WILH. WILHELMSEN HOLDING ASA

Fourth quarter 2024

Highlights for the quarter

Wilhelmsen had another strong quarter with a year-over-year increase in both operating results and contribution from associates. Net profit after financial items and tax was USD 94 million and net profit to equity holders of the company was USD 91 million.

USD 37 million in EBITDA.

Of which:
- USD 24 million EBITDA in Maritime Services.
- USD 16 million EBITDA in New Energy.
Up 12% from the corresponding period last year but down 3% from the previous quarter.

USD 116 million in share of profit from joint ventures and associates.

Of which:
- USD 100 million share of profit from Wallenius Wilhelmsen.
- USD 18 million share of profit from Hyundai Glovis.
Up from USD 68 million in the corresponding period last year but down from USD 118 million in the previous quarter.

USD 11 million impairment loss in Maritime Services.

USD 28 million in net financial expenses.

• USD 23 million currency loss.

Increased shareholding in Treasure ASA from 78.7% to 84.2%

Post quarter event

The board proposes that the Annual General Meeting approves a first dividend of NOK 12.00 per share and authorises the board to distribute additional dividend of up to NOK 8.00 per share. This is in line with the targeted 3 – 5% dividend yield over time.

Key figures

Financial performance

USD million			Q-on-Q		Y-o-Y	01.01-	01.01-	Y-o-Y
	Q4'24	Q3'24	Change	Q4'23	Change	31.12.24	31.12.23	Change
Total income	278	295	-6%	256	9%	1,138	1,029	11%
of which operating revenue	274	296	-7%	250	10%	1,136	1,027	11%
of which other gain/(loss)	4	(1)		5		2	1
EBITDA	37	38	-3%	33	12%	159	147	8%
Operating profit/EBIT	10	22	-53%	17	-39%	85	88	-4%
Share of profit/(loss) from associates	116	118	-2%	68	69%	472	431	10%
Financial items	(28)	4		6		(19)	(4)
of which change in fair value financial assets	1	3		5		27	11
of which other financial income/(expenses)	(29)	1		1		(46)	(15)
Profit/(loss) before tax/EBT	98	144	-32%	91	8%	538	515	5%
Tax income/(expenses)	(4)	(7)		(11)		(20)	(27)
Profit/(loss) for the period	94	136	-31%	80	18%	518	487	6%
Profit/(loss) to equity holders of the company	91	131	-30%	74	23%	498	466	7%
EPS (USD)	2.13	3.05	-30%	1.68	27%	11.47	10.52	9%
Other comprehensive income	(194)	66		74		(213)	(11)
Total comprehensive income	(100)	203	neg.	154	neg.	305	476	-36%
Total comp. income equity holder of the company	(90)	191	neg.	142	neg.	300	457	-34%
Total assets	3,758	3,968	-5%	3,735	1%	3,758	3,735	1%
Shareholders' equity	2,580	2,641	-2%	2,332	11%	2,580	2,332	11%
Total equity	2,695	2,806	-4%	2,488	8%	2,695	2,488	8%
Equity ratio	72%	71%	1%	67%	5%	72%	67%	5%

Group result for the fourth quarter 2024

Total income for the Wilh. Wilhelmsen Holding ASA group (referred to as Wilhelmsen or group) was USD 278 million in the fourth quarter of 2024, up 9% from the corresponding period last year but down 6% from the previous quarter. Income was up year-over-year but down quarter-on-quarter for both Maritime Services and New Energy.

EBITDA was USD 37 million, up 12% from last year but down 3% from the previous quarter. EBITDA was up for New Energy but down for Maritime Services both yearover-year and quarter-on-quarter.

The quarter included USD 11 million in total impairment losses in Maritime Services.

Share of profit from joint ventures and associates was USD 116 million. This was up 69% from the previous year mainly due to increased profit in Wallenius Wilhelmsen ASA.

Financial items were a net loss of USD 28 million including USD 23 million in mainly unrealised currency losses. Tax was an expense of USD 4 million for the quarter.

Net profit to equity holders of the company was USD 91 million for the quarter, equal to USD 2.13 earnings per share (EPS).

Other comprehensive income was negative with USD 194 million, mainly from currency translation differences related to non-USD entities. Total comprehensive income, including net profit and other comprehensive income, attributable to equity holders of the company was negative with USD 90 million.

