R5 C10765

Annual report 2023

“2023 has been an exceptional year for Wallenius Wilhelmsen – financially, commercially, and operationally. I am deeply impressed by the dedication and hard work of our people, delivering results beyond what we even hoped when we started the year. Our strong results are helped by strong demand in the markets we operate, but we were in a position to serve our customers and deliver value to our shareholders thanks to the people of this organization. They have for years helped build an industry-leading position. And we do certainly not stop here. We have an ambition to lead the way in transforming our industry towards an emission-free future, and digital tools will be a key enabler.”

Lasse Kristoffersen - CEO

Press release

2023 in brief

2023 was a very strong year for Wallenius Wilhelmsen. Capacity constraints in the car carrier markets have led to solid earnings for the shipping services segment and we have consistently renewed multi-year contracts at rates reflecting the current market. Contract renewals have focused on integrating offerings across ocean and land-based services, combined with decarbonization initiatives such as the use of biofuel. Furthermore, we have seen very solid growth and margin improvements in the logistics and government segments.

As a consequence, we have exceeded our over-the-cycle financial targets by a solid margin, and the associated cash flow has enabled us to pay attractive dividends, further invest in the business and reduce net debt. This has allowed us to strengthen the equity story while ensuring that we have a solid financial foundation for the future.

Total revenue for the group for 2023 was USD 5,149 million, an increase of 2 percent compared to 2022. Delivering an all-time high EBITDA of USD 1,807 million for 2023, this was up 18 percent from 2022.

On the back of 2023, Wallenius Wilhelmsen proposes to pay a dividend of USD 1.14 per share, representing a FY 2023 payout ratio of 50 percent of net profit and a total dividend amount of USD 482m. Further, it is proposed to introduce a semi-annual pay-as-you-go dividend policy, under which a potential dividend for H1-2024 will be paid with the second tranche of the 2023 dividend. This demonstrates our clear commitment to reward our shareholders.