Slides
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Wallenius Wilhelmsen ASA Q3 2026
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This presentation contains forward-looking information and statements relating to the business, financial performance and results of the Group, and/or the industry and markets in which it operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as "aims", "anticipates", "believes", "estimates", "expects", "foresees", "intends", "plans", "predicts", "projects", "targets", and similar expressions. Such forward-looking statements are based on current expectations, estimates and projections, reflect current views with respect to future events, and are subject to risks, uncertainties and assumptions. Forward-looking statements are not guarantees of future performance and risks. Uncertainties and other important factors could cause the actual results of operations, financial condition and liquidity of the Group or the industry to differ materially from this results expressed or implied in this presentation by such forward-looking statements. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved, and you are cautioned not to place any undue influence on any forward-looking statement. Disclaimer
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1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A Agenda
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Strong outlook 4 Contracting for ~40% of shipping volumes for 2027 well underway with two large awards totalling USD 1.7bn announced post quarter end Maintained the outlook for 2026 with an adjusted EBITDA of about USD 1.6bn Continued increase in demand for shipping ex-Asia supports higher freight and charter rates Raised USD 300m in new equity to partly fund extension of our newbuilding program with 4x deliveries in 2030, and 8x optional vessels from 2031 Adjusted EBITDA for Q3 2026 ended at USD 428m, up 19% QoQ due to improved performance for Shipping and Government services. This is in line with our trading update Appointed John Felitto as new CCO and Christian Holth as Interim COO Logistics in early Q4
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1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A Agenda
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Three main market trends support continuation of the cycle despite geopolitical and regulatory challenges 01 Chinese export boom Structural growth in long-distance vehicle flows 02 Constrained RoRo capacity Deliveries are absorbed and lead times remain long despite recent ordering activity 6 04 Geopolitical and regulatory challenges Potential impact of external events on demand 03 Rates strengthening Freight and charter markets reflect tight marginal capacity
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Source: CPCA, KAMA, JAMA Development of passenger car volumes ex. West Source: Mobility Global (prev. S&P) Continued strong volume growth ex-Asia driven by China 7 Million light vehicles and implicit YoY changeMillion light vehicles and implicit YoY change Development of passenger car volumes ex. East 2.4 3.3 2.2 2022 3.8 4.0 2.7 2023 4.7 3.8 2.7 2024 5.7 3.8 2.6 2025 7.0 2.8 2.0 3.7 L12M 9.3 3.7 2.7 Annu. 2026 data 0.7 3.4 1.8 2020 1.5 3.4 2.0 2021 5.9 6.8 7.9 10.5 11.2 12.1 15.5 15.7 +62% +28% +29% China Japan Korea 2.1 0.3 2021 2.0 0.6 0.2 2022 2.2 0.6 0.2 2023 2.0 0.5 0.2 2024 1.9 0.5 0.20.6 1.3 0.3 0.6 L12M 1.7 0.4 0.2 Annu. 2026 data 2.0 0.7 0.3 2020 3.1 3.1 2.8 2025 2.8 2.6 2.4 2.3 3.0 -10% -13% EU USA UK 35% 76% 2% 1% Ex-East China Japan Korea YoY YTD change -13% -12% -16% -15% Ex-West EU USA UK YoY YTD change
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Source: China Customs, WAWI Analysis, Data exclude Russia Chinese light vehicles exports split by destination (excl. Russia) Chinese growth in Q3 driven by Europe, ME and North Africa 8 Thousand units 310 355 324 319 380 367 369 452 511 537 579 745 911208 244 212 212 260 245 233 334 408 448 345 547 526 126 138 112 126 157 99 134 136 124 214 90 140 154 100 103 116 177 112 112 129 207 181 261 313 420 365 137 173 155 216 223 274 260 325 397 472 315 255 406 72 77 159 140 87 116 0 600 300 900 1 200 1 500 1 800 2 100 2 400 2 700 3241 Q4 24 3151 Q1 25 40 Q2 25 Q3 25 6266 Q4 25 5970 Q1 26 39 Q3 26 1151 Q3 23 14 Q2 26 42943 1 070 971 1 120 1 202 1 169 Q4 23 1 567 1 752 2 059 1 772 2 352 2 618 12 54 Q1 24 2247 Q2 24 3038 Q3 24 1 208 +11% +49% Europe Other Asia North America South America and Caribbean1 North Africa and Middle East Oceania Africa QoQ growth YoY growth 78% 29% 23% 102% 2% South America and Caribbean North America Other Asia Africa 22% 10% -13% 59% -4% Europe 82% 114% -12% 34% North Africa and Middle East Oceania
