Slides
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Wilh. Wilhelmsen Holding ASA Third quarter 2025 November 2025
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Wilh. Wilhelmsen Holding ASA Highlights Q3 2025 Solid underlying performance and increase in EBITDA y-o-y • USD 24 million EBITDA in Maritime Services. • USD 21 million EBITDA in New Energy. Solid contribution from associates • USD 97 million share of profit from Wallenius Wilhelmsen. • USD 31 million share of profit from Hyundai Glovis. USD 141 million in net profit to equity holders of the company • USD 3.37 EPS. USD 5 million impairment loss in Maritime Services Share capital reduction and cancellation of shares • 1 323 633 own Class A shares and 906 367 own Class B shares was cancelled in August • Total number of shares is now 42 350 000 Declared second dividend of NOK 8.00 per share (post quarter)
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Maritime Services USD 222 million total income • 3% increase y-o-y USD 24 million EBITDA • Down 8% y-o-y • The reduction is mainly due to a USD 6 million accrual related to ongoing performance improvement projects made in the quarter • EBITDA margin of 11%. USD 5 million impairment loss in Maritime Services Nil share of profit from associates Stable underlying performance, but reduced EBITDA due to accruals Total income and adjusted EBITDA margin *) 0% 5% 10% 15% 20% 25% 0 50 100 150 200 250 Total income USD million EBITDA margin (adj.) Q3 ’22 Q3 ’23 Q3 ’24 Q2 ’25 11% Q3 ’25 +3% +4% Zeaborn revenue (2024) Total income (excluding Zeaborn for 2024) Adj EBITDA margin *) Margin adjusted for main non-recurring items and changes in Zeaborn revenue recognition between Q2’24, Q3’24 and Q4’24. No other adjustments last 13 quarters Total income and adjusted EBITDA margin *)
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New Energy USD 87 million total income • Up 12% y-o-y • Continued strong activity level at Norwegian offshore bases USD 24 million EBITDA • Up 44% y-o-y • EBITDA margin of 24% USD 4 million share of profit from JVs and associates • USD 2 million from NorSea • USD 2 million from other JVs and associates Continued strong total income and EBITDA Total income and adjusted EBITDA margin *) 0% 10% 20% 30% 40% 0 20 40 60 80 100 120 Total income USD million EBITDA margin (adj.) Q3 ’22 Q3 ’23 Q3 ’24 21% Q2 ’25 24% Q3 ’25 +12% -12% Other gain/(loss) Operating revenue Adj. EBITDA margin *) Margin calculated based on operating revenue, excluding other gain/(loss): Main other gain((loss): Q4’22: USD 6 million vessel sales gain Total income and adjusted EBITDA margin *)
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Strategic Holdings and Investments USD 128 million share of profit from associates • USD 97 million from Wallenius Wilhelmsen ASA • USD 31 million from Hyundai Glovis Co., Ltd USD 3 million loss from change in fair value financial assets USD 9 million net income from other financials • USD 6 million from investment management USD 176 million dividend from Wallenius Wilhelmsen ASA • Received 16 September Continued strong contribution from associates Total income and adjusted EBITDA margin *) 0 100 200 300 400 500 600 700 0 500 1.000 1.500 2.000 2.500 3.000 USD million NOK/share Q3 ’22 Q3 ’23 Q3 ’24 Q2 ’25 Q3 ’25 Wallenius Wilhelmsen ASA (OSE: WAWI) Treasure ASA (OSE: TRE) Non-current financial investments Current financial investments Cash NOK/share (right axis) Direct investments – Value adjusted (WAWI and TRE based on share price, other financial investments based on account value)
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Wilh. Wilhelmsen Holding ASA Outlook Wilhelmsen retains a strong balance sheet, solid liquidity reserves, and a balanced portfolio of leading maritime operations and investments. However, considerable uncertainty persists, specifically regarding geopolitical tension and an uncertain global trade environment, potentially impacting future cash inflow. Although the above factors impact future outlook, the group retains its capacity to support, grow, and expand the business portfolio, and to deliver yearly dividends in line with the dividend policy.
