Annual
Report
2025
Contents
Wallenius Wilhelmsen at a glance 3
2025: The numbers in brief 4
Key figures 5
Key sustainability figures 6
Corporate structure 7
Board of Directors 8
Management team 10
Words from the CEO 13
Directors’ report 16
Message from the board 17
Our strategy 17
Our values 18
2025 in brief 19
Financial review 20
Long-term financial targets and dividend policy 22
Shipping services 23
Logistics services 25
Government services 26
Market development and outlook 27
Key risk exposures 29
Events after the balance sheet date 32
Prospects 32
Sustainability statement 33
General information 33
Environment 51
Climate Change 51
EU Taxonomy Statement 71
Pollution 75
Biodiversity and ecosystems 79
Social 88
Own workforce 88
Workers in the value chain 104
Governance 108
Business Conduct 108
Sustainability notes 113
ESRS Index 114
Data points from other EU legislation 116
Responsibility statement 118
Consolidated financial statements 120
Parent financial statements - Wallenius Wilhelmsen ASA 181
Alternative performance measures 204
Audit reports 208
Contents »
Wallenius Wilhelmsen – Annual Report 2025
2
Wallenius Wilhelmsen at a
glance
Wallenius Wilhelmsen is a global leader in the handling of automobiles and heavy rolling
equipment at sea and on land. We operate in 28 countries and employ around 12,000
people on our vessels, in our terminals, offices, and processing centers.
Every year, we transport, assemble, complete and upgrade millions of units – making us an
integral part of the global automotive and industrial supply chains.
Headquartered in Norway, we run a truly global organization managing the flow and
completion of vehicles and heavy equipment from inside the factories all the way to the end
user. In the traffic or at a construction site, chances are high that you are looking at
something we have handled.
Leveraging future-forward solutions and technologies, including AI, to optimize our
operations – we focus on providing visibility and control throughout complex supply chains.
We have an ambitious target of net-zero carbon emissions by 2040 based on a
fundamental belief that this will create long-term value and benefit our customers,
shareholders, employees and partners.
Wallenius Wilhelmsen ASA is listed on the Oslo Stock Exchange under the ticker WAWI.
You can read more about our different segments and their performance in 2025 here.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
3
127
Vessels
15
Trade
routes
70
Service & Processing
centers
8
Terminals
2025: The numbers in brief
“2025 was another solid year for Wallenius Wilhelmsen thanks to the more than 12,000
dedicated employees and seafarers that go the extra mile every day to deliver a world class
logistics service for our customers. The financial position of the company was further
strengthened, ensuring that we can continue to invest in the future of Wallenius Wilhelmsen
and return value to our shareholders through our pay-as-you-go dividend policy.
We strengthened our commercial foundation in 2025, expanding our book of business.
Thanks to the team’s commitment and care, we delivered record high dividends and the
second-best financial performance in the company’s history.
During the year, we also introduced a new financial policy designed to align our long-term
financial targets more closely with our strategic ambitions, market position and evolving
industry dynamics.
While the world is navigating an increasingly complex and volatile global environment,
which will influence the markets we operate in, we expect 2026 to be another good year for
Wallenius Wilhelmsen.”
Bjørnar Bukholm
Executive Vice President and CFO
You can read more about our financial performance in 2025 here.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
4
Total Revenue:
2025
5,240
USD million
EBITDA:
2025
1,801
USD million
Key figures
Key figures consolidated financial statements
USD million unless otherwise stated 2025 2024 2023
1
2022 2021
Income statement
Total revenue 5,240 5,308 5,149 5,045 3,884
Operating profit before depreciation, amortization and impairment (EBITDA) 1,801 1,869 1,807 1,548 830
Operating profit (EBIT) 1,285 1,289 1,225 931 306
Profit before tax 1,146 1,138 1,042 829 199
Profit for the period 1,104 1,065 974 794 177
Balance sheet
Non-current assets 5,781 5,750 5,853 6,242 6,315
Current assets 2,037 2,650 2,690 2,151 1,479
Total assets 7,817 8,400 8,543 8,394 7,794
Equity - parent 3,293 3,313 3,051 3,153 2,539
Equity - non-controlling interests 9 9 29 355 266
Interest-bearing debt 2,800 3,151 3,713 4,087 4,128
Key financial figures
Net cash flow provided by operating activities 1,744 1,778 1,771 1,297 623
Cash and cash equivalents at December 31 1,071 1,393 1,705 1,216 710
Current ratio 0.9 1.1 1.2 1.8 1.1
Key financial targets
Return on capital employed adjusted (>8%) 18.4 % 19.9 % 17.9 % 12.9 % 4.5 %
Leverage ratio (<3.5x) 1.0x 0.9x 1.1x 1.9x 4.0x
Equity ratio (>35%) 42 % 40 % 36 % 42 % 36 %
Key figures per share
Basic and diluted earnings per share 2.41 2.30 2.00 1.60 0.32
EBITDA per share 4.26 4.42 4.28 3.66 1.96
Average number of shares outstanding (thousand) 422,763 422,646 422,692 422,451 422,399
Market price per share at year end (NOK) 101.00 93.50 89.00 97.05 50.60
Market price high (NOK) 107.10 138.80 103.60 103.00 50.95
Market price low (NOK) 61.82 87.10 60.60 44.86 20.80
Dividend paid per share (USD) 2.34 1.75 0.85 0.15 0.00
Contents »
Wallenius Wilhelmsen – Annual Report 2025
5
1
Figures for 2023 have been restated for the change in accounting method for the put and
call option over the non-controlling interest in EUKOR. Figures for 2021 and 2022 have not
been restated.
Key sustainability figures
ESG performance 2025 2024
Climate
Total GHG emissions Scope 1, 2, 3 (Market-based) 5,269,476 5,254,001
Total GHG emissions Scope 1, 2, 3 (SBTi coverage) 4,918,010 4,929,234
% emissions reduction from 2022 to 2025 (SBTi trajectory) -7 percent 7 percent
Safety
LTIF for Ocean operations 0.6 0.41
LTIF for Logistics operations 10.26 12.25
Gender diversity
Women in top management 33 percent 40 percent
Women in our workforce 27 percent 25 percent
Women on the Board 43 percent 43 percent
Contents »
Wallenius Wilhelmsen – Annual Report 2025
6
Board of Directors
Rune Bjerke
Chair of the board
Board member and Chair of the Board since 2020. Extensive career in
international energy and banking corporations.
Previous experience: CEO of DNB ASA, CEO at Hafslund, CEO at
Scancem International, advisor at the Norwegian Ministry of Petroleum and
Energy, city commissioner of finance in the city cabinet of Oslo.
Board positions: Chair in Norsk Hydro ASA and Reitan Retail AS and Vice
Chair in Vend ASA, non-executive director in Currys plc.
Education: Degree in economics, University of Oslo, and Master's degree in
public administration, Harvard University.
Margareta Alestig
Board member and Chair of the Audit Committee
Board member since 2017. Extensive experience from the financial, shipping
and logistics industries.
Previous experience: CFO at Broström AB, CFO at JCE Group, Deputy
Managing Director at Sjätte AP-fonden (AP6) and Swisslog AB.
Board positions: Chair of the Board in Erik Thun AB and in Svenska
Fribrevsbolaget Försäkring AB, Vice Chair of the Board and Chair of Audit
Committee in Inission AB and Tången Industrikapital AB, Board member in
Tjörns Sparbank and Brännehylte Lagersystem AB.
Education: MBA degree, University of Örebro, Sweden.
Thomas Wilhelmsen
Board member
2
Board member since 2017. Group CEO at Wilh. Wilhelmsen Holding ASA
since 2010.
Previous experience: Various management roles across the Wilhelmsen
group, including group vice president for shipping and regional director for
Europe in Wilhelmsen Ships Service.
Board positions: In addition to holding directorships in several industry-
related companies and organizations, he sits on the boards of many
Wilhelmsen group and family-owned companies.
Education: Master of arts in business, Heriot-Watt University, Scotland. Has
numerous courses from other universities including the program for
executive leadership from IMD, Switzerland.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
8
Yngvil Eriksson Åsheim
Board member
Board member since 2022. Extensive career in the maritime industry and
currently CEO of BW LNG.
Previous experience: Various positions at the classification society DNV
and shipowner Höegh. Joined BW Group in 2010 and has had different
positions covering different segments.
Board positions: BW Ideol AS
Education: Master of Science degree in naval architecture and marine
engineering from the Norwegian University of Science and Technology
(NTNU).
Line Hestvik
Board member
Board member since 2025. Extensive international in insurance and financial
industry.
Previous experience: Chief Sustainability Officer at Allianz Group
Germany, Head of Global Property & Casualty at Allianz Group Germany,
Head of Business Area Private at If P&C Insurance.
Board positions: Board member Storebrand ASA, KBC Group NV, Nova
Consulting Group AS and Innlandet Science Park
Education: Master of Business and Economics, specializing in finance,
Norwegian School of Management BI
Hans Åkervall
Board member
2
Board member since 2022. Extensive experience as lead partner for a
diverse portfolio of large clients across financing, manufacturing, and
logistics.
Previous experience: CEO of KPMG Sweden, Partner in KPMG
Board positions: Board member Rederi AB Soya
Education: Chartered accountant, bachelor´s degree in business and
economics, University of Stockholm.
Magnus Groth
Board member
Board member since 2024. Experience from consumer goods, medtech,
forestry and energy.
Previous experience: CEO Essity, CEO Svenska Cellulosa Aktiebolaget
(SCA), CEO Studsvik AB, and various positions in the energy industry and
consulting.
Board positions: Board member at Essity AB.
Education: Master’s degree in economics and business, and Master of
Science in Avionics and Naval Technology.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
9
2
Christian Berg is personal alternate board member for Thomas Wilhelmsen and Erik Nøklebye is personal
alternate board member for Hans Åkervall.
Management team
Lasse Kristoffersen
Chief Executive Officer
CEO since June 2022
Previous experience: 15 years at Torvald Klaveness with 11 as CEO.
President of the Norwegian Shipowners’ Association, and a decade at DNV
in various management positions .
Board positions: Board Member at DNV Group and DNV Foundation,
Board member in Gard P&I (Bermuda) Ltd., Board Member World Shipping
Council, Chair of SAYFR AS and Leader of the election committee at the
Norwegian War Risk Insurance Association.
Education: Master of Science degree in naval architecture and marine
engineering from the Norwegian University of Science and Technology
(NTNU). Completed IMD’s Senior Management Program and INSEAD’s
Executive Management Program
Bjørnar Bukholm
Chief Financial Officer
CFO since April 2025
Previous experience: Bjørnar began his career at McKinsey & Company
before he joined Wallenius Wilhelmsen in 2011. Over the next 8 years he
held various positions at Wallenius Wilhelmsen within the business
development, strategy, finance and investor relations segments. Most
recently, Bjørnar has been Group CFO at Sector Alarm.
Education: Master of Science, Business and Economics from the
Norwegian School of management (BI). Bachelor of Science, Business and
Economics from the Norwegian School of management (BI).
Pia Synnerman
Chief Customer Officer
In current role since January 2023
Previous experience: Has for 27 years had various leadership roles at
Ericsson with 20 years in the sales and commercial area working in Sweden,
Middle East, Russia & CIS, and South Africa and Sub-Sahara. Joined
Wallenius Wilhelmsen in 2021 as SVP Sales to EMEA.
Education: Master of Science degree in mechanical engineering from KTH
Royal Institute of Technology, Stockholm, and executive programs at
INSEAD Business School, Thunderbird School of Global Management and
London Business School.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
10
Wenche Agerup
Chief People and Corporate Affairs Officer
CPCAO since November 2022
Previous experience: Various roles in Telenor ASA from 2015 to 2022,
including EVP Corporate Affairs and General Counsel and Head of Board
Governance and Support in Singapore. Prior to joining Telenor, 16 years in
Hydro ASA, including plant manager in Årdal, Norway, project director in
Australia and EVP People and General Counsel from 2010 to 2015.
Board positions: Board member at Equinor ASA from 2015 to 2020 and
Oslo Stock Exchange from 2012 to 2015, TGS ASA from 2015 - 2022 and
Crayon ASA from 2022 - 2025, and various other companies since 2004.
Education: Master’s degree in law from the University of Oslo and an MBA
from Babson College, Boston.
Michael (Mike) Hynekamp
Chief Strategy & Corporate Development Officer
In current role since May 2024
Previous experience: Joined Wallenius Wilhelmsen in 2007 at Wallenius
Wilhelmsen Logistics AS, where he served as a CFO & Chief of Staff
(Americas/ EMEA). Before his current role, Mike led the shipping segment
as COO for five years before serving as COO of the logistics segment for
another five years. With his extensive history at Wallenius Wilhelmsen, Mike
brings nearly two decades of strategic leadership and operational expertise.
Prior to joining Wallenius Wilhelmsen, Mike spent 13 years with Mercedes-
Benz (Daimler AG), where he held diverse roles in marketing, operations,
and finance across the United States and Europe. He began his career with
Ernst & Young LLP.
Education: MBA degree in corporate finance, Fairleigh Dickinson University,
executive education from Columbia Business School, licensed CPA, CGMA
and holds a CTP accreditation as well as a member of National Association
of Corporate Directors.
Anette Maltun Koefoed
Chief Communications and Marketing Officer
In current role since April 2023
Previous experience: Joined the company in 2021 as VP Corporate
Communications responsible for establishing the Wallenius Wilhelmsen
group’s strategic marketing, brand building, communications, and
emergency management. Previously EVP of Marketing & Communications
at Berg-Hansen.
Education: Master of Science degree in marketing and has completed
Executive MBA courses in Strategic Business Development and Innovation
and Building High-Performance Organizations.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
11
Xavier Leroi
Chief Operating Officer Shipping Services
In current role since November 2022
Previous experience: Chief Customer Officer heading the global group
sales teams, customer experience and strategies for the Wallenius
Wilhelmsen group. Has held numerous positions within the group for 25
years. Also holds the position as CEO of EUKOR Car Carriers Ltd
Board positions: ARMACUP Car Carriers Ltd and PIRT Terminal
Education: Master’s degree from the Graduate School of Management in
Grenoble, France where he majored in finance. Has completed various
leadership programs, including the IMD Global Leadership Program.
Christian Holth
Chief Operating Officer, Supply Chain Solutions
In current role since August 2025
Previous experience: Joined Wallenius Wilhelmsen in 2014 and has held
several senior leadership roles, including SVP Head of Product Accelerator
& Deputy COO Supply Chain Solutions, SVP Vehicle and High & Heavy
Services EMEA and VP Strategy, M&A and Market Insight. Prior to joining
the company, he worked as a management consultant at Capgemini Invent,
focusing on strategy and operating model design in the logistics and energy
sectors.
Education: Master of Science in Business and Economics, major in
Finance, from BI Norwegian Business School.
John Felitto
Chief Operating Officer Logistics Services
In current role since August 2024
Previous experience: Joined Wallenius Wilhelmsen in 2001 as Vice
President-Sales, and has held various key commercial and executive
management roles in sales, ocean and logistics including Head of
Commercial, Deputy Head of Region Americas and President of the WWL
VSA Joint Venture. John has 36 years in the ocean transportation and
logistics industry.
Education: BBA in Marketing/Finance from Pace University in New York
City, an executive education in leadership from IMD Business School in
Lausanne, Switzerland and continuing studies credits in ESG and Finance
from NYU.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
12
Words from the CEO
We never compromise on safety, security or compliance
In a year of high activity and shifting trade patterns, our first priority remained unchanged:
everyone goes home safe, we keep our data safe and we operate responsibly and
sustainably. I am very pleased that we had no serious accidents or incidents in 2025 and
our safety KPIs for shipping and logistics remain solid as we continue to strengthen our
approach to safety management and culture. In 2025 we launched a taskforce that will
ensure common standards and collective learning on safety across the group. Thank you to
colleagues across sea and land who kept safety at the center of every decision and upheld
the high standards we have set for ourselves.
A stronger company
The super-cycle that followed the pandemic years gave us a rare opportunity to strengthen
the company for the long term. We deliberately used it to build a stronger company in
several dimensions. Financially, we have reduced our net debt from USD 3.4 billion to USD
1.7 billion in the same period as we have paid more than USD 2 billion in dividends and
grown the liquidity reserves to around USD 2 billion.
Commercially, we deepened long-term partnerships and had by the end of 2025 a contract
backlog of more than USD 10 billion with historically strong rates. Operationally, we
expanded our network, secured synergies through deeper integration of our operations,
started fleet renewal with the state-of-the-art Shaper class series, leaped forward on our
decarbonization journey and started a comprehensive digital transformation. Together,
these changes have positioned Wallenius Wilhelmsen well for the years to come.
Delivering despite headwinds
2025 was a good year for the group, supported by robust demand and disciplined
execution. We reported solid profitability and cash generation, reflecting the quality of our
portfolio and our ability to match capacity to customer needs.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
13
At the same time, the operating environment grew more complex, with new and proposed
tariff regimes, port dues, geopolitical tension, increased uncertainty and cost pressure
across global supply chains. Our global and diversified footprint, flexible fleet and trade
patterns, end-to-end capabilities, deep relationships and operational discipline helped us
navigate these headwinds while continuing to deliver resilience and reliability to customers.
Strong demand growth and high utilization in Shipping
Our shipping fleet experienced high utilization and strong earnings during the year, despite
a record high delivery on new vessels to the global fleet. The combination of elevated
exports out of Asia and trade flow shifts kept demand high and markets tight. Our adaptive
network planning and increased contract portfolio allowed us to navigate these changes
and deliver a very solid year.
Value realization and volatility in Logistics
The global logistics portfolio has been built over more than 20 years and consists of
terminals, processing centers and inland distribution across the globe. The value of this
portfolio was demonstrated in 2025 through the sale of MIRRAT, our terminal in Melbourne,
Australia, for AUD 332.5 million. For the remaining business, the activity level and financial
results were muted by the decrease in exports from Europe to the US on autos, and the
soft market for high & heavy equipment around the world.
High activity in Government
Our government business experience vary strong demand through the first three quarters
and expanded both the service offering and contract base during the period. The fourth
quarter saw somewhat reduced volumes, largely due to Government shut down in the US
and lower activity as a result.
Launching Supply Chain Solutions
A new business unit was established in 2025. Supply Chain Solutions (SCS) already has a
global reach with around 200 people in 14 countries and an extensive network of suppliers
on our platform. SCS complements the offerings in Shipping and Logistics with Supply
Chain Management, Freight Forwarding, Supply Chain Insights, Remarketing and Last Mile
services. The ambition is to significantly scale these services with our existing customer
base in destination markets. In 2025, SCS was reported financially under Logistics.
Partnering with customers
Our commercial resilience is built on long-term customer partnerships and multi-year
contracts that provide visibility through cycles. During 2025, we secured about USD 4.8
billion worth of renewals, extensions, and new business, creating good visibility for the
years to come. This is the outcome of our global presence, diverse service portfolio and
dedicated teamwork, adding value to our customers on every product move, completion or
orchestration we do.
Staying the course on sustainability
We remain committed to decarbonizing our operations and enabling our customers’
sustainability ambitions. 2025 reminded us that the path is not linear. Growing imbalances
between East and West created more ballast legs, making it harder to achieve year-on-year
emissions efficiency improvements in some trades. Even so, we continued to prepare for a
lower-carbon future through fleet renewal, operational efficiencies, and partnerships across
fuel, port, and technology ecosystems. The fundamentals of our strategy remain intact, and
we will deliver on our strategy to make low and net-zero emission solutions available and
affordable.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
14
Our People makes the difference
None of this happens without our people. From crews at sea to colleagues in terminals,
processing centers, and offices worldwide, our teams demonstrated our values of caring,
committing and challenging in a volatile landscape - adapting schedules, delivering on
changing customer needs, and maintaining professionalism and integrity in every hand-off.
Looking ahead
We enter 2026 as a stronger company, with a healthy book of business, disciplined capital
allocation, and a strategic plan to improve customer value, grow and increase our
competitiveness through dedicated efforts, standardization and digitalization.
The market environment will keep evolving and change, and our global model, diversified
portfolio, and proven ability to execute are the best means for our customers to create
resilience and ensure efficiency.
We will continue to invest in our safe, secure and reliable offering globally, at the same time
as we make low and no carbon solutions are available and affordable for our customers.
We will strengthen and upgrade our digital infrastructure through governance of data,
simplification and integration of systems, and deployment of AI for competitive advantage.
And last but not least, we will take delivery of our new Shaper class vessels, setting a new
benchmark for scale, flexibility and sustainability. Together, these changes improve
customer value, unit economics, and emissions intensity, strengthening our position as an
integrated supply-chain partner to our customers.
Thank you to our customers for your commitment, our employees for your care, our
shareholders for your trust, and our partners for your support. Together we make Wallenius
Wilhelmsen unique.
Lasse Kristoffersen
President and CEO
Contents »
Wallenius Wilhelmsen – Annual Report 2025
15
Message from the board
Our strategy
Our strategy is a continuation of the overall direction set out in 2023. With integrated
solutions and best-in-class services as the foundation, we can help our customers to
connect the dots of their supply chains and make these resilient, effective and sustainable.
This is captured through our mission statement.
To deliver on our mission, we need to become an integral part of our customers’ supply
chains, enabling them to run resilient, digitalized, and decarbonized operations.Four
strategic goals are set, building on and reinforcing each other.
Goal 1: Be our customers’ first choice in core businesses
It is essential for our strategy and competitiveness that we have best-in-class individual
businesses and services. It is our goal that when customers look for solutions to specific
parts of their supply chain, they view us as their first choice due to our leading product, high
productivity and quality, and value based, competitive prices.
Goal 2: Demonstrate the value of integrated solutions
Integrated, transparent end-to-end solutions enable us to deliver enhanced value by solving
more complex challenges for our customers. Integrated solutions will also increase value
capture through higher internal efficiency across our business and products.
Goal 3: Make net-zero available and affordable
Reducing emissions represents a large challenge for us and our customers. We have set
out on a journey towards net-zero in 2040 and see it as our responsibility and opportunity to
make low and zero-emission solutions available at the lowest possible cost for our
customers.
Goal 4: Create value for customers, employees, shareholders, and partners
We aim to combine best-in-class individual products with integrated solutions and
affordable low/zero-emission offerings to create long-term value to our:
• Customers by addressing high-impact problems with cost-effective, resilient and
integrated products.
• Shareholders through growth and high quality earnings by leveraging synergies
across our operations and reducing cyclicality.
• Employees by creating opportunities for skill development and career growth in a
company that is committed to leading the way on sustainability and connectivity.
• Partners by expanding our network, which will provide them more effective market
access and greater transparency as part of our integrated offering.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
17
Our values
Wallenius Wilhelmsen is a value driven company and we live by our values “We Care, We
Challenge, We Commit”.
We care about the safety and wellbeing of our people, customers and partners. We care
about the environment and societies we operate in.
We challenge the status quo and we always strive to improve. We speak up and listen up.
We commit for the long term and deliver on our promises. We act today but shape for the
future in a safe, sustainable and responsible way.
Our values are essential to realizing our strategy of becoming an integrated supply chain
partner for our customers. These values serve as the foundation for the relationships we
build, the solutions we create, and the impact we have in the industry.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
18
2025 in brief
2025 was another strong year for Wallenius Wilhelmsen despite geopolitical events
impacting our operations during the year.
We continued to deliver strong financial performance in the Shipping and Government
segments, whilst performance in Logistics was was below the prior year. Continued strong
cash flows from operations together with proceeds from the sale of MIRRAT, our terminal in
Melbourne, Australia, allowed the company to continue to pay attractive dividends, invest in
the business, and reduce net debt. Multi-year contracts were consistently renewed at rates
reflecting the current market, securing a significant book of business for the years to come.
Wallenius Wilhelmsen exceeded its over-the-cycle financial targets by a solid margin also in
2025.
We continued to make important progress towards our sustainability goals, with
improvements in safety statistics. The changing trading pattern seen in global markets has
increased fleet inefficiencies and made it more difficult to reduce emissions per unit lifted.
However, we continue to invest in ways to reduce emissions as well as increase our use of
biofuels in order to achieve our long-term target of net-zero in 2040.
Backed by our 2025 performance, Wallenius Wilhelmsen declared a total dividend of USD
2.11 per share in 2025, equivalent to USD 892 million, in two tranches, of which the first
tranche of USD 1.10 has been paid. The dividend is in line with the dividend policy and
consisted of an ordinary dividend based on 50 percent of net profit, plus an extraordinary
element based on the company's strong financial situation and the proceeds from the sale
of MIRRAT.
Overall, Wallenius Wilhelmsen further strengthened its strategic and financial position
during 2025.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
19
Financial review
Consolidated financial results
Total revenue was USD 5,240 million for 2025, down 1 percent compared to 2024. Shipping
revenue was up 1 percent, from USD 3,937 million in 2024 to USD 3,989 million in 2025
due to increased net freight rates partly offset by lower volumes. Volumes were down
around 1 percent from the prior year. Volumes from the EU to Asia and in the Atlantic saw a
negative development during the year, whilst trade out of Asia to most regions continued to
grow, especially out of China. The situation in the Red Sea remained unsafe during the year
and vessels were still re-routed via the Cape of Good Hope. Government revenue ended at
USD 411 million, down from USD 427 million in 2024, partly due to the 43 day US
government shutdown in the fourth quarter. Logistics revenue was reduced by 10 percent
from USD 1,205 million in 2024 to USD 1,087 million in 2025. The reduction is explained by
the sale of MIRRAT in May 2025 and reduced activity in the US for both auto and high &
heavy.
In the initial prospect statement for 2025 we stated that “our adjusted EBITDA for 2025 to
be at least in line with, or up to 10 percent above, what we reported in 2024”. Our adjusted
EBITDA for 2025 ended below our initial prospect statement, primarily linked to negative
effects on our earnings from global trade disturbances and the introduction of US tariffs.
EBITDA for 2025 ended at USD 1,801 million for the year 2025, down 4 percent from USD
1,869 million in 2024. Adjusted EBITDA was USD 1,811 million, down 5 percent compared
to 2024. 2025 was another strong year for Shipping services with an adjusted EBITDA of
USD 1,561 million, in line with 2024, due to increased net freight rates offset by slightly
lower volumes and operating cost. Adjusted EBITDA for Government services ended at
USD 153 million, down 17 percent from USD 183 million in 2024. The reduction is
explained by the 43 day US government shutdown and very high activity linked to one-off
Presidential cargoes in the fourth quarter of 2024. For Logistics services, the adjusted
EBITDA ended at USD 133 million in 2025, down 32 percent compared with 2024
explained by the sale of MIRRAT combined with lower activity level for auto in the US and
high & heavy in several markets.
Depreciation and amortization increased to USD 651 million in 2025, up from USD 580
million in 2024 as the company added new vessel leases during the year.
Net financial items (expense) were USD 133 million in 2025 compared to USD 154 million
in 2024. Financial income was USD 58 million, down from USD 86 million in 2024, whilst
interest expense including realized interest derivatives was USD 164 million, USD 55
million lower than in 2024. The remainder of the movement in net financial items is due to
changes in other financial items, including net currency and interest derivatives. See note 5
in the financial statements for further details.
The tax expense for 2025 was USD 42 million, compared to USD 73 million in 2024. The
main driver for the reduction is that ARC entered the US tonnage tax regime which
triggered reversal of a deferred tax liability of USD 16 million. The remainder is largely
explained by lower withholding tax on dividends and lower corporate income tax for
MIRRAT, which was owned for only part of the year.
Net profit for 2025 was USD 1,104 million, up 4 percent from USD 1,065 million in 2024, of
which USD 1,017 million attributable to owners of the parent and USD 86 million to non-
controlling interests. Included in the net profit for 2025 is a USD 135 million gain from the
sale of of MIRRAT.
Financial position and capital structure
Total equity amounted to USD 3,302 million at year-end 2025, with an equity ratio of 42.2
percent, up from 39.5 percent at the end of 2024. The liquidity position was solid, with cash
and cash equivalents of USD 1,071 million, and USD 922 million in undrawn credit facilities
Contents »
Wallenius Wilhelmsen – Annual Report 2025
20
at year-end 2025. The group had net interest-bearing debt of USD 1,729 million, consisting
of bonds, bank loans and leasing commitments. The group had 36 unencumbered vessels
per year-end.
At the end of 2025, there was USD 1.5 billion of capital expenditure remaining for the 14
Shaper-class vessels under construction. The group has secured post-delivery financing for
11 of the newbuildings. Financing for the final three vessels will take place closer to
delivery. The WAWI01 March 2026 net USD 194 million bond maturity will not be refinanced
and will be repaid with existing liquidity reserves.
The financing structure in the group consists of five funding units, as seen below as of
December 31, 2025
3
. Most financing is subject to certain financial and non-financial
covenants or restrictions within the funding unit. The group was in compliance with all loan
covenants at year-end 2025. See more information on financing activity in 2025, financing
structure and covenants in Note 15. Interest-bearing liabilities.
Wallenius Wilhelmsen ASA
Consolidated interest-bearing debt:
WW ASA entity debt:
Consolidated group cash:
WW ASA entity cash:
$2,806m (excl. amortized financing costs)
$396m (unsecured bonds only)
$1,071m
$3m
ARC
(100% owned)
EUKOR
(80% owned)
WW Ocean
(100% owned)
WW Solutions
(100% owned)
Bank debt, secured by vessels Bank and leasing debt, mainly secured by
vessels
Bank and leasing debt, mainly secured by
vessels
Parent company guarantee
Bank and lease debt, pledge in shares
Parent company guarantee
Covenants on ARC:
• Fixed charge coverage ratio
• Funded debt / EBITDA
• Value to loan
Covenants on EUKOR:
• Minimum liquidity
• Ratio of EBITDA to interest expense
• Loan to value
Covenants WW ASA consolidated:
• Minimum liquidity
• Gearing ratio
• Loan to value
Covenants WW ASA consolidated:
• Minimum liquidity
• Gearing ratio
Bank debt: $109m
Undrawn RCF: $130m
Leases: $2m
Cash: $96m
Bank debt: $462m
Undrawn RCF: $25m
Leases: $857m
Cash: $474m
Bank debt: $300m
Undrawn RCF: $452m
Leases: $195m
Cash: $331m
Bank debt: $0m
Undrawn RCF: $345m
Leases: $483m
Cash: $167m
Cash flow
The group reported a total net cash outflow of USD 342 million across operating, investing
and financing activities in 2025. Operating cash flow amounted to USD 1,744 million,
slightly below the USD 1,778 million recorded in 2024.
Investing activities generated net proceeds of USD 67 million, compared with a net outflow
of USD 108 million in 2024. The main contributors were USD 179 million in proceeds from
the sale of MIRRAT and USD 40 million from the sale of two vessels. Interest income added
USD 55 million. These inflows were partly offset by USD 245 million in investments, of
which 214 million related to newbuildings, drydock and vessel upgrades.
Financing activities resulted in a net outflow of USD 2,153 million, compared with USD
1,929 million in 2024. This primarily reflected repayment of loans, bonds and lease
liabilities, as well as dividend distributions. Dividends paid to shareholders totaled USD 989
million, and dividends to non-controlling interests totaled USD 84 million 2025.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
21
3
Wallenius Wilhelmsen ASA has deposited USD 3 million in the WW Ocean Holding cash
pool. In the financial statements, this is presented as cash in WW Ocean Holding and as an
inter-company receivable in Wallenius Wilhelmsen ASA .
Long-term financial targets and dividend policy
Wallenius Wilhelmsen is committed to strong capital discipline and our financial targets are
regularly refined and updated to support long-term financial strength. The targets were
revised during the first half of 2025 to better align with the group’s strategy, financial
position and evolving market conditions.
Long-term financial targets (over the cycle):
• Return on capital employed (ROCE) > 12 percent. Calculated as last twelve
months of adjusted EBIT divided by the last twelve months of average capital
employed (total assets less total liabilities plus total interest-bearing debt).
• Leverage ratio < 3.0x. Calculated as net interest-bearing debt divided by last twelve
months of adjusted EBITDA.
• Equity ratio > 35 percent. Calculated as book value of equity divided by book value
of total assets.
• Minimum liquidity > USD 1,000 million. Including revolving credit capacity.
Dividend policy
Wallenius Wilhelmsen’s objective is to provide shareholders with a competitive return over
time through a combination of rising value for the Wallenius Wilhelmsen share and payment
of regular dividend payments to the shareholders.
The company targets a dividend which over time shall constitute 30-50 percent of the
company’s profit after tax on an annual basis. The dividend will be declared and paid on a
semi-annual basis. The size of the dividend will be derived and paid based on the reported
net profit for the first and second half of each fiscal year, respectively. Dividends will be
declared in USD and paid in NOK.
When determining the size of the dividend, the Board will consider its financial targets,
near-term market outlook, the group’s financial position, future capital requirements, as well
as other relevant factors such as extraordinary effects.
The Board may, from time to time, consider extraordinary dividends and/or share buybacks,
subject to the financial position of the company, to enhance shareholder returns.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
22
Shipping services
Wallenius Wilhelmsen is the market leader for RoRo shipping and will continue to
strengthen its position through an evolving global product, reliable and effective service,
operational excellence with a clear path to net-zero in 2040. Autos represent the largest
cargo segment and is complemented by an unrivaled position in high & heavy and
breakbulk segments.
Summary of 2025
The strong results delivered since mid-2021 continued in 2025 despite headwinds from
tariffs and significant global fleet growth during the year.
The situation in the Red Sea remained unsafe during the year and vessels were still re-
routed via the Cape of Good Hope. Safety of our people is our number one priority, and
Wallenius Wilhelmsen was the first car carrier operator to suspend sailings through the Red
Sea. It remains uncertain when Wallenius Wilhelmsen will resume transit through the Suez
Canal and the Red Sea
Total revenue was USD 3,989 million for 2025, up 1 percent compared to 2024 due to
increased net freight rates partly offset by lower volumes. Net freight rates increased by
around 4 percent in the year to about 65 USD/cbm with the increase explained by changes
in customer and trade mix combined with repricing of contracts.
Volumes were down around 1 percent from the prior year. Volumes from the EU to Asia and
in the Atlantic saw a negative development during the year, whilst trade out of Asia to most
regions continued to grow, especially out of China. As a consequence, the trade imbalance
between the east (Asia) and the west (EU/NA) continued to increase causing a need to
ballast vessels back to Asia..
The increased trade imbalance also impacted the energy efficiency operating indicator
(EEOI) negatively. For 2025, EEOI ended at 63.1, above our target of 59.9 and 60.2 in
2024. However, the energy efficiency per nautical mile improved by 2.6 percent in 2025
compared to 2024. The use of biofuel increased sharply compared to 2024 and LNG was
introduced to the fuel mix. Despite the negative EEOI development in 2025, Wallenius
Wilhelmsen remains committed to achieving the net-zero target by 2040 and work diligently
to make green transportation available and affordable for our customers. Further
information about the company's commitment to decarbonization is described in the
Environment chapter.
EBITDA for the Shipping segment ended at USD 1,560 million, marginally down from USD
1,561 million in 2024 with increased net freight rates offset by marginally lower volumes and
increased operating costs. Voyage related expenses increased by USD 107 million due to
higher voyage costs and handling expenses. Fuel expenses were down USD 63 million as
fuel prices came down despite increased share of biofuel and LNG consumption compared
to 2024. Charter expenses increased by USD 11 million as short term chartering activity
increased. Vessel operating expenses were up USD 11 million explained by inflationary
cost increases and an increased number of owned vessels following exercise of purchase
options. The reduction in selling, general and administrative expenses (SG&A) of USD 13
million compared to 2024 is largely due to lower legal expenses and a reduction in Korean
tonnage tax expenses, partly offset by an increase in employee compensation and project
costs.
The fleet
At year-end 2025, Wallenius Wilhelmsen (including both Shipping services and
Government services) operated a fleet of 127 vessels, up from 125 vessels at year-end
2024. The group owned 91 vessels at year-end, an increase from 90 vessels at year-end
2024 following the exercise of purchase options. Long-term charters decreased from 35
vessels in 2024 to 33 vessels in 2025 largely explained by the exercise of purchase
Contents »
Wallenius Wilhelmsen – Annual Report 2025
23
options. At year-end, three vessels were on short term charter. Charter rates remained
elevated through 2025.
At the year-end, the assessed market value of the company’s 91 owned vessels was USD
4.7 billion (in 2024 assessed market value of 90 owned vessels was USD 6.4 billion) based
on the average of two independent ship broker’s valuations. The net carrying value of
owned vessels at year.end 2025 was 3.5 billion (2024: 3.6 billion). At the year-end, the
group held 13 options to acquire leased vessels. Three options were declared during
2025, whilst two were added. For the majority of the options, prices remain below current
market levels.
In 2025, Wallenius Wilhelmsen sold two vessels aged around 30 years. The vessels were
delivered in Q3 and Q4 2025 respectively. A third vessel, aged 31 years, was sold for
responsible recycling and delivered during Q1 2026 as vessels above 30 years are
challenging to utilize in our network despite a tight market balance.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
24
Logistics services
The ambition for Logistics services is to be our customers’ first choice in processing and
terminal services.
Logistics consists of four product groups where auto is the largest, providing light vehicle
processing services to auto manufacturers globally. High & heavy includes equipment
processing centers at, on and off port sites globally. Terminal offers cargo handling and
storage at some of the world’s largest RoRo ports. Inland includes the transporting of cargo
by road or rail to a port, processing center or final destination.
Summary of 2025
In 2025, the strong underlying value of logistics services was demonstrated by the sale of
MIRRAT in May 2025 for AUD 328 million (USD 210 million). The sale resulted in a sales
gain of USD 135 million (see note 24 in the financial statements for further details). In
terms of EBITDA, the 2025 performance in logistics services was unsatisfactory as the
segment was negatively impacted by reduced activity levels, mainly following lower auto
volumes in the US, and soft high & heavy demand globally.
Total logistics revenues for 2025 was USD 1,087 million, down 10 percent compared to
2024 with lower revenues across all products due to lower volumes. Adjusted EBITDA was
USD 133 million, down from USD 197 million in 2024 with USD 31 million explained by the
sale of MIRRAT in May 2025. The sale contributed to a gain of USD 135 million for the year.