Group balance sheet

Total assets were down 5% in the fourth quarter mainly due to a reduction in other current assets. This included declared dividend received in the fourth quarter which was partly used towards repayment of debt. Shareholders' equity was down 2% to USD 2,580 million due to negative comprehensive income in the quarter and paid dividend. As of 31 December, the group equity ratio was 72%.

Group cash flow, liquidity and debt

USD million	Cash	Curr.
	& cash	fin.
	equiv.	inv.	IBD	Lease liabil.	NIBD
Maritime Services	115	0	169	38	92
New Energy	(48)	0	234	73	355
Strategic Holdings and Inv.	88	121	5	30	(173)
Elimination	0	0	(107)	(8)	(115)
Wilhelmsen group	155	121	300	134	157

Cash and cash equivalents were USD 155 million at the end of the fourth quarter, up USD 1 million from the previous quarter. Operating cash flow was USD 3 million. Cash flow from investing activities was USD 174 million, including USD 175 million in dividend received from joint ventures and associates. Cash flow from financing activities was negative with USD 175 million, including USD 101 million in net debt repayments and USD 28 million in dividend payments. Total interest-bearing debt including lease liabilities was USD 434 million by the end of the fourth quarter, a reduction of USD 125 million from the previous quarter.

Dividend (post quarter event)

The board proposes that the Annual General Meeting approves a first dividend of NOK 12.00 per share and authorises the board to distribute additional dividend of up to NOK 8.00 per share.

Full year 2024

Preliminary result for the year

Total income for Wilhelmsen was USD 1,138 million in 2024, up 11% from 2023. Income was up for both Maritime Services and New Energy.

EBITDA came in at USD 159 million for the year, up 8%. EBITDA was up for both Maritime Services and New Energy.

EBIT was down for the year mainly due to USD 11 million in total impairment losses in Maritime Services.

Share of profit from joint ventures and associates was USD 472 million for the year, up 10% from USD 431 million one year earlier. The improvement was mainly due to an increase in net profit in Wallenius Wilhelmsen ASA.

The change in fair value financial assets was positive with USD 27 million, up from USD 11 million in 2023. Other financials were a net expense of USD 46 million, including USD 28 million in mainly unrealised currency losses.

Tax was an expense of USD 20 million, mainly related to Maritime Services.

Net profit to equity holders of the company was USD 498 million in 2024, equal to USD 11.47 earnings per share (EPS). This was up from USD 466 million in 2023.

Other comprehensive income was negative with USD 213 million, mainly from currency translation differences related to non-USD entities. Total comprehensive income to equity holders of the company was USD 300 million for the year.

Environment Social Governance (ESG)

This report includes aggregated ESG results for consolidated entities in the Wilhelmsen group, which includes the Maritime Services segment (Ships Service, Port Services, Ship Management, Global Business Services, Chemicals and Insurance Services) and the New Energy segment (NorSea Group only).

Strategic focus	Measures 2024	Annual target	Q4'24	01.01- 31.12.24	01.01- 31.12.23
E -Climate change and	Scope 1 GHG emissions reduction in tCO2e	Minimum 5.25% per year from 2022 base year to 2030	-14%	-10%	-6.18%
decarbonisation	Scope 2 electricity consumed classified as renewable	60%	75%	71%	50%
	Scope 3 emissions (tCO2e)1.	Establish base year	2.67	5.43	n/a
ONSHORE	Number of days lost to work-related ill health	Establish base year	578	1249	n/a
S - Health and	Number of days lost to work-related injuries	Establish base year	37	125	n/a
safety	Lost time injury frequency rate (per million manhours) 2.	<2.00	1.45	1.37	0.40
	Number of work-related fatalities	Zero	0	1	0
	Total recordable case frequency rate (per million manhours) 2.	<5.00	2.91	2.35	0.66
SEAFARERS	Number of days lost to work-related ill health	Establish base year	0	0	n/a
S - Health and	Number of days lost to work-related injuries	Establish base year	4	13	n/a
safety	Lost time injury frequency rate (per million manhours)	<0.40	0.35	0.34	0.35
	Number of work-related fatalities	Zero	1	2	1
	Total recordable case frequency rate (per million manhours)	<2.80	2.63	3.28	2.27
S - Equality, diversity and	Gender balance in the top three management levels (% female) 3.	>30% female	34%	34%	31%
inclusion	Employee voluntary turnover rate 3.	11% annual result	9%	9%	13%
	Average registered employee training hours 3.	8 hours per year	12	12	10
S - Supply chain	Number of supplier audits or assessments with ESG criteria	As per audit plan	587	742	1,136
management	Percentage of new suppliers screened with ESG criteria	100% in defined tiers	99%	99%	100%
	Percentage of suppliers agreeing to Wilhelmsen Supplier Code of Conduct	100% in defined tiers	99%	95%	100%
G - Compliance	Percentage completion rate for mandatory business training 3.	100%	100%	100%	97%
	Percentage click-rate on simulated phishing tests	Establish base year	34%	14%	n/a
	Status of implementation of the Cyber Security Standard	100% completion of 4-step program	100%	100%	n/a

