wilh-2025-12-31-0-en

Wilh. Wilhelmsen Holding ASA Annual report 20253

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

Key figures

– consolidated accounts


		2025	2024	2023	2022	2021

INCOME STATEMENT
Total income	USD mill	1 231	1 138	1 029	958	874
Operating profit before amortisation and impairment (EBITDA)	USD mill	180	159	147	153	141
Operating profit	USD mill	106	85	88	83	73
Profit before tax	USD mill	719	538	515	440	66
Net profit	USD mill	671	518	487	427	53
Net profit after non-controlling interests	USD mill	652	498	466	400	72

BALANCE SHEET
Non-current assets	USD mill	3 400	2 994	2 924	2 735	2 702
Current assets	USD mill	1 011	764	811	730	746
Total assets	USD mill	4 411	3 758	3 735	3 465	3 448
Equity	USD mill	3 275	2 695	2 488	2 192	2 230
Interest-bearing debt	USD mill	427	434	608	654	642

KEY FINANCIAL FIGURES
Cash flow from operation ⁽¹⁾	USD mill	217	133	194	64	122
Liquid funds at 31 December⁽²⁾	USD mill	472	276	349	267	366
Liquidity ratio⁽³⁾		1.4	1.2	1.3	1.1	0.9
Equity ratio⁽⁴⁾	%	74%	72%	67%	63%	65%

YIELD
Return on equity⁽⁵⁾	%	22%	20%	21%	20%	4%

KEY FIGURES PER SHARE
Earnings per share⁽⁶⁾	USD	15.52	11.47	10.52	8.98	1.63
Operating profit before amortisation and impairment (EBITDA) per share⁽⁷⁾	USD	4.29	3.65	3.33	3.42	3.16
Average number of shares outstanding	Thousand	42 034	43 429	44 283	44 580	44 580
Dividend per share paid during the year	NOK	20.00	18.00	10.00	7.00	8.00


Total income (USD mill)	Operating profit (USD mill)







Net profit (USD mill)	Net profit after NCI (USD mill)

Definitions

(1) Net cash flow from operating activities.

(2) Cash, bank deposits and current financial investments.

(3) Current assets divided by current liabilities.

(4) Equity in percent of total assets.

(5) Profit after tax divided by average equity.

(6) Profit for the period after non-controlling interests, divided by

average number of shares. Earnings per share taking into

consideration the number of shares reduced for own shares.

(7) Operating profit for the period adjusted for depreciation and

impairments of assets, divided by average number of shares

outstanding.

Wilh. Wilhelmsen Holding ASA Annual report 20254

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

Wilhelmsen in brief

– the Wilhelmsen vision is to shape the maritime industry

Founded in Norway in 1861, Wilhelmsen is a comprehensive global maritime group. Committed to shaping

the maritime industry, through our market-leading products, services, and support, the group also seeks

to build industrial positions providing exposure to energy markets, energy transition, and digitalisation

opportunities. Wilhelmsen takes innovation, sustainability, and unparalleled customer experiences one

step further.


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.	The ambition is to build and drive industrial positions within the maritime energy value chain and energy transition.	The ambition is to achieve capital growth through the group’s global footprint, legacy holdings, and leading industrial partnerships.
Share of total income 2025	Share of total income 2025	Share of total income 2025

Share of net profit 2025	Share of net profit 2025	Share of net profit 2025

Share of total assets 31.12.2025	Share of total assets 31.12.2025	Share of total assets 31.12.2025

• Wilhelmsen Maritime Services AS • Wilhelmsen Ships Service • Wilhelmsen Port Services • Wilhelmsen Ship Management • Wilhelmsen Chemicals • Wilhelmsen Insurance Services • Wilhelmsen Global Business Services	• Wilhelmsen New Energy AS • NorSea Group (owned 99.4%) • Edda Wind (owned 37.8%) • Reach Subsea ASA (owned 29.6%) • RaaLabs (owned 74.25%) • Massterly (owned 50%)	• Wilh. Wilhelmsen Holding ASA (parent company) • Wallenius Wilhelmsen ASA (owned 37.9%) • Hyundai Glovis Co., Ltd. (owned 11.0%) • Financial investments
Pie charts: Share of total income, share of net profit after non-controlling interests, and share of total assets may not equal 100% due to group eliminations. Tables: Direct or indirect ownership in brackets when not fully owned.


Strategic sustainability topics
Strategic topics	Strategic ambition
Climate change and decarbonisation	Support the maritime industry’s decarbonisation and energy infrastructure transformation.
Health and safety	Have an engaging and safe workplace with no harm to people.
Equality, diversity, and inclusion	Have a culture where each employee is valued for their contribution.
Supply chain management	Work with responsible supply chain partners.
Compliance	Be a responsible, trusted, and compliant value chain partner.

Wilh. Wilhelmsen Holding ASA Annual report 20255

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

CEO letter

Resilience and discipline in a year of uncertainty

2025 brought continued pressure on global trade. Geopolitical instability and competition,

protectionism and multiple forms of conflict disrupted supply chains and increased risk.

Once again, the maritime industry demonstrated resilience and Wilhelmsen upheld its role

in keeping global commerce moving.

It was also a year of contrasts; good overall performance for the group alongside external

volatility and challenges in parts of our portfolio. With more than 160 years behind us, we

know that resilience and performance over time come from maintaining a long-term

perspective, disciplined execution, and staying true to our values.

Group CEO, Thomas Wilhelmsen

Staying on course through volatility

This year reaffirmed the strength of our

diversified portfolio. We advanced key capital

allocation decisions, including the delisting of

Treasure and Edda Wind, as well as increasing

our ownership in Reach Subsea. In Maritime

Services, targeted debt reduction and continued

balance sheet discipline contributed

meaningfully to the group’s strengthened

financial position. Total shareholder return for

2025 was 49%, which reflects both solid

operations and disciplined stewardship.

Across the group, we sharpened competitiveness

through cost and productivity initiatives.

Maritime Services delivered reliability

throughout a year marked by frequent rerouting

and supply‑chain disruptions, supported by

steady execution and simplification efforts. The

New Energy segment delivered strong results,

especially NorSea Group, while continuing to

invest in the energy transition. And despite

volatility, key strategic investments in our

Strategic Holdings and Investments segment

performed well. This again shows our portfolio’s

overall ability to perform through cycles and

volatility. We remain mindful of our underlying

exposure to USD fluctuations and continue to

manage this with the same disciplined approach

that also underpins our broader financial

strategy.

Responsible value creation and steering through

regulatory uncertainty

Regulatory momentum increased in 2025 and

customers turned to us for clarity and support.

We invested in compliance enabling services,

including expanding access to compliance

marketplaces through businesses such as Hecla,

as well as deploying service vessels to support

new offshore wind and environmental

requirements. These efforts build on earlier

achievements, including our 32% reduction in

scope 1 and 2 emissions since 2022 and

strengthened ESG screening across our supply

chain. We welcome reduced regulatory

complexity as it has enabled targeted efforts, as

well as more predictability in an increasingly

complex global environment.

Our people, our values

Throughout the year, our colleagues have shown

professionalism, courage, and dedication.

Elevated risk levels and operational uncertainty

demanded more from everyone and our values

have served as our guide. Governance and

integrity remain essential and enabled us to make

the right decisions, safeguard our people, and

protect long‑term trust with our customers and

partners, ensuring that we continue to achieve

the right results in the right way.

Looking ahead

As we enter 2026, the world remains marked by

geopolitical tension, economic uncertainty, and

environmental challenges. The recent escalation

in the Middle East is a reminder of how quickly

regional instability can affect global trade and the

safety of people working in our industry. While

we cannot predict the path forward, we can

prepare for it by maintaining clear priorities. We

will ensure the safety and security of colleagues

globally, invest with discipline and support our

customers with compliance and reliability. We

will accelerate innovation and apply AI and

technology where it can advance our operations

and help us serve customers with greater

precision and efficiency. Through all conditions,

we will stay true to our long‑term approach to

value creation.

In the face of future challenges, Wilhelmsen

remains uniquely positioned, diversified, globally

connected, and anchored in strong values.

Together, we will continue to shape the maritime

industry and navigate the opportunities ahead.

Wilh. Wilhelmsen Holding ASA Annual report 20256

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

Business and performance

Wilh. Wilhelmsen Holding ASA Annual report 20257

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

Business and performance

Wilh. Wilhelmsen Holding ASA

2023_01_20_Wilhelmsen_75A8062 cropped 1570x2400.jpg

Highlights for 2025

• Delivered 49% total shareholder return.

• Increased total income and EBITDA.

• All time high net profit in Wallenius

Wilhelmsen ASA.

• Acquired remaining outstanding shares and

delisted Treasure ASA.

• Took Edda Wind ASA private together with

two other majority shareholders.

• Exercised warrants in Reach Subsea ASA.

• Implemented efficiency initiatives in Maritime

Services and New Energy.

Main development and strategic direction

The Wilh. Wilhelmsen Holding group (Wilhelmsen

or group) is an industrial holding company within

the maritime industry. Wilhelmsen’s activities are

carried out through fully and partly owned entities,

most of which are among the market leaders within

their segments. Wilhelmsen’s ambition is to develop

companies within maritime services, shipping,

logistics, and related infrastructure through active

ownership. The group also seeks to develop and

build industrial positions providing exposure to

energy markets, energy transition, decarbonisation

and digitalisation opportunities.

The Wilhelmsen vision is to shape the maritime

industry. In 2025, Wilhelmsen acquired the

remaining outstanding shares in Treasure ASA and

delisted the company. The group also increased its

shareholding in Edda Wind ASA, and took the

company private together with partners, and

exercised its warrants in Reach Subsea ASA. In

addition, performance improvement initiatives

were implemented across Maritime Services to

further strengthen competitiveness. Wilhelmsen

continued to deliver solid return to its shareholders

through a 31% increase in net profit and an 49%

total shareholder return for the year.

Geopolitical tension, and ongoing wars and

conflicts, continued throughout 2025. The

introduction of increased US tariffs and port fees

affected certain portfolio segments, while the

security situation in the Red Sea and other areas

continued to directly impact the maritime industry.

In this business environment, Wilhelmsen’s

operating companies continued to perform and

develop, while taking all necessary measures to

protect the safety of employees and other

stakeholders. The board would once again like to

thank all employees for their efforts and

contributions, ensuring that Wilhelmsen could

continue shaping the maritime industry.

The Wilhelmsen group is organised around three

business segments:

• Maritime Services

• New Energy

• Strategic Holdings and Investments

In 2025, all three business segments continued to

develop positively.

Maritime Services provides essential products and

services to the global merchant fleet, focusing on

the three business units Wilhelmsen Ships Service,

Wilhelmsen Port Services, and Wilhelmsen Ship

Management.

In 2025, Maritime Services implemented

performance improvement initiatives to strengthen

competitiveness and mitigate margin pressure

related to a weakened US dollar. In addition, cash

flow was used to partially repay external debt,

further strengthening the balance sheet. Total

income and EBITDA for Maritime Services

increased for the year.

New Energy leverages Wilhelmsen’s existing

infrastructure and expertise to build and drive

industrial positions within the maritime energy

value chain and the energy transition.

Wilhelmsen increased the shareholding in Edda

Wind ASA to 37.8% and took the company private

together with the two other major shareholders.

Wilhelmsen also increased its shareholding in

Reach Subsea ASA to 29.6% by exercising warrants.

Total income and EBITDA for New Energy were up

for the year.

The two main assets of the Strategic Holdings and

Investments segment are the shareholding in

Wallenius Wilhelmsen ASA and the shareholding in

Hyundai Glovis Co., Ltd. (the latter previously

owned through Treasure ASA).

Wallenius Wilhelmsen ASA sustained it’s positive

performance, achieving another all-time high net

profit in a challenging market environment, with

increased US tariffs and port fees, some of which

were later temporarily suspended, combined with

continued strong growth in the global car carrier

fleet. Wallenius Wilhelmsen ASA continued to

improve long-term contract coverage and to

strengthen its balance sheet while distributing solid

dividends to its shareholders.

Wilhelmsen acquired the remaining outstanding

shares in Treasure ASA in 2025, increasing its

ownership from 84.2% to 100%, for a total

Wilh. Wilhelmsen Holding ASA Annual report 20258

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

consideration of USD 127 million. Treasure ASA was

subsequently delisted from Euronext Oslo Børs on

15 December 2025.

The Wilhelmsen equity base remains strong. In

2025, total equity was up 22% to USD 3.3 billion and

the equity ratio, based on book values, increased to

74% by year end.

The group had cash and cash equivalents of USD

214 million by year end, with an additional USD 257

million in current financial assets and USD 129

million in financial non-current investments to fair

value. The main loan facilities in Maritime Services

and New Energy were refinanced in 2022 for a

period of five years.

Wilhelmsen’s goal is to provide shareholders with a

high return over time through a combination of

increasing value of the company’s shares and

payment of dividend, including share buybacks. To

support the alignment of senior executives’ and

shareholders’ long-term interests, the main

components of the long-term incentive scheme for

senior executives are total shareholder return and a

positive change in an internal value index. To

further strengthen alignment with shareholders,

senior executive are required and board members

are encouraged, to use part of their remuneration to

buy shares in Wilhelmsen.

