Wallenius Wilhelmsen (WAWI) Q4 2025 earnings summary

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.