Notes:

Scope 3 reporting includes estimates based on available data for categories 1, 2, 4, 5, 6, 9, 11, 12, 13 and 15. Approximately 96% of the scope 3 emissions estimated are related to use of sold products (refrigerants) and Category 15 investments. Investments are reported in the fourth quarter only due to data availability 2. Days lost refer to calendar days as per CSRD definition. Calculation for onshore lost time injury frequency rate and total recordable case frequency rate calculation changed as per CSRD/ESRS requirements.
Results are presented as year to date.

ESG index

The group's internal index measures ESG performance in strategic focus areas. 17 KPIs are weighted within these areas based on the group's strategic ambitions (excluding financial targets which are reported separately). The overall target for the ESG index at year end is a result equal to or greater than 0.85 which means the majority of entity/segment/group ESG activities are on target.

The overall group ESG index result was 0.87 for the fourth quarter and 0.85 for the full year, meeting the 2024 target. The results were impacted by three work-related fatalities during the year, a higher-than-targeted total recordable case frequency for seafarers, and a marginally lower-than-targeted percentage of suppliers agreeing to the Supplier Code of Conduct.

Segment information

Maritime Services

This includes Ships Service, Port Services, Ship Management, and other activities reported under the Maritime Services segment.

USD million			Q-on-Q		Y-o-Y	01.01-	01.01-	Y-o-Y
	Q4'24	Q3'24	Change	Q4'23	Change	31.12.24	31.12.23	Change
Total income	202	216	-7%	187	8%	831	732	13%
of which Ships Service	125	127	-2%	115	9%	508	467	9%
of which Port Services	43	39	8%	41	5%	162	153	6%
of which Ship Management	30	47	-36%	23	30%	147	87	70%
of which other activities/eliminations	4	2		8		14	26
EBITDA	24	26	-8%	24	-1%	109	105	3%
EBITDA margin (%)	12%	12%		13%		13%	14%
Operating profit/EBIT	6	18	-69%	16	-65%	70	77	-10%
EBIT margin (%)	3%	9%		9%		8%	11%
Share of profit/(loss) from associates	(1)	2	neg.	2	neg.	3	7	-56%
Financial items	(26)	3		(4)		(37)	(19)
Tax income/(expense)	1	(5)		(9)		(12)	(20)
Profit/(loss)	(21)	19	neg.	5	neg.	23	45	-48%
Profit margin (%)	-10%	9%		3%		3%	6%
Non controlling interests	(0)	0		1		1	2
Profit/(loss) to equity holders of the company	(21)	18	neg.	4	neg.	22	42	-48%

Maritime Services segment

Total income for the Maritime Services segment was USD 202 million in the fourth quarter. This was up 8% from the corresponding period last year but down 7% from the previous quarter. Income was impacted by revenue recognition from the acquisition of Zeaborn Ship Management, of which previously reported USD 10 million in income in the second and third quarter has been changed from gross to net recognition. This has reduced the fourth quarter income with a similar amount but with no EBITDA impact. Excluding income from the Zeaborn acquisition, income was up 5% year-over-year.

EBITDA was USD 24 million, down 1% year-over-year and down 8% from the previous quarter. The reduction in EBITDA reflected higher employee expenses while the reduction in EBITDA margin also reflected lower gross margin on acquisition revenue which is partly accounted for on a gross basis.

The fourth quarter included a USD 7 million impairment of goodwill and a USD 4 million impairment loss related to discontinuation of brand name.

