Interim report
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Wallenius Wilhelmsen ASA Q2 Report 2026 Investor Relations Anders Redigh Karlsen anders.karlsen@walwil.com Media Idha Toft Valeur idha.valeur@walwil.com 11
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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
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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 2025Q3 2025Q4 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)
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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 Governmen t 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
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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
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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
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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) 1.4 1.4 -5 % 1.5 -10 % For alternative performance measures please refer to Reconciliation of alternative performance measures Total revenues for Q2 were USD 998m, up 6% QoQ mainly driven by higher fuel surcharges (up 42% QoQ). Volume shipped was up 4% and ended at 13.6m cbm. Net freight per cbm was USD 61.4 per cbm, down 3% compared to Q1. The decline in the net freight rate was caused by a combination of trade mix and pricing effects. Volumes ex-East (Asia) was flat QoQ, while volumes ex-West (EU/NA) increased 12% QoQ. The change in volumes ex-West is a seasonal effect, and should not be seen as a signal of a reversal of the trade imbalances. Total revenue for Q2 was down 3% YoY, explained by net freight rates down 5%, and a 1% decline in volumes. The H&H/breakbulk share (% of total volume) ended at 25% for Q2, flat QoQ and up 1 percentage point YoY. EBITDA for Q2 was down 12% QoQ and ended at USD 294m. The primary reason for the decline is an increase in fuel expenses (up 41% QoQ) combined with increased operating and voyage expenses. Fuel expenses were up USD 76m QoQ as a result of increased bunker prices following the Middle East conflict, partly offset by an increase in fuel surcharges of USD 46m . Consequently, net fuel cost for Q2 were up USD 31m QoQ. Net fuel cost is expected to decrease in Q3 as fuel surcharges are expected to increase. Wallenius Wilhelmsen ASA – Q2 Report 2026 7 1 Except per cent 2 For High & Heavy (H&H) share and EBITDA adjusted margin, % change represents absolute change in ratio 3 Does not include vessels owned by ARC, see Government Services for details
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Voyage expenses were up USD USD 9m and Ship operating expenses were up USD 5m compared to Q1. Further, EBITDA for the quarter included cost items linked to digital transformation of USD 2m and restructuring of USD 3m and leaving the a djusted EBITDA at USD 299m (down 10% QoQ). The net TC result per day was USD 51K per day in Q2, down 3% QoQ and down 13% YoY. At quarter end, the estimated contract backlog fo r Shipping services was USD 6.5bn with a volume weighted duration of 2.9 years. The estimated value of contracts entered into during the quarter was around USD 460m. This includes a three-year early contract extension with a leading European OEM valued at USD 420m announced during the quarter. Following the extension, the contract now extends into 2031. At quarter end, Wallenius Wilhelmsen controlled a fleet of 129 vessels down from 131 at the end of Q1. The number of owned vessels at the end of Q2 was 91 compared to 90 in the previous quarter following the exercise of one purchase option. The number of vessels on long term charter remained unchanged QoQ at 35 vessels, whilst vessels on short-term charters were 3, down 3 compared to Q1. In addition to the vessel purchased, a long-term charter vessel was added to the fleet during the quarter. Shipping services and Government services controlled 119 and 10 vessels respectively. The vessel Morning Concert, that was trapped inside the Strait of Hormuz at the start of the Middle East conflict, safely exited the Middle East Gulf in late June. The construction of the Shaper class vessels is progressing as planned and the first vessel was delivered post quarter end. Wallenius Wilhelmsen ASA – Q2 Report 2026 8
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Logistics services USDm1 Q2 2026 Q1 2026 % change1 Q2 2025 % change Total revenue 278 289 -4 % 273 2 % Operating costs -191 -208 -8 % -196 -3 % SG&A -42 -43 -3 % -44 -5 % EBITDA 46 39 17 % 32 42 % EBITDA, adjusted 46 42 8 % 32 42 % EBITDA margin adjusted 16.4 % 14.6 % 11.8 % EBIT 18 12 49 % 139 -87 % Adj. cash EBITDA 20 14 39 % 7 166 % Adj. cash EBITDA margin 7.1 % 4.9 % 2.7 % Key metrics Contract backlog (USD bn) 2.7 2.7 - % 3.1 -13 % Contracts entered during quarter (USD m) 141 117 21 % 204 -31 % Key numbers per business area Auto Revenue 132 150 -12 % 132 - % EBITDA 24 21 14 % 18 33 % # of sites (VPC, Yard or Plant) 36 36 No change 32 4% # of units (thousands) 1,494 1,498 - % 1,536 -3 % High & Heavy Revenue 36 36 - % 37 - % EBITDA 6 7 -10 % 6 2 % # of sites (EPC) 34 34 No change 34 No change # of units (thousands) 48 45 5 % 43 10 % Terminal Revenue 65 62 5 % 55 18 % EBITDA 18 15 20 % 14 26 % # of terminals 8 8 No change 7 1% # of units (thousands) 343 317 8 % 342 1 % Inland Revenue 46 42 11 % 49 -5 % EBITDA 3 -0 n.m. 1 n.m. For alternative performance measures please refer to Reconciliation of alternative performance measures Logistics services delivered improved profitability in Q2 despite lower revenues. Revenues declined 4% QoQ to USD 278m while EBITDA increased 17% to USD 46m. EBITDA includes restructuring expenses of USD 1m and gain on sale of fixed assets (trucks) of USD 1m. A djusted EBITDA was USD 46m, up 8% QoQ mainly explained by revenue mix, improved operational efficiency and cost efficiency measures driving margin improvements. Adjusted EBITDA was up 42% YoY on higher revenues, improved operational efficiency and cost efficiency measures and improved contract terms. Auto revenues were USD 132m, down 12% QoQ largely explained by seasonally lower plant volumes and one customer contract not renewed . EBITDA was USD 24m, up 14% QoQ due to improved revenue mix, improved operational efficiency and cost efficiency measures driving margin improvements. H&H revenues were USD 36m in Q2 while EBITDA was USD 6m down 10% QoQ. Terminal revenues were USD 65m, up 5% QoQ and EBITDA was USD 18m, up 20% QoQ, explained by improved activity level and cost efficiency measures . Inland saw a solid improvement QoQ on EBITDA due to increase revenues and cost efficiency measures. At the end of Q2, the estimated contract backlog for Logistics services was USD 2.7bn with a revenue weighted duration of 8.1 years. The estimated value of contracts entered into during the quarter was USD 141m. Wallenius Wilhelmsen ASA – Q2 Report 2026 9 1 For EBITDA adjusted margin, % change represents absolute change in ratio
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Government services USDm1 Q2 2026 Q1 2026 % change2 Q2 2025 % change Total revenue 86 87 -1 % 106 -19 % Operating expenses -54 -57 -6 % -59 -9 % SG&A -6 -7 -8 % -6 - % EBITDA 26 23 12 % 41 -37 % EBITDA, adjusted 26 23 11 % 41 -37 % EBITDA margin adjusted 30.1 % 26.7 % 38.5 % EBIT 16 12 28 % 30 -46 % Revenue split Q2 2026 Q1 2026 % change Q2 2025 % change US government 64 54 20% 79 -19% MSP 14 17 -19% 13 6% Commercial 8 16 -50% 14 -41% Fleet3 Q2 2026 Q1 2026 % change Q2 2025 % change # of vessels 10 10 0 11 -1 Owned 10 10 0 11 -1 Long term Charter 0 0 0 0 0 Short term Charter 0 0 0 0 0 Broker value of owned vessels (USD bn) 0.5 0.5 6 % 0.7 -18 % # of unencumbered vessels 1 1 0 2 -1 For alternative performance measures please refer to Reconciliation of alternative performance measures Government services revenues in Q2 were USD 86m, down 1% QoQ primarily due to vessel dry docking that reduced vessel availability and a retroactive MSP payment received in Q1. This was partly offset by higher US government cargo and logistics revenue. Conditions in the Middle East also impacted cargo opportunities and drydock schedules. EBITDA for Q2 was USD 26m, up 12% QoQ driven primarily by higher US government cargo and lower operating costs. The underlying improvement QoQ was greater when removing the retroactive MSP payment received in Q1. When taking the one-off payment in Q1 into account, revenue would have improved about 2% and EBITDA improved around 25% QoQ. Revenue declined 19% YoY while EBITDA was down 37%. The declines were primarily driven by lower US government cargo and commercial revenue in Q2 (partly explained by dry docking schedules). Wallenius Wilhelmsen ASA – Q2 Report 2026 10 1 Except per cent 2 For EBITDA adjusted margin, % change represents absolute change in ratio 3 Fleet controlled by Government services
