Wilh. Wilhelmsen (WWIB) Q4 2025 earnings summary

Executive summary

• Achieved 49% total shareholder return in 2025, with strong EBITDA growth and solid performance from associates, notably Wallenius Wilhelmsen and Hyundai Glovis, despite a volatile macroeconomic environment.

• Distributed USD 117 million to shareholders via dividends and buybacks, and invested over USD 200 million in portfolio businesses.

• Acquired remaining shares in Treasure ASA for USD 127 million, took Edda Wind private, and increased ownership in Reach Subsea to nearly 30%.

• Ended the year with USD 652 million net profit to equity holders and proposed a dividend of up to NOK 28.5 per share, targeting a 3%-5% yield.

• Paid down significant debt, improved efficiency, and maintained a strong balance sheet and liquidity.

Financial highlights

• Full-year 2025 total income was USD 1,231 million, up 8% year-over-year; EBITDA rose 14% to USD 180 million.

• Q4 2025 total income reached USD 310 million, up 11% from Q3 and 13% year-over-year; EBITDA for the quarter was USD 45 million, up 22% year-over-year.

• Net profit to equity holders in Q4 was USD 129 million, with EPS of USD 3.07; full-year EPS was USD 15.52.

• Share of profit from associates in 2025 was USD 571 million, up 21% year-over-year.

• Cash from operating activities and associates totaled USD 628 million in 2025.

Outlook and guidance

• Maintains a strong balance sheet and liquidity, with a balanced portfolio and capacity to support growth and annual dividends in line with policy.

• Board proposes NOK 20 per share dividend, with potential for an additional NOK 8.5, maintaining a 3%-5% yield target.

• Expect continued volatility in 2026 due to geopolitical and macroeconomic factors, impacting future cash inflow.