Second quarter and half year 2026
12 August 2026
Continued solid performance and robust outlook
Solid performance from operating businesses, with total income of USD 320 million and EBITDA of USD 62 million
USD 112 million in share of profits from JVs and associates driven by solid underlying performance and gain from sale
Paid dividend of NOK 20 per share, and authorised to pay second dividend of up to NOK 8.5 per share
Buyback of 470 917 own shares for a total consideration of USD 36 million
Robust outlook supported by a strong financial position, but continued geopolitical and trade uncertainty
Business highlights Q2 2026
Wilh. Wilhelmsen Holding ASA
Maritime Services
New Energy
Continued strong activity levels in NorSea
Results supported by high project activity across NorSea and CCB
Edda Wind completed sale of CSOV/SOV fleet
Solid performance across business units
Effects from performance improvement initiatives contributing to results
Direct exposure to Middle East situation, impact dependent on duration and scale
Underlying performance from associates
remains robust
RoRo/car carrier market supported by strong exports out of Asia/China
Qube acquisition legally effective, implementation expected in August
Second quarter and half year 2026 financials
Wilh. Wilhelmsen Holding ASA
Total income and EBITDA up YoY and QoQ
Wilh. Wilhelmsen Holding ASA
Total income | 320 308 | 315 | |||
EBITDA | 62 50 | 48 | |||
Share of profit from JVs/ass | 112 84 | 208 | |||
Net profit | 147 113 | 257 | |||
EPS | 3.49 2.68 | 5.96 | |||
Cash | 249 280 | 209 | |||
Net debt | (180) (159) | 25 |
Q2 2026 Q1 2026 Q2 2025 QoQ YoY
USD 320 million total income
USD 228 million in Maritime Services
USD 91 million in New Energy
USD 62 million EBITDA
USD 39 million in Maritime Services
USD 25 million in New Energy
USD 112 million in share of profit from JVs and associates
USD 48 million from Wallenius Wilhelmsen
USD 27 million from Hyundai Glovis
USD 38 million from other joint ventures/ associates.
NorSea NOK 2.8 billion credit facility amended and extended
Solid performance in all business unitsMaritime Services
228
USD million total income
7% increase YoY
Increase in Ship Services and Port Services
Ship Management relatively stable
300
Total income (USD m)
200
Total income
100
39
USD million EBITDA
EBITDA up 37% YoY and 23
% QoQ
Increase reflects higher revenue and effects of performance improvement measures
-
Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
Total income (excluding Zeaborn for 2024) Zeaborn revenue (2024)EBITDA and EBITDA margin
Segment comments
Middle East situation had a direct impact on appointment volumes in the area for Port Services
Offset by increased activity in other services
40
EBITDA (USD m)
20
-
Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
EBITDA EBITDA margin20%
EBITDA margin (%)
10%
-%
Note:*) Margin adjusted for main non-recurring items and changes in Zeaborn revenue recognition between Q2'24, Q3'24 and Q4'24. No other adjustments last 13 quarters
Continued high activity and positive JV resultsNew Energy
91
USD million total income
8% decrease YoY from historically strong Q2 2025, increase from seasonally softer Q1
Continued strong activity level in NorSea
100
Total income (USD m)
50
Total income
25 • Up 22% YoY and QoQ
-
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
USD million EBITDA
Development reflects continued high activity in NorSea and impact of efficiency measures
Adjusted EBITDA and EBITDA margin *)
24 30%
37
USD million share of profit
from JVs and ass.
USD 7 million from CCB
USD 29 million from other JV's and associates, mainly driven by gain related to Edda Wind's fleet sale
12
EBITDA (USD m)
-
Q2'23 Q3'23Q4'23 Q1'24 Q2'24 Q3'24 Q4'24Q1'25 Q2'25 Q3'25 Q4'25Q1'26 Q2'26
20%
EBITDA margin (%)
10%
-%
EBITDA EBITDA marginNote:*) Margin calculated based on operating revenue, excluding other gain/(loss).