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China Customs vehicle exports1 and RoRo capacity2 trend The RoRo capacity gap widened further in Q3 9Source: Chinese customs, WAWI analysis, 1 Exports include light vehicles and H&H above 5mt 2 RoRo capacity based on internal analysis of AIS vessel movements and estimated deployed capacity at Chinese ports • The capacity gap continues to widen as Chinese vehicle exports outpace RoRo capacity growth • Non-RoRo volumes remain significant, with our analysis indicating annual volumes of around 2–4m units China Customs exports RoRo capacity Illustrative 22 Q1 22 Q2 22 Q3 22 Q4 23 Q1 23 Q2 23 Q3 23 Q4 24 Q1 24 Q2 24 Q3 24 Q4 25 Q1 25 Q2 25 Q3 25 Q4 26 Q1 26 Q2 26 Q3 Non-RoRo cargo
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Apr 24 Jul 24 Oct 24 Jan 25 Apr 25 Jul 25 Oct 25 Jan 26 Apr 26 Jul 26 Oct 26 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 120 Jan 24 100 110 +135% +120% Sources: Hesnes Shipping (freight rates based on confirmed and reported fixtures, supplemented by market estimates), Clarksons (TC-rates) and WAWI analysis. 1 6.5k CEU equivalent vessel 1-year TC-in rates1 development Increasingly tight freight and charter market despite fleet growth 10 USDk per dayUSD per cbm Assessed “spot” rate levels from Asia to Europe 60 70 80 90 100 110 120 130 140 150 160 170 180 190 200 Jan 25 Apr 25 Jul 25 Oct 25 Jan 26 Apr 26 Jul 26 Oct 26 +12% +132% 6.5k 1-TC 7k 1-TC (DF)
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Fleet growth continues with ordering activity picking up, but new orders likely not delivered before 2030/2031 11Source: Clarksons WFR, WAWI analysis. 1 PCC ordered excludes all vessels below 2,000 CEU • 12x vessels remaining for 2026 delivery (47 delivered YTD) • 49 vessels ordered in Q3 2026, order book to fleet ratio now at ~26% • Orders placed today are unlikely to be delivered before 2030, possibly later Development of PCC ordering by expected delivery year1 Number of vessels 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 Q4 25 Q1 26 Q2 26 Q3 26 6 11 25 1 10 30 15 19 32 14 10 27 19 Q1 21 9 13 3 4 33 2 8 31 49 0 Deliveried 2026 2027 2028 2029 2030+
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Source: Clarksons, WAWI analysis. 1 Calculation excludes all vessels below 2,000 CEU, no delays, and deliveries are not timeweighted. Options are not included 2 6.5k CEU capacity vessel, 3 6.5k CEU equivalent vessel Fleet will continue to grow until 2030 12 Million CEU 6.2 6.3 6.3 2025 5.3 0.1 2026E 5.4 0.4 2027E 5.7 0.3 6.0 0.4 2029E 6.2 0.3 5.4 2030E 6.3 0.1 2031E2028E2024 4.4 5.0 5.7 6.0 +13% +9% +6% +4% +3% +2% +1% Fleet size Newbuildings Estimated vessels ≥ 30-year-old Q1-26: 16x vessels delivered Q2-26: 14x vessels delivered Q3-26: 12x vessels delivered Q4-26: 5x vessels delivered & 12x to be delivered Vessels turning 30-years3 per calendar year: 2027 – 11 vessels 2028 – 12 vessels 2029 – 26 vessels 2030 – 24 vessels 2031 – 6 vessels Development of global fleet capacity1
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Wallenius Wilhelmsen operates in a market impacted by geopolitics and regulatory changes 13 Strait of Hormuz: Regular sailings suspended Panama canal: Transit constraints Bab-el-Mandeb: Route avoided US: Tariffs, technology restrictions and potential port fees EU: EV tariffs and potential quotas Mexico: Import tariffs Brazil: Import tariffs China: Export incentives reduced UK: Import EV tariffs considered Global scale and network flexibility are increasingly important Canada: EV import quota and market-access restrictions Thailand: Local manufacturing incentives Indonesia: Local manufacturing incentives