See note 24 in the financial statements for further details.
Auto revenues in 2025 ended at USD 520 million, down 8 percent compared to 2024. For
auto, EBITDA ended at USD 74 million, a 10 percent due to lower revenues partly offset by
cost efficiency measures taken. The activity in the US was negatively impacted by the
introduction of tariffs as well as lower processing volumes with some of our key customers.
The activity level for the high & heavy market remained slow in 2025, in particular in the US.
This impacted processing volumes and revenue negatively whilst storage revenues were
somewhat stronger. High & heavy revenues ended at USD 147 million in 2025, down USD
18 million from the prior year. EBITDA for 2025 was USD 20 million compared to USD 35
million in 2024.
Terminal revenue was USD 238 million in 2025, a 16 percent decline from 2024, largely
explained by the sale of MIRRAT, but also lower volumes in some of the terminals as a
result of US tariffs and lower European exports. EBITDA for 2025 was USD 66 million
compared to USD 102 million in 2024, fully explained by the sale of MIRRAT.
For inland services, a slow high & heavy market resulted in less product movements, and
hence less inland transportation revenue. EBITDA was USD -1 million in 2025 compared to
USD 1 million in 2024.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
25
Government services
The Government services segment provides ocean transport and global logistics services
for US Government cargo. This is supplemented by commercial cargo where feasible.
Ocean transport includes RoRo cargo, breakbulk and vehicles. It also includes charters of
vessels to affiliated companies in the Shipping services segment and charters of vessels to
the US government. Logistics services for the US government are primarily related to
multimodal transportation, third party logistics support, stevedoring and terminal operations.
Summary of 2025
Total revenue from the Government services segment for 2025 was USD 411 million, down
4 percent from USD 427 million in 2024. This was mainly due to lower US Government
volumes in part caused by the 43-day US government shutdown. Reduced Government
volumes were partially offset by higher cargo volumes of other cargo segments at lower
margins.
EBITDA was USD 153 million, down USD 30 million (16 percent) compared to 2024. The
decrease in EBITDA was mainly driven by lower revenue, but also increased operating
costs. Most of the increased operating costs were expected to be offset by an increase in
the authorized maritime security program payments (MSP). However, the higher MSP
stipend was not appropriated by the Congress until February 2026.
Fuel costs were up in the year as the fleet size increased. The segment also successfully
implemented measures to reduce its carbon emissions in 2025.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
26
Market development and outlook
2025 has been a year where geopolitical events and introduction of tariffs have had an
impact on market developments and trade flows. Following the introduction of a 25 percent
tariff on US auto imports in April 2025, international OEMs reacted differently to the new
regime. Asian exporters to a large degree maintained their export volumes to the US, while
the European OEMs had a more cautious approach with reduced volumes. Throughout the
year, trade deals that capped tariffs at 15 percent in most cases led to somewhat greater
predictability and a gradual return to more normal trade flows. Tariffs also had an impact for
manufacturers of high & heavy equipment, both in terms of imports, but also local
production as as parts has also been subject to tariffs.
In October, the US introduced a port fee that had a significant cost effect for RoRo vessels
calling the US. In November, the same fees were postponed for one year, i.e. to November
10, 2026. There were certain exemptions for US flagged vessels.
Geopolitical tension is expected to continue and is likely to affect global trade as tariffs are
introduced or changed. During 2025 we have seen shifting trading patterns and volume
volatility derived from tariffs. Such effects are likely to continue into 2026. In terms of recent
changes, it has been announced that Canada may reduce tariffs on a limited number of
Chinese cars, whilst Mexico has introduced higher tariffs on Chinese cars. Moreover, EU
has entered into a trade agreement with India and MERCOSUR that may be beneficial for
European exporters.
Auto markets
In 2025, global auto sales, excluding Russia, increased 4 percent from the previous year
and ended at 90 million units, up from 87 million units in 2024
4
with growth across all major
regions. In China, sales were up and the share of electric and hybrid vehicles exceeded 50
percent.
In the US, total sales were 16.3 million units, the highest since 2019 and marginally up from
16.0 million in 2024. Sales varied through the year, but saw some front loading as
consumers purchased more vehicles early in the year in anticipation of rising prices due to
tariffs. There was a rush in BEV sales ahead of the termination of EV subsidies in Q4 2025
and EV sales fell sharply in Q4. Several US OEMs have also taken large impairments
linked to their EV lines as recent rules in the US is favoring traditional ICE vehicles over
EVs. 2026 has started on a soft note in terms of sales, but reduced interest rates may
prompt some positive effects. Further, a recent change in policies around drivelines for US
producers may prompt a change in domestic supply. How this will impact demand remains
to be seen, but it is expected that EV sales in the US will lag behind the rest of the world.
We may also see some effects on vehicle prices from tariffs and a weaker USD compared
to other currencies into 2026.
In the EU, new car registrations were up by 1.8 percent compared with 2024, whereof the
BEV share ended at 17.4 percent of the total, up from 13.6 percent in 2024. Hybrid Electric
Vehicles’ market share grew to a 34.5 percent and plug in hybrids ended at 9.4 percent.
The petrol and diesel share of sales in EU is now down to 35.5 percent (from 45.2 percent
in 2024). 2025 was also a year where Chinese brands increased their market share
substantially in the EU. Despite tariffs on Chinese EVs, imports from China increased as
the Chinese brands exported an increasing share of hybrid vehicles.
Deep-sea volumes in 2025, excluding Russian and intra-regional trades, are estimated to
15.6m units, up 5 percent from 2024, predominantly driven by higher volumes from China.
As per data from China Passenger Car Association (CPCA), Chinese auto exports totaled
5.7 million vehicles in 2025, up from 4.7 million in 2024. Exports increased to all major
regions except the US and Canada. Exports from Korea were down marginally and ended
Contents »
Wallenius Wilhelmsen – Annual Report 2025
27
4
Sources: S&P500, JAMA, KAMA, CPCA, Cox Automotive, Autonews
at 2.6 million units as per Korea Automobile & Mobility Association (KAMA). Japanese
exports were almost flat year over year at 3.8 million units. The stable export numbers out
of Japan and Korea is a signal of their competitive strength considering the new tariffs
linked to auto imports to the US. Exports from Europe declined around 5 percent in the year
as European OEMs lost markets share in both the US and Asia (especially China) in 2025.
High & heavy market
The high & heavy market remained muted in 2025 as demand in construction and
agricultural segments were soft. Demand for mining equipment was somewhat better.
Affordability and low construction activity are key factors contributing to soft demand.
Moreover, elevated second-hand inventories have led to such equipment being preferred
by buyers. Mining demand remains positive as commodity prices have held up and there is
an increased focus on rare earth metals.
Throughout the year, the introduction of tariffs have also added some uncertainty when it
comes to movement of equipment in and out of the US. Another factor in the high & heavy
market is China’s growing exports across several key segments, a trend that is likely to
continue into 2026.
Demand from the construction sector remains muted, but we note an increased willingness
to invest in infrastructure, data centers, defense, energy and utilities from governments.
This could, together with lower interest rates, lead to improved demand for equipment.
Various comments from listed high & heavy manufacturers signals that there may be a
positive demand shift coming. A recovery in construction may be gradual with geographical
variances.
For farming, there has been some improvement in crop prices recently as some
uncertainties hampering the international agriculture trade have been resolved. However,
higher prices are unlikely to translate into immediate demand for new equipment. Farmers
have experienced rising costs across all input factors and may therefore delay new
equipment purchases, resulting in a slower recovery in demand. There are also ample
supplies of second hand equipment that may be prioritized ahead of buying new in the
current economic environment.
Mining is the segment with the best short term outlook as metal prices remain high. At the
same time, ongoing geopolitical uncertainties prompt Western countries to focus on self-
sufficiency in metals, minerals, and rare earth elements. This trend, coupled with higher
commodity prices is supportive for mining equipment demand. This is partly supported by
comments made by listed producers of mining equipment that report of growing order
backlogs.
Global fleet
In 2025, the fleet capacity increased by 13 percent, the highest growth seen in almost 20
years. 2025 represented the peak of this delivery cycle, with an order book stretching into
2030. Fleet growth will stay elevated also in 2026 and 2027 with around 8 percent growth in
capacity expected for both years. For 2026, 45 vessels is scheduled to be delivered and in
2027 the current schedule is for 51 deliveries. Ordering activity in 2025 was very limited.
In 2025 a total of 75 vessels were delivered to the world fleet. The continued export growth
out of China combined with a growing trade imbalance between East and West has largely
absorbed the strong fleet growth in 2025. This has resulted in a continued high utilization off
the global fleet and time charter rates increased in early 2026 following gradual reductions
during 2025 (from very high levels). With vessel demand being firm, there was no recycling
of vessels during 2025 beyond a vessel declared total loss after a fire.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
28
Key risk exposures
Wallenius Wilhelmsen has a group-wide enterprise risk management model that is based
on ISO 31000 risk management and seeks to ensure that risks are identified, analyzed,
evaluated, and appropriately managed. Our risk management policy defines that risk
management is an integral part of strategic decision-making as well as our operational day-
to-day activities, and risk management shall help decision makers understand uncertainties
before deciding on actions. Every quarter, management presents a detailed risk
assessment to the Board of Directors. This includes mitigating actions which cover all
business units and corporate functional areas, as well as emerging risk factors. Governing
bodies, management and employees are aware of the current environment in which we
operate and are responsible for implementing measures to mitigate risks, acting upon
unusual observations, threats or incidents, and proactively try to reduce potential negative
consequences. Wallenius Wilhelmsen monitors and continuously improves internal
controls, systems and processes for handling risks.
Wallenius Wilhelmsen is exposed to a variety of risks through its global operations. These
risks are within the following areas: strategic, operational, financial and regulatory.
Strategic risks
Barriers to trade and geopolitics
Trade tensions, particularly between the US
and China, and broader geopolitical
uncertainty, driving protectionist measures,
such as higher tariffs and potential port fees.
Geopolitical risks are threats, realizations and
escalations of adverse events associated with
wars, terrorism and tensions among states
and political actors that affect the peaceful
course of international relations.
Global presence and solid customer portfolio.
Safety, security and compliance dedication
Crisis management, risk scenario analysis
and business continuity plans.
Risk monitoring and management.
Changes in tariffs can affect trade and
demand for deep-sea ocean transportation
and land based logistics.
Higher operating costs
Geopolitical tension can cause safety and
security threats to operations and change
vessel routes and operational environment.
Risk trend: Increased
Resilience in a market downturn
Demand for shipping and logistics services
are cyclical and closely correlated to global
economic activity in general, and deep-sea
transportation of light vehicles (LVs) and high
and heavy (H&H) equipment in particular.
Changes in the global economy therefore
strongly impact the development of Wallenius
Wilhelmsen's volumes and financial
performance.
A more volatile market environment poses
challenges to the company given our global
reach.
Solid balance sheet with low leverage and a
strong liquidity position
Continued access to debt and capital markets
Solid backlog of contracts with attractive rates
Fleet size flexibility through vessel charters
Proactive and flexible labor management
Enterprise Risk Management, including long
term scenario planning
A severe market downturn will potentially
reduce both volumes and rates and hence
profitability.
However, in the short to medium term this is
expected to have a moderate impact as we
have a solid contract base with market
leading customers, and flexibility on capacity.
A sustained, severe market downturn lasting
for years will likely have a significant impact
on volumes, rates and profitability.
Risk trend: Decreased
Failure to deliver on climate targets
Wallenius Wilhelmsen has a net-zero 2040
objective. There are several uncertainties
related to achieving this objective. These,
include regulatory frameworks, customers
willingness to pay, access to renewable fuels,
maturity of technology, and cost of new fuel
and energy sources.
Shipping has the largest carbon footprint and
regulatory developments from for instance the
International Maritime Organization (IMO) and
the EU will have an impact on the shipping
industry and the company.
Detailed plan plan to reach net-zero in 2024
is established and updated yearly.
Significant innovation and investments into
energy efficiency improvements.
Fleet and equipment renewal with low/no
footprint technology
Stepwise introduction of new, renewable fuels
with cost recovery in customer contracts
Active participation in industry bodies and
with governments on regulations
Please see the sustainability statements for
details of our materiality analysis, and the
chapter on Climate change in the
Environment chapter of this report.
Risk trend: Increased
What is the risk How we manage the risk Possible consequences and scenarios
Contents »
Wallenius Wilhelmsen – Annual Report 2025
29
Operational risks
Health & safety
As a result of our core operations, Wallenius
Wilhelmsen is exposed to safety risks arising
from both sea and land operations. The key
safety risks on our vessels are related to
major accidents like fire and capsizing,
outbreak of contagious diseases and
occupational hazards. The key risks at our
land-based operations mainly relate to
occupational hazards in handling and
treatment of vehicles and heavy equipment
and undesired breaches to perimeters of our
terminals and other facilities.
As other companies in the shipping industry,
Wallenius Wilhelmsen risks exploitation by
criminal organizations involved in for instance
smuggling of narcotics and human traffickers.
Safety first policy
Implementation of safety management
systems and practices
Safety culture development programs
Competence requirements and training
combined with accident investigation and
continuous learning
KPIs and performance data reviews with
corrective actions
Emergency Management Team well
established, running regular emergency
response drills, toolbox talks and risk
assessments.
For further information, please see the Social
chapter in this annual report.
Please see the Social chapter in this annual
report for more information on possible
consequences and scenarios.
Risk trend: Decreased
Cyber security
Cyber-attacks on our IT and/or operational
systems are identified potentially critical due
to IT and IoT dependency, connectivity and
vulnerability.
Attacks are increasing in number and
sophistication, and the maritime domain has
recently been specifically targeted.
Regulations are increasing in both scope and
standards.
Risk and vulnerability assessments
Maturity assessments of cyber security in OT
environments on vessels, ports, and facilities.
Industry leading, continuously improved
technical protection through strong partners.
Some critical OT not connected to internet.
Training and awareness building among
employees.
Business Continuity Management System
under development
Please also see Security and emergency
response in Principles of governance section.
Successful attack on IT systems could
potentially slow down or disrupt parts or all of
our operations for a period of time, and
possibly corrupt and/or compromise our data.
Successful attack on OT systems could
potentially cause malfunction or partial or
complete loss of control of vessels and/or
facilities.
Lack of sufficient cyber security practices
could cause Non-compliance towards new
regulations such as the EU’s NIS2 Directive
and IACS standards.
Risk trend: Increased
Operational disruption and congestions
Disruptions and congestion in ports affects
both our vessel and land based operations.
Main areas of concern are lack of port
capacity, industrial actions, civil action, IT
disruption, and changes in import/export
regulations and tariffs.
Piracy, terrorism and military activity can
cause unavailability of certain sea routes, like
the current situation in the southern parts of
the Red Sea.
Risk monitoring and management.
Global planning and optimization of fleet
deployment.
Proactive and flexible labor management
Crisis management, risk scenario analysis
and business continuity plans.
Re-routing of vessels to avoid the southern
parts of the Red Sea .
Sustained port congestions cause vessel
delays and pose a risk to operations and the
overall fleet utilization and lifting capacity.
Shortage in tonnage supply when vessel days
are lost in waiting or re-routing reduces
revenues.
Lack of or delay in cargo causes disruptions
to Logistics and Inland operations,
productivity and profitability.
Risk trend: Stable
Environmental risks
The environmental risks are mainly related to
our vessels and include risks such as oil spills
through bunkering, chemical handling and
most severely, in case of fire, explosion,
collision and grounding.
Risk monitoring and management.
Environmental management system designed
to ensure continuous improvement and
compliance with environmental regulations
Safety management and culture programs
Competence requirements and training
Accident investigation and continuous
learning
KPIs and performance data reviews with
corrective actions
Emergency Management Team well
established, running regular emergency
response drills, toolbox talks and risk
assessments.
Please see the Environment section of this
report for further information.
Risk trend: Stable
What is the risk How we manage the risk Possible consequences and scenarios
Contents »
Wallenius Wilhelmsen – Annual Report 2025
30
Financial
Financial exposures
The main financial risk exposures for
Wallenius Wilhelmsen are interest and
currency rates along with fuel and carbon
prices.
Currency: The US dollar is the dominant
currency for both revenues and costs across
the group. It is also the group's presentation
currency. The group is exposed to currency
risk on revenues and expenses in non-
functional currencies (transaction/cash flow
risk) and balance sheet items denominated in
currencies other than USD (translation risk).
The group's largest foreign exchange
exposure is EUR against USD, but the group
also has exposure to a number of other
currencies whereof KRW, JPY, SEK, CNY
and NOK are the most important.
Fuel and carbon prices: The group is exposed
to fuel market risk and carbon price risk
through the EU ETS.
There is a low-probability risk that HMG will
exercise its option to put its 20 percent
ownership in EUKOR on Wallenius
Wilhelmsen
Interest rates: Wallenius Wilhelmsen's policy
is to economically hedge between 20-80
percent of the average net interest rate
exposure over the next five years,
predominantly through interest rate swaps
and fixed rate loans. The hedge ratio
currently stands at about 70 percent.
Currency: Various financial derivatives, such
as forwards and cross-currency (basis) swaps
are used to hedge this exposure.
Fuel risk: Primarily managed through the
inclusion of fuel adjustment factors (FAF) in
the customer contracts. Since FAFs are
typically calculated on the average price over
an historical period, and then fixed during an
application period, a lag effect exists, which
means that the group is exposed to price
changes in the short term.
Carbon prices: Primarily managed through
surcharges in customer contracts, though lag
effects exists.
HMG put: Risk managed through commercial
contracts, service delivery and active
partnership follow-up
For a detailed assessment of financial risk,
see note 16 – financial risk and note 17-
written put option in the financial statements.
Risk trend: Stable
Regulatory
Regulatory & compliance
Due to our global presence and operations
within different segments, the group is
exposed to numerous regulatory frameworks.
These include regulations related to health
and safety, climate, environment, anti-
corruption, sanctions, fair competition,
security and data privacy. Changing
regulatory environment is adding complexity
e.g. EU Omnibus simplifying the Corporate
Sustainability Reporting Directive (CSRD),
Corporate Sustainability Due Diligence
Directive (CSDDD) and Taxonomy,
Compliance with relevant requirements within
these fields, in addition to other corporate
matters, are managed in collaboration with
corporate functions, subject matter experts
and local responsibilities as per jurisdictional
requirements
Awareness and training activities are
conducted based on roles and
responsibilities. For more on risk
management and internal control, please see
Business conduct.
Non-compliance can lead to reputational
damage, fines, default on loan agreements
and debarment from applicable markets
Risk trend: Stable
What is the risk How we manage the risk Possible consequences and scenarios
Contents »
Wallenius Wilhelmsen – Annual Report 2025
31
Events after the balance sheet date
On February 10, 2026 the Board resolved to pay a total dividend of USD 1.01 per share
covering the second half of 2025. The dividend amount is based on 50% of the company's
underlying results for the second half of 2025 plus an extraordinary amount of USD 200m
due to the company's strong liquidity. Payment of the dividend is expected to take place on,
or around, March 24, 2026.
The security situation in the Middle East has affected both shipping and logistics services.
Our exposure in this region is, however, limited and as of the date of the approval of the
annual report management has not identified any material direct effects on the financial
statements of the group.
Prospects
With our strong book of business, and continued solid demand going into 2026, we expect
2026 to be another strong year for Wallenius Wilhelmsen. We maintain our financial outlook
for the year, expecting 2026 adjusted EBITDA to be in in the range of USD 1.65bn - 1.75bn.
Our outlook assumes no material adverse events or disruptions, and excludes costs
associated with USTR port fees.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
32
Sustainability statement
General information
Basis for preparation
BP-1 – General basis for preparation of the sustainability statements
Wallenius Wilhelmsen has communicated its sustainability performance for many years.
Since 2024, we have reported in line with the Corporate Sustainability Reporting Directive
(CSRD) and the European Sustainability Reporting Standards (ESRS) as required by the
Norwegian Accounting Act. Our reporting incorporates the EU Taxonomy Regulation as
implemented into Norwegian law through the Sustainable Finance Act. This report also
serves as the Company's Communication on Progress to the UN Global Compact.
The directive and standards are designed to trigger sustainable transformations and they
specify comprehensive requirements. We are committed to their intention. Indeed, our
mission is to lead the way to connected, sustainable supply chains and we have over the
years implemented significant initiatives to improve our performance and reporting. We do,
however, recognize that it will take time to fully operationalize sustainability across our
value chain. We are committed to reporting transparently on our progress, and to work
towards reporting sustainability data accurately and balanced.
This report covers the period January 1 to December 31, 2025, and the scope of our
sustainability statement is aligned with that of our financial statements unless otherwise
stated. This ensures consistency and comprehensive coverage of our operations and
activities. When referring to shipping services in the sustainability statement, this also
incorporates shipping-related services within the Government services segment. None of
the group companies are exempt from individual or consolidated sustainability reporting
pursuant to Articles 19a (9) or 29a (8) in the Directive 2013/34/EU. The sustainability
statement follows the categorization of short-term <12 months, medium-term = 13 months
to 5 years and long-term >5 years. No information related to intellectual property,
knowledge, or the results of innovation has been omitted from the sustainability statement.
The group has neither made estimations based on indirect sources when reporting data
related to our value chain, nor omitted a specific piece of information corresponding to
intellectual property, knowledge, or the results of innovation. The group is not based in an
EU member state that allows for the exemption from disclosure of impending developments
or matters in course of negotiation, as provided for in articles 19a (3) and 29a (3) of the
Directive 2013/34/EU.
Our reporting is based upon the result of a double materiality assessment (DMA) and
covers our own operations and both material upstream and downstream aspects of our
value chain. For further details of the scope, methodology and assumptions of our DMA
process, see IRO-1 below.
As we develop our internal controls, there may be inherent uncertainties related to some of
our sustainability data. See GOV-5 for further details. However, no material errors have
been identified in the reporting of prior periods, and there have been no changes to the
preparation and presentation of the sustainability statement compared to the previous
reporting period(s), beyond those required by CSRD. The environmental, social and
governance data has not been validated by another external body than the assurance
provider. The report is assured by our auditor, EY. We only provide prior years' performance
if the data is comparable. Data prior to 2024 is not assured.
The sustainability statement does not include information stemming from other legislation
that requires the reporting of sustainability information and/or from other sustainability
Contents »
Wallenius Wilhelmsen – Annual Report 2025
33
reporting standards and frameworks. The company has not incorporated any information by
reference in the sustainability statement.
Strategy, business model and value chain
SBM-1 Strategy, business model and value chain
As a provider of global logistics solutions, Wallenius Wilhelmsen has four main services:
ocean shipping, logistics, government services and supply chain services. To provide these
services, the group owns, leases and operates a significant amount of shipping and
logistics assets.
Our shipping services operate a fleet of 127 vessels with ramps and movable decks,
designed for the safe and efficient transport of rolling cargo (Ro-Ro) such as trucks and
cars. The main inputs of shipping services are newbuild vessels, fuel, and labor (vessel
crew, fleet planning and marine operations). The group works closely and long-term with
newbuild yards to extend our future fleet.
The group provides logistics services to global OEMs through a comprehensive,
company-owned and operated network of port terminals, inland distribution, and processing
centers worldwide The main resources we use to provide logistics services are labor (for
loading and unloading vessels, driving trucks and rail carriers, and processing cargo), land,
equipment such as forklifts and heavy-duty trailers for moving cargo, and a fleet of trucks
for inland distribution. We manage a global network which moves and processes millions of
cubic meters of cargo (CBMs) annually to our consumers and the end-users.
We move, complete and orchestrate the logistics of rolling goods
The main features of our value chain include:
• Our direct operations, i.e. inland distribution, ocean operations, terminals and offices
and processing centers
• Upstream activities such as new vessel and facility building, and
• Downstream activities e.g. vessel recycling at end of life.
The main business actors in our value chain are:
• Newbuild yards
• Energy providers
• Port authorities
• Terminal operators
• Stevedores
• Freight forwarders and inland transportation providers
• Customers
Contents »
Wallenius Wilhelmsen – Annual Report 2025
34
Key suppliers include:
• Newbuild yards
• Energy providers
• Port and canal authorities
• Stevedores
• Tug operators
• Recycling yards
The group’s activities are all within the ESRS sector called "transportation.” The group is
neither active in the fossil fuel sector, chemicals production, controversial weapons nor the
cultivation and production of tobacco. The company provides services to the US
Department of Defense. However, we do not ship any of the controversial weapons that are
specified in ESRS, i.e. anti-personnel mines, cluster munitions, chemical and biological
weapons.
The group experiences growing demand for more sustainable logistics solutions particularly
amongst automakers and high & heavy equipment manufacturers with scope 3 reduction
targets.
Our ambition is to become an integral part of our customers’ supply chain and a strategic
goal is to make net-zero logistics available and affordable while creating value for our
stakeholders. We aim to introduce a pilot net-zero emission end-to-end service by 2027,
and reach net-zero by 2040. Since our services utilize assets that require significant energy
and impact our carbon footprint, reaching these goals are challenging and affect all our
services. The main challenges are customer demand, transition risks like technology
adoption and fuel sourcing. Our shipping services significantly affect the group’s
sustainability goals, particularly for climate, safety, and compliance, due to the consumption
of fossil fuel and a complex operating environment involving hoistable decks, lifts, rolling
cargo, and global operations. Logistics services have a significant impact on our safety
performance. Whilst this business area has a lesser impact on climate due to a smaller
GHG footprint, it is still an important part of our climate transition. Our global operations
require us to comply with a complex and evolving set of regulatory requirements across
multiple jurisdictions. Finally, our supply chain service does not impact nor significantly
contribute to our two most material ESG topics, safety and climate, although this business
unit is exploring the feasibility of offering an emission-reporting consultancy product.
In 2025, we expanded our low-carbon shipping services and engaged customers and
suppliers on lower- and net-zero-emission transport solutions. Our customers, particularly
automakers and manufacturers of high and heavy rolling equipment like agricultural and
construction equipment and windmills, are significant contributors to - and drivers of - our
sustainability goals.
See table below for the group’s employees by region, and revenues by ESRS sector.
Strategy, business model and value chain 2025 2024 2023
Total number of employees (head count) 8,253 8,626 8,527
EMEA 1,693 1,920 -
The Americas 5,757 6,589 -
Asia 574 565 -
Oceania 229 291 -
Total revenue for significant ESRS sector 2025 2024 2023
Transportation sector (USDm) 4,212 4,106 -
Contents »
Wallenius Wilhelmsen – Annual Report 2025
35
Our stakeholders
SBM-2 Interests and views of stakeholders
Wallenius Wilhelmsen is committed to ongoing stakeholder engagement and
responsiveness to their interests and expectations. The engagement helps shape our
understanding of how to effectively manage our sustainability performance. Our
stakeholders’ views were essential for our double materiality assessment, and the
development of our business and decarbonization strategy. The engagement involves
many teams including sustainability and decarbonization, marine operations, operational
excellence, customer, government and investor relations in addition to our executive
management and the Board of Directors.
Executive management and the Board are informed about stakeholders’ views and
expectations through the double materiality assessment process and results.
The group’s business mission and strategy reflect our stakeholders' expectations on
sustainability and climate (see Our Strategy for more details). To meet investors'
expectations, we have also linked our financing to our carbon targets. An overview of our
engagement with key stakeholders is provided below.
The interests, views, and rights of people in our workforce are also considered in our
strategy and business plans. #engage, our internal employee engagement survey, gathers
employees’ input on various topics, including our strategy. In 2024 and again in 2025,
during the annual strategy process, executive management reviewed possible strategic
paths and how each path could impact our material topics, and vice versa. For example,
one of the Company’s four strategic enablers is focused on our people (“one band of
rockstars”). This is a recognition that our strategy affects our employees, and vice versa.
Another enabler, "Safe, secure and compliant" recognizes the interdependency between
safe working conditions and our strategy. Feedback on the strategy was also sought from
the group senior management team. In addition, the group conducts an annual human
rights due diligence process, where we assess impacts on our workers. The results of this
assessment inform our people-related policies and our code of conduct.
Workers in our value chain are considered in the group’s strategy and business planning,
as we recognize that our decisions can have both positive and negative impacts on their
working conditions and human rights. For example, business decisions may affect the
safety and rights of workers at newbuild and recycling yards, as well as stevedores working
in ports and terminals. These potential impacts are assessed through our annual human
rights due diligence, which evaluates impacts on value chain workers. The outcomes of this
process inform our policies, Supplier code of conduct, and supplier requirements
Contents »
Wallenius Wilhelmsen – Annual Report 2025
36
Stakeholders Engagement and organization Purpose and outcome
Suppliers We engage our suppliers through our supplier code of conduct, supplier
audits, due diligence processes, annual ESG reports, and day-to-day
communication. Suppliers also take part in our double materiality
assessment, helping us better understand the external impacts on the
environment, people. Annually, we also host events (called RoRo Rodeos)
at our port and terminal operations, to engage our suppliers on safety
topics.
Our aim for these engagements is to strengthen our
value chain by lowering ESG risks in our supplier base,
improve safety and working conditions for workers in
our value chain, and ensure we together reach our
emissions targets.
The outcomes inform how we manage material ESG
impacts, risks and opportunities (i.e., policies, actions,
metrics and targets) within our supplier base.
Employees Employees are engaged regularly through #engage, our biannual employee
survey that allows employees to share concerns and ideas confidentially
with their managers and other leaders. All managers are also required to
have individual meetings with their team members twice a year to discuss
and evaluate their personal development and business goals. We also
engage workers through code of conduct training, throughout the year with
the CEO’s quarterly townhalls and during strategy week.
Our employee engagement aims to foster a
collaborative and meaningful workplace for our own
workers. Objectives include reaching our target
#engage score, supporting a diverse and collaborative
workplace, and improved health and safety conditions.
The company's employee survey tool generates
reports that are used by management to bring the
employees' perspectives into management decisions.
Customers Our customers’ perceptions and satisfaction are key indicators of quality,
making engagement central to improving our services. To amplify the voice
of our customers in internal decision-making, the company developed and
launched a Customer Satisfaction (CSAT) Survey in 2022. The overall
customer satisfaction score is measured by asking customers “How
satisfied are you with our service?” Responses range from 1 to 5 (1 =
extremely dissatisfied, 5 = extremely satisfied). The survey also asks
customers about five strategic topics: Effective communication, operational
excellence, partnership/relationship, service offerings and digital solutions.
Our global sales team conducts the semi-annual CSAT. We also engage our
customers in our double materiality assessment and other ad hoc
sustainability initiatives. For example, we engage with several global OEM
customers regarding our decarbonization strategy.
Managers use the results of our Customer Satisfaction
Survey to help business units plan and prioritize
initiatives for improving quality and the customer
experience. Account Owners and Global Account
Managers develop improvement plans and
renegotiation strategies at an account level.
Investors &
Bankers
We regularly engage with our investors via our quarterly presentations
which include ESG performance and annual report. We also engage with
the financial community to communicate our sustainability-linked financing
frameworks. In addition, we meet with investors individually to discuss ESG
topics.
The engagement with investors and bankers is crucial
to align Wallenius Wilhelmsen's sustainability strategy,
targets and how we mitigate ESG risks in line with their
expectations.
Seafarers Although seafarers report to external ship management companies, they
are considered our “non-employee workforce,” and we view them as our
own employees. In collaboration our two largest ship managers, we arrange
biannual “officers conferences.”
Typically, more than 100 officers and representatives of Wallenius
Wilhelmsen and our ship managers attend these conferences. High on the
agenda is safety, health and wellbeing as well as training to contribute to
our carbon target. We also arrange family days for seafarers and their
families. Moreover, seafarers contribute to our annual employee
engagement survey.
The officers' conferences are part of the company's
efforts to value and appreciate the contributions of
seafarers. Equally important is the feedback we
receive from the seafarers about challenges they
experience and support they need.
The outcome of the conferences provides input into
our business strategy and management. This is
particularly related to their safety, health, and well
being.
Material impacts, risks and opportunities
SBM-3 Material impacts, risks and opportunities and their interaction with strategy
and business model
Wallenius Wilhelmsen’s material impacts, risks and opportunities are identified through its
double materiality assessment and are closely linked to its shipping-based business model
and operations. They relate primarily to climate change, safe and secure operations,
biodiversity, pollution, in addition to corporate culture and governance. Please see IRO-1
for a detailed description of the process.
Material impacts are concentrated in our own operations and relate primarily to safety and
security, GHG emissions, pollution and impacts on biodiversity. Material risks and
opportunities arise mainly from the shipping-based business model and are associated with
safety, fragmented regulations, access to low carbon fuel and cost recovery, compliance
with biodiversity and pollution regulations, as well as working conditions, human rights and
governance. These risks and opportunities may affect the group’s strategy, business model
and resource allocation over the short, medium and long term.
An annual review was conducted on the DMA in 2025. The review included an assessment
of regulatory changes, our value chain and operations and involved senior management of
key functions. It was confirmed that our value chain had not significantly changed and no
amendments were therefore made to our material topics. In 2025, however, we improved
our IROs to make them more specific.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
37
Our material topics
Material sustainability topics Not material sustainability topics Relevant ESRS topics
1
Climate change E1 Climate change
2
Waste and Circular economy E5 Resource Use and Circular Economy
3
Biodiversity E4 Biodiversity and Ecosystems
4
Pollution E2 Pollution
5
Safe and Secure Operations S1 Own workforce
S2 Workers in the Value Chain
6
Diversity, Equal opportunity and Inclusion S1 Own workforce
7
Working conditions and human rights S1 Own workforce
S2 Workers in the Value Chain
8
Freshwater E3 Water and Marine Resources
9
Corporate culture and governance G1 Business Conduct
10
Affected communities S3 Affected communities
11
Trafficking S2 Workers in the Value Chain
Green indicates environmental topics, yellow social topics, and black governance topics.
Our impacts relating to climate, compliance, safety, and diversity, equal opportunities and
inclusion are all reflected in our strategy. Some impacts are in, or due to, our direct
operations, while others are found in our supply chain. Please see the table below for an
overview of our IROs for a list and description of the group’s material topics, impacts, risks,
and opportunities in our upstream and downstream value chain.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
38
Material Topic Impacts, Risks & Opportunities
Actual/Potential,
Negative/Positive
Location in Value
Chain Time horizon
Upstre
am
Own
Operat
ions
Downs
tream
Short
Term
Mediu
m
Term
Long
Term
Climate change Our ocean vessels creates a significant amount of GHG
emissions, which contribute to climate change and have an
actual negative impact on the environment.
Impact (actual,
negative)
X X X X X X
Risk of failure to obtain low carbon fuel due to supply or
price.
Risk
X X X X X
Risk of not being able to get cost recovery from customers
for low-carbon fuel.
Risk
X X X X X
Reputational, financial and organizational risks caused by
fractured regulations and cost.
Risk
X X X X
Opportunity to be a first choice amongst customer by
developing low-carbon freight services.
Opportunity
X X X X
Biodiversity Our operations of vessels sailing across the global oceans
have a negative impact on maritime ecosystems through
ballast water, presence of hull fouling, creation of underwater
noise, and travelling through biodiversity sensitive areas and
whale migratory routes.
Impact (actual,
negative)
X X X X
Failure to comply with local and international
invasive-species regulations could expose the company to
fines, legal action, and reputational damage.
Risk
X X X X
Collecting data for scientific purposes to improve the state of
the oceans.
Opportunity
X X X X
Pollution The combustion of bunker fuel from our shipping operations
leads to emissions of a variety of air pollutants which has a
actual, negative impact.
Impact (actual,
negative)
X X X X
As part of the operations, crews handle several of
substances of (very high) concern, which, if handled
incorrectly and released are a potential negative impact for
the environment.
Impact (potential,
negative)
X X X
Spills of polluting substances, for example bunker oil, have a
potential, negative impact on the environment.
Impact (potential,
negative)
X X X
Non-compliance with local and international regulation on
pollution can lead to fines or reputational damage, leading to
financial loss.
Risk
X X X
Safe & secure
operations
Our activities carry significant safety risks due to handling of
heavy equipment, machinery and (off)loading of vessels.
Risk
X X X X X
Diversity, equal
opportunities &
inclusion
In the case that Wallenius Wilhelmsen does not address the
topics of diversity, equal opportunities, and belonging, this a
risk to our employer brand and ability to attract and retain
competitive talent.
Risk
X X X X
Working
conditions &
human rights
There is a potential, negative impact on the work
environment of workers in the value chain through potentially
exploitative work environments, especially in ship-building, -
maintenance and -recycling, but also on vessels which are
being chartered out.
Impact (potential,
negative)
X X X X
Fines and reputational damage in the case of non-
compliance to evolving regulatory requirements, for example
regarding shipyards, impose a financial risk.
Risk
X X X
As a global maritime company, we operate in a complex
international environment where corruption, bribery and anti-
competitive practices may occur. These practices have a
negative impact on people and society. Inadequate
management of these may have a potential negative impact
in our own operational and supply chain.
Impact (potential
negative)
X X
Corporate culture
& governance
Risk of reputational damage, loss of revenues and additional
costs from non-compliance with applicable regulations and
laws including privacy, competition and trade laws and
sustainability regulations, including non compliance with
reporting requirements (eg EU Taxonomy, Transparency
act).
Risk
X X X
Detailed descriptions of these material impacts, risks and opportunities, and how they
interact with the Company’s strategy and business model, are provided in the
corresponding topical ESRS chapters.
We have not yet identified the financial effects of our material ESG risks and opportunities
and apply EU’s “Quick-fix” amendments to the ESRS. We have nonetheless introduced a
carbon price for internal planning and taken other steps to prepare for preliminary financial
assessments. See E1-8 for further information on the internal carbon price.
To assess the resilience of our strategy in relation to climate change, we relied on two
main activities: During our strategy review in 2024, executive management assessed
potential strategic pathways and evaluated how our material topics impact each of them.
