Good morning. Welcome to fourth quarter results for Wilh.

Wilhelmsen Holding and for the year end of 2025. Christian, it's been quite a year.

That's done some real good.

It's been a pretty volatile backdrop as well. I must say, when we look back at the year, we've delivered 49% total return to the shareholders, which we feel is pretty good.

At the outset or the start of 2025, I'm not sure if we would have forecasted such a trajectory, but anyway, it's nice to see that at this point in time. We've had solid growth on EBITDA for the group, and of course, when it comes to our associates, Wallenius Wilhelmsen and Hyundai Glovis, they've been performing pretty well as well during the year.

All of this in a very, very, I would call it difficult and chaotic backdrop. We've had, say, tariffs and wharfage in the USTR wharfages, which, say, had a potential of up to $400 million in negative effect for Wallenius Wilhelmsen on an annual basis, now seem to be a bit of a distant memory, although it's not that long ago.

It's not gone away.

It's not gone away, it's just put on pause, but still, luckily it was put on pause, we weren't hit as hard. It's a challenging backdrop for us.

When we look at the rest of, say, the performance of the group, we've had a pretty good distribution to shareholders. In addition to the general, say, growth in share price, we distributed $117 million during the year in combination of buybacks and dividends.

We've paid down quite a lot of debt during the year for the group and the holding company. We've invested a fair amount in our various businesses.

We are focused on growing the segments and the business units that we do have. We took Treasure private during, say, the tail end of the year.

We were also party to taking Edda private together with our partners in Edda. We've increased our position in Reach during the year by exercising the options, which took us to just shy of 30% ownership in that company.

Of course, there's a lot of organic growth within the various businesses. All in all, we've invested more than $200 million within our portfolio of businesses during the year, not counting associates.

Then, on top of this, given the, say, significant macro backdrop that we see, there's been quite a few internal efforts in order to improve efficiency in many different ways or forms. Unfortunately, we had to depart with many good colleagues during the year, and also other efficiency measures that we've initiated, which I think is an important driver or continuous driver for this business.

Then again, summing up, it's been a good year, but it's challenging, and some of our businesses are probably at peak or maybe even past peak of a super cycle. Just going briefly into Q4, it's been a relatively strong quarter.

We've had strong EBITDA growth in our underlying business units. We've had good contribution from our associates, although somewhat down from Wallenius Wilhelmsen during the quarter compared to last quarter.

All in all, it's ended up with a strong contribution to equity holders of the company of $129 million. For the year, it accounts to $652 million, which I did mention that on the previous slide.

Of course, we did the Treasure transaction during last quarter. Yesterday, we had a board meeting where the board is proposing, say, the dividend distribution to be put forward to the general assembly with 20 NOK per share for the first dividend and potential up to 8.5 for the second dividend.

That takes us up in the upper quartile of our dividend policy, the way that we measure it, which will then equate to 5%. In line with the 3% to 5% yield target.

Here we are.

Wrong back.

Maritime Services, yes, a pretty okay quarter. I think the underlying fundamentals for Maritime Services are pretty strong.

The general maritime industry or the shipping industry is, say, fairing at a pretty high level. Of course, servicing more or selling products and services to more than 50% of the merchant fleet, that's our total market, it's an important backdrop for us to have.

We've had significant, say, profit improvements or efficiency programs in place during the year. The quarter, we saw a somewhat small drop within Ships Service, which is the largest part of the Maritime Services segment, which well, I think that happens, there's nothing dramatic with the drop that we saw there.

Overall, I think we can say it was a good quarter for Maritime Services. On the margin side, in the Q3, we did have some one-offs, the margin improvement is reflecting that.

You could add, Thomas, that in this area, and in this segment, that's where we really have to fight towards sort of the currency fluctuations, so that's a continuous fight. We are sort of coming from a very high level when it comes to USD/NOK, for instance, and which is the most dominant currency.

We do see that that's something we need to really fight on a rolling day-by-day basis. Then, very important then to do efficiency measures on a rolling basis to get that positive effect on the EBITDA and the operations from the businesses.

Thank you, very very important part. I would say that's actually the biggest threat we see to the Maritime Services segment going forward or at least in short to medium-term.

How are we able to position ourselves versus the currency? If we then go over to New Energy, it's a little bit of a different picture because here we have, say, a positive effect of a weaker US dollar.

When we talk about currency, it's very much related to the US dollar versus other local currencies, because in WMS, US dollar is the predominant currency, and we have a lot of local, say, currency costs related to our operation. For New Energy, especially when it comes to NorSea Group, that's a Norwegian krone denominated company, when we have a decline in the US dollar, then we actually have, we call it an inflationary or an upward pressure when it comes to total income, converted into US dollars.

