Slides
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Wilh. Wilhelmsen Holding ASA Third quarter 2026 4 November 2026
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• Declared second dividend of NOK 8.50 per share • Participated in Wallenius Wilhelmsen USD 300 million private placement ◦ Invested approx. USD 50 million ◦ Wilhelmsen ownership following PP 37.04% Solid quarter with USD 327 million in total income and net profit of USD 155 million 40 USD million EBITDA 155 USD million net profit 3.70 EPSUSDM share of profit USDM share of profit72 51238 USD million revenue 24 USD million EBITDA88 USD million revenue • Underlying performance from JVs and associates remains robust • RoRo/car carrier market supported by strong exports out of China • Qube acquisition closed in August • Strong performance across business units • USD 8 million impairment of goodwill, partly recognised in depreciation/impairment and partly in share of profit • Situation in the Middle East continued to impact activities, neutral financial effect • Activity level in NorSea remained strong • Results supported by continued solid activity in CCB Post quarter events:
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Wilh. Wilhelmsen Holding ASA Third quarter 2026 financials
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Q3 2026 Q2 2026 Q3 2025 QoQ YoY Total income 327 320 310 k k EBITDA 61 62 42 m k Share of profit from JVs/ass 122 112 133 k m Net profit 155 147 147 k k EPS 3.70 3.49 3.37 k k Cash 370 249 303 k k Net debt (352) (180) (181) m m Total income and EBITDA up year-over-year Wilh. Wilhelmsen Holding ASA USD 327 million total income • USD 238 million in Maritime Services • USD 88 million in New Energy USD 61 million EBITDA • USD 40 million in Maritime Services • USD 24 million in New Energy USD 122 million in share of profit from JVs and associates • USD 72 million from Wallenius Wilhelmsen • USD 51 million from Hyundai Glovis • USD 2 million share of loss from other joint ventures/associates.
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Solid performance in all business units Maritime Services Note:*) 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 238 USD million total income • 7% increase YoY • Increase in Ship Services and Port Services • Ship Management relatively stable 40 USD million EBITDA • EBITDA up 69% YoY and 2% % QoQ • Increase YoY reflects performance improvements as well as comparable period impacted by one-off accruals • USD 8 million impairment of goodwill, recognised in depreciation/impairment and share of profit • Middle East situation continued to impact activities, neutral financial effect Total income (USD m) Total income Total income (excluding Zeaborn for 2024)Zeaborn revenue (2024) Q3'23Q4'23Q1'24Q2'24Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26 — 100 200 300 EBITDA (USD m) EBITDA margin (%) EBITDA and EBITDA margin EBITDA EBITDA margin Q3'23Q4'23Q1'24Q2'24Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26 — 20 40 —% 10% 20% Segment comments
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Stable activity in NorSea New Energy Note:*) Margin calculated based on operating revenue, excluding other gain/(loss). 88 USD million total income • Stable revenue YoY, slightly down from previous quarter • Activity level in NorSea remained strong 24 USD million EBITDA 2 USD million share of profit from JVs and ass. • Up 15% YoY, down 5% QoQ • Development reflects continued strong performance in NorSea • USD 3 million from CCB • USD 1 million share of loss from other JV’s and associates Total income (USD m) Total income Operating revenue Other gain/(loss) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 — 50 100 EBITDA (USD m) EBITDA margin (%) Adjusted EBITDA and EBITDA margin *) EBITDA EBITDA margin Q3'23Q4'23Q1'24Q2'24Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26 — 12 24 —% 10% 20% 30%
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Solid performance from associates Strategic Holdings and Investments 123 • USD 72 million from Wallenius Wilhelmsen • USD 51 million from Hyundai Glovis 98 • Mainly from Wallenius Wilhelmsen • Acquisition of Qube by a Macquarie-led consortium closed in August • Wallenius Wilhelmsen completed USD 300 million private placement post- quarter Value (USD m) NOK/share Direct investment - value adjusted Wallenius Wilhelmsen ASA (OSE: WAWI)Treasure/Hyundai Glovis Non-current financial investments Current financial investments Cash NOK/share (right axis) Q3'23Q4'23Q1'24Q2'24Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26 — 3 000 6 000 0 200 400 600 800 1000 1200 UDS m Share of profit from associates Share of profit from joint ventures and associates Q3'23Q4'23Q1'24Q2'24Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26 — 100 200 Segment comments USD million share of profit from associates USD million dividend received from associates
