Wilh. Wilhelmsen (WWIB) Q2 2025 earnings summary

Executive summary

• Net profit to equity holders reached USD 250 million in Q2 2025, up 89% year-over-year, reflecting near-record results despite a challenging geopolitical and market environment.

• EBITDA increased 4% year-over-year and quarter-over-quarter, reaching USD 48 million.

• Strong performance across all business units, with significant contributions from associates, notably USD 157 million from Wallenius Wilhelmsen and USD 40 million from Hyundai Glovis.

• Increased shareholding in Edda Wind to 37.8%, which was delisted post-quarter.

• First dividend of NOK 12.00 per share paid, with board authorized to distribute up to an additional NOK 8.00 per share.

Financial highlights

• Total income was USD 315 million, up 6% quarter-on-quarter and year-over-year.

• EBITDA for Q2 2025 reached USD 48 million, up 4% year-over-year; operating profit/EBIT was USD 28 million, down 10% year-over-year.

• EPS was USD 5.96, up 91% year-over-year.

• Total comprehensive income to equity holders was USD 377 million, significantly impacted by USD/NOK currency fluctuations.

• Cash from operating activities and associates YTD Q2'25 was USD 308 million.

Outlook and guidance

• The group maintains a strong balance sheet, solid liquidity, and a balanced portfolio, prepared to support growth and consistent dividends.

• The market environment remains difficult due to geopolitical tensions, tariffs, and global trade volatility, but the group is focused on leveraging its strong position to pursue opportunities and weather uncertainties.

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

• NorSea Group's future activity is expected to remain positive, though subject to seasonality and lacking long-term contract support.

• Strategic Holdings and Investments expected to continue strong performance in the short term.