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China export Rest of the World EU27 BEV and ICE QuotaPHEV and HEV Potential impacted volumes Source: China Customs, 1 2026E is based on annualizing Jan-Sep 2026 numbers. Data exclude Russia. EU Hybrid quota loss is calculated as 2026E Hybrid less quota on 350k vehicles, WAWI Analysis Chinese light vehicles exports split by EU27 and rest of the world EU hybrid quota of 350K may impact ~5% of Chinese exports 14 Million light vehicles 2026E 7.2 (80%) Non EU imports EU imports BEV and ICE PHEV and HEV Hybrid Quota Potential impacted volumes 9.0 1.8 0.9 0.9 350k 0.5 (6%)
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Sources: Clarksons, WAWI Analysis. Key assumptions: Capacity deficit of 3m units at end 2026, incremental exports coming from China, other Asia stable, capacity expansion based on expected deliveries (4.5 voyages/year), extra vessel orders assumed in 2029 and 2030, and no recycling in period RoRo lifting capacity ex. Asia with deliveries, no recycling and projected ex-China automotive growth Dependent on Chinese growth, how tight is the market going forward? 15 2026E 2027E 2028E 2029E 2030E 2031E 100% utilization Growth 3% Growth 5% Growth 7.5% Growth 10% Insufficient RoRo lifting capacity ex. Asia Tight RoRo capacity ex. Asia Fully utilized RoRo ex. Asia Assume non-RoRo volume of 2m units ex. China year-end 2026 All incremental export comes from China, growing at different growths p.a.; no displacement of Japanese or Korean volumes New capacity based on total CEU deliveries, assuming 4.5 voyages per year and no intra- year delivery adjustment No recycling Assume additional orders in 2029–30 reflecting current delivery pattern Illustrative 2-4m non-RoRo exports deficit 37% CAGR last 3 years
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1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A Agenda
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Adjusted EBITDA of USD 428m in the quarter 17 Shipping services Logistic services Government services 409 354 333 299 355 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 +19% 34 28 42 46 45 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 -2% USD m in revenues USD m in revenues USD m of adj. EBITDA USD m of adj. EBITDA USD m of adj. EBITDA Adj. EBITDA, USD m Q3 2026 financials USD m in revenues 44 22 23 26 38 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 +47% 1078 355 274 45 113 38
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18 USD 300m in equity raised post quarter end to fund expansion of the newbuilding program 18 • Expanded shareholder base • Improved free float USD 300m in new equity Private placement, October 6 • Delivery 2030 for four firm vessels • Delivery for options (4+4) 2031 - 2032 respectively • Total capex if all vessels are confirmed ~ USD 1.5bn 4 firm, up to 8 options Newbuild order confirmed, October 28
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Newbuilding program expanded to up to 26 vessels, with two delivered to date 19 2026 2027 2028 2029 2030 2031 2032 14x Shaper and Shaper+ delivering into a strong market from H2 2026 through 2028 7x Shaper+ (11,700 CEU) 4x firm vessels scheduled for delivery in 2030 8x option vessels with regular delivery from 2031 Up to 12x PCTCs (First four firm vessels: 9,900 CEU, LNG dual-fuel) 7x Shaper (9,300 CEU) Cost efficiency ~25% reduced fuel costs/CEU compared to current fleet Commercial flexibility to accommodate WAWI’s trade mix, carry heavy cargoes, and a growing EV share Fuel flexibility to allow fuel optionality, and support journey towards our net zero ambitions
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Volumes marginally down QoQ due to seasonality 20 Shipping services volumes and H&H share Million cbm1 & H&H/BB %-share of total2 Source: WAWI internal data. 1 Prorated volume (WW Ocean, EUKOR, ARC and Armacup), 2 H&H/Breakbulk share calculated based on unprorated volumes. Auto H&H/BB Share of H&H/BB Prior to Red Sea avoidance • A seasonal decline in Q3 volumes as ex-West volumes were down. HMG volumes negatively impacted by strike effects were replaced by other volumes ex-Asia in the quarter • H&H and BB share of volume was up both QoQ and YoY – nominal volumes continue to improve slowly 27% Q4 23 25% Q1 24 25% Q2 24 23% Q3 24 23% Q4 24 21% Q1 25 24% Q2 25 28% Q3 25 23% Q4 25 25% Q1 26 25% Q2 26 26% Q3 26 31% Q3 22 28% Q4 22 28% 13.6 23% 13.2 Q1 23 Q2 23 27% Q3 23 13.6 -3% -3%