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Cash flow – YTD Q3'26 (USD million) Cash from operating activities Cash from financing activities Cash from investing activities 64 271 (187) USD 500 million in cash from operating activities and associates Wilh. Wilhelmsen Holding ASA 214 55 60 (50) 436 (165) (127) (22) (39) 8 370 31.12.2025 Operating Maritime Services Operating New Energy Operating other Dividend from JVs and associates Other investing activities Dividend and buyback parent Net debt issue/repayment (ex. lease) Other financing activities FX effect on cash 30.09.2026
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76% equity ratio, moderate leverage and solid liquidity position USD billion Equity ratio (%) Wilhelmsen group total assets and equity ratio 3.6 3.7 3.8 3.8 4.0 3.8 4.0 4.3 4.4 4.4 4.5 4.7 5.0 76% Liabilities Equity non-controlling Equity holders of the companyEquity ratio Q3'23Q4'23Q1'24Q2'24Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26 — 1.5 3.0 4.5 6.0 —% 20.0% 40.0% 60.0% 80.0% 100.0% USD million Debt maturity profile New Energy (ex. lease) Maritime Services (ex. lease) Strategic Holdings and Investments (ex. lease)Leasing (IFRS16) Due in 1 year Due in 2 years Due in 3 years Due in 4 years >4 years — 200 400 • All external debt repaid or refinanced in 2026 USD million Liquidity reserves Cash in parent companyCurrent financial investmentsNon-current financial investments 2021 2022 2023 2024 2025 Q3 2026 — 500 1 000 Note: Liquidity reserves includes financial assets held by parent and fully owned subsidiaries reported under the Strategic Holdings and Investment segment
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Full year dividend of NOK 28.5/share, buyback of 470 917 shares Note 1) Yield calculated based on previous year median closing price for WWI and WWIB. 2) Second dividend based on FX USD/NOK 9.6 Dividend payments 1) Cash to shareholders 2) 0,00 5,00 10,00 15,00 20,00 25,00 30,00 NOK/share Yield (%) 2022 2023 2024 2025 2026 2nd payment 1st payment Dividend yield (right axis) USD million. 2022 2023 2024 2025 2026 51 121 117 164 Buybacks Dividend
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Outlook Wilh. Wilhelmsen Holding ASA Wilhelmsen retains a strong balance sheet, solid liquidity, and a balanced portfolio of leading maritime operations and investments. However, considerable uncertainty persists, specifically regarding geopolitical tension, the ongoing conflict in the Middle East, and an uncertain global trade environment, potentially impacting future performance and 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. Maritime Services New Energy Strategic Holdings and Investments Our values: Customer centred | Empowerment | Learning and innovation Stewardship | Teaming and collaboration
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Click to edit Supplementary slides - Third quarter 2026 Group quarterly results Maritime Services Ships Service Port Services Ship Management New Energy NorSea Strategic Holdings and Investments Wallenius Wilhelmsen ASA Hyundai Glovis Co.,Ltd. Financial investments
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Q3 2026 results Wilh. Wilhelmsen Holding ASA USD mill Q3 2026 Q2 2026 Q-on-Q change Q3 2025 Y-o-Y change Total income 327 320 2 % 310 5 % of which operating revenue 326 320 2 % 311 5 % of which other gain/(loss) (1) EBITDA 61 62 (2) % 42 47 % Operating profit/EBIT 37 41 (10) % 19 89 % Share of profit/(loss) from associates 122 112 8 % 133 (8) % Financial items 9 7 (1) of which change in fair value financial assets (5) 4 (3) of which other financial income/(expenses) 14 3 2 Profit/(loss) before tax/EBT 167 160 5 % 151 11 % Tax income/(expenses) (12) (13) (3) Profit/(loss) for the period 155 147 5 % 147 5 % Profit/(loss) to equity holders of the company 154 146 6 % 141 9 % EPS (USD) 3.70 3.49 6 % 3.37 10 % Other comprehensive income 154 (33) (17) Total comprehensive income 309 114 171 % 131 136 % Total comprehensive income to equity holders of the company 307 113 173 % 129 139 %
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• Total income for Ships Service was USD 145 million, up 7% from the corresponding period last year and up 3% from the previous quarter. • The year-over-year increase was driven by a combination of price increases and higher volumes, mainly in technical water treatment, refrigerants, fuel oil, lubricants and emission control chemicals. • Quarter-on-quarter growth was driven by volume increase in fuel oil, technical water treatment, cleaning and maintenance chemicals and gas & cylinders, partly offset by lower sales in lubricants and ropes. Q3 2026 highlights Ships Service Wilhelmsen Ships Service offers a portfolio of maritime solutions to the merchant fleet and is fully owned by Wilhelmsen. USD million Total Income Total income Q3'23Q4'23Q1'24Q2'24Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26 — 50 100 150 200 7% 3% Q3 2026 highlights
