Slides
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Wallenius Wilhelmsen ASA Q3 2025
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2 Disclaimer 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.
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Agenda 3 1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A
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4 Firm performance in challenging times Delivered adjusted EBITDA of USD 471m, on par with the previous quarter Opened three new Vessel Processing Centers in Australia following a contract with an Asian OEM Demand for ocean transportation remains firm from Asia Reported a gain of USD 16m linked to a vessel sale and concluded the sale of one more vessel From October 14, a port fee of USD 46 per net ton applies to all foreign built RoRo vessels calling the US. The fee may be postponed by one year, but it is unclear at the time of writing Adjusted EBITDA in Q4 2025 is expected to be in line with Q3 2025 before taking into account any potential negative impact from US port fees
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Agenda 5 1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A
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Three major market trends to watch 6 Continued growth out of Asia US tariffs and port fees confirmed Shipping market remain balanced1 2 3 Continued growth ex Asia drives increased demand despite modest volume growth Continued growth expected for Chinese exports US vehicle tariffs set at 15%, easing pressure compared to the previously proposed 25% USTR port fees will add costs for US in- and outbound cargoes Global fleet projected to expand by 13% in 2025 and 7% in 2026 Shipping market balanced and with high utilization despite fleet growth YTD
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71) Figures do not include intraregional volumes or used cars. Volumes exclude sales in Russia. From Q2, intra-mediterranean volumes are excluded Source: S&P, WAWI Analysis Deep-sea volumes are forecast to increase by 3% in 2025, with diverging trends across trade lanes 2.8 2021 2.8 1.9 1.2 0.9 1.1 1.2 0.7 2.7 2022 3.3 2.3 1.4 1.1 1.1 1.4 0.6 2.9 2023 3.9 2.4 1.6 1.1 1.8 1.5 0.7 2.9 2024 3.8 2.7 1.6 1.1 0.9 1.6 0.8 2.8 2025E 3.1 1.3 0.8 1.1 1.1 1.2 0.4 2.5 2020 3.3 1.1 1.1 1.0 1.2 1.3 0.6 11.5 13.1 12.5 14.1 14.9 15.3 13% -4% 13% 5% 3% AS-NA AS-EU AS-ME EU-NA EU-AS Intra-Asia AS-SA Other YoY growth -2% 12% 5% -1% -4% 7% 20% -2% Annual global deep-sea volumes split by trade1 Million light vehicles
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Development of passenger car volumes ex. East Million light vehicles Continuation of rising East-West imbalance fueling underlying demand for tonnage 8Sources: S&P, KAMA, JAMA, CPCA, WAWI Analysis 0.6 0.3 2021 2.0 0.6 0.2 2022 2.2 0.6 0.2 2023 2.0 0.5 2.0 2024 1.5 0.4 0.2 Last 12 months 0.7 0.3 2020 2.1 3.1 3.1 2.8 3.0 2.8 2.7 0.2 -11% EU USA UK 2.0 2021 2.4 3.3 2.2 2022 3.8 4.0 2.7 2023 4.7 3.8 0.7 2024 4.0 2.8 2.0 Last 12 months 3.4 1.8 2020 1.5 3.4 5.9 6.8 7.9 10.5 11.2 11.7 2.7 +98% China Japan Korea 6.0% YoY YTD change 15.0% -0.5% -0.5% ex.East China Japan Korea Increasing volumes out of Asia drives global vessel demand Decreasing volumes back to Asia is negative for total earnings but has marginal impact on total vessel demand Development of passenger car volumes ex. West Million light vehicles -3.0% -1.8% -9.8% 2.3% YoY YTD change ex.West EU USA UK
