenda

1. Highlights

2. Market update

3. Business update

4. Sustainability update

5. Financial update

6. Prospects & Q&A

Adjusted EBITDA of USD 389m in the quarter

Q1 2026 financials

Shipping services Logistic services Government services

943

USD m in

revenues

333 adj. EBITDA

USD m of

289

USD m in

revenues

41adj. EBITDA

USD m of

87

USD m in

revenues

23 adj. EBITDA

USD m of

-6%

387

411

409

354

333

+46%

+8%

44

41

Adj. EBITDA, USD m

Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

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

• Seasonal (holiday) reduction QoQ in

  volumes ex-East and ex-West

• Trade mix continue to change with volumes ex-East up 10% YoY and volumes ex-West down 9% YoY

• H&H and BB share of total cargo and nominal volume up YoY and QoQ

Prior to Red Sea avoidance

+4%

13.8

-4%

12.7

13.1

Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

32%

31%

31%

28%

28%

28%

27%

27%

25%

25%

23%

23%

21%

24%

23%

23%

25%

Auto H&H/BB Share of H&H/BB



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 volumes have rebounded from

  last year's lows

• Gradual improvement, driven by mining demand and a gradual construction recovery. Agricultural demand remains subdued

• Positive signals seen from H&H customer bookings

H&H/BB H&H/BB share, unprorated in %

+20%

3.2

3.3

+3%

2.7

21%

23%

25%

Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

Net rate per cbm for Q1 2026 up 2% compared to Q4 2025

Net freight rate/cbm and estimated net TCE earnings/day1

Estimated net TCE earnings/day (USD 000)



Net freight rate per CBM (USD)

Net freight rate/cbm QoQ (USD)

+2%

-5%

61.9

-1.8

3.1 63.2

66 66

65

65

60

61

61

63

63

+1%

54

57

55

55

54

56

57

53

53

55

56

57

58

53

53

55

56

56

50

52

49

50

52

Q4-25

Price effect2

Customer/trade Mix

Q1-26

-5%

Net freight rate/cbm YoY (USD)

66.2

-3.7

0.7

63.2

Q1-26

2 Including reversal of adjustment of USD 0.7/cbm related to prior overstatement of revenue corrected in its

Logistics (ex. MIRRAT) delivered its best quarter in two years

Revenue (USD m)

+3%

• Logistic revenue ended up 8% YoY and 11% QoQ when excluding MIRRAT

• YoY, adj. EBITDA, (ex. MIRRAT) was up 48%, supported by cost measures

• Q1 is normally a seasonally strong quarter (fiscal year-end push for key customers), but the trend is positive

300

250

200

150

100

50

196

194

177

192

203

199

221

252

254

264

271

281

281

296

280

287

269

270

272

261

289

+11%

0

Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

Adjusted EBITDA (USD m)

15%

15%

15%

12%

12%

12%

12%

13% 13%

13%

10%

11% 11%

10%

11%

11%

9%

10%

8%

6%

7%

+52%

44

42

31

33 33

24

28

30 30

36 37

28

30

34

28

15

19

16

23

12

18

70

60 15

50

10

40

30 5

20

10 0

0

Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

MIRRAT contribution Logistics EBITDA margin excl MIRRAT



Strong Logistics quarter driven by Auto and Terminals

Volumes handled at our facilities

• Auto volumes improved 6% QoQ. US, Canada and

  Oceania volumes up, in part owing to seasonality (US)

• Focus on cost control and efficiency

By segments

Auto

EBITDA margin

Auto

15%

15%

14%

15%

15%

16%2

Million

units

+1%

19%

22%

23%

22%2

12%

17%

20%

12%

55

55

-21%

47

37

11%

15%

-1%

+6%

1.6

1.5

1.5

1.5

1.5

1.6

1.4

1.5

• H&H volumes remain muted although clear signs of improvement moving into H2 2026

• Focus on cost control and efficiency

HH

EBITDA margin

H&H

'000

Units

Terminals

Volume ex. MIRRAT

EBITDA margin

EBITDA margin ex MIRRAT

+1%

35%

33%

32%

25%

28%

25%

24%

Terminals1

443 454 449 435

343 317 286 317

+11%

'000

Units

Q2-24

Q3-24

Q4-24

Q1-25

Q2-25

Q3-25

Q4-25

• Positive revenue development QoQ, partly driven by

  addition of Gothenburg terminal

• Clear improvement YoY when adjusting for MIRRAT sale

Q1-26

Government Services: Weak US Government revenues offset by increased MSP payments and commercial revenues

Government services revenue split1

Million USD

• Maritime Security Program (MSP) payments up on increased stipend and retroactive payments as of Q4-25

