Q2 2026 Wilh. Wilhelmsen Holding ASA Earnings Call

August 13, 2026

Christian Berg: Welcome to the Q2 presentation for Wilh. Wilhelmsen Holding ASA. Christian, it has been a somewhat surprisingly strong performance during the quarter.

Speaker #1: Welcome to the second quarter presentation for Wilh. Wilhelmsen Holding ASA. Christian, it has been a somewhat surprisingly strong performance during the quarter.

Speaker #2: I just have to say that we are both surprised, positively, by what's sort of happening in the second quarter.

Thomas Wilhelmsen: It is tough to say, but we are both surprised positively by what is happening in the Q2.

Speaker #1: Yeah, I think at least at the start of the year and the end of the first quarter, the world looked pretty challenging. And of course, that, I'd say, looked also to have an effect on our own operations.

Christian Berg: Yeah, I think at least at the start of the year and the end of Q1, the world looked pretty challenging. Of course, that looked also to have an effect on our own operations, and at least I am, and I think we all are both surprised but also pleased with the performance that we have seen.

Speaker #1: And at least I am, and I think we all are, both surprised and also pleased with the performance that we've seen, given the very difficult geopolitical backdrop.

Thomas Wilhelmsen: 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 importantly, of course, I would say that we have had no serious safety issues. There has been a lot of potential for challenging situations in that regards. I think that is extremely pleasing.

Speaker #1: 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.

Speaker #1: Most importantly, of course, I would say that we've had no serious safety issues. And there's been a lot of potential for challenging situations in that regard.

Speaker #1: So, I think that's extremely pleasing.

Speaker #2: Yeah, and you could now add sort of the words that we're impressed and a bit proud of, sort of the organization on the deliveries in what we're supposed should be a more difficult quarter.

Christian Berg: Yeah. We could now add the words impressed and a bit proud of the organization on the deliveries in what we supposed should be a more difficult quarter.

Speaker #1: Yeah, and I think they have really risen to the challenge, especially in certain countries around the world where it’s been hotter than normal. So that's been good.

Thomas Wilhelmsen: Yeah. No, I think they have really risen to the challenge.

Thomas Wilhelmsen: Especially in certain countries around the world where it's been hotter than normally. So that's been good. Another topic that we've been touching on earlier is exposure to exchange rates.

Speaker #1: Another topic that we've been touching on earlier is exposure to exchange rates. I think we, at the outset, thought that would be more challenging for our performance.

Thomas Wilhelmsen: I think at the outset, we thought that would be more challenging for our performance.

Speaker #1: But the basket of currencies hasn't really, say, evened it all out. It hasn't. It has been—so that's been very good. And then we've had some significant improvement programs throughout several BUs, which have really been delivered upon during this and the previous quarter.

Thomas Wilhelmsen: The basket of currencies has really evened it all out.

Christian Berg: Yeah, it has been stable.

Thomas Wilhelmsen: It has been.

Thomas Wilhelmsen: That's been very good.

Thomas Wilhelmsen: We've had some significant improvement programs

Thomas Wilhelmsen: We've had some significant improvement programs...

Thomas Wilhelmsen: throughout several BUs, which have really been delivered upon during this and the previous quarter.

Thomas Wilhelmsen: ...throughout several BUs, which have really been delivered upon during this and the previous quarter.

Christian Berg: Mm. Combined with the geopolitical disturbances, being able to do improvements and improvements programs, that's again, being proud of the organization and really stepping up in what is a difficult situation globally.

Speaker #2: And combined with sort of the geopolitical disturbances, being able to sort of do improvements and improvements programs, that's again being proud of the organization and really sort of stepping up in what is a difficult situation globally.

Speaker #1: Yeah, and I think it really shows the organization and the values that we do have as a company. And yeah, there's been instability; there have been challenges.

Thomas Wilhelmsen: Yeah. I think it really shows the organization and the values that we do have as a company. There's been instability, there's been challenges, but there's also been increased activity.

Speaker #1: But there's also been increased activity. So, combining, say, efficiency programs in the midst of all this is quite impressive. So let's have a look at some of the numbers.

