WILH. WILHELMSEN HOLDING ASA
Second quarter and half year 2026Highlights for the quarter Wilhelmsen delivered another solid quarter, with total income and EBITDA increasing both year-over-year and quarter-on-quarter. Net profit after financial items and tax amounted to USD 147 million.
USD 62 million in EBITDA
Including:
USD 39 million EBITDA in Maritime Services.
USD 25 million EBITDA in New Energy.
Up 30% from the corresponding period last year and up 23% from the previous quarter.
USD 112 million in share of profit from joint ventures and associates
Of which:
Key figures80
USD mill
60
48
40
20
EBITDA
42
45
50
62
USD 48 million share of profit from Wallenius Wilhelmsen.
USD 27 million share of profit from Hyundai Glovis.
USD 38 million share of profit from other joint ventures and associates.
Down 46% from the corresponding period last year and up 33% from the previous quarter.
Edda Wind completed the sale of its fleet of SOV/ CSOVs
The Annual General Meeting approved the board's proposal for a dividend of NOK 20.00 per share
Board authorised to distribute additional dividend of up to NOK 8.50 per share.
Completed buyback of 470 917 own shares for a total consideration of NOK 334 million
445 201 A-shares
25 716 B-shares
4 000
3 500
3 000
USD mill
2 500
2 000
1 500
1 000
500
7.00
6.00
5.00
USD
4.00
3.00
2.00
1.00
Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Shareholders' equity
3 051
3 197
3 262
3 373
3 535
Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
EPS
2.68
3.07
3.49
3.37
5.96
Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Financial performance
2026
USD mill Q2
Q1 2026
Q-on-Q change
Q2 2025
Y-o-Y
change
YTD 2026
YTD 2025
Y-o-Y
change
Group result for second quarter 2026Total income for the Wilh. Wilhelmsen Holding
Group cash flow, liquidity and debtCash and cash equivalents amounted to USD 249
Total income
of which operating revenue of which other gain/(loss)
EBITDA
Operating profit/EBIT
Share of profit/(loss) from associates Financial items
of which change in fair value financial assets of which other financial income/(expenses)
Profit/(loss) before tax/EBT Tax income/(expenses) Profit/(loss) for the period
Profit/(loss) to equity holders of the company EPS (USD)
Other comprehensive income Total comprehensive income
Total comprehensive income to equity holders of the company
Total assets Shareholders' equity Total equity
Equity ratio
USD mill | Cash and cash equivalents | Current financial investments | Interest-bearing debt | Lease liabilities | Net interest-bearing debt |
Maritime Services | 162 | 39 | 43 | (79) | |
New Energy | 149 | 303 | 84 | 237 | |
Strategic Holdings and Investments | 88 | 358 | 131 | 26 | (289) |
Eliminations | (150) | (192) | (8) | (49) | |
Total WWH Group | 249 | 358 | 281 | 146 | (180) |
Group liquidity and debt
320 308 4 % 315 2 % 628 611 3 %
320 308 4 % 316 1 % 628 613 2 %
(2) (2)
62 50 23 % 48 30 % 113 94 20 %
41 32 28 % 28 45 % 73 60 21 %
112 84 33 % 208 (46) % 197 329 (40) %
7 4 29 11 26
4 1 7 6 (1)
3 2 23 5 27
160 120 33 % 265 (40)% 280 415 (32)%
(13) (7) (8) (19) (20)
147 113 30 % 257 (43)% 260 394 (34)%
146 113 29 % 250 (42) % 258 382 (32) %
3.49 2.68 30 % 5.96 (41) % 6.18 9.07 (32) %
(33) (15) 137 (48) 215
114 99 16 % 394 (71) % 213 609 (65) %
113 98 15 % 377 (70) % 210 587 (64) %
4 731 4 497 5 % 4 294 10 %
3 535 3 373 5 % 3 051 16 %
3 548 3 386 5 % 3 189 11 %
75% 75% 74%
ASA group (referred to as Wilhelmsen or group) was USD 320 million in the second quarter of 2026, up 2% from the corresponding period last year and up 4% from the previous quarter. The increase from last quarter was due to higher income in both New Energy and Maritime Services.
EBITDA amounted to USD 62 million, up 30% year-over-year and up 23% from the previous quarter.
EBITDA was up both year-over-year and quarter-on-quarter for Maritime Services and New Energy.
Share of profit from joint ventures and associates was USD 112 million, representing a decrease of 46% from the same period last year, which included gains from Wallenius Wilhelmsen's sale of MIRRAT. The increase quarter-on-quarter of 33% was mainly due to profit from the Edda Wind fleet sale.
Net profit to equity holders of the company was USD 146 million, corresponding to earnings per share (EPS) of USD 3.49.
Other comprehensive income was negative USD 33 million, driven by currency translation differences. Total comprehensive income, including net profit and other comprehensive income attributable to equity holders of the company amounted to USD 113 million.
Group balance sheetTotal assets increased by USD 234 million in the second quarter, while shareholders' equity increased by USD 162 million to USD 3 535 million. As of 30 June, the group equity ratio remained strong at 75%.
million at the end of the second quarter, a decrease of USD 36 million from the previous quarter.
Operating cash flow for the period was USD 51 million. Cash flow from investing activities was an inflow of USD 61 million, including dividends received from associates, partly offset by investments in tangible assets and increase in financial investments. Cash flow from financing activities was negative with USD 148 million, primarily related to dividend to shareholders and share buybacks.
Total interest-bearing debt, including lease liabilities, was USD 427 million by the end of the second quarter, down USD 3 million from the previous quarter. In April, NorSea amended and extended its NOK 2.8 billion credit facility, securing a tenor of up to four years, with two additional one-year extension options, subject to lender approval.
Share buybackIn May, Wilhelmsen completed buyback of 470 917 own shares, split into 445 201 A-shares and 25 716 B-shares. Wilhelmsen owned 865 067 shares by the end of the second quarter, equal to 2.04% of all shares.
Group result for the half yearTotal income and EBITDA were up in the first half of the year, supported by positive development for all main operating businesses. Contribution from associates and joint ventures, and financial assets resulted in a profit for the period of USD 260 million. Total comprehensive income to equity holders of the company was USD 210 million in the first half of 2026.
Maritime ServicesUSD mill | Q2 2026 | Q1 2026 | Q-on-Q change | Q2 2025 | Y-o-Y change | YTD 2026 | YTD 2025 | Y-o-Y change |
Total income | 228 | 223 | 2 % | 214 | 7 % | 451 | 427 6 % | |
of which Ships Service | 141 | 134 | 5 % | 133 | 5 % | 275 | 265 | 4 % |
of which Port Services | 48 | 44 | 10 % | 41 | 16 % | 92 | 81 | 13 % |
of which Ship Management | 39 | 39 | (2)% | 40 | (4)% | 78 | 78 | - % |
of which other activities/eliminations | 1 | 6 | (80)% | (1) | 7 | 3 | ||
EBITDA | 39 | 32 | 23 % | 28 | 37 % | 71 | 61 | 17 % |
EBITDA margin (%) | 17% | 14% | 13% | 16% | 14% | |||
Operating profit/EBIT | 30 | 25 | 21 % | 20 | 49 % | 54 | 45 | 21 % |
EBIT margin (%) | 13% | 11% | 9% | 12% | 10% | |||
Share of profit/(loss) from associates | 1 | 2 | 1 | 27 % | ||||
Financial items | (5) | 1 | 19 | (4) | 37 | |||
Tax income/(expense) | (6) | (6) | (8) | (12) | (18) | |||
Profit/(loss) | 21 | 20 | 31 | (34)% | 41 | 66 | (38)% | |
Profit margin (%) | 9% | 9% | 15% | 9% | 15% | |||
Profit/(loss) to non-controlling interests | 1 | 1 | 1 | 1 | 1 | |||
Profit/(loss) to equity holders of the company | 19 | 20 | 30 | (36) % | 39 | 64 | (39) % | |
This includes Ships Service, Port Services, Ship Management, and other business units and activities reported under the Maritime Services segment.
Maritime ServicesTotal income for Maritime Services was USD 228 million in the second quarter, up 7% from the corresponding period last year and up 2% from the previous quarter. Revenue increased across both Ship Services and Port Services compared with the corresponding periods, while Ship Management reported a slight decline both year-over-year and quarter-on-quarter.
EBITDA ended at USD 39 million, up 37% year-over-year and up 23% from previous quarter. The increase reflects both higher revenue and effects of the ongoing performance improvement measures.
