---
title: "Wallenius Wilhelmsen ASA Q2 2026 report, Asia; Maintains 2026 EBITDA target at USD 1.6bn"
sdDatePublished: "2026-08-11T14:45:00Z"
source: "https://www.walleniuswilhelmsen.com/storage/images/Investor-relations/Wallenius-Wilhelmsen-Quarterly-report-Q2-2026.pdf"
topics:
  - name: "logistics"
    identifier: "medtop:20001170"
  - name: "transport"
    identifier: "medtop:20000337"
locations:
  - "Brazil"
  - "Australia"
  - "Argentina"
  - "China"
  - "Norway"
  - "United States"
  - "Japan"
---


Wallenius Wilhelmsen ASA Q2 2026 report, Asia; Maintains 2026 EBITDA target at USD 1.6bn

Q2 2026 - document

Wallenius Wilhelmsen ASA
Q2 Report 2026
Investor Relations
Anders Redigh Karlsen
anders.karlsen@walwil.com
Media
Idha Toft Valeur
idha.valeur@walwil.com

Wallenius Wilhelmsen at a glance
Wallenius Wilhelmsen is a global leader in the handling of automobiles and heavy rolling
equipment at sea and on land. We operate in 28 countries and employ around 12,000 people on
our vessels, in our terminals, offices, and processing centers.
Every year, we transport, assemble, complete and upgrade millions of units – making us an
integral part of the global automotive and industrial supply chains.
Headquartered in Norway, we run a truly global organization managing the flow and completion
of vehicles and heavy equipment from inside the factories all the way to the end user. In the
traffic or at a construction site, chances are high that you are looking at something we have
handled.
Leveraging future-forward solutions and technologies, including AI, to optimize our operations –
we focus on providing visibility and control throughout complex supply chains.
We have an ambitious target of net-zero carbon emissions by 2040 based on a fundamental
belief that this will create long-term value and benefit our customers, shareholders, employees
and partners.
Wallenius Wilhelmsen ASA is listed on the Oslo Stock Exchange under the ticker WAWI.
 Wallenius Wilhelmsen ASA – Q2 Report 2026
2

Highlights – Q2 2026
•
Continued strong and growing shipping demand from Asia resulted in full utilization of
fleet and increasing freight and charter rates
•
Adjusted EBITDA for Q2 2026 ended at USD 361m, down 7% QoQ, reflecting higher bunker
expenses in Shipping services
•
Continued positive development for Logistics services due to operational improvement
program
•
Maintained outlook for 2026 with adjusted EBITDA of about USD 1.6bn
•
Resolved to pay a total dividend of USD 0.61 per share for H1-26, based on 50% of the net
profit combined with an extraordinary dividend of USD 100m
 Wallenius Wilhelmsen ASA – Q2 Report 2026
3
"We are happy to deliver a solid quarter in line with expectations,
despite higher bunker costs. Shipping continues to experience full
utilization out of Asia and Logistics starts to see good effects of the
improvement program.
The market remains very tight, in particular in shipping, and we
secured improved rates for both new Shipping and Logistics business
in the quarter.
We maintain our 2026 outlook and continue to deliver on our financial
targets with a dividend of USD 258 million for H1 2026, representing
82% of net profit."
Lasse Kristoffersen
CEO
Adj. EBITDA (USD m)
472
477
400
389
361
1,626
Q2
2025
Q3
2025
Q4
2025
Q1
2026
Q2
2026
LTM
(rhs)
Return On Capital Employed
19.9%
19.4%
18.4%
17.4%
15.6%
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Earnings per share, USD
0.90
0.92
0.37
0.38
0.29
1.65
MIRRAT gain
Q2
2025
Q3
2025
Q4
2025
Q1
2026
Q2
2026
LTM
(rhs)