Thomas Wilhelmsen: Combining efficiency programs in the midst of all this is quite impressive. Let's have a look at some of the numbers. If we go to the performance as such, top line for the group has been relatively stable compared to previous quarters. But we've had a strong increase in EBITDA, 30% year-on-year, and more than 20% from last quarter. We're very proud of that. I'm not sure if we can put the same trajectory going forward, but we feel that we are in a pretty good spot at the moment in terms of-

Speaker #1: So, if we look at the performance as such, the top line for the group has been relatively stable compared to previous quarters, but we've had a strong increase in EBITDA.

Speaker #1: 30% year-on-year, and more than 20% from last quarter. So we're very proud of that. I'm not sure if we can keep the same trajectory going forward, but we feel that we are in a pretty good spot at the moment.

Speaker #2: It's a really solid point, but we cannot sort of put it in the pocket for the next quarters at that level all the time.

Christian Berg: It's a solid point-

Thomas Wilhelmsen: Yeah

Christian Berg: but we cannot put it in the pocket for the next quarters at that level all the time.

Speaker #1: No, and all in all, we also got NOK 112 million from share of profits from our joint ventures and associates. I think that was relatively in line with what we thought it would be.

Thomas Wilhelmsen: No. All in all, we also got NOK 112 million from share profits from our joint ventures and associates. I think that was relatively in line with what we thought would be, or expectations. There were some sales gains, some, of course, abnormals in there, but all in all, it was according to expectations. NOK 20 paid during the H1 in dividends to our shareholders. Additional 8.5 potentially to come at the H2. We also carried out a share buyback of roughly 1% of the outstanding shares during the previous quarter, which is according to really what we have communicated to the market and our shareholders. All in all, it's been a strong quarter. A lot of challenges, geopolitical uncertainty, but an organization that has delivered under these circumstances. If I were to go a little bit into the various segments.

Speaker #1: Or expectations. Some sales gains, some, of course, abnormals in there, but all in all, it was according to expectations. 20 kroner paid during the first half in dividends to our shareholders.

Speaker #1: An additional 8 and a half potentially to come in the second half. We also carried out a share buyback of roughly 1% of the outstanding shares during the previous quarter, which is according to what we have communicated to the market and our shareholders.

Speaker #1: So, all in all, it's been a strong quarter. A lot of challenges, geopolitical uncertainty, but an organization that has delivered under these circumstances. So, if I were to go a little bit into the various segments—within Maritime Services, they have been, to a great extent, impacted by what's happening in the Middle East.

Thomas Wilhelmsen: Within Maritime Services, they have been, to a great extent, impacted by what is happening in the Middle East. We thought activity levels would decline quite significantly. They have really taken on this challenge and risen to the occasion. Activity level has not been that bad. It has just been very different.

Speaker #1: We thought activity levels would decline quite significantly, but again, they have really taken on these challenges and risen to the occasion. And activity level hasn't been that bad.

Speaker #1: It's just been very different. So they've been able to work in a different manner. Cargo flows need to go in and out, but it might happen in different ways and forms than what it used to.

Thomas Wilhelmsen: They have been able to work in a different manner. Cargo flows need to go in and out, but it might happen in different ways and forms than what it used to. Because we do have operations in many of these countries, it has led to business, maybe increased business, in other areas than what we are used to. Overall, very solid performance in really all three segments within Maritime Services. We have had, again, from a safety perspective, of course, there has been difficult situations. Most ships that we have on management are now out of the Strait of Hormuz. It has all happened in a safe and orderly manner, which is by far the most important for us. There has been, as we mentioned earlier, efficiency or improvement programs been put in place in several parts of the segment that has been delivered upon, I think very satisfactory.

Speaker #1: And because we do have operations in many of these countries, it has led to business in maybe, say, increased business in other areas than what we are used to.

Speaker #1: So overall, very solid performance in really all three segments within maritime services. We've had, again from a safety perspective, of course there's been difficult situations. Most ships that we have on management are now out of the Hormuz.

Speaker #1: It's all happened in a safe and orderly manner, which is by far the most important for us. There have been, as we mentioned earlier, efficiency or improvement programs put in place.

Speaker #1: In several parts of the segment that has been delivered upon, I think very satisfactory. And areas of the portfolio that we've had certain challenges with last year, and even in the first quarter, have really turned around.

Thomas Wilhelmsen: Areas of the portfolio that we have had certain challenges with last year and even in the first quarter has really turned around. That is also a big part of the improvement that we see for this quarter. In New Energy, activity levels is high on that NorSea basis. Oil and gas, especially in Norway, is on a high note. Of course, increased activity, it also increases complexity in certain areas. Still they have been able to cater for that in a very good way. We have significant contribution from CCB during the quarter, Coast Center Base outside Bergen. They have delivered upon a very big project. That is a one-off, but still, I think it seems that has been done in a stellar manner. When it comes to Edda Wind, majority of the transaction, if I can call it that, has been concluded.