• Seasonally weak US Government cargo volumes partly offset by increased commercial revenues

• Tanabata (31 years) delivered for green recycling in accordance with our policies

US Government MSP Commercial

-2%

13

88

87

13

-38%

54

63

79

86

87

93

111 107

106

112

Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

Contract coverage remains strong

% of Shipping volume based on contract startup1

Estimated contract revenue split for

Logistics services (USD m)2 Contract backlog details

Estimated lifting capacity

6%

0% 8%

42%

16%

18%

66%

2026E

Contract Start 2022

Contract Start 2023

Contract Start 2024

2027E

Contract Start 2025

Contract Start 2026 Rate Agreement

Renewal

2026E 2027E After 2028E

1 Estimated contracted Net freight value based on forecasts, 2 Includes contract values above and below USD 100m, excludes the business areas terminals and inland

First Shaper Class new building set for delivery mid 26

1st Shaper delivery

9,300 CEU

Worlds largest RORO vessel

1st Shaper+ delivery

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+

Agenda

1. Highlights

2. Market update

3. Business update

4. Sustainability update

5. Financial update

6. Prospects & Q&A

Strong performance for LTIF shipping, while LTIF logistics at a seasonally higher level

LTIF for Shipping & Government and Logistics services

•

LTIF Shipping1 is at 0.21 for Q1 2026, down from 0.66 in Q4 2025

•

LTIF Logistics2 is at 12.89 for Q1

2026, up from 9.02 in Q4 2025

•

No major accidents

LTIF LTM Target

0.60

0.40

0.54

0.66

1.02

1.12

Shipping & Govt.1

Q2 24

Q3 24

Q4 24

Q1 25

Q2 25

Q3 25

Q4 25

Q1 26

Logistics2

10.50

12.60

12.18

12.35

10.15

Q2 24

Q3 24

Q4 24

Q1 25

Q2 25

Q3 25

Q4 25

Q1 26

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

7%

3%

5%

5%

7%

7%

3%

-3%

9% 9%

Actual CO2e intensity CO2e intensity target

58.4

57.7

61.2

61.8

61.8

60.6

-2%

-1%

64.7

64.0 63.6

192

198

190

188

182

180

178

185

1,010

997

1,228 1,168 1,177 1,192 1,208 1,229 1,263 1,226

Q2 24 Q3 24 Q4 24

Q1 25

Q2 25

Q3 25

Q4 25

Q1 26

Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25

Q1 26

• Total emissions decreased QoQ by 3% due to lower sailing distance and a reduction in average speed.

• Total emissions increased YoY 3% due to comparable higher sailing distance and increased average speed. Yet, fuel oil consumption per nautical mile remained stable due to energy efficiency measures.

• Signed two-year fuel agreement with Equinor for supply of bio-methanol

• EEOI decreased QoQ by 1% to 63.6 explained by lower total CO₂e emissions

  and lower speed and distance sailed, reducing transport work.

• While absolute emissions increased YoY, higher transport work combined with increased LNG, bio-LNG and biofuel consumption resulted in a 2% reduction in EEOI.

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

+17%

310,000

38%

2025a

64%

2026F

92%

2028 target

RCS BAF 2.0

100%

90%

80%

264,515

70%

60%

50%

40%

128,541

Today

30%

20%

10%

0%

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

4,614

2023 2024 2025 2026FY Est

24 25 25

25 25

26 26

26 26

27 27

27 27 28

28 28

28 29

29 29

29 30 30

Agenda

1. Highlights

2. Market update

3. Business update

4. Sustainability update

5. Financial update

6. Prospects & Q&A

Financial highlights - Q1 2026

USD m, per cent and multiples

-3.5

-1.4

17.3%

Q1 2026

ROCE > 12%

+5.0

-2.8

39.4%

Equity ratio > 35%

Q1-25

Q4-25 Q1-26

YoY/QoQ

Financial targets1

+0.3

+0.2

1.2x

Leverage ratio < 3.0x

-1.4

-0.6

1.4

Minimum liquidity > USD 1bn

1 Long-term, over-the-cycle targets - ROCE: LTM adj. EBIT / LTM average capital employed | Equity ratio: Total Equity / Total Assets | Leverage ratio: Net interest-bearing debt / LTM adj. EBITDA. ROCE and equity ration

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%

-3%

Adjustment reversals

970

1 033

1 011

974

943

354

4

7

333

-21

-12

-8

8

Adj. EBITDA (USD m)

-14%

-6%

387

411

409

354

333

Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

Q4-25 adj. EBITDA

Net freight Net bunker

cost

Other voyage

+ cargo expenses

Vessel opex Charter expenses

SG&A Q1-26 adj. EBITDA

Adjustment reversals are linked to adjustments made in Q4 25 (see Q4 25 report for more detail)

