Interim report
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Wallenius Wilhelmsen ASA Q3 Report 2026 Investor Relations Anders Redigh Karlsen anders.karlsen@walwil.com Media Idha Toft Valeur idha.valeur@walwil.com
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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 – Q3 Report 2026 2
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Highlights – Q3 2026 • Continued increase in demand for shipping ex-Asia supports higher freight and charter rates • Contracting for ~40% of shipping volumes for 2027 well underway with two large awards totaling USD 1.7bn announced post quarter end • 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 • Maintained the outlook for 2026 with an adjusted EBITDA of about USD 1.6bn • 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 • Appointed John Felitto as new CCO and Christian Holth as Interim COO Logistics in early Q4 Wallenius Wilhelmsen ASA – Q3 Report 2026 3 Adj. EBITDA (USD m) 477 400 389 361 428 1,577 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 LTM (rhs) Return On Capital Employed 19.4% 18.4% 17.4% 15.6% 14.7% Q3 2025Q4 2025 Q1 2026 Q2 2026Q3 2026 Earnings per share, USD 0.60 0.37 0.38 0.29 0.45 1.50 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 LTM (rhs) "We delivered a strong third quarter, with solid demand and performance across the business. With our shipping capacity fully committed for 2026, we are focused on delivering for our customers and building a strong position for 2027 and beyond. Recent significant contract awards underpin this work. Shaper Class deliveries and our newly expanded newbuilding program will strengthen our competitive position for the years ahead. We maintain our 2026 outlook of approximately USD 1.6 billion in adjusted EBITDA" Lasse Kristoffersen CEO
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Consolidated results and key figures – Q3 2026 Consolidated results1 Q3 2026 Q2 2026 % change2 Q3 2025 % change2 Total revenue 1,401 1,305 7 % 1,331 5 % EBITDA 414 349 19 % 488 -15 % EBITDA adjusted 428 361 19 % 477 -10 % EBITDA margin (adjusted) 30.5 % 27.6 % 35.8 % EBIT 240 175 37 % 323 -26 % Profit for the period 212 138 53 % 280 -24 % Earnings per share 0.45 0.29 54 % 0.60 -25 % Declared dividend (USD/share) - 0.61 -100 % - - % Key figures Equity ratio (>35%) 47.0 % 48.8 % -1.8 % 40.3 % 6.7 % Leverage ratio (<3.0x) 1.3x 1.2x 10.7 % 1.0x 31.9 % ROCE adjusted (>12%) 14.7 % 15.6 % -0.9 % 19.4 % -4.6 % Cash and cash equivalents 526 627 -16 % 1,079 -51 % Undrawn credit facilities 500 552 -9 % 647 -23 % Total liquidity (minimum USD 1bn) 1,026 1,179 -13 % 1,726 -41 % Net interest-bearing debt 2,119 2,011 5 % 1,909 11 % Cash conversion ratio 110 % 72 % 38 % 101 % 9 % For definitions of alternative performance measures ("APM") please refer to Reconciliation of alternative performance measures Consolidated results Total revenues in Q3 were USD 1,401m, up 7% QoQ and 5% YoY mainly due to higher revenues for Shipping services. EBITDA in Q3 was USD 414m, up 19% QoQ due to improved results for Shipping and Government Services. EBITDA included costs linked to digital transformation of USD 12m and restructuring expenses of USD 3m (see APM tables for details). Adjusted EBITDA ended at USD 428m for Q3, up 19% QoQ. Adjusted EBITDA was down 10% YoY due to weaker results for Shipping services and Government services partly offset by improved results for Logistics services. For Q3, t he adjusted EBITDA margin was 31%, up from 28% in Q2. Net financial items were USD 19m in Q3, compared to USD 25m in Q2. Interest expenses including realized interest derivatives was USD 34m, down from USD 36m in Q2. The group posted an unrealized change in fair value of USD 12m on interest derivatives in the quarter compared to USD 3m in Q2. The net currency effect in Q3 was USD 2m and consisted of a currency translation loss of USD 10m, and a net unrealized gain on currency derivatives of USD 9m (linked to outstanding bond debt). The group recorded a tax expense of USD 10m for Q3 compared to USD 13m in the previous quarter and USD 12m in Q3-25. Net profit for Q3 was USD 212m compared to USD 138m in Q2, and USD 280m in Q3-25. Net profit and EBIT for Q3 was negatively impacted by digital transformation costs and restructuring expenses (see details above). The net profit in Q3-25 included a gain of USD 16m linked to a vessel sale. USD 192m of the net profit is attributable to shareholders of Wallenius Wilhelmsen ASA, while USD 20m of the net profit is attributable to non-controlling interests (primarily the minority shareholders in EUKOR). Wallenius Wilhelmsen ASA – Q3 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 maintained a solid financial position throughout the third quarter with all financial targets well within the defined thresholds. The equity ratio ended at 47.0% while the leverage ratio was 1.3x. Last 12 months ROCE was 14.7% compared to 15.6% in Q2. The Group continued to optimize the liquidity position towards the target level of USD 1bn in available liquidity, comprising cash and undrawn committed credit facilities. At the end of the quarter, cash balance amounted to USD 526m, with an additional USD 500m in undrawn revolving credit facilities. In Q3, Shipping Services drew down USD 74m in connection with the delivery of Arctic Tern, made USD 78m of early debt repayments across six vessels and exercised a USD 37m purchase option for one vessel, funded with cash. Government services drew USD 100m on a new facility to fund the intragroup acquisitions of two vessels (Figaro and Titania). Furthermore, the Company continued active liquidity management, with net RCF repayments of USD 48m. At the end of Q3 2026, Wallenius Wilhelmsen had USD 1.2bn in remaining capital expenditure for the 13 Shaper class vessels under construction, following delivery of the first vessel in July 2026. Post-delivery bank financing has been secured for 10 vessels, with three remaining unfinanced. The number of unencumbered vessels in the fleet was 51, up from 43 vessels in Q2-26. At quarter end, the Group had no cash collateral related to the USDNOK cross-currency swaps. Wallenius Wilhelmsen ASA – Q3 Report 2026 5
