Wallenius Wilhelmsen

Earnings Release • May 4, 2023

Wallenius Wilhelmsen reports Q1 results - third best quarter ever

Wallenius Wilhelmsen reports Q1 results - third best quarter ever

Oslo, May 4, 2023 --- Wallenius Wilhelmsen reports its third strongest quarter ever in terms of EBITDA.

“The market remains strong even though the shipping results were slightly down due to congestion in Oceania and a change in net fuel cost. Logistics continues its positive development. Customers’ demand for shipping and logistics continues to be strong,” says Lasse Kristoffersen, President, and CEO at Wallenius Wilhelmsen ASA.

“The tight biosecurity regulations in Australia created significant congestion challenges for our shipping and terminal operations. This affected the number of sailings out of Asia. On the flip side, we benefited from the biosecurity measures by delivering extensive decontamination services. This diversification of our operations proves the robustness of our business model,” says Kristoffersen.

Market demand remains strong despite the current economic slowdown, and we expect continued high volumes and a tight market balance in 2023. Contract renewals and recent bookings should add support to our Q2 and Q3 results.

“Despite solid results and an expected strong 2023, there are uncertainties such as the macro situation and the geopolitical development. But overall, customers report seeing strong growth for 2023 and 2024. Rates are sustainable and another important factor supporting this outlook is that the production numbers out of China look promising,” says Kristoffersen.

“We expect to further strengthen our financial position through 2023. This will enable us to deliver on our financial targets and dividend policy,” says Torbjørn Wist, Chief Financial Officer.

Highlights from Q1:

- Solid Q1, though shipping is down from a record Q4 on change in net fuel cost and temporary congestion in Oceania

- Logistics segment sees increased demand from auto and terminal services

- Government segment experiences continued high U.S. flag cargo activity

- AGM approved dividend of USD 0.85 per share for FY 2022, totaling USD 360m

- Anette Maltun Koefoed appointed Chief Communications & Marketing Officer

- Gro Rognstad appointed acting Chief Technology & Information Officer

- Demand outlook is strong, and we expect a tight market balance through 2023

For further information, please contact:

Torbjørn Wist, Chief Financial Officer

Email: IR@walwil.com

Anette Maltun Koefoed, Chief Communications and Marketing Officer

Phone: +47 975 87 999,

Email: anette.maltunkoefoed@walwil.com

Pictures, please see the website:

https://www.walleniuswilhelmsen.com/who-we-are/media

About Wallenius Wilhelmsen:

The Wallenius Wilhelmsen group is a market leader in roll-on/roll-off (RoRo) shipping and vehicle logistics, managing the distribution of cars, trucks, rolling equipment and breakbulk to customers all over the world. The company operates around 125 vessels servicing 15 trade routes to six continents, a global inland distribution network, 66 processing centers and eight marine terminals. Headquartered in Oslo, Norway, the Wallenius Wilhelmsen group has 8,875 employees in 29 countries worldwide.

Read more at walleniuswilhelmsen.com