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9Sources: Actuals are based on Chinese customs data while 3rd party forecast is based on S&P. Both excl. Russia, WAWI Analysis, Company websites, Yole Group China is increasing exports and innovation, will the growth continue? Chinese exports of light vehicles Million 2021 2022 2023 2024 LTM 2025 2026 2027 1.83 2.60 3.67 4.46 5.70 5.37 4.67CAGR +33% Chinese exports Forecast 3rd party forecast may be to conservative Some Chinese auto milestones Actuals Fastest production car in the world: 496.22 km/h BYD Yangwang U9 Xtreme Vehicle-mounted drone system BYD & DJI introduced Lingyuan system Fastest production EV around Nürburgring Xiaomi SU7 Ultra LIDAR & Self-driving capabilities 111 car models with LIDAR released by Chinese OEMs in 2025 compared to 4+ from EU OEMs 360 degrees turn & float 30 min in water BYD Yangwang U8
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10Sources: WAWI Analysis, Gartner, McKinsey, China Daily Chinese OEMs are in the forefront of technology and innovation Western Chinese Chinese Chinese Chinese Western Chinese Western Western Korean Chinese Western Western Western Western Western Chinese Chinese Japanese Japanese Japanese Western Japanese Western Gartners’ Digitalization Ranking of OEMs Overall score Top-ranked Chinese companies have a lot in common Born digital – Cloud as their platform with Over-The-Air updates, prioritizing digital functionality and user experience of software Born in EV – Purpose-built and cost-efficient EV platforms Agile Innovation – Chinese OEMs take around 24 months from “concept to launch” compared to legacy OEMs, 40-50 months Integrated and Scalable – Chinese manufacturing highly automated, and several OEMs are fully integrated on key technologies
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11 US Tariffs largely confirmed at 15%, USTR port fees at USD 46 per net ton Country Key Auto Takeaways Status • Quota of 100,000 UK auto imports at a 10% tariff rate • Above quota, a 25% tariff rate • Effective 30th of June 2025 • 15% tariff rate on Japanese auto imports • Zero tariffs on US exports into the country • Japan to reduce non-tariff barriers, including autos • Effective 16th of September 2025 • 15% tariff on EU goods import, including cars • Zero tariffs on US exports into the country • To be implemented. Tariffs retroactive 1st of August 2025 • 15% tariff on auto imports to the U.S • Agreement 29th of October 2025 • No effective date confirmed • 25% tariff on non-USMCA compliant auto and auto parts Sources: White House, EU, Reuters, USTR 1 Key assumptions: Vessel net tonnage 21K, 6,400 CEU capacity, 90% load factor and auto size averaging 13cbm, 2 Exception for one U.S. built vessel Status on tariffs in key auto markets Status USTR port fees • On October 10th, 2025, a fee of USD 46 per net ton was announced for all foreign built car carriers (“RoRo”) • USTR port fees have been payable as of October 14, 2025 • Certain exceptions linked to U.S. owned and flagged vessels • Maximized at five port calls per calendar year • Possible postponement from November 10th announced, but not confirmed ~USD 4 - 6,000 per car ~USD 2 - 300 per car1
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121) SAAR – Seasonally adjusted annual rate 2) Medium and heavy trucks are designed mainly for commercial transport 3) Auto designed mainly for passengers, including mainly sedans and hatchbacks 4) Light trucks include SUVs, pickups, vans, and crossover vehicles, for both passenger and light cargo transports. Sources: Factset, FRED, WAWI Analysis US light vehicle sales strong in Q3 2025, with YoY growth in domestic production Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q3 21 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 23 7.7 9.5 10.0 10.0 10.5 10.1 10.2 10.8 10.8 11.0 11.5 11.0 10.8 10.1 10.3 10.7 11.0 6.4 1.0 7.5 1.7 8.0 1.7 7.9 1.7 8.4 1.8 8.2 1.6 8.1 1.8 8.7 1.7 1.7 8.9 1.7 9.4 1.7 9.1 1.4 9.08.8 8.6 1.2 8.7 1.3 9.1 1.4 9.6 1.21.4 +3% U.S. Vehicle sales1 Million U.S. Vehicle production1 Million Heavy and medium trucks2 Auto3 Light trucks4 Q4 21 Q1 22 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 Q3 21 12.3 12.7 13.8 13.3 13.6 13.4 15.1 16.1 15.7 15.8 15.7 15.3 15.8 16.8 17.9 15.6 16.4 +4% Sales