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Cash flow and liquidity Cash flow Q3 2026 Q2 2026 % change Q3 2025 % change Operating activities EBITDA 414 349 19 % 488 -15 % Net change in other assets/liabilities 70 -75 n.m. 15 n.m. Taxes paid -14 -14 4 % -21 -32 % Cash flow from operating activities 470 260 81 % 482 -3 % Investing activities Sale of subsidiary - - n.a. - n.a. Net CAPEX -160 -109 47 % -37 n.m. Other investing items 8 11 -25 % 14 -38 % Cash flow from investing activities -151 -98 55 % -23 n.m. Financing activities Interest paid -36 -38 -5 % -38 -5 % Proceeds from loans and bonds 226 - 47375 % 135 67 % Repayment of loans and bonds -201 -255 -21 % -243 -17 % Repayment of principal portion of lease liability -130 -109 19 % -94 39 % Dividend to shareholders and non- controlling interests -286 -34 n.a. -498 n.a. Other financial items - - n.m. -2 n.m. Cash flow from financing activities -428 -436 -2 % -740 -42 % Net cash flow -110 -274 -60 % -280 -61 % Cash & cash equivalents BOP 627 890 -30 % 1,363 -54 % FX effect on cash 9 11 -19 % -4 n.m. Cash & Cash equivalents EOP 526 627 -16 % 1,079 -51 % Cash and cash equivalents at quarter end was USD 526m, down 16% QoQ. Cash flow from operating activities was USD 470m, up 81% QoQ primarily reflecting improved operating performance (EBITDA) and a positive net change in other assets/liabilities. The change in other assets/liabilities is mainly explained by lower fuel inventory. Cash conversion for the quarter was 110%3 due to the net positive change in other assets/liabilities (working capital). Cash flow from investing activities was negative USD 151m in Q3, driven by USD 118m of installments related to the Shaper class newbuild program, USD 24m of dry docking expenditures and USD 9m in other vessel investments. Cash flow from financing activities was negative USD 428m.driven by USD 201m of bank loan repayments, USD 130m of lease repayments, USD 36m of interest payments , and USD 286m of dividends to shareholders and non controlling interests, party offset by proceeds from loans of USD 226m Wallenius Wilhelmsen ASA – Q3 Report 2026 6 3 Cash conversion is defined as net cash flow provided by operating activities divided by adjusted EBITDA
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Events after the balance sheet date On October 6, 2026, Wallenius Wilhelmsen successfully completed a private placement generating proceeds of USD 300m intended to fund an expansion of the existing newbuilding program by up to 12 vessels. A total of 17,145,000 new shares were issued, bringing the share count to 440,249,938 shares. On Oc tober 28 the Company announ ced a ship building contract with China Merchants Ji nling Shipyard Group for an order of four vessels in 2030, and eight options with quarterly deliveries from 2031 for a total capex of about USD 1.5bn. On October 20, 2026 the second Shaper vessel, Royal Tern, was delivered. On October 29 and November 2 respectively, two major contract awards were announced with a combined value of around USD 1.7bn. One is with a global leading equipment manufacturer and the other is a contract with a fast growing, and leading OEM based in Asia. Both contracts are for a firm period of three years, securing cargo volumes through 2029 at rate levels reflecting firm market conditions. One contract has a two years mutual extension option. Wallenius Wilhelmsen ASA – Q3 Report 2026 7
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Shipping services Shipping services, USDm4 Q3 2026 Q2 2026 % change5 Q3 2025 % change Net freight revenue 849 836 2% 889 -5% Fuel surcharges 220 153 44% 117 87% Other operating revenue 9 9 7% 5 100% Total revenue 1,078 998 8% 1,011 7% Cargo expenses -188 -166 13% -164 14% Fuel expenses -282 -262 8% -181 56% Other voyage and operating expenses -79 -107 -26% -89 -11% Ship operating expenses -72 -73 -2 % -68 6% Charter expenses -43 -48 -10 % -39 10% SG&A -46 -48 -5 % -47 -4% EBITDA 369 294 25 % 423 -13% EBITDA, adjusted 355 299 19 % 409 -13% EBITDA margin adjusted 33.0 % 29.9 % 40.4 % EBIT 230 158 45 % 297 -23% Key metrics Volume (mill cbm) 13.2 13.6 -3 % 13.6 -3 % ex-East 9.0 9.0 - % 9.4 -5 % ex-West 4.2 4.6 -9 % 4.2 - % H&H / BB share (% of total volume) 26 % 25% 1 % 23 % 3 % Net freight per cbm (USD) 64.4 61.4 5 % 65.4 -2 % Net TC result per day (USD 1,000) 51 51 - % 56 -10 % Vessel cost per day (USD) 7,871 8,142 -3 % 8,140 -3 % Contract backlog (USD bn) 5.8 6.5 -11 % 7.8 -20 % Contracts entered in quarter (USD m) 103 460 -78 % 128.00 -20 % Fleet6 Q3 2026 Q2 2026 % change Q3 2025 % change # of vessels 118 119 -1 117 1 Owned 82 81 1 81 1 Long term Charter 34 35 -1 34 No change Short term Charter 2 3 -1 2 No change Broker value of owned vessels (USD bn) 6.8 5.0 37 % 5.2 31 % # of unencumbered vessels (group) 51 43 7 38 11 Vessels on order (#) 13 14 -1 14 -1 Remaining newbuilding capex (USD bn) 1.2 1.4 -9 % 1.5 -17 % For alternative performance measures please refer to Reconciliation of alternative performance measures Total revenues for Q3 were USD 1078m, up 8% QoQ primarily driven by higher fuel surcharges (up 44% QoQ) and increased net freight rates. Volumes were down 3% QoQ and ended at 13.2m cbm. Net freight per cbm was USD 64.4 per cbm, up 5% QoQ driven by trade and customer mix. Volumes ex-East (Asia) was flat QoQ, while volumes ex-West (EU/NA) decreased 9% QoQ, largely explained by seasonality. Total revenues were up 7% YoY due significantly higher fuel surcharges. (up 87%) partly offset by a 2% reduction in net freight rates and a 3% decline in volumes. The H&H/breakbulk share (% of total volume) ended at 26% for Q3, up 1 and 3 percentage points QoQ and YoY respectively. EBITDA for Q3 ended at USD 369m , up 25% QoQ. EBITDA included cost linked to digital transformation USD 2m and restructuring expenses of USD 2m . In addition, one vessel was sold from Shipping Services to Government services during the quarter, leading to a gain of USD 17m for Shipping Services. The gain is offset on a Holding level with zero effect on Group level (see APM tables for details). A second vessel will be sold to Government services in Q4. Adjusted EBITDA ended at USD 355m, up 18% QoQ largely explained by a reduction in net fuel cost of USD 47m. Net bunker costs normalized in Q3 as continued high fuel prices were offset by increased fuel surcharges (BAF compensation with a quarterly lag). Net freight revenues Wallenius Wilhelmsen ASA – Q3 Report 2026 8 4 Except per cent 5 For High & Heavy (H&H) share and EBITDA adjusted margin, % change represents absolute change in ratio 6 Does not include vessels owned by ARC, see Government Services for details
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(excluding fuel surcharges) increased by USD 13m on higher net rates, somewhat muted by lower volumes ex West. Other voyage expenses were down USD 10m QoQ. Voyage expenses related to own operated sailings decreased on lower volumes QoQ, but this was more than offset by increased space charter activity and cost. Ship operating expenses ended down USD 2m QoQ. Charter expenses decreased by USD 5m on lower short-term charter activity, somewhat offset by increased charter cost from the Government segment. The net TC result per day was USD 51K per day in Q3, flat QoQ and down 10% YoY. At quarter end, the estimated contract backlog for Shipping services was USD 5.8bn with a volume weighted duration of 2.8 years. The estimated value of contracts entered into during the quarter was around USD 103m. At quarter end, Wallenius Wilhelmsen controlled a fleet of 129 vessels, unchanged from Q2. The number of owned vessels at the end of Q3 was 93 compared to 91 in the previous quarter following delivery of the first Shaper class vessel to EUKOR and taking ownership of the previously leased vessel Grand Uranus (renamed Morning Luna) following declaration of a purchase option . Consequently, the number of vessels on long term charter decreased by 1 vessel QoQ to 35, whilst vessels on short-term charters at the end of the quarter was 2, down 1 compared to Q2. In Q3 one vessel was sold from Shipping to Government services (one vessel to be sold also in Q4). Following the transactions, Shipping services and Government services controlled 118 and 11 vessels respectively. In Q3 a contract was signed to sell of the 29-year old vessel Asian Captain to an unrelated third party. Expected delivery will be in Q4 2026 and the sale is expected to result in a gain in the region of USD 40m. The construction of the Shaper class vessels is progressing as planned, with two vessels scheduled for delivery in Q4. Wallenius Wilhelmsen ASA – Q3 Report 2026 9
