Wallenius Wilhelmsen
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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.
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Q4 2025 earnings summary11 Feb, 2026

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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Q1 20266 May, 2026
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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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