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1 TCE earnings/day is net of fuel surcharges and fuel cost Net freight rate up 5% QoQ due to improved trade/customer mix 21 Net freight rate/cbm and estimated net TCE earnings/day1 Net freight rate/cbm QoQ (USD) Net freight rate/cbm YoY (USD) 57 55 55 54 56 57 60 61 61 66 66 65 65 62 63 61 64 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 +5% -2% Net freight rate per CBM (USD 000) Estimated TCE earnings/day (USD) Q3 25 -2.3 Price effect Customer/trade Mix Q3 26 65.4 1.3 64.4 -2% Q2 26 Price effect Customer/trade Mix Q3 26 61.4 0.8 2.2 64.4 +5%
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Active fleet management drives incremental value 22 Asian Captain ~29 years 7,900 CEU Estimated sales gain ~USD 40m (Q4-26) Grand Uranus ~15 years 7,600 CEU Option price ~USD 50m below market value 12x purchase options/ obligations Option prices below current market values – declarable through 2031 Purchase options / obligations by year 2027 2028 2029 2030 2031 2x 2x 4x 2x 2x Excess values if prices remain at current levels
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Adjusted EBITDA Stable performance for Logisticsfollowing launch of improvement program 23 USD m and cash EBITDA margin 28 30 34 42 46 45 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 0 5 10 15 20 25 30 35 40 45 50 55 60 65 4% Q1 25 3% Q2 25 5% Q3 25 28 1% Q4 25 6% Q1 26 7% Q2 26 8% Q3 26 MIRRAT contribution Logistics Cash EBITDA margin From Q4-25 presentation
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Improved activity level for Government services in Q3 24 Government services revenue split1 Million USD Source: WAWI internal data. 1 Not fully adjusted for eliminations • Total revenues flat YoY , but sharp improvement QoQ • Sharp uptick in US Government volumes compared to Q2 • Commercial revenues up QoQ and YoY93 86 79 87 63 54 64 84 13 13 13 13 13 17 14 15 4 8 14 13 12 16 8 14 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 111 107 106 112 88 87 86 Q3 26 113 -4% +32% US Government MSP Commercial
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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 Estimated contract revenue split for Logistics services (USD m)2 Contract backlog details Majority of our shipping capacity for 2027-2029 to be contracted by year-end, at rates reflecting current market conditions 25 % of Shipping volume at end of quarter based on contract startup1 7% 5% 9% 58% 13% 11% 1% 2026E 4% 47% 8% 4% 1% 41% 2027E Contract Start 2022 Contract Start 2023 Contract Start 2024 Contract Start 2025 Contract Start 2026 Contract Start 2027 Rate Agreement Renewal 6% 22% 72% 2026E 2027E After 2028E Shipping services Logistics services Value of contract backlog 5.8bn USD 2.6bn USD Value of contracts entered during Q33 ~103m USD ~98m USD Weighted contract duration4 2.8 years 7.9 years Average net rate in book of business ~USD 54 per cbm N/A Estimated lifting capacity
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..with twomajor contracts totalling USD 1.7bn signed post quarter 26 Leading Equipment Manufacturer $950m + 100m over 3 years Shipping services Logistics services Asian OEM $700m over 3 years Shipping services
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1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A Agenda
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Positive QoQ development in LTIF for Shipping and Logistics 28 LTIF for Shipping & Government and Logistics services 1 LTIF Shipping (including Government services): frequency per million man-hours exposed, 2 LTIF Logistics: per million man-hours worked • Q3 LTIF Shipping1 came in at 0.20, marginally better than Q2 • LTIF Logistics2 is at 7.73 for Q3 2026 representing a solid improvement QoQ and YoY Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 0.18 1.02 0.20 0.54 0.66 0.41 0.21 0.20 LTIF LTM Target Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 9.25 12.35 10.08 9.63 9.02 13.77 12.23 7.73 Logistics2 Shipping & Govt.1
