Wallenius Wilhelmsen ASA

WAWI

Equity

ISIN NO0010571680 / Valor 11382374

Oslo Stock Exchange (2026-07-07)

NOK 133.40+1.44%

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 financials

Q1 2026 adjusted EBITDA USD 389m; EBITDA USD 381m. Total revenue USD 1,253m. Profit for the period USD 177m (owners USD 159m). Earnings per share USD 0.38. Adjusted ROCE 17.4%, equity ratio 39.4%, leverage 1.2x.

Cash, liquidity and capital moves

Cash at quarter‑end USD 890m, undrawn RCF USD 547m, total liquidity USD 1,437m. The group repaid USD 274m of debt (including the hedged WAWI01 bond of USD 194m) and drew USD 400m under facilities. Cash flow from operations USD 322m; cash conversion 83%. Dividend paid to shareholders USD 427m in the quarter.

Shipping — demand, costs and fleet

Shipping revenue USD 943m; adjusted EBITDA USD 333m (down QoQ). Volumes declined seasonally; net freight per cbm rose modestly. Charter‑in market tightened, increasing capacity cost; charter expenses and per‑unit cargo costs up. Net bunker costs rose sharply in March after the Strait of Hormuz closure, with most of the Q2 impact expected before BAF recovery in later quarters. Wallenius Wilhelmsen controlled 131 vessels at quarter end; 14 Shaper newbuilds on order (remaining capex ~USD 1.4bn).

Logistics — strong quarter

Logistics revenue USD 289m (+11% QoQ) and adjusted EBITDA USD 42m (+49% QoQ) driven by higher auto volumes, cost measures and improved efficiency. Contract backlog USD 2.7bn with long revenue duration (8.1 years). Operations expanded (e.g., Gothenburg terminal) and Drammen processing facility construction started.

Government services

Government revenue USD 87m and adjusted EBITDA USD 23m. Q1 was seasonally weak on US government cargo volumes but supported by higher MSP payments. Fleet in Government now 10 vessels after one was recycled.

Costs, risks and outlook

Principal near‑term headwinds are materially higher bunker prices from the Middle East conflict and tighter time‑charter markets. Management expects full‑year adjusted EBITDA ~USD 1.6bn reflecting these pressures but expects bunker costs to be recovered over time via BAF clauses. Key risks include duration/effects of the Middle East situation, fuel availability, and broader macro/trade developments.

Capital structure and newbuild financing

Net interest‑bearing debt USD 2,065m (up QoQ). The group has secured post‑delivery bank financing for 11 of the 14 Shaper newbuilds. Number of unencumbered vessels in the group rose to 39.

Summarized from source with an LLMView Source

Key figures

58.8%1Y

72.8%3Y

355%5Y

Performance

35.4%1Y

40.0%3Y

44.1%5Y

Volatility