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)

18

6

Lagged recovery of fuel cost

via surcharge pass-through

-49

-68

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

20 21 21 21 21 22 22 22 22 23 23 23 23 24 24 24 24 25 25 25 25 26 26

• In Q2 2026, net bunker cost is expected to increase substantially before costs are recovered through Bunker Adjustment Factors (BAF) in subsequent quarters

• There is typically a 2-4-month lag between fuel price changes and fuel surcharge

• When fuel prices increase, our recovery is lagging and when fuel costs decline, recovery is overshooting

100 1,000

80

60

40

20

0

-20

-40

-60

900

800

700

600

500

400

300

200

100

-80 0

Net bunker cost Average quarterly VLSFO Bunker Price



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)

+11%

+3%

289

261

272

273

281

+49%

6

42

2

5

1

0

28

Adj. EBITDA (USD m)

+15%

+49%

42

37

32

34

28

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%

107

106

112

86

87

+6%

2

22

5

23

-1

4

-8

Adj. EBITDA (USD m)

-51%

+8%

47

41

44

22

23

Robust operating cash flow and liquidity position

Cash flow and liquidity development

• 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 higher fuel prices and increased stock levels. Cash conversion ratio 83%1

• Investing cash flow negative USD 66m mainly explained by newbuild instalments (USD 48m) and other vessel CAPEX. USD 8m invested in the initial construction phase of the Drammen processing facility

• Financing cash negative USD 439m driven by USD 427m in dividends, material debt repayments, partly funded drawdown on credit facilities

Million USD

Investing cash

flow

-28%

(-556)

1 993

(10)

0

(77)

11

(427)

Operating cash flow

(11)

Financing cash flow

2

1 071

322

-66

-439

(39) 39

RCF

1 437

Cash

Cash Q4

EBITDA

Δ Other

Taxes

Other

Net

Other

Interest

Net

Dividend

Other

FX effect Cash Q1

2025

assets/ liab

paid

operating items

capex

investing items2

paid

proceeds/ repayments

financial items

on cash

2026

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 Leasing debt

Cash balance Leverage ratio

1.2x

Cash balance RCF

1.0x

0.9x

0.9x

1.0x

+19%

1.7

1.7

1.7

1.6

1.9

1.5

1.7

1.3

2.1

1.4

1.6

1.5

1.5

1.5

1.5

-1.7

-1.4

-1.1

-1.1

-0.9

40.9%

40.3%

42.2%

39.4%

34.4%

-7%

3.0 3.3 3.1 3.3 3.1

-28%

1.7

1.4

1.1

1.4

0.5

0.9

2.0

0.9

1.7

0.6

1.1

1.9

0.5

0.5

2.2

Q1-25

Q2-25

Q3-25

Q4-25

Q1-26

Q1-25

Q2-25

Q3-25

Q4-25

Q1-26

Q1-25

Q2-25

Q3-25

Q4-25

Q1-26

Agreement reached with HMG for put/call option

EUKOR ownership structure Comments and details

80%

20% Ocean Carrier Contract (OCC) between HMG and EUKOR

HMG has a put option linked to the 20% ownership in EUKOR

• In April 2026, Wallenius Wilhelmsen and HMG, agreed that the put and call options linked to HMG's ownership in EUKOR cannot be exercised as long as the OCC includes a commitment of at least 50% of HMG's volumes

• The current OCC runs until 31 Dec 2029, and the parties have agreed that the earliest exercisable date is 1 Jan 2031

• The agreement impacts the accounting treatment of the liability which from Q2 2026 will be measured based on the NPV of the estimated future exercise price at the earliest exercisable date. This estimate will be based on the higher of (i) forecast taxable results for the years 2028, 2029 and 2030 and (ii) forecast net asset values as at year-end 2030

• The estimation of the liability has not been finalized but indicatively the liability will be significantly reduced

Agenda

1. Highlights

2. Market update

3. Business update

4. Sustainability update

5. Financial update

6. Prospects & Q&A

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 cost following the Middle East conflict results in higher bunker costs. The latter will fully materialize in Q2 in the form of increased net bunker costs due to a quarterly lag in the bunker adjustments clauses. These cost will be recovered in the succeeding quarters.

Despite the current situation, we expect 2026 to be a new solid year for Wallenius Wilhelmsen. However, reflecting expectations of significantly higher net bunker costs, and increased capacity costs, the adjusted EBITDA for 2026 is expected to be about USD 1.6bn. However, this is very dependent on the length and the effects of the current situation in the Middle East, and other potential material adverse effects.

40

Save the Date

Capital Market Day 2026

24.09.2026 in Oslo, Norway More information to come