Consolidated results and key figures – Q2 2026
Consolidated results1
Q2 2026
Q1 2026
% change2
Q2 2025
% change2
Total revenue
1,305
1,253
 4 %
1,350
 -3 %
EBITDA
349
381
 -9 %
472
 -26 %
EBITDA adjusted
361
389
 -7 %
472
 -24 %
EBITDA margin (adjusted)
 27.6 %
 31.0 %
 35.0 %
EBIT
175
214
 -18 %
445
 -61 %
Profit for the period
138
177
 -22 %
403
 -66 %
Earnings per share
0.29
0.38
 -22 %
0.90
 -67 %
Declared dividend (USD/share)
0.61
-
n.a.
1.10
 -45 %
Key figures
Equity ratio (>35%)
 48.8 %
 39.4 %
 9.4 %
 40.9 %
 8.0 %
Leverage ratio (<3.0x)
1.2x
1.2x
 4.8 %
0.9x
 31.5 %
ROCE adjusted (>12%)
 15.6 %
 17.4 %
 -1.7 %
 19.9 %
 -4.3 %
Cash and cash equivalents
627
890
 -30 %
1,363
 -54 %
Undrawn credit facilities
552
547
 1 %
549
 1 %
Total liquidity (minimum USD 1bn)
1,179
1,437
 -18 %
1,912
 -38 %
Net interest-bearing debt
2,011
2,065
 -3 %
1,742
 15 %
Cash conversion ratio
 72 %
 83 %
 -11 %
 96 %
 -23 %
For definitions of alternative performance measures ("APM") please refer to Reconciliation of alternative performance measures
Consolidated results
Total revenues in Q2 were USD 1,305m, up 4% QoQ mainly due to increased revenues for Shipping
services. Total revenue in Q2 was down 3% YoY driven by lower revenues for Shipping and
Government services.
EBITDA ended at USD 349m for Q2, down 9% QoQ, mainly caused by higher net fuel expenses for
Shipping services in Q2 owing to the Middle East conflict. EBITDA included costs linked to digital
transformation of USD 9m and restructuring expenses of USD 4m (see APM tables for details).
Adjusted EBITDA ended at USD 361m for Q2, down 7% QoQ (and 24% YoY) due to weaker results
for Shipping services partly offset by improved results for Logistics and Government services.
The adjusted EBITDA margin was 28% in Q2.
Net financial items were USD 25m in Q2, compared to USD 27m in Q1. Interest expenses including
realized interest derivatives was USD 36m, up from USD 34m in Q1. The group posted an
unrealized change in fair value of USD 3m on interest derivatives in the quarter, marginally lower
than in Q1.

The net currency effect in Q2 was USD 1m and consisted of a currency translation gain of USD 5m,
and a net unrealized loss on currency derivatives of USD 4m (linked to outstanding bond debt).
The group recorded a tax expense of USD 13m for Q2 compared to USD 11m in the previous
quarter and USD 6m in Q2-25.
Net profit for Q2 was USD 138m compared to USD 177m in Q1, and USD 403m in Q2-25. Net profit
and EBIT for Q2 was negatively impacted by digital transformation costs and restructuring
expenses (see details above). Q2-25 included a gain of USD 135m associated with the MIRRAT
sale.
USD 124m of the net profit is attributable to shareholders of Wallenius Wilhelmsen ASA, while USD
14m of net profit is attributable to non-controlling interests (primarily the minority shareholders in
EUKOR).
 Wallenius Wilhelmsen ASA – Q2 Report 2026
4
1 All figures in USDm except per share and per cent
2 For ROCE adjusted, Equity ratio and EBITDA adjusted margin, % change represents absolute change in ratio

Key figures: Financial targets, capital and financing
Wallenius Wilhelmsen continued to operate well within its financial targets during the second
quarter. The equity ratio increased to 48.8% reflecting the accounting remeasurement of the
EUKOR put liability (see Note 2 for details) while the leverage ratio remained at 1.2x. Last 12
months ROCE decreased to 15.6% compared with 17.4% in Q1. The reduced liability in connection
with the EUKOR put option impacted ROCE negatively as the equity improved following the
remeasurement (see Note 2 for details). The Group also continued to rightsize the liquidity
towards the target of USD 1bn in available liquidity, comprising cash and undrawn credit
facilities. At the end of the quarter, Wallenius Wilhelmsen had a cash balance of USD 627m and
USD 552m in undrawn RCF capacity.
During Q2, the Group repaid a total of USD 255m in debt and strengthened its financing profile
further through early debt repayments and refinancing activities. Key credit facilities were
refinanced at attractive terms with extended maturities enhancing the Group's long term
funding. Further details on the funding activities can be found in note 10 Interest bearing debt.
At the end of Q2 2026, Wallenius Wilhelmsen had USD 1.4bn of capital expenditure remaining for
the 14 Shaper class vessels under construction. The group has secured post-delivery bank
financing for 11 of the vessel newbuilds.
The number of unencumbered vessels in the fleet was 43, up from 39 vessels in Q1-26.
At quarter end, the Group had no cash collateral related to the USDNOK cross-currency swaps.
 Wallenius Wilhelmsen ASA – Q2 Report 2026
5