Share of profit from associates was a loss of USD 1 million for the quarter, mainly due to integration cost related to the Zeaborn acquisition. Financial items were an expense of USD 26 million, including USD 22 million in mainly unrealised currency losses. Tax was an income of USD 1 million for the quarter, including changes in deferred tax.

The quarter ended with a loss to equity holders of the company of USD 21 million.

Ships Service

Wilhelmsen Ships Service offers a portfolio of maritime solutions to the merchant fleet.

Total income for Ships Service was USD 125 million. This was up 9% from the corresponding period last year but

down 2% from the previous quarter. Year-over year, total income was lifted by a combination of price increases and higher volumes. Income was up for most product categories including refrigerants, chemicals, and ropes.

Port Services

Wilhelmsen Port Services provides full agency, husbandry, and protective agency services to the merchant fleet.

Total income for Port Services was USD 43 million. This was up 5% from the corresponding period last year and up 8% from the previous quarter. The increase was supported by higher husbandry volumes and prices and to a less extent an increase in the number of vessel appointments.

Ship Management

Wilhelmsen Ship Management provides full technical management, crewing, and related services for all major vessel types.

Total income for Ship Management was USD 30 million in the fourth quarter. This included USD 15 million in revenue from the acquisition of Zeaborn, completed on 31 March 2024, partly offset by the USD 10 million in change from gross to net accounting in previously reported income from the Zeaborn crewing contracts. On a year-over-year basis, total income excluding Zeaborn was up 8%.

Other activities

This includes Wilhelmsen Chemicals, Wilhelmsen Insurance Services and Global Business Services (all fully owned by Wilhelmsen), and certain other activities reported under the Maritime Services segment.

Total income from other activities was down year-overyear but up from the previous quarter. A large part of the income is generated from inter-company services and product salesto other Maritime Services' entities which are eliminated in the segment accounts.

Segment information

New Energy

This includes NorSea, Edda Wind ASA, and other activities reported under the New Energy segment.

USD million			Q-on-Q		Y-o-Y	01.01-	01.01-	Y-o-Y
	Q4'24	Q3'24	Change	Q4'23	Change	31.12.24	31.12.23	Change
Total income	75	78	-4%	68	11%	303	291	4%
of which NorSea (Energy Infrastructure)	75	78	-3%	67	12%	300	283	6%
of which other activities/eliminations	0	1	-88%	1	-90%	2	7	-67%
EBITDA	16	15	11%	13	27%	59	51	17%
EBITDA margin (%)	21%	19%		19%		19%	17%
Operating profit/EBIT	9	7	27%	5	72%	28	23	25%
EBIT margin (%)	11%	9%		7%		9%	8%
Share of profit/(loss) from associates	(1)	1	neg.	3	neg.	7	10	-33%
of which NorSea (Energy Infrastructure)	(0)	2	neg.	1	neg.	7	6	26%
of which other activities/eliminations	(1)	(1)	neg.	2	neg.	(0)	5	neg.
Financial items	1	(8)		(9)		(6)	(18)
Tax income/(expense)	(2)	(1)		(1)		(2)	(2)
Profit/(loss)	7	(2)	neg.	(1)	neg.	26	12	115%
Profit margin (%)	10%	-2%		-1%		9%	4%
Non controlling interests	0	0		0		1	1
Profit/(loss) to equity holders of the company	7	(2)	neg.	(1)		26	12	121%

New Energy segment

Total income for the New Energy segment was USD 75 million in the fourth quarter. This was up 11% from the corresponding period last year but down 4% from the previous quarter. Year-over-year, income was lifted by increased activities in NorSea.

EBITDA was USD 16 million, up 27% from the corresponding period last year and up 11% from the previous quarter. The positive development in EBITDA was mainly due to high activity in NorSea.

Share of profit from joint ventures and associates was a loss of USD 1 million in the fourth quarter. Financial items were an income of USD 1 million, including a combined USD 5 million gain from disposal of financial assets. Tax was an expense of USD 2 million for the quarter, including changes in deferred tax.

Profit to equity holders of the company was USD 7 million for the quarter.

NorSea

NorSea provides supply bases and integrated logistics solutions to the offshore industry. Wilhelmsen owns 99.4% of NorSea.

Total income for NorSea was USD 75 million in the fourth quarter, up 12% year-over-year but down 3% from the previous quarter. Income was lifted by increased activity at Norwegian offshore bases. The reduction from the previous quarter was due to currency effect from converting income in local currencies into USD.