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Consolidated results and key figures – H1 2026 Consolidated results H1 2026 H1 2025 % change1 Total revenue 2,558 2,647 -3 % EBITDA 730 934 -22 % EBITDA, adjusted 749 934 -20 % EBITDA margin (adjusted) 29.3 % 35.3 % EBIT 389 749 -48 % Profit for the period 315 649 -51 % Earnings per share (USD) 0.67 1.43 -53 % Declared dividend (USD/share) 0.61 1.10 -45 % Key figures Equity ratio (>35%) 48.8 % 40.9 % 8.0 % Leverage ratio (<3.0x) 1.2x 0.9x 32 % ROCE adjusted (>12%) 15.6 % 19.9 % -4.3 % For alternative performance measures please refer to Reconciliation of alternative performance measures Total revenues in H1-26 were USD 2,558m, down 3% YoY, largely explained by reduced revenue in Shipping and Government services. The reduction in revenues for Shipping services is mainly explained by lower net freight rates partly offset by increased volumes. Logistics services saw a small increase in revenues YoY despite the sale of MIRRAT. EBITDA was USD 730m compared to USD 934m in H1-25. EBITDA included costs linked to digital transformation of USD 15m and restructuring expenses of USD 6m (see APM tables for details). Adjusted EBITDA ended at USD 749m for H1 2026 , down 20% YoY largely explained by weaker results for Shipping and Government services due to lower revenues and increased costs (especially fuel expenses). Logistics services saw a positive EBITDA development YoY due to higher revenues, improved operational efficiency, cost efficiency measures and improved contract terms . Net profit for the first half of 2026 was USD 315m, down from USD 649m in H1-25. In 2025, the H1 net profit was positively impacted by a gain of USD 135m linked to the sale of MIRRAT. There were no similar gains in H1 2026. The balance of the difference is mainly explained by the reduction in EBITDA. Net financial expense was USD 52m in H1-26, compared to USD USD 74m in H1-25 much explained by repayment of debt. For details, please refer to note 7, Financial items . The group recorded a tax expense of USD 23m in H1-26, down from USD 27m in H1-25. On August 10 the Board declared a dividend of USD 0.61 per share for H1-26, equal to 50% of the underlying net profit for the period and an extraordinary dividend of USD 100m. This compares to USD 1.10 in H1 2025 . The dividend in H1 2025 included an extraordinary payment of USD 210m linked to the proceeds from the sale of MIRRAT. Wallenius Wilhelmsen ASA – Q2 Report 2026 11 1 For ROCE adjusted, Equity ratio and EBITDA adjusted margin, % change represents absolute change in ratio
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Market update Global light vehicle sales, mill1 Q2 2026 Q1 2026 Q2 2025 2025YTD 2026YTD China 5.5 4.8 6.5 12.6 10.3 US 4.2 3.7 4.2 8.2 7.9 EU 4.5 4.4 4.4 8.7 8.9 Others 7.2 7.5 7.0 14.3 14.7 Total 21.4 20.4 22.2 43.8 41.8 Global light vehicle shipments, '000 Asia - North America 978 887 1,022 1,987 1,865 Asia - EU (ex Russia) 736 685 608 1,207 1,421 EU - Asia 194 177 222 433 371 EU - North America 262 204 267 526 466 Other trades 1,976 2,037 1,928 3,884 4,013 Total 4,146 3,990 4,047 8,037 8,136 Global fleet development2 Fleet size (#) at beginning of period 834 809 749 749 834 Delivered during period 14 16 21 38 30 Recycled/removed during period 0 1 1 1 1 Fleet size (#) at end of period 848 824 769 Fleet size (mill CEU) at end of period 5.2 5.0 4.6 Order book and ordering data Number of vessels on order 132 128 183 Current year delivery 26 39 36 85 65 Delivery next year and later 123 97 147 Orders placed during quarter (#) 17 8 2 5 25 Order book in % of fleet capacity 20.6 % 20.9 % 28.9 % The market trends experienced over the past quarters continued throughout Q2. Market conditions remain firm despite a meaningful increase in fleet capacity with 14 new vessels delivered in the quarter on top of vessels previously trapped in the Arabian Gulf largely returning to service towards end of quarter. This includes Wallenius Wilhelmsen’s Morning Concert, which safely exited the Strait of Hormuz on 30 June. The capacity increase has been absorbed by strong Asian export growth, increasingly imbalanced trade flows and continued routing inefficiencies. China remained the principal source of demand growth. Softer domestic demand contributed to the acceleration in Chinese manufacturers’ expansion into overseas markets, with export growth broadening across destinations and powertrains. This reinforces the structural shift in global vehicle flows towards trades originating in Asia, while European outbound volumes remain subdued. Energy and bunker prices remained volatile in Q2 owing to the Middle East conflict. Security concerns around Bab el-Mandeb continue to prevent a return to using the Suez Canal. Renewed Houthi threats and attacks post quarter-end increased the risk of a prolonged Red Sea disruption. Inflation concerns intensified during Q2, notably in the euro zone and the US, prompting a more cautious monetary-policy stance. The ECB and Bank of Japan raised policy rates in June, while the Federal Reserve and other major central banks remained on hold. OEM margins remain under pressure from intense price competition and the cost of supporting diversified vehicle portfolios. Volatile energy, steel, aluminum and battery-material costs continued to weigh on production economics, while elevated interest rates increased OEM funding costs and kept vehicle financing expensive for customers. Additional inflation could accelerate cost increases, Wallenius Wilhelmsen ASA – Q2 Report 2026 12 1 Source: Mobility Global excluding Russia (numbers are estimates until confirmed by statistical data) 2 After reclassification of vessel size to equal or larger than 2000 CEU
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constrain investment or result in higher vehicle prices, with potential consequences for end-user demand. Trade-policy pressure broadened during and shortly after Q2 as EU consider extending trade- defense measures to Chinese-made PHEVs. It also accepted its first model-specific price undertaking for a China-built BEV, exempting the CUPRA Tavascan from its additional 20.7% countervailing duty in exchange for an undisclosed minimum import price, an annual volume limit and EU investment commitments. Following quarter-end, the US introduced new country-specific Section 301 tariffs of 10–12.5% from 24 July. Vehicles and auto parts already covered by Section 232 are excluded, leaving the existing automotive tariff regime unchanged. Auto Light vehicle sales in Q2 2026 ended at 21.4m, up 5% QoQ, but down 4% YoY due to seasonality combined with lower sales in China and the US. Chinese domestic sales have come down significantly 20% to 18.9m units compared to last year, and price pressure for OEMs remains high. It leads Chinese OEMs to concentrate even more on exports where margins are better. At t h e s a m e t i m e , U S l i g h t - v e h i c l e s a l e s i n c r e a s e d 1 3 % Q o Q b u t d e c l i n e d 2 % Y o Y i n Q 2 w i t h A s i a n OEMs continuing to gain market share at the expense of European OEMs. In Europe, YTD auto sales were up 5.7% with an increasing share of EVs and hybrid vehicles. Global vehicle exports remained resilient in Q2, although growth became increasingly uneven across regions amid rising geopolitical uncertainty. Chinese light vehicle exports surged 58% YoY and 33% QoQ, reaching a new milestone with monthly exports exceeding 1m units for the first time in June. The trend of Chinese brands capturing market share in most global markets except for the USA, where imports are close to zero, continues. Moreover, it looks as the Chinese ability to gain market share is accelerating in key markets as new brands become more familiar and accepted. We note that in the UK and EU, the Chinese market