Wilh. Wilhelmsen (WWIB) Q1 2025 earnings summary

Executive summary

• EBITDA increased 20% year-over-year to USD 46 million, with Maritime Services at USD 32 million and New Energy at USD 15 million.

• Net profit to equity holders was USD 132 million, with EPS of USD 3.13, up from USD 2.44 year-over-year.

• Strong contributions from associates: USD 86 million from Wallenius Wilhelmsen and USD 30 million from Hyundai Glovis; total share of profit from associates was USD 121 million.

• Buyback of 611,061 shares completed; AGM approved NOK 12.00 per share dividend and authorized up to NOK 8.00 additional.

• Announced post-quarter mandatory offer to acquire all shares in Edda Wind ASA not already owned.

Financial highlights

• Total income was USD 297 million, up 12% year-over-year and 7% sequentially.

• EBITDA margin improved, with EBITDA at USD 46 million, up 20% year-over-year and 25% quarter-on-quarter.

• Operating profit/EBIT was USD 37 million, up 16% year-over-year.

• Shareholders' equity increased to USD 2,767 million, equity ratio at 72%.

• Cash and cash equivalents at quarter-end were USD 169 million, up USD 14 million sequentially.

Outlook and guidance

• Maintains a strong balance sheet and diversified portfolio, with capacity for consistent dividends.

• Maritime Services expected to maintain stable activity in 2025 despite global trade volatility.

• New Energy segment to see continued high activity, supported by energy transition and offshore demand.

• Strategic Holdings and Investments contribution expected to remain near 2024 levels, despite new tariffs and regulations.

• Ongoing geopolitical and global trade uncertainties noted as risks.