Speaker #1: And that's also a big part of the improvement that we see for this quarter. In new energy, activity levels are high on that North Sea basis.

Speaker #1: Oil and gas, especially in Norway, is on a high note. But, of course, increased activity also increases, say, complexity in certain areas. But still, they've been able to cater for that in a very, very good way.

Speaker #1: We have significant contribution from CCB. During the quarter, the cost center based outside Bergen has delivered on a very big project. So that's a one-off, but still, I think it seems that's been done in a stellar manner.

Speaker #1: When it comes to EDDA, the majority of the transaction—if I can call it that—has been concluded. All ships but one have been delivered and taken over by new owners.

Thomas Wilhelmsen: All ships but one has been delivered and taken over by new owners. We have received most of our proceeds, still some outstanding 25-ish percent, maybe 30 of the outstanding.

Speaker #1: We have received most of our proceeds. There's still some outstanding—about 25%, maybe 30% of the outstanding consideration. But we expect to see that in, say, the third quarter, maybe this coming period.

Christian Berg: Okay

Thomas Wilhelmsen: consideration. We expect to see that at Q3, maybe this coming period. With that sale, that does not mean that we are exiting the segment as such. New Energy is an important segment for us. We believe there are a lot of opportunities out there as there are in all the segments, and we are scouting for opportunities as we go. Within Holding and Investment, the current ro-ro segment really delivered according to the expectations. There is significantly activity, sorry, especially volumes out of China and the increase in exports that the Chinese have, especially of EVs, but also on the high and heavy segment that is tightening this market. There has been significant rises and increases in time charter costs, et cetera, and the tightness of capacity, which is both an opportunity but also a challenge for the industry.

Speaker #1: So, with that sale, that does not mean that we are, say, exiting the segment as such. New Energy is an important segment for us.

Speaker #1: We believe there are a lot of opportunities out there, as there are in all the segments, and we are scouting for opportunities as we go.

Speaker #1: Within Holding and Investment, the Car & RoRo segment really delivered according to expectations. There is significant activity—sorry—especially volumes out of China and the increase in exports that the Chinese have, especially of EVs, but also on the high and heavy segment.

Speaker #1: That is tightening this market, and there have been significant rises and increases in time charter costs, etc. And the tightness of capacity, which is, say, both an opportunity but also a challenge for the industry.

Speaker #1: So, it looks to be tight also going forward. There's been quite a few new build orders, and there is, if I can call it that, a higher concentration of volumes coming out of Asia in relative terms than what we have seen ever.

Thomas Wilhelmsen: It looks to be tight also going forward. There has been quite a few newbuild orders. There is, if I can call it that, a higher concentration of volumes coming out of Asia in relative terms than what we have seen ever. Europe is on the decline, Asia is on the rise. This is causing imbalances in trade flows which needs to be handled. Still, I think the industry will cope with this in a proper manner, but it will lead to a tight situation as long as we see the export volumes out of Asia. We have previously announced that there has been a takeover offer for Kube. We have a meaningful amount of shares in that company. It has been a very good journey for us as Wilhelmsen in many ways.

Speaker #2: Ever.

Speaker #1: Europe is in decline. Asia is on the rise. This is causing imbalances with trade flows, which need to be handled. But still, I think the industry will cope with it.

Speaker #1: This is in a proper manner. But it will lead to a tight situation as long as we see the export volumes out of Asia. We have previously announced that there's been a takeover offer for Qube.

Speaker #1: We have a meaningful amount of shares in that company. It's been a very good journey for us as Wilhelmsen in many ways. We were a party to, say, initiate and start the company with some investors many, many years back in time.

Thomas Wilhelmsen: We were party to initiate and start the company with some investors many years back in time. This offer has been accepted and will go through some time now in August, meaning that we will sell our shares and we will receive the proceeds within not too long time.

Speaker #1: This offer has been accepted and will go through sometime in August. This means that we will sell our shares and we will receive the proceeds within not too long a time.

Speaker #2: Actually tomorrow.

Christian Berg: Actually tomorrow.

