Wallenius Wilhelmsen ASA Q2 2026 results Global; Maintains 2026 EBITDA guidance at USD 1.6bn

Wallenius Wilhelmsen ASA Q2 2026

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  1. Highlights
  2. Market update
  3. Business update
  4. Sustainability update
  5. Financial update
  6. Prospects & Q&A Agenda

Strong outlook 4 Adjusted EBITDA for Q2 2026 ended at USD 361m, down 7% QoQ, reflecting higher bunker expenses in Shipping services Maintained outlook for 2026 with adjusted EBITDA of about USD 1.6bn Continued strong and growing shipping demand from Asia resulted in full utilization of fleet and increasing freight and charter rates 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 Continued positive development in Logistics services due to operational improvement program

  1. Highlights
  2. Market update
  3. Business update
  4. Sustainability update
  5. Financial update
  6. Prospects & Q&A Agenda

Three major market trends to watch 6 Chinese exports booming RoRo in short supply Rates strengthening 1 2 3

Source: CPCA, KAMA, JAMA Development of passenger car volumes ex. West Source: Mobility Global (prev. S&P) Continued strong volume growth ex-Asia driven by China 7 Million light vehicles and implicit YoY change Million light vehicles and implicit YoY change Development of passenger car volumes ex. East 2.4 3.3 2.2 2022 3.8 4.0 2.7 2023 4.7 3.8 2.7 2024 5.7 3.8 2.6 2025 4.3 1.5 1.4 6.8 L12M 8.5 3.6 2.8 Annu. 2026 data 0.7 3.4 1.8 2020 1.5 3.4 2.0 2021 5.9 6.8 7.9 10.5 11.2 12.1 13.9 14.9 +49% +15% +23% China Japan Korea 2.1 0.3 2021 2.0 0.6 0.2 2022 2.2 0.6 0.2 2023 2.0 0.5 0.2 2024 1.9 0.5 0.2 0.6 0.8 0.2 1.3 L12M 1.7 0.4 0.2 Annu. 2026 data 2.0 0.7 0.3 2020 3.1 3.1 2.8 2025 2.8 2.6 2.4 2.3 3.0 -6% -12% EU USA UK 34% 72% 0% 2% ex.East China Japan Korea YoY YTD change -13% -12% -12% -15% ex.West EU USA UK YoY YTD change

Source: CPCA Chinese Exports of Passenger Vehicles Domestic market weakness accelerates China’s export push 8 Million units Million units Chinese Retails Sales of Passenger Vehicles 2022 2023 2024 2025 12 months rolling 20.5 21.7 22.9 23.7 21.5 -9% 2022 2023 2024 2025 12 months rolling 2.4 3.8 4.7 5.7 7.5 +31%

Source: Mobility Global, WAWI Analysis World excl. Mainland China, US and Russia auto sales Chinese OEMs taking market share in China and abroad 9 Market share of auto sales Market share of auto sales Mainland China auto sales 71% 29% 0 10 20 30 40 50 60 70 80 90 100 2018 2019 2020 2021 2022 2023 2024 2025 2026E Chinese Non-Chinese 11% 89% 0 10 20 30 40 50 60 70 80 90 100 2018 2019 2020 2021 2022 2023 2024 2025 2026E Chinese Non-Chinese

Sources: China Customs, SMMT, VFACTS, UK – car registrations by Chinese OEM brands, AUS – car registrations by country of origin, China, 3 months lag from export to registration Australia No signs of inventory build-up of Chinese cars in destination markets 10 Thousand vehicles (lhs) and percentage (rhs) Thousand vehicles (lhs) and percentage (rhs) United Kingdom 0 20 40 60 80 100 120 140 160 180 200 220 5 10 15 20 25 30 35 40 45 50 0 07-24 08-24 09-24 10-24 11-24 12-24 01-25 03-25 04-25 05-25 06-25 07-25 08-25 09-25 10-25 11-25 12-25 01-26 02-26 03-26 04-26 05-26 06-26 07-26 02-25 0 20 40 60 80 100 120 140 160 180 200 220 240 5 10 15 20 25 30 35 40 45 50 55 60 65 0 07-24 08-24 09-24 10-24 11-24 01-25 02-25 03-25 04-25 05-25 06-25 07-25 08-25 09-25 10-25 11-25 12-25 01-26 02-26 03-26 04-26 05-26 06-26 07-26 12-24 China Customs Car reg Ratio - Sales/Export