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13 US imports from Asia, Mexico and Canda stable, imports from Europe declining Jan 25 Feb 25 Mar 25 Apr 25 May 25 Jun 25 Jul 25 754 710 740 680 713 688 790 +5% Canada/Mexico Mar 25 336 360 Apr 25 368 368 May 25 338 369 Jun 25 360 347 Jul 25 360 Jan 25 342 353 Feb 25 390 353 721 695 743 697 736 707 714 368 -1% South Korea Japan 96 Mar 25 214 80 Apr 25 221 73 May 25 186 64 Jun 25 233 73 Jul 25 186 Jan 25 205 134 Feb 25 207 419 340 303 294 295 250 264 191 -18% -37% Europe Other Source: USITC, WAWI Analysis Rolling 3 months imports of cars to the U.S. split by origin Thousand
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Fleet expansion continues to be absorbed by growth in volumes ex-Asia 141) Calculation excludes all vessels below 2,000 CEU, no delays, and deliveries are not timeweighted. Options are not included . Only actual retirements and losses are included in figures. Source: Clarksons and WAWI analysis 2) Source: Clarksons PCTC market update presentation to Wallenius Wilhelmsen, October 2025 0.2 4.4 Q2-25 0.2 4.6 Q3-25 0.1 4.8 Q4-25 0.2 4.8 Q1-26 0.1 5.0 Q2-26 0.1 5.1 Q3-26 0.1 5.2 End of period→ 0.1 4.2 Q4-24 0.1 4.3 Q1-25 Q4-26 4.4 4.6 4.8 4.9 5.0 5.1 5.2 5.2 4.3 13% 8% Fleet size BoP Deliveries On order Recycled & lost 22 vessels delivered in Q3, 60 deliveries YTD Q3 Development of global fleet capacity1 Million CEU Vessel demand and utilization2 Million CEU (LHS) & estimated utilization (RHS) 0 20 40 60 80 100 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 2020 89% 2021 99% 2022 100% 2023 98% 2024 96% 2025E 89% 2026E 88% 2027E 2.7 4.0 3.6 4.0 68% 4.0 4.1 4.1 4.2 4.3 4.0 4.7 4.7 5.2 5.1 5.7 4.5 Demand (LHS) Supply (LHS) Utilization rate (RHS)
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15Source: WAWI internal data, WAWI Analysis, Volumes exclude intercompany Wallenius Wilhelmsen is global infrastructure and used to manage disruptions 130 104 152 150 132 205 223 306 301 305 434 488 398 477 478 454 438 507 503 452 462 472 471 0 100 200 300 400 500 600 0 2 4 6 8 10 12 14 16 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 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 12 9 12 14 14 15 14 14 14 15 15 15 Q1 20 15 15 15 13 14 1414 13 14 14 Q2 20 Q3 20 Q4 20 13 Volumes Adjusted EBITDA 2020 2021 2022 2023 2024 2025 Covid-19 Lockdown Semiconductor shortage Suez canal blockage Russia invaded Ukraine Panama Canal congestion Red Sea transit closes Bridge collapse in Baltimore Trump wins 2024 Presidential Election “Trade war” escalating Port fees on RoRo vessels calling U.S Severe congestion in many RoRo calling ports Wallenius Wilhelmsen volumes and Adjusted EBITDA Million cbm & USD
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Agenda 16 1. Highlights 2. Market 3. Business 4. Sustainability 5. Financial results 6. Prospects & Q&A