Financial items amounted to an expense of USD 5 million, mainly related to unrealised loss from the hedging program. Tax expenses for the quarter were USD 6 million, including changes in deferred tax.
The quarter ended with a net profit to equity holders of the company of USD 19 million.
Ships ServiceWilhelmsen Ships Service offers a portfolio of maritime solutions to the merchant fleet.
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 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 water treatment.
Port ServicesWilhelmsen Port Services provides full agency, husbandry, and protective agency services to the merchant fleet.
Total income for Port Services was USD 48 million, up 16% from the corresponding period last year and up 10% from the previous quarter. The year-over-year and quarter-on-quarter increase was mainly due to strong activity in husbandry and maritime logistics. 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.
Ship ManagementWilhelmsen Ship Management provides full technical management, crewing, and related services for all major vessel types.
Total income for Ship Management was USD 39 million in the second quarter, down 4% from same period last year and down 2% from the previous quarter. Underlying performance remained stable, with a stable fleet under management.
Other activitiesThis includes Wilhelmsen Chemicals, Wilhelmsen Insurance Services, Global Business Services, and certain other activities reported under the Maritime Services segment.
Total income from other activities increased year-over-year, but decreased from previous quarter due to seasonal reduction in sale of non-marine products. A large part of the income is generated from intercompany services and product sales to other Maritime Services entities, which are eliminated in the segment accounts.
New EnergyThis includes NorSea and other business units and activities reported under the New Energy segment.
USD mill | Q2 2026 | Q1 2026 | Q-on-Q change | Q2 2025 | Y-o-Y change | YTD 2026 | YTD 2025 | Y-o-Y change |
Total income | 91 | 84 | 8 % | 99 | (8)% | 175 | 182 | (4)% |
of which NorSea (Energy Infrastructure) | 90 | 83 | 9 % | 99 | (9)% | 173 | 180 | (4)% |
of which other activities/eliminations | 1 | 1 | 1 | 2 | 2 | |||
EBITDA | 25 | 21 | 22 % | 21 | 22 % | 46 | 36 | 28 % |
EBITDA margin (%) | 28% | 25% | 21% | 26% | 20% | |||
Operating profit/EBIT | 14 | 10 | 38 % | 11 | 34 % | 25 | 20 | 24 % |
EBIT margin (%) | 16% | 12% | 11% | 14% | 11% | |||
Share of profit/(loss) from associates | 37 | (2) | 10 | 257 % | 34 | 14 | 146 % | |
Financial items | (2) | (4) | (7) | (6) | (18) | |||
Tax income/(expense) | (1) | (1) | ||||||
Profit/(loss) | 48 | 4 | >500% | 15 | 231 % | 52 | 16 | 228 % |
Profit margin (%) | 53% | 5% | 15% | 30% | 9% | |||
Profit/(loss) to non-controlling interests | 1 | |||||||
Profit/(loss) to equity holders of the company | 48 | 4 | >500% | 14 | 231 % | 51 | 16 | 227 % |
NorSea provides supply bases and integrated logistics solutions to the offshore industry.
Wilhelmsen owns 99.7% of NorSea.
Total income for NorSea was USD 90 million in the second quarter. This was down 9% year-over-year, from a strong Q2 in 2025 with high project activity, but up 9% from the seasonally weaker first quarter.
Share of profit from joint ventures and associates in NorSea was USD 7 million in the second quarter, supported by a strong contribution from Coast Center Base as a result of high project activity in the period.
Other activities New EnergyTotal income for New Energy amounted to USD 91 million in the second quarter, down 8% from the corresponding period last year but up 8% from the previous quarter. The quarter-on-quarter increase is mainly explained by higher activity levels in NorSea.
EBITDA was USD 25 million, up 22% year-over-year and up 22% from the previous quarter. The development reflects continued strong activity levels in NorSea and the impact of implemented efficiency measures.
Share of profit from joint ventures and associates was USD 37 million in the second quarter, mainly reflecting Edda Wind's completion of the previously announced fleet sale, resulting in a gain in the second quarter.
Net financial items amounted to an expense of USD 2 million, down from the previous quarter.
Profit to equity holders was USD 48 million in the second quarter.
This includes Edda Wind AS (owned 37.8 %), Reach Subsea ASA (owned 29.6%), Raa Labs AS (owned 74.6%), Massterly AS (owned 50%), and certain other business units and activities reported under the New Energy segment.
Total income for other activities was USD 1 million for the quarter.
Edda Wind completed the sale of its fleet of SOV/ CSOVs in the quarter.
Share of profit from other activities was USD 29 million for the quarter, mainly driven by the gain from the Edda Wind fleet sale.
Strategic Holdings and InvestmentsTotal income
of which operating revenue
of which other gain/(loss)
4
4
4
4
4
4
8
8
8
8
of which other financial income/(expense)
7
9
7
(3)
Y-o-Y
change
hange
Y-o-Y YTD 2026 YTD 2025
c
Q2 2025
Q-on-Q change
Q2 2026 Q1 2026
USD mill
This includes the strategic holdings in Wallenius Wilhelmsen ASA and Hyundai Glovis Co., Ltd, and other financial and non-financial investments, business units and activities reported under the Strategic Holdings and Investments segment.
of which Wallenius Wilhelmsen ASA | 48 | 61 | (22)% | 157 | (69)% | 109 | 243 | (55)% |
of which Hyundai Glovis | 27 | 25 | 6 % | 40 | (34)% | 52 | 71 | (27)% |
of which other/eliminations | ||||||||
Change in fair value financial assets | 4 | 1 | 6 | 6 | 5 | |||
Other financial income/(expenses) | 17 | 5 | 18 | 23 | 10 | |||
of which investment management of which financial income from group | 9 1 | 4 2 | 6 4 | 13 2 | 6 6 |
Tax income/(expense) | (8) | (1) | (2) | (9) | (4) | |||
Profit/(loss) | 85 | 89 | (5)% | 217 | (61)% | 174 | 318 | (45)% |
Profit/(loss) to non-controlling interests | 6 | 11 | ||||||
Profit/(loss) to equity holders of the company | 85 | 89 | (5) % | 211 | (60) % | 174 | 307 | (44) % |
Strategic Holdings and Investments reported a USD 85 million profit in the second quarter. This represents a year-over-year and quarter-on-quarter decline. The reduction from corresponding period last year was mainly due to reduced share of profit from Wallenius Wilhelmsen ASA and Hyundai Glovis Co., Ltd, while the reduction from previous quarter was due to reduced share of profit from Wallenius Wilhelmsen, partly offset by higher share of profits from Hyundai Glovis Co., Ltd, change in fair value financial assets and other financial income.
Wallenius WilhelmsenWallenius 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 in Wilhelmsen's accounts.
Share of profit from Wallenius Wilhelmsen was USD 48 million for the quarter. This is down from USD 157 million in the corresponding period last year, which included gains from sale of MIRRAT, 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.
EBITDA | (2) | (2) | (1) | (3) | (2) | Hyundai Glovis | |||
Operating profit/EBIT | (3) | (3) | (2) | (6) | (5) | Wilhelmsen holds a 11.0% ownership interest in | |||
Share of profit/(loss) from associates | 74 | 86 | (14)% | 197 | (62)% | 160 | 313 | (49)% | Hyundai Glovis Co., Ltd., which is reported as an |
associate in Wilhelmsen's accounts.
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 quarter.
Financial investmentsFinancial investments include cash and cash equivalents, current financial investments, and other financial assets held by the parent and fully owned subsidiaries.
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 change in fair value of non-current financial assets in Strategic Holdings and Investments resulted in a gain of USD 4 million for the quarter.
The fair value at the end of the second quarter was USD 119 million. 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. The transaction is expected to be implemented in August.
Other activitiesThis includes Wilservice AS, holding company activities, and certain other business units and activities reported under the Strategic Holdings and Investments segment.
Income for other activities remained limited during the quarter.
Risk updateThe Wilhelmsen group consists of a diversified portfolio of operating companies and strategic holdings and investments. Most activities are within or related to the maritime industry, where Wilhelmsen has extensive competence and a long experience in managing risks.
An overview of main risks and mitigating actions was outlined in the 2025 Annual report. Since the publication of the Annual report, geopolitical risks have remained elevated. Mitigations include a balanced and liquid portfolio and a strong balance sheet.