The group has also conducted scenario analyses to test our resilience against climate
impacts. In 2023, we conducted two climate risk scenarios based on the
Intergovernmental Panel on Climate Change (IPCC) Representative Concentration
Pathways (RCP) 2.6 and 8.5. These represent future global temperatures of 1.5°C and
Contents »
Wallenius Wilhelmsen – Annual Report 2025
39
4.0°C, respectively, corresponding to a structured and a disorganized scenario. Projected
climate data was sourced from CMIP6 for the years 2030 and 2050. The scenarios are
considered to remain valid.
Key insights from our scenario assessments:
• Managing technological transition risks will continue to be the focus area to mitigate
financial impact of climate change.
• Preparing for a 1.5°C degree future will enhance resilience and mitigate impacts of
climate-related financial risks.
Most actual and potential impacts on the group’s own workforce do not primarily originate
from strategic choices but reflect risks and impacts that are inherent to the shipping
industry. However, the group’s strategy is designed to influence workforce-related outcomes
positively through its focus on safety, security and compliance, as well as on building a
strong and inclusive corporate culture (“one band of rockstars”).
All people in the group’s workforce who could be materially impacted are included in the
double materiality assessment and human rights due diligence assessment and are within
the scope of the reporting. For a description of the types of employees and non-employees
in the group’s own workforce, see chart Workers by employment classification.
In the shipping and logistics sector, many material negative impacts are systemic by
nature. Our operations involve significant safety risks due to handling of heavy equipment,
machinery and vessel operations. In addition, our net-zero transition introduces new safety
risks for our workforce, such as handling of EV batteries and alternative fuels such as
ammonia and LNG. We are addressing these risks through training and safety equipment
measures to support safe operations. Attracting and retaining a diverse workforce is
another material risk, due to our reliance of labor within the shipping and logistics sector.
Although no instances of child or forced labor have been identified, we recognize that such
risks exist globally. We seek to manage these risks through our human rights due diligence
and maintain a country watch List.
Our initial DMA we did not identify positive material impacts, but we aim to be a responsible
employer and we set high expectations for how we treat our employees.
As a responsible business partner, we also set high expectations for our business partners
as outlined in our supplier code of conduct and have begun integrating these requirements
into supplier contracts. During our human rights due diligence, we identified four key groups
of workers in our value chain who we materially impact: Workers at the shipyards, i.e.
newbuild yards, recycling and dry-docking facilities, and crew on time-charter vessels.
Ensuring the safety and protecting the human rights of these workers is a core element of
our strategy, as we construct, acquire and charter the vessels in our fleet.
While we currently do not have a benchmark to measure positive impact, our focus has
been on identifying, managing and reducing negative impacts. In 2026, we will continue to
integrate ESG principles into people policies and practices within our own operations and
value chain.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
40
Materiality assessment approach
IRO-1 Description of the processes to identify and assess material impacts, risks and
opportunities
Wallenius Wilhelmsen has conducted a double materiality assessment (DMA) to determine
our material topics, i.e. both from an impact and financial materiality perspective. The
materiality assessment identifies the environmental, social and governance areas
strategically important for the group and the sustainability topics we are required to manage
and disclose. The scope includes corporate, shipping and logistics operations.
The DMA process involved engagement with a broad spectrum of stakeholders such as
employees, suppliers, customers, investors, research institutions, and NGOs to identify the
group significant sustainability issues. Engagement methods included thorough desktop
research, interviews, and workshops.
Our double materiality assessment followed five steps:
1. Kick-start process and understand context
The double materiality assessment was conducted in line with the CSRD requirements.
Desk top research was used to evaluate potential material topics. This included reviews of
previous years’ materiality and value chain assessments, peer analysis, screening of
reporting frameworks and a media scan. The aim was to understand Wallenius
Wilhelmsen’s context.
2. Develop a long list of sustainability topics
Positive, negative, potential, and actual impacts were identified across the value chain,
supported by the desk research, and compiled into a long list. Topics from CSRD were
mapped against and aligned with topics of other relevant reporting frameworks, trends, and
peer analysis.
3. Determine impact materiality of topics
Relevant internal and external stakeholders across the value chain were identified. To
assess impact materiality, stakeholders were engaged through interviews. A threshold was
applied, and if 65 percent of stakeholders assessed a topic as ‘significant’ or ‘very
significant’, it was deemed material.
4. Determine financial materiality of topics
A workshop was held with internal stakeholders to assess the financial materiality of the
topics. The stakeholders included representatives from finance, risk, strategy, internal
control, sustainability and decarbonization. Existing risk management frameworks were
used as thresholds to assess likelihood and financial consequence of the relevant risks in a
short, medium and long-term horizon. The financial consequences and likelihood of
occurrence for each topic were then multiplied to yield a final financial materiality score.
5. Validate results
The results were validated in a workshop with the participants from the financial materiality
workshop. Final validation was achieved by executive management, the Board Audit
Committee and the Board of Directors.
The following points were validated:
• Results of the assessment
• Materiality thresholds
• Topics for which there had been opposing views in the workshop
During the DMA, Wallenius Wilhelmsen's activities and business relationships, value chain
and affected stakeholders were assessed to identify relevant sustainability issues as
outlined in ESRS 1, paragraph AR16. This approach ensured a thorough examination of
critical sustainability themes through a sector-specific perspective, alongside the
exploration of company-specific matters. Irrelevant sustainability topics and sub-topics that
Contents »
Wallenius Wilhelmsen – Annual Report 2025
41
did not align with our business model were excluded from the analysis. The impacts, risks
and opportunities identified as a result of the DMA are described under the relevant topical
ESRS in this report.
Critical decisions in the process included identifying relevant stakeholders, score IROs, and
assessing sustainability matters, particularly financial risks and opportunities. Several
internal control measures were implemented throughout the process, ensuring that only
sustainability matters identified by a stakeholder representative and associated with an IRO
were considered. The scoring methodology adhered to ESRS guidelines, leveraging the
thresholds applied by our enterprise risk management. The materiality assessment process
and resulting material topics and IROs were documented.
We view the process of identifying, assessing, and prioritizing material topics and IROs as
dynamic and we commit to annually revisiting the DMA process and further integrating it
into the strategy process. This involves both providing information on key sustainability
topics and IROs as input to the strategy process and assessing the sustainability impact of
strategic options as part of our due diligence process. We have aligned the DMA process
with the Company’s strategy review whereby executive management assess the impact of
potential strategy alternatives on the material topics.
We also integrate our ESG risks into our enterprise risk management (ERM) and the
corporate risk register includes ESG risks. The management of our material topics is also
being integrated into our management system according to key ISO standards.
The double materiality assessment (DMA) is subject to an annual review to assess whether
changes in the value chain, regulatory landscape, or stakeholder input affect the group’s
material topics. Significant changes trigger a more comprehensive reassessment of the
material topics and IROs to ensure continued relevance and effectiveness. Several key
stakeholders participated in the 2025 DMA annual review, and they confirmed that our
value chain had not changed significantly. No changes were therefore made to our material
topics.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
42
Sustainability governance
GOV-1 - The role of the administrative management and supervisory bodies
Board of Directors
Wallenius Wilhelmsen’s Board of Directors is a unitary board comprised of seven non-
executive members with extensive experience in relevant sectors, including international
energy, banking and finance, accounting, shipping, marine engineering, sustainability,
consumer goods, and logistics. The composition of the Board of Directors reflects the
shared interests of all shareholders and aligns with the Company's need for expertise,
including industry and sustainability knowledge, geographical insights, diversity and overall
capacity. Four of the seven board members, or 57 percent, are independent non-executive
directors. There are no employee representatives on the Board, and none of the members
of the Board or executive management team have held any positions in public
administration in the preceding two years.
57%
43%
Female board members Male board members
A third-party consultancy assessed the Board’s roles, skills, and competencies in 2024.
Through one-on-one interviews and desk-top research, they investigated the level of
experience and familiarity of the board member regarding sustainability, energy transition
and the other material topics identified by Wallenius Wilhelmsen as especially relevant to
the group. The consultancy concluded that, in addition to having familiarity with all relevant
topics, the Board demonstrated strengths in the key material topics.
The Board of Directors are collectively responsible for overseeing sustainability impacts,
risks and opportunities. The group’s sustainability objectives, metrics and targets, and the
annual report, are reviewed by all board members, who also approve the material
sustainability topics. Moreover, the Board of Directors is accountable for the group’s internal
control and risk management frameworks. The Board reviews the group’s risk matrix
quarterly and evaluates the internal control arrangements at least annually.
Wallenius Wilhelmsen’s governance framework is based on ISO 37000 and outlines the
corporate governance principles and the group’s governance model. The framework
provides a clear set of requirements, guidelines, processes, and structures that help ensure
that the group operates effectively, efficiently, and in alignment with its strategic ambitions,
values, and compliance program. It covers various aspects such as delegation and
limitation of authority, governance and management, stakeholder engagement,
sustainability, internal control, and risk management. It also describes our policy hierarchy
by specifying our constituting documents and group policies including people, safety, and
environment policies. The document and group policies are owned by an executive
manager and approved by the Board. During 2025, we developed a gamified training to
raise awareness and understanding of the governance framework. Senior managers and
Contents »
Wallenius Wilhelmsen – Annual Report 2025
43
3
Female board members
4
Male board
members
7
Total board
members
above were required to confirm acknowledgement of the framework and conduct the
training. A completion rate of 94% was achieved.
The Board Audit Committee (BAC) serves as a preparatory working group, supporting the
Board in its supervisory responsibilities with respect to financial and sustainability reporting,
as well as the effectiveness of the group’s internal control system, governance, risk
management and assurance-related items. The BAC's mandate explicitly specifies its
sustainability responsibilities:
• Monitor sustainability reporting and related processes to identify the information
reported in accordance with the relevant sustainability reporting standards.
• Monitor the effectiveness of the group’s internal control system, governance, risk
management and assurance related items.
• Monitor the assurance of annual and consolidated sustainability reporting.
• Explain how the BAC contributed to the sustainability reporting integrity and their role
in that process.
In addition, the People, Culture, and Remuneration Committee is responsible for preparing
and facilitating the Board's decision-making regarding remuneration and strategic human
capital management.
Group Executive Management
The Executive Management Team is comprised of the CEO and eight executive managers
who report to the CEO. 33 percent of executive management are women, a reduction from
forty percent in 2024. Collectively, the management team brings decades of extensive
global experience in shipping, logistics, consulting sectors, along with deep expertise in
the group’s key markets in the EU, the USA, Asia and Middle East.
In 2025, the positions were:
• EVP & Chief Financial Officer
• EVP & Chief Strategy & Corporate Development Officer
• EVP & Chief Operating Officer, Shipping services
• EVP & Chief Operating Officer, Logistics services
• EVP & Chief Operating Officer, Supply Chain solutions
• EVP & Chief People and Corporate Affairs Officer
• EVP & Chief Customer Officer
• SVP & Chief Communications and Marketing Officer
The executive management is responsible for reviewing and approving the result of the
double materiality assessment used to identify material impacts, risks, and opportunities.
The CEO and executive management oversee group policies, approve management-level
ESG policies, and conduct an annual review of metrics. The Chief Sustainability Officer,
who reports to the CEO, is responsible for embedding sustainability into our governance
and management systems as well as the integrity of the group’s sustainability data
collection procedures and reporting. The Chief People Officer oversees the development of
the remuneration program within the Company’s long-term and short-term incentive plans
which are then submitted, reviewed, and approved by the Board of Directors. See GOV-3
for details on financial incentives schemes.
The Board of Directors and executive management have access to extensive sustainability
skills and expertise relevant to our material IROs, encompassing energy, naval engineering,
public accounting and assurance, as well as corporate governance. The corporate
sustainability team, along with the Orcelle Accelerator team, a cross-functional group of
dedicated climate experts, provide the Board and executive management direct access to
critical skills essential for our sustainability transformation and decarbonization journey.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
44
They bring extensive experience in sustainability, including carbon accounting and energy
analysis.
ESG targets are proposed annually by the relevant operational teams and reviewed and
approved by the group executive management team. The Board of Directors also reviews
and approves ESG targets relevant to our strategy.
Performance is monitored locally by relevant operational teams, and globally according to
the Company's integrated management system. Currently, more than 90 percent of land
based operations are certified to 9001 and 45001 standards and more than 80 percent to
ISO 14001. In addition, our shipping operations were in 2025 certified to ISO 9001.
An internal quarterly report, OneView, allows executive management to monitor progress
against our targets. The Board also monitors progress through quarterly and annual
reporting.
GOV-2 Information provided to, and sustainability matters addressed by, the
business’ administrative, management and supervisory bodies
Executive management and the Board receive ESG information throughout the year,
including through the DMA review process, updates provided by the Chief Sustainability
Officer, the Orcelle Accelerator team, and via the quarterly internal report, OneView.
Sustainability topics are included regularly on the Board's agenda, and they are on the
agenda for every Board Audit Committee meeting. The Board has also access to third party
experts and bespoke training.
During 2025, the Board discussed sustainability at several occasions, including human
rights and modern slavery, the sustainability statements, governance and policy approvals,
and decarbonization. Sustainability-related risks were also covered during the enterprise
risk reviews provided by the internal auditor. Similarly, sustainability-related compliance was
covered as part of the annual compliance update, and the review of the code of conduct.
Moreover, the CPCAO and VP Compensation & Benefit updates the People, Culture, and
Remuneration Committee on the progress on the targets they have approved. The targets
include climate, safety and #engage (employee engagement survey). The Board, therefore,
ensures effective performance monitoring of sustainability.
Material impacts, risks, and opportunities are regularly on the meeting agendas of
executive management and the Board and updates provided via the quarterly report on
financial and sustainability performance. Executive management and the Board of Directors
have reviewed specific IROs related to two of our most material topics, climate change and
safety.
In 2024, for the first time, our material topics, impacts, risks, and opportunities were
integrated into executive management’s discussions during the annual strategy process.
Since then, the DMA and strategy review process have been further aligned. Our due
diligence process for major transactions and CapEx planning takes environmental issues
into considerations, although a formal ESG due diligence methodology has yet to be
developed. However, corporate sustainability risks are included in the enterprise risk
register and include risks such as health and safety, critical vessel accidents, failure to
deliver on decarbonization transition plan, compliance with e.g. environmental regulations,
lack of ability to attract/retain workforce and physical climate-related risks.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
45
Sustainability and remuneration
GOV-3 – Integration of sustainability-related performance in incentive schemes
Wallenius Wilhelmsen's sustainable strategy is reflected in our incentive schemes.
Connecting company performance to bonus plans ensures correct and aligned priorities
and sets clear direction.
Our fundamental salary policy is to be competitive, though not necessarily market-leading.
This ensures a sustainable level of reward, performance benchmarks and remuneration
policies whilst aligning incentives with ESG and financial goals. This integration promotes
responsible corporate behavior and long-term value creation.
Climate-related considerations are factored into the Company's short term and long term
remuneration. Senior managers and above are part of the schemes.
The short-term incentive scheme covers relevant, clear targets derived from the overall
strategic goals and includes sustainability targets such as safety, climate and employee
engagement. Specifically, the KPI for safety is the Lost Time Injury Frequencies (LTIF) for
both our shipping and logistics segments
5
, the climate KPI is the CO₂e intensity
performance of our shipping operations which account for the majority of our total
emissions, whilst the #engage score is used as the KPI to measure employee engagement.
The targets have a weighing of 10% individually. The variable pay scheme takes into
consideration both key corporate and financial targets as well as individual targets.
To reflect the long-term view of our strategy, we also have a long-term incentive scheme for
the executive management group. In this scheme, CO2e intensity in our shipping
operations and critical safety incidents are two of five KPIs.
The People, Culture, and Remuneration committee is responsible for preparing and
facilitating the decision making in the Board with respect to remuneration and the variable
incentive scheme is approved by the Board. Board members are not part of any of the
incentive schemes.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
46
5
Lost Time Injury Frequency is for logistics operations based on working hours whilst for
shipping operations it is based on exposure hours.
GOV–4 - Statement on due diligence
Core Elements of Due Dilligence Section in the sustainability statement Page No.
Embedding due diligence in governance, strategy and
business model
Strategy and business model 34-35
Sustainability governance 43-46, 108-111
Material impacts, risks and opportunities 39
Engaging with affected stakeholders in all key steps of the
due diligence
Our stakeholders 36-37
Information provided to, and sustainability matters addressed
by the business’ administrative, management and supervisory
bodies
45
Materiality assessment 37-42
Management or relationships with suppliers 109-110
Identifying and assessing adverse impacts Material impacts, risks and opportunities 39
Employee engagement survey 36-37
Supplier screenings 108-110
Corruption and bribery risk assessment 109-110
Taking actions to address those adverse impacts Prevention and detection of corruption and bribery 109-110
Transition plan for climate change mitigation & Actions and
resources in relation to climate change.
57-62
Policies related to own workforce 89-90
Taking action on material impacts on value chain workers 106-107
Business conduct policies and corporate culture 108-111
Targets related to managing material impacts, risks and
opportunities- own workforce
95-96
Actions and resources related to pollution 76
Actions and resources related to biodiversity and ecosystems 85-87
Taking action on material impacts on our own workforce 96
Tracking the effectiveness of these efforts and
communicating
Employee engagement 36-37
Targets for own workforce 95-96
Health and safety metrics 101-102
Targets related to climate change 54-55
Incidents, complaints and severe human rights impacts 103
Supplier screenings 108-110
Contents »
Wallenius Wilhelmsen – Annual Report 2025
47
Risk management and internal controls
GOV-5 Risk management and internal controls over sustainability reporting
The corporate sustainability team is tasked with developing comprehensive group reports
on sustainability issues and ESG metrics. This responsibility encompasses organizing and
leading essential activities, including conducting and providing annual review of the DMA,
and managing data collection and consolidation for sustainability reporting.
Further developing the reporting processes to align with the requirements of ESRS has
been the priority in 2025. The primary challenges in creating unified sustainability
disclosures across the organization include human errors and data misalignment. To
minimize reporting errors, the corporate sustainability team oversees a unified data
framework for the entire group, which follows a systematic risk prioritization methodology.
This standardizes definitions, calculations, and critical metrics like emission factors in
compliance with the CSRD as well as the GHG Protocol. This centralized approach to
reporting also enables the department to function as an information hub, identifying and
rectifying inconsistencies or errors in data submitted by business units.
In an effort to enhance our reporting, Wallenius Wilhelmsen implemented a specialized
sustainability reporting tool in 2021 to manage and structure data for reporting purposes
and monitor adherence to reporting standards. The tool was updated in 2024, and our
reporting platforms are aligned with the ESRS regulatory requirements. In 2025, we
implemented a specific carbon accounting module to strengthen our Scope 3 reporting. We
have also implemented the ESG module of our group reporting tool. To digitalize the
reporting process and strengthen the internal control and efficiency of the reporting, APIs
have been established between our HR system and sustainability reporting tool and
between the sustainability reporting tool and the financial reporting tool. All sustainability
data is now based on the accounting principles outlined by the ESRS.
We have developed a multi-year roadmap for developing Internal Control over
Sustainability Reporting (ICSR). In 2024, the priority was to establish the governance,
perform risk assessment and scoping, prioritize key group level controls. These controls
cover strategy, metrics and targets, reporting boundaries, process and disclosures. In 2025,
the ICSR Framework was enhanced to further align with the COSO guidance, which
provided a structured and scalable foundation for reliable and verifiable disclosures.
Meanwhile Group Level Control documents were established to form the backbone of ICSR
framework.
Risk assessments are performed on two levels:
a) higher level risk assessment, based on the DMA and sustainability line items.
The purpose of this exercise is to assess and prioritize the most significant metrics
for which to implement internal controls over the data flow and reporting.
b) risk assessment performed as part of mapping the data flow for prioritized
metrics. The purpose of this risk assessment is to identify risks in the process, from
data input, data capture, data extraction, data handling, data reporting, quality
assurance and approval. These risks will be mitigated through design and
implementation of internal control activities.
In 2025, we finalized a comprehensive COSO mapping on Internal Control over
Sustainability Reporting. The mapping covered all five COSO components—Control
Environment, Risk Assessment, Control Activities, Information and Communication, and
Monitoring Activities—and integrated 17 principles and 82 points of focus into the ICSR
structure. The mapping was operationalized through detailed documentation of control
objectives, activities, evidence, responsible persons, and frequency, mirroring the rigor of
financial reporting controls. It served as both a technical and operational foundation for
implementing reliable, verifiable sustainability controls across the group. Feedback to and
Contents »
Wallenius Wilhelmsen – Annual Report 2025
48
from internal audit and stakeholders was incorporated throughout the year to close
identified gaps and ensure design effectiveness.
Integrating risk assessment and internal control into the sustainability reporting process is
fundamental for ensuring accurate, complete, reliable, and transparent sustainability
reporting. We have defined clear roles and responsibilities across relevant functions to
ensure accountability and consistency. This included the Board and executive
management, sustainability, decarbonization, compliance and risk teams, finance, business
units and data owners.
We will develop a training and awareness program for all relevant employees to make sure
risk and internal control activities are implemented.
We will formalize our regular review of sustainability risks and strengthen the internal
control design and effectiveness at executive level to ensure reporting supports strategic
decision making and align with strategic objectives. We are in the process to embed control
activities into day-to-day operations to streamline and standardize these across the group,
to ensure accurate and complete reporting. We performed internal audits and reviews on
sustainability management and reporting and based on findings, updated relevant policy,
processes and control activities. For instance, adjusted data gathering, validation and
reporting to prevent future inaccuracies.
The risk assessment of the data flow identified the integrity of safety (LTIF) reporting in our
logistics operations as a high risk. An internal audit was therefore conducted in 2024 to
review the governance, risk, and controls, including efficiency and effectiveness of the
safety reporting process. The aim was to improve the overall reporting process and integrity
of externally reported safety numbers. The audit concluded that there is uncertainty
regarding the data and provided concrete recommendations to strengthen the reporting.
The sources of uncertainty related to incomplete reporting of injuries and working hours and
inadequate internal controls. The actions include conducting a detailed process mapping of
the data flow to identify risks and implement actions to prevent, detect and correct these
risks. Roles and responsibilities will be clearly defined, with training provided to relevant
roles. During 2025, the majority of the recommendations of the internal audit were
addressed, but the training and onboarding of relevant personnel of the specific controls
remains and the safety-related data for logistics will therefore be based on estimates for
2025.
Our reporting of data for substances of (very high) concern in our shipping operation is also
based on estimates. Currently available data is procurement of chemicals for 88 out of 127
vessels. Although the data relates to procured chemicals and not actual amounts released,
we have extrapolated this data to the whole fleet to estimate our performance in 2025.
Moreover, we do not have pollution data for our logistics operations. Finally, stevedores that
are directly employed by Wallenius Wilhelmsen are included in the scope of the reporting.
However, the majority of stevedores belong to pools contracted and managed by unions.
We have agreements with the unions to provide stevedore services for our cargo
operations services. It is optional to report on these workers and they are consequently not
included in the scope.
The corporate sustainability team cooperated closely with the accounting and financial
control team, and the CSO regularly informed the CEO and Board Audit Committee about
the progress of the sustainability reporting.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
49
Composition and diversity of the members of the board of directors and
executive management 2025 2024 2023
Board of directors
7 7 6
Female 3 3 3
Male 4 4 3
Percentage of female board members [%] 43 43 50
Independent board members
Number of non-executive members
7 7 6
Number of executive members 0 0 0
Total independent non-executive board members 4 4 4
Percentage of independent board members 57 57 67
Executive management 9 10 8
Female 3 4 4
Male 6 6 4
Remuneration linked to sustainability targets 2025 2024 2023
Percentage of variable remuneration dependent on sustainability-
related targets and (or) impacts [%]
30 30 30
Percentage of the remuneration recognised in the current period
that is linked to climate-related considerations [%]
10 10 10
Contents »
Wallenius Wilhelmsen – Annual Report 2025
50
Environment
Climate Change
Why is it important?
SBM-3 Material Impacts, risks and opportunities and their interaction with strategy
and business models
International shipping carries about 90 percent of all goods due to global trade
6
. Although
shipping emits less carbon per unit than air and land transportation, it still accounts for
around 2-3 percent of global greenhouse gas emissions
7
. Wallenius Wilhelmsen is a large
emitter of greenhouse gases, particularly from our shipping operations, which represent
about 96 percent of our total emissions. It is therefore one of our most material negative
impacts. The UN has acknowledged “a clean, healthy and sustainable environment” as a
human right and climate change is identified as a material topic in our double materiality
analysis, both from an impact and financial risk and opportunity angle.
We seek to continue our legacy of sustainable action and believe that decarbonization
represents one of the greatest challenges and opportunities of our time. We have therefore
committed to become net-zero by 2040. Making net-zero available and affordable is a key
goal in our strategy. Since we operate in a hard to abate sector, this is both a significant
technological and financial challenge. See the chapter on business model and strategy for
description of the resilience of Wallenius Wilhelmsen’s strategy and business model in
relation to climate change and GOV-3 for description of how climate related considerations
are factored into our remuneration program.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
51
6
According to The International Chamber of Shipping, the international shipping industry is
responsible for the carriage of around 90% of world trade: https://www.ics-shipping.org/
shipping-fact/shipping-and-world-trade-world-seaborne-trade/
7
According to Statista, the global maritime shipping industry was responsible for around
two percent of global greenhouse gas emissions (GHG) in 2024. https://www.statista.com/
topics/11288/shipping-emissions-worldwide/#editorsPicks
How we work
IRO-1 Description of the process to identify and assess material climate-related
impacts, risks and opportunities
Climate change creates potential risks for our business if we fail to obtain low carbon fuel
due to supply or price or not able to get cost recovery from our customers for low carbon
fuel. A rapidly changing and fractured regulatory context and costs also poses financial,
organizational and reputational risks. Our strategy positions this as an opportunity and we
seek to be a first choice amongst our customers by developing low-carbon freight services
and making net-zero available and affordable. Climate risks are also regularly assessed as
part of our overall risk management.
Beginning in 2021, we identified climate risks and opportunities across the group following
the recommendations of the Task force on Climate-related Financial Disclosures (TCFD).
This included desktop research to identify industry-specific risks and opportunities, and
potential timelines of each risk and impact. We expanded on this work in 2022, and the
risks and opportunities were reassessed, categorized and prioritized. The ranking
methodology considered the potential impact on Wallenius Wilhelmsen in three different
time horizons – short, medium and long term. The results of this exercise provided input to
the DMA process and were captured in a risk and opportunities register.
Our top three climate-related risks as as follows:
• Transitioning to low emitting propulsion technologies with uncertain long-term viability
• Lock-in emitting fuels that become less competitive during ships’ lifetime
• Increased costs to ensure compliance with emerging regional and international
climate regulations.
Overview – Transition Risk
Contents »
Wallenius Wilhelmsen – Annual Report 2025
52
Overview - Physical Climate Risks
How to read these Risk Overviews
The register covers both physical and transition risks. Physical risks include increased rate
of weather-related accidents, incidents such as flooding of ports and facilities and heat
stress for workers, whilst transition risks relate to market, technology, reputational, policy
and regulatory risks. The climate risks that are most financially material relate to the
shipping segment, for instance transition to low carbon propulsion technology with
uncertain long-term viability. Transition risks also include regulatory developments from for
instance the International Maritime Organization (IMO), the shipping industry’s global
regulator, and the European Union (EU). These have a significant impact on the shipping
industry and the group. High on the agenda is to prepare and position ourselves for these
regulatory changes, and we seek to contribute to progressive yet pragmatic outcomes
through active engagement in the regulatory development process. We also advocate for a
global carbon price to accelerate the decarbonization transition by ensuring a level playing
field.
In 2023, we conducted two climate risk scenarios based on the Intergovernmental Panel on
Climate Change (IPCC) Representative Concentration Pathways (RCP) 2.6 and 8.5. These
represent a future global temperature of 1.5°C and 4°C respectively and provide both a
structured and a disorganized scenario. Projected climate data has been sourced from
CMIP6 for the years 2030 and 2050. The scenarios are considered to remain valid.
Key insights from our scenario assessments
• Managing technological transition risks will continue to be the focus area to mitigate
financial impact of climate change.
• Preparing for a 1.5c degree future will enhance resilience and mitigate impacts of
climate-related financial risks.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
53
E1-2 Policies related to climate change mitigation and adaptation
The group environment policy is our group-wide policy to manage our material
environmental topics including climate change and decarbonization, biodiversity and
ecosystems and pollution. The scope of the policy covers all activities within our group,
including ocean shipping, vehicle processing, terminal management, in-land distribution
and upstream and downstream activities across our value chain, such as vessel newbuilds
and vessel recycling. The policy is publicly available on our website. It is approved by the
Board of Directors and the CEO is responsible for ensuring it is complied with.
The policy specifically states that decarbonization is an essential part of our business
strategy and we are committed to becoming net-zero by 2040. We embrace renewable
energy, new fuels, electrification, and operational and technical improvements to drive our
progress towards a net-zero future.
For all environmental topics, we shall continue to identify, assess, and control the
environmental impacts of our value chain. We shall also establish and maintain a risk
management system that includes regular risk assessments, identification, and control
measures. We strive to continuously improve how we monitor and manage our
environmental risks with an ISO 14001-compliant integrated management system.
To ensure a common approach for our global operations, we are committed to the
standards developed by the United Nation’s Global Compact and the OECD's Guidelines
for Multinational Enterprises on Responsible Business Conduct. We are also a member of
the Ship Recycling Transparency Initiative. These international networks and initiatives
support continuous improvement of managing business’ impact on environmental matters.
E1-4 Targets related to climate change
To achieve our net-zero 2040 ambition, we developed a comprehensive transition plan. We
have established 2022 as our baseline year and identified three key milestones; 2027,
2030, and 2040. These milestones are integral to our transition plan which will evolve as
new technologies and low-carbon fuels become available at feasible prices. Driven by
innovation, customer focus, and a commitment to reducing our climate impact and
environmental footprint, we will adjust our operations and address unexpected risks and
opportunities along the way. Executive management and the Board of Directors approved
the net-zero 2040 target and transition plan in 2023.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
54
By 2027, we aim to initiate a net-zero end-to-end pilot together with selected customers and
partners. The pilot will test a future service concept that brings together low-carbon vessels,
green electricity-powered terminal operations, and net-zero trucking to enable net-zero
transportation from the vehicle factory, through terminals and processing, to the end
customer. The findings from this pilot will guide our assessment of how a future service
could be developed and scaled over time, while supporting the long term decarbonization of
our value chain.
By 2030, we commit to cut absolute GHG emissions from our shipping operations by 40
percent and achieving a 44 percent intensity reduction in well-to-wake (WTW) GHG
emissions, driving a significant shift towards a decarbonized logistics network. For our land-
based operations, the target is a 42 percent reduction in scope 1 GHG emissions, with
terminals and processing centers running entirely on renewable energy.
By 2040, we commit to reach net-zero across all operations, on land and at sea. Our trucks,
terminals, and vessels will run on renewable energy, reducing emissions to near-zero
levels. Our shipping operations target an intensity reduction of 97.1 percent in well-to-wake
GHG emissions and 96.4 percent in absolute GHG emission reduction, while our land-
based operations will achieve a 90 percent reduction in scope 1 GHG emissions. Scope 3
GHG emissions from our value chain will be cut by 90 percent, ensuring alignment with our
net-zero targets. We will source 100 percent renewable electricity and remove any
remaining emissions through carbon removal certifications.
To achieve our net-zero 2040 ambition, Carbon Dioxide Removals (CDR) will be needed to
compensate for the residual hard-to-abate emissions from our operations. Even with
maximum deployment of energy efficiency measures, low-carbon fuels, electrification, and
fleet replacement, a small share of our emissions will remain. These residual emissions will
be neutralized in accordance with the SBTi net-zero criteria, which require the use of
high-quality, durable CDR solutions. As the market for removals continues to mature, we
will evaluate robust, long-term options that align with our operational needs and
sustainability principles. In 2026, we will continue developing our CDR strategy and initiate
our first trials of CDR solutions.
Our targets to achieve net-zero as validated by the Science-Based Target initiative:
2022 2030 2035 2040
Science-based climate targets Target
scope
Unit Baseline value Target
Target
value
Target
Target
value
Target Target
value
Reduce absolute scope 1 GHG
emissions from logistics operations
Scope 1 mt/CO2e 28,299 42 % 16,143 66 % 9,621 90 % 2,830
Reduce absolute scope 1 and 3 (Well-to-
wake) GHG emissions from shipping
operations
Scope
1+3
mt/CO2e 5,264,144 40 % 3,159,975 79 % 1,082,437 96 % 188,545
Reduce intensity (EEOI) scope 1 and 3
(Well-to-wake) GHG emissions from
shipping operations per tonne nautical
mile
Scope
1+3
gCO2e per
tonne-
Nautical mile
66.55 44 % 37.28 82 % 12.33 97 % 1.95
Increase active annual sourcing of
renewable electricity
Scope 2 % share of
renewable
electricity of
total
electricity
consumption
7 % 100 % - % N/A N/A N/A N/A
Reduce remaining absolute scope 3
GHG emissions
Scope 3 mt/CO2e 204,022 N/A N/A 46 % 109,797 90 % 20,372
The targets are set following the SBTi maritime guidance for all shipping related emissions.
The SBTi Corporate guidance was used to set the targets related to our logistics and
corporate emissions. The base year for the targets is 2022. Our targets have been
validated by SBTi and are therefore science-based and support the goal of the Paris
Agreement to limit global warming to 1.5c.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
55
How did we perform?
During 2025, several achievements were made to enhance our climate efforts:
Green products
Our customers have diverse sustainability ambitions, and we are committed to supporting
them on their journey. For those with the most ambitious targets, we offer a premium
service called Reduced Carbon Services (RCS), a program that enables customers to
purchase verified CO₂ reductions. Revenue from RCS directly funds the procurement of
certified biofuels, reducing emissions across our operations. Each customer receives a
third-party verified carbon reduction declaration, ensuring credibility for their own reporting
requirements. RCS offers flexible options tailored to the desired level of carbon reduction.
In 2025, we introduced BAF2.0, our re-engineered Bunker Adjustment Factor, designed as
a transparent multi-fuel surcharge that serves as an off-the-shelf solution to enroll our
customers in our journey to net-zero by 2040. This fuel surcharge is now the default for all
new and renewed ocean business and plays a critical role in recovering the fuel costs. The
green transition is costly and requires collaboration across the supply chain. Through
BAF2.0, we have successfully reached our 2025 recovery target of 250,000 metric tonnes
of biofuel, marking a significant milestone.
Carbon calculator
In 2025 we released our carbon calculator. The Carbon Calculator provides an estimate of
the life cycle (‘well-to-wake’) CO2e emissions for ocean freight shipments, helping
customers better understand the potential carbon footprint of their supply chains (Scope 3).
The calculator helps customers make more informed choices about shipments, supporting
greater transparency and sustainability in our supply chain.
Energy efficiency
Over the years, we have greatly expanded the scope of the Energy Efficiency Initiatives
Portfolio. In 2025, over 89 technical retrofits and upgrades have been commissioned on 61
vessels in our fleet, aimed at reducing vessels’ energy need and ultimately fuel demand.
Recent achievements include Morning Lady and Morning Laura, which both underwent an
extensive retrofit program in dry dock: new optimized propeller and post-swirl energy saving
devices, new bulbous bow, LED lighting replacing fluorescent tubes, and engine upgrades.
These vessels are now sailing out of dock around 7 percent more energy-efficient from
these initiatives alone.Over the remaining 15-year lifetime, these upgrades will continue to
generate savings, recovering the investment more than six times. More initiatives are
already in scope for Morning Lady and Morning Laura, estimated to reduce energy demand
by an additional 3 percent. Similar type of upgrades will be conducted on all applicable
vessels entering dry dock going forward, contributing directly to lower emissions and
supporting the decarbonization goals.
Chartering strategy
Through 2025, we have taken the first steps into operating dual fuel LNG vessels. At the
end of the year, we operated seven such vessels, all chartered for medium term periods.
Dual fuel vessels can operate on conventional and drop-in fuels, as well as LNG and bio-
LNG, enhancing our flexibility to switch between types of fuel based on availability and
cost.
Emissions performance shipping
For shipping services, our scope 1 emissions were 4,131,062 mt CO
2
e, equivalent to
4,887,544 mt CO
2
e on a WTW basis. The well-to-wake emissions have been reduced by
7% since the base year and in alignment with our Science-Based Target trajectory. Our
GHG intensity (EEOI) was 63.1 gCO
2
e per tonne-nm, above our annual target of 59.9.
However, we have reduced EEOI by 5 percent since the base year. Higher year-over-year
intensity is a result of an increased trade imbalances between East and West globally,
causing more ballast voyages. Absolute emissions were stable as an increase in number of
voyages was offset by a higher usage of low-carbon fuels.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
56
Emissions performance logistics
For Logistics services, our scope 1 emissions were 21,660 mt CO
2
e, down from 23,862 mt
in 2024. This reduction is mainly due to lower emissions for our trucking services. We have
reduced logistics emissions by 23% since base year.
Please see Climate Accounting for an overview of our GHG emissions.
How we will proceed?
E1-1 Transition plan for climate change mitigation
E1-3 Actions and resources in relation to climate change policies
Although we have a long history of sustainable action, we recognize that reaching
net-zero by 2040 will be demanding. To succeed, we must utilize energy sourcing and
energy efficiency combined with new assets in our sea and land-based operations and a
multitude of initiatives to reduce emissions are taking place:
Key Initiatives planned
Alternative fuels
›
Drop-in fuels (biofuels/e-fuels)
Bio-LNG
Methanol
Ammonia
Electrification
›
Heating and cooling
Renewable energy
After-treatment
›
Carbon Dioxide Removal (CDR)
Technical upgrades
›
Main engine upgrades &
load optimization
Auxiliary power saving measures
Bulbous bow retrofits
Propeller retrofits
Propulsion improvement devices
Wind-assisted propulsion systems
Operational
measures
›
Optimal vessel trade allocation to reduce
emissions
Maximized vessel utilization
Speed reduction & slow steaming
voyages
Voyage speed optimization
Weather routing & alternative routes
Advanced vessel technical performance
monitoring and mitigation.