share has moved from single to double digits in just one year. In South America, the Chinese market share exceed 20% in several markets. At the same time, competition from China and loss of market share, domestically and internationally, have led several Western OEMs to announce cost cutting programs and reduced profit expectations. At the same time, other Asian exporters see their exports holding up. Korean exports inc reased 7% QoQ driven by stronger exports overseas but remained mostly flat YoY. Japanese exports remained broadly unchanged, both QoQ and YoY. Trade between EU and the US was up 28% QoQ and down 2% YoY. US exports declined 12% YTD versus the same period last year and were up 2% QoQ in Q2. High & Heavy market The high & heavy market saw some improvements during Q2, with overall volumes showing a gradual recovery despite uneven conditions across end-markets. Improving construction activity and sustained mining investment provided support, while agricultural demand remained under pressure. However, higher costs, trade-related uncertainty and ongoing geopolitical risks continue to create uncertainty around the pace and durability of the recovery. Global construction activity continued to show signs of improvement during Q2, although the pace of recovery varied across end-markets. Record US non-residential construction starts were driven primarily by data center and infrastructure investments, while more rate-sensitive commercial segments remained stable. Residential demand showed early signs of recovery in both North America and Europe; however, rising input costs and ongoing macroeconomic and geopolitical uncertainty continue to hamper the pace of recovery. Developments in the Middle East remain a potential downside risk to economic growth and equipment demand. Wallenius Wilhelmsen ASA – Q2 Report 2026 13
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Sentiment in the agricultural sector remained weak during Q2. Industry discussions pointed to another year of negative crop margins for US farmers despite supportive policy measures. Further, the strengthening El Niño weather pattern has increased uncertainty around global crop production, with elevated risks to crop yields across key agricultural regions, including the US, Australia, Argentina and Brazil. While potential supply disruptions could support commodity prices, pressure on farm profitability and uncertainty around yields are likely to dampen agricultural equipment demand in the coming quarters. The mining sector remained supportive to high & heavy demand in Q2. Mining companies continued to signal robust capital spending growth, supported by rising greenfield investment intentions and strong activity across copper, gold and other base metals. Structural demand linked to electrification, the energy transition and critical mineral security continues to underpin investment, while strength in drilling, mining trucks and related equipment categories points to a positive outlook for mining equipment demand in the coming years. Fleet T h e g l o b a l c a r - c a r r i e r f l e e t w i t h a c a p a c i t y a b o v e 2 , 0 0 0 c a r - e q u i v a l e n t u n i t s ( C E U ) i s e s t i m a t e d a t around 5.2m CEU 3 at the end of Q1, up 2.2% QoQ. Fleet growth remains elevated, with 14 vessels added during the quarter while no vessels were recycled. The order book ratio stands at 21%, unchanged from Q1 26 with 17 new orders placed during Q2 as per Clarkson data. Vessels ordered in Q2 are scheduled for delivery from 2028 and onwards, but the early deliveries are likely declaration of options. Unless negotiations are ongoing, new orders are now likely to be delivered from 2030. Wallenius Wilhelmsen ASA – Q2 Report 2026 14 3 Data from Clarksons
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Sustainability Emissions data Shipping & Government Q2 2026 Q1 2026 Change QoQ Q2 2025 Change YoY Total CO2e emitted ('000 metric tonnes)1 1,220 1,226 - % 1,208 1 % Tank-to-wake 1,029 1,034 - % 1,020 1 % Well-to-tank 191 192 -1 % 188 2 % Grams CO2e emitted per tonne-nm (EEOI) 60.66 63.64 -5 % 61.79 -2 % Emission target for year (EEOI) 60.60 60.60 - % 59.90 1 % Fuel consumption (metric tonnes) 349,698 343,339 2 % 338,674 3 % of which LNG 15,592 14,449 8 % 4,750 n.m. of which biofuel 23,336 17,136 36 % 18,292 28 % Average fuel price (USD/mt) 770 520 48 % 573 34 % Average speed in quarter (knots) 15.7 15.3 3 % 14.9 5 % Safety data LTIF/million hours statistics Q2 2026 Q1 2026 Change QoQ Q2 2025 Change YoY Shipping & Government 0.21 0.41 -49 % 0.2 5 % Shipping & Government - Target LTIF2 0.60 0.60 n.a. 0.7 n.a. Logistics 12.23 13.77 -11 % 10.08 21 % Logistics - Target LTIF3 10.50 10.5 n.a. 11.74 n.a. Safety Shipping Lost Time Injury Frequency (LTIF) decreased QoQ from 0.41 to 0.21. No critical incidents were reported in the quarter. Logistics LTIF decreased QoQ, from 13.77 to 12.23. No critical incidents were reported in the quarter. Emissions Total fuel consumption increased by 3% YoY, driven by higher average sailing speeds while total distance sailed remained broadly unchanged. Total w e l l - t o - w a k e C O ₂ e e m i s s i o n s i n c r e a s e d o n l y by 1% YoY, supported by increased use of biofuel, LNG and bio-LNG. Comparing QoQ, total well- t o - w a k e C O ₂ e e m i s s i o n s d e c l i n e d m a r g i n a l l y , a s f u e l e f f i c i e n c y a n d g r e a t e r u s e o f l o w e r - c a r b o n fuels offset higher cargo transport work and operating speeds. The Energy Efficiency Operational Indicator (EEOI) improved to 60.7, down 2% YoY and 5% QoQ, reflecting lower emissions intensity through improved fuel efficiency and increased use of biofuels and LNG, despite higher operating speeds and cargo transport work. Wallenius Wilhelmsen ASA – Q2 Report 2026 15 1 Well-to-wake emissions refer to the life-cycle emissions of fuel, including upstream production and transportation and those from combustion of fuel in the ship. Tank-to-wake emissions (scope 1) are emissions from combustion of fuel in the ship. Well-to-tank emissions (scope 3) refer to the environmental impact of fuel extraction, refinement, and delivery before it reaches the vehicle’s tank. 2 Per million exposure hours, which for our crew means 24 hours a day while at sea, including free time 3 Per million man-hours, reflects actual hours worked
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Risk update As a global operation, Wallenius Wilhelmsen is exposed to a variety of risks through its worldwide shipping and logistics operations. The risks span from strategic, financial, market, commercial, operational, personnel, to various geopolitical, regulatory, cyber, environmental and safety categories. The Group’s overall risks are analyzed and reported at business area and corporate levels. The Wallenius Wilhelmsen 2025 Annual Report provides further details about our key risks. For 2026, fleet growth may impact the supply and demand balance. Overall demand for auto and H&H has been recovering slowly, but demand for transportation has been firm due to an increased trade imbalance with strong growth ex-Asia, especially China. We continue to expect a gradual improvement in transportation demand over the years ahead depending on the development in geopolitical landscape. Geopolitical unrest, trade tensions, tariffs, potential financial i mpact of US port fees and changes in the situation in the Red Sea also impact our short-to-medium term risk assessment. The closure of the Strait of Hormuz and lack of safe navigation in and out of the Strait impacts our operation as well as global supply and pricing of key commodities like fuel for our vessels. Near- term, we will see higher costs linked to fuel and other input factors that is expected to be recovered over time. Further, if we experience lack of fuel, we may have to reduce speed or stop vessels. More so, the conflict may impact the global economy and hence demand for our services. See further discussion in our Prospects section. There is also a risk related to the EUKOR put option (see note 2 for details). Wallenius Wilhelmsen’s diversified portfolio of business activities, combined with a clear strategic direction and risk reducing measures will further strengthen and position the Company for the next years, and opportunities ahead. Prospects Strong demand, in particular for Shipping services, has continued into the second half of 2026 and we expect solid volumes and high utilization to continue. The time charter market for vessels has tightened further and will continue to put pressure on capacity. We expect 2026 to be another solid year for Wallenius Wilhelmsen and maintain our expectation of an adjusted EBITDA for 2026 of about USD 1.6bn. However, our outlook remains dependent on the length and the effects of the Middle East conflict, and other potential material adverse effects. Wallenius Wilhelmsen ASA – Q2 Report 2026 16
