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Wallenius Wilhelmsen ASA, the Oslo-listed RoRo shipping and vehicle logistics group, reported full-year 2025 revenue of USD 5,240 million and net profit of USD 1,104 million, delivering its second-best financial performance on record despite mounting pressure from US import tariffs, a prolonged Red Sea closure, and a sharp softening in automotive and high and heavy logistics volumes.
EBITDA for the year came in at USD 1,801 million, down 4 percent from USD 1,869 million in 2024, falling short of the company’s own guidance range that had called for results at least in line with or up to 10 percent above the prior year. Group executives attributed the miss primarily to trade flow disruptions and the introduction of a 25 percent US tariff on auto imports, which came into effect in April 2025.
Shipping Holds Firm, Logistics Stumbles
The Shipping services segment remained the financial backbone of the group, generating adjusted EBITDA of USD 1,561 million in 2025, broadly flat with 2024. Net freight rates rose approximately 4 percent year on year to around USD 65 per cubic metre, reflecting a more favorable contract and customer mix alongside contract repricing. Total shipping revenue reached USD 3,989 million, up 1 percent from USD 3,937 million in 2024.
Volumes across the fleet declined around 1 percent. Trade flows out of Asia, particularly from China, continued to expand and drove high utilization on eastbound lanes, while volumes from the EU to Asia and across the Atlantic contracted. The asymmetry pushed the trade imbalance between east and west to new highs, forcing more ballast legs back to Asia and pushing the company’s Energy Efficiency Operational Indicator (EEOI) to 63.1 in 2025, above both the target of 59.9 and the 2024 reading of 60.2.
Vessels continued to be rerouted around the Cape of Good Hope throughout the year, as the Red Sea remained unsafe. Wallenius Wilhelmsen was among the first car carrier operators to suspend Red Sea transits following the outbreak of security threats in the corridor, and the company said the timeline for resuming Suez Canal sailings remains uncertain.
Logistics services faced a markedly more difficult year. Adjusted EBITDA for the segment fell 32 percent to USD 133 million, from USD 197 million in 2024. The segment was hit on multiple fronts: the sale of MIRRAT, the group’s terminal in Melbourne, Australia, completed in May 2025 for AUD 328 million (USD 210 million) removed a meaningful earnings contributor mid-year, while auto processing volumes in the United States fell as importers responded cautiously to the new tariff regime. High and heavy demand remained subdued globally, with construction and agricultural equipment markets soft across most regions.
Government services revenue edged down 4 percent to USD 411 million, largely because a 43-day US government shutdown in the fourth quarter of 2025 curtailed cargo volumes. EBITDA for the segment dropped 16 percent to USD 153 million, compounded by Congress delaying the appropriation of higher Maritime Security Program payments until February 2026.
Record Dividends and a USD 10 Billion Contract Backlog
Despite the earnings miss against guidance, Wallenius Wilhelmsen declared a total dividend of USD 2.11 per share in 2025, equivalent to USD 892 million, its highest payout on record. The distribution comprised an ordinary element based on 50 percent of net profit plus an extraordinary component funded in part by MIRRAT sale proceeds.
Net profit of USD 1,104 million included a USD 135 million gain from the MIRRAT disposal. Cash from operations amounted to USD 1,744 million, and the group ended the year with cash and cash equivalents of USD 1,071 million alongside USD 922 million in undrawn credit facilities. Net interest-bearing debt stood at USD 1,729 million, a significant reduction from USD 3,400 million prior to the post-pandemic earnings cycle.
“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,” said Bjørnar Bukholm, Executive Vice President and CFO.
The group closed 2025 with a contract backlog exceeding USD 10 billion, supported by approximately USD 4.8 billion in contract renewals, extensions, and new business secured during the year. Chief Executive Lasse Kristoffersen described this as evidence of deepened long-term customer partnerships and multi-year agreements that provide earnings visibility through market cycles.
Fleet Renewal and the Road to Net-Zero
At year-end, Wallenius Wilhelmsen operated a fleet of 127 vessels, including 91 owned units with an assessed market value of USD 4.7 billion. The group held USD 1.5 billion of remaining capital expenditure commitments for 14 Shaper-class newbuildings under construction, with post-delivery financing secured for 11 of those vessels. Two older vessels aged approximately 30 years were sold during the year, and a third was delivered for responsible recycling in early 2026.
Global RoRo fleet capacity expanded 13 percent in 2025, the sharpest growth in nearly two decades and the peak of the current delivery cycle. The order book extends to 2030, with approximately 8 percent capacity additions expected in each of 2026 and 2027, totaling 45 and 51 vessel deliveries respectively. New ordering activity in 2025 was described as very limited.
A new business unit, Supply Chain Solutions, was established during the year with roughly 200 staff across 14 countries. The unit encompasses freight forwarding, supply chain management, remarketing, and last mile delivery, and is designed to complement the group’s existing shipping and logistics services within established customer accounts.
On decarbonization, biofuel consumption increased sharply in 2025 and liquefied natural gas was introduced to the fleet’s fuel mix for the first time. The group maintained its net-zero target for 2040 but acknowledged that growing east-west trade imbalances increased the number of ballast legs, making year-on-year emissions efficiency improvements harder to achieve on some trade lanes.
Looking into 2026, management flagged ongoing tariff uncertainty, the pending November 2026 deadline for US port fees on RoRo vessels (postponed from October 2025), and softness in high and heavy end markets as key variables. The group said it expects 2026 to be another good year, citing a healthy contract book, a disciplined capital structure, and the upcoming delivery of the first Shaper-class vessels.