OutlookWilhelmsen is an industrial holding company within the maritime industry. The group's main activities are within maritime services, offshore energy services, and RoRo shipping and vehicle logistics. These activities are carried out through fully and partly owned entities, most of which are among the market leaders within their segments. Founded in Norway in 1861, Wilhelmsen maintains a vision of shaping the maritime industry.
Outlook for Maritime ServicesMaritime Services delivers value creating solutions to the global merchant fleet, focusing on Ships Service, Port Services, and Ship Management.
Short term, a volatile global trade environment is expected to have an impact on global shipping. The indirect impact on Maritime Services' operation from fluctuating shipping markets has historically been relatively limited. The segment is sensitive to currency movements and the effects of this may increase in periods with volatility. The impact to Maritime Services following the escalation in the Middle East remains uncertain. Given the scope of the group's activities in the area, the conflict will have an impact on the performance, but the overall consequences will depend on the duration and scale of the conflict, as well as the marine traffic and activity levels in the affected areas. Underlying demand for Maritime Services is expected to remain stable in 2026, but the uncertainty, especially related to the developments in the Middle East, will require continued close monitoring.
Looking further ahead, we believe that the Maritime Services market will continue to grow, supported by a growing world economy. With global networks, strong brands built over many years, and a long history of innovation and market adaptation, Wilhelmsen is in a good position to service this market.
Outlook for New EnergyThe New Energy segment focuses on developing and strengthening industrial positions within the maritime energy value chain and the energy transition. With segment companies representing energy infrastructure, offshore wind, and technology and decarbonisation, Wilhelmsen is driving value creation by bringing together their unique competencies.
Geopolitical risks continue to impact the European energy market, supporting continued solid activity for New Energy operations in 2026. Longer term, the economic uncertainty and changing energy market dynamics may impact activity levels in the segments and areas serviced by the group companies.
Ongoing climate measures and focus on energy mix, energy security and energy addition, continue to support a gradual transition from offshore oil and gas to renewable energy and the decarbonisation of the global fleet. With a broad range of operations, infrastructure, and initiatives across offshore and other maritime activities, Wilhelmsen is well positioned to capitalise on these shifts in energy and technology.
Outlook for Strategic Holdings and InvestmentsWilhelmsen holds large strategic shareholdings in Wallenius Wilhelmsen ASA and in Hyundai Glovis Co., Ltd. These shareholdings enable the group to continue providing and developing world leading logistics services to the global automotive and RoRo industries.
The Strategic Holdings and Investments segment continues to deliver solid underlying performance and the contribution is expected to remain robust in 2026. However, the duration and impact of the ongoing Middle East conflict remain uncertain. In addition, trade-related measures, including tariffs and the temporarily suspended port fees, global trade imbalances and continued car carrier fleet growth create a more challenging environment for the segment companies. This may affect future contributions.
Long term, Wallenius Wilhelmsen ASA and Hyundai Glovis have the size, global reach, human and physical assets, financial capacity and customer base to succeed in a continuously changing world.
Outlook for the Wilhelmsen groupWilhelmsen 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 its business portfolio, and to deliver yearly dividends in line with the dividend policy.
Lysaker, 12 August 2026
The board of directors of Wilh. Wilhelmsen Holding ASA
Forward-looking statements presented in this report are based on various assumptions. These assumptions were reasonable when made, but as assumptions are inherently subject to uncertainties and contingencies which are difficult or impossible to predict, Wilhelmsen cannot give assurances that expectations regarding the outlook will be achieved or accomplished.
Consolidated income statementUSD mill | Note | Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | Full year 2025 |
Operating revenue | 320 | 316 | 628 | 613 | 1 234 | |
Other gain/(loss) | 5 | (2) | (2) | (3) | ||
Total income | 320 | 315 | 628 | 611 | 1 231 | |
Operating expenses Cost of goods and change in inventory | (97) | (113) | (195) | (217) | (421) | |
Employee benefits | (117) | (112) | (234) | (222) | (456) | |
Other expenses | (44) | (41) | (86) | (79) | (174) | |
Operating profit before depreciation and amortisation (EBITDA) | 62 | 48 | 113 | 94 | 180 | |
Depreciation, amortisation and impairment | 7/8 | (21) | (20) | (40) | (34) | (75) |
Operating profit (EBIT) | 41 | 28 | 73 | 60 | 106 | |
Share of profit from joint ventures and associates | 4 | 112 | 208 | 197 | 329 | 571 |
Financial items Change in fair value financial assets | 10 | 4 | 7 | 6 | (1) | 8 |
Other financial income/(expenses) | 11 | 3 | 23 | 5 | 27 | 34 |
Net financial items | 7 | 29 | 11 | 26 | 43 | |
Profit before tax | 160 | 265 | 280 | 415 | 719 | |
Tax income/(expense) | 6 | (13) | (8) | (19) | (20) | (48) |
Profit for the period | 147 | 257 | 260 | 394 | 671 | |
Attributable to: Equity holders of the company | 146 | 250 | 258 | 382 | 652 | |
Non-controlling interests | 2 | 7 | 2 | 12 | 18 | |
Basic earnings per share (USD) | 9 | 3.49 | 5.96 | 6.18 | 9.07 | 15.52 |
USD mill | Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | Full year 2025 |
Profit for the period | 147 | 257 | 260 | 394 | 671 |
Items that may be reclassified to the income statement Cash flow hedges (net after tax) | (1) | 1 | (1) | (1) | |
Comprehensive income from joint ventures and associates | (1) | (17) | (2) | (16) | 4 |
Currency translation differences | (32) | 155 | (46) | 232 | 165 |
Items that will not be reclassified to the income statement Remeasurement pension liabilities, net of tax | 1 | ||||
Other comprehensive income, net of tax | (33) | 137 | (48) | 215 | 169 |
Total comprehensive income for the period | 114 | 394 | 213 | 609 | 840 |
Total comprehensive income attributable to: Equity holders of the company | 113 | 377 | 210 | 587 | 820 |
Non-controlling interests | 1 | 17 | 2 | 23 | 19 |
Total comprehensive income for the period | 114 | 394 | 213 | 609 | 840 |
USD mill | Note | 30.06.2026 | 30.06.2025 | 31.12.2025 | USD mill | Note | 30.06.2026 | 30.06.2025 | 31.12.2025 | |
ASSETS Deferred tax assets | 6 | 27 | 43 | 39 | EQUITY AND LIABILITIES Paid-in capital | 9 | 115 | 118 | 115 | |
Goodwill | 7 | 100 | 99 | 95 | Own shares | 9 | (2) | (5) | (1) | |