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Strong group EBITDA of USD 488m (adjusted USD 471m) 17 Shipping services Logistic services Government services 416 371 387 411 407 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 -1% QoQ 47 44 37 32 34 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 +6% QoQ USD m in revenues USD m in revenues1,011 272 112 USD m of adj. EBITDA407 34 44 USD m of adj. EBITDA USD m of adj. EBITDA Adj. EBITDA, USD m Q3 2025 financials USD m in revenues 49 52 47 41 44 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 +7% QoQ
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18 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 Close to USD 300m worth of contract backlog added in the quarter Shipping services Logistic services Government services 8% 12% 21% 52% 7% 2025E 7% 8% 17% 51% 1% 16% 2026E 2022 2023 2024 2025 Rate agreements 2026E renewal volumes Shipping services Logistic services Value of contract backlog 7.8bn USD 3.0bn USD Value of contracts entered during Q23 ~128m USD ~160m USD Weighted contract duration4 3.4 years 8.8 years 7% 23% 70% Rest of 2025E 2026E After 2026E Estimated 2025 lifting capacity Total contract backlogEstimated contract revenue split for Logistic services (USD m)2 % of Shipping volume based on contract startup1
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19 Shipping services Logistic services Government services Shipping volumes saw a small seasonal decline QoQ 0 3 6 9 12 15 18 Q4- 20 29% Q1- 21 31% Q2- 21 33% Q3- 21 31% Q4- 21 32% Q1- 22 31% Q2- 22 31% Q3- 22 28% Q4- 22 28% Q1- 20 28% Q2- 23 27% Q3- 23 27% Q4- 23 25% Q1- 24 25% Q2- 24 23% Q3- 24 23% Q4- 24 21% 30% 24% Q2- 25 23% Q3- 25 38% Q2- 20 Q1- 23 27% Q3- 20 26% 14.0 13.7 13.6 Q1- 25 -1% -3% Auto H&H/BB Share of H&H/BB • Volumes impacted by seasonal effects and HMG strike in Q3 • Change in East/West cargo mix leading to YoY decline • Marginal decline in H&H and BB share QoQ and flat YoY Prior to Red Sea avoidance Shipping services volumes and H&H share Million cbm1 & H&H/BB %-share of total2 1) Prorated volume (WW Ocean, EUKOR, ARC and Armacup) 2) H&H/Breakbulk share calculated based on unprorated volumes. Source: WAWI internal data
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Q4- 21 Q1- 22 Q2- 22 Q3- 22 Q4- 22 Q1- 23 Q2- 23 Q3- 23 Q4- 23 Q1- 24 Q1- 20 23% Q3- 24 Q4- 24 Q1- 25 Q2- 25 23% Q3- 25 Q2- 20 Q3- 20 Q4- 20 Q1- 21 Q2- 21 Q3- 21 Q2- 24 -2% -4% High & Heavy volumes cbm1 & %-share of total volumes 201) Loaded unprorated rolling high and heavy cargo (cbm). Includes breakbulk. Indicative numbers. Source: WAWI internal data Loaded H&H volumes indicate that Q1, 2025 was the bottom of the cycle Shipping services Logistic services Government services H&H/BB H&H/BB share, unprorated in % • HH loaded volumes stabilizing above Q1, 2025 bottom • H&H and BB’s share of volumes stable at around 23% • Mining strong, agriculture weak, constructions early signs of improvement
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YTD net rate per cbm up 7% compared to same period last year 21 57 54 57 55 55 54 56 57 60 61 61 66 66 65 65 48 50 52 53 49 53 55 53 53 56 57 55 56 58 56 Q1- 22 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 +7% +1% Estimated net TCE earnings/day (USD 000) Net freight rate per CBM (USD) 64.9 65.40.4 Q2-25 0.1 Repricing Customer/trade Mix Q3-25 +1% 61.3 65.41.9 2.2 YTD 24 Repricing Customer/trade Mix YTD 25 +7% Shipping services Logistic services Government services 1) TCE earnings/day is net of fuel surcharges and fuel cost Net freight rate/cbm and estimated net TCE earnings/day1 Net freight rate/cbm for QoQ and YoY YTD (USD)
