WILH. WILHELMSEN HOLDING ASA
Sector unknown·WWI · Oslo Børs·Fiscal year to 31/12/2024
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Shipping and logistics
End markets
DriverPositive impact: strengthens
“Income was up for all main business units. EBITDA for the year was USD 109 million, up 3 % from the previous year.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“With global networks, strong brands built over many years, and a long history of innovation and market adaptation, the group is in a good position to service this market.”
Annual report 2024A · The company itself
Market
“Committed to shaping the maritime industry, through our market-leading products, services, and support, the group also seeks to develop new opportunities in renewables, zero-emission shipping, and marine digitalisation.”
Annual report 2024A · The company itself
Market
“Wilhelmsen Holding group (Wilhelmsen or group) is an industrial holding company within the maritime industry. The group’s activities are carried out through fully and partly owned entities, most of which are among the market leaders within their segments.”
Annual report 2024A · The company itself
Market
“Maritime Services • Wilhelmsen Maritime Services AS • Wilhelmsen Ships Service • Wilhelmsen Port Services • Wilhelmsen Ship Management • Wilhelmsen Chemicals • Wilhelmsen Insurance Services • Global Business Services Ships Service Wilhelmsen Ships Service offers a portfolio of maritime solutions to the merchant fleet.”
Annual report 2024A · The company itself
Market
“Total income from Port Services was 162 million in 2024, up 6%. The increase was supported by higher number of vessel appointments and husbandry volumes.”
Annual report 2024A · The company itself
Market
“Ship Management Wilhelmsen Ship Management provides full technical management, crewing, and related services for all major vessel types. Total income for Ship Management was USD 147 million in 2024, up 70% from 2023.”
Annual report 2024A · The company itself
Market
“Maritime Services New Energy Strategic Holdings and Investments The ambition is to be the leading provider of products and services for the global merchant fleet – driving sustainable transformation of the industry.”
Annual report 2024A · The company itself
Market
“Maritime Services provides essential products and services to the global merchant fleet, focusing on the three business units Ships Service, Port Services, and Ship Management.”
Annual report 2024A · The company itself
Market
“Through the shareholdings in these companies, the group will continue to provide and develop world leading logistics services to the global automotive and ro-ro industries.”
Annual report 2024A · The company itself
Market
“USD mill Maritime Services New Energy Strategic Holdings and Invest-ments Group elimination Total Revenue segments Ships Service Port Services Ship Manage-ment Other/ elimination Infrastructure Technology& Decarbon-isation Other/ elimination 2024 Revenue from customers 507 160 149 14 299 3 16 (12) 1 136 Total 507 160 149 14 299 3 16 (12) 1 136 Timing of revenue recognition At a point in time 507 10 3 16 (12) 525 Over time 160 149 4 299 611 Total 507 160 149 14 299 3 16 (12) 1 136 2023 Revenue from customers 477 155 87 14 283 2 5 16 (11) 1 027 Total 477 155 87 14 283 2 5 16 (11) 1 027 Timing of revenue recognition At a point in time 477 10 2 16 (11) 494 Over time Ships service - Sale of goods Wilhelmsen Ships Service offers a wide range of products to the maritime industry.”
Annual report 2024A · The company itself
Market
“The group holds a 37.9% share in listed company Wallenius Wilhelmsen (WAWI), headquartered at Lysaker, Norway. WAWI is a market leader in RoRo shipping and vechile logistics, managing the distrubution of cars, trucks, rolling equipment and breakbulk to customers all over the world.”
Annual report 2024A · The company itself
Market
“The group holds a 11.0% share in Hyundai Glovis, a logistics company headquartered in Seoul, Republic of Korea, listed on the Korean Stock Exchange. Hyundai Glovis’ principal activity is logistics and distribution services. The company provides overseas logistics services, including vehicle export logistics, air freight forwarding, ocean freight forwarding and international express service.”
Annual report 2024A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
EU climate and energy policy
Regulation
DriverPositive impact: strengthens
“A focus on climate measures will support, inter alia, a gradual shift from offshore oil and gas to renewable energy, and decarbonisation of the global fleet.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Strategic sustainability topics Strategic topics Strategic ambition Climate change and decarbonisation Support the maritime industry’s decarbonisation and energy infrastructure transformation.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Environment, innovation, and joining forces to amplify impact The maritime industry must accelerate its energy transition, and we are committed to our ambitions, targets and staying at the forefront.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Since our base year 2022, we have reduced greenhouse gas scope 1 and 2 market-based emissions by 25%, driven by operational optimisation and the purchase or self-generation of electricity from renewable sources.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Outlook for New Energy The New Energy segment focuses on building and driving industrial positions within the maritime energy value chain and the energy transition. With segment companies representing energy infrastructure, offshore wind, and technology and decarbonisation, Wilhelmsen is driving valuecreation by bringing together their unique competencies.”