Robust underlying performance from associatesStrategic Holdings and Investments
USD million share of profit from associates
Wallenius Wilhelmsen
74 • USD 48 million from
USD 27 million from Hyundai Glovis
200
UDS m
100
Share of profit from associates
32 • Mainly from Hyundai Glovis
-
Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
USD million dividend received from associates
4 000
Share of profit from joint ventures and associatesDirect investment - value adjusted
800
Segment comments
Acquisition of Qube by a Macquarie-led consortium legally effective, implementation expected in mid August
2 000
Value (USD m)
-
Q2'23 Q3'23Q4'23 Q1'24 Q2'24Q3'24 Q4'24 Q1'25Q2'25 Q3'25 Q4'25Q1'26 Q2'26
Wallenius Wilhelmsen ASA (OSE: WAWI)
Treasure/Hyundai GlovisNon-current financial investments Current financial investments
Cash NOK/share (right axis)
600
NOK/share
400
200
0
USD 384 million in cash from operating activities and associatesWilh. Wilhelmsen Holding ASA
Cash flow - YTD Q2'26 (USD million)
-184
338
214 34
47 -36
-127
-19
-26
249
7
46 154 -172
31.12.2025
Operating Maritime Services
Operating New Energy
Operating other
Dividend from JVs and associates
Other investing activities
Dividend and buyback parent
Net debt issue/ repayment (ex. lease)
Other financing activities
FX effect on cash
30.06.2026
Cash from operating activities
Cash from investing activities
Cash from financing activities
75% equity ratio, moderate leverage and solid liquidity position
6.0
Wilhelmsen group total assets and equity ratio
4.7
4.5
100.0%
80.0%
300
Equity ratio (%)
USD million
200
Debt maturity profile
4.5
USD billion
3.0
1.5
3.6 3.6 3.7
3.8 3.8 4.0 3.8 4.0
4.3 4.4 4.4
75%
60.0%
40.0%
20.0%
100
-
Due in 1 year Due in 2 years Due in 3 years Due in 4 years >4 years New Energy (ex. lease)
Maritime Services (ex. lease)Strategic Holdings and Investments (ex. lease) Leasing (IFRS16)
- -%
Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
1 000
Liquidity reserves
USD million
Liabilities Equity non-controlling Equity holders of the company Equity ratio500
NorSea credit facility amended and extended in April
New maturity in 2030, with two one-year extension options
-
2021 2022 2023 2024 2025 Q2 2026
Cash in parent company Current financial investments Non-current financial investmentsDividend of NOK 20.00/share, buyback of 470 917 shares
Board authority to distribute additional dividend of up to NOK 8.50 per share and share buybacks
Dividend payments 1) Cash to shareholders 2)
NOK/share Yield (%)
30,00
164
USD million
25,00
20,00
121 117
15,00
10,00 51
5,00
0,00
2022 2023 2024 2025 2026
2022 2023 2024 2025 2026
Board authority - 2nd payment
2nd payment1st payment
Dividend yield (right axis) Potential dividend yield (right axis)
Potential second dividend
Buybacks DividendNote 1) Yield calculated based on previous year median closing price for WWI and WWIB. 2) Potential dividend based on FX USD/NOK 9.59
Outlook
Wilh. Wilhelmsen Holding ASA
Maritime Services New Energy
Strategic Holdings and Investments
Wilhelmsen retains a strong balance sheet, solid liquidity reserves, and a balanced portfolio of leading maritime operations and investments.
However, considerable uncertainty persists, specifically regarding geopolitical tension, the ongoing conflict in the Middle East, and an uncertain global trade environment, potentially impacting future performance and cash inflow.
Although the above factors impact future outlook, the group retains its capacity to support, grow, and expand the business portfolio, and to deliver yearly dividends in line with the dividend policy.
Our values:
Customer centred | Empowerment | Learning and innovation Stewardship | Teaming and collaboration
Supplementary slides - Second quarter and half year 2026
Group quarterly results
Maritime Services Ships Service Port Services Ship Management
New Energy
NorSea
Strategic Holdings and Investments Wallenius Wilhelmsen ASA Hyundai Glovis Co.,Ltd.
Financial investments
Q2 2026 results
Wilh. Wilhelmsen Holding ASA
USD mill | Q2 2026 | Q1 2026 | Q-on-Q change | Q2 2025 | Y-o-Y change |
Total income | 320 | 308 | 4 % | 315 | 2 % |
of which operating revenue | 320 | 308 | 4 % | 316 | 1 % |
of which other gain/(loss) | (2) | ||||
EBITDA | 62 | 50 | 23 % | 48 | 30 % |
Operating profit/EBIT | 41 | 32 | 28 % | 28 | 45 % |
Share of profit/(loss) from associates | 112 | 84 | 33 % | 208 | (46)% |
Financial items | 7 | 4 | 29 | ||
of which change in fair value financial assets | 4 | 1 | 7 | ||
of which other financial income/(expenses) | 3 | 2 | 23 | ||
Profit/(loss) before tax/EBT | 160 | 120 | 33 % | 265 | (40)% |
Tax income/(expenses) | (13) | (7) | (8) | ||
Profit/(loss) for the period | 147 | 113 | 30 % | 257 | (43)% |
Profit/(loss) to equity holders of the company | 146 | 113 | 29 % | 250 | (42)% |
EPS (USD) | 3.49 | 2.68 | 30 % | 5.96 | (41)% |
Other comprehensive income | (33) | (15) | 137 | ||
Total comprehensive income | 114 | 99 | 16 % | 394 | (71)% |
Total comprehensive income to equity holders of the company
113
98 15 % 377 (70)%
Ships Service
Wilhelmsen Ships Service offers a portfolio of maritime solutions to the merchant fleet and is fully owned by Wilhelmsen.