Share of profit from joint ventures and associates in NorSea was nil in the fourth quarter.

Edda Wind ASA

Edda Wind ASA provides services to the global offshore wind industry and is listed on Oslo Børs. Wilhelmsen owns 31.0% of the company, which is reported as associate in Wilhelmsen's accounts.

Share of profit from Edda Wind ASA was included with a USD 1 million loss for the quarter.

The book value of the 31.0% shareholding in Edda Wind ASA was USD 106 million at the end of the fourth quarter.

Other activities

This includes Reach Subsea ASA (owned 18.4%), Raa Labs AS (owned 75.1%), Massterly AS (owned 50%) and certain other activities reported under the New Energy segment.

Total income for other activities was nil for the quarter.

Share of profit from other activities was included with nil for the quarter.

On 4 December, Wilhelmsen exercised parts of its warrants in Reach Subsea ASA, with all new shares acquired then sold in the market. Due to the new shares issued, the Wilhelmsen shareholding in Reach ASA was reduced from 19.2% to 18.4%. The book value of Wilhelmsen's 18.4% shareholding in Reach Subsea ASA was USD 23 million at the end of the fourth quarter. Wilhelmsen has warrants to subscribe for additional shares in Reach Subsea ASA in accordance with a three-year warrant issued in the first quarter of 2022. The fair market value of the warrants was reported as other current assets at the end of the fourth quarter.

Segment information

Strategic Holdings and Investments

This includes the strategic holdings in Wallenius Wilhelmsen ASA and Treasure ASA, other financial and non-financial investments, and other activities reported under the Strategic Holdings and Investments segment.

USD million			Q-on-Q		Y-o-Y	01.01-	01.01-	Y-o-Y
	Q4'24	Q3'24	Change	Q4'23	Change	31.12.24	31.12.23	Change
Total income	4	4	12%	3	27%	16	15	6%
of which operating revenue	4	4	12%	3	17%	16	16	4%
of which other gain/(loss)	0	0		(0)		0	(0)
EBITDA	(3)	(2)		(3)		(8)	(7)
Operating profit/EBIT	(4)	(3)		(4)		(13)	(12)
Share of profit/(loss) from associates	117	115	2%	63	85%	462	414	12%
of which Wallenius Wilhelmsen ASA	100	91	9%	42	137%	372	324	15%
of which Hyundai Glovis	18	23	-25%	21	-17%	90	89	1%
of which other/eliminations	0	0		0		0	0
Change in fair value financial assets	(1)	5		5		10	7
Other financial income/(expenses)	11	4		19		26	64
of which investment management	(5)	3		6		10	15
of which financial income from group companies	14	2		9		17	41
of which other financial income/(expense)	2	(0)		4		(2)	7
Tax income/(expense)	(5)	(1)		(2)		(8)	(5)
Profit/(loss)	118	119		81		478	468
Non controlling interests	3	5		4		18	18
Profit/(loss) to equity holders of the company	115	114		76		460	449

Strategic Holdings and Investments segment

The Strategic Holdings and Investments segment reported a USD 115 million profit to equity holders of the company in the fourth quarter. This was up year-over-year and from the previous quarter mainly due to higher contribution from Wallenius Wilhelmsen ASA.

Wallenius Wilhelmsen ASA

Wallenius Wilhelmsen ASA is a market leader in RoRo shipping and vehicle logistics and is listed on Oslo Børs. Wilhelmsen owns 37.9% of the company, which is reported as associate in Wilhelmsen's accounts.

Share of profit from Wallenius Wilhelmsen ASA was USD 100 million for the quarter. This was up from USD 42 million in the corresponding period last year and USD 91 million in the previous quarter.

The book value of the 37.9% shareholding in Wallenius Wilhelmsen ASA was USD 1,077 million at the end of the fourth quarter.

In the fourth quarter, Wilhelmsen received USD 171 million in dividend from Wallenius Wilhelmsen ASA. The dividend was declared in the second and third quarter and included as other current assets in the third quarter accounts.

Treasure ASA - Hyundai Glovis

Treasure ASA holds a 11.0% ownership interest in Hyundai Glovis Co., Ltd. (Hyundai Glovis) and is listed on Oslo Børs. Wilhelmsen owns 84.2% of Treasure ASA. Hyundai Glovis is reported as an associate in Wilhelmsen's accounts.