Other intangible assets | 7 | 41 | 30 | 34 | Retained earnings | 9/12 | 3 422 | 2 939 | 3 147 | |
Properties and other tangible assets | 7 | 692 | 635 | 662 | Attributable to equity holders of the parent | 3 535 | 3 051 | 3 262 | ||
Right-of-use assets | 8 | 140 | 135 | 139 | Non-controlling interests | 13 | 138 | 14 | ||
Investments in joint ventures and associates | 4 | 2 266 | 2 233 | 2 274 | Total equity | 3 548 | 3 189 | 3 275 | ||
Non-current financial investments | 10 | 139 | 121 | 129 | ||||||
Other non-current assets | 29 | 22 | 28 | Pension liabilities | 22 | 23 | 22 | |||
Non-current assets | 3 435 | 3 318 | 3 400 | Deferred tax liabilities | 6 | 8 | 11 | 10 | ||
Non-current interest-bearing debt | 13 | 234 | 279 | 253 | ||||||
Inventories | 133 | 128 | 129 | Non-current lease liabilities | 8/13 | 116 | 116 | 114 | ||
Current financial investments | 14 | 358 | 221 | 257 | Other non-current liabilities | 8 | 8 | 8 | ||
Other current assets | 556 | 419 | 411 | Non-current liabilities | 388 | 437 | 408 | |||
Cash and cash equivalents | 249 | 209 | 214 | |||||||
Current assets | 1 296 | 976 | 1 011 | Current income tax | 12 | 6 | 18 | |||
Total assets | 4 731 | 4 294 | 4 411 | Public duties payable | 10 | 16 | 16 | |||
Current interest-bearing debt | 13 | 46 | 30 | 27 | ||||||
Current lease liabilities | 8/13 | 30 | 29 | 32 | ||||||
Other current liabilities | 696 | 587 | 635 | |||||||
Current liabilities | 795 | 668 | 728 | |||||||
Total equity and liabilities | 4 731 | 4 294 | 4 411 |
USD mill | Note | Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | Full year 2025 | USD mill Note | Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | Full year 2025 | |
Cash flow from operating activities Profit before tax | 160 | 265 | 280 | 415 | 719 | Cash flow from financing activities Net proceeds from issue of debt after debt expenses | 1 | 22 | 6 | 46 | 68 | ||
Share of (profit)/loss from joint ventures and associates | 4 | (112) | (208) | (197) | (329) | (571) | Repayment of debt | (6) | (64) | (25) | (66) | (122) | |
Changes in fair value financial assets | 10 | (4) | (7) | (6) | 1 | (8) | Repayment of lease liabilities | (12) | (10) | (22) | (19) | (39) | |
Financial (income)/expenses | 11 | (3) | (23) | (5) | (27) | (34) | Interest paid including interest derivatives | (4) | (5) | (8) | (10) | (19) | |
Depreciation, amortisation and impairment | 7/8 | 21 | 20 | 40 | 34 | 75 | Cash from/ (to) financial derivatives | 5 | 9 | 12 | 8 | ||
Other (gain)/loss | 5 | 2 | 2 | 3 | Purchase of non-controlling interest | (2) | (127) | ||||||
Change in inventories | (6) | (1) | (5) | 1 | (1) | (Investment)/disposal own shares | (36) | (14) | (36) | (36) | (34) | ||
Change in other assets and liabilities | 5 | 1 | (46) | (6) | 60 | Dividend to shareholders | (92) | (52) | (92) | (52) | (83) | ||
Tax paid (company income tax, withholding tax) | (11) | (8) | (16) | (14) | (26) | Net cash flow from financing activities | (148) | (118) | (172) | (126) | (348) | ||
Net cash flow from operating activities | 51 | 41 | 46 | 77 | 217 | ||||||||
Net change in cash and cash equivalents | (36) | 22 | 28 | 25 | 35 | ||||||||
Cash flow from investing activities | Cash and cash equivalents at the beginning of the period | 280 | 169 | 214 | 155 | 155 | |||||||
Dividend received from joint ventures and associates | 174 | 229 | 338 | 232 | 411 | Effect of exchange rate changes on cash | 5 | 17 | 7 | 28 | 24 | ||
Proceeds from sale of fixed assets | 7 | 1 | 1 | Cash and cash equivalents at the end of the period | 249 | 209 | 249 | 209 | 214 | ||||
Investments in tangible and intangible assets | 7 | (34) | (15) | (54) | (24) | (75) | |||||||
Investments in subsidiaries, joint ventures and associates | (30) | (1) | (46) | (53) | |||||||||
Loan repayments from joint ventures, associates and others | 1 | ||||||||||||
Loan granted to joint ventures and associates | (1) | (11) | |||||||||||
Dividend received / proceeds from sale of financial investments | 8 | 14 | 11 | 23 | 148 | ||||||||
Purchase of current financial investments | (88) | (101) | (145) | (113) | (264) | ||||||||
Interest received | 2 | 1 | 4 | 3 | 7 | ||||||||
Net cash flow from investing activities | 61 | 99 | 154 | 73 | 166 | ||||||||
USD mill | Share capital | Own shares | Retained earnings | Total | Non-controlling interests | Total equity |
Balance at 31.12.2025 | 115 | (1) | 3 147 | 3 262 | 14 | 3 275 |
Profit for the period | 258 | 258 | 2 | 260 | ||
Other comprehensive income | (48) | (48) | (48) | |||
Change in put option in associate | 194 | 194 | 194 | |||
Reclass and change in ownership NCI | (2) | (2) | (1) | (3) | ||
(Purchase)/sale of own shares | (1) | (35) | (36) | (36) | ||
Paid dividend to shareholders | (92) | (92) | (2) | (94) | ||
Balance at 30.06.2026 | 115 | (2) | 3 422 | 3 535 | 13 | 3 548 |
Balance at 31.12.2024 | 118 | (3) | 2 465 | 2 580 | 115 | 2 695 |
Profit for the period | 382 | 382 | 12 | 394 | ||
Other comprehensive income | 205 | 205 | 10 | 215 | ||
Change in put option in associate | (26) | (26) | (26) | |||
Reclass and change in ownership NCI | (2) | (2) | 2 | (1) | ||
(Purchase)/sale of own shares | (2) | (35) | (36) | (36) | ||
Paid dividend to shareholders | (50) | (50) | (2) | (52) | ||
Balance at 30.06.2025 | 118 | (5) | 2 939 | 3 051 | 138 | 3 189 |
Balance at 31.12.2024 | 118 | (3) | 2 465 | 2 580 | 115 | 2 695 |
Profit for the period | 652 | 652 | 18 | 671 | ||
Other comprehensive income | 168 | 168 | 1 | 169 | ||
Change in put option in associate | (23) | (23) | (23) | |||
Reclass and change in ownership NCI | (2) | (2) | (118) | (120) | ||
(Purchase)/sale of own shares | (2) | (34) | (36) | (36) | ||
Cancellation of own shares | (2) | 4 | 2 | 2 | ||
Paid dividend to shareholders | (79) | (79) | (3) | (82) | ||
Balance at 31.12.2025 | 115 | (1) | 3 147 | 3 262 | 14 | 3 275 |
General information
This consolidated interim financial report has been prepared in accordance with International Accounting Standards (IAS 34), "interim financial reporting". The consolidated interim financial reporting should be read in conjunction with the annual financial statements for the year end 31 December 2025 for Wilh.Wilhelmsen Holding ASA group, which has been prepared in accordance with IFRS® endorsed by the EU.
Basic policies
The accounting policies implemented are consistent with those of the annual financial statements for Wilh. Wilhelmsen Holding ASA group for the year end 31 December 2025.
Roundings
As a result of rounding adjustments, the figures in one or more columns or rows may not add up to the total of that column or row.
Note 2 Significant acquisitions and disposals 2026Q1
No material acquisitions or disposals.
Q2
In the New Energy Segment, Edda Wind completed the sale of its fleet of SOV/CSOVs (including newbuildings). The transaction generated a net positive accounting effect of USD 25 million in the quarter.
2025Q1
No material acquisitions or disposals.
Q2
No material acquisitions or disposals.
Q3
No material acquisitions or disposals.
Q4
Increased shareholding in Treasure ASA from 84.2% to 100%.
