Wallenius Wilhelmsen (WAWI) Pareto Securities’ 33rd Annual Energy Conference presentation summary

Business overview

• Operates the world's largest Ro-Ro fleet with about 130 vessels, 15 trade routes, and 8 terminals handling millions of vehicles annually.

• Integrated logistics platform covers ocean shipping, inland distribution, terminals, and government services.

• Market leader in high & heavy and breakbulk logistics, with strong OEM partnerships and high customer retention.

• Three main segments: Shipping ($4.0B revenue, $1.6B adj. EBITDA), Logistics ($1.1B revenue, $133M adj. EBITDA), and Government ($411M revenue, $153M adj. EBITDA) in 2025.

• Early mover on decarbonization, investing in next-gen vessels and targeting net-zero operations by 2040.

Market dynamics

• Chinese vehicle exports are booming, driving structural growth in long-distance flows and tightening RoRo capacity.

• Chinese OEMs are gaining market share globally, with no significant inventory build-up in destination markets.

• RoRo shipping capacity remains constrained, pushing some exports to alternative transport modes.

• Freight and charter rates have strengthened significantly, reflecting tight marginal capacity despite fleet growth.

Financial performance

• Achieved strong financial results with adjusted EBITDA of $1.9B in 2024 and $1.8B in 2025, driven by favorable supply-demand balance and high freight rates.

• Sold out shipping capacity for 2026, with ongoing contract negotiations for 2027 and a contract backlog of $6.5B in shipping and $2.7B in logistics.

• Logistics services improved EBITDA margin through a targeted program, aiming for 10% margin by 2028.

• Exceptional shareholder value creation since 2021, with 1,005% total shareholder return and $2.8B in dividends paid.