Share of profit from Hyundai Glovis was included with USD 18 million for the quarter. This compares with a share of profit of USD 21 million in the corresponding period last year and USD 23 million in the previous quarter.

The book value of the 11.0% shareholding in Hyundai Glovis was USD 672 million at the end of the fourth quarter.

In October, Wilhelmsen increased the shareholding in Treasure ASA from 78.7% to 84.2% for a total consideration of USD 30 million.

Financial investments

Financial investments include cash and cash equivalents, current financial investments and other financial assets held by the parent and fully owned subsidiaries.

Net income from investment management was a loss of USD 5 million for the quarter. The market value of current financial investments was USD 121 million at the end of the fourth quarter.

Change in fair value of non-current financial assets was a loss of USD 1 million for the quarter. The fair value at the end of the fourth quarter was USD 86 million. The largest investment was the 25 million shares held in Qube Holdings Limited with a market value of USD 61 million.

Other activities

This includes WilNor Governmental Services, Wilservice AS, holding company activities, and certain other activities reported under the Strategic Holdings and Investments segment.

Income for other activities remained limited in the quarter.

Outlook

Wilhelmsen is an industrial holding company within the maritime industry. The group's activities are carried out through fully and partly owned entities, most of which are among the market leaders within their segments. Our ambition is to develop companies within maritime services, shipping, logistics, renewables, and related infrastructure through active ownership.

Outlook for Maritime Services

Maritime Services delivers value creating solutions to the global merchant fleet, focusing on Ships Service, Port Services, and Ship Management.

The Maritime Services operation has in 2024 been supported by a predominantly positive global shipping market, with income also lifted by bolt-on acquisitions and inflationary impact. For 2025, we expect lower inflationary impact, while risk to the general shipping market from an unpredictable geopolitical situation has increased.

Looking further ahead, we believe that the Maritime Services market will continue to grow, supported by a growing world economy. With global networks, strong brands built over many years, and a long history of innovation and market adaptation, Wilhelmsen is in a good position to service this market.

Outlook for New Energy

The New Energy segment focuses on building an ecosystem supporting energy transition. With segment companies representing energy infrastructure, offshore wind, and technology & decarbonisation, Wilhelmsen is driving value-creation by bringing together their unique competencies.

Supply constraints and geopolitical risk continue to impact the European energy market. This supports a continued high activity level in 2025 at the offshore fields serviced by NorSea and other Wilhelmsen operations.

A focus on climate measures will support, inter alia, a gradual shift from offshore oil and gas to renewable energy, and decarbonization of the global fleet. With a broad range of operations, infrastructure, and new initiatives across offshore and other maritime activities, Wilhelmsen is well positioned to participate in these energy and technology shifts.

Outlook for Strategic Holdings and Investments

Wilhelmsen holds a large strategic shareholding in Wallenius Wilhelmsen ASA and, through its shareholding in Treasure ASA, in Hyundai Glovis. Through our shareholdings in these companies, we will continue to provide and develop world leading logistics services to the global automotive and ro-ro industries.

A favourable supply-demand balance in global ro-ro shipping has lifted the earnings and dividend capacity of our strategic holdings. While vessel supply is expected to grow, a solid contract base will support strong earnings also in 2025.

Long term, Wallenius Wilhelmsen ASA and Hyundai Glovis have the size, global reach, human and physical assets, and customer base to succeed in a continuously changing world.

Outlook for the Wilhelmsen group

Wilhelmsen retains a strong balance sheet and a balanced portfolio of leading maritime operations and investments.

While uncertainty persists, specifically regarding geopolitical tension and an uncertain global trade environment, the group retains its capacity to support and grow the portfolio, and to deliver consistent yearly dividends.

Lysaker, 12 February 2025

The board of directors of Wilh. Wilhelmsen Holding ASA

Forward-looking statements presented in this report are based on various assumptions. These assumptions were reasonable when made, but as assumptions are inherently subject to uncertainties and contingencies which are difficult or impossible to predict, Wilhelmsen cannot give assurances that expectations regarding the outlook will be achieved or accomplished.