Operating revenue | Q2 2026 228 | Q2 2025 216 | Q2 2026 91 | Q2 2025 99 | Q2 2026 4 | Q2 2025 4 | Q2 2026 (3) | Q2 2025 (3) | Q2 2026 320 | Q2 2025 316 |
Other gain/(loss) | (2) | (2) | ||||||||
Total income | 228 | 214 | 91 | 99 | 4 | 4 | (3) | (3) | 320 | 315 |
Operating expenses Cost of goods and change in inventory | (83) | (82) | (14) | (31) | (97) | (113) | ||||
Employee benefits | (76) | (74) | (38) | (36) | (3) | (3) | (117) | (112) | ||
Other expenses | (30) | (29) | (14) | (12) | (2) | (2) | 2 | 2 | (44) | (41) |
Operating profit before depreciation and amortisation (EBITDA) | 39 | 28 | 25 | 21 | (2) | (1) | 62 | 48 | ||
Depreciation, amortisation and impairment | (9) | (8) | (11) | (10) | (1) | (1) | (21) | (20) | ||
Operating profit (EBIT) | 30 | 20 | 14 | 11 | (3) | (2) | 41 | 28 | ||
Share of profit/(loss) from joint ventures and associates | 1 | 37 | 10 | 74 | 197 | 112 | 208 | |||
Financial items Change in fair value financial assets | 1 | 4 | 6 | 4 | 7 | |||||
Other financial income/(expenses) | (5) | 18 | (2) | (7) | 17 | 18 | (8) | (7) | 3 | 23 |
Net financial items | (5) | 19 | (2) | (7) | 22 | 24 | (8) | (7) | 7 | 29 |
Profit before tax | 26 | 39 | 49 | 14 | 93 | 219 | (8) | (7) | 160 | 265 |
Tax income/(expense) | (6) | (8) | (1) | (8) | (2) | 2 | 2 | (13) | (8) | |
Profit for the period | 21 | 31 | 48 | 15 | 85 | 217 | (6) | (6) | 147 | 257 |
Attributable to: Equity holders of the company | 19 | 30 | 48 | 14 | 85 | 211 | (6) | (6) | 146 | 250 |
Non-controlling interests | 1 | 1 | 6 | 2 | 7 |
USD mill
Maritime Services
New Energy
Strategic Holdings and Investments
Eliminations
Total WWH Group
USD mill Maritime Services New Energy Strategic Holdings and Investments Eliminations Total WWH Group
YTD 2026 | YTD 2025 | Full year Y | TD 2026 | YTD 2025 | Full year Y | TD 2026 | YTD 2025 | Full year YT | D 2026 | YTD 2025 | Full year Y | TD 2026 | YTD 2025 | Full year 2025 | |
Operating revenue | 451 | 430 | 873 | 175 | 181 | 358 | 8 | 8 | 15 | (6) | (6) | (12) | 628 | 613 | 1234 |
Other gain/(loss) | (3) | (3) | (2) | (3) | |||||||||||
Total income | 451 | 427 | 869 | 175 | 182 | 358 | 8 | 8 | 15 | (6) | (6) | (12) | 628 | 611 | 1231 |
Operating expenses Cost of goods and change in inventory | (169) | (162) | (329) | (26) | (54) | (92) | (1) | (1) | (2) | (195) | (217) | (421) | |||
Employee benefits | (153) | (150) | (305) | (74) | (67) | (137) | (7) | (5) | (14) | (234) | (222) | (456) | |||
Other expenses | (59) | (55) | (123) | (28) | (24) | (51) | (4) | (4) | (9) | 5 | 5 | 9 | (86) | (79) | (174) |
Operating profit before depreciation and amortisation (EBITDA) | 71 | 61 | 112 | 46 | 36 | 79 | (3) | (2) | (10) | (1) | (1) | (2) | 113 | 94 | 180 |
Depreciation, amortisation and impairment | (17) | (16) | (36) | (21) | (16) | (35) | (3) | (3) | (5) | 1 | 1 | 1 | (40) | (34) | (75) |
Operating profit (EBIT) | 54 | 45 | 77 | 25 | 20 | 44 | (6) | (5) | (15) | 73 | 60 | 106 | |||
Share of profit/(loss) from joint ventures and associates | 2 | 1 | 2 | 34 | 14 | 27 | 160 | 313 | 541 | 197 | 329 | 571 | |||
Financial items Change in fair value financial assets | 2 | 1 | (7) | (7) | 6 | 5 | 14 | 6 | (1) | 8 | |||||
Other financial income/(expenses) | (4) | 36 | 25 | (6) | (12) | (16) | 23 | 10 | 33 | (8) | (7) | (7) | 5 | 27 | 34 |
Net financial items | (4) | 37 | 26 | (6) | (18) | (23) | 28 | 14 | 47 | (8) | (7) | (7) | 11 | 26 | 43 |
Profit before tax | 52 | 84 | 105 | 53 | 15 | 48 | 183 | 323 | 573 | (8) | (7) | (7) | 280 | 415 | 719 |
Tax income/(expense) | (12) | (18) | (37) | (1) | (4) | (9) | (4) | (9) | 2 | 2 | 2 | (19) | (20) | (48) | |
Profit for the period | 41 | 66 | 68 | 52 | 16 | 44 | 174 | 318 | 564 | (6) | (6) | (6) | 260 | 394 | 671 |
Attributable to: Equity holders of the company | 39 | 64 | 66 | 51 | 16 | 44 | 174 | 307 | 548 | (6) | (6) | (6) | 258 | 382 | 652 |
Non-controlling interests | 1 | 1 | 2 | 1 | 1 | 11 | 16 | 2 | 12 | 18 |
2025
2025
2025
2025
ASSETS | 30.06.2026 | 30.06.2025 | 30.06.2026 | 30.06.2025 | 30.06.2026 | 30.06.2025 | 30.06.2026 | 30.06.2025 | 30.06.2026 | 30.06.2025 |
Deferred tax assets | 22 | 32 | 1 | 3 | 5 | 7 | 27 | 43 | ||
Goodwill | 100 | 99 | 1 | 100 | 99 | |||||
Other intangible assets | 36 | 26 | 4 | 3 | 1 | 1 | 41 | 30 | ||
Properties and other tangible assets | 171 | 173 | 517 | 458 | 4 | 4 | 692 | 635 | ||
Right-of-use assets | 41 | 37 | 81 | 76 | 24 | 30 | (7) | (8) | 140 | 135 |
Investments in joint ventures and associates | 34 | 34 | 217 | 311 | 2 015 | 1 888 | 2 266 | 2 233 | ||
Non-current financial investments | 17 | 17 | 2 | 6 | 119 | 97 | 139 | 121 | ||
Other non-current assets | 6 | 7 | 25 | 17 | (3) | (2) | 29 | 22 | ||
Non-current assets | 428 | 426 | 848 | 875 | 2 168 | 2 027 | (9) | (10) | 3 435 | 3 318 |
Inventories | 133 | 128 | 133 | 128 | ||||||
Current financial investments | 358 | 221 | 358 | 221 | ||||||
Other current assets | 405 | 322 | 88 | 91 | 104 | 133 | (41) | (127) | 556 | 419 |
Cash and cash equivalents | 162 | 160 | 149 | 10 | 88 | 141 | (150) | (102) | 249 | 209 |
Current assets | 700 | 610 | 237 | 100 | 550 | 494 | (192) | (229) | 1 296 | 976 |
Total assets | 1 128 | 1 036 | 1 086 | 975 | 2 718 | 2 521 | (201) | (239) | 4 731 | 4 294 |
EQUITY AND LIABILITIES Shareholders' equity | 394 | 267 | 610 | 437 | 2 530 | 2 347 | 1 | 1 | 3 535 | 3 051 |
Non-controlling interests | 5 | 5 | 8 | 8 | 124 | 13 | 138 | |||
Total equity | 399 | 272 | 619 | 445 | 2 530 | 2 471 | 1 | 1 | 3 548 | 3 189 |
Pension liabilities | 15 | 15 | 2 | 1 | 6 | 7 | 22 | 23 | ||
Deferred tax liabilities | 9 | 11 | (2) | 8 | 11 | |||||
Non-current interest-bearing debt | 54 | 240 | 230 | (3) | (3) | (3) | (2) | 234 | 279 | |
Non-current lease liabilities | 32 | 28 | 68 | 68 | 22 | 27 | (6) | (7) | 116 | 116 |
Other non-current liabilities | 6 | 5 | 2 | 3 | 8 | 8 | ||||
Non-current liabilities | 62 | 113 | 311 | 303 | 25 | 30 | (9) | (10) | 388 | 437 |
Current income tax | 4 | 2 | 8 | 3 | 12 | 6 | ||||
Public duties payable | 8 | 9 | 2 | 7 | 10 | 16 | ||||
Current interest-bearing debt | 39 | 118 | 62 | 130 | 134 | 2 | (190) | (220) | 46 | 30 |
Current lease liabilities | 12 | 11 | 16 | 15 | 5 | 5 | (1) | (1) | 30 | 29 |
Other current liabilities | 605 | 510 | 76 | 75 | 17 | 10 | (2) | (9) | 696 | 587 |
Current liabilities | 667 | 651 | 157 | 227 | 164 | 20 | (193) | (230) | 795 | 668 |
Total equity and liabilities | 1 128 | 1 036 | 1 086 | 975 | 2 718 | 2 521 | (201) | (239) | 4 731 | 4 294 |
USD mill
Maritime Services
New Energy
Strategic Holdings and Investments
Eliminations
Total WWH Group
USD mill Maritime Services New Energy Strategic Holdings and Investments | ||||||
Cash flow from operating activities Profit before tax | Q2 2026 26 | Q2 2025 39 | Q2 2026 49 | Q2 2025 14 | Q2 2026 93 | Q2 2025 219 |
Share of (profit)/loss from joint ventures and associates | (1) | (37) | (10) | (74) | (197) | |
Changes in fair value financial assets | (1) | (4) | (6) | |||
Financial (income)/expenses | 5 | (18) | 2 | 7 | (17) | (18) |
Depreciation, amortisation and impairment | 9 | 8 | 11 | 10 | 1 | 1 |
Other (gain)/loss | 2 | |||||
Change in other assets and liabilities | 24 | (16) | 5 | (1) | (18) | 3 |
Net cash flow from operating activities | 63 | 15 | 31 | 20 | (20) | 2 |
Cash flow from investing activities Dividend received from joint ventures and associates | 2 | 2 | 134 | 3 | 32 | 228 |
Net sale/(investments) in tangible and intangible assets | (12) | (6) | (22) | (8) | (1) | |
Net sale/(investments) and repayment/(granted loan) to entities | (5) | (19) | (10) | |||
Net changes in other investments/financial items | 1 | (1) | 1 | (78) | (81) | |
Net cash flow from investing activities | (14) | (5) | 112 | (25) | (46) | 137 |
Cash flow from financing activities Net change of debt incl net change of debt between segments | (3) | (11) | 1 | 89 | 116 | (31) |