The Wilhelmsen share price developed positively in

2025, outperforming the general equity market and

marking seven consecutive years with positive

shareholder return. In 2025, total weighted return in

NOK including share price development and paid

dividend reinvested at spot price was 49.4%, based

on a total return of 51.0% for the WWI share and a

total return of 43.9% for the WWIB share.

Wilhelmsen’s objective is to provide shareholders

with a consistent annual dividend, paid twice

The board of Wilh. Wilhelmsen Holding ASA

yearly, targeting a long-term dividend yield of 3–

5%. In 2025, a first dividend of NOK 12.00 per share

was paid in May, and a second dividend of NOK






Carl E. Steen (chair)	Rebekka Glasser Herlofsen	Morten Borge




Ulrika Laurin	Thomas F. Borgen

8.00 per share was paid in November. For 2026, the

board is proposing a dividend of NOK 20.00 per

share payable in the second quarter, and that the

Annual General Meeting authorises the board to

distribute additional dividend of up to NOK 8.50

per share.

Wilhelmsen uses share buybacks as one of its

financial tools. In 2025, Wilhelmsen bought 945 946

own shares representing 2.2% of shares

outstanding. During the year, 10 608 own shares

were sold as part of the annual employee share

programme. Following a share capital reduction

through the cancellation of 2 230 000 shares,

Wilhelmsen held 394 150 own shares at year-end.

The board believes sound corporate governance is

the foundation for profitable growth and a healthy

company culture. Good governance contributes to

reduced risk and creates value over time for

shareholders and other stakeholders.

The board is committed to a sustainable strategy,

which is a prerequisite for Wilhelmsen to be a

profitable and responsible player in both the

maritime industry and society. In 2025, ESG

regulations, greenhouse gas emissions, human

rights, ethics and anti-corruption, health and safety,

equality, diversity and inclusion, supply chain

management, cyber security, decarbonisation, and

growth in new arenas, received particular attention.

In 2026, Wilhelmsen will continue to develop the

group to the benefit of customers, shareholders,

employees, and the wider society, building on a

more than 160-year history of shaping the

maritime industry.

The Board of Directors

Wilh. Wilhelmsen Holding ASA Annual report 20259

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

Financial results

Group income statement


USD million	2025	2024

Total income	1 231	1 138
of which operating revenue	1 234	1 136
of which other income	(3)	2

EBITDA	180	159
Operating profit/EBIT	106	85

Share of profit from JVs and associates	571	472
Financial items	43	(19)
of which change in fair value financial assets	8	27
of which other financial income/(expenses)	34	(46)
Profit before tax/EBT	719	538

Tax income/(expense)	(48)	(20)
Profit for the period	671	518

Profit to equity holders of the company	652	498
EPS (USD)	15.52	11.47

Other comprehensive income	169	(213)
Total comprehensive income	840	305
Total comprehensive income to equity holders of the company	820	300

Total income for Wilhelmsen was USD 1 231 million

in 2025, up 8% from 2024. Income increased for

both Maritime Services and New Energy.

EBITDA came in at USD 180 million for the year, up

14%. EBITDA was higher for both Maritime Services

and New Energy.

EBIT increased year-on-year, mainly due to

impairment losses in Maritime Services impacting

the 2024 results negatively.

Share of profit from joint ventures and associates

was USD 571 million for the year, up 21% from USD

472 million one year earlier. The improvement was

mainly due to an increase in net profit in Wallenius

Wilhelmsen ASA and Hyundai Glovis Co., Ltd.

The change in fair value financial assets was

positive with USD 8 million, down from USD 27

million in 2024, which included a fair value gain

related to the warrants in Reach Subsea ASA.

Other financials were a net income of USD 34

million, including USD 42 million gain on financial

currency hedging derivatives and higher income

from investment management.

Tax was an expense of USD 48 million, mainly

related to Maritime Services.

Net profit to equity holders of the company was

USD 652 million in 2025, equal to USD 15.52

earnings per share (EPS). This was up from USD 498

million in 2024.

Other comprehensive income was positive with

USD 169 million, mainly from currency translation

differences related to non-USD entities. Total

comprehensive income to equity holders of the

company was USD 820 million for the year.

Group balance sheet


Total assets and equity (USD million)	31.12.2025	31.12.2024

Maritime Services	1 040	923
New Energy	1 028	745
Strategic Holdings and Investments	2 499	2 206
Elimination	(156)	(116)
Total assets	4 411	3 758

Shareholders' equity	3 262	2 580
Total equity	3 275	2 695

Equity ratio	74%	72%

Total assets were USD 4 411 million by the end of

2025, up 17% for the year. Total equity increased

with 22% to USD 3 275 million, lifting the equity

ratio to 74%.

Group cash flow, liquidity, and debt


Cash flow (USD million)	2025	2024

Cash and cash equivalents 1.1.	155	224

From operating activities	217	133
of which Maritime Services	112	76
of which New Energy	96	82
of which other operating activities	10	(25)

From investing activities	166	217
of which dividend from JVs and associates	411	311
of which other investing activities	(245)	(94)

From financing activities	(348)	(382)
of which dividend and buybacks parent	(117)	(121)
of which net debt repayment (excl. leasing)	(54)	(165)
of which other financing activities	(177)	(96)

Net cash flow	35	(32)
Effect of exchange rate changes on cash	24	(37)
Cash and cash equivalents 31.12	214	155

The group had cash and cash equivalents of USD

214 million by the end 2025, up from USD 155

million by the end of 2024.

Cash flow from operating activities was USD 217

million in 2025. This is up from USD 133 million in

2024 due to higher cash flow from Maritime

Services, New Energy and other operating activities.

Cash flow from investing activities was USD 166

million in 2025, lifted by USD 411 million in

dividend from joint ventures and associates.

Investments in fixed assets were USD 75 million,

investments in subsidiaries, joint ventures and

associates was USD 53 million, and the remaining

cash outflow was related to net financial

investments, mainly in short term liquidity funds.

Cash flow from financing activities was negative

with USD 348 million in 2025. This included USD 117

million in dividend and share buyback in the parent

company, USD 127 million related to the acquisition

of remaining outstanding shares in Treasure ASA,

and USD 54 million in net debt repayment.


Liquid assets (USD million)	31.12.2025	31.12.2024

Cash and cash equivalents	214	155
of which Maritime Services	160	115
of which New Energy	34	(48)
of which Strategic Holdings and Investments	47	88

Current financial investments	257	121

Non-current financial investments	129	105
of which Maritime Services	17	14
of which New Energy	3	5
of which Strategic Holdings and Investments	109	86

Wilh. Wilhelmsen Holding ASA Annual report 202510

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

By the end of 2025, Wilhelmsen had liquid financial

assets of USD 601 million. In addition to cash and

cash equivalents, this included current financial

investments and non-current financial investments.

The parent company carries out active financial

asset management of part of the group’s liquidity.

The current financial investment portfolio includes

listed equities and investment grade bonds. The

value of the portfolio amounted to USD 257 million

at the end of 2025.

The group’s investments classified as non-current

financial investments had a combined value of USD

129 million by end of year. The largest investment

was the 1.4% shareholding in Qube Holdings

Limited, valued at USD 80 million, up from 61

million in 2024.


Interest bearing debt (including lease liabilities) (USD million)	31.12.2025	31.12.2024

Maritime Services	172	207
New Energy	363	307
Strategic Holdings and Investments	47	35
Elimination	(155)	(115)
Total	427	434

The group companies fund their investments and

operations on a standalone basis, with no recourse

to the parent company. 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.

By the end of 2025, the group’s total interest-

bearing debt including lease liabilities was USD 427

million, reduced from USD 434 million at the end of

2024.

Going concern assumption

Pursuant to section 3-3a and section 4-5 of the

Norwegian Accounting Act, it is confirmed that

annual accounts have been prepared under the

assumption that the enterprise is a going concern

and that the conditions for this are present.

Maritime Services

This includes Ships Service, Port Services, Ship

Management, and other business units and activities

reported under the Maritime Services segment.


Maritime Services (USD million)	2025	2024

Total income	869	831
of which Ships Service	535	507
of which Port Services	170	160
of which Ship Management	162	149
of which other/eliminations	7	14

EBITDA	112	109
EBITDA margin (%)	13%	13%

Operating profit/EBIT	77	70
EBIT margin (%)	9%	8%

Share of profit from JVs and associates	2	3
Financial items	26	(37)
Tax income/(expense)	(37)	(12)
Profit/(loss) for the period	68	23
Profit margin (%)	8%	3%

Profit to equity holders of the company	66	22
Profit to non-controlling interests	2	1

Maritime Services

• Wilhelmsen Maritime Services AS

• Wilhelmsen Ships Service

• Wilhelmsen Port Services

• Wilhelmsen Ship Management

• Wilhelmsen Chemicals

• Wilhelmsen Insurance Services

• Wilhelmsen Global Business Services

Total income for Maritime Services was USD 869

million in 2025, up 5% from 2024. Income was up

for all main business units.

EBITDA for the year was USD 112 million, up 3%

from the previous year. The increase was driven by

higher total income, partly offset by accruals related

to performance improvement projects and the

impact of a weaker USD. The Maritime Services’

EBITDA margin was 13% in 2025, unchanged from

last year.

EBIT was up 10%, mainly due to higher impairment

losses in 2024.

Share of profit from associates was USD 2 million,

down from USD 3 million.

Financial income for Maritime Services amounted

to USD 26 million, mainly related to gain on

currency hedges.

Tax was an expense of USD 37 million.

Profit to equity holders of the company was USD 66

million in 2025, up from USD 22 million the

previous year.

Ships Service

Wilhelmsen Ships Service offers a portfolio of

maritime solutions to the merchant fleet.

Total income from Ships Service was USD 535

million in 2025, up 5% from the previous year.

Income was driven by a combination of price

increases and higher volumes across the largest

product categories, particularly refrigerants, gas &

cylinders, and cleaning equipment.

Port Services

Wilhelmsen Port Services provides full agency,

husbandry, and protective agency services to the

merchant fleet.

Total income from Port Services was 170 million in

2025, up 6%. The increase was supported by strong

cruise activity, husbandry and cargo operations.

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 162

million in 2025, up 9% from 2024. Increase was

mainly due 2025 being the first full year with

income from Zeaborn.

Other business units and activities

This includes Wilhelmsen Chemicals, Wilhelmsen

Insurance Services, Global Business Services, and

certain other activities reported under the Maritime

Services segment.

Total income was up for Global Business Services,

and in line with last year for Wilhelmsen Insurance

Services and Wilhelmsen Chemicals. Income is

partly generated from inter-company services and

product sales to other Maritime Services entities

which is eliminated in the segment accounts.

Wilh. Wilhelmsen Holding ASA Annual report 202511

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

New Energy

This includes NorSea, Edda Wind, Reach Subsea ASA

and other business units and activities reported

under the New Energy segment.


New Energy (USD million)	2025	2024

Total income	358	303
of which NorSea (Energy Infrastructure)	354	299
of which other activities/eliminations	4	4

EBITDA	79	59
EBITDA margin (%)	22%	19%

Operating profit/EBIT	44	28
EBIT margin (%)	12%	9%

Share of profit from JVs and associates	27	7
of which NorSea (Energy Infrastructure)	8	7
of which other activities/eliminations	19

Financial items	(23)	(6)
Tax income/(expense)	(4)	(2)
Profit/(loss) for the period	44	26
Profit margin (%)	12%	9%

Profit to equity holders of the company	44	26
Profit to non-controlling interests	1	1

New Energy

• Wilhelmsen New Energy AS

• NorSea Group (99.4%)

• Edda Wind (37.8%)

• Reach Subsea ASA (29.6%)

• RaaLabs (74.25%)

• Massterly (50%)

Total income for New Energy was USD 358 million

in 2025, up 18%. The increase was driven by higher

income in NorSea as a result of strong activity

across most of the Norwegian offshore bases.

EBITDA came in at USD 79 million, up 34%.

EBITDA was lifted by a combination of higher

income and improved operating margin in NorSea.

Share of profit from associates was USD 27 million,

up from USD 7 million, which includes share of

gains from vessel sales in Edda Wind during the

year.

Financial items were an expense of USD 23 million

and tax expense amounted to USD 4 million.

Profit to equity holders of the company was USD 44

million in 2025, up from USD 26 million the

previous year.

NorSea Group

NorSea provides supply bases and integrated

logistics solutions to the offshore industry.

Wilhelmsen owns 99.4% of NorSea.

Total income for NorSea was USD 354 million in

2025, up 19% from 2024. Income was lifted by

increased logistics and property activities at

Norwegian offshore bases.

Share of profit from joint ventures and associates in

NorSea was USD 8 million in 2025.

Other business units and activities

This includes Edda Wind (owned 37.8%), Reach

Subsea ASA (owned 29.6%), Raa Labs AS (74.25%),

Massterly AS (owned 50%), and certain other

activities reported under the New Energy segment.

Total income from other New Energy activities

stood at USD 4 million in 2025, the same as last

year.