Hull and propeller anti-fouling programs,
incl. new cleaning technologies
Trim & ballast optimization
Auxiliary power management
Vessels
›
Dual fuel vessels ordered
Vehicles
›
Electric trucks and equipment
Renewable fuels
Infrastructure
›
Shore-power capability at terminals
EV charging points
Wallenius Wilhelmsen has developed a detailed transition plan which will evolve as new
technologies and low-carbon fuels become available at feasible prices. Driven by
innovation, collaboration, and a commitment to reducing our climate impact and
environmental footprint, we will adjust our operations and address unexpected risks and
opportunities. To succeed, we must utilize energy efficiency and energy sourcing combined
with new assets in our sea and land-based operations.
Our shipping operations, which include shipping and government activities, are
responsible for 96 percent of the group’s total emissions. In contrast, our land based
logistics operations contribute only one percent to the overall emissions. The remaining
three percent of emissions are associated with our office operations. This distribution,
Contents »
Wallenius Wilhelmsen – Annual Report 2025
57
based on the 2022 baseline year, highlights the substantial impact of our shipping activities
on our environmental footprint. Below, you will find detailed transition plans for each
operation.
Transition plan for shipping services
Our operations at sea represent about 96 percent of our total emissions, and the main
levers to achieve our climate ambition are technical and operational improvements in
addition to investments in new vessels:
Technical improvements
• We install upgrades and modifications to vessels’ main engines to allow more efficient
operation. We utilize advanced software to monitor, analyze and improve engine
performance.
• To further conserve energy, we install auxiliary power-saving measures, such as
variable frequency drives that control pumps, fans, and motors, while LED lighting
retrofits lower energy usage and improve safety and cargo quality onboard.
• We retrofit vessels with new bulbous bows to improve hydrodynamic efficiency,
reducing fuel consumption over a broad range of operating drafts and speeds.
Propeller retrofits and the installation of propeller boss cap fins improve propulsion
efficiency and contribute further to fuel savings.
• We optimize main engine performance at part load conditions to reduce fuel
consumption during low load operations. By changing turbocharger blades where
applicable and fine tuning engine parameters and control systems, this initiative
improves efficiency across the optimal operating range.
• We optimize electricity generation by evaluating re-configuration of installed shaft
generators for lower speed regimes and retrofitting of new shaft generators.
• We are trialing wind-assisted propulsion systems, which harness renewable energy to
provide additional thrust and reduce fuel consumption during voyages.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
58
Operational improvements
• We allocate vessels to trade routes based on size, fuel efficiency, and emission levels
to minimize environmental impact and maximize performance. We ensure vessels are
fully utilized through effective scheduling and cargo planning, reducing fuel
consumption per distance sailed.
• We reduce speed and slow steam when appropriate to significantly lower fuel
consumption and emissions. Additionally, we use advanced machine-learning
software that integrates real-time sensor data, ship data, and weather forecasts to
determine optimal voyage speeds, balancing fuel efficiency with delivery timelines.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
59
Morning Lady Retrofit
In 2025, Morning Lady underwent one of the most extensive upgrade programs in
dry dock, which included several high-impact energy efficiency upgrades.
Scope of Upgrades
• Bulbous Bow Retrofit – New hydrodynamically optimized bow design that
reduces wave resistance, matching today's operational speeds.
• Propeller Retrofit – Improved propulsion efficiency through retrofitting a new
propeller, hub-cap fins and a rudder bulb.
• Engine Part-Load Optimization – Turbocharger upgrades and engine tuning to
improve efficiency at lower engine loads.
• LED Lighting – 2,280 high-efficiency LED units installed across decks, engine
room and accommodation.
• Variable Frequency Drive – Variable-speed control on pumps and fans to match
actual demand and reduce engine load.
• Other Energy-Efficiency Measures – Full hull blasting followed by premium
antifouling coating application.
Key Outcomes
Sea trials confirmed improved engine performance and reliability.
Significant fuel savings and CO₂ reductions expected.
• Weather routing is another important measure, guiding vessels to the most fuel-
efficient routes by factoring in weather conditions.
• We adhere to strict maintenance schedules for regular hull inspections and propeller
polishing, specifically designed to prevent bio-fouling and maintain smooth, clean
surfaces crucial for optimizing fuel efficiency. As part of this effort, we also deploy
state-of-the-art robotic systems for proactive hull cleaning.
• Trim and ballast optimization further reduces hull resistance and improves overall
vessel efficiency. By carefully managing auxiliary power systems end energy
utilization, we reduce unnecessary energy consumption in different operational
modes.
• We implement fleet wide vessel technical performance monitoring based on advanced
modelling to detect deviations from optimal technical operation and execute mitigating
actions across the fleet; optimizing hull cleaning regime, main engine and auxiliary
power generation, heat/steam generation and heat and electricity consumers as well
as supporting crew decision making in operation.
Transitioning from fossil fuels
To achieve a decarbonized shipping industry, we need a global infrastructure that
ensures availability of green methanol, green ammonia, and other low-carbon alternatives
at several ports. Transitioning to alternative fuels sources including biofuels, LNG, Bio-LNG,
Methanol and Ammonia is a key lever in our transition plan.
Most of the low-carbon fuels required to meet our 2030 targets will be drop-in biofuels,
which can be utilized by our existing vessels. Green methanol and bio-LNG will be used in
new owned or chartered vessels. We will continue to explore opportunities to expand the
use of biofuel blends in response to customer demand. In collaboration with the First
Movers Coalition
8
, we have publicly committed to using at least 5 percent zero-emission
fuels as part of our energy mix in 2030, excluding biofuels. We are working with partners to
source green methanol, including bio-methanol and e-methanol. We are developing new
low-carbon services to ensure our customers will share the cost of transitioning to low-
carbon fuels and aim to increase green methanol volumes by 2030.
One of the key levers to meeting our net-zero 2040 commitment is the availability and
affordability of low-carbon and sustainable fuel sources such as biofuel (including UCOME,
bio-methanol and bio-LNG), e-fuels (including methanol and ammonia). This also depends
on customers’ willingness to pay for a premium for the use of such fuels and for the
associated reduction in the climate impact of our services. As such, inadequate supply of
low carbon fuels, unsustainable pricing, or inadequate demand from customers for low(er)
carbon services will affect Wallenius Wilhelmsen’s ability to reduce our emissions in line
with our trajectory. We constantly assess how we manage fuel and energy usage across
our fleet using solutions designed to optimize every aspect of our vessels’ performance.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
60
8
First Movers Coalition: The First Movers Coalition (FMC) is a global initiative led by the
World Economic Forum, mobilizing leading companies to accelerate demand for
low-carbon solutions in hard-to-abate sectors
We aim to increase the share of low carbon fuels in our energy mix. While the
minimum EU requirement is a 65 percent reduction in carbon intensity, we strive to
source fuels that offer at least 80 percent reduction. All low carbon fuels we are
sourcing have to be certified according to the strict standards of International
Sustainability and Carbon Certification (ISCC-EU).
We do not use biofuels based on palm oil, either directly or indirectly. Acceptable
feedstock for bio- or e-fuels includes only waste products or residues, while the CO2
use for producing e-fuels should be from biogenic sources or direct air capture.
In order to expand our options of available biofuel feedstocks we are, in addition to
UCOME (Used Cooking Oil Methyl Esters), performing trials with alternative
feedstocks, such as FAME residues. In addition, we have tested and started using
bio-LNG, produced as waste from agricultural activities in Europe.
New vessels
In 2023 and 2024, we ordered 14 Shaper class roll-on/roll-off vessels ranging from 9,300 to
11,700 car equivalent unit (CEU). These vessels will surpass the largest vessels currently
operating in our segment. This increase in size, combined with more efficient ship and
machinery design, will enhance energy efficiency by up to 40 percent compared to our
existing fleet.
The Shaper class vessels are scheduled for delivery between 2026 and 2028. During 2025,
Wallenius Wilhelmsen made an adjustment to the engine configuration for seven out of the
14 Shaper class vessels on order. To diversify the sourcing of fuel and prepare for future
sustainable fuels like ammonia, seven newbuilds will be equipped with dual fuel LNG
engines and seven with dual fuel methanol engines. The LNG capable vessels will have
fuel tanks capable of carrying ammonia. Through the Shaper class newbuilding program
Wallenius Wilhelmsen will be able to source all types of conventional fuels, including bio-
based and electricity based fuels like methanol and ammonia in the future.
The Shaper class vessels will have shore power capability enabling zero emissions
at berth and redefine efficiency with numerous innovations throughout the vessel.
Transition plan for Logistics services
Although our land-based logistics operations account for less than 1 percent of our total
greenhouse gas emissions, reducing these emissions is crucial to achieving our net-zero
ambitions. The challenge is magnified by regional variations in energy infrastructure
development, availability, the high number of facilities and geographical location. On land,
the key strategies include introducing renewable fuels, electrifying terminal vehicles and
equipment, and adopting new technologies to lower carbon emissions:
• We will electrify our terminals. Our strategy includes transitioning, or contributing by
using the mass balancing method, to renewable energy sources such as wind, solar,
hydropower and renewable natural gas. For some sites this involves installing solar
panels on rooftops or setting up wind turbines. For sites heavily dependent on natural
gas, renewable natural gas will be sourced.
• We will explore shore to ship power solutions. This would allow vessels to plug into the
terminal's grid and use renewable electricity while at berth, thereby avoiding stationary
emissions from conventional fuel.
• We will increase energy efficiency in our operations. Electrification will be supported
by charging infrastructure strategically placed for operational efficiency. Data-driven
technologies will optimize energy use, with smart systems monitoring vehicle
performance and consumption to reduce emissions further.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
61
• We will use renewable fuels for our terminal vehicles and equipment. Vehicles and
equipment, such as forklifts, cranes, and tugmasters, currently run on diesel or other
fossil fuels. Most of these assets will be replaced by EV versions, but renewable fuels
will continue to play a role in some regions where full electrification may not be
feasible by 2040 due to logistical or technical challenges, such as charging
infrastructure and battery capacity.
• New assets will enable the transition. We will replace our current vehicles and
equipment with new assets that are operating on electricity, green hydrogen or green
biogas.
Reaching net-zero for the remaining part of our value chain
Scope 3 emissions from the production and disposal of assets, such as vessels, vehicles,
and terminal equipment, will continue to be a focus area as we develop strategies to reduce
emissions throughout our entire value chain. Our scope 3 emissions are less than our
scope 1 emissions (in contrast to many other industries) and highly dependable upon our
value chain and its possibilities decarbonize. Scope 3 category 3 (fuel and energy-related
activities) emissions, accounts for 71% of our total scope 3 emissions and is well
understood and monitored. The disposal of assets, especially vessels, can also produce
significant emissions if not managed responsibly. We generally operate our vessels for 30
years. When they reach the end of their operating life, they need to be recycled. We have a
ship recycling policy which specifies our requirements for responsible recycling and
addresses safety, human and labor rights risks and environmentally sound management
including waste.
While our efforts at sea and on land are crucial, we must also address emissions related to
business travel, employee commuting, office buildings and IT. For all emissions that we are
not able to reduce completely, we are exploring carbon removal solutions to compensate
for the emissions we cannot eliminate elsewhere.
E1-3 Actions and resources in relation to climate change
The targets and transition plan have been approved by executive management and Board
of Directors. The transition plan is reviewed annually and approved by both executive
management and the Board of Directors.
Our actions to mitigate climate change are to implement the initiatives for the technical and
operational levers described in the transition plan above (E1-1). As mentioned, the scope of
these actions is global and affects both downstream and upstream activities. Given that our
significant IRO relate to climate change mitigation as opposed to adaptation, we are
prioritizing this and do not currently have an action plan in relation to climate change
adaptation.
Accurate and complete emissions data is essential for us to reach our 2027 and net-zero
2040 ambitions. In late 2024, we therefore initiated an initiative to improve the granularity of
our scope 3 emissions. In 2025 we have completed a comprehensive review of the scope 3
categories to ensure it is complete, accurate and assurable. The review also included
Contents »
Wallenius Wilhelmsen – Annual Report 2025
62
Brunswick Terminal Decarbonization:
The expanded Brunswick terminal took a major step toward electrification in 2025
with the procurement of 42 electric forklifts and reach stackers, all delivered by
year-end. To support the transition, the terminal is currently installing nine 120 kW EV
chargers and four 60 kW chargers. Together, these investments significantly reduce
operational emissions and strengthen Brunswick’s role as a frontrunner in low-carbon
terminal operations.
improving the data quality by starting to replace spend-based reporting with actual
emissions. However, we recognize that moving our reliance completely away from spend-
based reporting will be a longer journey. The review is also key to align our scope 3
emissions reporting with our 2027 ambition for an end-to-end net zero emission pilot trade
lane.
The expected effect of the actions is that Wallenius Wilhelmsen is able to perform in line
with our emission reduction trajectory.
As we developed our decarbonization plan, we assessed the efforts and required actions
needed to reach net-zero by 2040. As further described above, this involved identifying all
possible levers and extent of undertakings to reach net-zero by 2040. Wallenius
Wilhelmsen is committed to allocating substantial resources to support the implementation
of our climate action plan, this includes financial and human resources as well as active
collaboration with industry partners.
Financial Resources: We will continue to allocate significant capital expenditures (CapEx)
and operational expenditures (OpEx) towards energy-efficient technologies, low carbon
fuels and emission reduction initiatives. This includes funding for upgrading our fleet with
low-emission vessels and retrofitting existing assets with energy-saving technologies.
As part of this we assessed and estimated the financial implications, including the
incremental CapEx and OpEx needed to execute our decarbonization plan beyond
business-as-usual.
For 2025, the incurred CapEx related to technical investments such as retrofit upgrades to
the existing fleet and EV trucks and vehicles amounts to approximately USD 113 million
and incurred OpEx to be around USD 179 million, including low-carbon fuel for or vessels,
and electricity and natural gas for our land based activities. Regarding investments from
implementation of our decarbonization plan from 2026 until 2030, these are estimated to be
approximately USD 386 million for CapEx and USD 1.2 billion for OpEx. These investments
are additional costs and can therefore not be compared to the CapEx and OpEx provided in
the EU Taxonomy reporting which applies different definitions and scope. For instance, the
CapEx in the taxonomy reporting includes the total cost of the aligned vessels, whilst the
reporting in this section is limited to the additional technical measures that contributes to
our decarbonization plan.
We have also received a green incentives grant of USD 1 million in 2025 (2024: USD 4.8
million) for our new Shaper class vessels from the Korean Ocean Business Corporation.
The KOBC Green Incentive scheme supports environmentally improved vessels.
Human resources: Our dedicated Orcelle Accelerator team is, in close cooperation with
the line organization, responsible for overseeing the implementation of the climate action
plan. This team collaborates with various departments, and external organizations, to
ensure alignment with our sustainability goals and regulatory requirements.
Current Partnerships: We are actively collaborating with industry partners, regulatory
bodies, and academic institutions to leverage collective expertise and drive innovation in
sustainability practices.
Future Collaborations: We aim to strengthen these partnerships and explore new
collaborations to accelerate the development and adoption of sustainable technologies and
practices within the maritime industry.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
63
Partnerships
We actively collaborate with industry partners, regulatory bodies, and academic institutions
to leverage collective expertise and drive innovation:
We are a mission ambassador of the Mærsk Mc-Kinney Møller Center for Zero Carbon
Shipping. This is a not-for-profit, independent research and development center to
accelerate the transition towards a net-zero future for the maritime industry. It aims to drive
and facilitate the development and implementation of new technologies; build confidence in
new concepts and mature viable strategic ways to drive the required systemic and
regulatory change.
We are member of the Global RoRo Community (GRC) of the Smart Freight Centre, a
global non-profit organization focusing on climate action in the freight sector. Together with
peers, we develop a uniform ISO 14083/GLEC compliant global standard methodology for
scope 3 Greenhouse Gas (GHG) emissions accounting for deep-sea Ro-Ro shipping.
We are a member of the First Movers Coalition, which was initiated by the World Economic
Forum and the Office of the US Special Presidential Envoy for Climate. The coalition
includes 96 members, such as Coca-Cola, Amazon, Ford, Google, Rio Tinto, Microsoft, and
Maersk. It aims to prompt market demand for technologies critical for achieving a net-zero
future.
We have partner status in both the Green Shipping Program and Maritime CleanTech, a
Norwegian center of innovation and expertise dedicated to fostering environmentally
friendly shipping practices.
To accelerate the transition of our industry, our CEO joined a coalition of leading companies
calling for urgent collaboration between governments and businesses to fulfill the pledges
made by UN’s Climate Change Conferences during COP 28. The pledges include tripling
renewable energy, doubling energy efficiency, and moving away from fossil fuels.
Getting to Zero Coalition; Global Maritime Forum
Getting to zero coalition, under the Global Maritime Forum is a alliance which includes more
than 200 organizations within the maritime infrastructure, energy as well as finance sector.
The coalition is committed to ensuring that commercially viable zero-emission vessels
powered by zero-emission fuels are in operation by 2030.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
64
Overcoming roadblocks and embracing game changers
The shipping industry is on the cusp of an exciting transformation, shifting from fossil fuels
to low-carbon alternatives like methanol and ammonia. This shift demands close
collaboration with fuel suppliers, governments, and stakeholders worldwide. While there are
several roadblocks to overcome, such as the high costs of developing and scaling new
technologies, regulatory challenges, and the need for substantial infrastructure investments,
there are also many promising opportunities on the horizon.
Potential game changers include the implementation of more affordable carbon capture and
removal technologies, cost-effective alternative fuels, innovative new reactors for our
sector, and the creation of larger, smarter vessels. By embracing these innovations and
working together, we can overcome the challenges and pave the way for a sustainable and
decarbonized future in the shipping industry.
Potential roadblocks
– that could hinder the transition
Potential gamechangers
– that could speed up the transition
Limited drop-in
fuel availability
Scarcity of biofuel feedstock
Synthetic e-diesel highly resource intensive
Competition with other sectors
Negative
emissions
High availability of negative emissions elsewhere
Costs lower than shipping abatement cost
Delayed phase-in
of methanol and
ammonia
Delays in infrastructure and supply chain
development
Regulatory development and safety standards
especially around ammonia
Availability of suitable engines
Ship-based
carbon capture
Ship-based carbon capture becoming cost-
competitive way to reduce emissions
Logistics of storing onboard and offloading CO2
solved
High capture rates possible
Inability to recover
costs from
customers
Customers being cost-pressured, down-
prioritizing paying for value chain emissions
reductions
Wallenius Wilhelmsen at different price-point
compared to less ambitious competitors
Abundant drop-in
fuel
Breakthrough in production of sustainable biofuel
No need to shift to ammonia if sufficient amounts
of bio-methanol/bio-LNG available
Reduced vessel
utilization
Lasting market normalization/down-turn reducing
utilization
Reduced cargowork compared base case
scenario where cargo grows in line with CEU
capacity
Small nuclear
reactors
Fail-safe small molten salt reactors for shipping
becoming proven technology
Financing schemes to cover high initial
investment
Shift in public perception towards nuclear
Less effect from
energy efficiency
initiatives
Delay in roll-out of energy efficiency initiatives
and/or initiatives having less impact
Inability to find additional measures
Megaships
RoRO industry moving towards megaships of
15,000 CEU capacity
Port infrastructure upgraded to handle larger
ships
Efficient feeder network to serve smaller ports
Geopolitical and
Regulatory
Uncertainty
Political and trade tensions delay new policies
and investments needed to reduce cost of
decarbonization. Growing patchwork of local
regulations.
E1-8 internal carbon price
We have implemented a shadow carbon price based on the EU Emission Trading Scheme
(ETS) in our management system, and visualized how much our direct carbon emissions
would cost globally, if we had the same fee as we must pay for our shipping emissions in
the European continent.
The scope of the internal carbon price is our global business operations. In 2025, we
adjusted the scheme to include well-to-wake emissions (Scope 1 and 3 emissions) from
Shipping and Government in the shadow price, but maintain direct emissions (Scope 1) for
Logistics.
The shadow carbon price is based on the quarterly EU Allowances (EUA) prices. The EUAs
are issued under the EU ETS and each allowance allows company to emit one tonnes
CO₂e. The shadow price is calculated using the ICE EUA Daily Future index, which is the
Contents »
Wallenius Wilhelmsen – Annual Report 2025
65
same source we use to estimate the actual cost of EUAs needed for our shipping emissions
in the European continent
9
.
The shadow carbon price is modelled quarterly, and the indicative cost is visualized per
business segment. The benefit of implementing the shadow carbon pricing scheme is to
raise awareness and visualize the financial impact of adding emissions in different business
segments, mitigate against regulatory transition risk, enable insights that foster low carbon
culture and management, and improve data quality on emissions and costs related to
inaction.
The accumulated cost of emissions can be factored in when making investment decisions
or management decisions in different business segments.
Internal carbon pricing schemes 2025 2024 2023
Total approximate GHG emissions covered by pricing schemes, Current year [tCO₂e] 4,910,000 4,160,000 4,100,000
Total approximate scope 1 GHG emissions covered by shadow carbon price / % of total
scope 1 4,150,000 / 99% 4,160,000 / 99% 4,100,000 / 95%
Total approximate scope 2 GHG emissions covered by shadow carbon price / % of total
scope 2 0 / 0% 0 / 0% 0 / 0%
Total approximate scope 3 GHG emissions covered by shadow carbon price / % of total
scope 3 755,000 / 70% 0 / 0% 0 / 0%
Price of GHG emissions covered by pricing schemes (USD/tCO₂e) 83.52 70.68 90.31
Total shadow cost (USDm) 411.15 294.03 370.27
Contents »
Wallenius Wilhelmsen – Annual Report 2025
66
9
ICE Daily Future Index which is the basis of EUA price/shadow cost (in EUR): https://
www.ice.com/products/18709519/EUA-Daily-Future/data?marketId=400431&span=1
Performance tables
Energy consumption and mix 2025 2024
Total energy consumption (MWh) 15,587,866 15,250,490
Total fossil energy consumption (MWh) 14,918,574 14,814,020
Fuel consumption from coal and coal products (MWh) -
-
Fuel consumption from crude oil and petroleum products (MWh) 14,527,355 14,775,302
Fuel consumption from natural gas (MWh) 362,743 9,304
Fuel consumption from other fossil sources (MWh) 2,503 2,858
Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh) 25,973 26,555
Share of fossil sources in total energy consumption (%) 96 % 1
Total energy consumption from nuclear sources (MWh) -
-
Share of consumption from nuclear sources in total energy consumption (%) - % - %
Total energy consumption from renewable sources (MWh) 669,292 436,470
Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of
biologic origin, biogas, renewable hydrogen, etc.) (MWh) 663,792 436,470
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh) 5,500
-
The consumption of self-generated non-fuel renewable energy (MWh) -
-
Share of renewable sources in total energy consumption (%) 4 % 3 %
Energy intensity based on net revenue in high climate impact sectors 2025 2024
Total energy consumption from activities in high climate impact sectors (MWh) 15,587,866 15,250,490
Net revenue from activities in high climate impact sectors used to calculate energy intensity (USDm) 4,212 4,106
Net revenue (other) (USDm) 1,028 1,202
Total net revenue (USDm) 5,240 5,308
Contents »
Wallenius Wilhelmsen – Annual Report 2025
67
Climate accounting
Retrospective Milestones and target years
Scope 1, 2, 3 GHG emissions 2025
2024
(Comparati
ve)
2022
(Base
year) %N / N-1 2025 2030 2040
Annual
%
Target
/ base
year
Total Scope 1 GHG emissions (tCO2e) 4,182,722 4,186,123 4,320,807 - % - - - (3) %
- Shipping (mobile combustion) 4,131,062 4,132,261 4,292,508 - % - - - (4) %
- Shipping (HFCs) 30,000 30,000 - - - - - -
- Logistics 21,660 23,862 28,299 (9) % (15.8) % (42.0) % (90.0) % (23) %
Percentage of Scope 1 GHG emissions from regulated emission trading
schemes (%) 18 20 - - - - - -
Total Scope 2 GHG Emissions - market-based 8,806 7,412 4,241 19 % (42) % (100) % (100) % 108 %
- Corporate 4,708 4,072 - 16 % - - - -
- Logistics 4,098 3,340 4,241 23 % - - - (3) %
Total Scope 2 GHG Emissions - location-based 8,910 7,945 4,455 12 % - - - -
- Corporate 3,511 3,031 4,455 16 % - - - -
- Logistics 5,398 4,913 - 10 % - - - -
Total Gross indirect (Scope 3) GHG emissions (tCO2e) 1,077,948 1,060,465 1,289,752 2 % - - - (16) %
1 Purchased goods and services 133,125 219,688 204,022 (39) % - - - (35) %
2 Capital goods 80,376 36,210 990 122 % - - - 8019 %
3 Fuel and energy-related activities 761,888 741,207 987,828 3 % - - - (23) %
4 Upstream transportation and distribution 48,799 43,675 81,774 12 % - - - (40) %
5 Waste generated in operations 4,091 4,319 3,142 (5) % - - - 30 %
6 Business traveling 3,494 4,242 2,324 (18) % - - - 50 %
7 Employee commuting 10,643 11,124 9,672 (4) % - - - 10 %
8 Upstream leased assets
9 Downstream transportation
10 Processing of sold products
11 Use of sold products
12 End-of-life treatment of sold products
13 Downstream leased asset 35,532 - - - - - - -
14 Franchises
15 Investments
Total GHG emissions Scope 1, 2, 3 (Market-based) 5,269,476 5,254,001 5,614,800 - % - - - (6) %
Total GHG emissions Scope 1, 2, 3 (Location-based) 5,269,579 5,254,533 5,615,014 - % - - - (6) %
Total GHG emissions Scope 1 & 3 (Well-to-wake) from shipping
operations 4,887,544 4,897,960 5,264,144 - % (9) % (40) % (96) % (7) %
Total GHG emissions Scope 1 & 3 (Well-to-wake) from shipping
operations per tonne nautical mile (EEOI) 63.06 60.19 66.55 5 % (10) % (44) % (97) % (5) %
Total GHG emissions Scope 1, 2, 3 (SBTi coverage) 4,918,010 4,929,234 5,296,684 - % (9) % (40) % (96) % (7) %
Biogenic emissions 2025 2024 2023
Biogenic emissions of CO₂ [tonnes CO₂e] not included in Scope 1: 182,323 120,173 1,252
Contents »
Wallenius Wilhelmsen – Annual Report 2025
68
Methodology and assumptions
To ensure that the baseline value is representative in terms of the activities covered and the
influences from external factors, the following approach was applied for the Shipping and
Logistics reduction targets:
• Comprehensive scope coverage: The scope includes material scope 3 emission
categories, including spend on fuel and stevedoring services. Categories 8-12 and
category 14-15 are deemed immaterial but will nonetheless by assessed in the
upcoming Scope 3 project.
• Use of verified and reliable data sources: The baseline value is underpinned by data,
sourced from our accounting systems, using a spend based approach. For scope 2,
the baseline value includes electricity consumption from all sites and estimates for
offices.
• Alignment with relevant methodologies: The calculation of the baseline value adheres
to recognized standards such as the Greenhouse Gas Protocol and relevant ISO
standards. Additionally, adjustments have been made to ensure compliance with
CSRD.
• Science-based climate targets: Applied the Science-Based Targets initiative (SBTi)
methodology for setting climate targets aligned with 1.5°C scenarios.
• Ongoing review and recalibration: The baseline value will be periodically reviewed and
updated to reflect significant changes in activities, operational boundaries, or external
conditions. This adaptive approach guarantees that the baseline remains
representative and actionable over time.
In 2025 we continue to use all maritime CO2e factors from FuelEU’s emission factors for
well-to-tank (scope 3), tank-to-wake (scope 1) and well-to-wake (scope 1 and 3), for 2023
and 2024. For scope 3 emissions we use Exiobase spend-based factors for category 1, 2, 4
and 6. In 2025, we have updated the Exiobase factors from 2019 factors to 2025 factors,
and added a category on downstream leased assets. This year, we also added category 13
for downstream leased assets to capture emissions associated with chartered out vessels
that we own. These emissions are based on the FuelEU emission factors.
Scope 2 emissions for office employees are estimated using Odysee-Mure Emission
factors for electricity consumption per employees in offices. Emission factors for location
and market based emissions are used from AIB, IEA and Green-E.
Assumptions we applied
• Emission factors: Reliance on standardized emissions factors from globally
recognized databases.
• Scenario projections: Assumptions regarding global temperature rise, energy mix
transitions, and policy timelines.
• Stakeholder behavior: Expected adoption of sustainable practices by supply chain
partners.
Limitations in our approach
• Data availability: Limited primary data for certain scope 3 categories, requiring reliance
on industry averages or proxies.
• Our reporting of data for HFCs in our shipping operation is based on estimates.
Currently available data is procurement of refrigerants for 22 vessels. We have
extrapolated this data to the whole fleet to estimate our performance in 2025. Although
the substances have been procured in 2025, this does not reflect actual amounts
emitted as the products may have a life-span of longer than a year.
• External uncertainty: Unpredictable policy changes, technological advancements, or
market dynamics that could influence our targets.
• Measurement granularity: Difficulty in disaggregating certain data streams for regional
or business-unit-specific analysis.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
69
Our data sources
• Primary data: Real-time operational data from energy meters, production systems,
and waste logs.
• Secondary data: Industry databases, government publications, and third-party
environmental reports.
• Stakeholder input: Data collected through supplier and partner surveys.
Our data collection processes
• Development of centralized data collection protocols standardized across business
units.
• Periodic audits to validate the accuracy of reported data.
• To ensure data credibility and consistency, third-party verification of key metrics is
conducted annually, following standards such as ISO 14064 and the Greenhouse Gas
Protocol.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
70
EU Taxonomy Statement
The EU Taxonomy Regulation provides a classification system with technical criteria for
economic activities that can be considered environmentally sustainable. The regulation
creates a common language for transitioning finance into sustainable investments and it
promotes transparency in economic and financial operations. The classification is a useful
tool to support companies in the transition towards net-zero operations.
The regulation is continuously changing, maturing and evolving, and we will report in line
with the relevant requirements as a non-financial company. Economic activities defined
under the Taxonomy are reported by revenue (turnover), CapEx and OpEx.
10
Identifying environmentally sustainable economic activities
The Group's activities are linked to the boundaries of the reporting entity as defined by
IFRS and described in the group financial statements.
Wallenius Wilhelmsen has screened the economic activities that can be assessed for
Taxonomy reporting. When determining whether an economic activity was considered
relevant, we first assessed the descriptions of the activities defined under the transport
sector since this is the most material sector for us.
11
Our primary activity relate to
transportation of goods on sea. Whilst we have operations within road transportation,
processing centers and terminals, we deem these as not material as the most significant
economic activity of the group concern sea freight water transport. In 2024 we included
reporting on road transportation and its eligible and aligned activities, but based on the
revisions to the regulatory requirements we have elected to exclude this activity in the
current year. We will include further economic activities if these become material to our
reporting in the future.
We applied the technical screening criteria under Climate Change Mitigation (CCM) to
assess eligibility and alignment of our economic activities. We identified only one material
economic activity to be material: CCM 6.10 Sea and coastal freight water transport, vessels
for port operations and auxiliary activities. This is described below. We do not currently
have any activities in the remaining five environmental objectives in the regulation.
Sea and coastal freight water transport, vessels for port operations and auxiliary
activities (CCM 6.10)
This activity includes purchasing, financing, chartering and operation of vessels used for
transport of freight.
Most of our economic activities are under shipping and government services, as all core
and most auxiliary activities in the segments are related to international ocean movement of
RoRo cargo. All our vessels are eligible assets under CCM 6.10. We have conducted an
analysis of our entire fleet, and determined that ten of our operated vessels meet the
requirements specified in criteria (d) in the Taxonomy. The remaining vessels in our fleet do
not meet the requirements in the criteria a-f.
We also have fourteen newbuilds on order that are assessed as aligned to the technical
screening criteria in the Taxonomy. All of these incurred capex in 2025. The newbuilds are
capable of running on renewable energy (such as biofuel and methanol) and will have
shore power capability enabling zero emissions at berth. The vessels will meet the technical
screening criteria (d):
where technologically and economically not feasible to comply with the
criterion in point (a), until 31 December 2025, the vessels have an attained
Energy Efficiency Design Index (EEDI) value 10 % below the EEDI
Contents »
Wallenius Wilhelmsen – Annual Report 2025
71
10
In accordance with regulation EU (2020/852) and the supplementing delegated acts.
11
As outlined in regulation EU (2020/852) and the supplementing delegated acts
requirements applicable on 1 April 2022 if the vessels are able to run on
zero direct (tailpipe) CO
2
emission fuels or on fuels from renewable
sources.
Do no significant harm (DNSH) criteria
When assessing the alignment of our economic activities, we screened all DNSH criteria
under Climate Change Mitigation. We do not have any activities in other environmental
criteria. For activities within sea and coastal water freight transport, all of our vessels follow
IMO and relevant regional and national jurisdictions when operating globally. The nine
vessels in operation and our newbuilds are deemed aligned with the EU Taxonomy as they
meet the required DNSH criteria.
Compliance with minimum safeguards
Our activities are carried out in compliance with the minimum safeguards:
• Human rights, including labor rights: Our approach to human and labor rights are
described in the Social chapter. Our due diligence process is guided by the OECD
Guidelines for Multinational Enterprises and the UN Guiding Principles on Business
and Human Rights. Wallenius Wilhelmsen has not been held liable or found to be in
breach of labor law or human rights in 2025. Moreover, OECD National Contact Point
has neither accepted any cases regarding Wallenius Wilhelmsen neither has the
Business and Human Rights Resource Centre (BHRRC) ever taken up any
allegations against the company. We are, however, committed to engaging with
relevant stakeholders including OECD’s National Contact Point and the BHRRC
should we be requested to do so.
• Bribery and corruption: Wallenius Wilhelmsen has developed and adopted a
compliance program covering the prevention and detection of corruption and bribery.
Please refer to the Governance chapter for further information. None of the members
of our senior management were convicted of corruption or bribery in 2025.
• Taxation: Wallenius Wilhelmsen is committed to being a responsible corporate
citizen. This includes ensuring that we manage and report our tax affairs in a manner
that complies with local laws and regulations the countries we operate in. This applies
to all taxes, including direct taxes, indirect taxes, payroll taxes and other forms of
taxation. Transactions between Wallenius Wilhelmsen’s group companies are
conducted at an arm’s length basis in accordance with OECD principles and the
internal transfer pricing policy.
Tax compliance and day-to-day responsibilities for the operation of the local tax
function rest with the Wallenius Wilhelmsen subsidiaries. The global tax department
manages tax risks and ensures compliance in all significant operational and financial
transactions as well as securing arm’s length pricing in all intercompany transactions.
The company is committed to adopting a justifiable and fair tax position in cases
where tax regulations are open to interpretation or choices. The tax position taken in
all significant transactions is supported by employment of qualified in-house personnel
and, where necessary, the use of an external tax opinion. Further, we aim to operate
under a policy of transparency with local tax authorities. Corporate tax affairs are the
Chief Financial Officer’s responsibility and extend to all jurisdictions in which the
company operates.
Neither the company nor its subsidiaries were found guilty of violating any tax laws in
2025.
• Fair competition: Wallenius Wilhelmsen is committed to fair competition and to
complying with all applicable anti-trust and competition laws. This is anchored in our
code of conduct and training is provided for senior management and other relevant
Contents »
Wallenius Wilhelmsen – Annual Report 2025
72
employees. The company nor its subsidiaries have not been finally convicted of
violating competition laws in 2025.
Measuring performance
The table below shows the total Revenue, OpEx and CapEx for the Wallenius Wilhelmsen
group, and the estimated proportion of economic activities which is considered eligible and
aligned as defined in the regulation. In combination, the indicators below are intended by
the taxonomy to express the group’s activities that qualify as environmentally sustainable.
During the year, further details regarding the interpretation of the taxonomy regulation has
emerged.
Revenue (turnover): Revenue represents the group’s total revenue from contracts with
customers as described in our accounting policy in note 2 in the financial statements.
Revenue from eligible activities includes revenues earned by the Shipping services and
Government services segment as well as inland transportation within the Logistics services
segment.
Capital expenditure (CapEx): CapEx comprises additions to vessels and other tangible
assets, additions to right-of-use assets (leases) and purchase or development of intangible
assets, all as described in our accounting policies, see note 7, 8, and 9. CapEx related to
eligible economic activities includes both investment in new and existing vessels, facilities
and equipment.
Operating expenditure (OpEx): OpEx comprises a subset of “Operating expenses” in the
group’s income statement and represents the group’s total expenses that are not
capitalized that relate to maintenance and repair. In accordance with the proportionality
principles introduced by the Omnibus Regulation, the group has assessed its
taxonomy-eligible operating expenditure (OpEx) as non-material for reporting purposes.