China Customs vehicle exports1 and RoRo capacity2 trend Chinese OEMs prefer RoRo but struggle to find capacity 11 Source: Chinese customs, WAWI analysis, 1 Exports include light vehicles and H&H above 5mt 2 RoRo capacity based on internal analysis of AIS vessel movements and estimated deployed capacity at Chinese ports • A widening capacity deficit push OEMs to find alternative transport modes, including container, LoLo, and landbridge options • Our analysis indicates that annual non- RoRo volumes currently range between 2m and 4m units Non-RoRo cargo 22 Q1 22 Q2 22 Q3 22 Q4 23 Q1 23 Q2 23 Q3 23 Q4 24 Q1 24 Q2 24 Q3 24 Q4 25 Q1 25 Q2 25 Q3 25 Q4 26 Q1 26 Q2 China Customs exports RoRo capacity Illustrative

Fleet development as expected with ordering activity picking up 12 Source: Clarksons and WAWI analysis. 1 Calculation excludes all vessels below 2,000 CEU, no delays, and deliveries are not timeweighted. Options are not included 2 6.5k CEU capacity vessel, 3 6.5k CEU equivalent vessel • Expect around 60 vessels to be delivered to the fleet in 2026 • 17 vessels ordered in Q2 2026, increasing order book to ~21% • New slots for delivery only available from 2030 and onward 2025 0.2 2026E 0.4 2027E 0.3 2028E 2029E 0.1 2030E 0.2 2023 5.9 4.1 4.4 5.0 5.4 5.7 6.0 5.9 2024 +8% +13% +9% +6% +3% +1% -2% Newbuildings Fleet size Recycling Vessels ≥ 30-year-old Q1-26: 16x vessel delivered Q2-26: 14x vessels delivered Q3-26: 3x vessels delivered & 14x to be delivered Q4-26: 12x to be delivered 30-year-old3: 2027 – 16 vessels 2028 – 28 vessels 2029 – 54 vessels Development of global fleet capacity1 Million CEU

Assessed “spot” rate levels from Asia to Europe 1-year TC-in rates1 development Increasingly tight freight and charter market despite fleet growth 13 USD per cbm USDk per day 60 70 80 90 100 110 120 130 140 150 160 170 Jan 25 Mar 25 May 25 Jul 25 Sep 25 Nov 25 Jan 26 Mar 26 May 26 Jul 26 Sep 26 +79% Jul 24 Jul 23 Jan 25 Jul 25 Jan 26 Jul 26 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 120 Jan 24 90 80 +88% +80% A recent 2-year agreement for a newbuild was concluded at USD 80K/d 6.5k 1-TC 7k 1-TC (DF) Sources: Hesnes Shipping (freight rate), Clarksons (TC-rates) and WAWI analysis. 1 6.5k CEU equivalent vessel

Jul 22 Jan 23 Jul 23 Jan 24 Jul 24 Jan 20 Jul 20 Jul 25 Jan 21 Jan 26 Jul 21 Jul 26 Jan 22 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Jan 25 Source: Clarksons Bunker prices continue to be elevated following Strait of Hormuz closure The ME conflict has triggered significant volatility in fuel prices 14 USD/t High and volatile fuel prices Fuel availability currently sufficient Customer sentiment switching to EVs MGO Bunker Prices, Singapore VLSFO Bunker Prices (0.5% Sulphur), Singapore

  1. Highlights
  2. Market update
  3. Business update
  4. Sustainability update
  5. Financial update
  6. Prospects & Q&A Agenda

Adjusted EBITDA of USD 361m in the quarter 16 Shipping services Logistic services Government services 411 409 354 333 299 Q2 25 Q3 25 Q4 25 Q2 26 Q1 26 -10% 32 34 28 42 47 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 +10% USD m in revenues USD m in revenues 998 278 86 USD m of adj. EBITDA 299 47 26 USD m of adj. EBITDA USD m of adj. EBITDA Adj. EBITDA, USD m Q2 2026 financials USD m in revenues 41 44 22 23 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 +11%

