Q2 2025 Wilh Wilhelmsen Holding ASA Earnings Call Transcript
Key Points
- Wilh. Wilhelmsen Holding ASA (FRA:WML1) reported a strong net profit of USD250 million for the quarter.
- The company saw a significant contribution from associates, with Wallenius Wilhelmsen and Hyundai Glovis contributing USD197 million.
- The New Energy segment performed strongly, with NorSea Group achieving USD100 million in revenue and a robust EBITDA contribution.
- The company increased its ownership in Edda Wind to 38%, reflecting confidence in the offshore wind service industry.
- Strong cash inflows were reported, with close to USD200 million from Wallenius Wilhelmsen, enhancing liquidity and balance sheet strength.
- Maritime Services experienced flat performance quarter-on-quarter and a decline year-on-year, with EBITDA margins at 13%.
- There was a small goodwill impairment in the New Energy segment during the quarter.
- The company faces challenges from geopolitical tensions and tariffs, impacting the operating environment.
- Inflationary pressures on costs, particularly in labor and goods, are affecting margins in Maritime Services.
- Tariff-related costs in Maritime Services are expected to be USD2 million to USD3 million annually, posing a challenge to maintaining margins.
Good morning, Christian, and welcome to everyone listening into this webcast. It's been an exciting quarter. The geopolitical backdrop is pretty challenging to say the least. Everything that's happening on the security front, on tariffs, et cetera, it's a very, very difficult environment to navigate. But I must say the Wilhelmsen Group has fared pretty well during the quarter. Do you agree?
Totally agree, building sort of solid in the balance sheet. Good performance from basically all our sort of different units. So, I totally will agree that we have had a good quarter -- second quarter in '25.
I must say it's a little bit say, challenging or interesting to operate with nearly record results with nearly one of the most difficult backdrops that we have, but that's the situation we are in
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