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Responsibility statement We confirm, to the best of our knowledge, that the condensed set of interim consolidated financial statements at June 30, 2026 and for the period January 1 to June 30, 2026 have been prepared in accordance with IAS 34 – Interim Financial Reporting and give a true and fair view of the group’s assets, liabilities, financial position and results for the period. We also confirm, to the best of our knowledge, that the interim report includes a true and fair view of important events that have occurred during the first six months of the financial year and their impact on the interim financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year and major transactions with related parties. Lysaker, August 10, 2026 Rune Bjerke Chair Hans Åkervall Thomas Wilhelmsen Yngvil Eriksson Åsheim Board member Board member Board member Magnus Groth Line Hestvik Lieve Logghe Board member Board member Board member Lasse Kristoffersen President & CEO [The interim report for the first half of 2026 has been signed electronically] Forward-looking statements presented in this report are based on various assumptions. The assumptions were reasonable when made but are inherently subject to uncertainties and contingencies that are difficult or impossible to predict. Wallenius Wilhelmsen ASA cannot give assurances that expectations regarding the outlook will be achieved or accomplished. Wallenius Wilhelmsen ASA – Q2 Report 2026 17
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Consolidated income statement USD million Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Total revenue 3 1,305 1,350 2,558 2,647 5,240 Operating expenses 3 (956) (878) (1,828) (1,713) (3,439) Operating profit before depreciation, amortization and impairment (EBITDA) 349 472 730 934 1,801 Gain on disposal of subsidiary 13 - 135 - 135 135 Depreciation and amortization 4, 5, 6 (173) (163) (341) (320) (651) Impairment 4, 5, 6 - - - - - Operating profit (EBIT) 175 445 389 749 1,285 Share of profit/(loss) from joint ventures and associates 1 - 1 1 (6) Interest income and other financial income 16 39 53 95 132 Interest expense and other financial expenses (42) (75) (105) (169) (265) Financial items - net 7 (25) (36) (52) (74) (133) Profit before tax 151 409 338 676 1,146 Tax expense 9 (13) (6) (23) (27) (42) Profit for the period 138 403 315 649 1,104 Profit for the period attributable to: Owners of the parent 124 380 284 605 1,017 Non-controlling interests 14 24 31 45 86 Basic and diluted earnings per share (USD) 8 0.29 0.90 0.67 1.43 2.41 The interim financial information has not been subject to audit or review. Wallenius Wilhelmsen ASA – Q2 Report 2026 18
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Consolidated statement of comprehensive income USD million Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Profit for the period 138 403 315 649 1,104 Other comprehensive income/(loss): Items that may subsequently be reclassified to the income statement: Currency translation adjustment 1 9 (1) 13 14 Items that will not be reclassified to the income statement: Changes in the fair value of equity investments designated at fair value through other comprehensive income - - - - 1 Remeasurement pension liabilities, net of tax - - - - 2 Other comprehensive income/(loss), net of tax 1 9 (1) 13 16 Total comprehensive income for the period 139 412 314 662 1,120 Total comprehensive income attributable to: Owners of the parent 125 388 283 617 1,033 Non-controlling interests 14 24 31 45 87 Total comprehensive income for the period 139 412 314 662 1,120 The interim financial information has not been subject to audit or review. Wallenius Wilhelmsen ASA – Q2 Report 2026 19
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Consolidated balance sheet USD million Note Jun 30, 2026 Dec 31, 2025 Assets Non-current assets Deferred tax assets 9 17 25 Goodwill and other intangible assets 4 236 241 Vessels and other tangible assets 5 3,959 3,906 Right-of-use assets 6 1,451 1,500 Other non-current assets 11 124 109 Total non-current assets 5,786 5,781 Current assets Fuel/lube oil 271 142 Trade receivables 583 558 Other current assets 248 259 Cash and cash equivalents 627 1,071 1,730 2,031 Asset/disposal group held for sale 2 6 Total current assets 1,732 2,037 Total assets 7,517 7,817 Equity and liabilities Equity Share capital 8 28 28 Retained earnings and other reserves 3,632 3,265 Total equity attributable to owners of the parent 3,660 3,293 Non-controlling interests 9 9 Total equity 3,669 3,302 Non-current liabilities Pension liabilities 34 34 Deferred tax liabilities 9 31 33 Non-current interest-bearing debt 10, 11 895 865 Non-current lease liabilities 10, 11 1,097 1,164 Written put option over non-controlling interest 2, 11 386 - Other non-current liabilities 8 26 Total non-current liabilities 2,451 2,122 Current liabilities Trade payables 182 141 Current interest-bearing debt 10, 11 252 398 Current lease liabilities 10, 11 393 374 Current income tax liabilities 9 24 34 Written put option over non-controlling interest 2, 11 - 897 Other current liabilities 11, 12 545 551 Total current liabilities 1,397 2,393 Total equity and liabilities 7,517 7,817 The interim financial information has not been subject to audit or review. Wallenius Wilhelmsen ASA – Q2 Report 2026 20
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Consolidated cash flow statement USD million Notes Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Cash flow from operating activities Profit before tax 151 409 338 676 1,146 Financial items - net 7 25 36 52 74 134 Share of net income from joint ventures and associates (1) - (1) (1) 6 Depreciation and amortization 4,5,6 173 163 341 320 651 Impairment - - - - - (Gain)/loss on sale of tangible assets (1) - (1) - (28) Net gain from sale of subsidiary 13 - (135) - (135) (135) Change in net pension assets/liabilities - - - 2 (3) Net change in other assets/liabilities (74) - (123) (3) 26 Tax paid (14) (21) (24) (31) (53) Net cash flow provided by operating activities 260 451 582 901 1,744 - Cash flow from investing activities Proceeds from sale of subsidiary, JVs, associates and other investments 13 2 179 2 179 179 Dividend received from joint ventures and associates 4 1 5 1 5 Proceeds from sale of tangible assets 5 1 10 1 41 Investments in vessels, other tangible and intangible assets (113) (65) (187) (93) (245) Investment in joint ventures (1) - (9) - - Dividend received from investment held for sale - 33 - 33 33 Interest received 6 15 16 31 55 Net cash flow used in investing activities (98) 164 (164) 151 67 - Cash flow from financing activities Proceeds from loans and bonds - 140 400 140 275 Repayment of loans and bonds 10 (255) (344) (529) (413) (844) Repayment of principal portion of lease liabilities 10 (109) (106) (196) (183) (360) Interest paid including interest derivatives (38) (43) (78) (89) (164) Realized other derivatives - (2) (13) (5) (12) Dividend to non-controlling interests (34) (51) (34) (51) (84) Dividend to shareholders - (524) (427) (524) (989) Net change in cash collateral 7 - 8 2 25 26 Net cash flow used in financing activities (436) (923) (875) (1,101) (2,153) - Net increase/(decrease) in cash and cash equivalents (274) (309) (457) (48) (342) Effect of exchange rate changes in cash and cash equivalents1 11 6 13 18 21 Cash and cash equivalents at beginning of period 890 1,666 1,071 1,393 1,393 Cash and cash equivalents at end of period 627 1,363 627 1,363 1,071 The interim financial information has not been subject to audit or review. Wallenius Wilhelmsen ASA – Q2 Report 2026 21 1 The group is located and operating world-wide and every entity has several bank accounts in different currencies.