Share of profit from other activities amounted to

USD 19 million, up from nil in 2024, and was driven

by increased contributions from several of the joint

ventures and associates, with Edda Wind

additionally supported by gains from vessel sales

during the year.

In 2025, Wilhelmsen and two co-owners made an

unconditional mandatory cash offer for all the

shares in Edda Wind ASA. Following completion of

the transaction, Wilhelmsen owns 37.8% of Edda

Wind. The company was delisted from Euronext

Oslo Børs in August.

Strategic Holdings and Investments

This includes the strategic holdings in Wallenius

Wilhelmsen ASA and Hyundai Glovis Co., Ltd., other

financial and non-financial investments, and other

business units and activities reported under the

Strategic Holdings and Investments segment.


Strategic Holdings and Investments (USD million)	2025	2024

Total income	15	16
of which operating revenue	15	16
of which other gain/(loss)

EBITDA	(10)	(8)
Operating profit/EBIT	(15)	(13)

Share of profit from JVs and associates	541	462
of which Wallenius Wilhelmsen ASA	406	372
of which Hyundai Glovis Co., Ltd.	135	90
of which other/eliminations

Change in fair value financial assets	14	10
Other financial income/(expenses)	33	26
of which investments management	22	10
of which financial income from group companies	11	17
of which other financial income/(expenses)	(1)	(1)

Tax income/(expense)	(9)	(8)
Profit/(loss) for the period	564	478

Profit to equity holders of the company	548	460
Profit to non-controlling interests	16	18

Total income for the Strategic Holdings and

Investments segment was USD 15 million in 2025,

while EBITDA came in at a loss of USD 10 million.

Both total income and EBITDA were in line with the

previous year.

Wilh. Wilhelmsen Holding ASA Annual report 202512

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

Share of profit from associates was USD 541 million,

up 17%. The increase was mainly due to higher

profit in Wallenius Wilhelmsen ASA and Hyundai

Glovis Co., Ltd.

Change in fair value financial assets was positive

with USD 14 million, mainly related to an increase

in the value of Qube, while other financial items

were a net income of USD 33 million. This included

USD 11 million in financial income from group

companies which is eliminated in the group results.

Tax was an expense of USD 9 million.

Profit to equity holders of the company was USD

548 million for the year, up from USD 460 million in

2024.

Strategic Holdings and Investments

• Wilh. Wilhelmsen Holding ASA (parent

company)

• Wallenius Wilhelmsen ASA (37.9%)

• Hyundai Glovis Co., Ltd. (11.0%,)

• Financial investments

Wallenius Wilhelmsen ASA

Wallenius Wilhelmsen ASA is a market leader in

RoRo shipping and vehicle logistics and is listed on

Oslo Børs. Wilhelmsen owns 37.9% of the company,

which is reported as associate.

Wallenius Wilhelmsen ASA had total revenue of

USD 5 240 million in 2025, a decrease of 1%.

Revenue was up for shipping services, but down for

logistics services and governmental services.

EBITDA ended at USD 1 801 million, down 4%.

Wilhelmsen’s share of profit from Wallenius

Wilhelmsen ASA was USD 406 million in 2025, up

from USD 372 million in 2024.

The book value of the 37.9% shareholding in

Wallenius Wilhelmsen ASA was USD 1 096 million

at the end of 2025. This is up from USD 1 077 million

one year earlier.

The Wallenius Wilhelmsen ASA share price

measured in NOK was up 5.6% in 2025, closing at

NOK 100.50. At 31 December 2025, the market value

of Wilhelmsen’s investment was USD 1 604 million.

In 2025, Wallenius Wilhelmsen ASA paid total

dividend of USD 2.11 per share. Total cash proceeds

to Wilhelmsen were USD 375 million.

Hyundai Glovis Co., Ltd.

Wilhelmsen holds a 11.0% ownership interest in

Hyundai Glovis Co., Ltd. (Hyundai Glovis), which

was previously held through Treasure ASA.

Hyundai Glovis is reported as an associate.

Wilhelmsen acquired the remaining outstanding

shares in Treasure ASA in 2025, increasing its

shareholding from 84.2% to 100% for a

consideration of USD 127 million, and delisted the

company from Euronext Oslo Børs.

Share of profit from Hyundai Glovis was included

with USD 135 million in 2025, up from USD 90

million in 2024.

The book value of the 11.0% shareholding in

Hyundai Glovis was USD 807 million at the end of

the year. As of 31 December 2025, the market value

of Wilhelmsen’s investment was USD 1 033 million.

In 2025, Hyundai Glovis paid total dividend of USD

21 million. Total cash proceeds to Wilhelmsen were

USD 18 million.

Financial investments

Financial investments include cash and cash

equivalents, current financial investments and other

financial assets held by the parent and fully owned

subsidiaries.

Net income from investment management was USD

14 million in 2025. The value of the current financial

investment portfolio held by the holding company

was USD 257 million by the end of the year, up from

USD 121 million one year earlier. The portfolio

primarily included listed equities, investment-

grade bonds and short term liquidity funds.

Change in fair value of non-current financial assets

was a gain of USD 14 million in 2025, mainly related

to increase in value of Qube. The total value of non-

current financial assets was USD 109 million at the

end of the year. The largest investment was the 25

million shares held in Qube Holdings Limited with

a market value of USD 80 million.

Other business units and activities

Holding company activities and certain other

activities reported under the Strategic Holdings and

Investments segment.

Operating revenue for holding company activities

was USD 15 million for the year, in line with the

previous year. Most income is related to intra group

services.

Risk review

The Wilhelmsen group consists of a diversified

portfolio of operating companies and strategic

holdings and investments. Most activities are

within or related to the maritime industry, where

Wilhelmsen has significant competence and a long-

standing track record in managing risks.

Risk management

The group is committed to sound risk management,

related to its businesses and operations. To

accomplish this, the governing concept of conscious

strategy and controllable procedures for risk

mitigation ultimately provides a positive impact on

profitability. Governing boards, management, and

employees monitor the operating environment,

implement measures to mitigate risks, and are

prepared to respond to unusual events, threats or

incidents, to mitigate consequences. The group has

put in place a risk monitoring process based on the

identification of risks for each business unit and a

group risk matrix, which is presented to the board

on a quarterly basis for review and the necessary

actions are taken.

Main risks

An overview of main risks and mitigation efforts

defined in the group risk matrix are outlined in the

table below. Compared with the risk picture seen

one year ago, risk related to geopolitical issues have

remained elevated while risk related to dividend

capacity, external financing and energy transition

has reduced.

The group’s exposure to, and mitigation of, certain

financial risk is further described in note 18 to the

2025 group accounts.

Wilh. Wilhelmsen Holding ASA Annual report 202513

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

Short term risk


Risk type	Risk	Mitigation action
Macro	Geopolitical volatility	Strong balance sheet, balanced and liquid portfolio.
Macro	Global economic volatility	Strong balance sheet, balanced and liquid portfolio.
Financial	Lower oil and gas prices	NorSea group diversification strategy.
Financial	Negative currency development	FX hedging programme.
Financial	Weaker ro-ro and logistics sector developments	Strong balance sheet, balanced and liquid portfolio.
Governance	Cyber security	Strong governance system and mandatory cyber security training.

Long term risk


Risk type	Risk	Mitigation action
Governance	Failure to comply with regulations	Strong governance system, monitoring of regulatory developments, and insurance coverage of high risk.
Strategic	Risk of technological developments	Digital competence and active monitoring of, and investment in, early-stage eco-system.
Governance	Climate risk and uncertain future for ESG agenda/efforts	Emissions reporting, climate transition plan and exploration of energy transition opportunities.
Governance	Lack of relevant competence and culture	Be an attractive employer and invest in competence and skills.
Macro	Sustained market volatility and new world order	Balanced and diversified portfolio, strong balance sheet and flexibility in strategy implementation.

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Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

Corporate governance

Wilhelmsen is a public limited liability company

organised under Norwegian law and with a

governance structure based on Norwegian

corporate law and other regulatory requirements.

Wilhelmsen’s corporate governance model is

designed to ensure a healthy company culture,

manage risk, and create long-term value for

shareholders and other stakeholders. Wilhelmsen

adheres to the Norwegian Code of Practice for

Corporate Governance. The Corporate governance

report is included as a separate section in the 2025

Annual report. The Corporate governance report

includes an overview of directors and officers

liability insurance. It is the board’s view that

Wilhelmsen has an appropriate governance

structure and that it is managed in a satisfactory

way. The Corporate governance report is to be

considered by the Annual General Meeting on 30

April 2026.

Allocation of profit, dividend, and share buybacks

The board’s proposal for allocation of the net profit

for the year 2025 is as follows:


Parent company accounts	(NOK thousand)

Profit for the year	4 291 633

To equity	3 124 202
Proposed dividend	839 117
Interim dividend paid	328 314
Total allocations	4 291 633

The board is proposing a NOK 20.00 dividend per

share payable during the second quarter of 2026,

representing a total payment of NOK 839 million.

The board also proposes that the Annual General

Meeting authorises the board to distribute

additional dividend of up to NOK 8.50 per share.

The board is granted an authorisation to acquire

own shares of up to 10% of the share capital. The

authorisation is valid until the Annual General

Meeting in 2026, but no longer than until 30 June

2026. The board will propose a renewed authority to

acquire shares in the company at the 2026 Annual

General Meeting. The company presently owns

394 150 own shares split on 229 841 class A shares

and 164 309 class B shares.

Outlook

Group business drivers and strategic focus

Wilhelmsen 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.

Wilhelmsen’s vision is “shaping the maritime

industry”.

The group’s strategic direction remains firm.

• Wilhelmsen will continue to create value through

leveraging its strong positions in the maritime

industry to seek growth.

• The group’s focus is on maritime services,

shipping, infrastructure, logistics and

sustainable products and solutions.

• Wilhelmsen will create profitable and sustainable

operations through active ownership and strong

governance.

• The group will leverage its customer

relationships, people and expertise, and the

world’s largest maritime network.

Outlook for Maritime Services

Maritime Services delivers value creating solutions

to the global merchant fleet, focusing on Ships

Service, Port Services, and Ship Management.

Short term, a volatile global trade environment is

expected to have an impact on global shipping. The

indirect impact on the Maritime Services’ operation

from fluctuating shipping markets has historically

been relatively limited. The segment is sensitive to

currency movements and the effects of this may

increase in periods with volatility. The impact to

Maritime Services following the escalation in the

Middle East beginning of 2026 is uncertain. The

group has operations in the area, but the overall

consequences will depend on the duration and scale

of the conflict, as well as the marine traffic level

through the Hormuz Strait and activity level in the

Persian Gulf. Maritime Services is expected to

maintain stable activity into 2026, but the high level

of uncertainty will require continued close

monitoring.

Looking further ahead, we believe that the Maritime

Services’ market will continue to grow, supported

by a growing world economy. With global networks,

strong brands built over many years, and a long

history of innovation and market adaptation,

Wilhelmsen is in a good position to service this

market.

Outlook for New Energy

The New Energy segment focuses on developing

and strengthening industrial positions within the

maritime energy value chain and the energy

transition. With segment companies representing

energy infrastructure, offshore wind, technology

and decarbonisation, Wilhelmsen is driving value

creation by bringing together their unique

competencies.

Supply constraints and geopolitical risk continue to

impact the European energy market, supporting

continued solid activity for New Energy operations

into 2026. Longer term, the economic uncertainty

and changing energy market dynamics may impact

activity levels in the segments and areas serviced by

the group companies.

Ongoing climate measures and focus on energy mix,

energy security and energy addition, continue to

support a gradual transition from offshore oil and

gas to renewable energy and the decarbonisation of

the global fleet. With a broad range of operations,

infrastructure, and initiatives across offshore and

other maritime activities, Wilhelmsen is well

positioned to capitalise on these shifts in energy

and technology.

Outlook for Strategic Holdings and Investments

Wilhelmsen holds large strategic shareholdings in

Wallenius Wilhelmsen ASA and in Hyundai Glovis

Co., Ltd. These shareholdings enable the group to

continue providing and developing world leading

logistics services to the global automotive and RoRo

industries.

The Strategic Holdings and Investments segment

has delivered solid results in 2025 and it’s

contribution is expected to remain strong into 2026.

The increased tariffs and temporarily suspended

port fees, combined with widening global trade

imbalances and continued strong car carrier fleet

growth, create a more challenging environment for

the segment companies. This may affect future

contributions.

Long term, Wallenius Wilhelmsen ASA and

Hyundai Glovis Co., Ltd. have the size, global reach,

human and physical assets, financial capacity and

customer base to succeed in a continuously

changing world.

Outlook for the Wilhelmsen group

Wilhelmsen retains a strong balance sheet, solid

liquidity reserves and a balanced portfolio of

leading maritime operations and investments.

However, considerable uncertainty persists,

specifically regarding geopolitical tension and an

uncertain global trade environment, potentially

impacting future cash inflow.

Although the above factors impact future outlook,

the group retains its capacity to support, grow, and

expand its business portfolio, and to deliver yearly

dividends in line with the dividend policy.