It's been a strong quarter also for New Energy, and it's been a very strong year for New Energy, and driven largely by NorSea Group, but also with Edda having vessels coming onstream or on the water that adds, say, to the positive contribution. There's also been a few vessel sales in Edda during the quarter, which is positively contributing.

I think that's all in all pretty good. We see also with Reach Subsea, although today's results are probably not what we had hoped for, but they are, say, progressing well when it comes to these unmanned vessels.

One is on its way to Australia, or is in Australia, and one is operating here in Norway, and there's two more coming. That concept is, say, slowly but surely, say, proving itself.

It's an interesting journey. When it comes to Holding and Investments, of course, this is very much driven by Wallenius Wilhelmsen and Hyundai Glovis.

We had $99 million contribution in from associates, 66 from Wallenius Wilhelmsen, which is down quite significantly, actually, from last quarter, but still it's on a high note, and $33 million from Hyundai Glovis. If we look at the backdrop of, say, the car and RoRo industry, there are some major, say, drivers happening.

During 2025, more than 70 new vessels were added into the overall fleet. That has been, I would say, more or less all absorbed.

Reason for this is really the growth of export out of China. We see continuous increase in the export out of China, but we're seeing a continuous decrease export out of Europe.

This is causing an imbalance. It's not very good for, say, the general profit levels, but it's good when it comes to utilization of the fleet.

The order book, which at the peak had more than 43% in it, is now down to, say, just about 20. We've been, I would call it probably a little bit positively surprised in how the industry has been able to absorb the influx of new vessels.

I don't know, Thomas, if you want to sort of also mention the Qube takeover bid?

Could do. We have a small position in percentage terms in a fantastic company in Australia called Qube.

We've been one of the founding investors of this company. We have roughly 1%, it equates to approximately $80 million in money terms.

Macquarie, a large, say, fund in Australia, has made a bid for Qube. It's a conditional bid, it's a little bit difficult to forecast whether this will actually come through.

Anyway, they have made a bid for the company at a decent price, if they manage to do a satisfactory due dill or another acquirer comes on the scene, we will most likely sell our share in Qube during the year.

As far as we know, there is an exclusivity period sort of running through the 15th of February this month. We don't know what's happening, but that's the sort of thing we know as for now.

We do also know that it will definitely take some time. We'll see how that goes.

It's a fantastic company, we are happy to remain a shareholder, and if someone is able to make a good bid and take it over, then we wish them good luck because they will end up with a fantastic asset base. Just to pause a little bit on Hyundai Glovis, since we took Treasure off the stock exchange during the quarter, just to give a little bit of an historical backdrop, we were invited back in '04 of '03, '04 to invest in Glovis as it was called at that point in time.

We acquired 25% of this company, which was at that time a privately owned company. We invested $100 million.

In 2005, Hyundai Glovis, which it was renamed to, went on the stock exchange, which diluted our shareholding to 20%. A little bit of technicality, but we stock listed Wilh.

Wilhelmsen ASA in 2010, and through that separate listing, Hyundai Glovis shareholding was part of that delisting. That's the company which is today Wallenius Wilhelmsen.

In 2015, we did a demerger and through the company called Treasure, which then became a separately listed entity on the stock exchange, only owning the shareholding in Hyundai Glovis.

At that point, 72.8%, actually. Wilh.

Wilhelmsen Holding owned the 72.8%,

and

we had some ambitions of actually looking at how we could use Treasure ASA to also expand into other business areas. The feedback we received from the other shareholders was that they preferred Treasure ASA to solely own the shareholding in Hyundai Glovis.

That's been the platform ever since. There's also been a wish from both Wilh.

Wilhelmsen Holding shareholders and also Treasure shareholders that we would acquire the remaining shares, which we then did. Now, Wilh.

Wilhelmsen Holding owns the full 11% of Hyundai Glovis. Throughout this period of time, we have sold 9%, roughly, of the company.

It's been a fantastic financial investment. You can see on the right-hand side of the slide here, just a little bit in terms of, call it, both the profitability and the distributions during that period.

Of course, it's a very, very significant part of our asset base. It's an industrial strategic investment where we have a very long-term perspective, and it's also giving us a very, very interesting platform in Korea, which is quite unique for a Norwegian-based company.

I thought I would just have that as a little bit of a backdrop since we did the take-private operation of Treasure ASA during the quarter. When it comes to the outlook, we feel that we've been able to build a very, very strong platform within the Wilh.

Wilhelmsen Holding Group. We have both in terms of our people, the general infrastructure, the balance sheet, and also slowly but surely building some liquidity.

We believe this is important. We know that the maritime and the shipping industry is volatile, and we think this is important to position ourselves for the future.

