Wilh. Wilhelmsen ASA

Investor Presentation • May 8, 2025

Wilh. Wilhelmsen Holding ASA First quarter 2025

Wilh. Wilhelmsen Holding ASA Highlights Q1 2025

20 % increase in EBITDA y-o-y

• USD 32 million EBITDA in Maritime Services.
• USD 15 million EBITDA in New Energy.

Strong contribution from associates

• USD 86 million share of profit from Wallenius Wilhelmsen.
• USD 30 million share of profit from Hyundai Glovis.

USD 132 million in net profit to equity holders of the company

• USD 3.13 EPS.

Buyback of 611,061 own shares

AGM approve first dividend of NOK 12.00 per share (post quarter)

• Potential second dividend of up to NOK 8.00 per share.
• In line with 3-5% dividend yield target.

AGM approve liquidation of 2,230,000 own shares and mandate for further share buybacks (post quarter)

Wilhelmsen participate in offer to buy all shares in Edda Wind ASA (post quarter)

Higher total income and EBITDA

USD 213 million total income

• Up 10% y-o-y.
• Lifted by new revenue from the 2024 acquisition of Zeaborn Ship Management and organic revenue growth in Ships Service and Ship Management.

USD 32 million EBITDA

• Up 16% y-o-y.
• EBITDA margin of 15%.

USD 1 million share of profit from associates

Total income and adjusted EBITDA margin *)

Zeaborn revenue (2024) Total income (excluding Zeaborn for 2024) Adj EBITDA margin

*) Margin adjusted for main non-recurring items and changes in Zeaborn revenue recognition between Q2'24, Q3'24 and Q4'24. No other adjustments last 13 quarters

New Energy Higher total income and EBITDA

USD 82 million total income

• Up 19% y-o-y.
• Increased activity at Norwegian offshore bases.

USD 15 million EBITDA

• Up 30% y-o-y.
• EBITDA margin of 19% (18% adjusted for other gain/(loss)).

USD 4 million share of profit from associates

• USD 2 million from NorSea.
• USD 2 million from other JVs and associates.

Increased ownership in Reach Subsea ASA to 29.6%

• Exercised remaining 44,707,373 warrants.
• USD 7 million loss from change in fair value financial assets.

Wilhelmsen participate in offer to buy all shares in Edda Wind ASA (announced post quarter on 29 April)

Total income and adjusted EBITDA margin *)

Strategic Holdings and Investments

Continued strong contribution from associates

USD 116 million share of profit from associates

• USD 86 million from Wallenius Wilhelmsen ASA.
• USD 30 million from Hyundai Glovis Co., Ltd.

USD 1 million loss from change in fair value financial assets

USD 9 million net expense from other financials

• Nil from investment management.

USD 198 million dividend from Wallenius Wilhelmsen ASA

• Ex-dividend date 26 March.
• Received 28 April (post quarter).

Direct investments – Value adjusted (WAWI and TRE based on share price,

Wilh. Wilhelmsen Holding ASA Outlook

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, grow, and expand the business portfolio, and to deliver consistent yearly dividends.

Wilh. Wilhelmsen Holding ASA First quarter 2025

Financials

Improved performance year-over-year and quarter-on-quarter

USD million			Q-on-Q		Y-o-Y
	Q1'25	Q4'24	Change	Q1'24	Change
Total income	297	278	7%	264	12%
of which operating revenue	297	274	8%	265	12%
of which other gain/(loss)	(1)	4		(1)
EBITDA	46	37	25%	38	20%
Operating profit/EBIT	32	10	205%	22	41%
Share of profit/(loss) from associates	121	116	5%	92	32%
Financial items	(3)	(28)		1
of which change in fair value financial assets	(7)	1		8
of which other financial income/(expenses)	4	(29)		(6)
Profit/(loss) before tax/EBT	150	98	52%	116	29%
Tax income/(expenses)	(12)	(4)		(2)
Profit/(loss) for the period	137	94	46%	113	21%
Profit/(loss) to equity holders of the company	132	91	44%	108	23%
EPS (USD)	3.13	2.13	47%	2.44	28%
Other comprehensive income	78	(194)		(81)
Total comprehensive income	216	(100)	neg.	33	>500%
Total comp. income equity holder of the company	210	(90)	neg.	34	>500%

USD 37 million in cash from operating activities and associates (YTD Q1'25)

Cash flow – YTD Q1'25 (USD million)