Consolidated income statement

USD mill	Note	Q4	Q4	YTD	YTD
		2024	2023	2024	2023
Operating revenue		274	250	1 136	1 027
Other gain	5	4	5	2	1
Total income		278	256	1 138	1 029

Operating expenses
Cost of goods and change in inventory		(89)	(81)	(391)	(340)
Employee benefits		(108)	(100)	(423)	(387)
Other expenses		(44)	(42)	(166)	(153)
Operating profit before depreciation and amortisation (EBITDA)		37	33	159	147
Depreciation and impairments	7/8	(26)	(16)	(74)	(59)
Operating profit (EBIT)		10	17	85	88
Share of profit from joint ventures and associates	4	116	68	472	431

Financial items
Change in fair value financial assets	10	1	5	27	11
Other financial income/(expenses)	11	(29)	1	(46)	(15)
Net financial items		(28)	6	(19)	(4)

Profit before tax		98	91	538	515
Tax income/(expense)	6	(4)	(11)	(20)	(27)
Profit for the period		94	80	518	487
Attributable to: equity holders of the company		91	74	498	466
non-controlling interests		3	6	20	21

Basic earnings per share (USD)	9	2.13	1.68	11.47	10.52

Consolidated comprehensive income

USD mill		Q4	Q4	YTD	YTD
		2024	2023	2024	2023
Profit for the period		94	80	518	487

Items that may be reclassified to income statement
Cash flow hedges (net after tax)		1	(1)	1	0
Comprehensive income from joint ventures and associates		11	(2)	13	5

Currency translation differences (207) 79 (228) (15)

Remeasurement pension liabilities, net of tax 1 (1) 1 (1) Other comprehensive income, net of tax (194) 74 (213) (11) Total comprehensive income for the period (100) 154 305 476

Equity holders of the company (90) 142 300 457 Non-controlling interests (9) 13 5 19 Total comprehensive income for the period (100) 154 305 476

Items that will not be reclassified to income statement

Total comprehensive income attributable to:

Consolidated balance sheet

USD mill Note	31.12.2024	31.12.2023
Deferred tax asset 6	52	51
Goodwill and other intangible assets 7	125	132
Property and other tangible assets 7	571	623
Right of use assets 8	121	112
Investments in joint ventures and associates* 4/18	2 001	1 877
Financial assets to fair value 10	86	87
Other non current assets	39	42
Total non current assets	2 994	2 924

Inventory	119	121
Current financial investments	121	124
Other current assets	368	342
Cash and cash equivalents	155	224
Total current assets	764	811
Total assets	3 758	3 735

Paid-in capital 9	118	118
Own shares 9	(3)	(1)
Retained earnings* 9/12/18	2 465	2 215
Attributable to equity holders of the parent	2 580	2 332
Non-controlling interests	115	155
Total equity	2 695	2 488

Pension liabilities	21	23
Deferred tax 6	12	12
Non-current interest-bearing debt 13/14	277	456
Non-current lease liability 8/13	108	101
Other non-current liabilities	8	11
Total non current liabilities	425	603
Current income tax	12	10
Public duties payable	17	18
Current interest-bearing debt 13/14	23	27
Current lease liability 8/13	26	24
Other current liabilities	559	567
Total current liabilities	637	645
Total equity and liabilities	3 758	3 735

* The investment in Wallenius Wilhelmsen, accounted for as investment in associate, has been restated. See note 18 for more details.

Consolidated cash flow statement

USD mill	Note	Q4	Q4	YTD	YTD
Cash flow from operating activities		2024	2023	2024	2023
Profit before tax		98	91	538	515
Share of (profit)/loss from joint ventures and associates	4	(116)	(68)	(472)	(431)
Changes in fair value financial assets	10	(1)	(5)	(27)	(11)
Other financial (income)/expenses	11	29	(1)	46	15
Depreciation, amortisation and impairment	7/8	26	16	74	59
Other (gain)/loss	5	(4)	(5)	(2)	(1)
Change in net pension asset/liability		0	(1)	1	1
Change in inventories		(10)	1	(7)	(7)
Change in other assets and liabilities		(14)	44	(33)	75
Tax paid (company income tax, withholding tax)		(6)	(8)	(22)	(21)
Net cash flow from operating activities		3	64	96	194