Shipping services volumes and H&H share Seasonal pickup in volumes QoQ, largely unchanged YoY as capacity remains stable and fully utilized 17 Million cbm1 & H&H/BB %-share of total2 Source: WAWI internal data. 1 Prorated volume (WW Ocean, EUKOR, ARC and Armacup), 2 H&H/Breakbulk share calculated based on unprorated volumes. Auto H&H/BB Share of H&H/BB Prior to Red Sea avoidance • Volumes recovered from a seasonal slow in Q1 ex. West and was flat QoQ ex. East due to capacity • H&H and BB share of volume was stable QoQ but marginally up YoY – nominal volumes slowly improving 28% Q2 23 27% Q3 23 27% Q4 23 25% Q1 24 25% Q2 24 23% Q3 24 23% Q4 24 21% Q4 22 24% Q2 25 23% Q3 25 23% Q4 25 25% Q1 26 25% Q2 26 31% Q2 22 31% Q3 22 28% Q1 25 28% 13.7 13.1 13.6 Q1 23 +4% -1%

1 TCE earnings/day is net of fuel surcharges and fuel cost Net freight rate/cbm and estimated net TCE earnings/day1 Net rate per cbm for Q2 2026 down 3% QoQ due to cargo mix 18 54 57 55 55 54 56 57 60 61 61 66 66 65 65 62 63 61 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 Q2 26 -3% -5% Net freight rate per CBM (USD 000) Estimated TCE earnings/day (USD) Q2 25 -6.1 Price effect 2.5 Customer/trade Mix Q2 26 64.9 61.4 -5% Q1 26 -0.4 Price effect -1.5 Customer/trade Mix Q2 26 63.2 61.4 -3% Net freight rate/cbm YoY (USD) Net freight rate/cbm QoQ (USD)

Middle East effect on Wallenius Wilhelmsen Hormuz and Bab-el-Mandeb straits still effectively closed 19 Hormuz Bab-el- Mandeb No sailings through Strait of Hormuz at present Bab-el-Mandeb remains a no-go zone From Q1-2026 presentation

Adjusted EBITDA Continued positive development in Logistics services due to improvement program launched in H2 2025 20 USD m and EBITDA margin 28 30 34 28 42 47 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 0 5 10 15 20 25 30 35 40 45 50 55 60 65 10% Q1 25 11% Q2 25 13% Q3 25 11% Q4 25 15% Q1 26 17% Q2 26 MIRRAT contribution Logistics EBITDA margin excl MIRRAT From Q4-25 presentation

Government services revenue split1 Government services impacted by regular docking of vessels and temporary lower volumes 21 Million USD Source: WAWI internal data. 1 Not fully adjusted for eliminations • Q2 negatively impacted by regular docking of vessels • Middle East conflict and vessel activation has temporary increased competition for cargo in the Atlantic 93 86 79 87 63 54 64 13 13 13 13 13 17 14 4 8 14 13 12 16 8 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 111 107 106 112 88 87 Q2 26 86 -19% -1% US Government MSP Commercial

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 3 Includes estimated contract values above and below USD 100m, 4 Weighted by net freight for Shipping and revenue for Logistics % of Shipping volume based on contract startup1 Estimated contract revenue split for Logistics services (USD m)2 Contract backlog details Sold out in 2026 – negotiations for 2027 ongoing 22 7% 5% 9% 58% 13% 10% 1% 2026E 4% 47% 8% 1% 40% 2027E Contract Start 2022 Contract Start 2023 Contract Start 2024 Contract Start 2025 Contract Start 2026 Rate Agreement Renewal 12% 20% 68% 2026E 2027E After 2028E Shipping services Logistics services Value of contract backlog 6.5bn USD 2.7bn USD Value of contracts entered during Q23 ~460m USD ~141m USD Weighted contract duration4 2.9 years 8.1 years Average net rate in book of business ~USD 54 per cbm N/A Estimated lifting capacity

  1. Highlights
  2. Market update
  3. Business update
  4. Sustainability update
  5. Financial update
  6. Prospects & Q&A Agenda

LTIF for Shipping & Government and Logistics services Positive QoQ development in LTIF’s for Shipping and Logistics 24 1 LTIF Shipping (including Government services): frequency per million man-hours exposed, 2 LTIF Logistics: per million man-hours worked • LTIF