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Logistics services USDm1 Q3 2026 Q2 2026 % change7 Q3 2025 % change Total revenue 274 278 -2 % 272 1 % Operating costs -189 -191 -1 % -195 -3 % SG&A -42 -42 1 % -43 -2 % EBITDA 43 46 -6 % 34 26 % EBITDA, adjusted 45 46 -2 % 36 25 % EBITDA margin adjusted 16.3 % 16.4 % 13.1 % EBIT 16 18 -14 % 5 n.m. Adj. cash EBITDA 21 20 6 % 14 52 % Adj. cash EBITDA margin 7.6 % 7.1 % 5.1 % Key metrics Contract backlog (USD bn) 2.6 2.7 -4 % 3.0 -13 % Contracts entered during quarter (USD m) 98 141 -30 % 160 -39 % Key numbers per business area Auto Revenue 128 132 -3 % 130 -2 % EBITDA 24 24 -1 % 20 24 % # of sites (VPC, Yard or Plant) 36 36 No change 36 No change # of units (thousands) 1,456 1,494 -3 % 1,580 -8 % High & Heavy Revenue 36 36 - % 33 9 % EBITDA 7 6 6 % 4 73 % # of sites (EPC) 34 34 No change 34 No change # of units (thousands) 48 48 2 % 46 6 % Terminal Revenue 63 65 -4 % 58 8 % EBITDA 16 18 -10 % 16 -4 % # of terminals 8 8 No change 7 1% # of units (thousands) 322 343 -6 % 317 1 % Inland Revenue 48 46 3 % 51 -6 % EBITDA - 3 n.m. - n.m. For alternative performance measures please refer to Reconciliation of alternative performance measures Logistics services performance was stable QoQ. Revenues ended at USD 274m, down 2% QoQ while EBITDA declined 6% to USD 43m. EBITDA includes total adjustments of USD 2m (see APM tables for details). A djusted EBITDA was USD 45m, down 2% QoQ mainly explained by weaker results from inland. Adjusted EBITDA was up 25% YoY despite a minor 1% revenue increase due to cost efficiency measures and improved contract terms. The adjusted cash EBITDA margin was 7.6%, up 0.5 percentage points QoQ and up 2.6 percentage points YoY. Auto revenues were USD 128m, down 3% as volumes declined QoQ. EBITDA ended up -1% at USD 24m due to improved revenue mix, improved operational efficiency and cost efficiency measures. H&H revenues were USD 36m in Q3, flat QoQ, while EBITDA of USD 7m was up 6% compared to Q2. Terminal revenues were USD 63m and EBITDA was USD 16m, down 4% and 10% respectively QoQ, mostly driven by lower US East coast volumes . Inland saw revenues and EBITDA come down QoQ. At the end of Q3, the estimated contract backlog for Logistics services was USD 2.6bn with a revenue weighted duration of 7.9 years. The estimated value of contracts entered into during the quarter was USD 98m. Wallenius Wilhelmsen ASA – Q3 Report 2026 10 7 For EBITDA adjusted margin, % change represents absolute change in ratio
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Government services USDm8 Q3 2026 Q2 2026 % change9 Q3 2025 % change Total revenue 113 86 32 % 112 1 % Operating expenses -69 -54 29 % -62 11 % SG&A -6 -6 -4 % -7 -5 % EBITDA 38 26 47 % 44 -13 % EBITDA, adjusted 38 26 47 % 44 -13 % EBITDA margin adjusted 33.4 % 30.1 % 38.8 % EBIT 28 16 73 % 33 -16 % Revenue split Q3 2026 Q2 2026 % change Q3 2025 % change US government 84 64 31% 87 -3% MSP 15 14 7% 13 17% Commercial 14 8 75% 13 11% Fleet10 Q3 2026 Q2 2026 % change Q3 2025 % change # of vessels 11 10 1 11 0 Owned 11 10 1 11 0 Long term Charter 0 0 0 0 0 Short term Charter 0 0 0 0 0 Broker value of owned vessels (USD bn) 0.8 0.5 48 % 0.6 34 % # of unencumbered vessels 2 1 1 2 0 For alternative performance measures please refer to Reconciliation of alternative performance measures Government services revenues in Q3 were USD 113m, up 32% QoQ due to increased US government and commercial cargo revenues with the latter enabled by improved vessel availability following the Q2 dry dockings. EBITDA for Q3 was USD 38m, up 47% QoQ driven primarily by a higher mix of US government revenue with improved margins. Total revenues increased by 1% YoY with increased commercial cargo revenues largely offset by lower US government revenues. EBITDA was down 13% YoY primarily driven by lower US government revenue and higher fuel costs. Wallenius Wilhelmsen ASA – Q3 Report 2026 11 8 Except per cent 9 For EBITDA adjusted margin, % change represents absolute change in ratio 10 Fleet controlled by Government services
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Market update Global light vehicle sales, mill11 Q3 2026 Q2 2026 Q3 2025 2025YTD 2026YTD China 5.4 5.0 6.8 19.4 15.2 US 4.1 4.3 4.1 12.3 12.1 EU 4.1 4.7 4.1 12.9 13.2 Others 7.7 7.6 7.3 21.7 22.8 Total 21.3 21.6 22.4 66.3 63.3 Global light vehicle shipments, '000 Asia - North America 1,014 1,028 983 2,971 2,929 Asia - EU (ex Russia) 742 808 605 1,812 2,235 EU - Asia 177 175 216 649 529 EU - North America 256 263 258 784 723 Other trades 2,213 2,187 2,023 5,907 6,437 Total 4,401 4,461 4,086 12,123 12,853 Global fleet development12 Fleet size (#) at beginning of period 849 835 769 769 849 Delivered during period 12 14 22 60 42 Recycled/removed during period 0 0 0 1 1 Fleet size (#) at end of period 861 849 794 Fleet size (mill CEU) at end of period 5.3 5.2 4.8 Order book and ordering data Number of vessels on order 189 140 161 Current year delivery 17 29 15 100 89 Delivery next year and later 172 111 146 Orders placed during quarter (#) 49 31 0 5 88 Order book in % of fleet capacity 26.4 % 20.6 % 26.0 % Market conditions continued to improve in the third quarter despite the net addition of 12 vessels to the fleet in Q3. Continued strong Chinese export growth absorbed the additional vessel capacity, supported by increasingly imbalanced trade flows and continued routing inefficiencies. Weaker Chinese domestic demand is likely to have boosted exports, further strengthening Asia’s role in global vehicle flows. Energy and bunker prices remained elevated in Q3, driven by the conflict in the Middle East and further escalation involving Iran, Saudi Arabia and the Houthis. This includes renewed threats to regional shipping and energy infrastructure. Against this backdrop, European OEMs faced additional challenges from weaker demand, continued loss of market share in China, as well as intensifying competition from Chinese manufacturers globally. Several European OEM's have introduced plans on how to improve