Good morning. Welcome to the second quarter presentation for Wilh.

Wilhelmsen Holding ASA. Christian, it's been somewhat surprisingly strong performance during the quarter?

Nice that to say, but we are both surprised positively by what's sort of happening in the second quarter.

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 say 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 importantly, of course, I would say that we've had no serious safety issues, and there's been, say, a lot of potential for challenging situations in that regards. I think that's extremely pleasing.

You could add sort of the words of impressed and a bit proud of sort of the organization on the deliveries in what we supposed should be a more difficult quarter.

I think they have really risen to the challenge, especially in certain countries around the world where it's been hotter than normally. That's been good.

Another say topic that we've been touching on earlier is exposure to exchange rates. At the outset, we thought that would be more challenging for our performance, but the basket of currencies has really, say, evened it all out.

It's basically stable.

It has been. That's been very good.

Then we've had some significant improvement programs throughout several BUs, which have really been delivered upon during this and the previous quarter.

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.

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 has also been increased activity.

Combining say 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% odd year-on-year, and more than 20 from last quarter. We're very proud of that.

I'm not sure if we can say put the same trajectory going forward, but we feel that we are in a pretty good spot at the moment.

It's a solid point, but we cannot sort of put it in the pocket for the next quarters at that levels all the time.

No, and all in all, we also got $112 million from share of profits from our joint ventures and associates. Think that was relatively in line with what we thought it would be, or expectations, with 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, additional 8.5 potentially to come at 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 really say 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, within Maritime Services, they have been to a great extent impacted by what's happening in the Middle East.

We thought activity level would decline quite significantly, but again, they have really taken on this challenge and risen to the occasion. Activity level hasn't been that bad.

It's just been very different. 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 they're used to. Because we do have operations in many of these countries, it has led to maybe say increased business in other areas than what we are used to.

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. It's all happened in a safe and orderly manner, which is by far the most important for us.

There's 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.

Areas of the portfolio that we've had certain challenges with last year and even in the first quarter has really turned around, and that's also a big part of the improvement that we see for this quarter. In New Energy, activity levels is high at the North Sea bases.

Oil and gas, especially in Norway, is on a high note. Of course, increased activity also increases, say, complexity in certain areas.

Still, they've been able to cater for that in a very, 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, so that's a one-off, but still, I think it seems that's been done in stellar manner. When it comes to Edda, majority of the transaction, if I can call it that, has been concluded.

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%, maybe 30 of the outstanding consideration, but we expect to see that say in the third quarter, maybe this coming period.

With that sale, that does not mean that we are, say, 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 car and RoRo segment really delivered according to expectations.

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, and there's 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.

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.

Europe is on the decline. Asia is on the rise.

This is causing imbalances with 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's been a takeover offer for Qube. 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 party to say initiate and start the company with some investors many, many years back in time.

This offer has been accepted and will go through sometime now in August, meaning that we will sell our shares, and we will receive the proceeds within not too long time.

Actually tomorrow.

Tomorrow. That is good for us.

That means I will hand it over to you, Christian, to go into further detail on the numbers.

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.

EBITDA really solid, $39 million from Maritime Services and $25 million from New Energy, solid in all terms. I'll come back to the Maritime Services numbers specifically we've started discussing a bit.

Share of profits, a 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.

There are two very specific transactions or things to comment. One is that's when MIRRAT port in Australia was sold in to Qube.

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's sort of minus minus, it's positive on the 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 sort of make it even more flexible and a bit tighter on margin, which is always good.

We are, as we will come back to later, really long-term funded in the balance sheet as we see today. Again, solid performance and Maritime Services delivering 7% increase, all areas increasing, total income up, EBITDA up, all the three main activities increasing.

EBITDA up at really high levels at 39%. If you go to the graph on the right downside, you will see sort of a point close to 20%, which sort of it's a bus that sort of 20% should be sort of where we should be delivering.

That's a really good number where we are right now. If you see the line that is coming from Q3 '25, we do not expect a continuous rise.

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. It's always good to see that we are able to deliver at that number, but it's not sort of a no-brainer continuing delivering those numbers going forward, by far not, but really happy to see the numbers.

It's a bit like all the pieces fell in the right direction during this quarter, so. Yes.

Middle East, Thomas has commented on, 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. On New Energy, again, decrease on the top line as said, but bear in mind that the top line in New Energy is very much impacted by NorSea, which 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.

Compared to '25, very, very high on projects. Still high on project, but not as high, but really good then on the EBITDA.

I would rather, as I say, measure on the EBITDA than on the top line. When delivering on EBITDA, that's a really good number coming in from New Energy.

CCB, as told, JV delivering a really good number on their projects. Also $29 million coming in from basically the Edda transaction or the Edda company and their deliveries in the quarter.

Strategic holding and investments, $74 million being delivered. 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.

Really happy with the numbers, and also happy with dividend proposal or actually dividend decision coming out of Wallenius Wilhelmsen. Dividend received from Glovis, and as Thomas alluded to, Qube is sold.

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.

Which is a great company,

so.

It's. Wish the new buyers.

It's a fantastic company.

It's a really good company. They're delivering really good, but still, it's a good price and then we're happy to sort of receive the approximately $90 million US hopefully then tomorrow morning.

Just a sort of comment which don't see in the numbers, but first half year share price of Wallenius Wilhelmsen is basically up around 30%, 3-0. Hyundai Glovis is basically at par, but has sort of touched close to 30% higher during the period.

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, several of the Hyundai Group companies 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. Somewhat on the cash, really strong numbers in the first half year, $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 sort of have helped.

You will never know for real, but of course, having the ability to deliver when ordered in different sites is something that we have experience 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. Working capital increase actually in the half year of $37 million US.

New Energy delivering 47 with basically flat working capital. 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, and then investing $37 million in activities in NorSea, primarily basically or in New Energy, but basically then NorSea, and $24 million US in the WMS Group in tangible sort of assets in the group. Thomas said the 127 delivered in dividend and buyback of shares to the period, paying down some debt, and then delivering at the end of second quarter or through the first half year, sitting back with $249 million US in the cash flow.

Again, this graph is kind of slowly increasing. Balance sheet of $4.7 billion US, 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. We are delivering on our dividend and buyback policy.

I think it's fair to say as we've been pretty open about, it's a cyclical industry. We believe we're relatively high in the cycle on several segments.

To say have a strong and sound balance sheet and also liquidity is something we've been striving for quite a few years

and

very pleasing to see that we are there.

Yep. Again, dividend have been paid out 20 kroner, potential for 8.5 further, and buyback being done in the quarter, 470,000 shares, $36 million US.

Then sort of on the right, cash to shareholders graph delivering then total of 127 for now and the potential of total $164 million US. There's a conversion rate and a couple of things there.

It goes in NOK, but this is sort of the US converted numbers.

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 5 times distribution to shareholders in that period of time.

Yep. At that number, it will be even more than the 5%, 3% to 5% delivered and promised to the shareholders.

Thomas?

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 fairing 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.

We are, say, 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. 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

if any, Anna?

Anna Kvamsdal, Investor Relations. Currently no questions, and the system is lagging a bit from when you're posting.

If you want to post any questions, do it now. Give you a few more seconds.

As always, we are available for questions via all the other channels in the world. Have even gotten Snapchat questions,

so.

Still nothing, I guess everything was clear then.

Okay.

Thank you so much. Thanks, Christian.

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

Thank you.