Q2 2026 Wilh Wilhelmsen Holding ASA Earnings Call Transcript
Key Points
- Strong EBITDA growth of 30% year-on-year and over 20% quarter-on-quarter, driven by solid performance across all segments.
- Maritime Services delivered a 7% increase in total income and a 39% EBITDA margin, with all three main activities improving.
- Successful execution of efficiency and improvement programs across several business units, contributing to the strong quarterly results.
- New Energy segment delivered solid EBITDA of USD25 million, with high activity levels in the North Sea and a significant one-off contribution from CCB.
- Strong balance sheet with a 75% equity ratio and increased liquidity reserves, providing resilience and flexibility for future opportunities.
- Completed the sale of EDDA Wind and Qube, with proceeds expected to be received imminently, boosting cash flow and shareholder returns.
- Returned USD127 million to shareholders through dividends and buybacks in the first half, with potential for additional distributions, exceeding the 3-5% policy.
- Geopolitical tensions, particularly in the Middle East, continue to pose challenges and uncertainty for operations, though the company has managed to adapt.
- Top-line revenue remained relatively stable, with New Energy seeing a decrease due to lower project activity compared to an exceptionally strong prior-year quarter.
- Share of profit from joint ventures and associates was down year-on-year, impacted by one-off transactions and higher bunker costs.
- The company acknowledges that the strong EBITDA performance may not be sustainable, with volatility expected in future quarters.
- Increased activity in the New Energy segment has led to greater complexity, which could strain operations.
- Trade flow imbalances, with rising exports from Asia and declining volumes in Europe, are causing tightness in the car and RoRo shipping market, presenting operational challenges.
- The company is building up inventory, which increased working capital by USD37 million in the first half, potentially tying up cash.
Good morning. Welcome to the second quarter presentation for Wilh. Wilhelmsen Holding ASA.
Christian, it's been somewhat surprisingly strong performance during the quarter.
It's tough to say, but we are both surprised positively by what's sort of happening in the second quarter.
Yeah, I think at least at the start of the year and the end of first quarter, the world looked pretty challenging. And of course, that looked also to have an effect on our own operations. At least I am, and I think we all are both surprised but also pleased with the performance that we've seen. Very difficult geopolitical backdrop. We have operations all over the world. Of course, we are impacted. We have a large organization and operation in the Middle East that of course has been impacted. Most
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