Net change in other financial items | (1) | 3 | (4) | (6) | ||
Dividend to shareholders and dividend between segments | (2) | (4) | (18) | (78) | (127) | (66) |
Net cash flow from financing activities | (5) | (13) | (21) | 6 | (12) | (96) |
Net change in cash and cash equivalents | 43 | (3) | 122 | (77) | 42 | |
Cash and cash equivalents at the beg. of the period | 120 | 150 | 32 | 9 | 160 | 90 |
Effect of exchange rate changes on cash | (1) | 12 | (5) | 6 | 9 | |
Cash and cash equivalents at the end of the period | 162 | 160 | 149 | 10 | 88 | 141 |
NOK mill USD mill
Quarterly figures Q2 2026 Total income | NorSea Group | NorSea Group in New Energy | Other New Energy | New Energy | |||
Property 175 | Logistics 442 | Other and eliminations 233 | Total NorSea Group 850 | 90 | 1 | Total 91 | |
Operating expenses | (44) | (328) | (234) | (607) | (64) | (1) | (66) |
EBITDA | 131 | 114 | (1) | 243 | 26 | (1) | 25 |
Depreciation, amortisation and impairment | (59) | (18) | (24) | (101) | (11) (11) | ||
EBIT | 72 | 96 | (25) | 143 | 15 | (1) | 14 |
Share of profit/(loss) from JVs and associates | 1 | 69 | 70 | 7 | 29 | 37 | |
Net financial income/(expenses) | (6) | 4 | (57) | (58) | (6) | 4 | (2) |
Profit/(loss) before tax | 67 | 100 | (13) | 154 | 16 | 32 | 49 |
NOK mill USD mill
NorSea Group | NorSea Group in New Energy | Other New Energy | New Energy | ||||
Quarterly figures Q2 2025 | Property | Logistics | Other and eliminations | Total NorSea Group | 99 | 1 | Total 99 |
Total income | 172 | 539 | 304 | 1 015 | |||
Operating expenses | (60) | (428) | (304) | (792) | (77) | (2) | (79) |
EBITDA | 112 | 111 | 223 | 22 | (1) | 21 | |
Depreciation, amortisation and impairment | (47) | (22) | (21) | (89) | (9) | (1) | (10) |
EBIT | 66 | 89 | (21) | 134 | 13 | (2) | 11 |
Share of profit/(loss) from JVs and associates | 17 | 18 | 2 | 8 | 10 | ||
Net financial income/(expenses) | (3) | 3 | (60) | (60) | (6) | (1) | (7) |
Profit/(loss) before tax | 63 | 92 | (64) | 91 | 9 | 5 | 14 |
NOK mill USD mill
Year-to-date figures Q2 2026 Total income | NorSea Group | NorSea Group in New Energy | Other New Energy | New Energy | |||
Property 351 | Logistics 832 | Other and eliminations 474 | Total NorSea Group 1 657 | 173 | 2 | Total 175 | |
Operating expenses | (94) | (629) | (472) | (1 194) | (125) | (4) | (129) |
EBITDA | |||||||
257 | 203 | 2 | 463 | 48 | (2) | 46 | |
Depreciation, amortisation and impairment | (115) | (36) | (47) | (198) | (21) | (1) | (21) |
EBIT | 143 | 167 | (45) | 264 | 28 | (3) | 25 |
Share of profit/(loss) from JVs and associates | 3 | 90 | 93 | 10 | 25 | 34 | |
Net financial income/(expenses) | (12) | (2) | (94) | (108) | (11) | 5 | (6) |
Profit/(loss) before tax | |||||||
133 | 165 | (49) | 249 | 26 | 27 | 53 | |
NOK mill USD mill
NorSea Group | NorSea Group in New Energy | Other New Energy | New Energy | ||||
Year-to-date figures Q2 2025 | Property | Logistics | Other and eliminations | Total NorSea Group | Total | ||
Total income | 341 | 1 002 | 571 | 1 914 | 180 | 2 | 182 |
Operating expenses | (114) | (816) | (578) | (1 508) | (142) | (4) | (146) |
EBITDA | 227 | 187 | (7) | 406 | 38 | (2) | 36 |
Depreciation, amortisation and impairment | (74) | (40) | (40) | (154) | (15) | (2) | (16) |
EBIT | 152 | 147 | (47) | 252 | 24 | (4) | 20 |
Share of profit/(loss) from JVs and associates | 1 | 35 | 36 | 4 | 10 | 14 | |
Change in fair value financial assets | (7) (7) | ||||||
Net financial income/(expenses) | (6) | 5 | (110) | (111) | (10) | (1) | (12) |
15
(1)
17
177
(122)
152
147
Profit/(loss) before tax
NOK mill USD mill
NorSea Group | NorSea Group in New Energy | Other New Energy | New Energy | ||||
Full year figures 2025 | Property | Logistics | Other and eliminations | Total NorSea Group | Total | ||
Total income | 689 | 1 908 | 1 080 | 3 677 | 355 | 4 | 358 |
Operating expenses | (226) | (1 535) | (1 067) | (2 828) | (273) | (7) | (279) |
EBITDA | 462 | 373 | 13 | 849 | 82 | (3) | 79 |
Depreciation, amortisation and impairment | (179) | (88) | (84) | (351) | (34) | (1) | (35) |
EBIT | 283 | 285 | (71) | 498 | 48 | (4) | 44 |
Share of profit/(loss) from JVs and associates | 4 | 3 | 75 | 81 | 8 | 19 | 27 |
Change in fair value financial assets | (7) (7) | ||||||
Net financial income/(expenses) | 48 | 3 | (221) | (170) | (16) (16) | ||
Profit/(loss) before tax | 335 | 291 | (217) | 409 | 40 | 9 | 48 |
NOK mill
USD mill
New Energy
NorSea Group in New Energy
NorSea Group
30.06.2026 Properties and other tangible assets | NorSea Group | NorSea Group in New Energy | New Energy |
5 194 | 524 | 517 | |
Right-of-use assets | 805 | 81 | 81 |
Investments in joint ventures and associates | 1 168 | 117 | 217 |
Other non-current assets | 295 | 32 | 33 |
Total non-current assets | 7 463 | 754 | 848 |
Current assets excluding cash | 1 069 | 108 | 88 |
Non-current interest-bearing debt | 2 358 | 240 | 240 |
Current interest-bearing debt | 1 066 | 107 | 62 |
Non-current lease liabilities | 679 | 68 | 68 |
Current lease liabilities | 154 | 16 | 16 |
Total interest-bearing debt | 4 257 | 432 | 387 |
Cash and cash equivalents | 105 | 11 | 149 |
Net interest-bearing debt | 4 152 | 421 | 237 |
NOK mill USD mill
31.12.2025Properties and other tangible assets | 4 940 | 490 | 483 |
Right-of-use assets | 851 | 84 | 84 |
Investments in joint ventures and associates | 1 123 | 111 | 326 |
Other non-current assets | 235 | 26 | 31 |
Total non-current assets | 7 148 | 711 | 925 |
Current assets excluding cash | 684 | 68 | 69 |
Non-current interest-bearing debt | 2 443 | 245 | 245 |
Current interest-bearing debt | 816 | 81 | 31 |
Non-current lease liabilities | 698 | 69 | 69 |
Current lease liabilities | 181 | 18 | 18 |
Total interest-bearing debt | 4 138 | 413 | 363 |
Cash and cash equivalents | 109 | 9 | 34 |
Net interest-bearing debt | 4 029 | 403 | 329 |
Properties and other tangible assets | 4 694 | 464 | 458 |
Right-of-use assets | 769 | 76 | 76 |
Investments in joint ventures and associates | 1 011 | 99 | 311 |
Other non-current assets | 261 | 28 | 31 |
Total non-current assets | 6 735 | 668 | 875 |
Current assets excluding cash | 1 045 | 103 | 91 |
Non-current interest-bearing debt | 2 303 | 230 | 230 |
Current interest-bearing debt | 826 | 82 | 130 |
Non-current lease liabilities | 688 | 68 | 68 |
Current lease liabilities | 150 | 15 | 15 |
Total interest-bearing debt | 3 967 | 395 | 443 |
Cash and cash equivalents | 74 | 6 | 10 |
Net interest-bearing debt | 3 893 | 389 | 434 |
USD mill | 30.06.2026 | 30.06.2025 | No material gain/(loss) from sale of assets during Q2 2026. | |
Strategic Holdings and Investments: Wallenius Wilhelmsen ASA | Ownership 37.9 % | Book value 1 235 | Book value 1 097 | |
Hyundai Glovis Co., Ltd. | 11.0 % | 771 | 781 | Note 6 Tax |
Other associates | 20-50 % | 10 | 10 | |
Maritime Services: | The effective tax rate for the group will change from period to period, dependent on the group gains and losses from investments within the exemption method. | |||
Wilhelmsen Ahrenkiel Ship Management | 50.0 % | 13 | 14 | |
Other associates | 20-50 % | 20 | 20 | |
New Energy: | ||||
Joint ventures | ||||
Coast Center Base | 50.0 % | 97 | 90 | |
Other joint ventures | 50.0 % | 2 | 2 | |
Associates | ||||
Edda Wind/Electric AS | 37.8 % | 49 | 156 | |
Reach Subsea ASA | 29.6 % | 48 | 51 | |
Other associates | 33-49 % | 21 | 13 | |
Total investment in joint ventures and associates | 2 266 | 2 233 |
USD mill | Q2 2026 | Q2 2025 |
Share of profit/(loss) from joint ventures and associates Wallenius Wilhelmsen ASA | 48 | 157 |
Hyundai Glovis Co., Ltd. | 27 | 40 |
Joint ventures and associates in New Energy * | 37 | 10 |
Joint ventures and associates in Maritime Services | 1 | |
Share of profit/(loss) from joint ventures and associates | 112 | 208 |
* Share of profit/(loss) from the associated company Reach Subsea ASA is based on financial figures Q1 2026 plus estimate for Q2.