competitiveness, including adjustments to the workforce, production capacity, and product- complexity. Post quarter-end, the EU and China announced a shared understanding to moderate Chinese hybrid vehicle exports to Europe. The EU is reportedly considering a four-year quota on Chinese hybrid vehicle imports, initially set at 350,000 vehicles annually, increasing by 6% each year, with implementation potentially starting on December 1, 2026. The proposal would broaden EU trade measures beyond the existing tariffs on Chinese-built BEVs, but the impact is expected to be modest as volumes exceeding 350,000 units in 2026 is estimated to be a limited share of total global Chinese exports On October 23, the Office of the United States Trade Representative (USTR) announced that the suspension of the port fees, subject to a hearing period, has been extended through January 9, Wallenius Wilhelmsen ASA – Q3 Report 2026 12 11 Source: Mobility Global excluding Russia (numbers are estimates until confirmed by statistical data) 12 After reclassification of vessel size to equal or larger than 2000 CEU
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2027. Beyond this timeframe, it remains unclear whether the fees will be reintroduced or postponed further. Auto Light vehicle sales in Q3 2026 ended at 21.3m, down 1% QoQ, and down 5% YoY, The decline YoY was driven by Chinese domestic sales that declined by 27% to 5.4m units while US and E u r o p e a n l i g h t ‑ v e h i c l e s a l e s r e m a i n e d l a r g e l y f l a t Y o Y . Total global vehicle exports in Q3 remained broadly stable compared to Q2, but were up 8% YoY with increased Asian exports continuing to shift trade flows from East to West. Chinese light vehicle exports for Q3 increased by 52% YoY and 12% QoQ, exceeding one million units per month, extending the record pace established in June. Chinese OEMs continued to gain market share outside China, supported by competitive pricing, rapid product development, and increasingly advanced technology. Growing Chinese sales across Europe, Asia and South America, indicate broader consumer acceptance and an increasingly established international presence. The competitive environment has intensified further for European OEMs, promoting them to accelerate restructuring and cost cutting programs. EU exports to Asia declined 18% YoY and were broadly stable QoQ, while exports to the US were largely unchanged YoY but fell 3% QoQ. US exports declined 16% YTD versus the same period last year and were down 10% QoQ in Q3. High & Heavy market The high & heavy market saw further improvements during Q3, with overall volumes showing signs of recovery although conditions vary across end-markets. Improving construction activity and sustained mining investment provided support, while agricultural demand exhibited emerging signs of stabilization. However, higher energy costs, ongoing trade-related uncertainty and continued geopolitical tensions affecting key shipping and energy corridors continue to cloud the outlook and create uncertainty around the pace and sustainability of the recovery. Global construction activity remained mixed during Q3, with momentum varying across regions and end-markets. In the US, data-center investments approached USD 100bn year to date, while supporting power infrastructure investments continued to lag. However, conditions remained muted in rate-sensitive construction segments. European construction activity was broadly stable at subdued levels, while Asian markets remained comparatively resilient, supported by infrastructure and advanced manufacturing investment. Inflationary pressure and continued macroeconomic and geopolitical uncertainty remain constraints on the pace of improvement. Agricultural demand remained soft in Q3 amid continued pressure on farm profitability and generally subdued farmer sentiment. While equipment demand remained below historical levels, production cuts and inventory normalization contributed to gradually improving market conditions, with industry participants reporting a more optimistic outlook than earlier in the year. Nevertheless, a broader recovery in equipment demand is likely to require a sustained improvement in crop economics and profitability. Outlook for mining-related high & heavy demand remained positive in Q3. Capital spending plans continue to indicate solid growth, supported by increased greenfield investments, and continued focus on copper. Activity remained firm, while the pipeline of larger projects in South and North America points to a potential acceleration in equipment orders from 2027. Wallenius Wilhelmsen ASA – Q3 Report 2026 13
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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 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 a r o u n d 5.3m CEU13 at the end of Q3, up 1.7% QoQ. Fleet growth remains elevated, with 12 vessels added during the quarter while no vessels were recycled. The order book ratio stands at 26%, up from Q2 26 following 49 new orders placed during Q3, according to Clarksons data. Sustainability Emissions data Shipping & Government Q3 2026 Q2 2026 Change QoQ Q3 2025 Change YoY Total CO2e emitted ('000 metric tonnes)14 1,189 1,220 -3 % 1,230 -3 % Tank-to-wake 1,002 1,029 -3 % 1,039 -4 % Well-to-tank 187 191 -2 % 190 -2 % Grams CO2e emitted per tonne-nm (EEOI) 60.87 60.66 - % 61.77 -1 % Emission target for year (EEOI) 60.60 60.60 - % 59.90 1 % Fuel consumption (metric tonnes) 343,642 349,698 -2 % 341,099 1 % of which LNG 13,985 15,592 -10 % 8,365 67 % of which biofuel 25,126 23,336 8 % 14,193 77 % Average fuel price (USD/mt) 852 770 11 % 526 62 % Average speed in quarter (knots) 15.8 15.7 - % 15.0 5 % Safety data LTIF/million hours statistics Q3 2026 Q2 2026 Change QoQ Q3 2025 Change YoY Shipping & Government 0.20 0.21 -5 % 0.54 -63 % Shipping & Government - Target LTIF15 0.60 0.60 n.a. 0.7 n.a. Logistics 7.73 12.23 -37 % 9.63 -20 % Logistics - Target LTIF16 10.50 10.5 n.a. 11.74 n.a. Safety Shipping Lost Time Injury Frequency (LTIF) improved QoQ from 0.21 to 0.20. No critical incidents were reported in the quarter. Logistics LTIF improved significantly QoQ, from 12.23 to 7.73. No critical incidents were reported in the quarter. Emissions Total fuel consumption increased by 1% YoY, driven by higher average sailing speeds while total distance sailed decreased by 2%. Total w e l l - t o - w a k e C O ₂ e e m i s s i o n s d e c r e a s e d b y 3% YoY, supported by increased use of biofuel, LNG and bio-LNG. Compared to Q2, total well-to-wake C O ₂ e e m i s s i o n s a l s o d e c r e a s e d b y 3 % , l a r g e l y e x p l a i n e d b y l o w e r f u e l c o n s u m p t i o n a n d c a r g o transport work. The Energy Efficiency Operational Indicator (EEOI) improved to 60.9, down 1% YoY and broadly stable QoQ. Improved fuel efficiency and increased use of biofuel, bio-LNG and LNG reduced emissions intensity were partly offset by higher operating speeds and lower cargo transport work. Wallenius Wilhelmsen ASA – Q3 Report 2026 14 13 Data from Clarksons 14 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. 15 Per million exposure hours, which for our crew means 24 hours a day while at sea, including free time 16 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 and onwards, 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 growth 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 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. Lysaker, November 3, 2026 The board of directors of Wallenius Wilhelmsen ASA 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 – Q3 Report 2026 15