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Consolidated statement of changes in equity USD million Note Share capital Share premium Currency translation Retained earnings Equity attributable to owners of the parent Non- controlling interests Total equity 2026 Balance at January 1, 2026 28 1,085 (11) 2,191 3,293 9 3,302 Profit for the period - - - 284 284 31 315 Other comprehensive income/ (loss) - - (1) - (1) - (1) Total comprehensive income - - (1) 283 283 31 314 Own shares issued under long- term incentive plan 8 - 1 - - 1 - 1 Change in non-controlling interests - - - (1) (1) 1 - Change in written put option over non-controlling interest 2 - - - 511 511 - 511 Dividend to owners of the parent - - - (427) (427) - (427) Dividend to non-controlling interests - - - - - (32) (32) Balance at June 30, 2026 28 1,086 (12) 2,558 3,660 9 3,669 USD million Note Share capital Share premium Currency translation Retained earnings Equity attributable to owners of the parent Non- controlling interests Total equity 2025 Balance at January 1, 2025 28 1,085 (24) 2,224 3,313 9 3,321 Profit for the period - - - 605 605 45 649 Other comprehensive income/ (loss) - - 13 - 13 - 13 Total comprehensive income - - 13 605 617 45 662 Own shares issued under long- term incentive plan 8 - 1 - - 1 - 1 Change in non-controlling interests - - - 1 1 (1) - Change in written put option over non-controlling interest 2 - - - (69) (69) - (69) Dividend to owners of the parent - - - (524) (524) - (524) Dividend to non-controlling interests - - - (8) (8) (44) (51) Balance at June 30, 2025 28 1,085 (12) 2,229 3,331 9 3,340 The interim financial information has not been subject to audit or review. Wallenius Wilhelmsen ASA – Q2 Report 2026 22
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Note 1. Accounting principles This consolidated interim financial report has been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting. The consolidated interim financial reporting should be read in conjunction with the annual financial statements for the year ended December 31, 2025 for Wallenius Wilhelmsen ASA group (the group), which have been prepared in accordance with IFRS® Accounting Standards as adopted by the EU. The accounting policies implemented are consistent with those of the annual financial statements for the group for the year ended December 31, 2025. Use of judgments and estimates In preparing these interim financial statements, management has made judgments and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The effect of a change in an accounting estimate is recognized in profit or loss in the period in which the estimate is revised or in the period of the revision and future periods if the change affects both. The significant judgments made by management in applying the group’s accounting policies and the key sources of estimation uncertainty were the same as those described in the most recent annual financial statements. As a result of rounding amounts to the nearest million, totals presented may deviate from the sum of individual amounts. Wallenius Wilhelmsen ASA – Q2 Report 2026 23
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Note 2. Written put option over non-controlling interest Non-controlling shareholders in EUKOR hold a put option for their 20% interest, pursuant to the shareholder agreement entered into in 2002. The shareholder agreement also contains a call option held by the group on symmetrical terms. In April 2026, Wallenius Wilhelmsen and the non-controlling shareholders (HMG) agreed that the put and call options linked to HMG’s 20% non-controlling interest in EUKOR cannot be exercised during the term of the current ocean carrier contract between the parties. This is based on the commitment being at least 50% of HMG's volumes. The current contract runs until December 31, 2029 and the parties agreed that the option would remain non-exercisable until January 1, 2031, reflecting the parties' mutual commitment to a long-term partnership. The agreement impacts the measurement and classification of the liability for the written put option as described below. Basis for calculation of the liability The liability reflects the estimated exercise price, which is identical for the put and the call options. The amount is based on a stipulated methodology in local legislation in Korea (the Korean Inheritance and Donation Tax Act ("the Act") in effect at the date of the shareholder agreement). The exercise price is based on the highest of "earnings value per share" and "net asset value per share", both calculated in accordance with methodologies prescribed in the Act. As of June 30, 2026, the liability is calculated based on the net present value of the estimated future exercise price at the earliest exercisable date, which is January 1, 2031, as compared with previous periods when the put option was deemed currently exercisable. This estimate is based on the higher of (i) forecast taxable results for the years 2028, 2029 and 2030 with more weight given to later years1 and (ii) forecast net asset values as at year-end 2030. The liability continues to be measured based on the requirements of the Act. However, as the measurement is based on forecasts as of a future exercise date, the estimation uncertainty associated with the liability increases significantly. The remeasurement as of June 30, 2026, a decrease of USD 465 million compared with March 31, 2026, is reflected directly in equity. The liability has been reclassified from current to non- current, showing a liability (non-current) at June 30, 2026 of USD 386 million, down from USD 851 million (current) at March 31, 2026 (December 31, 2025: USD 897 million (current)). Wallenius Wilhelmsen ASA – Q2 Report 2026 24 1 Formula applied: Weighted average of forecast earnings per share =(forecast after-tax profit of 2030/ total number of shares) x 3 + (forecast after-tax profit of 2029 / total number of shares) x 2 + (forecast after-tax profit of 2028 / total number of shares) x 1) / 6
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Note 3. Segment reporting - QTD USD million Shipping services Logistics services Government services Holding & eliminations Total Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Net freight revenue 836 888 - - 25 57 - - 860 946 Fuel surcharges 153 139 - - 1 1 - - 154 139 Operating revenue 7 4 240 240 43 21 - - 290 265 Internal operating revenue 2 2 39 33 17 27 (57) (61) - - Total revenue 998 1,033 278 273 86 106 (57) (61) 1,305 1,350 Cargo expenses (166) (164) - - (9) (9) 43 47 (133) (126) Fuel (262) (196) - - (6) (12) - - (268) (208) Other voyage expenses (107) (95) - - (1) (5) - - (108) (100) Ship operating expenses (73) (71) - - (28) (27) - - (102) (98) Charter expenses (48) (46) - - (2) (1) 9 13 (40) (35) Processing expenses - - (78) (88) (6) (2) 5 1 (79) (89) Other operating expenses - (1) (113) (108) (1) (2) 1 - (114) (111) Selling, general and admin expenses (48) (49) (42) (44) (6) (6) (17) (11) (113) (111) Total operating expenses (704) (622) (233) (240) (60) (65) 41 50 (956) (878) Operating profit/(loss) before depreciation, amortization and impairment (EBITDA) 294 411 46 32 26 41 (17) (12) 349 472 EBITDA margin (%) 29.5 % 39.8 % 16.4 % 11.8 % 30.1 % 38.5 % 28.9 % 19.3 % 26.7 % 35.0 % Gain on disposal of subsidiary - - - 135 - - - - - 135 Depreciation (135) (123) (25) (22) (10) (9) - 1 (170) (154) Amortization (1) (1) (2) (7) - (2) - - (3) (9) Impairment - - - - - - - - - - Operating profit/(loss) (EBIT) 158 288 18 139 16 30 (17) (11) 175 445 Share of profit/(loss) from joint ventures and associates - - 1 - - - - - 1 - Financial income/(expense) (12) (20) (8) (9) - (2) (6) (6) (25) (36) Profit/(loss) before tax 146 268 11 130 16 28 (23) (17) 151 409 Tax income/(expense) 2 (7) (4) 3 (9) (2) (2) - (13) (6) Profit/(loss) for the period 149 261 7 132 7 26 (25) (17) 138 403 Profit/(loss) for the period Owners of the parent 135 238 7 132 7 26 (25) (17) 124 380 Non-controlling interests 14 24 - - - - - - 14 24 Wallenius Wilhelmsen ASA – Q2 Report 2026 25
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Note 3. Segment reporting - YTD YTD 2026 YTD 2025 2025 YTD 2026 YTD 2025 2025 YTD 2026 YTD 2025 2025 YTD 2026 YTD 2025 2025 YTD 2026 YTD 2025 2025 Net freight revenue 1,666 1,729 3,469 - - - 46 115 202 - - - 1,713 1,844 3,671 Fuel surcharges 261 263 498 - - - 1 1 3 - - - 262 264 501 Operating revenue 9 9 16 493 487 944 81 43 107 - - - 583 540 1,068 Internal operating revenue 4 3 5 75 66 143 43 54 100 (123) (123) (248) - - - Total revenue 1,940 2,004 3,989 568 554 1,087 173 213 411 (123) (123) (248) 2,558 2,647 5,240 Cargo expenses (332) (312) (646) - - - (20) (19) (47) 91 88 188 (261) (243) (505) Fuel (448) (393) (759) - - - (14) (20) (35) - - - (461) (413) (794) Other voyage expenses (204) (181) (411) - - - (4) (7) (16) - - - (208) (188) (427) Ship operating expenses (142) (139) (279) - - - (57) (55) (112) - - - (199) (194) (391) Charter expenses (92) (91) (167) - - - (4) (3) (6) 20 31 51 (77) (63) (122) Processing expenses - - - (168) (177) (334) (10) (5) (8) 11 3 6 (168) (179) (337) Other operating expenses - (1) 27 (230) (221) (446) (2) (3) (9) 1 - - (231) (225) (428) Selling, general and admin expenses (95) (89) (194) (85) (87) (179) (14) (13) (25) (30) (19) (37) (223) (207) (435) Total operating expenses (1,314) (1,206) (2,429) (483) (485) (959) (124) (125) (258) 93 102 208 (1,828) (1,713) (3,439) Operating profit/(loss) before depreciation, amortization and impairment (EBITDA) 627 798 1,560 84 69 128 49 88 153 (30) (20) (39) 730 934 1,801 EBITDA margin (%) 32.3 % 39.8 % 39.1 % 14.9 % 12.5 % 11.7 % 28.2 % 41.2 % 37.2 % 24.5 % 16.7 % 15.9 % 28.5 % 35.3 % 34.4 % Gain on disposal of subsidiary - - - - 135 135 - - - - - - - 135 135 Depreciation (265) (240) (489) (50) (44) (90) (20) (19) (37) - 1 3 (335) (301) (614) Amortization (2) (3) (4) (4) (13) (27) - (3) (6) - - - (6) (19) (37) Impairment - - - - - - - - - - - - - - - Operating profit/(loss) (EBIT) 360 556 1,066 30 147 146 28 66 109 (30) (19) (37) 389 749 1,285 Share of profit/(loss) from joint ventures and associates - - (7) 1 1 1 - - - - - - 1 1 (6) Financial income/(expense) (25) (42) (78) (15) (22) (33) (1) (4) (6) (11) (5) (17) (52) (74) (133) Profit/(loss) before tax 336 514 982 17 125 114 27 62 103 (41) (24) (54) 338 676 1,146 Tax income/(expense) (5) (17) (30) (6) (5) (13) (9) (2) 11 (3) (3) (10) (23) (27) (42) Profit/(loss) for the period 331 497 952 11 121 101 18 59 114 (44) (27) (64) 315 649 1,104 Profit/(loss) for the period Owners of the parent 300 452 866 10 121 101 18 59 114 (44) (27) (64) 284 605 1,017 Non-controlling interests 31 44 85 - - 1 - - - - - - 31 45 86 USD million Shipping services Logistics services Government services Holding & eliminations Total Wallenius Wilhelmsen ASA – Q2 Report 2026 26
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Note 4. Goodwill, customer relations/contracts and other intangible assets USD million Goodwill Customer relations/ contracts Other intangible assets1 Total goodwill and other intangible assets 2026 Cost at January 1 307 324 83 714 Additions - - 1 1 Disposal - - - - Reclassification - - - - Currency translation adjustment - - - - Cost at June 30 307 324 85 715 Accumulated amortization and impairment losses at January 1 (145) (273) (55) (473) Amortization - (4) (2) (6) Impairment - - - - Disposal - - - - Reclassification - - - - Currency translation adjustment - - - - Accumulated amortization and impairment losses at June 30 (145) (277) (57) (479) Carrying amount at June 30 162 47 27 236 USD million Goodwill Customer relations/ contracts Other intangible assets1 Total goodwill and other intangible assets 2025 Cost at January 1 346 324 90 760 Additions - - - - Disposal2 (39) - (2) (41) Reclassification - - (6) (6) Currency translation adjustment - - - - Cost at December 31 307 324 83 714 Accumulated amortization and impairment losses at January 1 (145) (242) (55) (442) Amortization - (32) (5) (37) Impairment - - - - Disposal - - 1 1 Reclassification - - 4 4 Currency translation adjustment - - - - Accumulated amortization and impairment losses at December 31 (145) (273) (55) (473) Carrying amount at December 31 162 51 28 241 Wallenius Wilhelmsen ASA – Q2 Report 2026 27 1 “Other intangible assets” primarily include port use rights, a favorable lease agreement and software. 2 Disposal of goodwill relates to the disposal of MIRRAT in Q2 2025, see note 13.
