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Wallenius Wilhelmsen (WAWI) investor relations material
Wallenius Wilhelmsen Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Adjusted EBITDA for 2025 was USD 1,811m, down 4.7% year-over-year, with Q4 at USD 400m, down 16% sequentially from Q3, but overall performance remained robust.
Net profit for 2025 was USD 1,104m, up from USD 1,065m in 2024, driven by the MIRRAT sale and lower financial expenses and taxes.
Dividend of USD 2.11 per share for 2025, including an extraordinary USD 200m, reflecting strong liquidity.
Maintained a solid financial position by repaying significant debt since 2022 and returning over USD 2bn to shareholders.
Expanded contract backlog to USD 7.5bn, averaging 3.3 years in duration at historically high rates.
Financial highlights
FY 2025 revenue was USD 5,240m, down 1% year-over-year, mainly due to logistics segment softness and the sale of MIRRAT.
Q4 2025 adjusted EBITDA was USD 400m, down from USD 452m YoY and USD 477m QoQ.
Q4 2025 adjusted EBITDA margin was 32%; Q4 net profit was USD 175m, down 37% sequentially and 40% year-over-year.
ROCE for 2025 was 18.4%, above the 12% target.
Cash and cash equivalents at year-end were USD 1,071m; total liquidity was USD 1,993m.
Outlook and guidance
Maintained 2026 adjusted EBITDA guidance of USD 1.65bn–1.75bn, assuming no material adverse events.
Strong demand anticipated, especially ex-Asia, with shipping segment sold out for 2026.
Logistics performance improvement targeted, aiming for a 10% operational result within two years.
Government services expected to normalize after a weak Q4 due to the U.S. government shutdown.
Gradual improvement in transportation demand expected, depending on global tariffs.
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