Cash flow from investing activities
Dividend received from joint ventures and associates		175	59	311	170
Proceeds from sale of fixed assets	7	0.322	1	1	2
Investments in fixed assets	7	(9)	(13)	(40)	(43)
Net proceeds from sale of entity		7	-	9	-
Investments in subsidiaries, joint ventures and associates		(3)	(2)	(55)	(50)
Loan repayments from joint ventures, associates and others		1	(0)	7	0
Loans granted to joint ventures and associates		0	(9)	(2)	(11)
Dividend received / proceeds from sale of financial investments		3	6	21	41
Purchase of financial investments		(4)	(13)	(47)	(53)
Interest received		3	2	9	8
Changes in other investments		2	-	2	-
Net cash flow from investing activities		174	30	217	63
Cash flow from financing activities
Net proceeds from issue of debt after debt expenses		16	5	81	84
Repayment of debt		(118)	(28)	(246)	(157)
Repayment of lease liabilities		(7)	(6)	(33)	(28)
Interest paid including interest derivatives		(6)	(8)	(29)	(33)
Cash from/ to financial derivatives		(3)	(2)	(3)	(4)
Purchase of non-controlling interest		(30)	-	(32)	(2)
(Investment)/disposal own shares		1	0	(47)	(11)
Dividend to shareholders		(28)	(18)	(72)	(46)
Net cash flow from financing activities		(175)	(56)	(382)	(196)

Net increase in cash and cash equivalents 1		1	38	(69)	61
Cash and cash equivalents at the beg. of the period 1		154	186	224	163
Cash and cash equivalents at the end of the period 1		155	224	155	224

1 The group is located and operating world wide, and every entity has several bank accounts in different currencies. Unrealised currency effects are included in net cash provided by operating activities.

Statement of changes in equity

Statement of changes in equity - Year to date

USD mill	Share capital	Own shares	Retained earnings	Total	Non controlling interests	Total equity
Balance at 31.12.2023	118	(1)	2 215	2 332	155	2 488
Profit for the period	-	-	498	498	20	518
Other comprehensive income	-	-	(198)	(198)	(15)	(213)
Reclass and change in ownership NCI	-	-	40	40	(41)	(0)
Purchase of own shares	-	(2)	(45)	(47)	-	(47)
Change in put option in associate	-	-	22	22	-	22
Paid dividend to shareholders	-	-	(68)	(68)	(4)	(72)
Balance at 31.12.2024	118	(3)	2 465	2 580	115	2 695

USD mill	Share capital	Own shares	Retained earnings	Total	Non controlling interests	Total equity
Balance at 31.12.2022	118	-	2 160	2 278	160	2 438
Reclass put option in associate			(246)	(246)		(246)
Balance at 01.01.2023	118	-	1 914	2 032	160	2 192
Profit for the period	-	-	466	466	21	487
Other comprehensive income	0	-	(9)	(9)	(2)	(11)
Reclass and change in ownership NCI	-	-	19	19	(19)	0
Purchase of own shares	-	(1)	(10)	(10)	(0)	(11)
Change in put option in associate			(124)	(124)		(124)
Paid dividend to shareholders	-	-	(41)	(41)	(5)	(46)
Balance at 31.12.2023	118	(1)	2 215	2 332	155	2 488

Note 1 - Accounting principles

General information

This consolidated interim financial report has been prepared in accordance with International Accounting Standards (IAS 34), "interim financial reporting". The consolidated interim financial reporting should be read in conjunction with the annual financial statements for the year end 31 December 2023 for Wilh.Wilhelmsen Holding ASA group, which has been prepared in accordance with IFRS endorsed by the EU.

Basic policies

The accounting policies implemented are consistent with those of the annual financial statements for Wilh. Wilhelmsen Holding ASA group for the year end 31 December 2023.

Note 2 - Significant acquisitions and disposals

2024

Q1

The acquisition of Zeaborn Ship Management was completed and paid on 31. March 2024, and the acquisition balance was consolidated from Q2 2024. The acquisition was done in partnership between Wilhelmsen Ship Management, a fully owned subsidiary of Wilh. Wilhelmsen Holding ASA, and MPC Capital.

Zeaborn manages a fleet of around 100 vessels, comprising of container ships and bulkers as well as tankers and multi-purpose vessels, which are managed from offices in Hamburg, Limassol, Singapore and Manila.

2023

Q1

Acquisition of Navadan completed in the quarter with a purchase price of USD 11 million. Navadan A/S is Danish company within tank and cargo hold cleaning. Navadan will be a part of the segment Maritime Services.