Wilh. Wilhelmsen Holding ASA Annual report 202515

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

Sustainability statement


General information	16
Environmental information	31
Social information	47
Governance information	58
Signatures Board of Directors and group CEO	62

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Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

General information


1.1 Basis for preparation and sustainability reporting policies	17
1.2 Strategy and business model	20
1.3 Material sustainability matters	23
1.4 Sustainability governance	26

Wilh. Wilhelmsen Holding ASA Annual report 202517

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

1.1 Basis for preparation and sustainability reporting policies

BP-1 General basis for preparation of the sustainability

statement

Wilhelmsen’s sustainability statement has been prepared in

accordance with the Corporate Sustainability Reporting Directive

(CSRD) and the European Sustainability Reporting standards (ESRS)

pursuant to the Norwegian Accounting Act §§ 2-3 and 2-4. The

contents of the statement were subject to an external assurance with

limited assurance in accordance with ISAE 3000 (Revised). The

Independent Practitioner’s Report on a Limited Assurance

Engagement can be found on page 137. The statement was prepared

on a consolidated basis and covers the same reporting scope as the

financial statements pursuant to Article 48i of Directive 2013/34/EU.

All statements on strategies, policies, actions, metrics, and targets

refer to the group unless otherwise stated. The metrics are not

validated by an external body other than the assurance provider. The

report covers the group’s value chain and, where material, provides

information on upstream and downstream activities.

Wilhelmsen has not used the option to omit specific information

corresponding to intellectual property, know-how, 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.

BP-2 Disclosures in relation to specific circumstances

TIME HORIZONS

Wilhelmsen’s definition of short, medium and long-term time horizons in this statement

aligns with the ESRS standards. Short term is the reporting period, medium-term is one to

five years, and long-term is more than five years. The group’s strategic planning process

focuses primarily on the medium-term.

VALUE CHAIN ESTIMATION

The sustainability statement includes estimated data for greenhouse gas (GHG) emissions

in significant scope 3 (E1- Climate change) categories, where estimates are based on

supplier data, industry averages, and carbon accounting models. Category 1 is estimated

using the spend-based method, applying relevant global average emissions factors from

Exiobase 3.9 (2019). Category 11, related to sold refrigerants or other gases in returnable

cylinders, is estimated by applying 100% of the total mass of the refrigerant or gas sold,

multiplied by the relevant Global Warming Potential (GWP, AR4). This estimation does not

account for leakage, recovery, recycling, or reclamation rates. Category 15 is estimated

based on publicly available reports from listed companies where the group has a strategic

investment, with previous period data used, if verified reports are not available for the

reporting period.

The estimated value chain data is prepared using operational data, supplier information, and

industry benchmarks. Assumptions and extrapolations are used when primary data is

unavailable. Data accuracy depends on the quality and availability of information. While

direct operations have high accuracy, upstream and downstream estimations are less

certain. If verified data is missing, estimates rely on public reports or past data. These

estimates provide an overview of the group’s sustainability performance, which will improve

as more reliable information becomes available. Wilhelmsen aims to improve data accuracy

by refining categories and emissions factors, investing in data management systems, and

applying internal controls for consistent reporting. The group plans to stay aligned with

industry best practices and new sustainability standards as they evolve over time.

Estimation methods will be regularly updated.

SOURCES OF ESTIMATION AND OUTCOME UNCERTAINTY

Data is collected from business units within the group, using their respective systems,

measurements, calculations, and information. Estimates may also be made for the reporting

of selected data points if data is not readily available or as part of the methodology of

calculating the required data points. Judgement may also be used when applying the

sustainability reporting policies.

While all efforts are made to control the completeness and accuracy of the data included in

this statement, the group is currently in the preliminary stages of implementing its Internal

Control over Sustainability Reporting (ICSR) policy. As a result, there may be uncertainties in

the reported information due to the extensive scope of the sustainability disclosures and

the lack of established guidance and practices for certain types of data. Sustainability

reporting policies located in each topic describe the basis for calculation of individual

metrics including descriptions of the most significant estimates and judgements, and

information on sources of uncertainty. The estimates and judgements will be reviewed

periodically based on experience and the development of ESRS. The key reporting

estimations and uncertainties, and their potential impact on reported data, are:


Type	Metric	Impact
Estimate	E1-4 Decarbonisation levers (page 35)	Medium
Estimate	E1-6 Scope 1 and 2 GHG emissions for offices with less than 20 employees, and Scope 3 categories 1,11 and 15 (pages 36 to 37)	Low
Estimate	E5-5 Waste recycled (page 43)	Medium
Estimate	S1-14 Computing exposure hours (page 56)	Medium
Judgement	S1-16 Computing pay (page 57)	Low

CHANGES TO THE PREPARATION AND PRESENTATION OF THE SUSTAINABILITY

STATEMENT

In E1-Climate change, the Scope 1 and 2 greenhouse gas emissions for the base year 2022

have been recalculated due to a material correction of prior estimates. During the reporting

period, business units shifted from a distance-based to a fuel-based emissions calculation

method for scope 1 company cars and vans to enhance accuracy.

In E5-Resource use, the classification of hazardous wastewater containing residual

chemicals has been changed from recovery to incineration, regardless of whether it is later

treated for reuse. A correction has been made to prior period figures to reflect this.

INCORPORATION BY REFERENCE

The following ESRS disclosure requirements and data points have been incorporated by

reference to other sections of this annual report, as follows:

• Market position, strategy, business model, value chain (ESRS 2 SBM-1 paragraph 38,

40f-g) to the Business and performance section on pages 7 to 14.

• Sustainability-related performance in incentive schemes (GOV-3 paragraph 29, ESRS 2

GOV-3-E1 paragraph 13) to the Remuneration report on wilhelmsen.com.

• Net revenue (E1-6 paragraph 55) to the operating revenue in the group income

statement on page 9.

USE OF PHASE-IN PROVISIONS

In accordance with Appendix C of ESRS 1, the group has used the phase-in provisions for

the reporting year for ESRS 2-SBM-1 paragraph 40b-c, ESRS 2-SBM-3 paragraph 48e,

S1-14, and S2.

ESRS 2-BP-2 PARAGRAPH 17B-E RELATED TO S2 WORKERS IN THE VALUE CHAIN

Wilhelmsen aims to partner with responsible suppliers across its global operations,

addressing potential impacts such as forced labour, child labour, unsafe conditions,

inadequate wages, and discrimination in the value chain. These issues most often affect

vulnerable groups in certain regions or industries.

The group requires its suppliers to commit to responsible business practices through its

Supplier Code of Conduct and Human Rights commitment, and enforces zero tolerance for

corruption, modern slavery, and child labour through screening, assessments, and audits.

The group conducts annual human rights due diligence assessments aligned with UN and

OECD guidelines to identify areas for action such as employment conditions, health and

safety, and eliminating seafarer recruitment fees. Business units continually assess supplier

risk, conduct audits, hold supplier trainings, and review performance, ensuring corrective

actions when necessary. No material financial resources were allocated in the reporting

period, and no material impacts requiring remedy were identified.

The group has a target of 100% of suppliers in defined tiers agreeing to the Supplier Code

of Conduct. The metric and target is integrated in the group’s ESG Index in addition to

metrics related to the number of screenings, assessments and audits.

In compliance with the Norwegian Transparency Act, Wilhelmsen publishes an annual

statement reflecting its human rights due diligence processes on wilhelmsen.com.

IRO-2 Disclosure Requirements in ESRS covered by the

undertaking’s sustainability statement

The group employs a structured approach to determine the material information to be

reported in relation to material impacts, risk and opportunities (IROs). Following the double

materiality assessment, a materiality of information assessment is conducted to determine

the relevant disclosure requirements and data points to be included in line with ESRS 1

paragraphs 31 and 33-35. Metrics that are directly connected to the group’s strategic

objectives and policies addressing the relevant IROs are included. The group has one entity-

specific impact related to cyber security and has included metrics based on targets that

have already been established by the group and are included in the group’s internal ESG

index.

In the 2025 assessment, the group concluded that E1-9, S1-8, S1-10, and S1-13 metrics

referenced in the prior report are not considered material for ESRS reporting purposes. This

reflects a maturing approach to assessing materiality and the prioritisation of metrics of

stakeholder interest.

Wilh. Wilhelmsen Holding ASA Annual report 202518

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

Content index of ESRS disclosure requirements

The table provides a list of material disclosure requirements complied with in preparing the sustainability statement.


List of material disclosure requirements	Page number
ESRS 2 - General Disclosures
BP-1 General basis for preparation of the sustainability statement	17
BP-2 Disclosures in relation to specific circumstances	17
GOV-1 The role of the administrative, management and supervisory bodies	26 to 27
GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies	28
GOV-3 Integration of sustainability-related performance in incentive schemes	Remuneration report
GOV-4 Statement on due diligence	29
GOV-5 Risk management and internal controls over sustainability reporting	30
SBM-1 Strategy, business model and value chain	20to 21
SBM-2 Interests and views of stakeholders	22
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model	24 to 25
IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities	23 to 24
IRO-2 Disclosure Requirements in ESRS covered by the undertaking’s sustainability statement	17 to 19
E1 - Climate change
ESRS 2 GOV-3-E1 Integration of sustainability-related performance in incentive schemes	Remuneration report
E1-1 Transition plan for climate change mitigation	32
ESRS 2 SBM-3-E1 Material impacts, risks and opportunities and their interaction with strategy and business model	32 to 33
ESRS 2 IRO-1-E1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities	23 to 24
E1-2 Policies related to climate change mitigation and adaptation	33
E1-3 Actions and resources in relation to climate change policies	34
E1-4 Targets related to climate change mitigation and adaptation	35
E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions	36 to 37
E2 – Pollution
ESRS 2 IRO-1-E2 Description of the processes to identify and assess material pollution-related impacts, risks and opportunities	23 to 24
E2-1 Policies related to pollution	38
E2-2 Actions and resources related to pollution	38
E2-3 Targets related to pollution	38
E2-5 Substances of concern and substances of very high concern	39
E3 - Water and marine resources
ESRS 2 IRO-1-E3 Description of the processes to identify and assess material water and marine resources-related impacts, risks and opportunities	23 to 24
E4 - Biodiversity and ecosystems
ESRS 2 IRO-1-E4 Description of processes to identify and assess material biodiversity and ecosystem-related impacts, risks dependencies and opportunities	23 to 24


List of material disclosure requirements	Page number
E5 - Resource use and circular economy
ESRS 2 IRO-1-E5 Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities	23 to 24
E5-1 Policies related to resource use and circular economy	40
E5-2 Actions and resources related to resource use and circular economy	40
E5-3 Targets related to resource use and circular economy	40
E5-4 Resource inflows	41
E5-5 Resource outflows	42 to 43
S1 - Own workforce
ESRS 2 SBM-2-S1 – Interests and views of stakeholders	22
ESRS 2 SBM-3-S1 - Material impacts, risks and opportunities and their interaction with strategy and business model	48
S1-1 Policies related to own workforce	49
S1-2 Processes for engaging with own workforce and workers' representatives about impacts	50
S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns	50 to 51
S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions	52
S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	53
S1-6 Characteristics of the undertaking’s employees	54
S1-7 Characteristics of non-employees in the undertaking’s own workforce	55
S1-9 Diversity metrics	55
S1-14 Health and safety metrics	56
S1-16 Remuneration metrics (pay gap and total remuneration)	57
S1-17 Incidents, complaints and severe human rights impacts	57
G1 - Business conduct
ESRS 2 GOV-1-G1 The role of the administrative, management and supervisory bodies	26 to 27
ESRS 2 IRO-1-G1 Description of the processes to identify and assess business conduct-related material impacts, risks and opportunities	23 to 24
G1-1 Business conduct policies and corporate culture	59
G1-3 Prevention and detection of corruption and bribery	59 to 60
G1-4 Incidents of corruption or bribery	59 to 60
Entity specific - Cyber security
ESRS 2 IRO-1-Entity specific- Description of the processes to identify and assess cyber security-related material impacts, risks and opportunities	23 to 24
ESRS 2 MDR-P-Entity specific- Policies adopted to manage cyber security	61
ESRS 2 MDR-A-Entity specific- Actions and resources in relation to cyber security	61
ESRS 2 MDR-M-Entity specific- Metrics in relation to cyber security	61
ESRS 2 MDR-T-Entity specific- Targets in relation to cyber security	61

Wilh. Wilhelmsen Holding ASA Annual report 202519

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

Legend

SFDR = Sustainable Finance Disclosure Regulation referenceP3 = Pillar 3 reference

BRR = Benchmark regulation referenceEUCL = EU Climate Law reference

Disclosure requirements that derive from other EU legislation

The table provides an overview of ESRS data points that derive from other EU legislation, and where this information can be found.