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Consolidated income statement USD million Note Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Total revenue 3 1,401 1,331 3,960 3,979 5,240 Operating expenses 3 (988) (844) (2,816) (2,557) (3,439) Operating profit before depreciation, amortization and impairment (EBITDA) 414 488 1,144 1,422 1,801 Gain on disposal of subsidiary - - - 135 135 Depreciation and amortization 4, 5, 6 (174) (165) (514) (485) (651) Impairment 4, 5, 6 - - - - - Operating profit (EBIT) 240 323 629 1,072 1,285 Share of profit/(loss) from joint ventures and associates - - 1 1 (6) Interest income and other financial income 28 23 81 118 132 Interest expense and other financial expenses (47) (54) (152) (223) (265) Financial items - net 7 (19) (31) (70) (105) (133) Profit before tax 221 292 560 968 1,146 Tax expense 9 (10) (12) (33) (39) (42) Profit for the period 212 280 527 929 1,104 Profit for the period attributable to: Owners of the parent 192 255 476 859 1,017 Non-controlling interests 20 25 52 69 86 Basic and diluted earnings per share (USD) 8 0.45 0.60 1.12 2.03 2.41 The interim financial information has not been subject to audit or review. Wallenius Wilhelmsen ASA – Q3 Report 2026 16
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Consolidated statement of comprehensive income USD million Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Profit for the period 212 280 527 929 1,104 Other comprehensive income/(loss): Items that may subsequently be reclassified to the income statement: Currency translation adjustment 2 - 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 2 - - 13 16 Total comprehensive income for the period 214 280 527 942 1,120 Total comprehensive income attributable to: Owners of the parent 193 255 476 872 1,033 Non-controlling interests 20 25 52 70 87 Total comprehensive income for the period 214 280 527 942 1,120 The interim financial information has not been subject to audit or review. Wallenius Wilhelmsen ASA – Q3 Report 2026 17
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Consolidated balance sheet USD million Note Sep 30, 2026 Dec 31, 2025 Assets Non-current assets Deferred tax assets 9 19 25 Goodwill and other intangible assets 4 233 241 Vessels and other tangible assets 5 4,069 3,906 Right-of-use assets 6 1,419 1,500 Other non-current assets 11 173 109 Total non-current assets 5,912 5,781 Current assets Fuel/lube oil 229 142 Trade receivables 581 558 Other current assets 237 259 Cash and cash equivalents 526 1,071 1,581 2,031 Assets held for sale 5 12 6 Total current assets 1,585 2,037 Total assets 7,497 7,817 Equity and liabilities Equity Share capital 8 28 28 Retained earnings and other reserves 3,486 3,265 Total equity attributable to owners of the parent 3,514 3,293 Non-controlling interests 9 9 Total equity 3,524 3,302 Non-current liabilities Pension liabilities 35 34 Deferred tax liabilities 9 32 33 Non-current interest-bearing debt 10, 11 819 865 Non-current lease liabilities 10, 11 1,124 1,164 Written put option over non-controlling interest 2, 11 464 - Other non-current liabilities 40 26 Total non-current liabilities 2,513 2,122 Current liabilities Trade payables 163 141 Current interest-bearing debt 10, 11 368 398 Current lease liabilities 10, 11 335 374 Current income tax liabilities 9 23 34 Written put option over non-controlling interest 2, 11 - 897 Other current liabilities 11, 12 571 551 Total current liabilities 1,460 2,393 Total equity and liabilities 7,497 7,817 The interim financial information has not been subject to audit or review. Wallenius Wilhelmsen ASA – Q3 Report 2026 18
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Consolidated cash flow statement USD million Note Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Cash flow from operating activities Profit before tax 221 292 560 968 1,146 Financial items - net 7 19 31 70 106 134 Share of net income from joint ventures and associates - - (1) (1) 6 Depreciation and amortization 4,5,6 174 165 514 485 651 Impairment - - - - - (Gain)/loss on sale of tangible assets 1 (16) (1) (17) (28) Net gain from sale of subsidiary 13 - - - (135) (135) Change in net pension assets/liabilities - - - 2 (3) Net change in other assets/liabilities 70 31 (53) 28 26 Tax paid (14) (21) (38) (52) (53) Net cash flow provided by operating activities 470 482 1,051 1,384 1,744 - Cash flow from investing activities Proceeds from sale of subsidiary, JVs, associates and other investments 13 2 - 4 179 179 Dividend received from joint ventures and associates - 1 5 2 5 Proceeds from sale of tangible assets 1 23 11 24 41 Investments in vessels, other tangible and intangible assets (161) (59) (348) (152) (245) Investment in joint ventures - - (9) - - Dividend received from investment held for sale - - - 33 33 Interest received 6 13 22 44 55 Net cash flow used in investing activities (151) (23) (316) 128 67 - Cash flow from financing activities Proceeds from loans and bonds 226 135 626 275 275 Repayment of loans and bonds 10 (201) (243) (730) (656) (844) Repayment of principal portion of lease liabilities 10 (130) (94) (327) (276) (360) Interest paid including interest derivatives (36) (38) (114) (127) (164) Realized other derivatives - (5) (13) (10) (12) Dividend to non-controlling interests (28) (33) (62) (84) (84) Dividend to shareholders (258) (465) (685) (989) (989) Net change in cash collateral 7 - 3 2 27 26 Net cash flow used in financing activities (428) (740) (1,303) (1,840) (2,153) - Net increase/(decrease) in cash and cash equivalents (110) (280) (567) (328) (342) Effect of exchange rate changes in cash and cash equivalents17 9 (4) 22 14 21 Cash and cash equivalents at beginning of period 627 1,363 1,071 1,393 1,393 Cash and cash equivalents at end of period 526 1,079 526 1,079 1,071 The interim financial information has not been subject to audit or review. Wallenius Wilhelmsen ASA – Q3 Report 2026 19 17 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 - - - 473 476 52 527 Other comprehensive income/ (loss) - - 1 - - - - Total comprehensive income - - 1 473 476 52 527 Own shares issued under long- term incentive plan 8 - 1 - - 1 - 1 Change in non-controlling interests - - - (4) (4) 4 - Change in written put option over non-controlling interest 2 - - - 433 433 - 433 Dividend to owners of the parent - - - (685) (685) - (685) Dividend to non-controlling interests - - - - - (55) (55) Balance at September 30, 2026 28 1,086 (11) 2,408 3,514 9 3,524 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 - - - 859 859 69 929 Other comprehensive income/ (loss) - - 13 - 13 - 13 Total comprehensive income - - 13 859 872 70 942 Own shares issued under long- term incentive plan 8 - 1 - - 1 - 1 Change in non-controlling interests - - - (7) (7) 7 - Change in written put option over non-controlling interest 2 - - - (44) (44) - (44) Dividend to owners of the parent - - - (989) (989) - (989) Dividend to non-controlling interests - - - (8) (8) (76) (84) Balance at September 30, 2025 28 1,085 (12) 2,036 3,138 9 3,147 The interim financial information has not been subject to audit or review. Wallenius Wilhelmsen ASA – Q3 Report 2026 20
