Wallenius Wilhelmsen reported adjusted EBITDA of USD 389 million in the first
quarter of 2026, slightly below the previous quarter. "Shipping demand remains
very strong with solid volumes and high utilization, especially ex-Asia. At the
same time, the conflict in the Middle East and an increasingly tight charter
market is putting pressure on net bunker and capacity costs," says Lasse
Kristoffersen, President and CEO of Wallenius Wilhelmsen.

Total revenues in Q1 were USD 1,253m, and was down 1% QoQ with seasonally lower
revenues for Shipping services partly offset by increased revenues for Logistics
services. Net profit for Q1 was USD 177m compared to USD 175m in Q4. 

"2026 will be affected by the current cost surge, and the situations underpins
the value of our financial commercial and operational strength," says
Kristoffersen.

Wallenius Wilhelmsen expects 2026 to be another solid year. However, due to
increased net bunker and capacity cost for Shipping services and a soft start to
the year for Government services, the outlook has been adjusted. Adjusted EBITDA
for 2026 is now expected to end about USD 1.6bn, down from USD 1.65-1.75bn.

Continued geopolitical volatility
Geopolitics continue to impact our operations as the conflict in the Middle East
leaves us with one vessel inside the Strait of Hormuz and a landbased operation
in Dubai with limited operations. 

"We are relieved that the ground and vessels staff affected by the Middle East
conflict are safe," says Kristoffersen.

Beyond that, the main impact on operations is linked to increased fuel cost and
the company expects that to impact our results in the coming quarter. Over time,
a full cost recovery under the BAF clauses is expected.

Q1 highlights

o Adjusted EBITDA for Q1 2026 ended at USD 389m, down 3% QoQ, reflecting
seasonally softer results for Shipping partly offset by improved results in
Logistics  
o Shipping demand, especially from Asia, continues to grow with an increasingly
tight charter-in market putting pressure on capacity cost
o Logistics delivered a strong quarter, supported by cost measures and higher
auto volumes, while Government had a soft start to the year partly explained by
a seasonally lower activity level. 
o Direct commercial impact from the Middle East conflict is limited with only
2-3% of revenues linked to the region. However, the indirect effect of higher
fuel cost in Q2 will be substantial before costs are recovered through BAF
clauses in subsequent quarters
o Adjusted EBITDA for 2026 is expected to be about USD 1.6bn, down compared to
the previous outlook, primarily reflecting higher net bunker and capacity cost
for Shipping

For further information, please contact:
Anders Redigh Karlsen - VP Global IR & Market Insight
Tel: +47 994 20 293
Email: anders.karlsen@walwil.com

Vibeke Norum Monsen - VP External Relations & Government Affairs
Tel: +47 916 65 285
Email: vibeke.norum-monsen@walwil.com


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 worldwide. The company operates
around 127 vessels servicing 15 trade routes to six continents, a global inland
distribution network, 70 processing centers and eight marine terminals.
Headquartered in Oslo, Norway, the Wallenius Wilhelmsen group has around 12,000
employees across 28 countries. Read more at: walleniuswilhelmsen.com