Disclosure requirement and related data point	Regulation	Material (Yes/No)	Page number
ESRS 2 GOV-1 Board’s gender diversity paragraph 21 (d)	SFDR, BRR	Yes	26
ESRS GOV-1 Percentage of board members who are independent paragraph 21 (e)	BRR	Yes	26
ESRS 2 GOV-4 Statement on due diligence paragraph 30	SFDR	Yes	29
ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities paragraph 40 (d) i	SFDR,P3,BRR	No	n/a
ESRS 2 SBM-1 Involvement in activities related to chemical production paragraph 40 (d) ii	SFDR, BRR	No	n/a
ESRS 2 SBM-1 Involvement in activities related to controversial weapons paragraph 40 (d) iii	SFDR, BRR	No	n/a
ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv	BRR	No	n/a
ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14	EUCL	No	n/a
ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks paragraph 16 (g)	P3, BRR	No	n/a
ESRS E1-4 GHG emission reduction targets paragraph 34	SFDR,P3,BRR	Yes	35
ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38	SFDR	No	n/a
ESRS E1-5 Energy consumption and mix paragraph 37	SFDR	No	n/a
ESRS E1-5 Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43	SFDR	No	n/a
ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44	SFDR,P3,BRR	Yes	36 to 37
ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55	SFDR,P3,BRR	Yes	36 to 37
ESRS E1-7 GHG removals and carbon credits paragraph 56	EUCL	No	n/a
ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks paragraph 66	BRR	No	n/a
ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a) ESRS E1-9 Location of significant assets at material physical risk paragraph 66 (c).	P3	No	n/a
ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes paragraph 67 (c).	P3	No	n/a
ESRS E1-9 Degree of exposure of the portfolio to climate-related opportunities paragraph 69	BRR	No	n/a
ESRS E2-4 Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil, paragraph 28	SFDR	No	n/a
ESRS E3-1 Water and marine resources paragraph 9	SFDR	No	n/a
ESRS E3-1 Dedicated policy paragraph 13	SFDR	No	n/a
ESRS E3-1 Sustainable oceans and seas paragraph 14	SFDR	No	n/a
ESRS E3-4 Total water recycled and reused paragraph 28 (c)	SFDR	No	n/a
ESRS E3-4 Total water consumption in m^3 per net revenue on own operations paragraph 29	SFDR	No	n/a
ESRS 2- SBM-3 - E4 paragraph 16 (a) i	SFDR	No	n/a
ESRS 2- SBM-3 - E4 paragraph 16 (b)	SFDR	No	n/a
ESRS 2- SBM-3 - E4 paragraph 16 (c)	SFDR	No	n/a
ESRS E4-2 Sustainable land/agriculture practices or policies paragraph 24 (b)	SFDR	No	n/a
ESRS E4-2 Sustainable oceans/seas practices or policies paragraph 24 (c)	SFDR	No	n/a
ESRS E4-2 Policies to address deforestation paragraph 24 (d)	SFDR	No	n/a


Disclosure requirement and related data point	Regulation	Material (Yes/No)	Page number
ESRS E5-5 Non-recycled waste paragraph 37 (d)	SFDR	Yes	43
ESRS E5-5 Hazardous waste and radioactive waste paragraph 39	SFDR	Yes	43
ESRS 2- SBM3 - S1 Risk of incidents of forced labour paragraph 14 (f)	SFDR	Yes	48
ESRS 2- SBM3 - S1 Risk of incidents of child labour paragraph 14 (g)	SFDR	Yes	48
ESRS S1-1 Human rights policy commitments paragraph 20	SFDR	Yes	49
ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labour Organisation Conventions 1 to 8, paragraph 21	BRR	Yes	49
ESRS S1-1 processes and measures for preventing trafficking in human beings paragraph 22	SFDR	Yes	49
ESRS S1-1 workplace accident prevention policy or management system paragraph 23	SFDR	Yes	49
ESRS S1-3 grievance/complaints handling mechanisms paragraph 32 (c)	SFDR	Yes	50 to 51
ESRS S1-14 Number of fatalities and number and rate of work-related accidents paragraph 88 (b) and (c)	SFDR, BRR	Yes	56
ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e)	SFDR	Yes	Omitted, phase-in
ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a)	SFDR, BRR	Yes	57
ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b)	SFDR	Yes	57
ESRS S1-17 Incidents of discrimination paragraph 103 (a)	SFDR	Yes	57
ESRS S1-17 Non-respect of UNGPs on Business and Human Rights and OECD Guidelines paragraph 104 (a)	SFDR, BRR	Yes	57
ESRS 2- SBM-3 – S2 Significant risk of child labour or forced labour in the value chain paragraph 11 (b)	SFDR	Yes	Omitted, phase-in
ESRS S2-1 Human rights policy commitments paragraph 17	SFDR	Yes
ESRS S2-1 Policies related to value chain workers paragraph 18	SFDR	Yes
ESRS S2-1 Non respect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19	SFDR, BRR	Yes
ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labour Organisation Conventions 1 to 8, paragraph 19	BRR	Yes
ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36	SFDR	Yes
ESRS S3-1 Human rights policy commitments paragraph 16	SFDR	No	n/a
ESRS S3-1 non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines paragraph 17	SFDR, BRR	No	n/a
ESRS S3-4 Human rights issues and incidents paragraph 36	SFDR	No	n/a
ESRS S4-1 Policies related to consumers and end-users paragraph 16	SFDR	No	n/a
ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17	SFDR, BRR	No	n/a
ESRS S4-4 Human rights issues and incidents paragraph 35	SFDR	No	n/a
ESRS G1-1 United Nations Convention against Corruption paragraph 10 (b)	SFDR	Yes	59
ESRS G1-1 Protection of whistle-blowers paragraph 10 (d)	SFDR	Yes	59
ESRS G1-4 Fines for violation of anti-corruption and anti-bribery laws paragraph 24 (a)	SFDR, BRR	Yes	59 to 60
ESRS G1-4 Standards of anti-corruption and anti- bribery paragraph 24 (b)	SFDR	Yes	59 to 60

Wilh. Wilhelmsen Holding ASA Annual report 202520

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

1.2 Strategy and business model

SBM-1 Strategy, business model and value chain

The group operates in the maritime and offshore logistics sectors, with 5 495 employees and a pool of 14 732

seafarers at the end of the reporting period. Employees are based in Europe, including the Nordics ( 57%),

Asia Pacific (26%), Africa, Middle East, Black Sea region (11%), and Americas (5%).

Wilhelmsen’s business model is centred around providing essential products and services to the global

maritime industry, with a strong focus on innovation and strategic growth. The group operates through

three main segments: Maritime Services, New Energy, and Strategic Holdings and Investments.

The main activities of the Maritime Services segment are the provision of products and services for the

global merchant fleet. This includes offerings such as marine chemicals, gases, ropes, welding, speciality

lubricants, cleaning equipment, refrigeration equipment, and various maritime solutions. Certain products,

such as refrigerants, gases and chemicals are subject to local regulatory restrictions and may not be

permitted for sale in specific markets. The segment’s business units also offer port services such as ship

agency and husbandry, and ship management including technical management and crewing for all major

vessel types, through a worldwide network in 53 countries. The most significant markets and customer

groups are vessel or cargo owners and operators in the global maritime sector.

The main activities of the New Energy segment are the operation of supply bases for the offshore industry,

and investments in infrastructure, logistics, offshore wind, remote solutions, and digital innovation. The

main supply base activity is in Norway, Denmark, and the United Kingdom. Other activities include offshore

wind service and maintenance, subsea projects, real estate development, and operation of properties on and

off the supply bases. The most significant customer groups are energy companies and service providers to

the offshore energy sector.

The main activities of the Strategic Holdings and Investments segment are related to investments. The two

main assets of the segment are shareholdings in Wallenius Wilhelmsen ASA and Hyundai Glovis Co., Ltd.

In Wilhelmsen’s upstream value chain, key suppliers and business partners provide raw materials,

production processes, finished products, and logistics via various transportation modes (truck, rail, road,

sea). The group secures necessary inputs by adhering to responsible procurement practices.

Wilhelmsen recruits and retains employees and seafarers across 53 countries. A global network of manning

offices provides a consistent supply of qualified seafarers for the merchant fleet. Employee development is

supported through on-the-job training, maintaining a competent and motivated workforce.

Wilhelmsen’s own operations include blending, manufacturing, packaging, warehousing, storage, delivery,

maintenance, real estate services, base operations, agency, husbandry, protective agency services, crewing,

and technical management of vessels. These activities are carried out globally, with operations in countries

such as Norway, Malaysia, Denmark, Singapore, Netherlands, Poland, the United Arab Emirates, and

Slovakia.

Downstream activities include the distribution of products, last-mile delivery, use of sold products, and

management of waste generated.

Wilhelmsen’s outputs include a range of products and services for the merchant fleet and offshore industry.

These outputs aim to provide benefits for customers, investors, and other stakeholders by maintaining safe

and compliant operations, enhancing operational efficiency, and managing environmental impacts.

Key business actors in Wilhelmsen’s value chain include tier 1, 2, and 3 suppliers, business partners, and

distribution channels. Wilhelmsen maintains relationships with suppliers, sub-contractors, agents, and

business partners to ensure the smooth flow of goods and services throughout the value chain. Key

customers include vessel or cargo owners and operators in the global maritime sector, and energy

companies and service providers to the offshore energy sector.


VALUE CHAIN ACTIVITIES
Upstream	Own operations	Downstream
Sourcing of raw materials	Blending chemicals	Distribution and last mile delivery to vessels
Sourcing of finished products	Manufacturing ropes	Distribution and last mile delivery to vessels
Sourcing of logistics services	Marine product warehousing and logistics	Use of sold products
	Marine product warehousing and logistics	Waste management
	Real estate services
	Maritime base operations
	Vessel husbandry
	Port agency
	Vessel crew management
	Vessel technical management

Wilh. Wilhelmsen Holding ASA Annual report 202521

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

Sustainability-related goals

Wilhelmsen’s sustainability goals stem from its vision to shape the maritime industry. These are defined as

strategic ambitions and targets and apply to the group’s activities, geographies, and business relationships.

The ambitions are included in the group and business unit strategies, with relevant metrics and targets

monitored in the internal ESG index. The results are presented quarterly to the Board of Directors (“board”)

and included in executive remuneration (please refer to the Remuneration report).

The goals support the focus from customers on sustainability practices due to regulatory requirements and

corporate commitments.

Health and safety and compliance have been and continue to be minimum requirements, whereas supplier

management is developing further in importance. This is mainly related to both due diligence and

compliance requirements, in addition to data requirements for reporting disclosures. The main challenge

related to this is the extensive number of suppliers in the maritime value chain, particularly small and

medium enterprises. Having suppliers agree to the Supplier Code of Conduct provides the foundation for

cooperation and meeting stricter requirements over time.

For GHG emissions, the focus varies by impact on the customer’s emissions. For example, base operations

can have a measurable effect for offshore energy customers in their scope 1 and scope 3 emissions, whilst the

use of products sold, or energy efficiency decisions made by competent technical managers and crew

onboard vessels can have a more measurable effect for scope 1 emissions for maritime customers.

Elements of the strategy related to decarbonisation and energy infrastructure are further described in the

Business and performance section (pages 7 to 14).


Strategic ambition	Strategic targets	2025 Results
Reduce GHG emissions in own operations.	42% reduction in scope 1 emissions by 2030 compared to base year 2022. 100% electricity consumption from renewable sources by 2030, with an interim target of 80% by 2025.	8% reduction in scope 1 emissions compared to base year and 89% electricity consumption from renewable sources.
Support the maritime industry's decarbonisation and energy infrastructure transformation.	Investments in new arenas related to decarbonisation and energy infrastructure.	Continued to pursue projects, partners and investments.
Have an engaging and safe workplace with no harm to people.	Zero work-related fatalities. Lost time injury frequency (LTIF) rate not to exceed 0.40 for seafarers and 2.00 for onshore employees.	Zero work-related fatalities. LTIF 0.28 for seafarers and 2.05 for onshore employees.
Build a culture where each employee is valued for their contribution and feels motivated and safe to voice their opinion.	Employee engagement score greater than 8 (out of 10). 40% gender balance in top 3 management levels and internal boards by 2030.	8.1 score. 36% females in top management 43% females in internal board roles.
Have responsible supply chain partners.	100% suppliers agreeing to the Supplier Code of Conduct.	99% agreeing.
Be a responsible, trusted and compliant value chain partner.	100% employee completion of Code of Conduct and cyber security training.	100% completion.

Wilh. Wilhelmsen Holding ASA Annual report 202522

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure


Stakeholders	Type of engagement	Purpose	Outcome	Topics addressed
Employees	Directly with management through individual interactions or group forums, town halls, working environment committees, works councils, or union representatives.	To understand employee expectations and integrate them into the group's strategy and activities.	Improved employee engagement and alignment with the group's strategic goals.	Working conditions, career development, health and safety, well-being, equality diversity and inclusion.
Seafarers	Individual interactions with crewing office, engagement through pre-joining briefings, vessel visits, vessel inspections, internal and external audits, safety campaigns, and officer and cadet conferences.	To ensure seafarers' well-being, safety, and performance.	Enhanced safety awareness, improved working conditions, and support for seafarers' needs.	Health and safety, working conditions, career development, mental health support, discrimination, harassment, and bullying.
Customers in the maritime and energy sectors	Direct interaction and participation in multi-stakeholder meetings and industry associations.	To gather customer feedback and ensure customer needs are met.	Enhanced customer satisfaction and engagement.	Product quality, service delivery, customer support, sustainability practices, and product features.
Suppliers of products and services globally	Engagement through direct interaction including business reviews and audits, and industry associations.	To ensure the group’s expectations and requirements are clear and address supplier concerns.	Strengthened supplier relationships and sustainable supply chain practices.	Supplier Code of Conduct, supply chain transparency, and environmental impact.
Authorities (local, regional and global)	Participation in national and international multi-stakeholder meetings.	To comply with regulations and collaborate on industry standards.	Compliance with regulatory requirements and contribution to industry standards.	Regulatory compliance, industry standards, and environmental regulations.
Financial institutions including investors and banking sector	Engagement through direct interaction such as investor meetings, reports, and investor relations	To communicate financial performance and sustainability initiatives.	Increased investor confidence and support.	Financial performance, ESG criteria, remuneration, risk management, and governance.
Local community individuals and groups	Participation in multi-stakeholder meetings and direct interaction.	To address community concerns and contribute to local development.	Positive community relations and support for local initiatives.	Community development, environmental impact, and social responsibility.
Non-governmental organisations (local, regional, global)	Engagement through industry associations and multi-stakeholder meetings.	To collaborate on sustainability initiatives and address societal issues.	Effective partnerships and progress on sustainability goals.	Human rights, environmental protection, and business conduct.

