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Wallenius Wilhelmsen (WAWI) investor relations material

Wallenius Wilhelmsen Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary12 Aug, 2025

Executive summary

  • Achieved one of the strongest quarters with adjusted EBITDA of USD 472m, up 2% QoQ, driven by robust shipping demand and strong performance out of Asia.

  • Declared a USD 1.10 per share dividend, totaling USD 465m, including full proceeds from the MIRRAT terminal sale in Australia.

  • Updated financial targets: ROCE (over the cycle) raised to 12%, leverage ratio reduced to below 1x, and new minimum liquidity target set at USD 1bn.

  • Secured strong contract coverage for 2025, with 90% of shipping capacity already booked and USD 500m in new contracts added.

  • Continued focus on sustainability, with investments in alternative fuel-ready vessels and ongoing emissions reduction.

Financial highlights

  • Q2 2025 revenue reached USD 1,350m, up 4% QoQ; adjusted EBITDA was USD 472m, up 2% QoQ; net profit was USD 403m, including a USD 135m gain from the MIRRAT sale.

  • Adjusted net profit was USD 268m, up 8% QoQ; H1 2025 net profit was USD 649m, up 26% YoY.

  • Cash and cash equivalents at quarter end were USD 1,363m, down 18% QoQ due to debt repayments and dividend payments.

  • Equity ratio improved to 40.9%; leverage ratio at 0.9x; liquidity reserves close to USD 2bn.

  • Cash conversion ratio for Q2 was 95-96%.

Outlook and guidance

  • 2025 adjusted EBITDA expected to be in line with 2024, with strong outlook driven by Asian exports, especially from China.

  • European volumes may recover slightly in H2; US and European volumes may decline or stabilize; no rebound in High & Heavy until 2026.

  • Market momentum continues into Q3; volume outlook beyond Q3 remains uncertain due to tariffs and geopolitical risks.

  • Outlook excludes extraordinary gains from asset sales.

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Frequently asked questions

Wallenius Wilhelmsen's services include transporting cargo including cars, trucks, buses, rolling stock, construction equipment, and agricultural tractors and their attachments; operating car terminals; repairing and refurbishing ships; and transporting industrial products, farm machinery, forest products, project-related cargoes and conventional break bulk. Wallenius Wilhelmsen also offers other customer-specific solutions. The company was founded in 1861 and is headquartered in Lysaker, Norway.

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