We've been, as a company, operating in this market for more than 160 years, and we intend to do so also going forward. We are positioning ourselves for the future to be resilient and also to be a strong supporter of the businesses that we do have in the portfolio, and also to be able to branch out in potential, say, new areas or business opportunities going forward.

With that, thank you very much, and I'll leave it to you, Christian.

Thank you. Thank you, Thomas.

I'll walk you through some of the numbers, and starting off with with the Q4, which Thomas basically has walked walked walked everyone through. Coming back to the top line, top line quarter to quarter 3 is basically flat.

EBITDA up some, with with Maritime Services delivering 28 and 26, and and New Energy delivering 22. New Energy then basically delivering on a very high note, as as Thomas alluded to.

Coming to the to the to the to the share of profits from from associates and JVs, just as a reminder, and probably all the all the listeners and viewers basically know this, but make make no the the the the the share of profits is not the same as cash from the associates. Specifically not from from Hyundai Glovis, but not from anyone else sort of from their their accounts.

Again, giving us a strong EPS with $3 plus per share, not the same as cash per share. The total year, again, the year, as Thomas said, growth on the top line, close to double digits.

Strong on Maritime Services, and and the the the it's sort of as a GDP plus company or area, it's kind of actually strong that we are growing at at that that number. New Energy as well, and with NorSea as the, in a way, the star for the for the for the segment.

Again, strong annual EBITDA both from from New Energy and Maritime Services, with Maritime Services delivering $112 million, and and New Energy delivering $79 million. Really strong on an annual basis from from JVs and associates when it comes to the to the their share of profits, with as you said, Wallenius Wilhelmsen delivering $406 million.

They also, as I saw yesterday, proposing or deciding, actually, a quite substantial dividend and extraordinary dividend for the for the second half of 2025.

Which is good for us. I must say, on the efficiency measures, that WMS and NorSea Group, that they're able to take out, say, to the extent that they've been doing these efficiency measures in, say, a growing trajectory, I think that's a pretty good effort from the teams.

It's a really good response from the operations and from the different organizations on the challenges that we are seeing coming. Dollar is actually weakening.

We see it's coming, and we are taking measures immediately, not waiting for sort of someone to tell us or anything, but we are taking measures. Thought I would sort of allude to sort of the financial items a bit, because we don't sort of spend too much time on those.

For the year being on the positive side, sort of interest rates are typically sort of on the negative side, and we have to pay $26 million on the interest rates, but on the other side, and giving it to the plus, hedges on the currency is giving us a plus $26 million USD. We do have some hedges when it comes to the USD and other currencies, but that's on a rolling three years, it's not giving us anything more than sort of some relief, but it's not giving us a profit forever, unfortunately.

Also, a value uplift when it comes to the asset management of $22 million USD as some main contributors. Strong EPS per share, as you said, close to $15 or just above $15 per share.

On the cash through the year, and Thomas said sort of we are delivering a lot of cash through the year from the operations and taking in from dividends. If we go through the cash from operating activities, then being basically New Energy and WMS side, very sort of CFO-friendly stack there because Maritime Services running at really delivering the cash, not sort of losing the cash in working capital or anything, basically being able to grow the top line without sort of taking too much I think it's $3 or $4 USD in increased working capital, which is really good.

Then we must really sort of applaud on the New Energy side, because they are delivering the cash from operation, which is strong. At the same time, I'm not saying it's sustainable, but where it is really good that when you grow, you're delivering results, and you are actually contributing positively with $17 million USD on the working capital.

That's really good work. That's CFO-friendly stuff.

When it comes to the dividend, basically must say that that's also CFO-friendly. Of the $411, $375 is coming from cash from Wallenius Wilhelmsen, $21 coming from Hyundai Glovis, and $11, $12 from New Energy side.

On the stack on what is called other investing activities, close to $115 million USD is short-term money funds. $75 million USD is, as Thomas said, that's the dollar equivalent of investing in the activities we do own.

That's sort of hardware, software, not only being computers, but also then assets in the different areas that we do own. In the Reach and Edda, two businesses, we have invested close to $40 million USD through the year.

Thomas gave you the number 117 of dividend and share buybacks for the year. We have paid down debt.

It's basically that we have paid down debt in WMS. WMS basically been debt-free as for now.

I will come back to that as well. Technically, but rightly so, on the other financing activities, the main negative or the main contributor is spending or investing $127 million USD on purchasing all the remaining shares of Treasure, and $40 million is leasing payback.

Starting off with 155, ending up at 214 for the year. Again, rock solid balance sheet, I would say.

We cannot sort of disagree on that, Thomas. There is a debt maturity profile as you can see on the right side of the picture.