Total OpEx represents only 1 percent of turnover and 9 percent of total CapEx, and
therefore does not have a meaningful influence on the group’s taxonomy KPIs or the overall
assessment of taxonomy alignment.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
73
Summary of EU Taxonomy KPIs
Breakdown by environmental objectives of Taxonomy-aligned
activities
KPI
Total
Proportion of Taxonomy
eligible activities
Taxonomy aligned
activities
Proportion of Taxonomy
aligned activities
Climate Change
Mitigation
Climate Change
Adaptation
Water
Circular
Economy
Pollution
Biodiversity
Proportion of enabling
activities
Proportion of
transitional activities
Not assessed activities
considered non-
material
Taxonomy aligned
activities in 2024
Proportion of Taxonomy
aligned activities in
2024
USDm % USDm % % % % % % % % % % USDm %
Turnover 5240 78 % 258 5 % 5 % - - - - - - 5 % - 179 3 %
CapEx 760 73 % 451 59 % 59 % - - - - - - 59 % - 247 36 %
OpEx 71 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 1 %
Proportion of revenue from products or services associated with taxonomy-aligned
activities 2025
Economic activities
Code
Taxonomy eligible
Turnover
Proportion of
taxonomy eligible
Turnover
Taxonomy aligned
Turnover
Proportion of
taxonomy aligned
Turnover
Environmental objective of Taxonomy aligned activities
Enabling activity
Transitional activity
Proportion of
Taxonomy aligned in
Taxonomy eligible
Climate
Change
Mitigatio
n
Climate
Change
Adaptati
on Water
Circular
Econom
y Pollution
Bio-
diversity
USDm % USDm % % % % % % %
(E where
applicable)
(T where
applicable) %
Sea and
coastal
freight water
transport,
CCM
6.10 4,172 80 % 258 5 % 5 % - % - % - % - % - % T 6 %
Sum of
alignment
per
objective 5 % - % - % - % - % - %
Total
Turnover 4,172 80 % 258 5 % 5 % - % - % - % - % - % 258 6 %
Proportion of CapEx from products or services associated with taxonomy-aligned
activities 2025
Economic activities
Code
Taxonomy eligible
CapEx
Proportion of
taxonomy eligible
CapEx
Taxonomy aligned
CapEx
Proportion of
taxonomy aligned
CapEx
Environmental objective of Taxonomy aligned activities
Enabling activity
Transitional activity
Proportion of
Taxonomy aligned in
Taxonomy eligible
Climate
Change
Mitigatio
n
Climate
Change
Adaptati
on Water
Circular
Econom
y Pollution
Bio-
diversity
USDm % USDm % % % % % % %
(E where
applicable)
(T where
applicable) %
Sea and
coastal
freight water
transport,
CCM
6.10 558 73 % 451 59 % 59 % - % - % - % - % - % T 81 %
Sum of
alignment
per
objective 59 % - % - % - % - % - %
Total CapEx 558 73 % 451 59 % 59 % - % - % - % - % - % 451 81 %
Contents »
Wallenius Wilhelmsen – Annual Report 2025
74
Pollution
Why is it important?
IRO-1 Description of the processes to identify and assess material pollution-related
impacts, risks and opportunities
Our environmental impacts extend beyond carbon emissions. For instance, the combustion
of bunker fuel from our shipping operations leads to emissions of a variety of air pollutants
which cause an actual negative impact since SOx and NOx contributes to acid rain which is
harmful to both ecosystems and human health. NOx also reacts with other pollutants in the
presence of sunlight to form ozone, which at high concentrations can damage vegetation.
As part of our operations, crews handle several substances of concern and very high
concern, which if handled incorrectly and released have a potential negative impact on the
environment. Any spills of polluting substances such as bunker oil, also have a potential
negative impact on the environment. Moreover, non-compliance with local and international
regulations on pollution can lead to fines or reputational damage.
How we work
E2-1 Policies relating to pollution
Our environment policy specifies pollution-related risks and impacts as one of our
environmental topics. The scope of the policy is all activities within our group, including
ocean shipping, vehicle processing, terminal management activities and in-land distribution.
Upstream and downstream activities across our value chain such as vessel newbuilds and
recycling, are also included. The policy recognizes that emissions to air from our ships and
land-based operations have a broader impact than climate change, and we take
responsibility to mitigate these emissions. The policy specifies the commitment to reduce
air and water pollution from our ocean fleet and to comply with global regulations regarding
the emissions of these gases. The policy specifically notes our commitment to reducing
SOx, NOx and particulate matter. Adhering to global regulations, such as IMO, is also
essential to reduce the risk of fines, legal actions and reputational damage due to pollution
of water bodies.
While we do not source or consume raw materials as a service provider, we strive to
embrace sustainability and transparency throughout our value chain. Consistent with this
approach, Wallenius Wilhelmsen does not purchase, supply, or use minerals sourced from
conflict-affected areas (as defined in “OECD Due Diligence Guidance for Responsible
Supply Chains of Minerals from Conflict Affected and High-Risk Areas”) and conflict
minerals are prohibited from use in our supply chain. We insist upon responsible
management of chemicals at all our locations, in compliance with laws and regulations. We
aim to always protect our workers, stakeholders, and the environment, and to reduce our
use of chemicals whenever possible.
We aim to continuously improve how we monitor and manage our environmental risks with
an ISO 14001 conformant integrated management system.
The policy applies to all Wallenius Wilhelmsen`s directors, officers, personnel including
temporary personnel, consultants and others who act on behalf of the company. It is also
relevant for employees in all subsidiary entities. All employees of Wallenius Wilhelmsen are
responsible for understanding, promoting, and conducting their work in accordance with this
policy. Wallenius Wilhelmsen Board of Directors has the ultimate responsibility for this
policy, while the CEO is responsible for ensuring compliance with this policy.
Our policies are posted internally and externally to provide access for all our stakeholders.
Our supplier code of conduct specifies our environmental commitment and is presented
and agreed upon before new contracts are established.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
75
E2-2 – Actions and resources related to pollution
Actions in our shipping activities
Wallenius Wilhelmsen complies with IMO regulations by using scrubbers, or bunkering
either very low sulfur fuel oil (VLSFO, <0.5 percent) or low sulfur marine gas oil (LSMGO,
0.1 percent max) on ships without scrubbers. On vessels with scrubbers, the exhaust gases
are brought into contact with seawater by spraying it into the exhaust stream. Through
several chemical reactions, the sulfur is transformed and released to sea as sulfates. In
addition to sulfates, the scrubber washwater may also contain elevated concentrations of
other pollutants, including heavy metals and organic substances. Discharge of washwater
is following IMO requirements for continuous monitoring and recording of scrubber
washwater parameters to verify compliance with discharge limits. Sampling and periodic
laboratory analysis of washwater is also taking place, with administrations using these data
to assess compliance and refine future standards. We are investigating how we can
measure the impact from the release of scrubber wash water on the water quality. The
scrubbers significantly reduce SOx emissions to air, in addition to particulate matter (PM).
Our operational efficiency initiatives will further reduce our sulfur emissions as we become
more energy efficient and use less fuel. Wallenius Wilhelmsen is considering a number of
different fuel and engine technologies for the future. A shift to biofuels, LNG or other
alternative fuels, such as methanol or ammonia, would drastically reduce, and potentially
eliminate, our emissions of SOx and PM to air. Use of LNG in particular, contribute to NOx
and PM reduction, in addition to the elimination of SOx emissions.
In compliance with the International Safety Management (ISM) Code, to ensure the safe
operations of each ship and to provide a link between the company and those on board, the
company has designated persons ashore with direct access to the highest level of
management. The responsibility and authority of the designated persons include monitoring
the safety and pollution-prevention aspects of the operation of each ship. In compliance
with ISM Code Chapter 12, the company conducts regular internal safety audits on board
and ashore to verify whether safety and pollution prevention activities comply with the
safety management systems. Possible corrective action plans may then be identified, which
are in accordance with internal procedures. These key actions occur on an ongoing basis.
Actions in our logistics activities
The company’s Safety 1st program and HAZMAT safety plans have established measures
to control and monitor chemicals and pollutants used by our logistics sites. With the majority
of logistics sites achieving ISO 14001 and 45001 certification we have established a
stronger framework for monitoring and measuring environmental and safety performance.
These measures help us monitor and evaluate chemicals and pollutants, working to
maintain a safe and compliant workplace, and are conducted on an ongoing basis.
Moreover, ISO 14001 requires each site to have an impact assessment to identify material
topics with concrete measures. Pollution will then be covered where material, however a
consolidated approach and results are not available. Operational resources have been
allocated to the Safety 1st program.
How did we perform?
E2-3 Targets related to pollution
We have set ambitious targets for Scope 1 emissions and plan to set targets for other forms
of pollution when the accuracy of the baseline has been improved. We currently, therefore,
do not track the effectiveness of policies and actions of material impacts and risks for
pollution.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
76
E2-4 Pollution of air and water
Air Quality 2025 2024 2023
Total SOx emissions of fleet under group control, in tonnes
21,581 21,802 22,170
Total NOx emissions, in tonnes
74,552 83,569 -
Total Particulate matter, in tonnes
5,971 4,361 -
Measurement methodology:
SOx emissions were calculated based on fuel consumption and sulfur content obtained
from bunker delivery documentation. Sulfur emissions were calculated per fuel type and
vessel and subsequently aggregated to fleet level. For vessels equipped with exhaust gas
cleaning systems, sulfur emissions were allocated between emissions to air and sulfur
discharged to sea based on scrubber operation and time spent in emission control areas.
This resulted in a split between sulfur emitted as SO₂ to air and sulfur captured and
discharged to sea. In 2025, we updated the SOx emissions figures for 2022-2024 based on
a updated calculation method.
NOx emissions were calculated using an energy-based methodology in line with MARPOL
Annex VI and the NOx Technical Code. Tier- and engine-speed-dependent emission factors
(g NOx/kWh) were applied to fuel-derived energy consumption, using default SFOC values
where measured engine power data were unavailable. Where vessel-specific engine
certification data were missing, representative average emission factors from the rest of the
fleet were applied to ensure data completeness and consistency.
PM10 emissions were calculated using an energy-based methodology dependent on
engine type, Tier, and fuel type. For residual and distillate fuels, sulphur-dependent
emission factors including a baseline and a sulphate component were applied, with
scrubber emission ratios used to derive equivalent sulphur content where applicable. Fixed
emission factors were applied for LNG-fuelled engines and boilers, and PM10 emissions
were calculated by multiplying energy output by the applicable emission factor. This method
is changed from 2024, which will affect comparisons between years.
E2-5 Substances of concern and substances of very high concern
2025 2024
Substances of concern or very high concern
Amount,
substance
procured (kg)
Amount,
substance left
company`s
facilities as
emissions (kg)
Amount,
substance
procured (kg)
Amount,
substance left
company`s
facilities as
emissions (kg)
Substances of very high concern
Rocor Nb Liquid 47,744 47,744 113,281 113,281
Total 47,744 47,744 113,281 113,281
Substances of concern
Carcinogenicity categories 1 and 2 197,5 197,5 7,564 7,564
Germ cell mutagenicity categories 1 and 2 - - 852 852
Reproductive toxicity categories 1 and 2 47,744 47,744 226,563 226,563
Skin sensitisation category 1 229 229 7,387 7,387
Specific target organ toxicity, repeated exposure categories 1 and 2 184 184 8,218 8,218
Total 48,354 48,354 250,584 250,584
Measurement methodology:
Our reporting of data for substances of (very high) concern in our shipping operation is
estimated based on supplier data and thus represent what has been procured as opposed
to consumed. Currently available data is procurement of chemicals for 88 out of 127
vessels. The data relates to procured chemicals, refrigerants and welding, however not
Contents »
Wallenius Wilhelmsen – Annual Report 2025
77
actual amounts released. We have extrapolated this data to the whole fleet to estimate our
performance in 2025. External density conversion factors have then been applied where
relevant. Although the substances have been procured in 2025, this does not reflect actual
amounts emitted as the products may have a life-span of longer than a year. When a
substance falls under multiple hazard classes, its full amount is reported in each relevant
class. This results in double-counting of the total substances of (very high) concern and the
estimations are therefore over-reported.
Where the density conversion factor is not available, we have a used a 1:1 conversion from
liters to kg. In reality, there could be some deviation to this conversion factor.
We will continue to work on improving the estimation methodology for mapping of
substances of concern and very high concern in shipping. The development of reporting
and internal control procedures will follow suit.
How we will proceed?
We shall establish and maintain a risk management system that includes regular risk
assessments, identification, and control measures. We strive to continuously improve how
we monitor and manage our environmental risks with an ISO 14001 conformant integrated
management system.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
78
Biodiversity and ecosystems
SBM-3- Material impacts, risks and opportunities and their interaction with strategy
and business model
Why is it important?
IRO-1 Description of processes to identify and assess material biodiversity and
ecosystem related impacts, risks, dependencies and opportunities
Protecting the planet's biodiversity is critical to preserving a healthy ecosystem that can
sustain society. As a global shipping and logistics provider, we diligently work to protect
sensitive areas and minimize environmental impact by optimizing vessel speed, avoiding
specific territories and implementing robust management procedures for pollution, waste,
and invasive species. Evolving standards, regulations and expectations on nature
conservation and protection require us to continually assess biodiversity impacts, risks, and
opportunities across all the regions we operate. In this context, biodiversity is recognised as
a key material topic in the Double Materiality Assessment (DMA), with the following
impacts, risks and opportunities:
• The operations of our vessels have an actual negative impact on marine ecosystems
through ballast water, presence of hull fouling, creation of underwater noise, and
travelling through biodiversity sensitive areas and whale migratory routes.
• Failure to comply with local and international invasive-species regulations could
expose the company to fines, legal action, and reputational damage.
• We have an opportunity of collecting data for scientific purposes to improve the state
of the oceans.
Assessing nature-related impacts, risks and opportunities
Over the past two years, we have conducted nature and biodiversity impact assessments
guided by methodology from the Task force for Nature-related Financial Disclosures
(TNFD). The work has improved our understanding of our business’ interactions with
biodiversity sensitive areas and provided a deeper analysis of the material dependencies,
impacts, risks and opportunities related to biodiversity and ecosystems.
Given our global business operations and complex value chain, we chose to focus the
scope on our shipping operations which represent our largest business segment. In 2025,
we extended the scope and assessed the extent to which our land-based operations are
located in/or adjacent to marine, terrestrial and in-land water protected areas. The
remainder of our value chain, i.e. the upstream and downstream part of our value chain, will
be assessed in the coming years. We did not consult affected communities during the
process, as the primary focus of the impact assessments includes the global commons,
and affected communities were not identified as a material stakeholder.
The assessments have been structured in line with the LEAP approach defined by TNFD,
beginning with locating our interactions with biodiversity sensitive areas (Locate), evaluating
impacts and dependencies (Evaluate), assessing risks and opportunities (Assess), and
preparing for target setting and reporting (Prepare).
In 2025, we reviewed the process, created a use-case for TNFD which assessed two
locations and trade lanes in more detail.
12
Below is an overview of the process we followed.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
79
12
The full LEAP approach can be accessed in the use- case, accessed in the TNFD library:
https://tnfd.global/knowledge-bank/enhancing-maritime-biodiversity-considerations-
wallenius-wilhelmsens-leap-approach/
1. Locate
Locating interactions with nature and biodiversity is essential for pinpointing risk
and potential adverse impacts across our operations. By using AIS data from our vessels in
a GIS platform, we mapped global vessel movements to identify areas where we intersect
with biodiversity sensitive areas. Data layers such as Marine Priority Areas (MPAs),
Ecologically and Biologically Significant Marine Areas (EBSAs), Marine Wilderness, and
Human Impact on the Oceans, were included in the platform to define sensitive areas.
13
The data was useful in analyzing and setting a boundary on whether our shipping
operations would cross, or spend time within, these sensitive areas.
To understand which of our global operations have higher dependencies or impacts on
nature, we segmented our operational activity into case areas. The cases were selected
based on material operations (frequency of routes), their overlap with EBSAs and MPAs,
their representation of different operational interfaces with nature (e.g. near shore vs high
seas), and finally their relevance to different TNFD biomes. This mapping helped us
understand where our activities may have impacts on biodiversity.
Case areas Example locations Example activity TNFD biome Local biological considerations
High seas North-West Atlantic,
North Pacific
Open-water transit Open ocean waters
(M2)
Pelagic species (e.g. whales, tuna,
seabirds), migratory corridors,
oceanic carbon cycling
Straits/Canals Panama Canal,
Malacca Strait
In-zone speed-
reduced transit
Marine shelf (M1),
Shoreline systems
(MT1), Brackish tidal
(MFT1)
Whale and fish migration routes,
shelf-edge biodiversity, benthic
habitats
Close to shore Melbourne to Bribane
coastline, Cape
Hope, Sri Lanka
Nearshore passage Shoreline systems
(MT1)
Blue whales, coral reefs, seagrass
meadows, artisanal fisheries,
coastal tourism
Harbors Yeousu, Baltimore
(Chesapeake Bay)
Port approaches and
anchoring
Artificial marine
systems (M4),
Coastal inlets &
lagoons (FM1),
Brackish tidal (MFT1)
Dolphins, estuarine nurseries,
sediment ecosystems, noise-
sensitive fauna
2. Evaluate
The regional biodiversity and ecosystem considerations within the case locations vary,
prompting us to conduct a comprehensive stakeholder dialogue to gain deeper insights.
This included biologists, research institutions, NGOs, peers and investors. Priority locations
were defined based on the combination of time-spent (vessel hours) and sensitivity
(vulnerability of the biodiversity sensitive area). Cases were further evaluated by using
methodology from Science-Based Targets Network’s Sector Materiality Tool. This tool
helped us evaluate drivers of biodiversity loss and whether we had any potential or actual
impacts that we could evaluate and score based on scale, scope, irremediability. We also
considered the likelihood of the impact and whether mitigating actions are in place.
In line with the DMA, the most important impacts across our ocean operations include
invasive species in cargo, ballast water and through hull fouling, as well as vessels’ impact
on whales and other cetacean species. Noise pollution may also be an area where we have
significant impact on life under water. As a global shipping and logistics provider, we
recognize that there are still many unknowns in how our business directly impacts
biodiversity, but we aim to continuously monitor and increase our knowledge of operational
impacts. We worked closely with stakeholders to understand potential and actual impacts,
and to prioritize which topics and opportunities to focus on going forward.
3. Assess
Contents »
Wallenius Wilhelmsen – Annual Report 2025
80
13
The data layers used were adopted from open sources such as the UN Biodiversity Lab:
https://unbiodiversitylab.org/en/.
The most material nature-related risks and opportunities were examined in a scenario-
based workshop on physical and transition risks.
14
Scenario planning proved valuable in
evaluating our business resilience concerning nature and biodiversity. We considered the
physical risks for the direct shipping operations to be low, but the transition risk to be higher
as sector-specific topics such as protection from invasive species, conservation of maritime
territories and underwater radiated noise may become more regulated.
4. Prepare
The results from the assessment have shaped our strategy and ambitions and guided our
reporting on nature and biodiversity topics. Our ambition going forward is that we shall
actively protect biodiversity and improve internal ocean knowledge. We will do this by
defining further actions under the levers of avoiding impact, minimizing impact, and
contribute to restoring ocean health by sharing insights gained by our operations.
Facilities and operations adjacent or close to biodiversity sensitive areas
Our global operations are in proximity of biodiversity sensitive areas across different
geographies. For ocean, the data layers described above, and particularly the EBSA
territories, encompass areas critical for threatened, endangered or declining species and/or
habitats. As we sail across ocean territories our operations may impact various species.
However, we mitigate this through measures such as transitioning to cleaner fuels as part of
our net-zero strategy and implementing avoidance strategies or speed reductions in
territories important for large marine mammals.
For terminals and facilities on land, we assessed the location of the land-based operations
and included a 5 kilometer buffer zone to encompass marine, terrestrial and in-land water
protected areas. We excluded facilities where we only have offices as the likelihood for
adverse impact is considered insignificant. This assessment was useful to understand our
geospatial footprint and how close we are to biodiversity sensitive areas. The list below
describes which facilities are adjacent to, or overlapping with, protected areas.
15
USA
Aurora (EPC) Local Conservation Area
Brunswick (EPC) Natural Area, Regional Park
Chattanooga (VPC) Wildlife Management Area
Creve Coeur (EPC) Conservation Area, Nature Preserve
Oxnard (VPC) Beach
Santa Paula (EPC) Private Conservation
Tacoma (CPC) Easement, Local Conservation Area
Mexico
Cuautitlan (VPC) State Park
Cuernavaca (VPC)
National Park, Ecological Conservation,
Wetland of International Importance (Ramsar
Site)
Hermosillo (VPC) Ecological Conservation
Monterrey (VPC-Railhead) City Park
Panama Manzanillo (EPC) Protected Landscape
United Kingdom Southampton (EPC)
Site of Special Scientific Interest, Local Nature
Reserve, Special Protection Area (Birds
Directive), Emerald Network, Wetland of
International Importance (Ramsar Site), Marine
Protected Area (OSPAR)
Belgium Bastenaken West (Terminal)
Flemish Ecological Network (Flemish Region),
Special Areas of Conservation (Habitats
Directive), Special Protection Area (Birds
Directive)
Italy Este ALS (DSCS)
Regional/Provincial Nature Park, Special
Protection Area (Birds Directive), Special Areas
of Conservation (Habitats Directive)
Country Facilities adjacent or overlapping
biodiversity sensitive areas
Type of biodiversity sensitive area
Contents »
Wallenius Wilhelmsen – Annual Report 2025
81
14
In the workshop, we used the TNFD recommended guidance on scenario analysis: https://tnfd.global/
publication/guidance-on-scenario-analysis/#publica-tion-content
15
Protected areas were defined as those identified by the World Database on Protected Areas (WDPA): https://
www.protectedplanet.net/en/thematic-areas/wdpa?tab=WDPA
Australia
Derrimut (EPC)
Natural Features Reserve, Nature
Conservation Reserve
Fairy Meadow (EPC) State Conservation Area
South Africa East London (VPC) Nature Reserve
Country Facilities adjacent or overlapping
biodiversity sensitive areas
Type of biodiversity sensitive area
In general, we consider adverse impacts from overlapping with or being located adjacent to
biodiversity sensitive areas to be low in both our shipping operations and logistics
operations, as we diligently adhere to international and local regulations. We do not have
any resource-intensive operations with material impacts leading to land degradation,
desertification, or soil sealing. In addition, we are implementing a comprehensive integrated
management system that requires procedures to assess environmental risks and identify
actions to mitigate adverse impacts. We do this through collaborative measures following
ISO principles and share the best practices throughout the organization.
Biodiversity scenario analysis
To supplement the assessment on material impacts, risks and opportunities, we conducted
a scenario analysis to understand the resilience of our business regarding systemic,
physical and transition risks.
The scenario analysis is important to better understand the future of our sector, to develop
robust strategies and to identify new business opportunities and concepts. We developed
four scenarios in line with TNFD’s proposed approach to scenario analysis. The TNFD
builds on and applies insights from relevant global, regional and location-specific scientific
assessments on biodiversity and ecosystems conducted by the Intergovernmental Platform
on Biodiversity and Ecosystem Services (IPBES). As a result, we regard this guidance as
best practice. We assessed each scenario on different time horizons towards 2030, 2040
and 2050.
Scenario 1: Ahead of the game
Regulations are aligned across geographies, with governments moving in the same
direction to stop the loss of nature, sending clear signals to business and finance.
Companies are not experiencing severe disruptions due to physical nature risk. Marine
ecosystems appear to be improving, including through population increases. Regulations
are being implemented as expected, and the world is on track to reach the biodiversity
conservation target set by the United Nations to protect at least 30 percent of the ocean by
2030. The High Seas Treaty is about to be ratified.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
82
Scenario 2: Go fast or go home
The loss of nature is sudden and disruptive as some tipping points are reached.
Governments are aligned when responding with policy interventions. This reduces
uncertainty. Corporations face immediate and material business harm from disruptions to
ecosystem services. To prevent negative impact on marine life, shipping activities are
banned in certain areas as a precautionary measure. This has a sudden impact on shipping
routes, that must be diverted to comply with the regulatory changes. Countries are taking
immediate action to reduce the mounting problem of invasive species, creating delays and
increased costs regarding for example treatment of ballast water and documentation.
Companies are risking great reputational damage if negative impacts on biodiversity are
linked to their operations.
Scenario 3: Sand in the gears
Nature slips down the list of corporate risk priorities because visible material costs are small
and not expected to change any time soon. While the CSRD is implemented in Europe,
reporting on nature-related impacts, risks and opportunities remains high-level and is often
overlooked by investors and other stakeholders. Assessing risks and impacts on
biodiversity remains difficult for the shipping industry as few applicable methods are
developed. There are conflicting directions in government response to nature loss. Some
countries disproportionately experience the results of nature loss. This is particularly true of
the Asia Pacific region which is the region with the greatest marine diversity globally.
Scenario 4: Back of the list
Conflicting and ambiguous signals from national governments, international bodies and
non-market forces prevent corporations from taking systematic action, even as they face
significant negative material impacts from the loss of ecosystem services. Governments
and the international community fail to follow up on ambitions in the Global Biodiversity
Framework and The High Seas Treaty. A shortage of raw materials disrupts supply chains
and create volatility in fuel prices. This affects shipping companies indirectly through a
slowdown in demand for services as well as directly through effects such as volatility in fuel
prices and shipyard delays. Furthermore, ports are caught up in problems related to
pollution, congestion and ecosystem disruption causing some ports to close periodically.
Summary
Due to the high level of compliance and integrated management system procedures across
the organization, we believe that we are well prepared for different scenarios whether this
entails higher or lower regulatory interventions and higher or lower magnitude of nature
loss. We recognize that systemic or physical risks disrupting supply chains can have a
significant impact across businesses with global value chains. This may be dire for our
business partners, end consumers and our company, and it stresses the importance of
managing nature and biodiversity in a way that does not lead to natural disruptions but
rather sustainable value creation and conservation.
How we work
E4-1 Transition plan and consideration of biodiversity and ecosystems in strategy
and business model
E4-2 Policies related to biodiversity and ecosystems
We manage our impact on biodiversity in several ways, including waste reduction, and
avoiding sensitive areas on our journeys. Most importantly, we strive to reduce the risk of
spreading invasive species in our cargo, through ballast water treatment systems
complying with the US Coast Guard (USCG) regulations and anti-fouling programs
adhering to our strict anti-fouling standard. We also share data with research institutions,
and we work to increase our own knowledge to be able to implement strategies, policies,
targets and measures that contribute to halting and reversing the loss of biodiversity.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
83
Biodiversity policies
The group environment policy is our group-wide policy to manage our material
environmental topics including climate change and decarbonization, biodiversity and
ecosystems and pollution. The scope of the policy covers all activities within our Group,
including ocean shipping, vehicle processing, terminal management, in-land distribution
and upstream and downstream activities across our value chain, such as vessel newbuilds
and vessel recycling. The Board of Directors has the ultimate responsibility for this policy,
while the CEO has the ultimate responsibility to ensure compliance with this policy.
For biodiversity specifically, the policy underscores that protection and sustainable
management of biodiversity and ecosystems is essential to ensuring long-term social and
economic stability. It establishes our commitment to do our part in halting and reversing
biodiversity and nature loss and protecting endangered species on land and in our oceans.
It also states that we will work to improve our understanding of our impacts on biodiversity
and mitigate negative impacts on natural environments across our value chain. Land-based
issues regarding sustainable land, agriculture and deforestation are not material topics for
our activities.
When we have completed the full biodiversity assessment, we will evaluate whether we
need to revise the group environment policy and consider specific biodiversity and
ecosystem policies.
For all environmental topics, we shall continue to identify, assess, and control the impacts
of our value chain. We shall also establish and maintain a risk management system that
includes regular risk identification, assessments, and control measures. We will strive to
continuously improve how we monitor and manage our environmental risks with an ISO
14001-compliant integrated management system.
While we do not source or consume raw materials as a service provider, we strive to
embrace sustainability and transparency throughout our value chain. We do not purchase,
supply, or use minerals sourced from conflict-affected areas, and conflict minerals are
prohibited from use in our supply chain.
16
To ensure good practice, we have developed a
questionnaire to be answered by relevant suppliers regarding resource use and
management. This will give us insights into which suppliers should be considered further
based on their environmental impact.
To ensure a common approach for our global operations we are committed to collaborate
and embrace standards developed by the United Nation`s Global Compact, OECD's
Guidelines for Multinational Enterprises on Responsible Business Conduct. We are also a
member of the Ship Recycling Transparency Initiative. These international networks and
initiatives support continuous improvement of managing business’ impact on environmental
matters.
Biodiversity strategy
In 2024, we developed a biodiversity strategy based on the outcome of the global
biodiversity assessment on ocean operations. The strategy is structured and informed by
the mitigation hierarchy of the TNFD and the Global Montreal-Kunming Biodiversity
Framework.
We do not have a biodiversity transition plan and do not plan to develop this in the near
future as we consider our initiatives on managing risk of adverse impacts to be sufficient.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
84
16
As defined in the OECD Due Diligence Guidance for Responsible Supply Chains of
Minerals from Conflict Affected and High-Risk Areas: https://www.oecd.org/en/publications/
oecd-due-diligence-guidance-for-responsible-supply-chains-of-minerals-from-conflict-
affected-and-high-risk-areas_9789264252479-en.html
Still, our biodiversity strategy will be reviewed annually and include elements from land-
based operations as well as upstream and downstream value chain, if this is material.
Our primary focus is to avoid and reduce impact and contribute positively with more
knowledge about the ocean. Therefore, we will not use any biodiversity credits to offset
adverse impacts in our strategy.
We have also not yet adopted action plans related to biodiversity and ecosystems. We are
awaiting guidelines on setting science-based targets that we then aim to follow up with
specific actions and allocation of resources.
How did we perform?
E4-3 Actions and resources related to biodiversity and ecosystems
Following the nature and biodiversity impact assessments guided by LEAP and the strategy
process, we have not identified a need to expand the mitigation measures already in place.
Instead, we aim to structure our biodiversity efforts more holistically and integrate them with
existing processes and management systems.
We have several important measures in place to mitigate actual and potential impacts from
invasive species, disturbances and pollution which are important drivers of biodiversity loss.
These measures are connected to our goals and strategy for ocean operations:
Managing risk of invasive species
Wallenius Wilhelmsen is at risk of carrying invasive species, such as snails, bugs and
seeds in the cargo we transport. This is a growing international concern. The brown
marmorated stink bug (BMSB) is a relevant example: The bug is native to East Asia, but
has now migrated to the US, Canada and Europe, where it ruins crop harvests and has
significant economic impact. Measures are being taken to prevent the BMSB from entering
Australia and New Zealand, where its impact on the ecosystem would be devastating. We
have established a biosecurity management plan to reduce the risk of invasive species. All
cargo travelling to Australia and New Zealand during the BMSB season must undergo
either heat treatment or fumigation, conducted prior to loading by a provider approved
Contents »
Wallenius Wilhelmsen – Annual Report 2025
85
We shall actively protect biodiversity and improve ocean knowledge
↙ ↓ ↘
Protect and avoid
important ocean territories
Minimize impact
on marine ecosystems
Increase insight to
restore ocean health
Managing risk of invasive species
Reduce risk of invasive species
through ballast water management,
biofouling management, cargo
inspection and treatment
Conservation of important territories
Avoid the arctic territory, recognizing its
importance to the state of the oceans
Avoid/minimize operations in
biodiversity sensitive areas and
particularly areas important for
cetaceans
Manage pollution
Reduce air pollution through
operational and technical efficiencies,
and by transitioning to alternative fuels
Reduce risk of spills into ocean
through detection, monitoring and
training
Reduce noise pollution across our
operations
Collect and share data for research
Engage with research institutions in
need of ocean data
Contribute with data collection to
support research needs
Promote partnerships that publicly
share data
under AusTreat, adhering to strict methodology.
17
Our vessel crews conduct numerous
BMSB inspections throughout the cargo holds during the voyage to Oceania, the results of
which are closely monitored.
The measures on treating and avoiding the cases of BMSB correspond to the expectations
of the Kunming-Montreal Biodiversity Framework and its ambition to halt and reverse
nature loss by 2030. It is specifically related to target 6 “reduce alien species spread by at
least 50 percent by 2030”. It also supports the goal that we shall “protect and avoid
important ocean territories” as stated in our biodiversity strategy.
To manage and reduce the risk of invasive species, we work to ensure high quality ballast
water management and biofouling management. All owned vessels have Ballast Water
Treatment Management Exchange in place and comply with the most stringent
requirements. For biofouling management, we track that all vessels follow procedures for
cleaning anchors and chains when heaving up, monitor the frequency of hull cleaning per
year, and pilot new technologies to address biofouling. We have developed an antifouling
policy that specifies niche areas for monitoring, and we also track the number of inspections
conducted on our vessels. In cargo management, we have a biosecurity management plan
that applies to all our vessels sailing in certain geographies. This includes cargo inspections
during voyage, as well as heat treatment and fumigation for cargo at risk of carrying
invasive species.
Conservation of important territories
Wallenius Wilhelmsen does not operate in the arctic territory. We adhere to mandatory
regimes on the Americas’ east coast which include reporting when entering key whale
habitats, fixed and temporary speed reduction and slow zones. On the west cost of the
USA, due to our efforts to adhere to voluntary speed reduction measures, we again
received the Sapphire award in 2025 by the Blue Whales and Blue Skies program. Since
2022, together with a few other shipping companies, we follow the new voyage passage
around Sri Lanka which was introduced to protect blue whales during their feeding and
breeding areas. We engage electronic chart displays and information system (ECDIS)
suppliers to add voluntary speed reduction regions to electronic maps, although it is not
easy to keep updated with the movements of the whale populations.
Whales have feeding and migration routes that often overlap with shipping lanes or are
located close to major ports. They are therefore vulnerable to collision with vessels and
could be impacted by noise pollution from maritime transport.
Managing risk of pollution
Our efforts to reduce pollution extend beyond fuel emissions. We are exploring how to
implement strict waste management protocols on all our vessels, ensuring that no harmful
waste or plastics enter the oceans. Through detection, monitoring and training of all staff,
we reduce the risk of spills during bunkering. All our vessels are fitted with scrubbers which
can run in closed-loop setting for minimum 10 days.
Understanding our effect on underwater radiated noise is also important to reduce potential
impacts and help preserve marine habitats. We work to incorporate stricter requirements
for pressure pulsations in newbuilds, optimize propeller design in retrofits and operational
efficiency measures including speed adjustments. Often there are synergies between
speed adjustments for fuel optimization and noise reduction.
Collect and share data for research
Enabling research institutions and the society to enhance our understanding of the oceans
is a key mission in our biodiversity efforts. We were the first carrier to join the Woods Hole
Contents »
Wallenius Wilhelmsen – Annual Report 2025
86
17
Treatment of cargo adheres to strict methodology as defined by the pre-border
biosecurity treatment provider scheme: https://www.agriculture.gov.au/biosecurity-trade/
import/before/prepare/treatment-outside-australia/AusTreat
Oceanographic Institute’s Science Research on Commercial Ships, alias ‘Science RoCS’
initiative. We share data with our partners on ph-values and ocean temperatures from our
vessels participating in the program. We also deploy free-drifting and vessel-mounted
instruments to monitor the vast and open oceans.
How we will proceed
E4-4 Targets related to biodiversity and ecosystems
To continue developing our knowledge and understanding of the complexities and
importance of biodiversity and ecosystems, we will work to improve our impact assessment
for the remainder of the value chain, and we will also consider setting science-based
targets for nature.
Set biodiversity targets
Setting measurable and quantifiable targets related to biodiversity and ecosystems requires
globally recognized target-setting guidance and defined sector-pathways. Following our
complete biodiversity assessment, we seek to set targets based on the latest
recommended methodology. Once the guidance is applicable, we aim to adopt targets
within a medium-term time horizon and we will prioritize setting biodiversity targets for
ocean transportation, which is our largest business segment.
Even if we have not yet set specific targets on biodiversity and ecosystems, we still have
several important measures in place to mitigate actual and potential impacts from invasive
species, disturbances and pollution which are important drivers of biodiversity loss. These
measures include managing risk of invasive species, conserving important territories for
species, managing risk of pollution and supporting research with data collection. We have
already set several goals that we will work to quantify and monitor as part of our renewed
ocean strategy.
Value chain assessment
In our nature and biodiversity assessments we first prioritized ocean operations in 2024. In
2025, we extended the scope and assessed the extent to which our land-based operations
are located in/or adjacent to marine, terrestrial and in-land water protected areas. Going
forward, we will start planning the assessment of our upstream and downstream value
chain. This is important to get the complete understanding of our impacts, risks and
dependencies, and will be included in our group-wide biodiversity strategy.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
87
Social
Own workforce
Why is it important ?
SBM-3 Material impacts, risks and opportunities and their interaction with strategy
Our vessels are our most visible assets, but it is our people that make Wallenius
Wilhelmsen. A strong, diverse, and thriving team is essential for leading the way toward
connected, sustainable supply chains. The safety and well-being of our people is central to
our strategy, yet the nature of our operations—handling heavy equipment and machinery,
loading and unloading vessels—presents significant safety risks. These risks are systemic
and persist across the short, medium, and long term.
Our commitment to human rights underpins our values and ambition to create long-term,
sustainable value for our stakeholders. While our double materiality assessment did not
identify positive material impacts related to health and safety or working conditions, and we
lack benchmarks or metrics to assess positive impacts, we remain committed to being a
responsible employer. We set high expectations for fair treatment, safety, and respect for
human rights throughout our operations and value chain.
Advancing diversity, equal opportunities, inclusion and belonging is important for innovation,
sustainability, and our transition to a digital, emissions-free industry. Failure to meet these
objectives may negatively impact our employer brand and competitiveness by limiting our
ability to attract and retain qualified talent.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
88
How we work
S1-1 Policies related to own workforce
Safe and secure operations
Safeguarding the health, safety, and well-being of our people is our top priority. Our group
health and safety policy is supported by a structured management system aligned with ISO
45001. We believe that all accidents and injuries are preventable, and aim to build a
resilient safety culture.
The policy emphasizes that safety is a shared responsibility and that everybody is required
to stop unsafe acts and behaviors. It covers the identification and management of risks,
emergency preparedness, training, incident reporting, and investigation. It applies to all
personnel, including temporary staff and consultants and others acting on behalf of the
group. The Board oversees the policy, while the CEO ensures compliance. Key updates in
2025 included expanding the policy’s scope and integrating climate-related risks
assessments.
Working conditions and human rights
Wallenius Wilhelmsen is committed to respecting human rights and fair working conditions.
Our code of conduct, and people and human rights policies form the foundation for
addressing working conditions and respecting human rights. The code of conduct guides
ethical decision-making, defines expected behaviors, prohibits bullying, harassment, and
discrimination, and promotes equal opportunities to support a diverse and inclusive culture.
The code of conduct is approved by the Board and operational responsibility lies with the
CEO. Managers are responsible for day-to-day implementation and all employees are
expected comply with the requirements. See the Governance chapter for further
information.
Our people and human rights policies are based on the United Nations (UN) Guiding
Principles on Business and Human Rights, the OECD Guidelines for Multinational
Enterprises on Responsible Business Conduct, the core conventions that underpin it
including the International Labour Organization`s Declaration on Fundamental Principles
and Rights at Work.