Speaker #1: Tomorrow, so that is good for us. That means I will hand it over to you, Christian, to go into further detail on the numbers.

Thomas Wilhelmsen: Tomorrow. That is good for us.

Christian Berg: Yeah.

Thomas Wilhelmsen: I will hand it over to you, Christian, to go into further detail on the numbers.

Speaker #2: Thank you. We'll run through a brief overview, just sort of picking up on Thomas's increase in top line. Maritime services delivering growth, new energy a bit lower, but bear in mind that at least compared to the same quarter in '25, that was an extremely good quarter in North Sea.

Christian Berg: Thank you. We will run through a brief overview, just picking up on Thomas' increase in top line. Maritime Services delivering growth, New Energy a bit lower, but bear in mind that at least compared to the same quarter in 2025, that was an extremely good quarter in NorSea. EBITDA, really solid, NOK 39 million from Maritime Services and NOK 25 million from New Energy. Solid in all terms. I will come back to the Maritime Services numbers specifically that we started discussing a bit. Share profits, couple of comments. You could argue that it is a bit down. The numbers do not lie. It is a bit down from the same quarter in 2025. There are two very specific transactions or things to comment. One is that that is when the port in Australia was sold to Kube.

Speaker #2: EBITDA was really solid: $39 million from Maritime Services and $25 million from New Energy. Solid in all terms. And I'll come back to the Maritime Services numbers specifically, which we started discussing a bit.

Speaker #2: Share profits—couple of comments. You could argue that it's a bit down. Numbers don't lie; it is a bit down from the same quarter in '25.

Speaker #2: And there are two very specific transactions or things to comment on. One is that that's when the Mirrored Port in Australia was sold to Qube.

Speaker #2: And number two, you did not have the same increase in bunker costs in that quarter. So all in all, a solid quarter also for the joint venture and the profits from them.

Christian Berg: Number two, you did not have the same increase in bunker costs in that quarter. All in all, a solid quarter also for the joint venture and the profits from them. In the net debt, it is minus, so it is positive on 180. As you can see at the last point there, NorSea in this quarter refinanced their credit facility in a very good and solid manner and even managed to make it even more flexible and a bit tighter on margin. It is always good. We are, as we will come back to later, really long-term funded in the balance sheet as we see it today. Again, solid performance and Maritime Services delivering a 7% increase. All areas increasing. Total income up, EBITDA up, all the three main activities increasing. EBITDA up at really high levels at 39%.

Speaker #2: In the net debt, it's sort of minus minus, so it's positive—on 180. And as you can see, at the last point there, North Sea in this quarter refinanced their credit facility in a very good and solid manner.

Speaker #2: And even managed to sort of make it even more flexible, and a bit tighter on margin, which is always good. So we are, as we'll come back to later, really long-term funded in the balance sheet as we see it today.

Speaker #1: Again, solid performance—and maritime services delivering a 7% increase. All areas increasing. Total income up, EBITDA up—all the three main activities increasing. EBITDA up at really high levels, at 39%.

Speaker #1: And if you go to the graph on the right downside you will see sort of a closed a point close to 20% which sort of as a bus that's sort of 20% should be sort of where we should be delivering.

Christian Berg: If you go to the graph on the right downside, you will see a point close to 20%, which is a BUs that 20% should be where we should be delivering. That is a really good number where we are right now. If you see the line that is coming from Q3 2025, we do not expect the continuous rise. It is a battle to get those numbers, and we will see some volatility as you have seen in the 3 years before. We are really pleased with the numbers, and it is always good to see that we are able to deliver at that number. It is not a no-brainer continuing delivering those numbers going forward by far enough, but really happy to see the numbers.

Speaker #1: That's a really good number where we are right now. And as you see, the line there is coming from Q3 '25. We do not expect a continuous rise.

Speaker #1: It's a battle to sort of get those numbers, and we will see some volatility, as you have seen in the three years before. But we are really pleased with the numbers, and it's always good to see that we are able to deliver at that number.

Speaker #1: But it's not, sort of, a no-brainer continuing to deliver those numbers going forward—not by far. But really happy to see the numbers.

Thomas Wilhelmsen: It is a bit like all the pieces fell in the right direction.

Speaker #2: It's a bit like all the pieces fell in the right direction during this quarter. So,

Christian Berg: Yes

Thomas Wilhelmsen: during this quarter.