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22 Substantial value created from Q3 vessel transactions, with optionality for more Declared purchase option for a 15-year-old vessel • Cost: <USD 15m • Market value: ~USD 55m1 Sold two vessels of ~30 years age in Q3/Q4 • Proceeds: ~USD 40m • Book gain: ~USD 27m 1 Average of two broker values at end Q3 2025 2 Includes cost of two purchase option declarations in Q3 2025 Holds optionality for further accretive vessel acquisitions 2025 • Q3: Option declared for two vessels, Q2/Q3 26 delivery • ~15 years at delivery Options held from 2026 through 2030 • Individual purchase options for seven vessels • Cost of vessels ~USD 155m2 • Age at delivery: ~15 years Purchase obligations • Purchase obligations for four vessels. Cost: <USD 100m • Age at delivery: ~15 years
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23 US port fees will have financial impact in Q4 2025, and possibly into 2026 • Unmitigated Financial Exposure: • Q4 2025: USD ~100m • 2026: USD 350-400m • Target to mitigate through operational means and recover most or all of the remaining, direct costs from customers
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241) Excludes stevedoring Terminals deliver a strong quarter, whilst U.S. auto and H&H remains soft Terminals1 AutoH&H Volumes handled at our facilities • H&H volumes increased QoQ despite soft U.S. volumes • Strong focus on cost and yield management • EBITDA margin weakened by low margin storage volumes Shipping services Logistic services Government services 34% Q2-23 34% Q3-23 Q4-23 38% Q1-24 38% Q2-24 35% Q3-24 33% 32% Q1-25 25% Q2-25 28% Q4-24 30% Q1-22 25% Q2-22 Q3-25 30% Q3-22 Q4-22 40% 496 Q1-23 542 526 486 493 478 479508 443 454 449 435 342 317 429 -7% -6%Export Import Excluding MIRRAT EBITDA margin 8% 1.5 11% 1.6 14% 1.5 15% 1.6 12% 1.6 15% 1.2 15% 1.5 15% 1.5 11% 1.5 14% 1.6 15% 5% 1.1 2% 1.2 6% 1.3 6% 1.4 1.5 3% +5% Million units 23% 64 18% 63 19% 59 25% 55 23% 49 21% 5557 55 22% 44 23% 36 12% 43 17% 46 12% 5% 67 9% 96 20% 116 19% 6% -17% ‘000 Units • Auto volumes increased QoQ despite soft U.S. volumes • Strong focus on cost and yield management • EBITDA improvement QoQ mainly owing to positive effects from activity outside of USA • Improving margins despite weak Europe to US volumes • Adjusting for the MIRRAT sale, terminal EBITDA is up QoQ whilst marginally down YoY Auto EBITDA margin HH EBITDA margin ‘000 Units
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Global network expanded with three Vehicle Processing Centers in Australia Source: WAWI internal data 25 1.7 11.6 YTD 2022 3.6 16.7 YTD 2023 4.3 23.2 YTD 2024 4.8 21.6 YTD 2025 13.3 20.4 27.5 26.4 Auto revenue H&H revenue Shipping services Logistic services Government services Logistics revenue in Australia Million USD • Added three new VPCs in Australia in Q3 to support new Auto OEMs growing their market share • Contract with fast-growing Asian OEM secured with annual revenues of USD 25-30 million • Expect to grow Auto business further
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26 Shipping services Logistic services Government services Government services continue to deliver good performance • Government cargo revenue remains firm in Q3. YoY reduction due to periodization • MSP stipend remains at USD 5.5m per vessel/year • US Government shutdown not expected to have any material negative impact on activity Government services revenue split1 Million USD 1) Not fully adjusted for eliminations 96 93 86 79 87 13 13 13 13 13 8 4 8 14 13 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 117 111 107 106 112 -10% +6% US flag MSP Commercial cargo
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Agenda 27 1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A