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Wilh. Wilhelmsen Holding ASA Third quarter 2025 Financials August 2025
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Wilh. Wilhelmsen Holding ASA Another strong quarter with stabile underlying performance
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Wilh. Wilhelmsen Holding ASA USD 540 million in cash from operating activities and associates (YTD Q3’25) 155 303 75 44 409 28 31.12.2024 Operating Maritime Services Operating New Energy 12 Operating other Dividend from JVs and assos. -259 Other investing activities -86 Dividend and buyback parent -42 Net debt issue/repayment (excl. leases) -33 Other financing activities FX effect on cash 30.09.2025 Cash flow – YTD Q3’25 (USD million) Cash from operating activities Cash from financing activities Cash from investing activities 131 149 -161
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Wilh. Wilhelmsen Holding ASA 75% equity ratio and a sound financial structure Main Maritime Services and New Energy loan facilities maturing in 2027 0% 20% 40% 60% 80% 0 1 2 3 4 5 6 USD billion Equity ratio Q3 ’22 Q3 ’23 Q3 ’24 Q2 ’25 75% Q3 ’25 3,3 3,5 3,6 3,6 3,6 3,7 3,8 3,8 4,0 3,8 4,0 4,3 4,4 Liabilities Equity non-controlling Equity holders of the company Equity ratio Wilhelmsen group total assets and equity ratio 20 60 100 140 180 220 USD million. Due in 1 year Due in 2 years Due in 3 years Due in 4 years >4 years 50 78 210 18 76 Leasing (IFRS 16) Strategic Holdings & Investments (ex lease) Maritime Services (ex. lease) New Energy (ex.lease) Debt maturity profile
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Wilh. Wilhelmsen Holding ASA Full year dividend of NOK 20.00 per share and buyback of 945 946 shares USD 122 million in return to shareholders through declared dividend and share buybacks in 2025 0 1 2 3 4 5 6 0,00 5,00 10,00 15,00 20,00 NOK/share Yield (%) 1) 2021 2022 2023 2024 2025 2nd payment 1st payment - extraordinary 1st payment Dividend yield (right axis) Dividend payments 42 32 0 20 40 60 80 100 120 140 USD million. 2021 2022 2023 2024 2025 51 121 122 Share buybacks Dividend Cash to shareholders 2) 1) Yield calculated based on previous year median closing price for WWI and WWIB share 2) 2025 second dividend based on FX USD/NOK of 10.06
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Group competitive advantages: - Solid reputation with strong financial position - Sustainable operations with an unparalleled global network - Industrial ownership and reliable partner Group investment focus: - Industrial platforms - Sustainable products and services - Global potential Shaping the maritime industry Our values: Customer centred | Empowerment | Learning and innovation | Stewardship | Teaming and collaboration Maritime Services New Energy Strategic Holdings and Investments
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Supplementary slides – Third quarter 2025 Maritime Services Ships Service Port Services Ship Management New Energy NorSea Strategic Holdings and Investments W allenius Wilhelmsen ASA Treasure ASA Financial investments
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Ships Service • Total income for Ships Service was USD 136 million. This was up 7% from the corresponding period last year and up 2% from the previous quarter. • Year-over year, total income was lifted by a combination of price increases and higher volumes. Income for the quarter increased across technical water treatment, cleaning and maintenance chemicals, gas & cylinders, welding and repair equipment and fuel oil, while income from refrigerants, lubricants and ropes declined. Wilhelmsen Ships Service offers a portfolio of maritime solutions to the merchant fleet. Wilhelmsen Ships Service is fully owned by Wilhelmsen. Total income and adjusted EBITDA margin *) 100 102 119 119 115 115 128 128 127 125 132 133 136 0 20 40 60 80 100 120 140 USD million Q2 ’25 Q3 ’22 Q3 ’23 Q3 ’24 Q3 ’25 +7% +2% Total income Q3’25 highlights Total income
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Port Services • Total income for Port Services was USD 41 million. This was up 11% from the corresponding period last year and up 6% from the previous quarter. • The increase was supported by strong cruise activity year-over-year, despite seasonal decline during the quarter, and stable to positive developments in agency appointments and husbandry services. Wilhelmsen Port Services provides full agency, husbandry, and protective agency services to the merchant fleet. Wilhelmsen Port Services is fully owned by Wilhelmsen. Total income and adjusted EBITDA margin *) 34 34 37 38 37 41 40 41 39 43 39 41 44 0 10 20 30 40 50 USD million Q3 ’22 Q3 ’23 Q3 ’24 Q2 ’25 Q3 ’25 +11% +6% Total income Q3’25 highlights Total income