The people policy outlines Wallenius Wilhelmsen’s commitment to an inclusive, safe
workplace where rights are respected and diversity is valued. The policy supports the
implementation of the group’s strategic priorities of leadership development, a values-driven
culture and organization, a future-ready workforce, and an attractive employee experience.
The people policy is approved by the Board, whilst the Chief People and Corporate Affairs
Officer has operational responsibility.
Our human rights policy addresses working conditions, living wages, discrimination, right to
privacy, right to life and all forms of modern slavery including trafficking, forced labor,
servitude and slavery. It is our duty to:
• Avoid causing or contributing to adverse human rights impacts throughout our own
activities or address such impacts when they occur.
• Seek to prevent and/or mitigate adverse human rights impacts that are directly linked
to our operations and services or connected to our business relationships.
The human rights policy is approved by the Chief People and Corporate Affairs Officer. The
Chief Sustainability Officer is responsible for conducting human rights due diligence
assessments and provides governance oversight and advisory support to promote
alignment and consistent implementation of related processes and procedures. To read
about our engagement with own workforce in our human rights due diligence, see S2-4.
The code of conduct and human rights policy are publicly available on our website. They
apply to everyone working for or on behalf of Wallenius Wilhelmsen and we raise
Contents »
Wallenius Wilhelmsen – Annual Report 2025
89
awareness of the code of conduct and human rights policy through mandatory digital
training for IT-enabled employees as well as communicate our expectations to our
suppliers, subcontractors and business partners through our supplier code of conduct.
To read about the measures to provide and/or enable remedy for human rights impacts, see
S1-3.
Diversity, equal opportunities and inclusion
Our commitment to a diverse, inclusive, and fair working environment is embedded in our
values, code of conduct, and policies. We aim to eliminate discrimination, bullying, and
harassment, promote equal opportunities, and advance diversity and inclusion across the
workforce through globally applicable policies that define expectations and commitments.
Our bullying and harassment policy enforces zero tolerance and ensures any allegations
are handled confidentially and objectively, and breaches may result in disciplinary action, up
to and including dismissal. Our talent acquisition and selection policy sets global standards
for fair, unbiased hiring.
The following grounds of discrimination are specifically covered in the policies; racial and
ethnic origin, color, sex, sexual orientation, gender identity, disability, age, religion, and
political opinion. Since we are a global company, other forms of discrimination may be
covered in local policies in accordance with local laws and regulations.
The policies applies to all individuals working for the group, including temporary staff,
contractors, and agency workers. The Chief People and Corporate Affairs Officer (CPCAO)
is responsible for the implementation through relevant managers.
S1-2 Process for engaging with own workforce and workers representatives about
impacts
Employee well-being and engagement are assessed through the confidential #engage
survey, conducted globally twice a year (one full and one pulse survey). The survey
measures health and safety, working conditions, human rights, and diversity, equal
opportunities and inclusion, aligned with local laws and practices.
The survey asks employees to assess their physical and psychological health and
well-being in addition to questions on diversity, equal opportunities, inclusion and
experience of belonging. For production employees, additional questions address safety
rules and training, physical working conditions, and the handling of unsafe conditions.
Employee engagement is measured on a 0–10 scale. In 2025, additional questions on
psychological safety were introduced and scores improved from 7.9 in the pulse survey to
8.0 in the year-end survey.
In 2025, the full survey achieved an 88% response rate—the highest to date. The
engagement score was 8.0, up 0.2 from 2024 and the highest since the survey was
introduced.
Executive management uses survey results to set OKRs and action plans for continuous
improvement. Managers implement feedback-driven actions, and progress is tracked
through dashboards. In 2026, Workday and #engage will be integrated to enhance
transparency and accountability.
Improvements across key themes such as employee satisfaction, employer perception and
fair treatment demonstrate the effectiveness of our engagement initiatives. Effectiveness is
assessed through survey analysis, with results available via dashboards for managers and
employees. Managers review results, respond to feedback and implement action plans,
Contents »
Wallenius Wilhelmsen – Annual Report 2025
90
with progress monitored through year-on-year changes in key metrics, including
engagement, diversity and inclusion, health and well-being and work environment.
The CPCAO oversees workforce engagement, including monitoring the implementation of
survey related actions and conducting periodic evaluations of their effectiveness.
Together with our two key ship managers, Wallenius Marine (WM) and Wilhelmsen Ship
Management (WSM), we engage directly with seafarers at the officers’ conferences. This is
a biannual event to bring together our seafarers and other key personnel to ensure
engagement, gain insight into how we can best support our seafarers and to communicate
the Wallenius Wilhelmsen’s strategies and initiatives. In 2025, 170 officers and staff
participated in the Officers Conference in Seoul, Korea, and 120 participated in the Officers
Conference in Goa, India.
Workforce health, safety and engagement were central themes at the officers’ conferences.
Safety leadership was reinforced through reviews of real-life incidents, progress on the
“See It, Say It, Stop It” campaign, and sessions on zero serious incidents, fire safety and
speaking-up culture, supporting a safe and psychologically secure working environment.
Officers participated in workshops covering operational practices, voyage execution and
safety leadership across the cargo journey, strengthened competence, collaboration and
continuous improvement. Innovation-focussed sessions and structured and informal
dialogue supported capability development and knowledge sharing, and engagement
across companies and regions. Overall, the conference supported workforce wellbeing,
skills development and a culture of care, learning and shared responsibility for future
actions.
Global framework agreements with unions are established at certain sites, but are not
uniform across the group. Our code of conduct and human rights policy recognize
employees’ rights to form and/or join trade unions and collective bargaining without fear of
reprisal, intimidation or harassment. Where employees are represented by a legally
recognized union, we are committed to establishing a constructive dialogue with their freely
elected representatives. We engage with employees and their representatives to
understand their issues, concerns, challenges and priorities. After gaining a clear
understanding of these expectations, we negotiate directly with employee representatives
to reach a working agreement that represents the needs of each party. The effectiveness of
engagement with employee representatives is not measured.
S1-3 Process to remediate negative impacts and channels for own workforce to raise
concerns
Our whistleblowing channel, the Alert Line, enables our workforce to raise concerns or
complaints. In the event that the group should cause or contribute to a material negative
impact on our own workforce, we apply a structured approach to provide or contribute to
appropriate remedies.
The Alert Line is handled by a third party. All reports are treated with due care, and
confidentiality is protected as far as possible. When a grievance is received, we conduct a
due diligence process to establish the relevant facts. Should concerns be verified, we seek
to remedy any adverse impacts. The process for handling grievances and complaints is
further detailed in our whistleblowing policy and procedure for reporting and managing
concerns. The compliance function analyzes trends and reports quarterly to the Board Audit
Committee.
Awareness of the channel is promoted during onboarding and regular training. In 2025, a
new e-learning module was introduced with a specific section on the whistleblowing
channel. A compliance survey was also conducted among IT-enabled employees to assess
awareness of and trust in the whistleblowing process. The survey results indicated a need
Contents »
Wallenius Wilhelmsen – Annual Report 2025
91
to further increase awareness of the grievance mechanism. For more information about the
Alert Line, please refer to G1-1.
S1-4 Taking action on material impacts on own workforce and approaches to
managing material risks and pursuing material opportunities related to own
workforce, and effectiveness of those actions
Safe and secure operations
The safety and well-being of our people is at the core of everything we do. However, due to
the inherent complexity and multitude of interfaces between equipment and workers, there
are risks that threaten the safety and security of our workforce. We are managing these risk
through our safety management system according to ISO 45001. In 2025, our logistics
operations in the Australia/Oceania region achieved ISO 4001 certification, and more than
90% of our land-based operations are now ISO certified and we are working towards
certification of our shipping operations and corporate functions.
Safety 1st and Dare to Be Aware: strengthening safety culture in logistics
In 2025, Logistics services advanced the rollout of Dare to Be Aware 2.0, a refreshed safety
awareness program reinforcing day-to-day safety behaviors. The Safety 1st safety
management system supports hazard identification, risk assessment, and proactive
reporting through visual campaigns, toolbox talks, and integration with Way of Working
(WoW) dashboards for active monitoring. Managers are responsible for ensuring that health
and safety policies and procedures are clearly communicated and understood, while
supervisors and lead personnel are expected to enforce them.
Safety culture program
In 2024, Shipping services launched a safety culture program involving about 5,000 people,
covering all parts of the business, from offices, to vessels and sites.
The aim is to foster a culture in which people feel safe to speak up, acknowledge mistakes,
and raise safety concerns, whilst working together to reduce the risk of serous incidents
and accidents. This is done by implementing eight safety leadership behaviors:
• Trust as the cornerstone of any successful team.
• Care for the work you do and the people you work with.
• Open to be receptive to feedback and recognizing that mistakes can happen.
• Learn from mistakes and see them as opportunities for growth.
• Feedback given in a respectful and constructive manner is essential for growth.
• Speak up about concerns or mistakes can prevent small issues from becoming major
problems.
• Promote team so that everyone feels valued and supported, the team becomes more
effective.
• Managing dilemmas so that we reduce risks and build a stronger, more resilient team.
In 2025, significant progress was made on the safety culture program, with the first four
fundamental behaviors addressed. This resulted in more than 500 team workshops
conducted both onshore and onboard. The program was further reinforced through
engagement at the bi-annual officers’ conferences with seafarers and ship management
companies.
We use a digital tool - Cultiv8 Application - to learn about these behaviors and apply them in
our daily work. Cultiv8 is an interactive app that uses simulation games and quizzes to
strengthen safety leadership behaviors. While the safety culture program is a long-term
journey, the rollout of Cultiv8 application is planned to be completed by the end of 2026 with
further activities to be determined.
Effectiveness is monitored through annual surveys and lagging indicators, including serious
accident statistics. The most recent assessment in October 2025 shows improved overall
Contents »
Wallenius Wilhelmsen – Annual Report 2025
92
culture maturity compared to 2024, alongside a reduction in serious accidents, indicating
the program is effective.
Connecting our vessels and crews more closely with shore and home
Wallenius Wilhelmsen began installing next-generation broadband satellite communications
(BazePort) in 2024, to improve seafarers’ ability to stay connected with their families and to
support psychological well-being and work-life balance. By 2025, BazePort was deployed
across all owned vessels, including ARC, and bareboat charters. Beyond providing access
to entertainment content, BazePort serves as a key channel for safety communication,
including safety campaigns, learning bulletins and operational guidance. These initiatives
encourage crews to speak up about unsafe conditions and contribute to accident
prevention through increased safety awareness. Feedback from seafarers indicates
improved connectivity with family and stronger engagement with the Company.
Testing our emergency response in a simulated exercise
In January 2025, the group conducted an unannounced emergency response exercise at
the Southampton terminal, simulating a large-scale EV car fire. The exercise tested the
emergency management team’s (EMT) decision-making, coordination, and communication
under high-risk conditions with potential safety risks, environmental impacts, operational,
and reputational impacts.
The exercise involved the Southampton Fire Brigade, terminal management, insurance
representatives, and simulated media engagement. It confirmed strong collaboration, and
effective internal and external communications, while also identifying improvement areas,
including escalation procedures, task ownership, and use of the emergency management
system. Lessons learned are being applied to strengthen emergency preparedness, tools
and procedures, and to inform future exercises involving a broader part of the organization,
supporting the group’s focus on safety, incident readiness, and business continuity.
RoRo Rodeo events
Annually we provide trainings for stevedores on how to handle our cargo and equipment
safely. The event takes place at several locations annually. In 2025, safety risks were
included to address the increased risk of fires from EVs. The outcome will reduce the safety
risks and incidents.
Monitoring the LTIF provides an indication of whether the policies and measures
implemented across the organization are successful.
Working conditions and human rights
Given the nature of our industry and our global operations, we recognize that our activities
may contribute to material negative impacts on our own workforce. These impacts and
related risks are identified through our annual human rights due diligence (HRDD)
assessment, which combines desktop analysis of external trends with stakeholder
workshops across all regions, to inform our understanding of relevant human rights-related
issues. Our HRDD follow the OECD Due Diligence Guidance for Responsible Business
Conduct to identify and asses our actual and potential human rights impacts, integrate and
act upon findings, monitor progress, track responses and communicate how impacts are
addressed.
The salient human rights risks, both actual and potential, identified in 2025 include:
• Risk of workers being injured while handling heavy equipment, machinery, or during
loading and unloading of vessels.
• Risk to crew members’ safety and fair treatment linked to illegal drug trafficking on
vessels, including the risk of being wrongly investigated, detained, or prosecuted.
• Risk of discrimination, harassment, bullying, or pressure where the work environment
is not respectful or inclusive.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
93
• Risk that long working hours and poor work-life balance may harm workers’ health,
wellbeing, and safety.
• Risk that workers’ rights to organize, join unions, or bargain collectively are not
respected.
• Risk to people’s privacy if personal information about employees, seafarers, or others
is not properly protected by the Company, its suppliers, or customers.
• Risk of poor or unsafe working conditions in the value chain, particularly in
shipbuilding, dry-docking, and chartering activities.
• Risk to society from climate-related impacts, such as extreme weather, linked to the
group’s greenhouse gas emissions.
• Risk of crew members being threatened, pressured, or intimidated by authorities at
sea or onshore, including demands for improper payments.
• Risk that company vessels are misused by stowaways or criminal networks for human
trafficking, leading to serious harm to individuals.
• Risk of migrants being harmed when encountered or intercepted at sea, including
risks to their safety, dignity, and basic rights.
In addition to the HRDD, we conduct a quarterly corporate enterprise risk assessments
where business segments and key corporate functions evaluate operational and emerging
risks and implement mitigating or corrective actions.
Our human rights policy is updated annually to reflect the most relevant human rights
identified through the HRDD. We require everyone working at Wallenius Wilhelmsen, or on
our behalf, to comply with the policy. In 2025, we also initiated heightened due diligence
assessment with a specific focus on conflict-affected areas.
In 2024, we relaunched mandatory human rights training for IT-enabled employees to raise
awareness of Wallenius Wilhelmsen’s commitments, policies, due diligence approach, and
key risks through practical scenarios. By 2025, 90% of the target group had completed the
training. The expected outcome is increased awareness and consistent understanding of
our human rights commitments across the workforce and value chain.
We follow standardized procedures and policies in our annual salary review for both office-
based employees and production workers. For office workers, internal regional input on
market trends, inflation and other factors and external benchmarks such as Korn Ferry, Hay
Rating and World at Work are used to ensure adequate and fair pay. For production
workers, salary review are conducted locally through collective bargaining agreements with
unions, or structured processes based on external labor market benchmarks. Across our
global operations, we follow applicable minium wage regulations. The expected outcome is
to ensure we pay minimum wages, remain competitive and motivate the workforce. The
effectiveness of our approach is monitored through the #engage survey, which includes
questions on perceived fairness of pay and promotion and the survey results are tracked
over time. To read more about the #engage survey see Stakeholder Engagement.
In 2025, the People and Organizational Development and Global Reward teams initiated a
project to prepare the group for compliance with the EU Equal Pay Transparency Directive
effective from June 2026. The group aims to address any gender pay gap within EU
countries exceeding 5% for employees in the same or comparable roles where such
differences cannot be objectively justified in accordance with the Directive. In the fourth
quarter of 2025, a pay gap analysis was conducted for the European locations in scope of
the Directive, and work commenced to integrate equal pay considerations into global
reward policies, reward processes, and related manager and HR training.
Wallenius Wilhelmsen is committed to providing avenues for affected individuals to come
forward with human rights grievances. If we, through our actions, directly cause or
contribute to harmful human rights impacts, the group will promote access to and/or provide
fair remediation as outlined in our procedure of managing concerns. No material impacts
Contents »
Wallenius Wilhelmsen – Annual Report 2025
94
were identified through the grievance mechanism in 2025. Please see G1-1 for further
information.
Diversity, equal opportunities and inclusion
In 2024, Wallenius Wilhelmsen introduced new company values—We Care, We Challenge
and We Commit—which underpin the group’s approach to culture, diversity, inclusion and
belonging (DIB). The values promote speak-up behavior, respect for different perspectives,
and care for safety and wellbeing, and apply to all employees through the code of conduct,
which IT-enabled employees are required to acknowledge annually.
In 2025, dedicated centers of expertise strengthened the strategic focus on culture and
DIB. Key actions included presentation of our DIB strategy to the Board, and targeted
actions to strengthen inclusive leadership and psychological safety.
Bias mitigation was embedded across talent reviews, succession planning, and
performance management processes. Moreover, a global learning platform was introduced
to enable centralized access to and tracking of DIB-related training. Additional focus in 2026
will be placed on developing alternative training formats for production workers who are not
fully IT-enabled. These actions apply globally and are expected to address identified
material impacts and risks while strengthening the risk identified in the DMA.
Another focus area for the Company in 2025 was to raise awareness of and support mental
health to promote a healthy, inclusive and psychologically safe work environment. Initiatives
included an e-learning module for IT-enabled employees, access to external support such
as Employee Assistance Programs, reminders of local benefits, and awareness activities
linked to World Mental Health Day. Mental health-related questions were included in the
2025 #engage employee survey to assess perceived support and coping, enabling more
targeted follow-up actions. The mental health score was 8.5 at year-end 2025, an increase
of 0.1 compared to the June 2025 pulse survey.
How did we perform?
S1-5 Targets related to managing material negative impacts, advancing positive
impacts and managing material risks and opportunities
Safe and secure operations
To monitor our safety performance and the effectiveness of our health & safety policy and
initiatives, we set lost time injury frequency (LTIF) targets for shipping and logistics. Annual
targets are set after reviewing the previous year’s performance and monitored quarterly via
real-time incident reporting systems. There is a collaborative approach to setting and
reviewing targets, led by business performance. LTIF performance is tracked on a
continuous basis.
LTIF Shipping
LTIF for shipping is calculated using the number of fatalities, permanent disability, partial
disability and lost work-day cases per 1,000,000 (1 million) exposed hours. In 2025, LTIF
for shipping resulted in 0.6, which is well within our target of 0.75. Although it has increased
from our 0.41 result in 2024, it is still within the year-end target. This highlights our
continuous efforts to establishing a safety culture and improving our safety performance.
LTIF Logistics
LTIF for logistics is calculated using the number of fatalities and lost work-day cases per
1,000,000 (1 million) work hours for land-based employees. The scope of the target applies
to all production workers globally. In 2025, LTIF for logistics was 10.26, which is well below
our target of 11.74, and down from the 2024 result of 12.19.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
95
Diversity, equal opportunities and inclusion
The company primarily tracks and assesses the effectiveness of its actions and initiatives in
this area by measuring annual global employee engagement scores which asks specific
questions related to diversity and inclusion. Please see SBM-2 for further information.
Overall, the company achieved its target for 2025. It scored 8.0 out of 10, thereby
exceeding its target of 7.9 for 2025. The participation rate of 88% ensured a high level of
score accuracy.
In 2025 our engagement score was 8.0, an increase of 0.2 since 2024, and the highest
engagement score since we began running this survey. The mental health score was 8.5 at
year-end 2025, an increase of 0.1 compared to the June 2025 pulse survey. As regards
diversity, equal opportunities and inclusion the score remained at 8.2, which is above the
benchmark for the transportation industry. To read more about the engagement score, see
S1-2.
In addition, we track turnover rates to assess trends and factors which played a part in their
decision to leave.
In March 2024, the Company signed the WISTA Norway “40 by 30” pledge, which promotes
leadership-anchored and transparent goals to strengthen the leadership pipeline and
improve the representation of women in senior roles. By the end of 2025, women
represented close to 40% of senior leadership positions in Norway. Due to local legal and
regulatory considerations, the pledge has been implemented only in Norway.
How will we proceed?
S1-4 Taking action on material impacts on own workforce and approaches to
managing material risks and pursuing material opportunities related to own
workforce, and effectiveness of those actions
Safe and secure operations
We have taken an integrated management system approach to safety and security based
on key ISO standards. Currently, more than 90 percent of land based operations are
certified to 9001 and 45001 standards. The expansion of certified sites is expected to
continue and we are planning a group-wide certification, including ISO 45001.
Working conditions and human rights
We are working to improve the quality of the data collected (namely, cases of
discrimination, harassment, and potential fines). We will look at our existing systems and
how we can leverage them and assess whether any short comings need to be addressed
with new digital tools or systems. We will also continue to work on our heightened due
diligence approach.
Diversity, equal opportunities and inclusion
Through 2026 onwards we will continue to implement DIB in our HR processes such as
recruitment.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
96
Performance tables and methodology
S1-6 Characteristics of the undertaking’s employees
Own Workforce
Employees Non-Employees
• Regular Employee
• Fixed term / temporary
• Expatriate and trainee / apprentice
• Contractor
• Consultant
• Agent
• Seafarers
Workforce characteristics
18
2025 2024
Employees by gender
Female 2,203 2,270
Male 5,996 6,333
Other 0 -
Not reported 54 23
Employees by major countries (>10% of group headcount)
United States of America 3,101 3,530
Mexico 2,116 2,011
Employee turnover
Number 3,112 3,753
Rate (%) 38 44
Employees by contract type
Number of permanent employees 8,085 8,470
Number of temporary employees 168 156
Number of non-guaranteed hours employees (casual) 6 15
Number of full-time employees 8,072 8,476
Number of part-time employees 175 135
Methodology and assumptions
Employment type is reported in line with set definitions. In 2025, countries with significant
employment (over 10% of total workforce) were Mexico and the United States.
Employee numbers are reported as end-of-period headcount based on data extracted on
January 1, excluding subsequent backdated events.
Turnover includes all employees who left during the reporting period and were registered as
such by the extraction date. Backdated terminations after this date are excluded.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
97
18
see note 4. Employee benefits and board remuneration
S1-7 Characteristics of non-employees
Non-employees in own workforce 2025 2024 2023
Office and production workers 870 625 -
Seafarers in pool 3,176 3,666 -
Total number of non-employees 4,046 4,291 -
Methodology and assumptions
Non-employee workers are reported in headcount at the end of reporting period,
representing the information for that point of time, without capturing fluctuation during the
reporting period. It covers external consultants, contractors and agencies that are
registered in our global HR system. Non-employees also includes active seafarers in the
pool. All owned and bare boat chartered vessels are managed by Wilhelmsen Ship
Management (WSM), Wallenius Marine (WM) and American RoRo Carrier (ARC).
WSM: The number of seafarers represents the total number of active seafarers in the pool.
Seafarers are marked inactive if they have voluntarily resigned, if terminated, contracts
expired, upon expiry of unpaid leave.
WM: All seafarers in the pool are included, based on legal requirements.
ARC: All officers are included in the headcount reporting.
S1-8 Collective bargaining coverage and social dialogue
Employees covered by collective bargaining agreements 2025 2024 2023
Employees in EEA 305 288 -
Percentage (%) 4 % 3 % -
Methodology and assumptions
Wallenius Wilhelmsen has established collective bargaining agreements in the EEA. The
collective agreement reported is based on headcount at the end of reporting period,
representing the information for that point of time, without capturing fluctuation during the
reporting period. In 2025, Wallenius Wilhelmsen did not have more than 10 percent of its
workforce employed in countries in the EEA.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
98
S1-9 Diversity metrics
Diversity metrics 2025 2024 2023
Age distribution in workforce (headcount)
< 30 years old 1,491 1,678 -
30-50 years old 4,540 4,768 -
> 50 years old 2,222 2,180 -
Top management gender distribution (headcount)
Female 3 4 4
Male 6 6 4
Other 0 0 0
Not reported 0 0 0
Top management gender distribution (%)
Female 33 % 40 % 50 %
Male 67 % 60 % 50 %
Other 0 % 0 % 0 %
Not reported 0 % 0 % 0 %
Methodology and assumptions
Top management is defined as the executive management team as of December 31. For
the purposes of reporting on the age distribution among employees, we have covered all
employees registered in the global human resources management system as of December
31, 2025 regardless of the time, type or employment form (full time, part time, casual
employees and hourly employees).
Contents »
Wallenius Wilhelmsen – Annual Report 2025
99
S1-13 Training and Skills Development
Training metrics 2025 2024 2023
Employees that participated in career development reviews (%)
Female 1,192 - -
Male 1,536 - -
Other 0 - -
Not reported 8 - -
Training hours per employee (average)
Female 2.2 - -
Male 2.25 - -
Other 0 - -
Not reported 2.23 - -
Methodology and assumptions
The group implemented a new Learning Management System (LMS) in June 2025,
strengthening the ability to consistently track employee training hours. The group has set an
ambition for employees to reach an average of 30 training hours per year by the end of
2027. This target will be formalized in a Learning & Development Policy currently under
development.
Average training hours currently include only fully completed courses recorded in the
Learning Management System (LMS). Time spent in courses that are ongoing, as well as
certain training programs and learning activities not captured in the LMS, are excluded. As
a result, reported training hours are materially understated and do not yet reflect the full
scope of learning activities across the organization.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
100
S1-14 Health and safety metrics
Health and safety measures 2025 2024 2023
% of own workforce covered by company`s health and safety
management systems
Shipping 100 100 -
Logistics 100 100 -
Corporate 100 100 -
Work-related accidents (excl. fatalities)
Shipping 12 7 -
Logistics 160 196 -
Corporate - - -
Rate of work-related accidents
Shipping 0.60 0.41 -
Logistics 10.26 12.19 -
Corporate - - -
Fatalities as a result of injuries
Shipping 0 1 0
Logistics 0 0 0
Corporate 0 0 0
Methodology and assumptions
Shipping:
The definitions applied for health & safety metrics for shipping are per the definitions of the
marine injury reporting guidelines published by Oil Companies International Marine Forum
(OCIMF). To read more about how LTIF is calculated, please see section S1-5.
The following definitions have been applied for health & safety reporting for shipping:
• Incident: This is an uncontrolled or unplanned event, or sequence of events, that
results in a fatality or injury to a seafarer onboard ship or whilst ashore on company
business.
• Lost Workday Case: This is an injury which results in an individual being unable to
carry out any of his duties or to return to work on a scheduled work shift on the day
following the injury unless caused by delays in getting medical treatment ashore. An
injury is classified as an lost workday case if the individual is discharged from the ship
for medical treatment
• Fatality: A death directly resulting from a work injury regardless of the length of time
between the injury and death. Fatalities are included in the Lost Time Injury count.
• Exposure Hours: 24 hours per day while serving on board.
• Lost Time Injuries: Lost Time Injuries are the sum of Fatalities, Permanent Total
Disabilities, Permanent Partial Disabilities and Lost Workday Cases.
• Lost Time Injury Frequency (LTIF): This is the number of Lost Time Injuries per unit
exposure hours, i.e. one million man hours.
All seafarers in the pool are covered by health and safety management systems when
onboard vessels.
Shipping data limitations:
Wallenius Wilhelmsen does not manage the health and safety data itself, as the data is
provided by each ship management company. Under normal circumstances we do not
carry out audits to verify the data. Exposure hours are based on actual work hours onboard
including free time when crew members are onboard. However, if this data is not available,
the hours are estimated using number of crew onboard and days in operation. In the case
of ARC, turnover days are not included. In contrast, turnover days are added to the
exposure hours of WSM and WM.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
101
Logistics:
To read more about how LTIF is calculated, please see section S1-5. For production
workers, direct hours are measured using time monitoring systems. For office workers who
are located at logistics sites, estimates of indirect hours are used to calculate LTIF. Indirect
hours are estimated using the following formula; (# Indirect employees) x (21.67 days /
month) x (8hrs / day).
Logistics data limitations:
Please see Risk Management and Internal Control to read about limitations with health and
safety reporting for logistics.
Corporate Offices:
For office workers, we do not report days lost or injuries. For office workers, the total hours
worked per year are estimated using 40 hour work weeks, with 48 work-weeks in a year to
take into account holidays which are subject to local laws and regulations.
We currently do not collect data on ill-health but plan to start assessing how we can
measure this.
S1-10 Adequate wage & S1-16 Remuneration metrics
Remuneration ratio and gender pay gap 2025 2024
Global gender pay gap (%) (male:female) -5.40 -4.96
Annual total compensation of the highest paid individual (USD) 779,270 743,000
Median annual total compensation for all employees (USD) 44,072 36,200
Remuneration ratio (high to median) (%) 1,768 2,052
Methodology and assumptions
All employees are paid an adequate compensation, in line with applicable benchmarks. The
group utilizes Hay Job Evaluation methodology for office workers and has established a job
architecture to determine the job size across the organization. The objective method
ensures fair and equitable comparisons both within the Company and with external
benchmarks. For production workers, we do not implement a hierarchical job structure.
However, we maintain local systems and structures to ensure market alignment.
Additionally, we offer competitive benefits to enhance the overall total remuneration
package.
To calculate the gender pay gap and remuneration ratio, we initially converted salaries to
USD to calculate the overall base pay average between all female to male office and
production workers. To calculate the global gender pay gap, the annual working hours data
was estimated using external sources. The gender pay gap identified that on average
women earn 5.4 percent more than males, the main driver being the production workers.
Approximately 75 percent of male employees are production workers, whereas
approximately 50 percent of female employees are production workers, thus reducing the
male average compensation. A limitation of the methodology includes comparing pay
without considering the complexity, responsibilities and skills required for the different jobs,
which can lead to incorrect and misleading comparisons. For internal use, we use the Hay
Job Evaluation methodology which is a systematic process for assessing the relative value
of different jobs within an organization.
The measure between highest paid and median paid is based on the annual base salary in
USD.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
102
S1-17 Incidents, complaints and severe human rights impacts
Work-related incidents and complaints 2025 2024 2023
Incidents of discrimination incl. harassment
Number of incidents 0 - -
Number of incidents for Ship Management 1 - -
Complaints filed through channels for own workforce
Number of complaints 94 62 32
Number of complaints for Ship Management 9 - -
Severe human rights incidents
Number of severe human rights incidents 0 0 0
Number of severe human rights incidents for Ship Management 0 0 0
Fines, penalties and compensation for damages from incidents and
complaints (USD) 0 0 0
Methodology and assumptions
We have a complete overview of number of cases reported through the alert line. Of the
complaints filed through the channels for own workers to raise concerns, we have received
in total of 94 reported cases in 2025. 29 of these are related to the category “bullying,
harassment and discrimination”, with some cases still under investigation.
Should Wallenius Wilhelmsen, through its actions, directly cause or contribute to harmful
human rights impacts, we will seek to promote access to and/or provide fair remediation.
Our group-wide whistleblowing channel, the AlertLine, includes concerns relating to human
rights and is managed by an independent third party to ensure confidentiality and protection
of stakeholders. We have also established a dedicated communication channel for
information requests as required by the Norwegian Transparency Act. We did not receive
any queries in 2025. There is a risk of underreporting as employees may have a fear of
retaliation. During 2025 we have had awareness training and raised awareness of the Alert
Line to encourage employees to report any potential breaches.
For seafarers, Wilhelmsen Ship Management and Wallenius Marine have formal grievance
mechanisms, including whistleblowing systems. All cases are registered, investigated, and
remediated where allegations are substantiated. There remains a risk of underreporting
onboard vessels, and in 2025 we continued dialogue with ship managers to strengthen
awareness of grievance mechanisms, including our own.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
103
Workers in the value chain
Why is it important?
A sustainable supply chain is essential to satisfy our customers’ needs, while minimizing
our own sustainability risk exposure and ensuring compliance with new legal requirements
and social expectations.
As a global shipping and logistics company, Wallenius Wilhelmsen operates through an
extensive upstream and downstream value chain that includes ship managers, shipyards
for vessel construction, maintenance and recycling, energy providers, equipment
manufacturers and suppliers, stevedores and contracted labor at ports, terminals and
processing centers, as well as providers of IT products and services. Due to the nature and
geographic spread of these activities, including operations in regions with elevated risks
related to human-rights and working-conditions, our business model and value-chain
relationships may give rise to potential negative impacts on workers in the value chain.
Impact, risk and opportunities
We take our responsibility to identify, prevent and address the mistreatment of workers in
our value chain seriously. The most significant actual and potential impacts and risks relate
to working conditions, occupational health and safety, and the risk of exploitative labor
practices, particularly at shipyards for new builds, maintenance, dry-docking and recycling,
on chartered vessels, and in port and terminal operations. Non-compliance by business
partners or suppliers with applicable labor and human-rights standards may also expose
the group to financial and reputational risks, including regulatory non-compliance. These
impacts, risks and related opportunities are reflected in the table See table, IROs in our
Value Chain.
How do we work
S2-1 Policies related to value chain workers
Wallenius Wilhelmsen’s commitment to human rights is anchored in our code of conduct
and specified in our human rights policy. Our duty and commitment to respect human rights
require that Wallenius Wilhelmsen:
• Avoid causing or contributing to adverse human rights impacts through our own
activities, and prevent or address such impacts when they occur; and
• Seek to prevent or mitigate adverse human rights impacts that are directly linked to
our operations and services or connected to our business relationships.
These commitments extend across our supply chain, and we communicate these
expectations to our suppliers, subcontractors, and business partners through our
procurement policy and supplier code of conduct. Both documents acknowledge the UN
Universal Declaration of Human Rights and the ILO Declaration on Fundamental Principles
and Rights at Work, and our due diligence process is aligned with the UN Guiding
Principles on Business and Human Rights and the OECD Guideline for Multinational
Enterprises.
Our supplier code of conduct requires that suppliers do not engage in or tolerate any form
of modern slavery, including forced or compulsory labor or human trafficking. Suppliers
must not use exploitative, unsafe, or discriminatory working conditions or practices, nor
employ children below the legal working age.
Our impacts on workers in our value chain include safety risks in vessel and terminal
operations, as well as at newbuild and recycling yards. These locations also present risks of
exploitative working conditions and human rights violations. Please see table, IROs in Our
Contents »
Wallenius Wilhelmsen – Annual Report 2025
104
Value Chain for corresponding risks and opportunities arising from these impacts on our
value chain workers.
Wallenius Wilhelmsen is committed to providing ways for affected individuals to come
forward with human rights grievances. The human rights policy and our supplier code of
conduct are publicly available on our webpage, and stakeholders may request information
and raise concerns through the groups alert line. If Wallenius Wilhelmsen through its
actions directly causes or contributes to harmful human rights impacts, the group will
promote access to and/or provide fair remediation. The policy is based on and implemented
through our human rights due diligence process and procedures. The CFO is the most
senior-level executive accountable for the procurement policy and the CPCAO is
accountable for the human rights policy.
S2-2 Process for engaging with value chain workers about impacts
To consider the perspectives of value chain workers and to understand our impact on them,
we conduct desktop research and seek insight from internal and external experts and
NGOs. Also, our employee relations and HR teams engage with agent workers and labor
unions. Direct conversations with employees and contractors at the newbuild shipyard will
be held by our external expert who will follow-up up that ESG standards are met. However,
we do not have a systematic engagement approach and have not yet started assessing the
effectiveness of this engagement with value chain workers.
S2-3 Process to remediate negative impacts and channels for value chain workers to
raise concerns
The alert line is available to stakeholders, including workers in our value chain, for raising
concerns. Please refer to section G1-1 and S1-3 for description of our whistleblowing
system. We also have a dedicated channel for information requests relating to the
Norwegian Transparency Act.
Whilst we inform about the alert line in our supplier code of conduct, we do not assess how
well the workers are aware of this system.
When a grievance is received, we conduct due diligence to collect facts about the case,
determine whether the grievance has merit and clarify if we or our business partners are
involved. Should merit be established, we will seek to remedy adverse impacts where
possible. Our grievance mechanism and position on remediation will be reviewed on a
regular basis to ensure continued relevance and to drive continuous improvement.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
105
How did we perform?
S2-4 Taking action on material impacts on value chain workers, and approaches to
mitigating material risks and pursuing material opportunities related to value chain
workers, and effectiveness of those actions
We have not identified any breaches of internationally recognised instruments in our
upstream or downstream value chain in 2025. We have also not received any reports of
severe human rights issues through our alert line, nor any inquiries via the information
channel required under the Norwegian Transparency Act.
Through our human rights due diligence process, we assess actual and potential risks and
impacts of our activities on people across our value chain. The assessment is based on the
OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business
and Human Rights and is updated annually. The assessment is conducted by a
cross-functional task force led by the CSO, with representatives from human resources,
legal, compliance, safety, risk, emergency and security, procurement, and operations in key
geographies. It combines desktop analysis of regulatory developments, NGO publications,
media cases and external expert input with workshops to identify salient human rights risks,
assess likelihood and impact, and prioritize mitigating actions.
Our impacts and risks relating to workers in the value chain and actions taken to mitigate
them are provided below:
• Human rights breaches in our supply chain
We are strengthening our supplier management and human rights issues have been
included in our procedure for business partner integrity due diligence when
onboarding new suppliers. This involves an adverse media screening which covers
human and labor rights and environmental issues. Depending upon the findings,
business partners may be placed on monitoring in our risk scoring tool. We continue to
implement the supplier assessment questionnaire for key suppliers with operations in
high-risk countries. This enables us to have a live overview of our largest high-risk
suppliers.
By 2025, all our time charter vessels contracts include our supplier code of conducts
and our key ship managers also reference their code of conduct, including human
rights. in the contract with repair yards. We will continue to further operationalize
human rights in the procurement process and supplier monitoring, and are currently
expanding the ESG clauses in our contracts with one of our key ship managers.
These initiatives will enable us to identify high risk suppliers that we can follow.
• Human and labor rights being breached at the shipyards we use
New vessels are our biggest investments and human and labor rights risks have been
associated with the ship building industry. When ordering numerous new vessels, we
therefore conducted ESG due diligence audits during the selection process. The
audits covered human and labor rights and were conducted by an external expert.
Although no material findings were identified, our requirements have been included in
contractual agreements and a monitoring plan was agreed with the shipbuilding yard.
In 2025, a specialist consultant was engaged to follow up the monitoring plan. The
expected outcome is to ensure safer working conditions and respect for human and
labor rights at a key supplier. We did not recycle any vessels in 2025.
