Wallenius Wilhelmsen (WAWI) Q2 2025 earnings summary

Executive summary

• Q2 2025 delivered one of the strongest quarters ever, with adjusted EBITDA of USD 472m, up 2% QoQ, driven by robust demand for ocean transport, especially from Asia, and solid operational performance.

• Net profit for Q2 was USD 403m, including a USD 135m gain from the MIRRAT sale; adjusted net profit (excluding MIRRAT) was USD 268m, up 8% QoQ.

• Declared a USD 1.10 per share dividend, totaling USD 465m, reflecting 50% of H1 2025 underlying EPS and full MIRRAT sale proceeds.

• Raised ROCE target from 8% to 12%, with actual ROCE for the quarter around 20%.

• Added USD 500m in new and renewed contracts, strengthening the book of business.

Financial highlights

• Q2 2025 revenue reached USD 1,350m, up 4% QoQ and 1% YoY; adjusted EBITDA was USD 472m, up 2% QoQ; net profit was USD 403m.

• Q2 EBITDA margin was 35.0%; EBIT was USD 445m, up 46% QoQ and 23% YoY.

• H1 2025 net profit was USD 649m, up 26% YoY, with EPS at USD 1.43, up 28% YoY.

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

• Equity ratio increased to 40.9%, leverage ratio at 0.9x, and liquidity reserves near USD 2bn.

Outlook and guidance

• 2025 adjusted EBITDA expected to be in line with 2024, with continued strong performance anticipated despite ongoing market uncertainty.

• Strong shipping demand and utilization, especially from Asia, expected to continue into Q3; growth from China to persist, while European and US volumes may decline or stabilize.

• No rebound expected in High & Heavy segment until 2026, despite current strong volumes.

• Volume outlook beyond Q3 remains uncertain due to tariffs and geopolitical risks.