Wilh. Wilhelmsen (WWIB) Q2 2024 earnings summary

Executive summary

• Achieved Q2 2024 net profit to equity holders of USD 168 million (USD 3.83 per share), driven by improved operating results and higher contributions from associates.

• Paid NOK 10.00 per share dividend, with potential for an additional NOK 8.00; completed buyback of 440,000 shares.

• Increased Edda Wind ASA stake to 31% and continued ESG progress, including an 8% GHG emissions reduction.

• Significant contributions from associates, especially Wallenius Wilhelmsen and Hyundai Glovis, at record levels.

• Completed Zeaborn Ship Management acquisition, strengthening Maritime Services.

Financial highlights

• Total Q2 2024 income was USD 301 million, up 16% year-over-year; EBITDA reached USD 46 million, up 17% year-over-year.

• Maritime Services delivered USD 32 million EBITDA on USD 220 million income, up 19% year-over-year.

• New Energy segment reported USD 80 million income (up 9% y-o-y) and USD 17 million EBITDA (up 47% y-o-y).

• Share of profit from associates totaled USD 146 million, with USD 118 million from Wallenius Wilhelmsen and USD 24 million from Hyundai Glovis.

• Cash and cash equivalents were USD 177 million at quarter-end.

Outlook and guidance

• Positive outlook for the remainder of 2024, supported by strong markets, diversified portfolio, and ongoing integration of acquisitions.

• Group expects to maintain consistent yearly dividends and support portfolio growth despite inflationary and geopolitical uncertainties.