Additionally, the sale of Edda Wind's fleet generated a net positive accounting effect of USD 25 million for the quarter in the New Energy segment.
USD mill | Properties | Other tangible assets | Intangible assets | Total | ||||
Cost at 01.01.2026 | 780 | 262 | 216 | 1 257 | Cost at 01.01.2025 | 662 239 202 | 1 103 | |
Acquisition | 36 | 10 | 11 | 57 | Acquisition | 45 20 11 | 76 | |
Business combinations | 5 | 5 | Business combinations | 4 | 4 | |||
Reclass/disposal | (1) | (1) | (2) | (4) | Reclass/disposal | (12) (17) (24) | (53) | |
Currency translation differences | 7 | (1) | 1 | 7 | Currency translation differences | 81 20 27 | 127 | |
Cost at 30.06.2026 | 822 | 269 | 230 | 1 322 | Cost at 31.12.2025 | 780 262 216 | 1 257 | |
Accumulated depreciation and impairment at 01.01.2026 | (275) | (104) | (87) | (466) | Accumulated depreciation and impairment at 01.01.2025 | (239) (91) (77) | (407) | |
Depreciation/amortisation | (10) | (7) | (4) | (20) | Depreciation/amortisation | (17) (12) (8) | (37) | |
Reclass/disposal | 2 | 2 | Reclass/disposal | 10 8 19 | 37 | |||
Impairment | (2) | (2) | Impairment* | (8) | (8) | |||
Currency translation differences | (1) | (1) | (2) | Currency translation differences | (29) (9) (13) | (51) | ||
Accumulated depreciation and impairment at 30.06.2026 | (287) | (113) | (89) | (488) | Accumulated depreciation and impairment at 31.12.2025 | (275) (104) (87) | (466) | |
Carrying value at 30.06.2026 | 535 | 157 | 141 | 834 | Carrying value at 31.12.2025 | 505 157 129 | 791 | |
Cost at 01.01.2025 | 662 | 239 | 202 | 1 103 | *See the annual financial statements for the year end 31 December 2025 for | Wilh.Wilhelmsen Holding ASA group. | ||
Acquisition | 14 | 8 | 2 | 24 | ||||
Business combinations | 1 | 2 | ||||||
Reclass/disposal | (3) | (11) | (24) | (38) | ||||
Currency translation differences | 79 | 21 | 26 | 126 | ||||
Cost at 30.06.2025 | 753 | 257 | 207 | 1 217 | ||||
Accumulated depreciation and impairment at 01.01.2025 | (239) | (91) | (77) | (407) | ||||
Depreciation/amortisation | (8) | (6) | (4) | (18) | ||||
Reclass/disposal | 2 | 6 | 18 | 26 | ||||
Impairment | (3) | (3) | ||||||
Currency translation differences | (29) | (9) | (12) | (51) | ||||
Accumulated depreciation and impairment at 30.06.2025 | (274) | (100) | (78) | (453) | ||||
Carrying value at 30.06.2025 | 479 | 156 | 129 | 764 | ||||
USD mill | Properties | Other tangible assets | Intangible assets | Total |
USD mill | Properties and land | Machinery, equipment and vehicles | Total |
Cost at 01.01.2026 | 203 | 34 | 237 |
Additions including remeasurements | 15 | 6 | 21 |
Reclass/disposal | (4) | (2) | (6) |
Change in estimates | (1) | (1) | |
Currency translation differences | 1 | 1 | |
Cost at 30.06.2026 | 215 | 37 | 252 |
Accumulated depreciation and impairment at 01.01.2026 | (87) | (10) | (98) |
Depreciation | (15) | (3) | (18) |
Reclass/disposal | 2 | 2 | 4 |
Currency translation differences | (1) | (1) | |
Accumulated depreciation and impairment at 30.06.2026 | (100) | (12) | (112) |
Carrying value at 30.06.2026 | 114 | 26 | 140 |
USD mill | Properties and land | Machinery, equipment and vehicles | Total |
Cost at 01.01.2025 | 167 | 28 | 194 |
Additions including remeasurements | 8 | 9 | 17 |
Reclass/disposal | (4) | (5) | (9) |
Change in estimates | (1) | (1) | |
Currency translation differences | 18 | 4 | 22 |
Cost at 30.06.2025 | 189 | 35 | 224 |
Accumulated depreciation and impairment at 01.01.2025 | (65) | (9) | (74) |
Depreciation | (10) | (3) | (13) |
Reclass/disposal | 3 | 2 | 6 |
Change in estimates | 1 | 1 | |
Currency translation differences | (7) | (1) | (8) |
Accumulated depreciation and impairment at 30.06.2025 | (79) | (10) | (89) |
Carrying value at 30.06.2025 | 111 | 25 | 135 |
The group leases several assets such as buildings, property, machinery, equipment and vehicles.
USD mill | Properties and land | Machinery, equipment and vehicles | Total |
Cost at 01.01.2025 | 167 | 28 | 194 |
Additions including remeasurements | 28 | 11 | 38 |
Reclass/disposal | (9) | (8) | (17) |
Change in estimates | (1) | (1) | |
Currency translation differences | 18 | 4 | 22 |
Cost at 31.12.2025 | 203 | 34 | 237 |
Accumulated depreciation and impairment at 01.01.2025 | (65) | (9) | (74) |
Depreciation | (24) | (6) | (30) |
Reclass/disposal | 8 | 5 | 13 |
Change in estimates | 1 | 1 | |
Currency translation differences | (7) | (1) | (8) |
Accumulated depreciation and impairment at 31.12.2025 | (87) | (10) | (98) |
Carrying value at 31.12.2025 | 116 | 24 | 139 |
The number of shares is as follows with a nominal value of NOK 20: | 30.06.2026 | 30.06.2025 | 31.12.2025 | USD mill | Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | |
Shares A-shares | 32 676 367 | 34 000 000 | 32 676 367 | Investment management | 9 | 6 | 13 | 6 | |
B-shares | 9 673 633 | 10 580 000 | 9 673 633 | Interest income | 2 | 1 | 4 | 3 | |
Total shares | 42 350 000 | 44 580 000 | 42 350 000 | Other financial income | 1 | 1 | 3 | 3 | |
Interest expenses | (6) | (7) | (12) | (13) | |||||
Own shares | Other financial expenses | (2) | (1) | (4) | (3) | ||||
A-shares | 675 042 | 1 564 082 | 229 841 | Net financial currency | 7 | 2 | 3 | (17) | |
B-shares | 190 025 | 1 070 676 | 164 309 | Net financial currency derivatives | (9) | 20 | (2) | 48 | |
Total own shares | 865 067 | 2 634 758 | 394 150 | Other financial income/(expenses) | 3 | 23 | 5 | 27 |
Earnings per share taking into consideration the weighted average number of outstanding shares in the period.