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CO2e intensity Absolute emissions remains stable with intensity down due to increased fuel efficiency and low carbon fuels 29 gCO2e / tonne nautical miles (EEOI)Thousand tonne CO2e Total emissions Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 61.2 64.7 61.8 61.8 64.0 63.6 60.7 60.9 -1% 0% 180 182 188 190 198 192 191 187 997 Q4 24 1,010 Q1 25 1,020 Q2 25 1,039 Q3 25 1,065 Q4 25 1,034 Q1 26 1,029 Q2 26 1,002 Q3 26 1,177 1,192 1,208 1,229 1,263 1,226 1,220 1,189 -3% -3% Tank-to-wake Well-to-tank • EEOI decreased 1% YoY and was flat QoQ, reflecting lower emissions intensity through improved fuel efficiency plus increased use of biofuels and LNG. The decline happened despite higher speed and cargo transport work • Total fuel consumption up 1% YoY, driven by higher average sailing speeds offset by a 2% decline in total distance sailed • Total well-to-wake CO2 emissions decreased 3% YoY, supported by increased use of biofuel, LNG and bio-LNG • QoQ, total well-to-wake CO2 emissions came down 3%, mainly explained by lower fuel consumption and cargo transport work Actual CO2e intensity CO2e intensity target 5% 5% 7% 7% 9% 9% 11% 11% Biofuel/LNG % of fuel consumption
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1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A Agenda
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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 following the Q2 2024 restatement. ° Metric 30 FINANCIAL TARGETS 1PERFORMANCE 1 331 1 305 477 361 1 401 428 488 349 414 280 138 212 482 260 470 1 909 2 011 2 119 5% 7% -10% 18% -15% 19% -24% 53% -3% 81% 11% 5% Q3 2025 Q2 2026 Q3 2026 YoY QoQ Target >12% >35% <3.0x >1.0bn Q3 2026 14.7 % 47.0 % 1.3x 1.03bn ROCE Equity ratio Leverage ratio Liquidity 0.60 0.29 0.45 -25% 54% Revenue Adjusted EBITDA Reported EBITDA Net profit Operating cash flow Net debt EPS USD m, except EPS, per cent and multiples Financial highlights
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974 943 9981 011 1 078 +6.6% +8.1% Adjustment reversals are linked to adjustments made in Q4 25 (see Q4 25 report for more detail) Revenue1 (USD m) Adj. EBITDA development QoQ (USD m) Adj. EBITDA (USD m) Shipping: Adjusted EBITDA up 19% QoQ driven by lower net bunker cost and higher net freight rates 32 409 354 333 299 355 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 -13% +19% 299 355 14 47 2 5 Q2 26 adj. EBITDA Net freight Net bunker cost Other voyage + cargo expenses Vessel opex Charter expenses SG&A Q3 26 adj. EBITDA -12 1 +19% Adjustment reversals
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Bunker costs normalized in Q3, but recovery of elevated cost in H1 2026 not expected before market prices normalize 33 Net bunker cost vs VLSFO development USD million (lhs) and USD/metric ton (rhs) Sources: Factset, WAWI data • Net bunker cost returned to a normalized level in Q3 2026 as BAF recovery caught up with higher bunker prices • However, the Q3 normalization has not yet offset the elevated net bunker costs incurred in Q1 and Q2 • Full recovery is expected as bunker prices move back towards pre-conflict levels 78 66 70 73 57 64 66 78 109 65 0 10 20 30 40 50 60 70 80 90 100 110 0 100 200 300 400 500 600 700 800 900 1,000 1,100 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 53 Net bunker cost Average quarterly VLSFO Bunker Price
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Revenue (USD m) Adj. EBITDA development QoQ (USD m) Logistics: Adjusted EBITDA down 2% QoQ with relatively stable performance across all business areas 34 272 261 289 278 274 +1% -2% 34 28 42 46 45 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 +31% -2% 46 45 2 Q2 26 adj. EBITDA Revenue Operating cost SG&A Q3 26 adj. EBITDA -5 1 -2% Adj. EBITDA (USD m) Adjustment reversals
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Revenue (USD m) Adj. EBITDA development QoQ (USD m) Government: Adjusted EBITDA up 47% QoQ, due to increased US government and commercial revenues 35 112 86 87 86 113 +1% +32% 44 22 23 26 38 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 -13% +47% 26 38 20 7 1 0 Q2 26 adj. EBITDA US government revenues Commercial revenues MSP Operational cost SG&A Q3 26 adj. EBITDA -16 +47% Adj. EBITDA (USD m)