72% equity ratio and long-term financing structure

Main Maritime Services and New Energy loan facilities maturing in 2027

Wilhelmsen group total assets and equity ratio

Debt maturity profile

New Energy (ex.lease)

First dividend of NOK 12.00 per share and buyback of 611,061 shares

Board authority to distribute additional dividend of up to NOK 8.00 per share and additional share buybacks

Dividend payments 1)

Supplementary slides – First quarter 2025

Maritime Services

Ships Service Port Services Ship Management

New Energy

NorSea Edda Wind ASA

Strategic Holdings and Investments

Wallenius Wilhelmsen ASA Treasure ASA Financial investments

Ships Service

Wilhelmsen Ships Service offers a portfolio of maritime solutions to the merchant fleet. Wilhelmsen Ships Service is fully owned by Wilhelmsen.

Q1'25 highlights Total income

• Total income for Ships Service was USD 132 million. This was up 3% from the corresponding period last year and up 6% 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 water treatments, gas & cylinders, refrigerants, and cleaning and maintenance chemicals.

Total income

Port Services

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

Q1'25 highlights Total income

• Total income for Port Services was USD 39 million. This was on par with the corresponding period last year and down 7% from the previous quarter. The reduction from the previous quarter reflected a seasonally weak start of the year partly offset by strong cruise activities towards the end of the quarter.

Total income

Ship Management

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

Q1'25 highlights Total income

• Total income for Ship Management was USD 38 million in the first quarter, up 82% year-over-year and up 26% from the previous quarter. The increase mainly reflected new revenue from the acquisition of Zeaborn, completed on 31 March 2024. Excluding Zeaborn, total income was up 23% year-over-year and up 2% from the previous quarter.

Zeaborn crew management (as reported, excluding adj. Q2/Q3 vs Q4'24) Total income (excl. Zeaborn crew management Q2-Q4 2024)

NorSea

NorSea provides supply bases and integrated logistics solutions to the offshore industry. NorSea is owned 99.4% by Wilhelmsen. The remaining 0.6% is held by NorSea management.

Q1'25 highlights Total income

• Total income for NorSea was USD 81 million in the first quarter, up 20% year-over-year and up 8% from the previous quarter. Income was lifted by increased activity across all main Norwegian offshore bases.
• Share of profit from joint ventures and associates in NorSea was USD 2 million in the first quarter.

Material non-operating gain/(loss)

Total income (excl. material non-operating gain)

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 nil for the quarter.
• The book value of the 31.0% shareholding in Edda Wind ASA was USD 113 million at the end of the first quarter.
• Post quarter, on 29 April, Wilhelmsen (through Wilhelmsen New Energy AS), Geveran Trading Co Ltd, and EPS Ventures Ltd announced that they will make an unconditional mandatory cash offer of NOK 23.00 per share to acquire all outstanding shares in Edda Wind ASA not already owned by them.

Q1'25 highlights Market value of Wilhelmsen's investment

Edda Wind 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 86 million for the quarter. This was up from USD 63 million in the corresponding period last year but down from USD 100 million in the previous quarter.
• The book value of the 37.9% shareholding in Wallenius Wilhelmsen ASA was USD 965 million at the end of the first quarter.
• In the first quarter, Wallenius Wilhelmsen ASA declared dividend of USD 1,24 per share, payable in the second quarter. The dividend to be received by Wilhelmsen has been included with USD 198 million under other current assets in the first quarter accounts.

Q1'25 highlights Market value of Wilhelmsen's investment

Wallenius Wilhelmsen ASA

Ex dividend paid next quarter

Treasure ASA

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 30 million for the quarter. This compares with a share of profit of USD 25 million in the corresponding period last year and USD 18 million in the previous quarter.
• The book value of the 11.0% shareholding in Hyundai Glovis was USD 701 million at the end of the first quarter.

Q1'25 highlights Market value of Wilhelmsen's investment

Treasure ASA

Photo: Hyundai Glovis.

Financial investments

Financial investments include cash and cash equivalents, current financial investments, and other financial assets held by the parent and fully owned subsidiaries, reported under the Strategic Holdings and Investments segment.

• Net income from investment management was nil for the quarter. The market value of current financial investments was USD 132 million at the end of the first 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 first quarter was USD 87 million. The largest investment was the 25 million shares held in Qube Holdings Limited with a market value of USD 61 million.

Q1'25 highlights Market value of Wilhelmsen's financial investments