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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 – Q3 Report 2026 21
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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. From the second quarter 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 years 18 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. At June 30, 2026 , the written put option liability was reclassified from current to non-current and remeasured to USD 386 million (December 31, 2025 : USD 897 million (current liability)). At September 30, 2026 the non-current liability was USD 464 million, up USD 78 million from June 30, 2026. The measurement changes are reflected directly in equity. Wallenius Wilhelmsen ASA – Q3 Report 2026 22 18 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 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Net freight revenue 849 889 - - 47 56 - - 896 945 Fuel surcharges 220 117 - - 2 1 - - 222 118 Operating revenue 8 4 240 234 35 31 - - 283 268 Internal operating revenue 2 1 34 39 28 25 (64) (65) - - Total revenue 1,078 1,011 274 272 113 112 (64) (65) 1,401 1,331 Cargo expenses (188) (164) - - (12) (15) 42 51 (158) (128) Fuel (282) (181) - - (11) (8) - - (293) (190) Other voyage expenses (96) (105) - - (3) (6) - - (99) (111) Ship operating expenses (72) (68) - - (30) (29) - - (102) (96) Charter expenses (43) (39) - - (2) (1) 14 12 (31) (29) Processing expenses - - (76) (84) (8) (2) 7 1 (77) (85) Other operating expenses19 17 16 (113) (111) (3) (1) (16) - (115) (96) Selling, general and admin expenses (46) (47) (42) (43) (6) (7) (18) (12) (112) (109) Total operating expenses (710) (589) (231) (238) (75) (69) 28 52 (988) (844) Operating profit/(loss) before depreciation, amortization and impairment (EBITDA) 369 423 43 34 38 44 (36) (13) 414 488 EBITDA margin (%) 34.2 % 41.8 % 15.6 % 12.5 % 33.4 % 38.8 % 55.7 % 19.8 % 29.5 % 36.6 % Gain on disposal of subsidiary - - - - - - - - - - Depreciation (136) (125) (25) (23) (10) (9) - 1 (171) (156) Amortization (1) (1) (2) (7) - (2) - - (3) (9) Impairment - - - - - - - - - - Operating profit/(loss) (EBIT) 232 297 16 5 28 33 (35) (12) 240 323 Share of profit/(loss) from joint ventures and associates - - - - - - - - - - Financial income/(expense) (10) (19) (6) (7) (1) (1) (1) (4) (19) (31) Profit/(loss) before tax 222 278 10 (2) 26 32 (36) (16) 221 292 Tax income/(expense) (7) (13) - - 1 (1) (4) 3 (10) (12) Profit/(loss) for the period 215 265 10 (3) 27 31 (40) (13) 212 280 Profit/(loss) for the period Owners of the parent 195 240 10 (3) 27 31 (40) (13) 192 255 Non-controlling interests 20 24 - - - - - - 20 25 Wallenius Wilhelmsen ASA – Q3 Report 2026 23 19 Sale of a vessel from shipping to government services in Q3 2026 resulted in a USD 17 million gain in the shipping segment included in Other operating expenses. This amount is eliminated at group level. Sale of one vessel to a related party in Q3 2025 resulted in a gain of USD 16 million presented as a reduction of Other operating expenses.
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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 2,515 2,618 3,469 - - - 94 171 202 - - - 2,609 2,789 3,671 Fuel surcharges 481 380 498 - - - 4 2 3 - - - 485 382 501 Operating revenue 16 13 16 733 721 944 117 74 107 - - - 866 808 1,068 Internal operating revenue 6 4 5 109 105 143 72 79 100 (187) (188) (248) - - - Total revenue 3,018 3,015 3,989 842 826 1,087 286 326 411 (187) (188) (248) 3,960 3,979 5,240 Cargo expenses (520) (476) (646) - - - (32) (34) (47) 133 139 188 (419) (371) (505) Fuel (730) (574) (759) - - - (25) (29) (35) - - - (755) (603) (794) Other voyage expenses (301) (286) (411) - - - (7) (13) (16) - - - (308) (299) (427) Ship operating expenses (214) (207) (279) - - - (87) (84) (112) - - - (301) (291) (391) Charter expenses (135) (130) (167) - - - (6) (4) (6) 34 42 51 (107) (92) (122) Processing expenses - - - (244) (262) (334) (19) (7) (8) 17 4 6 (245) (264) (337) Other operating expenses20 17 16 27 (343) (331) (446) (5) (5) (9) (16) - - (346) (321) (428) Selling, general and admin expenses (140) (136) (194) (127) (130) (179) (20) (19) (25) (48) (31) (37) (335) (316) (435) Total operating expenses (2,023) (1,794) (2,429) (714) (723) (959) (199) (194) (258) 121 154 208 (2,816) (2,557) (3,439) Operating profit/(loss) before depreciation, amortization and impairment (EBITDA) 995 1,221 1,560 127 103 128 87 131 153 (66) (33) (39) 1,144 1,422 1,801 EBITDA margin (%) 33.0 % 40.5 % 39.1 % 15.1 % 12.5 % 11.7 % 30.3 % 40.4 % 37.2 % 35.2 % 17.7 % 15.9 % 28.9 % 35.7 % 34.4 % Gain on disposal of subsidiary - - - - 135 135 - - - - - - - 135 135 Depreciation (400) (364) (489) (75) (66) (90) (31) (28) (37) 1 2 3 (506) (457) (614) Amortization (3) (3) (4) (6) (20) (27) - (5) (6) - - - (9) (28) (37) Impairment - - - - - - - - - - - - - - - Operating profit/(loss) (EBIT) 592 853 1,066 46 152 146 55 99 109 (64) (31) (37) 629 1,072 1,285 Share of profit/(loss) from joint ventures and associates - - (7) 1 1 1 - - - - - - 1 1 (6) Financial income/(expense) (35) (61) (78) (21) (29) (33) (2) (5) (6) (13) (9) (17) (70) (105) (133) Profit/(loss) before tax 558 792 982 26 123 114 53 93 103 (77) (41) (54) 560 968 1,146 Tax income/(expense) (12) (30) (30) (6) (5) (13) (9) (4) 11 (6) - (10) (33) (39) (42) Profit/(loss) for the period 546 762 952 21 118 101 44 90 114 (84) (41) (64) 527 929 1,104 Profit/(loss) for the period Owners of the parent 495 693 866 20 117 101 44 90 114 (83) (41) (64) 476 859 1,017 Non-controlling interests 51 69 85 1 1 1 - - - - - - 52 69 86 USD million Shipping services Logistics services Government services Holding & eliminations Total Wallenius Wilhelmsen ASA – Q3 Report 2026 24 20 Sale of a vessel from shipping to government services in Q3 2026 resulted in a USD 17 million gain in the shipping segment included in Other operating expenses. This amount is eliminated at group level. Sale of two vessels in Q3 and Q4 2025 respectively to a related party, resulted in a gain of USD 28 million presented as a reduction of Other operating expenses.