Speaker #1: Middle East, Thomas has commented on that. That we are able to sort of deliver our activities in another manner, in another place, is really satisfactory—to see that we are able to turn around and not sort of sit and wait and hope for the best, but really go in there and do something else, because as you said, the flow needs to go when it comes to the goods coming in.

Christian Berg: Middle East, Thomas has commented on that we are able to deliver our activities in another manner, in another place. It is really satisfactory to see that we are able to turn around and not sit and wait and hope for the best, but really go in there and then do something else because, as you said, the flow needs to go when it comes to the goods coming in. On New Energy, again, decrease on the top line, as said. Bear in mind, very much impacted at the top line in New Energy is very much impacted by NorSea, which you could argue that it is a project or at least going a bit up and down with projects coming in and out. Compared to 2025, very, very high on projects. Still high on projects, but not as high, but really good then on the EBITDA.

Speaker #1: All new energy again increased or decreased on the top side, on the top line as said, but bear in mind, very much impacted that the top line in new energy is very much impacted by North Sea, which has sort of a—you could argue that it's sort of a project, or at least sort of going a bit up and down with projects coming in and out.

Speaker #1: And compared to '25, very, very high on projects. Still high on projects, but not as high. But really good then on the EBITDA. So I would rather, I say, measure on the EBITDA than on the top line.

Christian Berg: I would rather, I would say, measure on the EBITDA than on the top line. When delivering on the EBITDA, that's a really good number coming in from New Energy. CCB's joint venture is delivering a really good number on their projects. There is also NOK 29 million coming in from basically the Edda transaction or the Edda company and their deliverances in the quarter. Strategic holding and investments, NOK 74 million being delivered. We have commented a bit on the differences in the NOK 48 million towards the profits coming in in Q2, for instance, in 2025. I am really happy with the numbers and also happy with dividend proposal or actually dividend decision coming out of Wallenius Wilhelmsen. Dividend they received from Glovis, and as Thomas alluded to, Kube is sold.

Speaker #1: And when delivering on the EBITDA, that's a really good number coming in from New Energy. CCBS–Toll JV delivering a really good number on their projects.

Speaker #1: And as also, 29 million coming in from basically the EDDA transaction, or the EDDA company and their deliverances in the quarter. Strategic holding and investments, 74 million being delivered.

Speaker #1: We have commented a bit on the differences in the 48 million towards the profits coming in, in the second quarter, for instance, in '25.

Speaker #1: But really happy with the numbers. And also happy with the dividend proposal, or actually dividend decision, coming from Wallenius Wilhelmsen. Dividend they received from Glovis, and as Thomas alluded to, Qube is sold.

Christian Berg: The decision has been made a long time ago, but the final cash is when, at least in my head, the deal is really done. We expect that to be paid actually tomorrow.

Speaker #1: We are—the decision has been made a long time ago, but the final cash is when, at least in my head, the deal is really done.

Speaker #1: And we expect that to be paid, actually, tomorrow.

Speaker #2: It is a great company, so.

Thomas Wilhelmsen: It is a great company.

Speaker #1: Yeah it's fantastic. It's a really good company. And they have sort of they are doing delivering really good. So but still it's a good price and then we're happy to sort of receive the approximately 90 million US dollars hopefully then tomorrow morning.

Christian Berg: Yeah.

Thomas Wilhelmsen: We wish the new buyers-

Christian Berg: Yeah

Thomas Wilhelmsen: the fantastic-

Christian Berg: It's a really good company, and they are delivering really good. Still, it's a good price, and we're happy to receive the approximately 90 million US dollars, hopefully tomorrow morning. Just to comment, which you don't see in the numbers, but H1 share price of Wallenius Wilhelmsen is basically up around 30%, 30. Hyundai Glovis is basically at par, but has touched close to 30% higher during the period. So there has been quite some volatility in the Hyundai Glovis stock price going up and down. As the viewers and the listeners might have seen, the Hyundai company, as several of the Hyundai Group companies are, they are all owners of a company in the US called Boston Dynamics, which are really engaged in the robotics industry. Indirectly, the Wilhelmsen ownership is around 1% of that company.

Speaker #1: And just to sort of comment—which you don't see in the numbers—but first half-year, share price of Wallenius Wilhelmsen is basically up around 30%, three-zero.

Speaker #1: Hyundai Glovis is basically at par, but has sort of touched close to 30% higher during the period. So, there has been quite some volatility in the Hyundai Glovis stock price.