Q2 2026 highlights
150
100
50
Total Income
5% 5%
O2'23 Q3'23 Q4'23 Q1'24 O2'24 O3'24 Q4'24 Q1'25 Q2'25 O3'25 Q4'25 Q1'26 Q2'26
Total income
Total income for Ships Service was USD 141 million, up 5% from the corresponding period last year and up 5% from the previous quarter
The year-over-year increase was driven by a combination of price increases and higher volumes, mainly in refrigerants, lubricants, fuel oil and emission control chemicals, partly offset by a decrease in cleaning equipment & others and cleaning & maintenance chemicals
Quarter-on-quarter growth was driven by solid increase in refrigerants, lubricants and emission control chemicals, partly offset by lower sales in gas & cylinders and other water treatment
Port Services
Wilhelmsen Port Services provides full agency, husbandry, and protective agency services to the merchant fleet. Wilhelmsen Port Services is fully owned by Wilhelmsen.
Q2 2026 highlights
Total Income
60
50
USD million
40
30
20
10
16% 10%
Total income for Port Services was USD 48 million. This was up 16% from the corresponding period last year and up 10% from the previous quarter
The increase year-over-year and quarter-on-quarter was mainly due to strong activity in husbandry
The situation in the Middle East had a direct impact on core activities within ship agency in the area, but was offset by increased activity in other services during the quarter
Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
Total income
Ship Management
Wilhelmsen Ship Management provides full technical management, crewing, and related services for all major vessel types. Wilhelmsen Ship Management is fully owned by Wilhelmsen.
Q2 2026 highlights
Total income for Ship Management was USD 39 million in the second quarter, down 4% year-over-year and down 2% from the previous quarter
Underlying performance remains stable, with a stable fleet under management
Total Income
60
50
USD million
40
30
20
10
(4)% (2)%
Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1 '25 Q2'25 Q3'25 Q4'25 Q1 '26 Q2'26
Zeaborn crew management (as reported, excluding adj. Q2-Q3 vs Q4'24) Total income (excl. Zeaborn crew management Q2-Q4 2024)
NorSea
NorSea provides supply bases and integrated logistics solutions to the offshore industry. NorSea is owned 99.7% by Wilhelmsen. The remaining 0.3% is held by NorSea management.
Q2 2026 highlights
125
100
USD million
75
50
25
Total Income
(9)% 9%
Total income for NorSea was USD 90 million in the second quarter, down 9% year-over-year and up 9% from the seasonally weaker first quarter
The development reflects continued high activity levels in NorSea
Share of profit from joint ventures and associates in NorSea was USD 7 million in the second quarter, driven by strong contribution from Coast Center Base as a result of high project activity in the period
Q2'23 Q3'23 Q4'23 Q1 '24 Q2'24 Q3'24 Q4'24 Q1 '25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
Material non-operating gain/(loss) Total income (excl. material non-operating gain)
Wallenius Wilhelmsen
Wallenius Wilhelmsen ASA is a market leader in RoRo shipping and vehicle logistics and is listed on Oslo Børs. Wilhelmsen owns 37.9% of the company, which is reported as an associate.
Q2 2026 highlights
2 500
2000
USD million
1 500
1 000
500
Market value of Wilhelmsen's investment
807 117
Share of profit from Wallenius Wilhelmsen ASA was USD 48 million for the quarter. This was down from USD 157 million in the corresponding period last year, which included gain from Mirrat sale, and down from USD 61 million in the previous quarter
The book value of the 37.9 % shareholding in Wallenius Wilhelmsen ASA was USD 1 235 million at the end of the quarter
Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1 '25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
Wallenius Wilhelmsen ASA Ex dividend paid next quarter
Hyundai Glovis
Wilhelmsen holds a 11.0 % ownership interest in Hyundai Glovis Co., Ltd. (Hyundai Glovis). Hyundai Glovis is reported as an associate.
Q2 2026 highlights
1 250
1 000
USD million
750
500
250
Market value of Wilhelmsen's investment
(130)
Share of profit from Hyundai Glovis amounted to USD 27 million for the quarter, down from USD 40 million in the corresponding period last year, but up from USD 25 million in the previous quarter
The book value of the 11.0 % shareholding in Hyundai Glovis was USD 771 million at the end of the second quarter
Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1 '25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
Treasure ASA Hyundai Glovis
Financial investmentsFinancial investments include cash and cash equivalents, current financial investments, and other financial assets held by the parent and fully owned subsidiaries, reported under the Strategic Holdings and Investments segment.
(17)
111
Q2 2026 highlights
800
Market value of Wilhelmsen's investment
600
USD million
400
200
Net income from investment management was USD 9 million for the quarter
The market value of current financial investments stood at USD 358 million at the end of the second quarter
The largest investment was the 25 million shares held in Qube Holdings Limited, with a market value of USD 88 million
The acquisition of Qube by a Macquarie-led consortium became legally effective on 8 July after Australian court approval, and the transaction is expected to be implemented in mid August
-
Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
Non-current financial investments (fair value) Current financial investments Cash Intercompany loan