Wallenius Wilhelmsen ASA

WAWI

Equity

ISIN NO0010571680 / Valor 11382374

Oslo Stock Exchange (2026-06-05)

NOK 130.50+2.51%

Wallenius Wilhelmsen ASA
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About company

Wallenius Wilhelmsen ASA is a prominent player in the global logistics and shipping industry, specializing in roll-on/roll-off (RoRo) shipping and vehicle logistics. The company facilitates the distribution of cars, trucks, rolling equipment, and breakbulk cargo across the globe. Operating approximately 125 vessels, Wallenius Wilhelmsen services 15 trade routes spanning six continents. In addition to its maritime operations, the company boasts a comprehensive global inland distribution network, 66 processing centers, and eight marine terminals. Headquartered in Oslo, Norway, Wallenius Wilhelmsen employs around 9,500 people across 28 countries, underscoring its extensive international presence and capability in managing complex logistics solutions.

Summarized from source with an LLMView SourceSector: Consumer Services

Key headline numbers

Q1 2025 total revenue USD 1,297m; EBITDA USD 462m; EBITDA margin 35.6%; profit for the period USD 246m; EPS USD 0.53. Net interest-bearing debt USD 1,651m and cash USD 1,666m with USD 494m undrawn credit facilities.

Segment performance

Shipping: adjusted EBITDA USD 387m (up 4% QoQ, 6% YoY) on higher net freight rates despite -2% volume. Logistics: EBITDA USD 37m (down 16% QoQ, -20% YoY) as volumes and margins softened. Government: EBITDA USD 47m (down QoQ seasonally but +41% YoY) supported by strong U.S. government cargo activity.

Profitability & returns

EBITDA up 5% YoY; EBIT USD 305m (+5% YoY). ROCE (adjusted) at 20.5%, well above the >8% target. Equity ratio 34.4%, slightly below the >35% target following the H2 2024 dividend.

Cash flow, liquidity & capital

Operating cash flow USD 450m with a cash conversion ratio of 98%. End-Q1 cash USD 1,666m, net interest-bearing debt down YoY to USD 1,651m. Remaining capex for ordered Shaper-class vessels ~USD 1.5bn; 14 Shaper vessels on order for 2026–2028 deliveries.

Balance sheet & non-recurring items

Group maintained a strong liquidity position; unencumbered vessels increased to 28. A written put option over non-controlling interest (EUKOR) of USD 834m is shown as a current liability; currency and derivative effects impacted net financial items (net financial expense USD 38m in Q1).

Events after quarter

H2 2024 dividend of USD 524m was paid on April 28, 2025. The MIRRAT terminal sale in Melbourne to Qube closed May 1, 2025 (AUD 332.5m). A new CFO (Bjørnar Bukholm) joined the company.

Outlook

Management expects Q2 2025 to be stronger than Q1 and reiterates adjusted EBITDA for 2025 to be broadly in line with 2024, but flags increased uncertainty due to tariffs, proposed US port dues and general market volatility.

ESG & fleet

Fleet controlled: 128 vessels at end-Q1 2025. CO2 intensity (well‑to‑wake EEOI) was 65.08 gCO2e/tonne‑nm, above the 2025 target; total well‑to‑wake CO2e for Q1 was ~1,199k tonnes. Safety indicators (LTIF) increased QoQ and are being addressed.

Summarized from source with an LLMView Source

Key figures

62.5%1Y

97.4%3Y

268%5Y

Performance

35.3%1Y

39.9%3Y

44.1%5Y

Volatility