Speaker #1: Going up and down. And as the viewers and the listeners might have seen, the Hyundai company, as well as several of the Hyundai group companies, are all owners of a company in the US called Boston Dynamics.

Speaker #1: Which are really engaged in the robotics industry. And indirectly, the Wilhelmsen ownership is around 1% of that company. Somewhat on the cash, really strong numbers in the first half year—384 million from operating activities.

Christian Berg: Somewhat on the cash, really strong numbers in the H1, NOK 384 million from operating activities. Couple of comments. Maritime Services delivering 34, but also in the period building up stocks, piling up, being ready. Might be that that have helped. You will never know for real, but of course, having the ability to deliver when ordered in different types is something that we have experienced before, that sort of building up a stock when and if we are able to, and if market needs to, is really giving us an advantage in the marketplace. The working capital increase actually in the half year of 37 million US dollars. New Energy delivering 47, with basically flat working capital.

Speaker #1: A couple of comments. Maritime Services delivered 34, but also in the period, building up stocks, piling up, being ready. It might be that that sort of thing has helped—you will never know for real—but, of course, having the ability to deliver when ordered in different sites.

Speaker #1: It is something that we have experienced before—this sort of building up a stock when and if we are able to. And if market needs to, it is really giving us an advantage in the marketplace.

Speaker #1: So, and working capital increased actually in the half year by $37 million US dollars. New Energy delivered $47 million with basically flat working capital. On the dividend, on the cash from investing activities, on the dividend side we have received $162 million from Wallenius Wilhelmsen.

Christian Berg: On the cash from investing activities on the dividend side, have received $162 million from Wallenius Wilhelmsen, 32 million from Glovis, and from New Energy, receiving $141 million, where basically the main contributor obviously is then the sale of Edda Wind. On the investing side, $102 million is putting into the financial market, basically cash funds. Then investing 37 million in activities in NorSea, primarily, or in New Energy, but basically then NorSea, and 23.4 million US dollars in the WMS group in tangible sort of assets in the group. Thomas said the 127 delivered in dividend and buyback of shares through the period, paying down some debt, and then delivering at the end of Q2 or through the H1, sitting back with 249 million US dollars in the cash flow. Again, this graph is kind of slowly increasing.

Speaker #1: $32 million from Glovis, and from New Energy receiving $141 million, where basically the main contributor, obviously, is then the sale of EDDA Wind.

Speaker #1: On the investing side, $102 million is being put into the financial market, basically cash funds. And then investing $37 million in activities in the North Sea, primarily—or in new energy, but basically then, North Sea.

Speaker #1: And $23.4 million in the WMS group in tangible sort of assets in the group. Thomas said $127 million delivered in dividend and payback buyback of shares.

Speaker #1: Throughout the period, paying down some debt and then delivering at the end of the second quarter, or through the first half of the year, sitting back with $249 million in cash flow.

Speaker #1: Again this graph is kind of slowly increasing. Balance sheet of 4.7 million US billion US dollars. Very solid 75% equity ratio. North Sea credit facilities refinanced with the same group of banks steady as she goes.

Christian Berg: Balance sheet of $4.7 billion. Very solid 75% equity ratio. NorSea credit facilities refinanced with the same group of banks, steady as she goes, but with sort of, if possible, even better terms. Then sort of taking that four years down the road and some options to take it even further. As you can see at the bottom right, liquidity reserves in the group increases. As explained and as sort of discussed even also earlier, we are building liquidity in the group and we are building resilience for what might happen, and we are building potential to what might happen, and we are delivering on our dividend and buyback policy.

Speaker #1: But with, if possible, even better terms. And then taking that four years down the road, with some options to take it even further.

Speaker #1: And as you can see, at the bottom right, liquidities—the reserves in the group—increase. As explained, and as we sort of discussed even earlier.

Speaker #1: We are building liquidity in the group, and we are building resilience for what might happen. And we are building potential for what might happen.

Speaker #1: And we are delivering on our dividend and buyback policy.

Speaker #2: And I think it's fair to say, as we've been pretty open about this, it's a cyclical industry. And we believe we're relatively high in the cycle in several segments.

Thomas Wilhelmsen: I think it is fair to say, as we have been pretty open about this, it is a cyclical industry. We believe we are relatively high in the cycle on several segments. So to have a strong and sound balance sheet and also liquidity is something we have been striving for quite a few years.