SBM-2 Interests and views of

stakeholders

Wilhelmsen engages with stakeholders on

matters concerning its activities and the broader

maritime industry.

The purpose of this engagement is to understand

stakeholder expectations and integrate them into

the group’s strategy and activities. It also allows

Wilhelmsen to communicate decisions and

provide explanations for underlying motives. The

interests and views of stakeholders are analysed

in the group’s annual assessments for employee

engagement, climate risks and opportunities,

human rights due diligence, and double

materiality.

Wilhelmsen has considered its impacts on its own

workforce in its strategy and implemented

requirements in its Owner’s statement and Code

of Conduct. The group engages directly with its

own workforce on matters related to these

policies and acts on breaches or non-compliance

allegations brought forward.

Wilhelmsen has also considered its impacts on

value chain workers in its strategy and

implemented a Supplier Code of Conduct. The

group engages with suppliers and industry

associations on these matters related to this

policy and acts on breaches or noncompliance

allegations brought forward.

Senior executives and the board are informed of

stakeholder views and interests through quarterly

reporting and annual assessments.

Wilh. Wilhelmsen Holding ASA Annual report 202523

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

1.3 Material sustainability matters

IRO-1 Description of the processes to identify and assess material impacts, risks and

opportunities (IROs)

The group conducted a double materiality assessment review in 2025. The assessment is a structured

process to identify, assess, and prioritise material IROs. The process involves internal expertise, external

research, and stakeholder consultation to get a comprehensive understanding of IROs. The process is

documented in the group’s ESG reporting system.

Senior executives, the board, and the board audit committee (“audit committee”) oversee the process. The

findings from the assessment inform group-level decision-making and operational adjustments. Strategic

objectives are defined in the group’s strategy and Owner’s statement, and business units develop targeted

action plans to address material IROs, supported by tools and frameworks provided by the group. Regular

reviews are used for alignment with strategic priorities and progress is tracked through key performance

indicators (KPIs) in the group’s internal ESG index.

Senior executives, the board, and the audit committee oversee compliance with sustainability-related legal

and other requirements through periodic risk assessments and reporting improvements. Monitoring and

review of IROs will be conducted at least annually to address emerging risks and adaptation of risk

management strategies. Results from internal reviews and controls are used to refine this process.

Double materiality assessment approach

The double materiality assessment is conducted using a bottom-up approach. This enables Wilhelmsen to

pinpoint specific business units or strategic investments where IROs occur and evaluate those for group-

level materiality. Business units analyse IROs within the sub-topics outlined in ESRS 1 General

Requirements, Appendix A, and use the ESRS time horizons to determine when the IROs are likely to occur.

The assessment considers affected stakeholders, including customers, the natural environment, employees,

workers in the value chain, and local communities. Business units evaluate their value chains to identify the

direction (upstream, own operations, or downstream) and specific positions where IROs arise. Emphasis is

placed on activities, business relationships, and geographies with heightened risks, such as emissions or

resource-intensive operations, supply chains with potential human rights concerns, and regions vulnerable

to environmental degradation or social challenges. After business units have completed their assessment,

the results are consolidated and an evaluation is made of IROs that are material for the group.

Stakeholder and community consultation

The assessment incorporates input primarily from internal sources with deep knowledge of operations,

geographies, stakeholder views, and impacts, supplemented by desktop research, including internal

assessments and reports, industry reports, findings from non-governmental organisations (NGOs), and

other external resources. Wilhelmsen does not directly consult affected communities during the double

materiality assessment screening process. The group uses available feedback from local stakeholders,

authorities and bodies, to align with community expectations and regulatory requirements.

Impact assessment and prioritisation

In the assessment, impacts are classified as actual or potential, positive or negative, and direct or indirect.

Negative impacts are scored on a five-point scale, considering severity (combining scale, scope, and

remediability) and likelihood, with severity prioritised, particularly for human rights related impacts.

Positive impacts, such as decarbonisation opportunities or working conditions improvements, are assessed

based on scale, scope, and likelihood.

All impacts are plotted on a five by five grid of severity versus likelihood. The threshold for impacts is set as

a sloping line, dependent on the combination of severity and likelihood. A threshold line is established

which gives precedence to severity over likelihood i.e. all impacts with severity scores greater than 4 are

considered material irrespective of likelihood, while also taking into account less severe impacts that are

more likely.

If an impact exceeds this threshold, the associated sustainability matter is deemed material.

Risk and opportunity assessment and prioritisation

In the assessment, specific risks and opportunities are identified and analysed, determining direct or

indirect ownership and whether the financial effects are negative or positive. Using a five-point scale, risks

and opportunities are scored based on the likelihood and magnitude of financial effects.

Likelihood is assessed based on the probability that the event will occur, ranging from 1-Very unlikely to 5-

Virtually certain. Probability reflects the possibility of the event occurring, unadjusted for any future

initiative that the group can take to reduce the risk of occurrence. Financial effects are assessed based on

expected impact on revenues or total assets, or EBITDA for business units and an assessment of impairment

indicators for investments in associates and joint ventures, ranging from 1-Low to 5-Major.

All risks and opportunities are plotted on a five by five size of financial effect versus likelihood grid, with a

materiality threshold applied to prioritise high-severity financial effects, regardless of likelihood, and less

severe but highly probable risks and opportunities. The threshold is set as a sloping line, dependent on the

combination of size of financial effect and likelihood. If any risks or opportunities exceed this threshold, the

associated sustainability matter is deemed material.

Input parameters, methodologies, and assumptions

Input parameters

The scope of operations covered includes direct operations such as production, warehousing, base

operations, and maritime services, as well as value chain activities covering supply chains, partnerships,

third-party suppliers, and investments. The geographic scope includes all countries where the group

operates.

Wilh. Wilhelmsen Holding ASA Annual report 202524

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

Annual assessments are used as input to address several key areas: compliance, climate, human rights,

cyber security, environmental aspects and impacts, and ESG governance. These assessments evaluate legal

requirements, alignment with governance and sustainability policies, physical and transition risks and

opportunities related to climate, risks associated with labour practices and standards across the value chain,

data protection, privacy, preparedness against cyber threats, and the effectiveness of governance structures

in managing ESG issues.

Ongoing metrics, incident reports, audits, and reviews from business unit management systems, as well as

supplier, customer and investor related interactions are also used as input.

Stakeholder views are sourced through desktop reviews, interviews, surveys, insights from industry and

NGO research on sustainability trends, and data from local, national, and international regulatory

frameworks.

Methodologies applied

Impact materiality is applied to identify sustainability matters that significantly impact people or the

environment, regardless of their financial implications for Wilhelmsen. Financial materiality is applied to

determine sustainability matters that could present risks or opportunities for the group’s financial

performance, position, or value creation, including effects on cash flows, access to finance, or cost of capital.

The value chain perspective is applied to identify IROs from upstream and downstream business

relationships. Reporting boundaries, including operational control, are defined to reflect the group’s

influence and dependencies within its value chain.

Material IROs are identified based on thresholds defined by the group.

For climate-related IROs, the Network for Greening the Financial System (NGFS) Current Policies scenario,

characterised by high physical risk, and the NGFS Net Zero scenario, characterised by high transition risks,

are used to supplement the assessment. For other environmental matters, dependencies are also screened in

addition to locations, operations, products, and the supply chain. The potential for incidents of non-

compliance with environmental regulations that could result in IROs is also considered in the assessment.

The Key Biodiversity Areas (KBAs) map has been used to screen whether the group has sites located in or

near biodiversity sensitive areas. The initial findings indicate that there are sites in the group near potential

biodiversity-sensitive areas. The group will undertake further analysis over the next two years to confirm

whether these sites negatively impact such areas and if it is necessary to implement biodiversity mitigation

measures.

The assessment results are validated with key internal stakeholders that have knowledge of the topics. The

methodologies, assumptions, and data sources are documented in the ESG reporting system and in shared

folders.

Assumptions applied

The ESRS time horizons are used, short term (reporting period), medium term (one to five years), and long-

term (more than five years). The medium term aligns with the group’s strategic planning period.

The best available data, industry benchmarks, and methodologies at the time are used, which may change

over time. Desktop reviews are used to capture the views of relevant stakeholders, which can result in

certain perspectives being more accessible than others.

Scenario analysis from NGFS is used to explore a range of plausible future outcomes, with an understanding

of the inherent uncertainties in predicting long-term sustainability impacts.

Changes to the process and future revision dates

The double materiality assessment is reviewed annually to remain relevant and up to date based on

feedback from stakeholders, performance data, and insights from audits and other internal reviews.

Changes may occur over time based on Wilhelmsen’s business context or improvements in methodology.

The group plans to refine its approach for screening non climate-related environmental matters within two

years applying the Taskforce for Nature-related Financial Disclosures recommendations and guidance.

SBM-3 Material impacts, risks and opportunities and their interaction with strategy and

business model

Based on the double materiality assessment, Wilhelmsen is involved with material impacts and risks both

through its own activities and its business relationships in the value chain. The group’s operations directly

contribute to material impacts such as GHG emissions, health and safety, equal treatment and opportunities

for all, business conduct and cyber security. Whereas, for pollution, resource use and waste, the impacts

mainly derive from two business units that sell marine products.

One potential financial risk was identified related to fraud, where despite preventative measures being in

place, a severe fraud case could have a significant financial effect. Although the group assessed the risk of a

successful fraud attempt as low, this was identified as the only material risk in the assessment.

Wilhelmsen’s business relationships with suppliers, customers, and partners also contribute to material

impacts on workers in the value chain. Wilhelmsen works to ensure that suppliers adhere to ethical

standards and practices, such as fair labour conditions, environmental management, and respect for human

rights. This is achieved through Supplier Code of Conduct, audits, partnerships, and human rights due

diligence processes.

Additionally, Wilhelmsen’s investments in shipping companies in the maritime sector also contribute to

material impacts, such as climate change, necessitating oversight and clear expectations, including those

contained in the group’s Owner’s statement.

Wilh. Wilhelmsen Holding ASA Annual report 202525

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

Current financial effects of the group’s material sustainability

matters and the group’s response

The group has assessed the material risk related to incidents of fraud

to its financial reporting, with no current material effects being

identified on either financial position, financial performance, or cash

flow.

Resilience of the undertaking’s strategy and business model

The group assesses material impacts and risks annually as part of its

strategy review process, evaluating the resilience of its strategy and

business model over a medium-term horizon. Overall, Wilhelmsen’s

strategy and diversified portfolio demonstrate resilience against

material impacts and risks in the medium term, with sufficient

countermeasures in place. The group will monitor and follow up as

needed.

Changes to material IROs compared to the previous reporting

period

There were no material changes to IROs compared to the previous

reporting period.