• Stowaways on vessels
Human traffickers and smugglers can be behind stowaways onboard our vessels and
stowaways are at risk of becoming victims of modern slavery upon arrival. We
experienced two stowaways in 2025. When stowaways are found on a vessel after
leaving the port of departure, guidelines are in place as prescribed by IMO in
Resolution 13 (42): FAL Convention and strictly followed. P&I clubs are consulted to
ensure the safety of stowaways when considering potential ports for disembarkation.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
106
We also cooperate closely with port and terminals to prevent this illegal activity.
Mitigating actions at high-risk areas are ongoing and include clearly visible crew, ID
checks, security guards at the entry points of the vessels, CCTV-systems, manual
cargo inspections and thermal screening cameras.
• Migrants in distress picked up at sea
We did not encounter any migrants in distress at sea in 2025. However, it remains a
potential risk for us, and we recognize our duty pursuant to international law for ships
to (attempt to) rescue persons in danger at sea. Should migrants in distress be picked
up at sea, we follow practices as per IMO, including the 1982 UN Convention on the
Law of the Sea and the 1974 International Convention for the Safety of Life at Sea and
advise from local coast guards.
At Wallenius Wilhelmsen, human rights due diligence is an ongoing process, and we
continuously improve our approach and report publicly on our performance. We take a
systematic approach, integrating human and labor rights considerations into key company
activities and processes, e.g. in company risk management processes, and procurement
and supply chain management.
To raise workforce awareness of the importance of respecting human and labor rights, we
updated our annual human rights training module. The CSO also briefed the legal
department, members of executive management and the Board of Directors on our human
rights work.
Whilst no significant financial resources have been allocated, key functions dedicate time to
integrating human rights into existing processes. We also have dedicated employees from
different geographies and functions (such as compliance, legal, HR and marine operations)
to the group’s Human Rights Task Force to implement our human rights due diligence. The
group is a member of the Ship Recycling Transparency Initiative to increase our access to
different industry insights while contributing to industry awareness of human and labor
rights.
How we will proceed
S2-5 Targets related to managing material negative impacts, advancing positive
impacts, and managing material risks and opportunities
Going forward, we will develop and strengthen our work on human and labor rights
amongst workers in our value chain by:
• Continuing to raise awareness of the group’s human rights policy and implement it in
all parts of our company and towards suppliers.
• Continuing to expand our stakeholder engagement to a wider group of internal
stakeholders and consult external stakeholders such as NGOs or industry network.
• Further strengthen our assessment and monitoring of risks in our supply chain by
conducting integrity due diligence on all our high-risk suppliers. We will also continue
to further operationalize human rights in the procurement process and supplier
monitoring.
• We will consider developing specific targets as we gain more insight into our supply
chain and explore how to track effectiveness of policies and actions.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
107
Governance
Business Conduct
Why is it important?
Wallenius Wilhelmsen adheres to good corporate governance standards. This is critical to
realizing our strategy to deliver long-term prosperity for our stakeholders. In Wallenius
Wilhelmsen, we Care, we Challenge and we Commit. We strive to build a culture that
embraces development and creates trust – a culture where every employee can realize
their full potential. Making good decisions and ethical choices in our work creates trust in
not only each other, but also our customers and partners, and society at large.
How do we work?
G1-1 Business conduct policies and corporate culture
The cornerstone of our governance framework is the board-approved code of conduct,
which sets out the ethical standards guiding how we conduct our business. Updated in
2025, the code applies to all employees and others working for or on behalf of Wallenius
Wilhelmsen. It provides guidance on responsible business practices and defines acceptable
standards of behavior in our interactions with colleagues, customers, society, and the
environment. The code complements local laws, cultures, and practices in the countries
where we operate and sets clear expectations for both employees and the group. It covers
our responsibility to conduct business transparently, comply with anti-corruption regulations,
export controls and sanctions laws, and protect personal data, while reflecting our
commitment to environmental responsibility, health and safety, and respect for human
rights.
The code of conduct affirms our zero-tolerance approach to bribery and corruption in all
activities under our effective control. Our anti-corruption and anti-bribery policy is aligned
with the United Nations Convention against Corruption and defines the Company’s
commitments as well as employees’ responsibilities to prevent bribery and corruption. In
addition, a dedicated gifts and hospitality procedure clarifies what is considered permissible
and supports compliance in day-to-day business interactions.
Corruption takes many forms, all with the aim to obtain or give illegal benefits. Due to the
nature of our business, we are particularly exposed to corruption in our dealings with public
officials, customers, and through high-risk partners such as agents and intermediaries
acting on our behalf.
Our code of conduct also addresses related areas of business integrity, including
anti-money laundering, fair competition, tax evasion, and conflicts of interest, providing
clear expectations and guidance to mitigate these risks across our operations.
Wallenius Wilhelmsen operates a group-wide alert line, hosted by an independent third
party, enabling employees and external stakeholders to report concerns about potential
non-compliance. This includes, but is not limited to, bribery and corruption, theft, sanctions
and antitrust violations, fraud, bullying and harassment, modern slavery, other human rights
breaches, and violations of the Company’s business standards. Reports can be submitted
confidentially and, where permitted, anonymously. The whistleblowing procedures are
designed to ensure due process, strengthen transparency, and support consistent
application of the group’s business standards. The framework provides a structured and
professional approach for identifying, assessing, and addressing potential breaches of laws
and regulations, self-imposed business standards, or other serious irregularities. All reports
received through the whistleblowing system are investigated promptly and objectively. Upon
receipt of a report, due diligence is conducted to establish the relevant facts, assess the
Contents »
Wallenius Wilhelmsen – Annual Report 2025
108
credibility of the allegations, and determine whether the group or its business partners are
involved. Where substantiated adverse impacts are identified, the group seeks to remedy
such impacts where possible.
The whistleblowing policy applies to all employees across Wallenius Wilhelmsen and to
external third parties who interact with the group, including job applicants, former
employees, consultants, and other business partners. The policy ensures that concerns
raised in good faith are handled responsibly and that individuals who report suspected
misconduct are protected from retaliation, in line with applicable laws and regulations.
Training and awareness are key elements in fostering a culture of integrity and ensuring a
shared understanding of the standards expected of our employees. Mandatory training on
the code of conduct, whistleblowing, and other compliance topics is provided to all new
employees as part of the onboarding process and refreshers are provided regularly
throughout the employment period. In 2025, an updated mandatory e-learning course was
rolled out to all IT-enabled employees to reinforce knowledge of the code of conduct and
related topics. Code of conduct training has also been made available to the Board, with
several members having completed the training. In addition, targeted refresher training is
delivered on a risk-based basis to selected functions and teams, including ethical dilemma
training for managers.
Maintaining a strong ethical culture requires clear leadership and accountability, starting
with the tone set from the top. The Board of Directors is responsible for approving the code
of conduct, which defines the Company’s ethical standards and expectations. The Chief
Ethics and Compliance Officer (CECO) is responsible for implementing and monitoring the
code of conduct, which is reviewed annually and updated as necessary to reflect legislative
and regulatory developments.
All employees are required to familiarize themselves with the code of conduct and formally
acknowledge this through the group’s HR system. Leaders at all levels are expected to
demonstrate a strong commitment to the code and to act as role models for ethical
behavior. They are responsible for ensuring that activities within their areas of responsibility
are conducted in accordance with the code of conduct, the group’s values, group policies,
other governing documents, and applicable laws and regulations.
Oversight of compliance with the code of conduct and related policies is exercised by the
Board of Directors and the Board Audit Committee (BAC). The compliance function
provides regular reporting, including at least quarterly updates to BAC and an annual
update to the Board.
G1-2 Management or relationships with suppliers
We believe in cultivating strong and transparent relationships with our suppliers,
emphasizing pro-active and continuous improvement efforts, and a high level of
transparency to manage risk. Our suppliers are trusted, long-term partners, who help us
deliver innovative solutions and services to our customers. Wallenius Wilhelmsen’s
procurement policy guides our procurement activities although it does not specify the
prevention of late payment specifically to SMEs. This policy is also the basis of our supplier
code of conduct, which states expectations and policy objectives to suppliers and
subcontractors.
Due diligence is a mandatory and essential part of the sustainable procurement approach,
and supplier contract templates also reference our supplier code of conduct. Our
procurement policy addressed the mitigation of ESG risks across the supply chain. The
organization requires purchasers to identify and address these risks collaboratively with
relevant suppliers. Priority should be granted to suppliers who can demonstrate their
commitment to sustainable practices, ethical conduct, and minimized adverse
environmental effects across their operations and supply chains. Suppliers are expected to
Contents »
Wallenius Wilhelmsen – Annual Report 2025
109
respect the ESG standards defined in our supplier code of conduct as a minimum. This
approach not only mitigates risks but also advances economic, environmental, and social
progress, furthering the group’s pursuit of sustainable development within its operations.
G1-3 Prevention and detection of corruption and bribery
Wallenius Wilhelmsen is committed to preventing the occurrence of bribery wherever we
have effective control. This is outlined in our code of conduct and supported by our anti-
bribery and corruption policy, and gifts & hospitality procedure. We ask all employees,
contractors and suppliers to raise any concerns regarding bribery or corruption through our
independent whistleblowing system. Concerns submitted through the system are assessed
by a third-party company to determine whether they come under the scope of the
whistleblowing policy.
The compliance function shall assess who is to be involved in the further processing of a
case and of the measures to be implemented, depending on the type and nature of the
case. If an incident is classified as high or medium risk, the matter shall be referred to the
Chief Ethics and Compliance Officer (CECO) who will review the matter and determine the
need for and the potential scope of an investigation. If CECO decides that an investigation
is warranted, CECO shall make a request for mandate to the Compliance Committee for
high-risk incidents. CECO together with HR, where relevant, shall make a request for
mandate to the relevant business or staff area manager for medium risk incidents.
The compliance function reports each quarter to the Board Audit Committee (BAC). BAC
receives reports on cases raised through the whistleblowing system including cases related
to bribery, corruption or other breaches of our code of conduct or policies.
We provide our workforce with e-training on the group’s code of conduct. We periodically
carry out in-person workshop-based bribery and corruption training for office workers,
executive management and Board members, to reflect the different roles and
responsibilities at these levels.
Wallenius Wilhelmsen is a member of the Maritime Anti-Corruption Network (MACN), a
global business network of more than 220 companies that works to combat corruption
within the global maritime industry, enabling fair trade.
G1-5 Political influence and lobbying activities
In 2025, Wallenius Wilhelmsen worked to have our position known on important industry
matters through proactive engagement with international institutions, government policy
makers, and other stakeholders, such as media and civil society. We are members of
relevant industry organizations and advocate for policies that ensure a global level-playing
field and a transition to net-zero shipping. In 2025, engagement on US port fees and IMO
climate regulations were top priorities.
How we handle advocacy, political engagement and donations is specifically addressed in
our code of conduct. We will not use company funds to make gifts, donations or otherwise
support political parties or political candidates. Any hiring of lobbyists will be in accordance
with applicable law and subject to full disclosure to any external party they wish to influence
that the lobbyist represents Wallenius Wilhelmsen. We believe in being transparent in our
advocacy efforts and that what we advocate for is consistent with our publicly stated
objectives. All those who work for, or otherwise represent Wallenius Wilhelmsen, are free to
participate in democratic political activities, but this must be without reference to or in
connection with their relationship to Wallenius Wilhelmsen.
Our code of conduct highlights:
• Do not use company funds or resources to support any political candidates or political
parties.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
110
• Never use the employees’ position in Wallenius Wilhelmsen to try to influence any
person, group or entity to make political contributions.
• Ensure that all contracts with lobbyists impose an obligation to disclose to any external
party they wish to influence that the lobbyist represents Wallenius Wilhelmsen.
The group is not registered in the EU Transparency Register or an equivalent transparency
register in a Member State. None of the members of the Board of Directors or the executive
management team have held any positions in public administration in the preceding two
years.
G1-6 Payment Practices
We are committed to being a responsible partner for our suppliers. Our payment practice is
standardized in our procurement policy and we aim to pay all suppliers according to
contract terms, with the majority of payment terms being less than 45 days. Performance
data regarding payment practices is currently not available.
How did we perform?
G1-3 Prevention and detection of corruption and bribery
In 2025, we updated our anti-corruption and gifts & hospitality e-learning training. The
modules set out behavior expectations, examples of business situations which could
present a bribery or corruption risk and include tests employees can apply to different
scenarios. The topics covered include the definition of corruption, policies and procedures
on suspicion and detection. It is available to IT-enabled employees via our online training
platform. Both current and new employees are required to perform the training. Functions at
risk include all IT-enabled employees. Anti-corruption and anti-bribery training is required for
functions at risk on an annual basis.
Functions-at-risk training programs 2025 2024
Employees in functions-at-risk during the reporting period
2,738 3,335
Employees in functions-at-risk that have received training
2,392 2,473
% Covered by Training Programmes
87 74
G1-4 Incidents of corruption or bribery
We have an overview of the number of cases reported through the Alert Line. For
seafarers, both ship managers have official grievance mechanism, including their own
whistleblowing systems. All received cases are registered in the whistleblowing system.
Incidents of corruption 2025 2024
Convictions for violation of anti-corruption and anti-bribery laws
0 0
Amount of fines for violation of anti-corruption and anti-bribery laws (USD)
0 0
We have not received any convictions or fines for violation of anti-corruption or anti-bribery
laws during the year, nor are we subject to any legal action relating to corruption and
bribery. For employees, there is a risk of underreporting as cases may be handled by local
HR or line managers and not reported to the alert line. Additionally, employees may fear
retaliation when raising concerns.
There is also a risk of underreporting of cases among seafarers to our ship managers' alert
lines. In 2026, we plan to further our dialogue with ship managers how to raise awareness
Contents »
Wallenius Wilhelmsen – Annual Report 2025
111
of the grievance mechanisms, including our own Alert Line. To read about how reports
received through the Alert Line are handled, please see (G-1).
How we will proceed?
In 2026, we plan to continue strengthening our compliance program and also raise
knowledge and awareness of our compliance program through trainings.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
112
ESRS Index
ESRS 2 - General Disclosures
BP-1 General basis for preparation of the sustainability statement General 33
BP-2 Disclosures in relation to specific circumstances General 33
GOV-1 The role of the administrative, management and supervisory bodies General 43-45
GOV-1 Characteristics of the supervisory board and management members General 43-45
GOV-2 Information provided to and sustainability matters addressed by the undertaking’s
administrative, management and supervisory bodies
General 45
GOV-3 Integration of sustainability-related performance in incentive schemes General 46
GOV-4 Statement on sustainability due diligence General 47
GOV-5 Risk management and internal controls over sustainability reporting General 48-49
SBM-1 Strategy, business model and value chain General 34-35
SBM-2 Interests and views of stakeholders General 36-37
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model General 37-42
IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities General 41-42
IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement Sustainability notes 114-115
IRO-2 Data points that derive from other EU legislation Sustainability notes 116-117
E1 - Climate Change
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Climate change 51
GOV-3 Integration of sustainability-related performance in incentive schemes Climate change 46
IRO-1 Description of the process to identify and assess material impacts, risks and opportunities Climate change 52-54
E1-1 Transition plan for climate change mitigation Climate change 57-62
E1-2 Policies related to climate change mitigation and adaptation Climate change 54
E1-3 Actions and resources in relation to climate change policies Climate change 62-65
E1-4 Targets related to climate change mitigation and adaptation Climate change 54-55
E1-5 Energy consumption and mix (top level) Climate change 67
E1-5 Energy consumption and mix (lower level) Climate change 67
E1-6 Gross Scopes 1, 2 and Total GHG emissions (shipping) Climate change 68-70
E1-6 Gross Scopes 1, 2, and Total GHG emissions (logistics) Climate change 68-70
E1-6 Gross Scope 3 and Total GHG emissions and GHG Intensity based on net revenue (corporate) Climate change 68-70
E1-7 GHG removals and GHG mitigation projects financed through carbon credits Climate change 68-70
E1-8 Internal carbon pricing Climate change 65-66
E2 - Pollution
IRO-1 Description of the process to identify and assess material impacts, risks and opportunities Pollution 75
E2-1 Policies related to pollution Pollution 75
E2-2 Actions and resources related to pollution (shipping) Pollution 76
E2-2 Actions and resources related to pollution (logistics) Pollution 76
E2-3 Targets related to pollution Pollution 76
E2-4 Pollution of air, water and soil (Pollution of air - shipping) Pollution 77
E2-4 Pollution of air, water and soil (Pollution of water - shipping) Pollution 77
E2-5 Substances of concern and substances of very high concern (Substances of concern - shipping) Pollution 77-78
E2-5 Substances of concern and substances of very high concern (Substances of very high concern - shipping) Pollution 77-78
E4 - Biodiversity and ecosystems
IRO-1 Description of the process to identify and assess material impacts, risks and opportunities Biodiversity 79-83
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Biodiversity 79-83
E4-1 Transition plan on biodiversity and ecosystems Biodiversity 83-85
E4-2 Policies related to biodiversity and ecosystems Biodiversity 83-85
E4-3 Actions and resources related to biodiversity and ecosystems (Shipping) Biodiversity 85-87
E4-3 Actions and resources related to biodiversity and ecosystems (logistics) Biodiversity 85-87
E4-4 Targets related to biodiversity and ecosystems (shipping) Biodiversity 87
E4-4 Targets related to biodiversity and ecosystems (logistics) Biodiversity 87
E4-5 Impact metrics related to biodiversity and ecosystems change (shipping) Biodiversity Not available
E4-5 Impact metrics related to biodiversity and ecosystems change (logistics) Biodiversity Not available
S1 - Own workforce
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Safe and secure
operations
88
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Working conditions and
human rights
88
S1-1 Policies related to own workforce (Health & Safety) Safe and secure
operations
89-90
Standard Section Page No.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
114
S1-1 Policies related to own workforce (Diversity, equal opportunities & inclusion) Diversity, equal
opportunities &
Inclusion
89-90
S1-1 Policies related to own workforce (Working conditions and human rights) Working conditions and
human rights
89-90
S1-2 Processes for engaging with own workers and workers’ representatives about impacts (Health & Safety) Safe and secure
operations
90-91
S1-2 Processes for engaging with own workers and workers’ representatives about impacts (Diversity, Equal Opportunities
& Inclusion)
Diversity, equal
opportunities &
Inclusion
90-91
S1-2 Processes for engaging with own workers and workers’ representatives about impacts (Working conditions and
human rights)
Working conditions and
human rights
90-91
S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns Working conditions and
human rights
91-92
S1-4 Actions and resources related to own workforce (Health & Safety) Safe and secure
operations
92-95
S1-4 Actions and resources related to own workforce (Diversity, Equal Opportunities & Inclusion) Diversity, equal
opportunities &
Inclusion
92-95
S1-4 Actions and resources related to own workforce (Working conditions and human rights) Working conditions and
human rights
92-95
S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and
opportunities (Health & Safety)
Safe and secure
operations
95-96
S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and
opportunities (Diversity, Equal Opportunities & Inclusion)
Diversity, equal
opportunities &
Inclusion
95-96
S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and
opportunities (Working conditions and human rights)
Working conditions and
human rights
95-96
S1-6 Characteristics of the company's employees Safe and secure
operations
97
S1-7 Characteristics of non-employee workers in the company's own workforce Safe and secure
operations
98
S1-7 Characteristics of non-employee workers in the company's own workforce (seafarers) Safe and secure
operations
98
S1-8 Collective bargaining coverage and social dialogue Safe and secure
operations
98
S1-9 Diversity metrics Diversity, equal
opportunities &
Inclusion
99
S1-10 Adequate wages Working conditions and
human rights
102
S1-13 Training and skills development Diversity, equal
opportunities &
Inclusion
100
S1-14 Health and safety indicators (shipping) Safe and secure
operations
101-102
S1-14 Health and safety indicators (logistics) Safe and secure
operations
101-102
S1-14 Health and safety indicators (corporate) Safe and secure
operations
101-102
S1-16 Remuneration metrics (Pay gap) Working conditions and
human rights
102
S1-16 Remuneration metrics (Remuneration ratio) Working conditions and
human rights
102
S1-17 Incidents, complaints and severe human rights impacts and incidents Working conditions and
human rights
103
S2 - Workers in the value chain
S2-1 Policies related to value chain workers Workers in the value
chain
104-105
S2-2 Processes for engaging with value chain workers about impacts Workers in the value
chain
105
S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns Workers in the value
chain
105
S2-4 Actions and resources related to value chain workers Workers in the value
chain
106-107
S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and
opportunities
Workers in the value
chain
107
G1 - Business conduct
G1-1 Business conduct policies and corporate culture Corporate culture and
governance
108-109
G1-2 Management of relationships with suppliers Corporate culture and
governance
109-110
G1-3 Prevention and detection of corruption or bribery Corporate culture and
governance
110
G1-4 Confirmed incidents of corruption or bribery Corporate culture and
governance
111-112
G1-5 Political influence and lobbying activities Corporate culture and
governance
110-111
Standard Section Page No.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
115
Data points from other EU legislation
General disclosures
GOV-1-21(d)
Board’s gender diversity ratio x Yes 43
GOV-1-21(e)
Percentage of independent Board members x Yes 50
GOV-4-30
Statement on due diligence x Yes 47
SBM-1-40(d)-i
Activity in fossil fuel sector x Yes 34-35
SBM-1-40(d)-ii-iv
Activity in chemical, controversial weapons
and/or tobacco industry
x No 34-35
Climate change
E1-1-14
Transition plan for climate change mitigation x Yes 57-62
E1-2-16(f)
Exclusion from EU Paris-aligned Benchmarks x x No 54
E1-4-34(a-b)
Emission reduction targets x x x Yes 54-55
E1-5-37(a)(c)
Energy consumption from fossil and renewable sources x Yes 67
E1-5-37(b)
Energy consumption from nuclear sources x No 67
E1-5-38(a)(b)
Fuel consumption from coal and coal products and from crude oil and
petroleum products
x No 67
E1-5-38(c)(d)
Fuel consumption from natural gas and other fuel sources x Yes 67
E1-5-38(e)
Consumption of purchased or acquired electricity, heat, steam or cooling
from fossil sources
x Yes 67
E1-5-40-43
Energy consumption and intensity from activities in high-climate-impact
sectors
x Yes 67
E1-6-48-52
Scope 1, 2, 3 and Total GHG emissions x x x Yes 68-70
E1-6-53, E1-6-55
GHG emission intensity x x x Yes 68-70
E1-7-56
GHG removals and carbon credits x Yes 68-70
E1-9-66
Assets at material financial risk x No
Not
applicable
E1-9-67(c)
Carrying amount of real estate assets by energy efficiency classes x No
Not
applicable
E1-9-69
Financial opportunities (cost savings, market size and changes to net
revenue) from climate change actions
x No
Not
applicable
Pollution
E2-4-28(a)
Emissions to air, water and soil x Yes 77
Biodiversity and ecosystems
SBM-3
Activities in biodiversity-sensitive areas, impacts related to land
degradation, desertification and soil sealing, and operations affecting
x Yes 79-83
E4-2-24(b)
Sustainable land / agriculture practices or policies x No 83-85
E4-2-24(c)
Sustainable oceans / seas practices or policies x Yes 83-85
E4-2-24(d)
Policies to address deforestation x No
Not
applicable
Own workforce
SBM-3-11(b)
Geographies or commodities with risk of forced labour x Yes 88
SBM-3-11(c)
Geographies or commodities with risk of child labour x Yes 88
S1-1-20(a)
General approach to human rights x Yes 89-90
S1-1-20(b)
General approach to engagement with own workforce x Yes 89-90
S1-1-20(c),
S1-1-32(c)
Approach and availability of grievance and remedy in regards to own
workforce
x Yes 89-90
S1-1-21
Policies are aligned with internationally recognised instruments x Yes 89-90
S1-1-22
Policies addressing human trafficking, forced labour
and child labour
x Yes 89-90
S1-1-23
Policies on accident prevention x Yes 89-90
S1-16-97(a)(b)
Gender pay gap, annual total remuneration x x Yes 102
S1-17-103(a)
Incidents of discrimination x Yes 103
S1-17-104(a)
Severe human rights issues and incidents x x Yes 103
Workers in the value chain
SBM-3-11(b)
Geographies or commodities with risk of forced labour x Yes 37-42
ESRS Information SFDR Pillar 3
Benchmark
Regulation
EU Climate
Law Materiality Page No.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
116
SBM-3-11(b)
Geographies or commodities with risk of child labour x Yes 37-42
S2-1-17(a), S2-1-19
Human rights policy commitments and approach related to value chain
workers, aligned with internationally recognised standards
x Yes 104-105
S2-1-17(b)
General approach to engagement with value chain workers x Yes 104-105
S2-1-17(c)
Approach to remedy for human rights impacts x Yes 104-105
S2-1-18, S2-1-19
Policies explicitly addressing forced labour and child
labour, aligned with internationally recognised standards
x Yes 104-105
S2-1-18
Undertaking has a supplier code of conduct x Yes 104-105
S2-4-19, S2-4-36
Severe human rights issues and incidents connected
to value chain workers
x x Yes 106-107
Business Conduct
G1-1-10(b)(d)
Statement if no policies exist in regard to anti-corruption and bribery and to
protection of whistleblowers
x No
Not
applicable
G1-4-24(a)
Number of convictions and amount of fines for violations of anti-corruption
and bribery laws
x Yes 111-112
G1-4-24(b)
Standards of anti-corruption and anti-bribery x Yes 111-112
ESRS Information SFDR Pillar 3
Benchmark
Regulation
EU Climate
Law Materiality Page No.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
117
Responsibility statement
We confirm, to the best of our knowledge, that as of December 31, 2025 and for the
financial year 2025
• the consolidated financial statements of the group have been prepared in accordance
with IFRS® Accounting Standards (IFRS) as adopted by the European Union and
additional disclosure requirements in the Norwegian Accounting Act and that the
financial statements of the parent company have been prepared in accordance with
the Norwegian Accounting Act and accounting principles generally accepted in
Norway, and that the information presented in the financial statements gives a true
and fair view of the parent company's and the group's assets, liabilities, financial
position and results
• the consolidated financial statements and the financial statements of the parent
company have been prepared based on the going concern assumption, and the
conditions to make that assumption are present
• the directors’ report, which includes the message from the board and the
sustainability statement, give a true and fair view of the development, performance
and financial position of the company and the group, and include a description of the
key risks and uncertainties facing the company and the group
• the sustainability statement is prepared in accordance with the Corporate
Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting
Standards (ESRS) as required by the Norwegian Accounting Act para. 2-6 as well as
article 8 in the EU taxonomy regulation
Lysaker, March 17, 2026
Contents »
Wallenius Wilhelmsen – Annual Report 2025
118
Consolidated financial
statements
Consolidated income statement 121
Consolidated statement of comprehensive income 122
Consolidated balance sheet 123
Consolidated cash flow statement 125
Consolidated statement of changes in equity 126
Note 1. Corporate information and basis for preparation 127
Note 2. Segment reporting 130
Note 3. Operating expenses 135
Note 4. Employee benefits and board remuneration 136
Note 5. Financial items 138
Note 6. Tax 139
Note 7. Goodwill, customer relations/contracts and other intangible assets 143
Note 8. Vessels and other tangible assets 145
Note 9. Right-of-use assets 148
Note 10. Impairment of non-current assets 151
Note 11. Principal subsidiaries 154
Note 12. Subsidiaries with material non-controlling interest 156
Note 13. Share information and earnings per share 157
Note 14. Employee retirement plans 158
Note 15. Interest-bearing liabilities 159
Note 16. Financial risk 163
Note 17. Written put option over non-controlling interests 173
Note 18. Provisions and contingent liabilities 174
Note 19. Disaggregated balance sheet information 175
Note 20. Fuel/lube oil 176
Note 21. Trade receivables and trade payables 177
Note 22. Cash and cash equivalents 178
Note 23. Related party transactions 178
Note 24. Disposal of subsidiary 180
Note 25. Events after the balance sheet date 180
Contents »
Wallenius Wilhelmsen – Annual Report 2025
120
Consolidated income statement
USD million Notes 2025 2024
Total revenue 2 5,240 5,308
Operating expenses 3 (3,439 ) (3,438 )
Operating profit before depreciation, amortization and
impairment (EBITDA) 1,801 1,869
Gain on disposal of subsidiary 24 135 -
Depreciation and amortization 7,8,9 (651 ) (580 )
Impairment 7,8,10 - (1 )
Operating profit (EBIT) 1,285 1,289
Share of profit/(loss) from joint ventures and associates (6 ) 3
Interest income and other financial income 132 171
Interest expense and other financial expenses (265 ) (325 )
Financial items - net 5 (133 ) (154 )
Profit before tax 1,146 1,138
Tax expense 6 (42 ) (73 )
Profit for the period 1,104 1,065
Profit for the period attributable to:
Owners of the parent 1,017 973
Non-controlling interests 12 86 93
Basic and diluted earnings per share (USD) 13 2.41 2.30
Contents »
Wallenius Wilhelmsen – Annual Report 2025
121
Consolidated statement of comprehensive
income
USD million Note 2025 2024
Profit for the period 1,104 1,065
Other comprehensive income/(loss):
Items that may subsequently be reclassified to the income
statement:
Currency translation adjustment 14 (17 )
Items that will not be reclassified to the income statement:
Changes in the fair value of equity investments designated at fair
value through other comprehensive income 1 -
Remeasurement pension liabilities, net of tax 14 2 (2 )
Other comprehensive income/(loss), net of tax 16 (18 )
Total comprehensive income for the period 1,120 1,047
Total comprehensive income attributable to:
Owners of the parent 1,033 955
Non-controlling interests 87 92
Total comprehensive income for the period 1,120 1,047
Contents »
Wallenius Wilhelmsen – Annual Report 2025
122
Consolidated balance sheet
USD million Note Dec 31, 2025 Dec 31, 2024
Assets
Non-current assets
Deferred tax assets 6 25 38
Goodwill and other intangible assets 7 241 319
Vessels and other tangible assets 8 3,906 3,889
Right-of-use assets 9 1,500 1,371
Other non-current assets 19 109 133
Total non-current assets 5,781 5,750
Current assets
Fuel/lube oil 20 142 139
Trade receivables 21 558 655
Other current assets 19 259 259
Cash and cash equivalents 22 1,071 1,393
Asset/disposal group held for sale 24 6 205
Total current assets 2,037 2,650
Total assets 7,817 8,400
Equity and liabilities
Equity
Share capital 13 28 28
Retained earnings and other reserves 3,265 3,285
Total equity attributable to owners of the parent 3,293 3,313
Non-controlling interests 9 9
Total equity 3,302 3,321
Non-current liabilities
Pension liabilities 14 34 34
Deferred tax liabilities 6 33 56
Non-current interest-bearing debt 15 865 1,438
Non-current lease liabilities 15 1,164 1,092
Other non-current liabilities 26 107
Total non-current liabilities 2,122 2,728
Current liabilities
Trade payables 141 142
Current interest-bearing debt 15 398 338
Current lease liabilities 15 374 283
Current income tax liabilities 6 34 36
Written put option over non-controlling interest 17 897 831
Other current liabilities 19 551 572
Liabilities directly associated with the assets held for sale 24 - 150
Total current liabilities 2,393 2,351
Total equity and liabilities 7,817 8,400
Contents »
Wallenius Wilhelmsen – Annual Report 2025
123
Consolidated cash flow statement
USD million Note 2025 2024
Cash flow from operating activities
Profit before tax 1,146 1,138
Financial items - net 5 134 154
Share of net income from joint ventures and associates 6 (3 )
Depreciation and amortization 7,8,9 651 580
Impairment - 1
(Gain)/loss on sale of tangible assets (28 ) -
Net gain from sale of subsidiary (135 ) -
Change in net pension assets/liabilities (3 ) (5 )
Net change in other assets/liabilities 26 (2 )
Tax paid (53 ) (84 )
Net cash flow provided by operating activities 1,744 1,778
Cash flow from investing activities
Proceeds from sale of subsidiary 179 -
Dividend received from joint ventures and associates 5 5
Proceeds from sale of tangible assets 41 2
Investments in vessels, other tangible and intangible assets 7,8 (245 ) (195 )
Investment in joint ventures - -
Dividend received from investment held for sale 33 -
Interest received 55 80
Net cash flow used in investing activities 67 (108 )
Cash flow from financing activities
Proceeds from loans and bonds 15 275 126
Repayment of loans and bonds 15 (844 ) (606 )
Repayment of principal portion of lease liabilities 15 (360 ) (327 )
Interest paid including interest derivatives (164 ) (203 )
Realized other derivatives (12 ) (43 )
Dividend to non-controlling interests (84 ) (115 )
Dividend to shareholders (989 ) (738 )
Net change in cash collateral 16 26 (22 )
Net cash flow used in financing activities (2,153 ) (1,929 )
Net increase/(decrease) in cash and cash equivalents (342 ) (258 )
Effect of exchange rate changes in cash and cash equivalents
19
Cash and cash equivalents at beginning of period 1,393 1,705
Cash and cash equivalents related to assets held for sale included
in opening balance - (37 )
Cash and cash equivalents at end of period 22 1,071 1,393
Contents »
Wallenius Wilhelmsen – Annual Report 2025
125
19
The group is located and operating world-wide and every entity has several bank
accounts in different currencies. For comparative periods this effect has been reclassified
from cash flow provided by the operating activities.
Consolidated statement of changes in equity
USD million Note
Share
capital
20
Share
premium
Currency
translation
Retained
earnings
Equity
attributable
to owners of
the parent
Non-
controlling
interests Total equity
Balance at January 1, 2025 28 1,085 (24 ) 2,224 3,313 9 3,321
Profit for the period - - - 1,017 1,017 86 1,104
Other comprehensive income/(loss) - - 13 2 15 1 16
Total comprehensive income - - 13 1,020 1,033 87 1,120
Own shares issued under long-term
incentive plan 13 - 1 - - 1 - 1
Change in non-controlling interests - - - 10 10 (10 ) -
Change in written put option over non-
controlling interest - - - (66 ) (66 ) - (66 )
Dividend to owners of the parent - - - (989 ) (989 ) - (989 )
Dividend to non-controlling interests - - - (8 ) (8 ) (76 ) (84 )
Balance at December 31, 2025 28 1,085 (11 ) 2,191 3,293 9 3,302
USD million Note Share capital
Share
premium
Currency
translation
21
Retained
earnings
Equity
attributable
to owners of
the parent
Non-
controlling
interests Total equity
Balance at January 1, 2024 28 1,083 (27 ) 2,560 3,644 413 4,056
Restatement 17 - - - (593 ) (593 ) (384 ) (977 )
Balance at January 1, 2024 (restated) 28 1,083 (27 ) 1,967 3,051 29 3,080
Profit for the period - - - 973 973 93 1,065
Other comprehensive income/(loss) - - (16 ) (2 ) (17 ) (1 ) (18 )
Total comprehensive income - - (16 ) 971 955 92 1,047
Reclassification of currency translation
adjustments - - 19 (19 ) - - -
Own shares issued under long-term
incentive plan 13 - 2 - - 2 - 2
Change in non-controlling interests - - - (3 ) (3 ) 3 -
Change in written put option over non-
controlling interest - - - 48 48 - 48
Dividend to owners of the parent - - - (739 ) (739 ) - (739 )
Dividend to non-controlling interests - - - - - (115 ) (115 )
Balance at December 31, 2024 28 1,085 (24 ) 2,224 3,313 9 3,321
Contents »
Wallenius Wilhelmsen – Annual Report 2025
126
20
Includes issued share capital of USD 28 million reduced by own shares totaling USD
21
Includes accumulated currency translation adjustment on disposal group held for sale of
a negative USD 2.7 million.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
127
Contents »
Wallenius Wilhelmsen – Annual Report 2025
128
Contents »
Wallenius Wilhelmsen – Annual Report 2025
129
Contents »
Wallenius Wilhelmsen – Annual Report 2025
130
Contents »
Wallenius Wilhelmsen – Annual Report 2025
131
Contents »
Wallenius Wilhelmsen – Annual Report 2025
132
Contents »
Wallenius Wilhelmsen – Annual Report 2025
133
Contents »
Wallenius Wilhelmsen – Annual Report 2025
134
Contents »
Wallenius Wilhelmsen – Annual Report 2025
135
Contents »
Wallenius Wilhelmsen – Annual Report 2025
136
Contents »
Wallenius Wilhelmsen – Annual Report 2025
137
Contents »
Wallenius Wilhelmsen – Annual Report 2025
138
Contents »
Wallenius Wilhelmsen – Annual Report 2025
139
Contents »
Wallenius Wilhelmsen – Annual Report 2025
140
Contents »
Wallenius Wilhelmsen – Annual Report 2025
141
Contents »
Wallenius Wilhelmsen – Annual Report 2025
142
Contents »
Wallenius Wilhelmsen – Annual Report 2025
143
Contents »
Wallenius Wilhelmsen – Annual Report 2025
144
Contents »
Wallenius Wilhelmsen – Annual Report 2025
145
Contents »
Wallenius Wilhelmsen – Annual Report 2025
146
Contents »
Wallenius Wilhelmsen – Annual Report 2025
147
Contents »
Wallenius Wilhelmsen – Annual Report 2025
148
Contents »
Wallenius Wilhelmsen – Annual Report 2025
149
Contents »
Wallenius Wilhelmsen – Annual Report 2025
150
Contents »
Wallenius Wilhelmsen – Annual Report 2025
151
Contents »
Wallenius Wilhelmsen – Annual Report 2025
152
Contents »
Wallenius Wilhelmsen – Annual Report 2025
153
Contents »
Wallenius Wilhelmsen – Annual Report 2025
154
Contents »
Wallenius Wilhelmsen – Annual Report 2025
155
Contents »
Wallenius Wilhelmsen – Annual Report 2025
156
Contents »
Wallenius Wilhelmsen – Annual Report 2025
157
Contents »
Wallenius Wilhelmsen – Annual Report 2025
158
Contents »
Wallenius Wilhelmsen – Annual Report 2025
159
Contents »
Wallenius Wilhelmsen – Annual Report 2025
160
Contents »
Wallenius Wilhelmsen – Annual Report 2025
161
Contents »
Wallenius Wilhelmsen – Annual Report 2025
162
Contents »
Wallenius Wilhelmsen – Annual Report 2025
163
Contents »
Wallenius Wilhelmsen – Annual Report 2025
164
Contents »
Wallenius Wilhelmsen – Annual Report 2025
165
Contents »
Wallenius Wilhelmsen – Annual Report 2025
166
Contents »
Wallenius Wilhelmsen – Annual Report 2025
167
Contents »
Wallenius Wilhelmsen – Annual Report 2025
168
Contents »
Wallenius Wilhelmsen – Annual Report 2025
169
Contents »
Wallenius Wilhelmsen – Annual Report 2025
170
Contents »
Wallenius Wilhelmsen – Annual Report 2025
171
Contents »
Wallenius Wilhelmsen – Annual Report 2025
172
Contents »
Wallenius Wilhelmsen – Annual Report 2025
173
Contents »
Wallenius Wilhelmsen – Annual Report 2025
174
Contents »
Wallenius Wilhelmsen – Annual Report 2025
175
Contents »
Wallenius Wilhelmsen – Annual Report 2025
176
Contents »
Wallenius Wilhelmsen – Annual Report 2025
177
Contents »
Wallenius Wilhelmsen – Annual Report 2025
178
Contents »
Wallenius Wilhelmsen – Annual Report 2025
179
The security situation in the Middle East has affected both shipping and logistics services.