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Ship Management • Total income for Ship Management was USD 41 million in the third quarter, down 12% year-over-year but up 3% from the previous quarter. • The reduction year-over-year was due to changes in revenue recognition from last year acquisition of Zeaborn Ship Management. • The increase from previous quarter reflected higher income from vessel management. Wilhelmsen Ship Management provides full technical management, crewing, and related services for all major vessel types. Wilhelmsen Ship Management is fully owned by Wilhelmsen. Total income and adjusted EBITDA margin *) 17 19 20 22 22 23 21 24 24 25 38 40 41 0 5 10 15 20 25 30 35 40 45 50 USD million Q3 ’22 Q3 ’23 26 23 Q3 ’24 5 Q2 ’25 Q3 ’25 49 47 30 -12% +3% Zeaborn crew management (as reported, excluding adj. Q2-Q3 vs Q4’24) Total income (excl. Zeaborn crew management Q2-Q4 2024) Q3’25 highlights Total income
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NorSea • Total income for NorSea was USD 87 million in the third quarter, up 12% year-over-year and down 12% from the previous quarter. • Total income remained solid due to continued strong activity level in NorSea. • Share of profit from joint ventures and associates in NorSea was USD 2 million in the quarter. NorSea provides supply bases and integrated logistics solutions to the offshore industry. NorSea is owned 99.4% by Wilhelmsen. The remaining 0.6% is held by NorSea management. Total income and adjusted EBITDA margin *) 64 69 73 74 67 68 79 78 75 81 99 87 6 0 10 20 30 40 50 60 70 80 90 100 USD million Q3 ’22 Q3 ’23 Q3 ’24 Q2 ’25 Q3 ’25 74 +12% -12% Material non-operating gain/(loss) Total income (excl. material non-operating gain) Q3’25 highlights Total income
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Wallenius Wilhelmsen ASA • Share of profit from Wallenius Wilhelmsen ASA was USD 97 million for the quarter. This wa up from USD 91 million in the corresponding period last year and down from USD 157 million in the previous quarter, which included a gain from the sale of Melbourne International RoRo & Auto Terminal Pty Ltd (MIRRAT). • The book value of the 37.9% shareholding in Wallenius Wilhelmsen ASA was USD 1,029 million at the end of the quarter. • Wilhelmsen received USD 176 million in dividend from Wallenius Wilhelmsen ASA in the third quarter. Wallenius Wilhelmsen ASA is a market leader in RoRo shipping and vehicle logistics and is listed on Oslo Børs. Wilhelmsen owns 37.9% of the company, which is reported as an associate in Wilhelmsen’s accounts. Total income and adjusted EBITDA margin *) 801 500 1 000 1 500 2 000 2 500 0 USD million Q3 ’22 Q3 ’23 1.894 171 Q3 ’24 1.104 198 Q2 ’25 Q3 ’25 1.577 1.158 1.106 1.276 1.402 1.310 1.639 2.065 1.319 1.302 1.314 1.422 -642 +109 Wallenius Wilhelmsen ASA Ex dividend paid next quarter Q3’25 highlights Market value of Wilhelmsen’s investment USD million change y-over-y q-on-q
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Treasure ASA • Share of profit from Hyundai Glovis was included with USD 31 million for the quarter. This compares with a share of profit of USD 23 million in the corresponding period last year and USD 40 million in the previous quarter. • The book value of the 11.0% shareholding in Hyundai Glovis was USD 785 million at the end of the quarter. Treasure ASA holds a 11.0% ownership interest in Hyundai Glovis Co., Ltd. (Hyundai Glovis) and is listed on Oslo Børs. Wilhelmsen owns 84.2% of Treasure ASA. Hyundai Glovis is reported as an associate in Wilhelmsen’s accounts. Total income and adjusted EBITDA margin *) 236 285 280 305 317 334 297 348 422 425 506 495 621 0 100 200 300 400 500 600 700 USD million Q3 ’22 Q3 ’23 Q3 ’24 Q2 ’25 Q3 ’25 +199 +126 Treasure ASA Photo: Hyundai Glovis. Q3’25 highlights Market value of Wilhelmsen’s investment USD million change y-over-y q -on-q
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Financial investments • Net income from investment management was USD 6 million for the quarter. The market value of current financial investments was USD 310 million at the end of the third quarter. • Change in fair value of non-current financial assets resulted in a loss of USD 3 million for the quarter. The fair value at the end of the quarter was USD 96 million. • The largest investment was the 25 million shares held in Qube Holdings Limited with a market value of USD 68 million. Financial investments include cash and cash equivalents, current financial investments, and other financial assets held by the parent and fully owned subsidiaries, reported under the Strategic Holdings and Investments segment. 136 303 221 310 97 96 0 100 200 300 400 500 600 700 800 USD million Q2 ’25 157 194 231 231 239 261 256 305 299 294 307 454 Q3 ’22 Q3 ’23 Q3 ’24 Q3 ’25 709 +410 +255 Q3’25 highlights Market value of Wilhelmsen’s financial investments USD million change y-over-y q-on-q Non-current financial investments (fair value) Current financial investments Cash Intercompany loan