Material sustainability matters


ESRS Topic	Sustainability matter	Material IROs	Own operations or value chain	Positive or negative	Actual or potential	Time horizon	Interaction with business model and strategy	Page number
E1 – Climate change	Climate change mitigation	Impacts on climate change caused by burning of fossil fuels.	Both	Negative impact	Actual	Short, medium, and long term	Wilhelmsen is actively working to mitigate climate change through energy efficiency, electrification, renewable energy use, and strategic investments, with plans to adopt a formal climate transition plan within the next two years to achieve long-term reductions across the value chain and enable avoided emissions for customers.	32 to 37
E2 – Pollution	Substances of concern or very high concern	Impacts on people or the environment from the use or misuse of substances of concern or very high concern.	Both	Negative impact	Potential	Short, and medium term	Wilhelmsen Chemicals actively pursues the substitution and safe handling and disposal of chemical products.	38 to 39
E5 – Resource use and circular economy	Resource inflows, outflows, and waste	Impacts on people or the environment from the use of materials in products sold and waste handling with limited possibilities for circularity.	Both	Negative impact	Actual	Short, and medium term	Wilhelmsen aims for responsible material procurement, waste minimisation, and is in the early stage of adopting circular economy principles to mitigate these environmental impacts.	40 to 43
S1 – Own workforce	Equal treatment and opportunities for all	Impacts on people related to discrimination, harassment, or bullying in own operations.	Own operations	Negative impact	Potential	Short, and medium	Wilhelmsen promotes a diverse and inclusive workplace, with policies and training to prevent discrimination and support affected employees.	49 to 57
S1 – Own workforce	Health and safety	Impacts on people related to health and safety incidents in own operations.	Own operations	Negative impact	Actual	Short and medium term	Wilhelmsen prioritises health and safety through comprehensive management systems, training, risk assessments, and safety protocols to protect its workforce.	49 to 57
S2 – Value chain workers	Equal treatment and opportunities for all	Impacts on people related to discrimination, harassment, or bullying in the value chain.	Value chain	Negative impact	Potential	Short, and medium term	Wilhelmsen requires suppliers to ensure fair treatment of workers and adherence to human rights standards. The group sets requirements for suppliers to improve working conditions and ensure fair wages and safety standards and prevent forced labour or child labour. The group enforces its Supplier Code of Conduct through regular screening, assessment, and audits.	17
	Forced labour or child labour in the value chain	Impacts on people related to forced labour or child labour in the value chain.	Value chain	Negative impact	Potential	Short, and medium term
	Working conditions and health and safety	Impacts on people related to working conditions and health and safety incidents in the value chain.	Value chain	Negative impact	Potential	Short, and medium term
G1 – Business conduct	Compliant and ethical business conduct	Impacts on people subject to corruption and bribery demands from undesirable actors and risks from incidents of fraud, corruption or bribery in own operations and in the value chain.	Both	Both negative and positive impact. Risk.	Potential	Short, medium, and long term	Wilhelmsen is committed to ethical operations and eliminating corruption in its value chain through clear policies, management support, a whistleblower hotline, regular training, and transparent reporting. The company conducts audits, educates employees, and supports those facing ethical challenges. Employees are empowered to refuse unethical actions without fear of retaliation, fostering trust, stronger relationships, and a positive reputation. Wilhelmsen also enforces strict anti-bribery measures and collaborates with industry organisations.	59 to 60
Entity- specific - Cyber security	Cyber security and personal data protection	Impacts on people from cyber security and personal data breaches.	Own operations	Negative impact	Potential	Short, and medium term	Wilhelmsen invests in robust cyber security measures and data protection protocols including employee training to safeguard personal information and ensure the integrity of its systems.	61

Wilh. Wilhelmsen Holding ASA Annual report 202526

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

1.4 Sustainability governance

GOV-1 The role of the administrative, management and supervisory bodies

Responsibility for sustainability is anchored with Wilhelmsen’s board, which consists of five non-executive

members and no employee representatives. 100% of the board members are independent. The percentage of

females on the board is 40% and the gender diversity ratio is 67%.

The board heads strategic planning and makes decisions that form the basis for the administration’s

execution of the agreed strategy. The board endorses the Owner’s statement that sets expectations and

requirements for the group in the areas of strategy, financial targets, risk, ESG (environmental, social,

governance), and reporting.

The group CEO and the group management team, hereafter referred to as senior executives, secure its

implementation within the group. Further information about the roles of senior executives is available in

the Remuneration report. The percentage of females in the senior executive team is 20%.

The board oversees Wilhelmsen’s strategic planning and decision-making processes, ensuring sustainability

is integrated into the business strategy and that ethical standards are maintained. The board is responsible

for the oversight of sustainability IROs, whilst the audit committee is responsible for the oversight of

sustainability reporting and internal control.

The audit committee reviews compliance activities on a quarterly basis, including whistleblowing reports

and audit outcomes. The audit committee’s oversight includes evaluating the effectiveness of compliance

programmes, monitoring adherence to ethical standards, and ensuring that appropriate actions are taken in

response to whistleblowing incidents and audit findings.

The board has relevant experience in the sectors, products, and geographic locations where Wilhelmsen

operates. Board members have held senior executive positions in maritime, offshore energy, and finance

sectors, with a solid understanding of the challenges and opportunities in these areas. The board also has

knowledge of key geographic regions where Wilhelmsen is active, which is used to inform decision-making

and alignment of group strategy with both local and global contexts. Additionally, the board includes

individuals with extensive governance experience, having served in various boards with oversight

responsibilities.

Sustainability governance

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Reflection of responsibilities for IROs in the group’s terms of reference, board mandates, and other

related policies

The group’s board instruction, anchored in legal requirements, establishes the board’s authority and

ensures compliance with regulatory mandates, alignment with stakeholder expectations, and the pursuit of

long-term objectives. Board mandates, as outlined in the board instruction, assign specific responsibilities

to the audit committee to assist the board in exercising its oversight responsibility with respect to the

integrity of sustainability reporting including risk management and internal control. The group’s governing

elements, including the Owner’s statement and supporting standards, further define expectations and

requirements for all business units and non-controlled investments.

Management’s role in the governance processes, controls, and procedures used to monitor, manage, and

oversee IROs

The primary role of the senior executives is to develop and align the group’s strategy, culture, and

competence. Expectations and requirements are established in the Owner’s statement. ESG performance is

reviewed quarterly through business unit boards, and targets defined in the group’s ESG index. The group’s

ESG governance and management system is reviewed annually. Management roles or committees oversee

IROs in business unit operations, and relevant procedures are implemented to manage material IROs

through established business unit management systems. These systems are overseen by the senior

management teams of each business unit, with further oversight provided by the respective business unit

boards.

Oversight of the setting of targets related to material IROs, and monitoring progress towards them

The board and senior executives set targets for material IROs. Strategic objectives and targets are established

during the long-term strategy process and included in the group’s Owner’s statement. Performance is

tracked quarterly through the internal ESG index, with results integrated into the short-term incentive

scheme for senior executives and business units. Senior executives ensure sustainability targets align with

the business strategy and regulatory requirements.

Wilhelmsen considers stakeholder views, including employees and investors, in the target-setting process.

The board reviews and approves targets to ensure they are realistic and aligned with the group’s objectives.

Progress is monitored and reported regularly. Senior executives conduct performance reviews to assess

progress, identify deviations, and implement corrective actions.

Wilhelmsen maintains transparency by publicly disclosing progress in sustainability reports, ensuring

accountability to stakeholders. Wilhelmsen continuously improves sustainability practices based on

stakeholder input and best practices, and adjusts targets and strategies in response to new risks,

opportunities, and regulatory changes.

Appropriate skills and expertise available in the governing body to oversee sustainability matters

The board, collectively, has developed expertise in sustainability, particularly within the maritime and

offshore industries. This expertise includes:

• Economic viability: evaluating the economic viability of sustainability initiatives.

• Risk management: managing risks associated with long-term investments.

• ESG alignment: aligning capital allocation with ESG priorities.

• Maritime and offshore industries: understanding shipping operations, global logistics, port

infrastructure, and offshore energy operations.

• Climate change and resource management: mitigating climate change and managing resources

efficiently.

• Decarbonisation strategies: overseeing decarbonisation strategies and ensuring compliance with

environmental regulations.

• Human rights: addressing human rights issues and upholding ethical labour standards throughout the

value chain.

• Workforce health and safety: prioritising workforce health, safety, and well-being.

• Diversity and inclusion: promoting diversity and inclusion within the organisation.

• Business conduct and governance: adhering to responsible business practices and robust governance.

The board actively seeks additional expertise to address new and evolving sustainability challenges and

opportunities. This includes leveraging both internal and external sustainability experts to stay informed on

emerging regulations and matters. Board members also undertake individual development.

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GOV-2 Information provided to and sustainability matters addressed by the undertaking’s

administrative, management, and supervisory bodies

Senior executives, the board, and audit committee are informed about sustainability-related topics through

a structured process. The process addresses material IROs, the implementation of due diligence, and the

effectiveness of sustainability policies, actions, metrics, and targets.

Material IROs

The audit committee, tasked with oversight of sustainability reporting matters, receives quarterly reports

from management and an annual review of the identification, assessment, and prioritisation of material

sustainability-related IROs. The board is updated annually on high-level insights and strategic implications

derived from these assessments to align sustainability considerations with the group’s overarching strategy.

Implementation of due diligence

Management provides detailed updates to the audit committee on the implementation of due diligence

processes, including adherence to regulatory requirements and international frameworks. These updates

are presented quarterly and include the status of risk assessments, stakeholder engagement outcomes, and

measures taken to address identified risks, particularly in human rights, environmental compliance, and

responsible supply chain practices.

Results and effectiveness of policies, actions, metrics, and targets

The board and audit committee receive quarterly updates from senior executives and specialist functions,

including ESG and compliance, on the results and effectiveness of sustainability policies and initiatives,

including progress against ESG targets and metrics in the group’s internal ESG index. Detailed performance

reviews are conducted annually, highlighting areas for improvement and strategic adjustments.

Performance monitoring mechanism

Senior executives monitor sustainability targets and key performance indicators (KPIs) through the group’s

internal ESG index, which is reviewed by the audit committee on a quarterly basis.

Consideration of IROs in strategy, major transactions, and risk management

Senior executives integrate the assessment of IROs into the group’s strategy, decision-making on major

transactions, and risk management processes, with the board providing oversight. This structure embeds

sustainability considerations into all levels of decision-making.

Senior executives ensure sustainability-related IROs are central to strategic planning. This includes aligning

ESG factors with the group’s strategic objectives, market positioning, and stakeholder expectations. During

strategic reviews, they evaluate trade-offs between sustainability goals and financial outcomes, such as

investing in low-carbon technologies versus achieving long-term operational efficiency and regulatory

compliance. The board provides oversight to ensure these processes align with the group’s strategic

priorities and long-term value creation.

The group’s Owner’s statement serves as the foundation for overseeing major transactions, including

mergers, acquisitions, and capital investments. Senior executives evaluate ESG impacts and opportunities

through due diligence processes. This includes assessing environmental liabilities, human rights

considerations, and value-creation potential through innovation. Trade-offs, such as short-term costs versus

long-term reputational or regulatory benefits, are analysed. The board reviews material decisions to ensure

they are balanced and responsible.

Senior executives integrate sustainability-related risks into the group’s risk management framework.

Regular reviews of potentially material risks, such as compliance, climate change, supply chain

vulnerabilities, and reputational impacts, are conducted to identify mitigation measures. The board

provides oversight of this process to ensure that risk assessments consider trade-offs and effectively balance

immediate costs with long-term resilience.

This includes weighing costs against benefits in resilience, regulatory alignment, and stakeholder trust.

Through its oversight role, the board ensures these considerations support the group’s sustainability

objectives and long-term value creation.

During the reporting period, senior executives and the board, addressed the following material IROs: GHG

emissions and decarbonisation, health and safety incidents affecting own workforce, equality, diversity, and

inclusion, supply chain management, business conduct and ethics, and cyber security and personal data

protection.

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GOV-4 Statement on due diligence

The group’s management approach to material sustainability topics, including due diligence, is based on the

UN Guiding Principles on Business and Human Rights, OECD Guidelines for Multinational Enterprises, and

is aligned with the UN Universal Declaration of Human Rights and the ILO Declaration on Fundamental

Principles and Rights at Work conventions.


The table cross references the core elements of due diligence for impacts on people and the environment to the relevant disclosures in the sustainability statement.
Core elements of due diligence	Paragraphs in the Sustainability statement	Page number
a) Embedding due diligence in governance, strategy, and business model	Strategy and business model	20 to 21
	Material sustainability matters	25
	Sustainability governance	26
b) Engaging with affected stakeholders in all key steps of the due diligence	SBM-2 Interests and views of stakeholders	22
	S1-2 Processes for engaging with own workforce and workers’ representatives about impacts	50
	S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns	50 to 51
	ESRS 2-BP-2 paragraph 17b-e related to S2 Workers in the value chain	17
	G1 Business conduct	59
c) Identifying and assessing adverse impacts	Material sustainability matters	25
d) Taking actions to address those adverse impacts	E1 Climate change	32 to 37
	E2 Pollution	38 to 39
	E5 Resource use and circular economy	40 to 43
	S1 Own workforce	49 to 57
	ESRS 2-BP-2 paragraph 17b-e related to S2 Workers in the value chain	17
	G1 Business conduct	59 to 60
e) Tracking effectiveness of these efforts and communicating	E1 Climate change	32 to 37
	E2 Pollution	38 to 39
	E5 Resource use and circular economy	40 to 43
	S1 Own workforce	49 to 57
	ESRS 2-BP-2 paragraph 17b-e related to S2 Workers in the value chain	17
	G1 Business conduct	59 to 60

Wilhelmsen’s human rights due diligence approach

1. The board and senior executives commit to human rights due diligence and transparency, and set requirements in the Owner’s statement.

Business units establish policy and practices relevant to their operations and ensure employees are aware and comply.

2. The group periodically assess the risk of adverse impacts on human rights in operations, supply chains, and business relationships.

3. The group implements measures to cease, prevent, or mitigate adverse impacts.

4.The group periodically monitors implementation and results of mitigation measures and any grievance handling and makes reports to senior

executives and the board.

5. At least annually, the group disclose human rights-related activities and how impacts are addressed. The group responds to requests for

information from stakeholders in compliance with Norwegian Transparency Act regulation.