Speaker #2: So to say, having a strong and sound balance sheet and also liquidity is something we've been striving for, for quite a few years. Very pleasing to see that we are there.

Christian Berg: Yep.

Thomas Wilhelmsen: Very pleasing to see that we are there.

Christian Berg: Yep. Again, dividend has been paid out NOK 20, potential for NOK 8.5 further. Buyback being done in the quarter, 470,000 shares, $36 million. Then on the right, cash to shareholders graph, delivering then a total of $127 for now, and the potential of total $164. There is a conversion rate and a couple of things there. It goes in and out. But this is sort of the US conversion numbers.

Speaker #1: Yep. And again, dividend has been paid out—20 kroner—with potential for 8.5 further. And buyback being done in the quarter: 470,000 shares. Then, on the right, the 'Cash to Shareholders' graph, delivering a total of 127 for now.

Speaker #1: And there's a potential total of $164 U.S. dollars. There is a conversion rate and a couple of other factors there. It goes into the NOC.

Speaker #1: But this is sort of the US conversion, converted numbers.

Speaker #2: I think if this will be the case at the end of the year in comparison to '22, where we had 32 million, it's a five times distribution to shareholders in that period of time.

Thomas Wilhelmsen: I think if this will be the case at the end of the year in comparison to 2022, where we had the 32 million, so it's a five times distribution to shareholders in that period of time.

Christian Berg: Yep. At that number, it will be even more than the 35% promise to the shareholders. Thomas.

Speaker #1: Yes, and that number will be even more than the 3% to 5% delivered as promised to the shareholders. So, Thomas...

Speaker #2: Yeah, thank you, Christian. Again, as we started off with, I think we've been somewhat positively surprised with how our performance has been, but also with how the world has been faring during the last part of this year.

Thomas Wilhelmsen: Yeah. Thank you, Christian. Again, as we started off with, I think we were somewhat positively surprised with how our performance has been, but also how the world has been faring during the last part of this year and the quarter. We, as a group or as a company, we feel that we have a strong position in the companies and their relative positions in the marketplace. We believe we have a solid balance sheet and a good liquidity position. So we are fairly positive in the terms of how we see the group's position. At the same time, the world is challenging. There are significant geopolitical tension, and we need to navigate in that environment. So all in all, we're looking forward to the third quarter and looking forward to see all of you again. Thank you for listening in. We will take some questions.

Speaker #2: And the quarter. We, as a group or as a company, feel that we have a strong position in the companies and their relative positions in the marketplace.

Speaker #2: We believe we have a solid balance sheet and a good liquidity position, so we are fairly positive in terms of how we see the group's position.

Speaker #2: But at the same time, the world is challenging. There are significant geopolitical tensions, and we need to navigate in that environment. So, all in all, we're looking forward to the third quarter and looking forward to seeing all of you again.

Speaker #2: And thank you for listening in. We will take some questions now.

Christian Berg: Yes.

Speaker #1: Yes. If any. Thomas.

Thomas Wilhelmsen: If any. Anna.

Anna Kverneland: Yeah. Anna Kverneland, investor relations. Currently no questions. The system is lagging a bit from when you are posting. If you want to post any questions, do it now. I will give you a few more seconds.

Speaker #3: Yeah. Anna Kramlin, Investor Relations. Currently, there are no questions. The system is lagging a bit from when you're posting, so if you want to post any questions, do it now.

Speaker #3: I'll give you a few more seconds.

Speaker #1: And as always, we are available for questions via all the other channels in the world. We've even gotten Snapchat questions. So,

Christian Berg: As always, we are available for questions via all the other channels in the world. I have even gotten a Snapchat question.

Thomas Wilhelmsen: Oh, yeah.

Speaker #3: Still nothing? So, I guess everything was clear then.

Anna Kverneland: Still nothing. I guess everything was clear then.

Speaker #1: Yeah.

Christian Berg: Yeah.

Speaker #2: Okay, thank you so much. Thanks, Christian. Thank you for listening in, and looking forward to speaking again.

Thomas Wilhelmsen: Okay.

Anna Kverneland: Yeah.

Thomas Wilhelmsen: Thank you so much. Thanks, Christian.

Christian Berg: Thank you.

Thomas Wilhelmsen: Thank you for listening in, and looking forward to speak again.

Christian Berg: Thank you.

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Q2 2026 Wilh. Wilhelmsen Holding ASA Earnings Call

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