Our exposure in this region is, however, limited and as of the date of the approval of the
annual report management has not identified any material direct effects on the financial
statements of the group.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
180
Parent financial statements -
Wallenius Wilhelmsen ASA
Income statement 182
Balance sheet 183
Cash flow statement 185
Accounting policies 186
Note 1. Employee benefits 188
Note 2. Specification of income statement 190
Note 3. Tax 191
Note 4. Investment in subsidiaries 192
Note 5. Specification of the balance sheet 192
Note 6. Equity 193
Note 7. Employee retirement obligations 195
Note 8. Interest-bearing debt 197
Note 9. Financial risk 199
Note 10. Transactions with related parties 202
Note 11. Events after the balance sheet date 203
Contents »
Wallenius Wilhelmsen – Annual Report 2025
181
Income statement
USD million Notes 2025 2024
41
Operating expenses
Employee benefits expense 1 (5) (5)
Other operating expenses 2 (32) (29)
Total operating expenses (37) (34)
Operating profit/(loss) (37) (34)
Financial income and expenses
Financial income 2 742 848
Financial expenses 2 (74) (112)
Net financial income/(expense)
668 736
Profit before tax 631 702
Income tax income/(expense) 3 (3) -
Net profit for the year 629 702
Contents »
Wallenius Wilhelmsen – Annual Report 2025
182
41
Refer to note 11 for effects of transition from simplified IFRS to generally accepted
accounting principles in Norway
Balance sheet
USD million Dec 31, 2025 Dec 31, 2024
Assets
Non-current assets
Deferred tax assets 3 4 2
Investments in subsidiaries 4 3,786 3,786
Other non-current assets 5 78 1
Total non-current assets 3,868 3,789
Current assets
Other current assets 5 66 528
Cash and bank deposits 3 2
Total current assets 69 530
Total assets 3,937 4,318
Equity and liabilities
Equity
Share capital 6 28 28
Retained earnings and other reserves 6 3,009 3,271
Total equity 3,037 3,299
Non-current liabilities
Pension liabilities 7 17 17
Non-current interest-bearing debt 8 236 458
Financial derivatives 9 - 2
Total non-current liabilities 254 477
Current liabilities
Next year's installment on interest-bearing debt 194 -
Current income tax liabilities 3 4 -
Proposed dividends 6 427 524
Other current liabilities 5 21 17
Total current liabilities 646 542
Total equity and liabilities 3,937 4,318
Contents »
Wallenius Wilhelmsen – Annual Report 2025
183
Cash flow statement
USD million 2025 2024
42
Cash flow from operating activities
Profit before tax 631 702
Financial (income)/expense (668) (736)
Change in net pension assets/liabilities (1) (1)
Change in current assets/liabilities - group companies 31 (92)
Net change in other assets/liabilities 118 (20)
Interest received 14 32
Interest paid (34) (46)
Dividend received from subsidiaries 892 523
Net cash provided by/(used in) operating activities 983 361
Cash flow from investing activities
Investments in subsidiaries, associates and joint ventures - (770)
Subsidiaries' repayment of debt - 1,186
Net cash flow provided by/(used in) investing activities - 416
Cash flow from financing activities
Repayment of debt (26) (138)
Repayment of debt to subsidiaries - (5)
Purchase of own shares 1 -
Disposal of own shares - 2
Dividend to shareholders (989) (738)
Change in cash collateral 26 (22)
Cash from financial derivatives (9) (41)
Group contribution from subsidiaries 11 39
Net cash flow provided by/(used in) financing activities (986) (904)
Net increase/(decrease) in cash and cash equivalents (4) (126)
Cash and cash equivalents at beginning of the period 2 131
Effects of exchange rate changes on cash and cash equivalents 5 (3)
Cash and cash equivalents at end of the period
43
3 2
Contents »
Wallenius Wilhelmsen – Annual Report 2025
185
42
Refer to note 11 for effects of transition from simplified IFRS to generally accepted
accounting principles in Norway
43
Payroll tax withholding account is included in cash and cash equivalents with USD 0.1
million (2024: USD 0.2 million).
Accounting policies
Wallenius Wilhelmsen ASA (‘the company’) is a public limited company incorporated in
Norway, and its shares are listed on the Oslo Stock Exchange. The company's registered
office is at Strandveien 20, Lysaker, Norway. The financial statements of the company have
been prepared in accordance with the requirements in the Norwegian Accounting Act for
large entities, and Generally Accepted Accounting Principles in Norway effective on
December 31, 2025.
Foreign exchange
The functional currency of the company is US dollars (USD). Transactions in other
currencies are translated at the rate applicable on the transaction date. Monetary items in a
foreign currency are translated into USD using the exchange rate applicable on the balance
sheet date.
Interest-bearing debt
Interest-bearing debt is recognized at fair value when the proceeds are received, net of
transaction costs. In subsequent periods, loans are measured at amortized cost using the
effective interest method. Any difference between proceeds (net of transaction costs) and
the redemption value is recognized in the income statement over the term of the loan.
Financial instruments
Various financial instruments are utilized to hedge the company’s exposure to currency and
interest rate risk. Hedge accounting is applied for financial instruments that satisfy the
criteria for hedge accounting. Instruments that do not meet the requirements for hedge
accounting are measured at fair value.
Cash flow hedges are recognized in the income statement in the same period as the cash
flow from the underlying item. Fair value hedges are reflected in the carrying value of the
hedged and the gains or losses reflected in the income statement when the instrument is
realized.
Income tax
The tax expense consists of the tax payable and changes to deferred tax. Deferred tax/tax
assets are calculated on all differences between the book value and tax value of assets and
liabilities. Deferred tax is calculated as 22 percent of temporary differences and the tax
effect of tax losses carried forward.. Deferred tax assets are recorded in the balance sheet
when it is more likely than not that the tax assets will be utilized. Taxes payable and
deferred taxes are recognized directly in equity to the extent that they relate to equity
transactions.
Classification
An asset or liability is classified as current when it is part of a normal operating cycle, held
primarily for trading purposes, falls due within 12 months or when it consists of cash or cash
equivalents on the statement of financial position date. Other items are classified as non-
current. Proposed dividends to shareholders of the parent are recognized as current.
Current assets and current liabilities consist of receivables and payables due within one
year. Other balance sheet items are classified as non-current assets / non-current
liabilities. Current assets are valued at the lower of cost and fair value. Current liabilities
are recognized at nominal value. Non-current liabilities are recognized at nominal value.
Cash and cash equivalents
Cash and cash equivalents consist of bank deposits and other highly liquid monetary
instruments with a maturity of three months or less.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
186
Investments in shares in subsidiaries
Investments in subsidiaries are measured at cost less any impairment losses. An
impairment loss is recognized if the impairment is not considered temporary, and reversed if
the reason for the impairment loss is no longer present.
Dividends, group contributions and other distributions from subsidiaries are recognized in
the same year as when it is proposed by the subsidiary to the extent that the parent
company is able to control the decision of the subsidiary.
Pensions
Wallenius Wilhelmsen ASA has elected, in accordance with NRS 6, to use the
measurement and presentation principles according to IAS 19 Employee Benefits.
In defined benefit plans, the net liability recognized is the present value of accrued future
pension benefits at the balance sheet date less the fair value of plan assets. The present
value of defined benefit obligations, current service cost and past service cost is calculated
annually by independent actuaries using the projected unit credit method and actuarial
assumptions regarding demographic and financial variables. The present value of the
defined benefit obligation is determined by discounting the estimated future cash outflows
using interest rates of high-quality corporate bonds that are denominated in the currency in
which the benefits will be paid, and that have terms to maturity approximating to the terms
of the related pension obligation.
The net pension expense includes service cost, past service cost, settlements and interest
on the net defined benefit liability. Actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions are recognized equity in the period in
which they arise. Gains or losses that arise in connection with settlement or significant
curtailment of defined benefit plans are recognized immediately in the income statement
Pension costs and obligations include payroll taxes. No provision has been made for payroll
tax in pension plans where the plan assets exceed the plan obligations.
Cash flow statement
The cash flow statement is presented using the indirect method. Cash and cash
equivalents includes cash, bank deposits and other short term, highly liquid investments
with maturities of three months or less.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
187
Note 1. Employee benefits
USD million 2025 2024
Salary/remuneration board of directors 2 3
Long-term executive incentive plan 2 1
Payroll tax 1 1
Pension cost 1 -
Other remuneration - (1)
Total employee benefits 5 5
Three members of the group executive management were employed by Wallenius
Wilhelmsen ASA during 2025 (Three full time equivalents). The long-term executive
incentive plan shows significant fluctuations, which are largely due to variations in the share
price affecting the fair value of the liability. See separate Remuneration report for further
details regarding remuneration of group executives.
The Board’s remuneration for the financial year 2025 will be approved by the general
meeting on April 29, 2026 and paid/expensed in 2026. Magnus Groth was elected as board
member at the AGM in 2024. He did not receive any remuneration in 2024.
Remuneration paid in other currencies than USD will not be comparable year-on-year due
to changes in exchange rates.
Loans and guarantees
There were no loans or guarantees to employees or members of the Board per December
31, 2025.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
188
Shares owned or controlled by representatives of the group at
December 31, 2025
Name Number of shares Percent of shares
Board of directors
Rune Bjerke 34,750 0.01 %
Thomas Wilhelmsen 161,375,095 38.14 %
Margareta Alestig 1,600 - %
Line Merethe Hestvik 4,000 - %
Hans Åkervall - - %
Yngvil Eriksson Åsheim 4,250 - %
Magnus Groth 13,000 - %
Board alternates
Christian Berg - - %
Erik Nøklebye - - %
Senior executives
Chief Executive Officer (CEO) - Lasse Kristoffersen 33,100 0.01 %
Chief Financial Officer (CFO) - Bjørnar Bukholm - - %
Chief Operating Officer (COO) Shipping services - Xavier Leroi 70,905 0.02 %
Chief Strategy & Corporate Development Officer - Michael Hynekamp 160,903 0.04 %
Chief Operating Officer, Supply Chain Solutions - Christian Holth - - %
Chief Operating Officer (COO) Logistics services- John Felitto 67,050 0.02 %
Chief People Officer (CPO) - Wenche Agerup 8,092 - %
Chief Customer Officer (CCO) - Pia Synnerman - - %
Chief Communications and Marketing Officer (CCMO) - Anette Maltun Koefoed 2,010 - %
Nomination Committee
Anders Ryssdal - - %
Jonas Kleberg - - %
Carl Erik Steen 40,000 0.01 %
The two main shareholders of Wallenius Wilhelmsen ASA are Wilh. Wilhelmsen Holding
ASA with 37.87 percent of the shares and Wallenius Lines AB with 37.82 percent of the
shares.
The Wilhelmsen family controls Wilh. Wilhelmsen Holding ASA through Tallyman AS, and
Thomas Wilhelmsen controls Tallyman AS. The Wallenius Kleberg family controls Wallenius
Lines AB through Rederi AB Soya (Soya group).
Contents »
Wallenius Wilhelmsen – Annual Report 2025
189
Note 2. Specification of income statement
USD million Notes 2025 2024
Other operating expenses
Intercompany expenses 10 (17) (18)
Other administration expenses (14) (12)
Total other operating expenses (32) (29)
- -
Financial income/(expenses)
Financial income
Dividend from subsidiaries and group contribution 10 691 762
Interest income 10 15 31
Net gain related to interest rate derivatives 1 26
Net currency gain 34 29
Other financial income - -
Total financial income 742 848
Financial expenses
Interest expenses (34) (44)
Net currency loss (24) (65)
Net loss related to currency derivatives (13) 1
Other financial expenses (2) (3)
Total financial expenses (74) (112)
Financial income/(expenses) 668 736
Expensed audit fee
44
USD thousand 2025 2024
Statutory audit 451 149
Other assurance services
45
43 19
Total expensed audit fee 493 168
Contents »
Wallenius Wilhelmsen – Annual Report 2025
190
44
EY were appointed auditors with effect from 2024 and the figures represent fees
expensed in the year.
45
Relates to limited assurance on sustainability statement and remuneration report.
Note 3. Tax
USD million 2025 2024
Distribution of tax (income)/expense for the year
Income taxes 4 -
Change in deferred tax (1) -
Total tax (income)/expense 3 -
Basis for tax computation
Profit before tax 631 702
22% tax 139 154
Tax effect from
Non-taxable income (144) (161)
Deferred tax assets not recognized 7 5
Currency translation from USD to local currency for tax purposes (2) 1
Previous year adjustment (1) -
Pillar two top-up tax provision 4 -
Total tax (income)/expense 2 -
Effective tax rate 0.4 % - %
Deferred tax assets
Tax effect of temporary differences
Financial instruments - 1
Non-current liabilities 4 2
Deferred tax assets 4 2
- -
Composition of deferred tax and changes in deferred tax
Deferred tax assets at January 1 2 5
Adjustment previous year
Recognized directly in equity - -
Change of deferred tax through income statement 1 -
Currency translation differences - (2)
Deferred tax assets at December 31 4 2
Deferred tax assets not recognized in the balance sheet at December 31, 2025 amount to
USD 67.3 million (2024: USD 53 million). This relates to deferred tax assets arising from tax
losses carried forward in the company, see note 6 to the group financial statements for
additional information.
Income taxes relates to Pillar Two top-up tax provision for US entities defined as stateless
entities in accordance to the new regulations. The US has currently not implemented Pillar
Two and Wallenius Wilhelmsen ASA will be liable to pay top-up tax up to the minimum rate
of 15 percent. The provision is based on profit before tax, considering a substance based
carve-out relating to tangible assets and payroll costs. For further details, see note 6 to the
group financial statements for additional information.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
191
Note 4. Investment in subsidiaries
Voting share/ Carrying amount Carrying amount
USD million Business office ownership share Dec 31, 2025 Dec 31, 2024
Wallenius Wilhelmsen Ocean Holding AS Lysaker, Norway 100 % 2,037 2,037
Wallenius Wilhelmsen International Holding AS Lysaker, Norway 100 % 1,116 1,116
ARC Group Holding AS Lysaker, Norway 100 % 200 200
Wallenius Wilhelmsen Solutions Holding AS Lysaker, Norway 100 % 433 433
Total investments in subsidiaries 3,786 3,786
Investments in subsidiaries are initially measured at cost. When there are indications of
impairment, an impairment test is performed.
There was a share capital increase of USD 770 million in Wallenius Wilhelmsen Ocean
Holding AS in February 2024. 80,000 new shares were issued at a subscription price of
USD 9,625 per share.
Note 5. Specification of the balance sheet
USD million Notes Dec 31, 2025 Dec 31, 2024
Other non-current assets
Other non-current assets from group companies 10 78 -
Investment in shares - -
Financial derivatives - -
Total other non-current assets 78 1
Other current assets
Receivables from group companies
46
10 63 495
Financial derivatives - 6
Other current receivables 3 27
Total other current assets 66 528
Other current liabilities
Trade payables - 2
Payables to group companies 10 12 6
Public duties payable - -
Financial derivatives - 1
Other current liabilities 8 8
Total other current liabilities 21 17
Contents »
Wallenius Wilhelmsen – Annual Report 2025
192
46
USD 60 million relates to dividends and group contribution receivable from subsidiaries
(2024: USD 268 million). The remainder of the balance in 2024 was primarily cash pool
(2024: USD 224 million).
Note 6. Equity
USD million Share capital Own shares
Total share
capital
Share
premium
Retained
earnings Total
Change in equity
Equity at December 31, 2024 28 - 28 1,084 2,187 3,299
Profit for the year - - - - 629 629
Remeasurement post-employment benefits, net of tax - - - - 1 1
Own shares issued under long-term incentive plan - - - 1 - 1
Repurchase of own shares - - - - - -
Dividend to owners of the parent - - - - (465) (465)
Dividend to owners of the parent, accrued - - - (427) (427)
Group contribution given - - - - - -
Equity at December 31, 2025 28 - 28 1,085 1,925 3,037
USD million Share capital Own shares
Total share
capital
Share
premium
Retained
earnings Total
Change in equity
Equity at December 31, 2023 28 - 28 1,082 2,267 3,378
Profit for the year - - - - 702 702
Remeasurement post-employment benefits, net of tax - - - - - -
Own shares issued under long-term incentive plan - - - 2 - 2
Repurchase of own shares - - - - - -
Dividend to owners of the parent - - - - (258) (258)
Dividend to owners of the parent, accrued - - - (524) (524)
Group contribution given - - - - - -
Equity at December 31, 2024 28 - 28 1,084 2,188 3,299
The company's number of shares is as follows: Dec 31, 2025 Dec 31, 2024
Total number of shares 423,104,938 423,104,938
Own shares 310,372 404,340
The nominal share value is NOK 0.52 each translated to USD at the historical exchange
rate.
Own shares are meant to cover management's share incentive program. When any of the
programs are exercised, there will be a reduction of own shares and the price paid in
excess of the nominal value of the shares increases retained earnings.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
193
Dividend and group contribution in the parent company financial
statements
Proposed dividends to shareholders in the parent company's are presented in the parent
company financial statements as a liability as at December 31, in the current year. Group
contributions and dividends received from subsidiaries are recognized as financial income
and current assets in the financial statement at December 31, in the current year.
The largest shareholders at December 31, 2025 are:
Shareholders Note Number of shares Percent of shares
Wilh. Wilhelmsen Holding ASA 10 160,210,000 37.87 %
Skandinaviska Enskilda Banken AB
47
10 160,000,000 37.82 %
Folketrygdfondet 7,583,770 1.79 %
Clearstream Banking S.A. 5,798,743 1.37 %
State Street Bank And Trust Comp 3,391,131 0.80 %
Verdipapirfondet Alfred Berg Norge 2,528,908 0.60 %
The Bank Of New York Mellon 2,396,180 0.57 %
Verdipapirfondet Alfred Berg Norge 2,035,632 0.48 %
Verdipapirfondet Alfred Berg Aktiv 1,987,510 0.47 %
Verdipapirfondet Storebrand Norge 1,823,902 0.43 %
Other 75,349,162 17.81 %
Total number of shares 423,104,938 100.00 %
Contents »
Wallenius Wilhelmsen – Annual Report 2025
194
47
The nominee account held with Skandinaviska Enskilda Banken AB for 160,000,000
shares is owned by Wallenius Lines AB.
Note 7. Employee retirement obligations
Description of the pension scheme
In order to reduce the company's exposure to certain risks associated with defined benefit
plans, such as longevity, inflation, effects of compensation increases, the company
regularly reviews and continuously improves the design of its post-employment defined
benefit plans. Until 31 December 2014, the company provided both defined benefit pension
plans and defined contribution pension plans.
The remaining pension obligation is related to some employees in the company's senior
executive management. These obligations are mainly covered via company annuity
policies.
Number of people covered by pension schemes at December 31 2025 2024
In retirement (inclusive disability pensions) 434 495
Total number of people covered by pension schemes 434 495
Financial assumptions applied for the valuation of liabilities 2025 2024
Discount rate 4.3 % 3.9 %
Anticipated pay regulation 4.0 % 3.3 %
Anticipated regulation of National Insurance base amount (G) 3.8 % 3.3 %
Anticipated regulation of pensions 2.7 % 1.9 %
Anticipated pay regulation are business sector specific, influenced by the composition of
employees under the plans. Anticipated increase in G is tied to the anticipated pay
regulations. Anticipated regulation of pensions is determined by the difference between
return on assets and the hurdle rate.
USD thousand 2025 2024
Pension expenses
Interest expense on defined benefit obligation 686 693
Net pension expenses 686 693
Remeasurements
Effect of changes in financial assumptions (512) 974
Effect of experience adjustments 1,176 (362)
Total remeasurements included in equity 664 612
Tax effect of pension in equity (146) (135)
Net remeasurement in equity 518 477
Contents »
Wallenius Wilhelmsen – Annual Report 2025
195
USD thousand 2025 2024
Pension obligations
Defined benefit obligations at January 1 16,892 20,780
Interest expense 686 693
Benefit payments from employer (1,578) (1,769)
Remeasurements - change in assumptions 512 (974)
Remeasurements - experience adjustments (1,176) 362
Effect of changes in foreign exchange rates 2,156 (2,201)
Pension obligations at December 31 17,492 16,892
Payments from operations are estimated at USD 1.6 million in 2025 (2024: USD 1.6
million).
Contents »
Wallenius Wilhelmsen – Annual Report 2025
196
Note 8. Interest-bearing debt
At the end of 2025 the company had three outstanding bond loans, with maturities from
March 2026 through August 2028. All three are listed on the Oslo Stock Exchange. In 2025,
the company repurchased NOK 261.5 million of the outstanding WAWI01 bond.
As of December 31, 2025, weighted average interest rate on interest-bearing debt is 3.85
percent.
The main covenant related to the bond debt is a limitation on the ability to pledge the
company’s assets. The covenant is reported on quarterly. There have been no breaches of
loan agreement terms in the current period or at year-end 2024.
NOK million
Nominal
Currency value
Reference
interest rate
Fixed interest
margin Interest coupon Maturity date Interest terms
2025
ISIN NO 0011082091 WAWI01 1,739 4.22 % 3.90 % 8.12 % 03.03.2026
Floating, 3M
NIBOR + margin
ISIN NO 012495912 WAWI02 ESG 1,250 4.18 % 4.25 % 8.43 % 21.04.2027
Floating, 3M
NIBOR + margin
ISIN NO 012992090 WAWI03 ESG 1,000 4.23 % 3.25 % 7.48 % 31.08.2028
Floating, 3M
NIBOR + margin
Total bonds 3,989
2024
ISIN NO 0011082091 WAWI01 2,000 4.69 % 3.90 % 8.59 % 03.03.2026
Floating, 3M
NIBOR + margin
ISIN NO 012495912 WAWI02 ESG 1,250 4.68 % 4.25 % 8.93 % 21.04.2027
Floating, 3M
NIBOR + margin
ISIN NO 012992090 WAWI03 ESG 1,000 4.70 % 3.25 % 7.95 % 31.08.2028
Floating, 3M
NIBOR + margin
Total bonds 4,250
USD million Notes 2025 2024
Interest-bearing debt
Bonds 430 458
Repayment schedule for interest-bearing debt
Due in year 1 9 194 -
Due in year 2 144 223
Due in year 3 94 144
Due in year 4 - 94
Due in year 5 and later - -
Total interest-bearing debt repayable 432 461
Amortized financing costs (2) (2)
Book value interest-bearing debt 430 458
Contents »
Wallenius Wilhelmsen – Annual Report 2025
197
Reconciliation of liabilities arising from financing activities
USD million
Non-current interest-
bearing debt
Current interest-
bearing debt
Total financing
activities
Net debt at December 31, 2024 458 - 458
Cash flows (proceeds) from loans and bonds - - -
Cash flow (repayments) from loans and bonds - (26) (26)
Foreign exchange movement - (3) (3)
Other non-cash movements 1 - 1
Net debt at December 31, 2025 236 194 430
Guarantees
The company has provided parent company guarantees for all bank debt related to the
financing of Wallenius Wilhelmsen Ocean Holding AS (and subsidiaries) and Wallenius
Wilhelmsen Solutions Holding AS (and subsidiaries). The amounts in the following table is
the bank debt covered by this parent guarantee.
USD million 2025 2024
Parent company guarantees to banks for group companies 300 914
Total guarantee liabilities 300 914
Contents »
Wallenius Wilhelmsen – Annual Report 2025
198
Note 9. Financial risk
Currency risk
The company is exposed to currency risk on income and expenses in non-functional
currencies (transaction (cash flow) risk) and balance sheet items denominated in currencies
other than USD (translation risk). The company's largest individual foreign exchange
exposure is NOK against USD.
Various financial derivatives, such as forwards, options and cross-currency (basis) swaps
are used to hedge this exposure. In addition, the company uses the same instruments to
hedge currency risk on behalf of the group. It may thus hold currency hedges that the
company itself does not have any exposure to. Hedge accounting is applied for cross-
currency swaps held in connection with the bond debt. For other currency derivatives the
company is not applying hedge accounting.
As of year-end 2024 the company had also hedged the groups AUD exposure related to
sale of MIRRAT (see also note 16 and note 24 in the group financial statements).
The fair value of foreign exchange forward contracts and FX options not eligible for hedge
accounting is presented in the table below.
Assets Liabilities Assets Liabilities
USD million Dec 31, 2025 Dec 31, 2024
Forward contracts with external counterparties - - 6 -
Cross-currency swaps with external counterparties - - 1 4
Total market value of derivatives - - 8 4
All instruments are booked at fair value as per 31 December. For methodology used in
calculating fair value please refer to note 16 in the group financial statements.
The cross-currency swaps, for which hedge accounting has been applied, had a fair value
at December 31 as follows:
Assets Liabilities Assets Liabilities
USD million Dec 31, 2025 Dec 31, 2024
Forward contracts with external counterparties - - 6 -
Cross-currency swaps with external counterparties - 39 - 98
Total - 39 6 98
Accounting effects of hedge accounting is reflected under financial income and financial
expense in the income statement. And under the bond debt in the balance sheet.
Interest rate risk
The company’s interest rate exposure mainly comes from the external funding in bank and
debt capital markets. The group, of which the company is a part, seeks to economically
hedge between 20-80 percent of the average gross debt over the next five years,
predominantly through interest rate swaps and fixed rate loans. It should be noted that
hedge levels are considered at a group level. As such hedge levels for the company can be
higher or lower than group policy while still being within policy.
Interest rate hedges held by the company corresponded to about 25 percent (2024: about
25 percent) of its gross debt at December 31, 2025.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
199
USD million Dec 31, 2025 Dec 31, 2024
Maturity schedule economic interest rate hedges (nominal amounts)
Due in year 4 100 -
Year 5 and later - 100
Total economic interest rate hedges 100 100
As of December 31, 2025 the company did not hold any forward starting swaps (2024: nil).
The fair value of the interest rate hedges at December 31, 2025 was USD 1 million (2024:
USD 3 million).
The average remaining term of the existing loan portfolio is about 1.0 year, while the
average remaining term of the running interest rate derivatives and fixed interest loans is
approximately 3.7 years.
Credit risk
Credit risk is the risk of financial loss to the company if a customer or counterparty to a
financial instrument fails to meet its contractual obligations, and originates primarily from
the company's financial derivatives used to economically hedge interest rate risk or foreign
exchange risk, bank deposits as well as the parent company guarantees provided towards
the banks involved in the financing of Wallenius Wilhelmsen Ocean and Wallenius
Wilhelmsen Solutions. The company's exposure to credit risk on its bank deposits and
financial derivatives is considered to be limited as it primarily banks with institutions rated at
least A-/A3. The credit risk on the provided parent company guarantees is considered
limited as the company controls these debtors through ownership.
Liquidity risk
The company's approach to managing liquidity is to secure that it will always have sufficient
liquidity to meet its liabilities, under both normal and stressed conditions, without incurring
unacceptable losses or risking damage to the company's reputation. The development in
the group’s and thereby the company’s available liquidity is continuously monitored through
weekly and monthly cash forecasts, medium and long-term business forecasts as well as
financial strategy plans.
The company, at times, issues NOK debt in the Norwegian bond market, with proceeds
swapped into USD via cross-currency swaps at the time of each issue. If the USD/NOK
exchange rate increases above certain thresholds from the rate at the time of issue, the
company will need to post cash collateral with the counterparties based on the mark-to-
market value above the threshold. The cash collateral is released back to the company if
the USD/NOK exchange rate decreases. As of December 31, 2025, the group had posted
USD 2 million in cash collateral relating to cross-currency swaps for the three outstanding
NOK bonds. The cash collateral is recognized in Other current assets in the balance sheet.
The company's liquidity risk is considered low as the parent company has access to
funding from its subsidiaries.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
200
Undiscounted cash flows financial liabilities
USD million
Less than
1 year
Between
1 and 2 years
Between
2 and 5 years
2025
Bonds 195 137 105
Financial derivatives - (1) (1)
Total interest-bearing debt 195 136 104
Current liabilities
(excluding next year's installment on interest-bearing debt and
financial derivatives)
448 - -
Total gross undiscounted cash flows financial liabilities at
December 31 643 136 104
USD million
Less than
1 year
Between
1 and 2 years
Between
2 and 5 years
2024
Bonds 32 197 215
Financial derivatives (4) (1) (3)
Total interest-bearing debt 28 196 212
Current liabilities
(excluding next year's installment on interest-bearing debt and
financial derivatives)
540 - -
Total gross undiscounted cash flows financial liabilities at
December 31 568 196 212
Interest expenses on interest-bearing debt included above have been computed
using interest rate curves as of year-end.
See note 16 to the group financial statements for further information on financial risk.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
201
Note 10. Transactions with related parties
The two main shareholders of Wallenius Wilhelmsen ASA are Wilh. Wilhelmsen Holding
ASA and Wallenius Lines AB with 37.87 percent and 37.82 percent of the shares
respectively.
For participation in the board of directors, Thomas Wilhelmsen received USD 71 thousand.
Jonas Kleberg has not received compensation for participation in the nomination
committee.
See note 1 regarding fees to board of directors, note 4 regarding ownership and separate
remuneration report for further details. The company has undertaken several transactions
with related parties within the Wilh. Wilhelmsen Holding group (WWH group). All
transactions are entered into in the ordinary course of business of the company on arm’s
length basis.
USD million Notes 2025 2024
Income statement
Operating expenses to subsidiaries 2 (17) (18)
Dividend from subsidiaries and group contribution 10 691 762
Other financial income from subsidiaries 13 24
Financial expenses to subsidiaries - -
USD million Notes Dec 31, 2025 Dec 31, 2024
Balance sheet
Non-current assets from subsidiaries 5 78 -
Current receivables from subsidiaries 5 63 495
Current payables to subsidiaries 5 12 6
Contents »
Wallenius Wilhelmsen – Annual Report 2025
202
Note 11. Events after the balance sheet date
On February 10, 2026 the Board resolved to pay a total dividend of USD 1.01 per share
covering the second half of 2025. The dividend amount is based on 50% of the company's
underlying results for the second half of 2025 plus an extraordinary amount of USD 200m
due to the company's strong liquidity. Payment of the dividend is expected to take place on,
or around, March 24, 2026.
Contents »
Wallenius Wilhelmsen – Annual Report 2025
203
Alternative performance
measures
Definitions of Alternative Performance Measures (APMs)
This section describes the non-GAAP financial alternative performance measures (APM)
that are used in the quarterly and annual reports.
The following measures are not defined nor specified in the applicable financial reporting
framework of IFRS. They may be considered as non-GAAP financial measures that may
include or exclude amounts that are calculated and presented according to IFRS. These
APMs are intended to enhance comparability of the results and cash flows from period to
period and it is the group’s experience that these are frequently used by investors, analysts
and other parties. Internally, these APMs are used by management to measure
performance on a regular basis. The APMs should not be considered as a substitute for
measures of performance in accordance with IFRS.
EBITDA is defined as total revenue less operating expenses. EBITDA is used as an
additional measure of the group’s operational profitability, excluding the impact from
financial items, taxes, depreciation and amortization and impairment/(reversal of
impairment).
EBITDA adjusted is defined as EBITDA excluding items in the result which are not regarded
as part of the underlying business. Examples of such items are restructuring costs, gain/
loss on sale of vessels and other tangible assets and other income and expenses which are
not primarily related to the period in which they are recognized.
EBIT is defined as total revenue less operating expenses, other gain/loss and depreciation,
amortization and impairment/(reversal of impairment). EBIT is used as a measure of
operational profitability excluding the effects of how the operations were financed, taxed
and excluding foreign exchange gains & losses.
EBIT adjusted and profit/(loss) for the period adjusted is defined as EBIT/profit/(loss) for the
period adjusted excluding items in the result which are not regarded as part of the
underlying business. Example of such items are restructuring costs, gain/loss on sale of
vessels and other tangible assets, impairment, other gain/loss and other income and
expenses which are not primarily related to the period in which they are recognized.
Cash conversion ratio is defined as Net cash flow provided by operating activities divided
by EBITDA adjusted and is a measure of the group's ability to generate cash from
operations.
Capital employed (CE) is calculated based on the average of total assets less total liabilities
plus total interest-bearing debt for the last twelve months. CE is measured in order to
assess how much capital is needed for the operations/business to function and evaluate if
the capital employed can be utilized more efficiently and/or if operations should be
discontinued.
Return on capital employed (ROCE) adjusted is based on last twelve months EBIT adjusted
divided by capital employed. Adjusted ROCE is used to measure the return on the capital
employed without taking into consideration the way the operations and assets are financed
during the period under review. The group considers this ratio as appropriate to measure
the return of the period.
Total interest-bearing debt is calculated as the end of period sum of non-current interest-
bearing loans and bonds, non-current lease liabilities, current interest-bearing loans and
Contents »
Wallenius Wilhelmsen – Annual Report 2025
204
bonds and current lease liabilities. The group considers this a good measure of total
financial debt.
Net interest-bearing debt (NIBD) is calculated as the end of period total interest-bearing
debt less the end of period cash and cash equivalents. The group considers this a good
measure of underlying financial debt.
NIBD/EBITDA adjusted (leverage ratio) is calculated based on the end of period net
interest-bearing debt divided by the rolling last twelve months of EBITDA adjusted. The
group considers this a good measure of leverage as it indicates how many years of EBITDA
adjusted, being a proxy for normal cash flow from operations, is needed to cover the NIBD.
The equity ratio is calculated based on total equity divided by total assets at the end of the
reporting period. The group considers this a relevant measure of how the group manages
its debts and funds its asset requirements.
Reconciliations of alternative performance measures
Net interest-bearing debt
USD million Dec 31, 2025 Dec 31, 2024
Non-current interest-bearing loans and bonds 865 1,438
Non-current lease liabilities 1,164 1,092
Current interest-bearing loans and bonds 398 338
Current lease liabilities 374 283
Total interest-bearing debt 2,800 3,151
less Cash and cash equivalents (1,071) (1,393)
Net Interest-bearing debt 1,729 1,758
Net interest-bearing debt divided by last twelve months adjusted EBITDA (leverage
ratio)
USD million 2025 2024
Net Interest-bearing debt 1,729 1,758
Last twelve months adjusted EBITDA 1,811 1,901
Net interest-bearing debt/adjusted EBITDA ratio 1.0x 0.9x
Equity ratio
USD million Dec 31, 2025 Dec 31, 2024
Total equity 3,302 3,321
Total assets 7,817 8,400
Equity ratio 42.2 % 39.5 %
Contents »
Wallenius Wilhelmsen – Annual Report 2025
205
Reconciliation of total revenue to EBITDA and EBITDA adjusted
USD million 2025 2024
Total revenue 5,240 5,308
Operating expenses (3,439) (3,438)
EBITDA 1,801 1,869
EBITDA Shipping services 1,560 1,561
Loss/(gain) on sale of vessel (28) (32)
USTR port fees 21 -
Restructuring expenses 3 -
Digital transformation 5 -
Anti-trust expense/ (reversal of expenses) - 32
EBITDA adjusted Shipping services 1,561 1,561
EBITDA Logistics services 128 197
Restructuring expenses 1 -
Digital transformation 4 -
EBITDA adjusted Logistics services 133 197
EBITDA Government services 153 183
Loss/(gain) on sale of vessel - -
EBITDA adjusted Government services 153 183
EBITDA holding/eliminations (39) (71)
Digital transformation 3 -
Loss/(gain) on sale of vessel - 32
EBITDA adjusted holding/eliminations (36) (40)
EBITDA adjusted 1,811 1,901
Contents »
Wallenius Wilhelmsen – Annual Report 2025
206
Reconciliation of Total revenue to EBIT and EBIT adjusted
USD million 2025 2024
EBITDA 1,801 1,869
Gain on disposal of subsidiary 135 -
Depreciation and amortization (651) (580)
Impairment - (1)
EBIT 1,285 1,289
Anti-trust expense/(reversal of expense) - 32
Gain on sale of vessel (28) -
USTR port fees 21 -
Digital transformation 12 -
Restructuring expenses 4 -
Gain on disposal of subsidiary (135) -
Impairment - 1
Total adjustments (125) 33
EBIT adjusted 1,160 1,321
Profit for the period 1,104 1,065
Total adjustments to EBIT (125) 33
Impairment investment in associates 6 -
Profit for the period adjusted 984 1,098
Cash conversion ratio
USD million 2025 2024
Net cash flow provided by operating activities 1,744 1,778
EBITDA adjusted 1,811 1,901
Cash conversion ratio 96 % 94 %
Reconciliation of total assets to capital employed and ROCE calculation
Last twelve months average
USD million 2025 2024
Total assets 8,190 8,561
Less Total liabilities (4,977) (5,404)
Total equity 3,213 3,156
Total interest-bearing debt 3,105 3,473
Capital employed 6,317 6,629
EBIT last twelve months adjusted 1,160 1,321
ROCE 20.3 % 19.4 %
ROCE (adjusted) 18.4 % 19.9 %
Contents »
Wallenius Wilhelmsen – Annual Report 2025
207