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Note 4. Goodwill, customer relations/contracts and other intangible assets USD million Goodwill Customer relations/ contracts Other intangible assets21 Total goodwill and other intangible assets 2026 Cost at January 1 307 324 83 714 Additions - - 1 1 Disposal - (53) (4) (57) Reclassification - - - - Currency translation adjustment - - - - Cost at September 30 307 271 81 659 Accumulated amortization and impairment losses at January 1 (145) (273) (55) (473) Amortization - (6) (3) (9) Impairment - - - - Disposal - 53 4 57 Reclassification - - - - Currency translation adjustment - - - - Accumulated amortization and impairment losses at September 30 (145) (226) (54) (425) Carrying amount at September 30 162 45 26 233 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 - - - - Disposal22 (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 – Q3 Report 2026 25 21 “Other intangible assets” primarily include port use rights, a favorable lease agreement and software. 22 Disposal of goodwill relates to the disposal of MIRRAT in Q2 2025.
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Note 5. Vessels and other tangible assets USD million Vessels & dry- docking Vessel related projects23 Property & land Other tangible assets Total tangible assets 2026 Cost at January 1 6,076 264 105 157 6,601 Additions 148 185 3 24 359 Disposal (35) - (2) (35) (71) Reclassification 146 (66) 4 (11) 73 Currency translation adjustment - - (1) (1) (2) Cost at September 30 6,334 383 109 135 6,960 Accumulated depreciation and impairment losses at January 1 (2,567) - (37) (92) (2,695) Depreciation (221) - (7) (13) (241) Disposal 35 - 1 25 61 Impairment - - - - - Reclassification (24) - - 7 (17) Currency translation adjustment - - - - 1 Accumulated depreciation and impairment losses at September 30 (2,778) - (42) (72) (2,892) Carrying amount at September 30 3,556 383 67 63 4,069 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 In Q3 a contract was signed to sell one vessel with expected delivery in Q4 2026. The vessel has been reclassified to assets held for sale at its net carrying value of USD 12 million. Wallenius Wilhelmsen ASA – Q3 Report 2026 26 23Vessel related projects primarily include installments on newbuilds. The remaining capital commitment for the 13 contracted newbuilds at September 30, 2026 is approx. USD 1.2 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 194 58 3 254 Disposal - (22) (11) (33) Reclassification (110) - - (110) Currency translation adjustment - (8) - (8) Cost at September 30 1,801 774 47 2,622 Accumulated depreciation and impairment losses at January 1 (671) (312) (36) (1,020) Depreciation (194) (63) (8) (265) Disposal - 22 11 33 Reclassification 47 - - 47 Currency translation adjustment - 2 - 2 Accumulated depreciation and impairment losses at September 30 (818) (352) (33) (1,203) Carrying amount at September 30 983 422 14 1,419 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 – Q3 Report 2026 27
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Note 7. Financial items USD million Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Financial income Interest income 6 12 20 42 52 Other financial income - 1 2 2 6 Net financial income 6 13 23 44 58 Financial expenses Interest expenses (35) (43) (109) (141) (181) Interest rate derivatives gain/(loss) 1 4 5 13 17 Interest rate derivatives - net change in fair value 12 (6) 18 (27) (27) Other financial expenses (1) - (5) (12) (17) Loss on sale of investments - - - - - Net financial expenses (23) (44) (91) (165) (208) Currency Net currency gain/(loss) (10) (1) (25) (34) (29) Foreign currency derivatives gain/(loss) - (5) (13) (10) (12) Foreign currency derivatives - unrealized 9 5 36 60 57 Net currency (2) - (2) 16 17 Financial items - net (19) (31) (70) (105) (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 Q3 2026 Q3 2025 YTD 2026 YTD 2025 2025 Interest income and other financial income Interest income 6 12 20 42 52 Other financial income - 1 2 2 6 Interest rate derivatives gain/(loss) 1 4 5 13 17 Interest rate derivatives - net change in fair value 12 - 18 - - Net currency gain - - - - - Foreign currency derivatives - net change in fair value 9 5 36 60 57 Interest income and other financial income 28 23 81 118 132 Interest expense and other financial expenses Interest expenses (35) (43) (109) (141) (181) Other financial expenses (1) - (5) (12) (17) Interest rate derivatives - net change in fair value - (6) - (27) (27) Loss on sale of investments - - - - - Net currency loss (10) (1) (25) (34) (29) Foreign currency derivatives gain/(loss) - (5) (13) (10) (12) Foreign currency derivatives - net change in fair value - - - - - Interest expense and other financial expenses (47) (54) (152) (223) (265) Wallenius Wilhelmsen ASA – Q3 Report 2026 28
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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 third quarter of 2026 were USD 0.45 compared with USD 0.60 in the same quarter last year. For the nine months ended September 30, 2026 basic and diluted earnings per share were USD 1.12 compared with USD 2.03 for the same period in the prior year. Basic and diluted earnings per share for the year ended December 31, 2025 was USD 2.41. The company's number of shares: Sep 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 10 million for the third quarter 2026, compared with a tax expense of USD 12 million for the same quarter in 2025. The change is mainly due to less withholding tax on dividends, in addition to the government segment entering into the US tonnage tax regime at year-end 2025. 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 0.8 million pertaining to Pillar Two top-up tax was included in the tax expense in the current quarter (USD 1.1 million in the third quarter of 2025). The tax expense exposure year to date is USD 2.4 million ( 2025: USD 3.1 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 – Q3 Report 2026 29
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Note 10. Interest-bearing debt USD million Sep 30, 2026 Dec 31, 2025 Non-current interest-bearing debt 819 865 Non-current lease liabilities 1,124 1,164 Current interest-bearing debt 368 398 Current lease liabilities 335 374 Total interest-bearing debt 2,645 2,800 less Cash and cash equivalents (526) (1,071) Net Interest-bearing debt 2,119 1,729 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 526 100 - - 626 Repayments of loans, bonds and leases (18) (735) - (327) (1,080) New lease contracts and amendments, net - - 61 194 254 Foreign exchange movements 23 (2) (6) - 14 Other non-cash movements 23 6 - - 29 Reclassification (600) 601 (94) 94 1 Total interest-bearing debt September 30, 2026 819 368 1,124 335 2,645 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 Repayment schedule for interest-bearing debt This table shows the undiscounted installment amounts for interest-bearing liabilities, excluding interest payments. USD million Bank loans Bonds Lease liabilities Other interest bearing debt Sep 30, 2026 Due in 2026 100 - 112 - 212 Due in 2027 158 130 387 - 676 Due in 2028 101 104 322 - 527 Due in 2029 114 - 276 - 389 Due in 2030 and later 480 - 744 - 1,224 Total repayable interest-bearing debt 953 235 1,841 - 3,028 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 totalling USD 50 million, resulting in four vessels becoming unencumbered. Wallenius Wilhelmsen Wallenius Wilhelmsen ASA – Q3 Report 2026 30
