---
title: "Wallenius Wilhelmsen ASA Q2 2026 results Global; Maintains 2026 EBITDA guidance at USD 1.6bn"
sdDatePublished: "2026-08-11T14:45:00Z"
source: "https://www.walleniuswilhelmsen.com/storage/images/Investor-relations/WAWI-Q2-26-presentation-Final.pdf"
topics:
  - name: "logistics"
    identifier: "medtop:20001170"
  - name: "sustainability"
    identifier: "medtop:20001374"
locations:
  - "Singapore"
  - "Japan"
  - "United States"
  - "United Kingdom"
  - "Australia"
  - "China"
  - "Norway"
  - "Russia"
---


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

Wallenius Wilhelmsen ASA
Q2 2026

This presentation contains forward-looking information and statements relating to the business, financial performance and
results of the Group, and/or the industry and markets in which it operates.
Forward-looking statements are statements that are not historical facts and may be identified by words such as "aims",
"anticipates", "believes", "estimates", "expects", "foresees", "intends", "plans", "predicts", "projects", "targets", and similar
expressions. Such forward-looking statements are based on current expectations, estimates and projections, reflect
current views with respect to future events, and are subject to risks, uncertainties and assumptions.
Forward-looking statements are not guarantees of future performance and risks. Uncertainties and other important factors
could cause the actual results of operations, financial condition and liquidity of the Group or the industry to differ materially
from this results expressed or implied in this presentation by such forward-looking statements.
No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast
result will be achieved, and you are cautioned not to place any undue influence on any forward-looking statement.
Disclaimer

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