As probably all the viewers and listeners do know, it's a pretty good market to do financing, and then with a good balance sheet, it's even hopefully better, and then the good operation. We are working on, what I would say, pushing that green stack out of the picture, or at least more than four years as we speak.

Trying to utilize the good times of financing to refinance some of the picture. As you see, there is basically no debt in WMS as of now.

As you can see on the bottom right, liquidity is sort of increasing through the period as the last five years. The board, as Thomas said, proposed a 20 kroner per share dividend to be approved by the general assembly later this year, and to give the board authority to additional 8.5 kroner per share.

Just sort of as a reminder, how do we account our sort of ambition or the target? It's a very easy mathematical choice.

We do actually say that we have an ambition, a target, to 3% to 5% dividend yield of the average of A and B shares by the end of year. That's the sort of very simple calculation.

A and B shares average times whatever comes out, that's the target that we are sort of aiming for. The first dividend will take us into the mid 3%, and if decided by the board later on, the 8.5 will take us to 5% through our measures.

It's probably fair to say that this has been the way we've been doing it for many, many years. It should be no surprise.

As stated in the top paragraph, that we will continue on a rolling basis, as we have done the last four, five years, to purchase back shares as I have shown to the market and to the listeners earlier on in the other years that you see on the stack on the right side. That's us still continuing shaping the maritime industry.

Thank you so much. I think we will open up for questions.

Thanks, Christian, and thanks for listening in.

Hi, [unclear], Investor Relations. We have our first question from Helene Tingvold with Pareto.

How do you look at your ownership in Glovis? Do you have a long-term perspective on this?

I think you touched upon it, Thomas.

Yes, definitely. We see this as a very long-term strategic ownership.

As I showed on the slide, we've been an owner since '04. It's a fantastic company.

They've been developing, say, at tremendous speeds during those 20-plus years. They have a strong position within their markets, they have a strong balance sheet, and we have a very good relationship with both Hyundai Glovis and the overall Hyundai Group.

This is definitely a long-term shareholding for us.

We do have industrials ambitions to sort of seek development together with the sort of Glovis company as such, but also the Korean market as such, to develop further industrially as we go along. We have some smaller sort of tests on that, and we will continue on that work going forward.

Yeah.

We have a few questions regarding capital allocation. First from Jørgen Lian with DNB: We continue to forecast a substantial cash inflow in the years ahead with a strong balance sheet.

I would appreciate your thoughts on where to apply this capital for future growth. Any specific sectors that offer appealing growth today?

In magnitude, would you prefer smaller bolt-on acquisitions or would you be comfortable with larger transactions? Go ahead.

I think it's a very good question, and of course it's pretty all-encompassing of what we're looking at and, in a way, how we will position ourselves for the future. Just to start with small bolt-ons, I'm sure there will be smaller bolt-ons along the way.

The challenge with small bolt-ons is that smaller acquisitions often take quite a lot of time and resources with relatively small, say, financial effect. It might have, say, other aspects to it in terms of strengthening certain, say, products positionings or service positionings within, say, the broad portfolio.

I don't think we should, say, rule out bolt-ons happening also in the future. Of course, it's a little bit more exciting to have somewhat larger acquisitions either within the current portfolio in order to strengthen and broaden the base, or whether it's completely new arenas.

As when we entered, for example, Edda a few years ago or when we acquired and started the journey with NorSea Group. That's definitely part of our strategy going forward.

It's not career-promoting to sort of test you on that, but of course, it's within sort of the space of shape in the maritime industry.

Of course, yeah.

Though it's in that or those arenas that we are sort of testing, looking, and trying to develop the group as such.

I think it's also fair to say that we're in a very different financial position today, both in terms of solidity and liquidity, than we were a few years ago. At the same time, values have increased, at least on the steel side, for the last three years, which of course, we need to be, say, diligent and patient in terms of how we execute this.

Since we haven't sort of said anything now about sort of shareholders and others, obviously we will also invest in our shareholders by buying back shares and paying dividends and reducing debt, if possible, further on as well. It's a combination of growing, and it's a combination of taking care of the shareholders we do have.

I think that covered the other questions from the investor as well.

That's all?

That's all.

Okay.

Then

thank you very much for listening in, and we're looking forward to

I might have the final question.

It came in a question right now. What are you going to do with all the cash you generate when you only pay out a relatively low percentage on the cash?

I think that was in a way covered by what we just said. We'll see during the years or the year and the period going forward.

But 2026, it will be an exciting year, probably as 2025 were, in terms of significant volatility in terms of geopolitical and the overall macro space of everything that's happening. We'll watch it, and we'll do our best to maneuver in a challenging backdrop.

As we've said many times, we believe we have a strong platform, we should have the strength to navigate through choppy waters. Thank you very much for listening in.

Thank you.