Annual report 2024A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Automotive
End markets
DriverPositive impact: strengthens
“Wilhelmsen’s share of profit from Wallenius Wilhelmsen ASA was USD 372 million in 2024, up from USD 324 million in 2023.”
Annual report 2024A · The company itself
Market
“Through the shareholdings in these companies, the group will continue to provide and develop world leading logistics services to the global automotive and ro-ro industries.”
Annual report 2024A · The company itself
Market
“The group holds a 37.9% share in listed company Wallenius Wilhelmsen (WAWI), headquartered at Lysaker, Norway. WAWI is a market leader in RoRo shipping and vechile logistics, managing the distrubution of cars, trucks, rolling equipment and breakbulk to customers all over the world.”
Annual report 2024A · The company itself
Market
“The group holds a 11.0% share in Hyundai Glovis, a logistics company headquartered in Seoul, Republic of Korea, listed on the Korean Stock Exchange. Hyundai Glovis’ principal activity is logistics and distribution services. The company provides overseas logistics services, including vehicle export logistics, air freight forwarding, ocean freight forwarding and international express service.”
Annual report 2024A · The company itself
Electrification
Technology
DriverPositive impact: strengthens
“A focus on climate measures will support, inter alia, a gradual shift from offshore oil and gas to renewable energy, and decarbonisation of the global fleet.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Environment, innovation, and joining forces to amplify impact The maritime industry must accelerate its energy transition, and we are committed to our ambitions, targets and staying at the forefront.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Beyond optimising our own operations, we continue to drive the broader decarbonisation efforts through numerous projects. From the development of unmanned supply vessels to scalable emission reduction strategies, we are working closely with industry peers to pioneer new solutions.”
Annual report 2024A · The company itself
Chains out: this strengthens Electricity, strengthens Power grid expansion, strengthens Copper
Equity and capital markets
Macro
DriverPositive impact: strengthens
“Among our strategic investments, Wallenius Wilhelmsen stood out with their best year to date.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“The Wilhelmsen share price had a strong development in 2024, outperforming the general equity market and marking six consecutive years with positive shareholder return.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Outlook for the Wilhelmsen group Wilhelmsen retains a strong balance sheet and a balanced portfolio of leading maritime operations and investments.”
Annual report 2024A · The company itself
Utilities
End markets
StrategyPositive impact: strengthens
“Outlook for New Energy The New Energy segment focuses on building and driving industrial positions within the maritime energy value chain and the energy transition. With segment companies representing energy infrastructure, offshore wind, and technology and decarbonisation, Wilhelmsen is driving valuecreation by bringing together their unique competencies.”
Annual report 2024A · The company itself
Market
“Committed to shaping the maritime industry, through our market-leading products, services, and support, the group also seeks to develop new opportunities in renewables, zero-emission shipping, and marine digitalisation.”
Annual report 2024A · The company itself
Market
“Wilhelmsen owns 99.4% of NorSea. Total income for NorSea was USD 300 million in 2024, up 6% from 2023. Income was lifted by increased logistics and property activities at Norwegian offshore bases.”
Annual report 2024A · The company itself
Wind power
Technology
DriverPositive impact: strengthens
“In 2024, Wilhelmsen increased the shareholding in Edda Wind ASA to 31% and was instrumental in the success of the Ventyr alliance securing the first large Norwegian offshore wind tender.”
Annual report 2024A · The company itself
Market
“Our New Energy segment saw continuous high activity at their offshore supply bases, while also increasing their ownership stake within service vessels for offshore wind parks.”
Annual report 2024A · The company itself
Market
“Share of profit from joint ventures and associates in NorSea Edda Wind ASA Edda Wind ASA provides services to the global offshore wind industry and is listed on Oslo Børs. Wilhelmsen owns 31.0% of the company, which is reported as associate in Wilhelmsen’s accounts.”
Annual report 2024A · The company itself
Chains in: Interest rates weakens, Energy security strengthens
Chains out: this strengthens Steel, strengthens Rare earths and critical raw materials, strengthens Renewables auctions and subsidies, strengthens Power grid expansion
Artificial intelligence
Technology
Market
“During 2024, Maritime Services made acquisitions expanding their fleet under management, increased their customer base within on-demand digital manufacturing using 3D technology, as well as launching a digital marketplace for trading compliance balances of FuelEU surplus, to mention but a few.”
