Wilh. Wilhelmsen (WWIB) Q4 2024 earnings summary

Executive summary

• Net profit attributable to equity holders reached USD 91 million in Q4 2024, up 23% year-over-year, with strong EBITDA growth and robust contributions from Wallenius Wilhelmsen and Hyundai Glovis.

• Achieved 18% total shareholder return for 2024, with record profits from associates and increased shareholdings in Edda Wind ASA and Treasure ASA.

• Expanded Ship Management through the Zeaborn acquisition, contributing to segment growth.

• The group maintains a strong balance sheet, disciplined growth, and liquidity to navigate global trade volatility and geopolitical uncertainties.

• Board proposes a first dividend of NOK 12.00 per share, with authorization for an additional NOK 8.00 per share.

Financial highlights

• Q4 2024 EBITDA was USD 37 million, up 12% year-over-year; net profit to equity holders was USD 91 million, EPS USD 2.13.

• Full-year 2024: total income up 11% to USD 1,138 million, EBITDA up 8% to USD 159 million, EPS up 9% to USD 11.47.

• Share of profit from associates in Q4: USD 100 million from Wallenius Wilhelmsen, USD 18 million from Hyundai Glovis.

• Wallenius Wilhelmsen contributed USD 171 million in dividends for the quarter and USD 282 million for the year.

• Negative non-recurring items in Q4 included USD 11 million impairment and USD 23 million currency loss.

Outlook and guidance

• The group maintains a positive outlook, supported by a strong platform and sound market positions, but remains cautious due to rising uncertainties in global trade and geopolitics.

• Maritime Services expects lower inflationary impact in 2025, with increased geopolitical risks affecting the shipping market.

• New Energy anticipates continued high activity in 2025, supported by energy transition and offshore field demand.

• Strategic Holdings expect strong earnings in 2025, supported by a solid contract base in global ro-ro shipping.

• Focus remains on disciplined capital allocation and strategic growth across all segments.