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LTIF for both shipping and logistics below target and with positive trend 281) LTIF Shipping (including Government Services): frequency per million man-hours exposed 2) LTIF Logistics: per million man-hours worked 0.22 1.12 0.18 1.02 0.20 0.54 0.70 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 0.21 LTIF LTM Target 11.81 12.87 12.93 9.88 13.13 11.04 11.44 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Logistics2 Shipping & Govt.1 LTIF for Shipping & Government and Logistics services • LTIF Shipping2 is at 0.54 for Q3 2025, up from 0.20 in Q2 • LTIF Logistics2 is at 11.44 for Q3 2025, up from 11.04 in Q2 • No major accidents
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Absolute emissions up 1.7% QoQ due to increased activity level 29 64.5 58.4 57.7 61.2 64.7 61.8 61.8 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 +3.9% 0.0% CO2e intensity target Actual CO2e intensity 193 185 178 180 182 188 190 1,102 1,043 990 997 1,010 1,020 1,039 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 1,295 1,228 1,168 1,177 1,192 1,208 1,229 +5.2% +1.7% Tank-to-wake Well-to-tank • EEOI increased by 3.9% YoY due to increased trade imbalance causing more ballast voyages • Despite increased activity, EEOI remained stable QoQ due to higher LNG usage and improved operational efficiency • Absolute emissions increased by 1.7% QoQ due to increased cargo work, longer distance sailed and less biofuel consumed • Fuel consumption per nautical mile reached its lowest point in recent periods with reduction of 0.1% QoQ Absolute emissions Thousand tonne CO2e CO2e intensity gCO2e / tonne nautical miles (EEOI) 1) CO2e intensity targets have been measured annually and are based on EEOI well-to-wake (Scope 1 and 3). This is aligned with our SBTi targets and trajectory.
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Agenda 30 1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A
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Revenue 1,353 1,350 1,331 Adj. EBITDA 503 472 471 Net profit 259 403 280 Operating cash flow 545 451 482 Cash 1,829 1,363 1,079 Net debt 1,498 1,742 1,909 31 Financial highlights – Q3 2025 USD m, per cent and multiples ROCE > 12% 19.3% -0.2 -0.6 Equity ratio > 35% 40.3% +5.9 -0.5 Leverage ratio < 3.0x 1.0x +0.2 +0.1 Financial targets1Q2-25 Q3-25 Q3-24 YoY/QoQ Minimum liquidity > USD 1bn 1.72 -0.5 -0.2 1) Long-term, over-the-cycle targets – ROCE: LTM adj. EBIT / LTM average capital employed | Equity ratio: Total Equity / Total Assets | Leverage ratio: Net interest-bearing debt / LTM adj. EBITDA. ROCE and equity ratio adjusted based on restatement of accounts announced in Q2-24
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Shipping services EBITDA of USD 407m, down 1% QoQ due to lower volumes 32 416 371 387 411 407 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 -2% -1% 970 -30 1 010 968 1 033 1 011 +0.1% -2% Revenue (USD m) Adj. EBITDA (USD m) 411 407 21 15 10 4 7 2 Q2-25 adj. EBITDA 1 Net freight Fuel surcharges 1 Other operating revenue Fuel cost Other voyage + cargo expenses Vessel opex Charter expenses SG&A Q3-25 adj. EBITDA -1% Adj. EBITDA development QoQ (USD m) EBITDA margin for Q4-24 is adjusted for net true up. The non-cash true up in Q4-24 was linked to the closing down of a legacy system leading to an income recognition of USD 30m and a cost recognition of USD 43m (see Q4-24 report for details)
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1 3 1 Q2-25 adj. EBITDA Auto H&H Terminals Inland Other Q3-25 adj. EBITDA 32 -2 0 34 +6% 47 44 37 32 34 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 -27% +6% 294 296 281 273 272 -7.3% 0% Logistics services EBITDA of USD 34, up 6% QoQ due strong terminal performance 33 Revenue (USD m) Adj. EBITDA development QoQ (USD m) Adj. EBITDA (USD m)