Annual report 2024A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Chemicals and specialty chemicals
Raw materials and inputs
Market
“Total income from Ships Service was USD 508 million in 2024, up 9% from the previous year. Income was lifted by a combination of price increases and higher volumes. Income was up for most product categories including refrigerants, chemicals, and ropes.”
Annual report 2024A · The company itself
Digitalisation
Technology
Market
“During 2024, Maritime Services made acquisitions expanding their fleet under management, increased their customer base within on-demand digital manufacturing using 3D technology, as well as launching a digital marketplace for trading compliance balances of FuelEU surplus, to mention but a few.”
Annual report 2024A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“In 2024, Wilhelmsen and MPC Capital completed the Zeaborn acquisition, resulting in a significant increase in Wilhelmsen crewing activities and number of ships managed by the group. Combined with organic growth, this contributed to an increase in the Maritime Services’ total income for the year.”
Annual report 2024A · The company itself
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“Entering into 2025, the shipping market remains predominantly positive, but risk from an unpredictable geopolitical situation has increased.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Supply constraints and geopolitical risk continue to impact the European energy market.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“While uncertainty persists, specifically regarding geopolitical tension and an uncertain global trade environment, the group retains its capacity to support and grow the portfolio, and to deliver consistent yearly dividends.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Group risk matrix Risk type Entity Risk Mitigation action Macro All Geopolitical issues Balanced and liquid portfolio.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“As I write this at the outset of 2025, we are witnessing some of the most significant geopolitical fluctuations and tensions in recent history. One can only hope that today’s challenges are merely a step on the path toward a future of peace and stability, with greater prosperity and free trade.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Suez transit activities were at a low level during most of the year.”
Annual report 2024A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Global trade volumes
Macro
DriverNegative impact: weakens
“While uncertainty persists, specifically regarding geopolitical tension and an uncertain global trade environment, the group retains its capacity to support and grow the portfolio, and to deliver consistent yearly dividends.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“As I write this at the outset of 2025, we are witnessing some of the most significant geopolitical fluctuations and tensions in recent history. One can only hope that today’s challenges are merely a step on the path toward a future of peace and stability, with greater prosperity and free trade.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Free trade, a cornerstone of global economic stability, came under increasing pressure, while supply chains were repeatedly tested by disruptions and uncertainty.”
Annual report 2024A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Business cycle and GDP growth
Macro
DriverPositive impact: strengthens
“The Maritime Services’ operation has in 2024 been supported by a positive global shipping market, with income also lifted by bolt-on acquisitions and inflationary impact.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Looking further ahead, Wilhelmsen believes that the Maritime Services market will continue to grow, supported by a growing world economy.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“A favourable supply-demand balance in global ro-ro shipping has lifted the earnings and dividend capacity of the strategic holdings.”
Annual report 2024A · The company itself
DriverMixed impact: mixed
“Macro All Global economic outlook Balanced and liquid portfolio.”
Annual report 2024A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Consumer spending
Macro
DriverPositive impact: strengthens
“The Maritime Services’ operation has in 2024 been supported by a positive global shipping market, with income also lifted by bolt-on acquisitions and inflationary impact.”
Annual report 2024A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Interest rates
Macro
InputNegative impact: weakens
“The primary funding source is the commercial bank loan market. The group also provides inter-company funding mainly on a short-term basis to reduce net financial expenses.”
Annual report 2024A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Oil
Raw materials and inputs
DriverPositive impact: strengthens
“This supports a continued high activity level in 2025 at the offshore fields serviced by NorSea and other Wilhelmsen operations.”
Annual report 2024A · The company itself
Chains out: this strengthens Plastics and polymers
Renewables auctions and subsidies
Regulation
DriverPositive impact: strengthens
“In 2024, Wilhelmsen increased the shareholding in Edda Wind ASA to 31% and was instrumental in the success of the Ventyr alliance securing the first large Norwegian offshore wind tender.”
Annual report 2024A · The company itself
Chains in: Wind power strengthens
Inflation
Macro
DriverNegative impact: weakens
“The increase reflected higher total income, partly offset by higher employee expenses and lower gross margin on acquisition revenue which is partly accounted for on a gross basis.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“EBITDA came in at USD 159 million for the year, up 8%.”
Annual report 2024A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Asia and emerging markets
Geography
Geography
“The group’s investment in Hyundai Glovis is classified in the geographical segment Asia & Africa.”
Annual report 2024A · The company itself
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“The increase reflected higher total income, partly offset by higher employee expenses and lower gross margin on acquisition revenue which is partly accounted for on a gross basis.”
Annual report 2024A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 1.14 bn USD |
| Revenue growth vs. the year before, same method | 10.6 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | 0.28 bn USD |
| Diluted EPS per share | 11.47 USD |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in the report's original language.