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Note 5. Vessels and other tangible assets USD million Vessels & dry- docking Vessel related projects1 Property & land Other tangible assets Total tangible assets 2026 Cost at January 1 6,076 264 105 157 6,601 Additions 56 118 1 20 194 Disposal (22) - - (33) (56) Reclassification 56 (8) 5 (13) 40 Currency translation adjustment - - (1) - (2) Cost at June 30 6,165 373 109 130 6,777 Accumulated depreciation and impairment losses at January 1 (2,567) - (37) (92) (2,695) Depreciation (146) - (4) (9) (160) Disposal 22 - - 25 47 Impairment - - - - - Reclassification (19) - - 7 (12) Currency translation adjustment - - 1 - 1 Accumulated depreciation and impairment losses at June 30 (2,710) - (40) (68) (2,819) Carrying amount at June 30 3,455 373 69 62 3,959 USD million Vessels & dry- docking Vessel related projects Property & land Other tangible assets Total tangible assets 2025 Cost at January 1 5,934 149 95 116 6,293 Additions 85 139 4 26 254 Disposal (78) - (1) (8) (87) Reclassification 135 (24) 2 19 131 Currency translation adjustment - - 5 4 10 Cost at December 31 6,076 264 105 157 6,601 Accumulated depreciation and impairment losses at January 1 (2,319) - (27) (58) (2,404) Depreciation (282) - (9) (15) (306) Disposal 66 - 1 7 74 Impairment - - - - - Reclassification (32) - 1 (24) (55) Currency translation adjustment - - (3) (3) (5) Accumulated depreciation and impairment losses at December 31 (2,567) - (37) (92) (2,695) Carrying amount at December 31 3,509 264 68 66 3,906 Wallenius Wilhelmsen ASA – Q2 Report 2026 28 1Vessel related projects primarily include installments on newbuilds. The remaining capital commitment for the 14 contracted newbuilds at June 30, 2026 is approx. USD 1.4 billion.
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Note 6. Right-of-use assets USD million Vessels Property & land Other assets Total leased assets 2026 Cost at January 1 1,717 746 56 2,519 Additions 103 52 2 157 Disposal - (8) (6) (14) Reclassification (36) - - (36) Currency translation adjustment - (9) (3) (12) Cost at June 30 1,784 781 50 2,614 Accumulated depreciation and impairment losses at January 1 (671) (312) (36) (1,020) Depreciation (128) (42) (6) (175) Disposal - 8 6 14 Reclassification 12 - - 12 Currency translation adjustment - 3 3 5 Accumulated depreciation and impairment losses at June 30 (787) (343) (33) (1,163) Carrying amount at June 30 997 438 16 1,451 USD million Vessels Property & land Other assets Total leased assets 2025 Cost at January 1 1,514 699 50 2,262 Additions 465 32 10 506 Disposal (142) (9) (4) (156) Reclassification (119) (1) 1 (119) Currency translation adjustment - 25 1 26 Cost at December 31 1,717 746 56 2,519 Accumulated depreciation and impairment losses at January 1 (627) (236) (28) (891) Depreciation (221) (75) (12) (308) Disposal 142 8 4 155 Reclassification 35 - - 35 Currency translation adjustment - (10) - (10) Accumulated depreciation and impairment losses at December 31 (671) (312) (36) (1,020) Carrying amounts at December 31 1,046 434 20 1,500 Wallenius Wilhelmsen ASA – Q2 Report 2026 29
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Note 7. Financial items USD million Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Financial income Interest income 6 14 14 29 52 Other financial income 2 1 2 1 6 Net financial income 8 15 16 31 58 Financial expenses Interest expenses (37) (48) (74) (98) (181) Interest rate derivatives gain/(loss) 1 4 4 9 17 Interest rate derivatives - net change in fair value 3 (7) 6 (20) (27) Other financial expenses (1) (8) (4) (12) (17) Loss on sale of investments - - - - - Net financial expenses (34) (58) (67) (121) (208) Currency Net currency gain/(loss) 5 (10) (15) (33) (29) Foreign currency derivatives gain/(loss) - (2) (13) (5) (12) Foreign currency derivatives - unrealized (4) 20 27 55 57 Net currency 1 7 (1) 16 17 Financial items - net (25) (36) (52) (74) (133) The above information provides a split of financial expenses and income according to the type of financial instrument. This reconciles to the financial items in the income statement as follows: USD million Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Interest income and other financial income Interest income 6 14 14 29 52 Other financial income 2 1 2 1 6 Interest rate derivatives gain/(loss) 1 4 4 9 17 Interest rate derivatives - net change in fair value 3 - 6 - - Net currency gain 5 - - - - Foreign currency derivatives - net change in fair value - 20 27 55 57 Interest income and other financial income 16 39 53 95 132 Interest expense and other financial expenses Interest expenses (37) (48) (74) (98) (181) Other financial expenses (1) (8) (4) (12) (17) Interest rate derivatives - net change in fair value - (7) - (20) (27) Loss on sale of investments - - - - - Net currency loss - (10) (15) (33) (29) Foreign currency derivatives gain/(loss) - (2) (13) (5) (12) Foreign currency derivatives - net change in fair value (4) - - - - Interest expense and other financial expenses (42) (75) (105) (169) (265) Wallenius Wilhelmsen ASA – Q2 Report 2026 30
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Note 8. Shares Earnings per share takes into consideration the number of issued shares excluding own shares in the period. Basic earnings per share are calculated by dividing profit for the period attributable to the owners of the parent by the weighted average number of total outstanding shares (adjusted for weighted average number of own shares). Basic and diluted earnings per share for the second quarter of 2026 were USD 0.29 compared with USD 0.90 in the same quarter last year. Basic and diluted earnings per share for the year ended December 31, 2025 was USD 2.41. The company's number of shares: Jun 30, 2026 Dec 31, 2025 Total number of shares (nominal value NOK 0.52) 423,104,938 423,104,938 Own shares 233,817 310,372 NOK million USD million The company's share capital is as follows, translated to USD at the historical exchange rate: 220 28 Note 9. Tax The group recognized a tax expense of USD 13 million for the second quarter 2026, compared with a tax expense of USD 6 million for the same quarter in 2025. The change is mainly due to a reassessment of deferred taxes resulting in a USD 8.5 million deferred tax expense. The tax expense for the year ended December 31, 2025 was 42. The group will from time to time have disputes with tax authorities or be involved in legal proceedings and discussions related to its tax position. The group does not believe there is any significant exposure relating to current ongoing tax disputes. The group is within the scope of the OECD Pillar Two model rules. Based on the current estimate, the exposure for the group is limited. A total provision of USD 1.8 million pertaining to Pillar Two top-up tax was included in the tax expense in the current quarter (USD 1 million in the second quarter of 2025). The provision in the current quarter includes an additional top-up tax provision of USD 0.8 million in relation to filing of the 2024 Pillar Two tax return. The tax expense exposure year to date is USD 2.5 million ( 2025: USD 2.1 million) . The estimates are based on 15 percent top- up tax on net profit before tax in the entities defined as stateless according to the GloBE regulations. Wallenius Wilhelmsen ASA – Q2 Report 2026 31