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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. Wallenius Wilhelmsen 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. Wallenius Wilhelmsen Ocean also established an overdraft facility within its cash pool to manage short-term liquidity fluctuations. In addition, Wallenius Wilhelmsen Solutions refinanced its USD 345 million revolving credit facility into a new USD 250 million RCF, extending the original maturity by three years. In the third quarter of 2026, EUKOR drew USD 74m in connection with the delivery of Arctic Tern, made USD 78m of early debt repayments across six vessels and exercised a USD 37m purchase option for one vessel, funded with cash. ARC temporarily increased RCF utilisation by USD 100m to fund the intragroup acquisitions of Figaro and Titania, both of which remained unencumbered at quarter-end. Wallenius Wilhelmsen Ocean continued its active liquidity management, with net RCF repayments of USD 48m. The group’s undrawn revolving credit facilities were USD 500 million at September 30, 2026 . In addition EUKOR had USD 80m of available capacity under delayed drawdown facility, while ARC had a USD 130m equipment line of credit allocated to vessel investments. At September 30, 2026, the group had 51 unencumbered vessels with a total net carrying value of USD 1,467 million. Wallenius Wilhelmsen ASA – Q3 Report 2026 31
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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 - 38 - 38 - Equity investments - - 9 9 - Other assets - - 3 3 Financial assets at fair value through OCI - Equity investments - - 45 45 Total assets at September 30 - 38 57 95 Financial liabilities at fair value through income statement - Financial derivatives - 13 - 13 Total liabilities at September 30 - 13 - 13 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 - Other assets - - 3 3 Financial assets at fair value through OCI - Equity investments - - 45 45 Total assets at December 31 - 11 60 71 Financial liabilities at fair value through income statement - Financial derivatives - 40 - 40 Total liabilities at December 31 - 40 - 40 Wallenius Wilhelmsen ASA – Q3 Report 2026 32
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Fair value of interest-bearing liabilities USD million Fair value Carrying value 2026 Bank loans 953 952 Bonds 235 234 Leasing liabilities 1,459 1,459 Other - - Total liabilities at September 30 2,646 2,645 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 – Q3 Report 2026 33
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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 36 - 42 Long-term investments - 9 45 54 Trade receivables 581 - - 581 Other current assets 83 5 - 87 Cash and cash equivalents 526 - - 526 Assets at September 30 1,196 50 45 1,291 USD million Liabilities at fair value through the income statement Other financial liabilities at amortized cost Total 2026 Liabilities Non-current interest-bearing debt - 814 814 Non-current lease liabilities - - - Written put option over non-controlling interest - 464 464 Other non-current liabilities - - - Trade payables - 163 163 Current interest-bearing debt - 368 368 Current lease liabilities - 335 335 Other current liabilities - - - Liabilities at September 30 - 2,144 2,144 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 – Q3 Report 2026 34
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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 September 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 September 30, 2026 is USD 17 million (December 31, 2025: 19 million). The above amounts are presented as part of other current liabilities in the balance sheet. Note 13. Events after the balance sheet date On October 6, 2026, Wallenius Wilhelmsen completed a private placement generating proceeds of USD 300 million intended to fund an expansion of the existing newbuilding program by up to 12 vessels. A total of 17,145,000 new shares were issued, bringing the total number of issued shares to 440,249,938. Wallenius Wilhelmsen ASA – Q3 Report 2026 35
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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 – Q3 Report 2026 36
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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 Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Non-current interest-bearing loans and bonds 819 1,009 865 Non-current lease liabilities 1,124 1,208 1,164 Current interest-bearing loans and bonds 368 445 398 Current lease liabilities 335 325 374 Total interest-bearing debt 2,645 2,987 2,800 less Cash and cash equivalents (526) (1,079) (1,071) Net Interest-bearing debt 2,119 1,909 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 2,119 1,909 1,729 Last twelve months adjusted EBITDA 1,577 1,863 1,811 Net interest-bearing debt/adjusted EBITDA ratio 1.3x 1.0x 1.0x Equity ratio USD million Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Total equity 3,524 3,147 3,302 Total assets 7,497 7,803 7,817 Equity ratio 47.0 % 40.3 % 42.2 % Wallenius Wilhelmsen ASA – Q3 Report 2026 37
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Reconciliation of Total revenue to EBITDA and EBITDA adjusted USD million Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 2025 Total revenue 1,401 1,305 1,331 3,960 3,979 5,240 Operating expenses (988) (956) (844) (2,816) (2,557) (3,439) EBITDA 414 349 488 1,144 1,422 1,801 EBITDA Shipping services 369 294 423 995 1,221 1,560 Loss/(gain) on sale of vessel (17) - (16) (17) (16) (28) USTR port fees - - - (1) - 21 Restructuring expenses 2 3 - 6 - 3 Digital transformation 2 2 2 4 2 5 Anti-trust expense/ (reversal of expenses) - - - - - - EBITDA adjusted Shipping services 355 299 409 987 1,207 1,561 EBITDA Logistics services 43 46 34 127 103 128 Restructuring expenses - 1 - 3 - 1 Digital transformation 1 - 2 3 2 4 Loss/(gain) on sale of tangible assets - (1) - (1) - - EBITDA adjusted Logistics services 45 46 36 132 105 133 EBITDA Government services 38 26 44 87 131 153 Loss/(gain) on sale of vessel - - - - - - EBITDA adjusted Government services 38 26 44 87 131 153 EBITDA holding/eliminations (36) (17) (13) (66) (33) (39) Digital transformation 8 7 1 20 1 3 Loss/(gain) on sale of vessel 17 - - 17 - - EBITDA adjusted holding/eliminations (10) (10) (11) (29) (32) (36) EBITDA adjusted 428 361 477 1,177 1,411 1,811 Wallenius Wilhelmsen ASA – Q3 Report 2026 38
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Reconciliation of Total revenue to EBIT and EBIT adjusted USD million Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 2025 EBITDA 414 349 488 1,144 1,422 1,801 Depreciation and amortization (174) (173) (165) (514) (485) (651) Gain on disposal of subsidiary - - - - 135 135 EBIT 240 175 323 629 1,072 1,285 (Gain)/Loss on sale of vessel - - (16) (17) (16) (28) USTR port fees - - - (1) - 21 Digital transformation 12 9 5 27 5 12 Restructuring expenses 3 4 - 9 - 4 Gain on disposal of subsidiary - - - - (135) (135) Total adjustments 14 12 (11) 17 (146) (125) EBIT adjusted 254 187 312 645 926 1,160 Profit for the period 212 138 280 527 929 1,104 Total adjustments to EBIT 14 12 (11) 17 (146) (125) Impairment investment in associates - - - - - 6 Profit for the period adjusted 226 150 269 544 782 984 Cash conversion ratio USD million Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 2025 Net cash flow provided by operating activities 470 260 482 1,051 1,384 1,744 EBITDA adjusted 428 361 477 1,177 1,411 1,811 Cash conversion ratio 110 % 72 % 101 % 89 % 98 % 96 % Reconciliation of total assets to capital employed and ROCE calculation LTM average USD million Q3 2026 Q3 2025 2025 Total assets 7,671 8,332 8,190 Less Total liabilities (4,356) (5,149) (4,977) Total equity 3,314 3,183 3,213 Total interest-bearing debt 2,767 3,189 3,105 Capital employed 6,081 6,371 6,317 EBIT last twelve months adjusted 897 1,234 1,160 ROCE (adjusted) 14.7 % 19.4 % 18.4 % Cash EBITDA – Logistics segment USD million Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 2025 Adjusted EBITDA 45 46 36 127 105 133 Lease payments (24) (26) (22) (74) (72) (96) Cash EBITDA 21 20 14 53 33 37 Cash EBITDA margin (%) 8 % 7 % 5 % 6 % 4 % 3 % Wallenius Wilhelmsen ASA – Q3 Report 2026 39