Cash flow and liquidity
Cash flow
Q2 2026
Q1 2026
% change
Q2 2025
% change
Operating activities
EBITDA
349
381
 -9 %
472
 -26 %
Net change in other assets/liabilities
-75
-49
 53 %
0
n.m.
Taxes paid
-14
-10
 34 %
-21
 -35 %
Cash flow from operating activities
260
322
 -19 %
451
 -42 %
Investing activities
Sale of subsidiary
-
-
n.a.
179
 -100 %
Net CAPEX
-109
-69
 59 %
-64
 69 %
Other investing items
11
2
n.m.
49
 -77 %
Cash flow from investing activities
-98
-66
 47 %
164
n.m.
Financing activities
Interest paid
-38
-39
 -3 %
-43
 -12 %
Proceeds from loans and bonds
-
400
n.a.
140
n.a.
Repayment of loans and bonds
-255
-274
 -7 %
-344
 -26 %
Repayment of principal portion of lease
liability
-109
-87
 26 %
-106
 3 %
Dividend to shareholders and non-
controlling interests
-34
-427
 -92 %
-576
 -100 %
Other financial items
-
-11
 -99 %
5
n.m.
Cash flow from financing activities
-436
-439
 -1 %
-923
 -53 %
Net cash flow
-274
-184
 49 %
-309
 -11 %
Cash & cash equivalents BOP
890
1,071
 -17 %
1,666
 -47 %
FX effect on cash
11
2
n.m.
6
 76 %
Cash & Cash equivalents EOP
627
890
 -30 %
1,363
 -54 %
Cash and cash equivalents at quarter end was USD 627m, down 30% QoQ.
Cash flow from operating activities was USD 260m, down 19% QoQ largely explained by lower
EBITDA and net change in other assets/liabilities. The change in other assets/liabilities is
explained by higher fuel prices and inventory levels. This also impacted the cash conversion for
the period, which ended at 72%1.
Cash flow from investing activities was negative USD 98m in Q2, driven primarily by installments
on the Shaper class vessel (USD 54m), dry docking expenditures (USD 27m) and other vessel
investments.
Cash flow from financing activities was negative USD 436m, primary reflecting debt repayments
and scheduled installments (USD 255m), lease payments (USD 109m), interest payments (USD
38m), and dividend distribution of USD 34m to minority shareholders of subsidiaries.
Events after the balance sheet date
Wallenius Wilhelmsen (EUKOR) took delivery of the first out of 14 Shaper class vessel from the
yard in early July.
On August 10, 2026, the Board resolved to pay a total dividend of USD 0.61 per share covering the
first six months of 2026. The dividend amount is based on 50% of the company's underlying H1
2026 result of USD 0.67 per share plus USD 100m in extraordinary dividend. The last day of
trading including dividend will be August 25, 2026, the ex dividend date will be August 26, 2026,
the record date will be August 27, 2026, and the payment date will be o/a September 16, 2026.
 Wallenius Wilhelmsen ASA – Q2 Report 2026
6
1 Cash conversion is defined as net cash flow provided by operating activities divided by adjusted EBITDA

Shipping services
Shipping services, USDm1
Q2 2026
Q1 2026
% change2
Q2 2025
% change
Net freight revenue
836
831
 1%
888
 -6%
Fuel surcharges
153
108
 42%
139
 11%
Other operating revenue
9
4
 96%
6
 39%
Total revenue
998
943
 6%
1,033
 -3%
Cargo expenses
-166
-167
 -%
-164
 1%
Fuel expenses
-262
-186
 41%
-196
 34%
Other voyage and operating expenses
-107
-97
 10%
-96
 12%
Ship operating expenses
-73
-69
 7 %
-71
 3%
Charter expenses
-48
-45
 7 %
-46
 4%
SG&A
-48
-47
 2 %
-49
 -2%
EBITDA
294
333
 -12 %
411
 -29%
EBITDA, adjusted
299
333
 -10 %
411
 -27%
EBITDA margin adjusted
 29.9 %
 35.3 %
 39.8 %
EBIT
158
202
 -22 %
288
 -45%
Key metrics
Volume (mill cbm)
13.6
13.1
 4 %
13.7
 -1 %
ex-East
9.0
9.0
 - %
9.4
 -4 %
ex-West
4.6
4.1
 12 %
4.3
 7 %
H&H / BB share (% of total volume)
 25 %
 25%
 - %
 24 %
 1 %
Net freight per cbm (USD)
61.4
63.2
 -3 %
64.9
 -5 %
Net TC result per day (USD 1,000)
51
52
 -3 %
58
 -13 %
Vessel cost per day (USD)
8,142
8,201
 -1 %
8,236
 -1 %
Contract backlog (USD bn)
6.5
7.0
 -7 %
8.7
 50 %
Contracts entered in quarter (USD m)
460
324
 42 %
306.00
 50 %
Fleet3
Q2 2026
Q1 2026
% change
Q2 2025
% change
# of vessels
119
121
-2
117
2
Owned
81
80
1
81
No change
Long term Charter
35
35
No change
35
No change
Short term Charter
3
6
-3
1
2
Broker value of owned vessels (USD bn)
5.0
4.5
 11 %
5.7
 -12 %
# of unencumbered vessels (group)
43
39
4
37
5
Vessels on order (#)
14
14
0
14
0
Remaining newbuilding capex (USD bn