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Note 10. Interest-bearing debt USD million Jun 30, 2026 Dec 31, 2025 Non-current interest-bearing debt 895 865 Non-current lease liabilities 1,097 1,164 Current interest-bearing debt 252 398 Current lease liabilities 393 374 Total interest-bearing debt 2,638 2,800 less Cash and cash equivalents (627) (1,071) Net Interest-bearing debt 2,011 1,729 Repayment schedule for interest-bearing debt USD million Bank loans Bonds Lease liabilities Other interest bearing debt Jun 30, 2026 Due in 2026 55 - 225 - 280 Due in 2027 120 126 331 - 577 Due in 2028 123 101 259 - 483 Due in 2029 110 - 220 - 329 Due in 2030 and later 517 - 455 - 973 Total repayable interest-bearing debt 926 227 1,490 - 2,642 Amortized financing costs (4) (1) - - (4) Total 922 226 1,490 - 2,638 Reconciliation of liabilities arising from financing activities USD million Non-current interest bearing debt Current interest bearing debt Non-current lease liabilities Current lease liabilities Total financing activities Total debt December 31, 2025 865 398 1,164 374 2,800 Proceeds from loans and bonds 400 - - - 400 Repayments of loans, bonds and leases (9) (531) - (196) (736) New lease contracts and amendments, net - - 62 95 157 Foreign exchange movements 19 (7) (8) (1) 4 Other non-cash movements 8 3 - - 11 Reclassification (388) 389 (122) 122 1 Total interest-bearing debt June 30, 2026 895 252 1,097 393 2,638 USD million Non-current interest-bearing debt Current interest- bearing debt Non-current lease liabilities Current lease liabilities Total financing activities Total debt December 31, 2024 1,438 338 1,092 283 3,151 Proceeds from loans and bonds 275 - - - 275 Repayments of loans, bonds and leases - (844) - (360) (1,205) New lease contracts and amendments, net - - 393 112 505 Foreign exchange movements 80 (31) 16 2 67 Other non-cash movements 7 - - - 7 Reclassification (935) 935 (337) 337 - Total interest-bearing debt December 31, 2025 865 398 1,164 374 2,800 In the first quarter of 2026, Wallenius Wilhelmsen ASA repaid the WAWI01 bond maturing in March, settling USD 194 million corresponding to the hedged amount. During the same period, EUKOR added an available liquidity facility of USD 25 million and completed early repayments Wallenius Wilhelmsen ASA – Q2 Report 2026 32
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totalling USD 50 million, resulting in four vessels becoming unencumbered. Wallenius Wilhelmsen Ocean also drew USD 400 million under its available revolving credit facilities. In addition, ARC divested one vessel through recycling. In the second quarter of 2026, EUKOR prepaid USD 61 million of debt related to two vessels. WW Ocean refinanced USD 98 million term loan and a USD 252 million revolving credit facility into a new USD 250 million RCF, extending the original maturity by three years. WW Ocean also established an overdraft facility within its cash pool to manage short-term liquidity fluctuations. In addition, WW Solutions refinanced its USD 345 million revolving credit facility into a new USD 250 million RCF, extending the original maturity by three years. The group’s undrawn credit facilities were USD 552 million at June 30, 2026. At June 30, 2026, the group had 43 unencumbered vessels with a total net carrying value of USD 1,146 million. Wallenius Wilhelmsen ASA – Q2 Report 2026 33
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Note 11. Financial risk The group uses various types of derivative instruments to hedge exposure to foreign exchange risk and interest rate risk. Financial derivatives are measured at fair value based on observable market data (level 2). Refer to note 16 in the Annual Report 2025 for valuation methodologies used. Fair value hierarchy USD million Level 1 Level 2 Level 3 Total 2026 Financial assets at fair value through income statement - Financial derivatives - 23 - 23 - Equity investments - - 9 9 Financial assets at fair value through OCI - Equity investments - - 45 45 Total assets at June 30 - 23 54 77 Financial liabilities at fair value through income statement - Financial derivatives - 19 - 19 Total liabilities at June 30 - 19 - 19 USD million Level 1 Level 2 Level 3 Total 2025 Financial assets at fair value through income statement - Financial derivatives - 11 - 11 - Equity investments - - 11 11 Financial assets at fair value through OCI - Equity investments - - 45 45 Total assets at December 31 - 11 57 68 Financial liabilities at fair value through income statement - Financial derivatives - 40 - 40 Total liabilities at December 31 - 40 - 40 Wallenius Wilhelmsen ASA – Q2 Report 2026 34
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Fair value of interest-bearing liabilities USD million Fair value Carrying value 2026 Bank loans 926 922 Bonds 227 226 Leasing liabilities 1,490 1,490 Other - - Total liabilities at June 30 2,642 2,638 USD million Fair value Carrying value 2025 Bank loans 872 868 Bonds 396 395 Leasing liabilities 1,538 1,538 Other - - Total liabilities at December 31 2,806 2,800 Wallenius Wilhelmsen ASA – Q2 Report 2026 35
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Financial instruments by category USD million Assets at amortized cost Assets at fair value through the income statement Equity instruments designated at fair value through OCI Total 2026 Assets Other non-current assets 5 21 - 25 Long-term investments - 9 45 54 Trade receivables 583 - - 583 Other current assets 114 2 - 116 Cash and cash equivalents 627 - - 627 Assets at June 30 1,329 32 45 1,406 USD million Liabilities at fair value through the income statement Other financial liabilities at amortized cost Total 2026 Liabilities Non-current interest-bearing debt - 895 895 Non-current lease liabilities - 1,097 1,097 Written put option over non-controlling interest - 386 386 Other non-current liabilities - - - Trade payables - 182 182 Current interest-bearing debt - 252 252 Current lease liabilities - 393 393 Other current liabilities 19 324 343 Liabilities at June 30 19 3,530 3,549 USD million Assets at amortized cost Assets at fair value through the income statement Equity instruments designated at fair value through OCI Total 2025 Assets Other non-current assets 6 9 - 15 Long-term investments - 11 45 57 Trade receivables 558 - - 558 Other current assets 124 2 - 126 Cash and cash equivalents 1,071 - - 1,071 Assets at December 31 1,758 23 45 1,826 USD million Liabilities at fair value through the income statement Other financial liabilities at amortized cost Total 2025 Liabilities Non-current interest-bearing debt - 865 865 Non-current lease liabilities - 1,164 1,164 Other non-current liabilities 18 - 18 Trade payables - 141 141 Current interest-bearing debt - 398 398 Current lease liabilities - 374 374 Written put option over non-controlling interest - 897 897 Other current liabilities 22 318 340 Liabilities at December 31 40 4,155 4,196 Wallenius Wilhelmsen ASA – Q2 Report 2026 36
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Note 12. Provisions and contingent liabilities The group is from time to time party to lawsuits related to laws and regulations in various jurisdictions arising from the conduct of its business, including on-going class action processes. Following developments in class action litigation proceedings, a class action claim in the United Kingdom was settled in December 2024 with no admission of liability. On June 30, 2026, a current provision of USD 9 million ( December 31, 2025: USD 8 million) is recognized, as the timing and amount of payment remains uncertain. We believe no other similar claims will have a material effect on our financial results or position. The provision for emissions under the EU ETS requirements at June 30, 2026 is USD 32 million (December 31, 2025: 19 million) The above amounts are presented as part of other current liabilities in the balance sheet. Note 13. Disposal of subsidiary Wallenius Wilhelmsen disposed of its investment in Melbourne International RoRo & Auto T e r m i n a l ( “ M I R R A T ” ) o n 1 M a y 2 0 2 5 , r e c o g n i z i n g a g a i n o n d i s p o s a l o f U S D 135 million. USD million Sales proceeds 210 less Carrying amount of net assets sold1 (31) less Goodwill derecognized (39) less Closing costs (4) Gain on disposal of subsidiary 135 Note 14. 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. Wallenius Wilhelmsen ASA – Q2 Report 2026 37 1 Includes reclassification of foreign currency reserve (loss) of USD 3 million and cash and cash equivalents of USD 28 million.