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117 110 107 106 112 -4.2% +6% 49 52 47 41 44 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 -11% +7% 7 3 Revenue Fuel Cargo and other expenses Operating expenses Charter expenses SG&A Q3-25 adj. EBITDA 41 -5 0 44 -2 0 Q2-25 adj. EBITDA +7% Government services EBITDA of USD 44m, up 7% on seasonally stronger volumes 34 Revenue (USD m) Adj. EBITDA development QoQ (USD m) Adj. EBITDA (USD m)
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549 488 647 (201) Net proceeds/ repayments Dividend (35) Other financial items (21) FX effect on cash 1 079 Cash Q3 2025 (4) 1 363 Cash Q2 2025 EBITDA 31 Δ Other assets/ liab Taxes paid (16) Other operating items (37) Net capex 14 (465) Other investing items2 (38) 1 912 1 726 Interest paid -10% Cash flow and liquidity development Million USD Liquidity position remains very solid on solid cash flow from operations Operating cash flow 482 Investing cash flow 23 Financing cash flow -740 35 Comments • Cash and cash equivalents at quarter end of USD 1,079m, down 21% QoQ • Operating cash flow was USD 482m with a cash conversion ratio of 102%1. • Investing cash flow of negative USD 23m mainly explained by newbuild capex partly offset by the sale of one vessel • Financing cash flow negative USD 740m, mainly due to lease and loan repayments, bond buybacks, and the USD 465m dividend in September 2025 RCF 1) Cash conversion: Operating cash flow/adj. EBITDA 2) Includes interest received on bank deposits and dividends from joint ventures and associates
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36 Strong financial metrics and liquidity reserves 1.8 0.4 Q3-24 1.4 0.4 Q4-24 1.7 0.5 Q1-25 1.4 0.5 Q2-25 1.1 0.6 Q3-25 2.2 1.7 2.2 1.9 1.7 -10% Cash balance RCF Q3-24 1.8 1.4 -1.4 0.9x Q4-24 1.7 1.6 -1.7 0.9x Q1-25 1.6 1.5 2.0 0.9x Q2-25 1.5 1.5 -1.1 1.0x Q3-25 1.3 -1.8 0.8x 1.5 1.8 1.7 1.7 1.9 -1.4 +10% Bank/bond debt Leasing debt Cash balance Leverage ratio • NIBD up USD 167m (10%) due to dividend payment in September of USD 465m • Leverage ratio is 1.0x 34.4% Q3-24 39.5% Q4-24 34.4% Q1-25 40.9% Q2-25 40.3% Q3-25 3.0 3.3 3.0 3.3 3.1 -6% Book equity Equity ratio • Equity ratio remains steady at around 40%, consistent with the previous quarter • Total liquidity reserves of USD 1.7bn, down 10% on dividend payment and extraordinary debt repayments Equity Billion USD Liquidity reserves Billion USD NIBD Billion USD
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Agenda 37 1. Shipping update 2. Logistics update 3. Sustainability update 4. Financial update 5. Prospects & Q&A
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Prospects Demand continues to be robust as we enter the fourth quarter of 2025, and we anticipate that our underlying adjusted EBITDA will remain consistent with the levels achieved in the third quarter of 2025. However, the recent implementation of port fees in the U.S. for RoRo vessels is expected to have financial impact in the fourth quarter. The total cost exposure is in the region of USD 100 million for the quarter before mitigating actions and customer recovery. With our strong book of business, and expected continued solid demand, we expect 2026 to be another strong year with high utilization. A financial outlook for 2026 will be shared when more clarity is obtained on financial impacts of US port fees.
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39 Q & A
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Thank you!