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627 526 552 428 70 500 (258) (28) Other financial items 9 FX effect on cash (14) Cash RCF Cash Q2 26 Cash Q3 26 EBITDA Δ Other assets/ liab (14) Taxes paid Other operating items (160) Net capex 8 Other investing items2 (36) DividendInterest paid (106) 1 179 1 026 Net proceeds/ repayments -13% (-153) Solid operating cash flow supporting investments and shareholder distributions 36 Cash flow and liquidity development Million USD 1 Cash conversion: Operating cash flow/adj. EBITDA 2 Includes interest received on bank deposits and dividends from joint ventures and associates • Cash and cash equivalents at quarter end of USD 0.5bn with total liquidity of USD ~1.0bn • Operating cash flow of USD 470m, reflecting higher EBITDA and positive working capital movements • Investing cash flow negative USD 151m mainly driven Arctic Tern delivery and newbuild installments • Financing cash flow negative USD 428m mainly driven by dividends and debt / lease repayments Operating cash flow Investing cash flow Financing cash flow 470 -151 -428
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Robust balance sheet and moderate leverage 37 Billion USD Billion USDBillion USD 1.1 0.6 Q3 25 1.1 0.9 Q4 25 0.9 0.5 Q1 26 0.6 0.6 Q2 26 0.5 0.5 Q3 26 1.7 2.0 1.4 1.2 1.0 -13% Cash balance RCF Q3 25 1.3 1.5 -1.1 1.0x Q4 25 1.4 1.5 -0.9 1.2x Q1 26 1.1 1.5 1.5 1.2x Q2 26 1.2 1.5 -0.5 1.3x Q3 26 1.5 -1.1 1.0x 1.9 1.7 2.1 2.0 2.1 -0.6 +5% Bank/bond debt Leasing debt Cash balance Leverage ratio 40.3% Q3 25 42.2% Q4 25 39.4% Q1 26 48.8% Q2 26 47.0% Q3 26 3.1 3.3 3.1 3.7 3.5 -4% Book equity Equity ratio • Equity ratio of 47.0%, slightly down QoQ due to dividend payment and remeasurement of the put option for the 20% minority stake in EUKOR, partly offset by positive earnings • NIBD increased to USD 2.1bn mainly due to lower cash balance QoQ following a USD 286m dividend payment • Leverage ratio of 1.3x • Total liquidity reserves of USD 1.0bn, down 13% reflecting dividend payment, debt repayments and continued focus on rightsizing liquidity NIBDEquity Liquidity reserves
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1. Highlights 2. Market update 3. Business update 4. Sustainability update 5. Financial update 6. Prospects & Q&A Agenda
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Prospects 39 Demand, in particular for Shipping services, remains strong and we expect continued solid volumes and high utilization ahead. Based on current volume assumptions, we expect the majority of our shipping capacity for 2027-2029 to be contracted by year-end, at rates reflecting current market conditions. We maintain our 2026 adjusted EBITDA outlook at about USD 1.6bn. Our outlook remains dependent on geopolitical events, regulatory changes, and other potential material adverse effects. 2027 outlook will be released in connection with the Q4-26 report
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Q&A
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Thank you!
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Appendix
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1 Excludes stevedoring Volumes handles at our facilities Logistic services volumes 43 Auto 1.2 1.3 1.4 1.5 1.6 1.5 1.6 1.6 1.5 1.5 1.5 1.5 1.6 1.4 1.5 1.5 1.5 -3% -8% Million units H&H 96 116 64 63 59 55 49 55 55 44 36 43 46 47 45 48 48 2% +6% ‘000 Units Terminals1 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 526 443 Q3 22 Q4 22 Q1 23 542 486 493 478 479 429 Q2 23 454 449 436 342 286 317 343 322317 -6% +1% ‘000 Units Slide not included in Q3 webcast Terminals Volume ex. MIRRAT H&H
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30% Australia 5% Germany Sources: Society of Motor Manufacturers and Traders (SMMT), National Association of the Automotive Industry (ANFIA), Kraftfahrt-Bundesamt (KBA), VFACTS through Federal Chamber of Automotive Industries (FCAI), Volvo Cars not categorized as Chinese OEM in analysis, WAWI Analysis Monthly passenger car registrations of Chinese OEMs Consumers are increasingly embracing Chinese brands 44 Percentage of monthly registrations in the country 0 5 10 15 20 25 30 35 Jul 24 Oct 24 Jan 25 Apr 25 Jul 25 Oct 25 Jan 26 Apr 26 Jul 26 24% 12% 7% 15% 34% UK Italy Germany Poland Australia 2x – 4x share expansion in countries YTD 2026 12% Italy 18% UK 14% Poland 1.2m 2.0m 0.6m 1.5m 2.9m 2025 total auto sales Slide not included in Q3 webcast