Basic earnings per share is calculated by dividing profit for the period after non-controlling interests, by average number of total outstanding shares. Earnings per share is calculated based on 41 484 933 outstanding shares per Q2 2026. Corresponding per Q2 2025 was 41 945 242 shares.
Non-current financial assets to fair value
31.12.2025
30.06.2025
30.06.2026
USD mill
Note 10 Non-current financial assets to fair value Note 12 Paid dividendThe dividend for fiscal year 2025 of NOK 20.00 per share was approved by the Annual General Meeting on 30 April 2026 and paid to the shareholders in May 2026. The Annual General Meeting additionally authorised a second dividend up to NOK 8.50 per share.
The dividend for fiscal year 2024 of NOK 20.00 per share was paid in May 2025 (NOK 12.00 per share) and in
At 01.01 | 129 | 105 | 105 | November 2025 (NOK 8.00 per share). |
Acquisition | 3 | 3 | 4 | |
Reclass | (2) | |||
Sale during the year | (2) | 1 | (1) | |
Currency translation adjustment through other comprehensive income | 3 | 13 | 14 | |
Change in fair value through income statement | 6 | (1) | 8 | |
Total non-current financial assets to fair value | 139 | 121 | 129 |
Non-current financial assets to fair value are held in subsidiaries with different functional currencies and thereby creating translation adjustment.
USD mill | 30.06.2026 | 30.06.2025 | 31.12.2025 |
Non-current interest-bearing debt | 234 | 279 | 253 |
Current interest-bearing debt | 46 | 30 | 27 |
Non-current lease liabilities | 116 | 116 | 114 |
Current lease liabilities | 30 | 29 | 32 |
Total interest-bearing debt | 427 | 454 | 427 |
Cash and cash equivalents | 249 | 209 | 214 |
Current financial investments | 358 | 221 | 257 |
Net interest-bearing debt | (180) | 25 | (45) |
Loan agreements entered into by group companies contain financial covenants related to leverage and equity ratio. The group was in compliance with these covenants at 30 June 2026 (analogous for 30 June 2025). | |||
USD mill | 30.06.2026 | 30.06.2025 | 31.12.2025 |
Interest-bearing debt | |||
Bankloan | 281 | 309 | 281 |
Lease liabilities | 146 | 145 | 146 |
Total interest-bearing debt | 427 | 454 | 427 |
Repayment schedule for interest-bearing debt
Due in 1 year | 77 | 59 | 59 |
Due in 2 years | 42 | 92 | 255 |
Due in 3 years | 38 | 208 | 22 |
Due in 4 years | 200 | 15 | 19 |
Due in 5 years and later | 70 | 80 | 71 |
Total interest-bearing debt | 427 | 454 | 427 |
USD mill | Level 1 | Level 2 | Level 3 | Total |
2026 Financial assets at fair value | ||||
Equities | 158 | 158 | ||
Bonds | 200 | 200 |
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market
Financial derivatives | 10 | 10 | transactions on an arm's length basis. | ||
Financial assets at fair value | 88 | 13 | 38 | 139 | The quoted market price used for financial assets |
Total financial assets at 30.06 | 445 | 23 | 38 | 506 | held by the group is the current close price. These |
instruments are included in level 1. Instruments | |||||
Financial liabilities at fair value | included in level 1 at the end of June 2026 are liquid | ||||
Financial derivatives | (2) | (2) | investment grade bonds and listed equities | ||
Total financial liabilities at 30.06 | (2) | (2) | (analogous for June 2025). | ||
2025 | The fair value of financial instruments are not traded in an active market (over-the-counter contracts) are | ||||
Financial assets at fair value | based on third party quotes (Mark-to-Market). These | ||||
Financial derivatives | 22 | 22 | by financial counterparties (banks) are described in | ||
Financial assets at fair value | 70 | 9 | 42 | 121 | the annual financial statements for Wilh. Wilhelmsen |
Total financial assets at 30.06 | 290 | 31 | 42 | 363 | Holding ASA group for the year end 31 December |
Financial liabilities at fair value | 2025. These instruments, FX and IR derivatives, are included in level 2. |
Equities | 104 | 104 | ||
Bonds | 116 | 116 |
quotes use observable market rates for price discovery. The different techniques typically applied
Financial derivatives | (3) | (3) | ||
Total financial liabilities at 30.06 | (3) | (3) |
If one or more of the significant inputs is not based on observable market data, the derivatives is in level
3. Primarily illiquid investment funds and structured notes are included in level 3.
WWH delivers services to the Wallenius Wilhelmsen group. These include primarily in-house services such as canteen, post, switchboard and rent of office facilities.
Generally, Shared Services are priced using a cost plus 5% margin calculation, in accordance with the principles set out in the OECD Transfer Pricing Guidelines and are delivered according to agreements that are renewed annually.
In addition group companies have several transactions with associates. The contracts governing such transactions are based on commercial market terms.
The size and global activities of the group dictate that companies in the group will be involved from time to time in disputes and legal actions.
The group is not aware of any financial risk associated with disputes and legal actions which are not largely covered through insurance arrangements. Nevertheless, any such disputes/actions which might exist are of such a nature that they will not significantly affect the group's financial position.
dateNo material events occurred between the balance sheet date and the date when the accounts were presented providing new information about the conditions prevailing on the balance sheet date.
This section describes non-GAAP financial alternative performance measures (APM) that may be used in the quarterly and annual reports and related presentations.
The following measures are not defined nor specified in the applicable financial reporting framework of IFRS. They may be considered as non-GAAP financial measures that may include or exclude amounts that are calculated and presented according to IFRS. These APMs are intended to enhance comparability of the income statements, balance sheets and cash flows from period to period and it is the company's experience that these are frequently used by investors, analysts and other parties. Internally, these APMs are used by the management to measure performance on a regular basis. The APMs should not be considered as a substitute for measures of performance in accordance with IFRS.
EBITDA is defined as Total income (Operating revenue and gain/(loss) on sale of assets) adjusted for Operating expenses. EBITDA is used as an additional measure of operational profitability, excluding the impact from financial items, taxes, depreciation and amortization.
EBITDA adjusted is defined as EBITDA excluding certain income and/or cost items which are not regarded as part of the underlying operational performance for the period. The company does not report EBITDA adjusted on a regular basis, but may use it on a case by case basis to better explain operational performance.
EBITDA margin is defined as EBITDA as a per cent of Total income.
EBITDA margin adjusted is defined as EBITDA adjusted as a per cent of Total income, with Total income also adjusted for the same income elements as those which have been adjusted for in EBITDA adjusted.
EBIT is defined as Total income (Operating revenue and gain/(loss) on sale of assets) less Operating expenses, Other gain/loss and depreciation and amortization. EBIT is used as a measure of operational profitability excluding the effects of how the operations were financed, taxed and excluding foreign exchange gains & losses.
EBIT adjusted, EBIT margin and EBIT margin adjusted will, if used, be prepared in the same manner as described under EBITDA.
Net interest-bearing debt (NIBD) is defined as total interest bearing debt (Non-current interest-bearing debt, Non-current lease liabilities, Current interest-bearing debt and Current lease liabilities) less Cash and cash equivalents and Current financial investments.
Equity ratio is defined as Total equity as a percent of Total assets.
We confirm, to the best of our knowledge, that the condensed set of financial statements for the period 1 January to 30 June 2026 has been prepared in accordance with IAS 34 - Interim Financial Reporting, and gives a true and fair view of the group's assets, liabilities, financial position and profit as a whole.
We also confirm, to the best of our knowledge, that the interim management report includes a fair review of important events that have occurred during the first six months of the financial year and their impact on the set of financial statements, a description of the principal risks and uncertainties for the remaining six months of the financial year, and major related parties transactions.
Lysaker, 12 August 2026
The board of directors of Wilh. Wilhelmsen Holding ASA
Carl E. Steen
Chair
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Morten Borge
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Rebekka Glasser Herlofsen
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Ulrika Laurin
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Thomas F. Borgen
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Thomas Wilhelmsen
Group CEO
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