Wallenius Wilhelmsen (WAWI) Q3 2026 earnings summary

Executive summary

• Q3 adjusted EBITDA was USD 428m, up 19% QoQ and down 10% YoY; revenue reached USD 1,401m, up 7% QoQ.

• FY2026 adjusted EBITDA outlook remained USD 1.6bn; strong demand and tight capacity supported contracting and two post-quarter awards totaling USD 1.7bn.

Financial highlights

• Revenue was USD 1,401m, up 5% YoY and 7% QoQ; reported EBITDA was USD 414m and adjusted EBITDA USD 428m.

• Net profit was USD 212m; EPS was USD 0.45. Operating cash flow was USD 470m with a 110% cash conversion ratio.

• Adjusted EBITDA margin was 30.5%, up from 27.6% QoQ; reported EBITDA included USD 12m of digital transformation costs and USD 3m of restructuring expenses.

Outlook and guidance

• FY2026 adjusted EBITDA outlook remained USD 1.6bn, subject to geopolitical developments, regulatory changes and other potential material adverse effects.

• Strong Shipping demand and high utilization were expected to continue; the majority of 2027–2029 capacity was expected to be contracted by year-end at current market rates.

• Around 40% of 2027 Shipping volumes were contracted or under contracting; the 2027 outlook was scheduled for release with Q4 results.