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Port Services • Total income for Port Services was USD 51 million, up 16% from the corresponding period last year and up 6% from the previous quarter • The year-over-year and quarter-on-quarter increase was mainly due to strong activity in cargo operations and husbandry. Wilhelmsen Port Services provides full agency, husbandry, and protective agency services to the merchant fleet. Wilhelmsen Port Services is fully owned by Wilhelmsen. Q3 2026 highlights USD million Total Income Total income Q3'23Q4'23Q1'24Q2'24Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26 — 20 40 60 16% 6%
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Ship Management • Total income for Ship Management was USD 40 million in the third quarter, down 4% from same period last year but up 3% from the previous quarter. • Underlying performance remains stable, with a stable fleet under 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. Q3 2026 highlights USD million Total Income Zeaborn crew management (as reported, excluding adj. Q2-Q3 vs Q4'24) Total income (excl. Zeaborn crew management Q2-Q4 2024) Q3'23Q4'23Q1'24Q2'24Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26 — 10 20 30 40 50 60 (4)% 3%
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• Total income for NorSea was USD 87 million in the third quarter. This was stable year- over-year, but down 4% from the previous quarter. • Activity levels in NorSea remained solid. • Share of profit from joint ventures and associates in NorSea was USD 3 million in the third quarter, supported by continued solid activity in CCB. NorSea NorSea provides supply bases and integrated logistics solutions to the offshore industry. NorSea is owned 99.7% by Wilhelmsen. The remaining 0.3% is held by NorSea management. Q3 2026 highlights USD million Total Income Material non-operating gain/(loss)Total income (excl. material non-operating gain) Q3'23Q4'23Q1'24Q2'24Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26 — 25 50 75 100 125 —% (4)%
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• Share of profit from Wallenius Wilhelmsen was USD 72 million for the quarter. This is down from USD 97 million in the corresponding period last year, but up from USD 48 million in the previous quarter. • The book value of the 37.9 % shareholding in Wallenius Wilhelmsen ASA was USD 1 181 million at the end of the quarter Wallenius Wilhelmsen Wallenius Wilhelmsen ASA is a market leader in RoRo shipping and vehicle logistics and is listed on Oslo Børs. Wilhelmsen owned 37.9% of the company in Q3, which is reported as an associate. Q3 2026 highlights USD million Market value of Wilhelmsen's investment Wallenius Wilhelmsen ASAEx dividend paid next quarter Q3'23Q4'23Q1'24Q2'24Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26 — 1 000 2 000 3 000 4 000 1 631 933
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• Share of profit from Hyundai Glovis amounted to USD 51 million for the quarter, up from USD 31 million in the corresponding period last year, and up from USD 27 million in the previous quarter. • The book value of the 11.0 % shareholding in Hyundai Glovis was USD 934 million at the end of the third quarter. Q3 2026 highlights Hyundai Glovis Wilhelmsen holds an 11.0 % ownership interest in Hyundai Glovis Co., Ltd. (Hyundai Glovis). Hyundai Glovis is reported as an associate. USD million Market value of Wilhelmsen's investment Treasure ASA Hyundai Glovis Q3'23Q4'23Q1'24Q2'24Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26 — 250 500 750 1 000 1 250 1 500 226
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• Net income from investment management was USD 7 million for the quarter • The market value of current financial investments stood at USD 410 million at the end of the third quarter • The change in fair value of non-current financial assets in Strategic Holdings and Investments resulted in a loss of USD 5 million for the quarter. The fair value at the end of the third quarter was USD 35 million. • The acquisition of Qube by a Macquarie‑led consortium was completed in August. Q3 2026 highlights Financial investments 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. USD million Market value of Wilhelmsen's investment Non-current financial investments (fair value)Current financial investments Cash Intercompany loan Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 — 200 400 600 800 137 107