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Reconciliation of alternative performance measures Definitions of Alternative Performance Measures (APMs) This section describes the non-GAAP financial alternative performance measures (APM) that are used in the quarterly and annual reports. 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 results and cash flows from period to period and it is the group’s experience that these are frequently used by investors, analysts and other parties. Internally, these APMs are used by 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 revenue less Operating expenses. EBITDA is used as an additional measure of the group’s operational profitability, excluding the impact from financial items, taxes, depreciation and amortization and impairment/(reversal of impairment). EBITDA adjusted is defined as EBITDA excluding items in the result which are not regarded as part of the underlying business. Examples of such items are restructuring costs, gain/loss on sale of vessels and other tangible assets and other income and expenses which are not primarily related to the period in which they are recognized. Cash EBITDA is defined as EBITDA adjusted, less lease payments in the period. This measure reflects the cash impact of leases that is excluded from EBITDA under IFRS 16 . Cash EBITDA is calculated only for the logistics segment. EBIT is defined as total revenue less operating expenses, other gain/loss and depreciation, amortization and impairment/(reversal of impairment). 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 and profit/(loss) for the period adjusted is defined as EBIT/Profit/(loss) for the period adjusted excluding items in the result which are not regarded as part of the underlying business. Examples of such items are restructuring costs, gain/loss on sale of vessels and other tangible assets, impairment, other gain/loss and other income and expenses which are not primarily related to the period in which they are recognized. Cash conversion ratio is defined as Net cash flow provided by operating activities divided by EBITDA adjusted and is a measure of the group's ability to generate cash from operations. Capital employed (CE) is calculated based on the average of total assets less total liabilities plus total interest-bearing debt for the last twelve months. CE is measured in order to assess how much capital is needed for the operations/business to function and evaluate if the capital employed can be utilized more efficiently and/or if operations should be discontinued. Return on capital employed (ROCE) adjusted is based on last twelve months EBIT adjusted divided by capital employed. Adjusted ROCE is used to measure the return on the capital employed without taking into consideration the way the operations and assets are financed during the period under review. The group considers this ratio as appropriate to measure the return of the period. Wallenius Wilhelmsen ASA – Q2 Report 2026 38
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Total interest-bearing debt is calculated as the end of period sum of non-current interest- bearing loans and bonds, non-current lease liabilities, current interest-bearing loans and bonds and current lease liabilities. The group considers this a good measure of total financial debt. Net interest-bearing debt (NIBD) is calculated as the end of period total interest-bearing debt less the end of period cash and cash equivalents. The group considers this a good measure of underlying financial debt. NIBD/EBITDA adjusted (leverage ratio) is calculated based on the end of period net interest- bearing debt divided by the rolling last twelve months of EBITDA adjusted. The group considers this a good measure of leverage as it indicates how many years of EBITDA adjusted, being a proxy for normal cash flow from operations, is needed to cover the NIBD. The equity ratio is calculated based on total equity divided by total assets at the end of the reporting period. The group considers this a relevant measure of how the group manages its debts and funds its asset requirements. Net interest-bearing debt USD million Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 Non-current interest-bearing loans and bonds 895 1,024 865 Non-current lease liabilities 1,097 1,220 1,164 Current interest-bearing loans and bonds 252 533 398 Current lease liabilities 393 328 374 Total interest-bearing debt 2,638 3,105 2,800 less Cash and cash equivalents (627) (1,363) (1,071) Net Interest-bearing debt 2,011 1,742 1,729 Net interest-bearing debt divided by last twelve months adjusted EBITDA (leverage ratio) USD million YTD 2026 YTD 2025 2025 Net Interest-bearing debt 2,011 1,742 1,729 Last twelve months adjusted EBITDA 1,626 1,890 1,811 Net interest-bearing debt/adjusted EBITDA ratio 1.2x 0.9x 1.0x Equity ratio USD million Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 Total equity 3,669 3,340 3,302 Total assets 7,517 8,175 7,817 Equity ratio 48.8 % 40.9 % 42.2 % Wallenius Wilhelmsen ASA – Q2 Report 2026 39
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Reconciliation of Total revenue to EBITDA and EBITDA adjusted USD million Q2 2026 Q1 2026 Q2 2025 YTD 2026 YTD 2025 2025 Total revenue 1,305 1,253 1,350 2,558 2,647 5,240 Operating expenses (956) (872) (878) (1,828) (1,713) (3,439) EBITDA 349 381 472 730 934 1,801 EBITDA Shipping services 294 333 411 627 798 1,560 Loss/(gain) on sale of vessel - - - - - (28) USTR port fees - (1) - (1) - 21 Restructuring expenses 3 1 - 4 - 3 Digital transformation 2 - - 2 - 5 Anti-trust expense/ (reversal of expenses) - - - - - - EBITDA adjusted Shipping services 299 333 411 631 798 1,561 EBITDA Logistics services 46 39 32 84 69 128 Restructuring expenses 1 2 - 3 - 1 Digital transformation - 2 - 2 - 4 Loss/(gain) on sale of tangible assets (1) - - (1) - - EBITDA adjusted Logistics services 46 42 32 88 69 133 EBITDA Government services 26 23 41 49 88 153 Loss/(gain) on sale of vessel - - - - - - EBITDA adjusted Government services 26 23 41 49 88 153 EBITDA holding/eliminations (17) (14) (12) (30) (20) (39) Digital transformation 7 4 - 11 - 3 Loss/(gain) on sale of vessel - - - - - - EBITDA adjusted holding/eliminations (10) (9) (12) (19) (20) (36) EBITDA adjusted 361 389 472 749 934 1,811 Wallenius Wilhelmsen ASA – Q2 Report 2026 40
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Reconciliation of Total revenue to EBIT and EBIT adjusted USD million Q2 2026 Q1 2026 Q2 2025 YTD 2026 YTD 2025 2025 EBITDA 349 381 472 730 934 1,801 Depreciation and amortization (173) (168) (163) (341) (320) (651) Gain on disposal of subsidiary - - 135 - 135 135 EBIT 175 214 445 389 749 1,285 (Gain)/Loss on sale of vessel - - - - - (28) USTR port fees - (1) - (1) - 21 Digital transformation 9 6 - 15 - 12 Restructuring expenses 4 2 - 6 - 4 Gain on disposal of subsidiary - - (135) - (135) (135) Total adjustments 12 8 (135) 20 (135) (125) EBIT adjusted 187 221 310 409 614 1,160 Profit for the period 138 177 403 315 649 1,104 Total adjustments to EBIT 12 8 (135) 20 (135) (125) Impairment investment in associates - - - - - 6 Profit for the period adjusted 150 184 268 335 514 984 Cash conversion ratio USD million Q2 2026 Q1 2026 Q2 2025 YTD 2026 YTD 2025 2025 Net cash flow provided by operating activities 260 322 451 582 901 1,744 EBITDA adjusted 361 389 472 749 934 1,811 Cash conversion ratio 72 % 83 % 95 % 78 % 96 % 96 % Reconciliation of total assets to capital employed and ROCE calculation LTM average USD million Q2 2026 Q2 2025 2025 Total assets 7,812 8,466 8,190 Less Total liabilities (4,575) (5,290) (4,977) Total equity 3,237 3,175 3,213 Total interest-bearing debt 2,869 3,276 3,105 Capital employed 6,106 6,451 6,317 EBIT last twelve months adjusted 954 1,283 1,160 ROCE (adjusted) 15.6 % 19.9 % 18.4 % Cash EBITDA - Logistics segment USD million Q2 2026 Q1 2026 Q2 2025 YTD 2026 YTD 2025 2025 Adjusted EBITDA 46 39 32 84 69 133 Lease payments (26) (25) (25) (50) (50) (96) Cash EBITDA 20 14 7 34 19 37 Cash EBITDA margin (%) 7 % 5 % 3 % 6 % 3 % 3 % Wallenius Wilhelmsen ASA – Q2 Report 2026 41