6. The group addresses grievances and provides for or cooperates in securing remediation when appropriate.

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GOV-5 Risk management and internal control over sustainability reporting

Wilhelmsen has adopted an Internal Control over Sustainability Reporting (ICSR) policy based on the COSO

Internal Control over Sustainability Reporting framework.

The group is in the early stages of maturity and plans to fully implement its ICSR policy in all business units

across relevant functions over the next two years, to continuously improve its processes to identify and

manage risks related to sustainability disclosures. Governance oversight is provided by the audit committee

on a quarterly basis, with annual updates to the board on the effectiveness of controls and emerging risks.

The group is exposed to risks associated with incomplete, inaccurate or inconsistent reporting on

sustainability topics, including risks associated with greenwashing. There are also risks related to the

accuracy of data inputs and manual errors in the reporting process particularly in dynamic or continuous

data such as that from human resources systems, and periodic data such as GHG emissions data where local

allocations and estimations are made. In addition, the aggregation of data from multiple business unit

systems and processes into the group’s centralised ESG reporting system poses a risk of calculation errors.

Controls are designed based on these identified risks considering consequence and probability. In the

reporting period, key controls related to GHG emission and workforce data have been applied with

deviations monitored, explained, and documented. Additional application controls have also been applied

in the carbon accounting system. An annual wheel for internal control monitoring and oversight by the

business unit boards has been implemented related to the group’s ESG Index.

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Environmental information


2.1 E1 Climate change	32
2.2 E2 Pollution	38
2.3 E5 Resource use and circular economy	40
2.4 EU Taxonomy	44

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2.1 E1 Climate change

Wilhelmsen’s strategic ambition within climate change is to support the maritime industry’s


Climate risk assessment
Risk type	Risk category	Risk description	Exposure	Mitigation measures
Physical risks	Acute	Temperature increases: heatwaves can affect worker health and safety.	Heat stress, reduced productivity, and increased cooling costs.	Employee health and safety training and efficient cooling measures.
		Extreme weather events: storms, cyclones, and hurricanes can damage assets and disrupt operations.	Safety of personnel, and damage to site infrastructure, port facilities, and delays impacting customer operations.	Business Continuity Plans (BCPs) and regular office inspections for emergency preparedness. Supplier sourcing, managed stock levels, and freight flexibility. Property and infrastructure management.
		Flooding: increased precipitation can disrupt operations and damage infrastructure.	Operational delays, damage to warehouses, and increased maintenance costs.
	Chronic	Rising sea levels: potential flooding and infrastructure damage at base or port facilities.	Need for infrastructure upgrades and relocation of vulnerable facilities.
Transition risks	Policy and legal	Regulatory changes: new or changing regulations on GHG emissions can increase compliance costs.	Investment in low- and no-emissions technologies and reporting systems.	New competencies, adequate compliance systems, and new service offerings.
	Policy and legal	Enhanced emissions-reporting obligations: increased reporting requirements can lead to higher compliance costs.	Additional administrative burden and potential penalties for non- compliance.
	Technology	Technology shifts: adoption of low-carbon technologies requires investment.	Upgrading machinery, vehicles, energy systems, and IT systems.	Managed machinery and vehicle renewals, and investments in renewable energy where incentives are available.
	Market	Market shifts: demand for sustainable products can impact revenue streams.	Shifts in consumer preferences require changes in product offerings and marketing strategies.	Supplier sourcing, adaptable product mix, and service offerings for customers.
	Market	Increased cost of raw materials: sustainable sourcing from certified suppliers can drive up costs.	Increase procurement costs and affect profit margins.
	Reputation	Reputational impact: failure to meet sustainability expectations can damage reputation.	Negative publicity and loss of stakeholder trust.	Code of Conduct, transparent disclosures, and internal controls.

decarbonisation and energy infrastructure transformation. Greenhouse gas emissions (GHGs) from energy

and material use in own operations and the value chain contribute to climate change, impacting the natural

environment and communities dependent on these ecosystems. The primary sources of these emissions are

the use of sold products, specifically refrigerants, in the downstream value chain, and strategic investments

in shipping companies. Purchased goods and services in the upstream value chain is another significant

contributor. Within Wilhelmsen’s own operations, activities at bases, warehouses, and larger office locations

are the main sources of emissions.

Wilhelmsen is actively working to mitigate climate change through energy efficiency, electrification,

renewable energy use, and strategic investments. The group is building a comprehensive GHG emissions

inventory and improving data collection methods to achieve long-term reductions across the value chain

and enable avoided emissions for customers.

E1-1 Transition plan for climate change mitigation

Wilhelmsen plans to adopt a transition plan for climate change mitigation within the next two years. Key

considerations in the transition plan development will be the group’s low emissions in its own operations

relative to its scope 3 emissions, with 99% of total emissions attributed to value chain emissions including

investments.

Furthermore, the group’s ability to contribute to avoided emissions for customers will be evaluated.

Wilhelmsen plans to engage with internal and external stakeholders, including industry experts, to develop

a formal transition plan aligned with the European Financial Reporting Advisory Group (EFRAG)

implementation guidance when available.

ESRS 2 SBM-3 E1 Material impacts, risks and opportunities and their interaction with

strategy and the business model

Wilhelmsen conducts annual climate risk assessments to understand and raise awareness of the potential

consequences of climate-related physical and transition risks. These assessments are integrated into

operational plans of business units to monitor and mitigate potential exposure with countermeasures, and

are presented to the relevant business unit boards for oversight.

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Resilience of the strategy and business model to climate-related risks

Wilhelmsen has evaluated the resilience of its strategy and business model to climate-related risks through

workshops with the senior executives and discussions with the board.

The scope of the assessment covered own operations and value chain related to the group’s three segments,

Maritime Services, New Energy, and Strategic Holdings and Investments. The assessment evaluated the

resilience of the group’s strategy which has a five-year time horizon (medium-term as per ESRS definition).

The group’s GHG emissions targets for 2030 were included in the scope of the assessment.

The assessment considered climate scenarios provided by the Network for Greening the Financial System

(NGFS) phase V (Nov 2024) which provides a range of plausible future outcomes towards 2030 and 2050. In

particular, the Current Policies (high-emission pathway) and Net Zero (1.5°C-aligned) scenarios were used:

• Current Policies scenario assumes that only currently implemented policies are preserved, leading to

high physical risks.

• Net Zero 2050 scenario limits global warming to 1.5 °C through stringent climate policies and innovation,

reaching global net zero CO2 emissions around 2050.

When evaluating the potential effects of the transition to a lower-carbon and resilient economy, the group

has founded its assessment on the following assumptions:

• Demand for products and services, with lower emission footprint, will continue to develop, with suppliers

needing to adapt. Disruption may lead to existing products becoming irrelevant, while new opportunities

may arise in the marketplace.

• Geopolitical shifts have contributed to more uncertain markets compared to prior years. While general

demand for energy continues to increase, market participants are balancing competitive business

development and the aim to reduce both their own and supply chain emissions.

• Developing demand for both low emission products and services incentivises investments in low

emission enabling technology.

• Companies where the group has strategic investments, have strategies to transition to a lower-carbon

economy, with development in technology and low emission fuel, being important factors in the

transition.

When conducting the resilience analysis of the strategy, the group takes into account the inherent

uncertainties in predicting long-term sustainability impacts, geopolitical influences, and making

assumptions about activity beyond the group’s strategy period (five years). Other areas of uncertainty are

primarily related to the development of new products and services with lower emission footprint in business

activities, in addition to energy supply, technology development, and disruption.

In the medium-term, the group’s product and services portfolio is considered well-positioned in relation to

transition, with the group monitoring developments and having the ability to adapt and invest where

assessed to be needed.

From a technology development and disruption standpoint, the medium-term risk is assessed to be limited,

with the group being well-positioned with regards to both the portfolio of products and services, and

strategic investments, having the opportunity to adapt and invest, where assessed to be needed.

Overall, the group’s strategy and diversified portfolio are resilient to climate-related physical risks in the

medium-term with sufficient countermeasures in place, including business continuity plans. The group will

monitor and follow up as needed regarding chronic risks over the longer-term and assess climate-related

risks as an integral part of the investment process.

The group’s strategy and diversified portfolio are also resilient to climate-related transition risks in the

medium-term, with sufficient strategies in place. This was based on applying the same criteria as for the

double materiality assessment, where no material effect was identified related to the group’s anticipated

financial position, financial performance, and cash flow.

E1-2 Policies related to climate change mitigation

Wilhelmsen has established policies to manage its material impacts related to climate change caused by

burning of fossil fuels.

The group’s Owner’s statement and Environment standard has requirements for material business units,

within their scope of operations including value chain, to set science-based targets with corresponding GHG

emissions reduction programmes, implement environmental management systems which address climate

mitigation impacts, proactively manage climate risks and opportunities, and report on progress to their

respective boards.

Furthermore, business units are to have environmental-related opportunities and growth, which may be

climate-related, as a specific goal in their strategy. For investments, Wilhelmsen monitors and engages in

policy discussions with relevant companies about their emission reduction targets, climate risks, and

opportunities.

As these policies derive from the requirements contained in the group’s Owner’s statement, the group CEO

is the most senior level in the organisation accountable for their implementation.

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E1-3 Actions and resources in relation to climate change policies

GHG emissions reduction activities in own operations

Wilhelmsen’s main GHG emissions reduction actions are to procure renewable electricity, install renewable

energy systems where viable, switch to low or no emissions machinery and vehicles when viable, switch to

alternative fuels, and improve energy efficiency. These actions are based on the decarbonisation levers for

targeted scope 1 and 2 emissions reductions by 2030.

In 2025, business units continued green power agreements including energy attribute certificates (EACs)

and purchased unbundled EACs in Malaysia and Norway. Biofuel use at bases was increased and continuous

focus on efficient driving and resource use at key sites was maintained. Business units will continue to

implement actions relevant for their operations in 2026.

In 2025, scope 1 emissions were reduced by 8% compared to the 2022 base year. Electricity from renewable

sources accounted for 89% of the total electricity consumption in the group, and the related reduction in

scope 2 market-based emissions was 74% compared to the base year. Combined, the group’s scope 1 and 2

emissions were reduced by 32% compared to 2022, mainly due to the increased amount of electricity from

renewable sources.

In 2025, the group continued to improve data accuracy by applying internal controls, refining categories and

emissions factors, and moving from distance-based estimations to fuel- based reporting for scope 1

emissions. The main actions related to GHG emissions over the next two years will be the group’s transition

plan development.

These activities support progress towards the group’s near term 2030 reduction targets. Based on an

assessment of financial materiality, the group’s ability to implement these actions is within the operational

discretion of the business units. As part of the upcoming transition plan development, both the target and

the associated actions will be formally reviewed to confirm they remain appropriate and aligned with the

group’s strategic, regulatory, and financial objectives.

Growth in new arenas

In 2025, the group continued to pursue investments and new business models related to decarbonisation

and energy infrastructure.

The New Energy segment invested in companies related to both renewable and energy transition segments

through its own ventures and together with partners. For example, NorSea made energy infrastructure

investments in three locations, creating energy efficient indoor maintenance facilities to support customer

needs. NorSea also ran an efficiency programme to reduce the use of fossil fuels for machines, more electric-

powered machinery and energy efficiency throughout its infrastructure. Edda Wind, which owns and

operates service vessels for the global offshore wind industry, continued to support the maintenance work

conducted during the commissioning and operation of offshore wind parks. Massterly together with Reach

Remote, successfully ran a test in the North Sea with Reach Remote 1 – a remote controlled and autonomy-

enabled vessel to conduct offshore subsea operations while being controlled and monitored from hundreds

of kilometres away. Reach Subsea’s Remote 2 vessel is currently operating in Australia.

Maritime Services accelerated and grew several initiatives and companies in the reporting period. For

example, Pelagus 3D, a joint venture with thyssenkrupp, further expanded its customer base and

manufacturing footprint globally. Hecla Emissions Management, a joint venture with Affinity Shipping,

assists clients through the EU Emissions Trading System process. In 2025, Hecla’s FuelEU Maritime

marketplace went live, offering the selling and buying of compliance balances surpluses. The Wilhelmsen

Venture programme continued to identify and support potential business ideas from employees. C-Loop,

established through the Venture programme, repurposed twice the amount of retired mooring ropes as in

the prior period to create additional values from the materials.

Maritime Services invested in Motion Ventures’ second fund and made further investments in FrontM and

Tunable. Wilhelmsen Ships Service and Yinson GreenTech built and opened charging infrastructure for

Singapore’s first fully electric cargo vessel. Wilhelmsen Port Services entered a new partnership with C-Zero

Maritime to leverage and expand the use of its Platform 13 emissions transparency platform.

In 2026, the group plans to continue to progress investments, projects, and other innovations in line with

the group strategy.

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E1-4 Targets related to climate change mitigation

Wilhelmsen has set targets to address impacts related to direct GHG emissions. Employees are not directly

engaged in setting these targets, however, they have access to information tracking the group’s performance

and improvements, through the group’s intranet and communication events.

The group has set near-term absolute GHG emission reduction targets for direct scope 1 and 2 market-based

emissions following the guidance provided by the Science Based Targets Initiative (SBTi), using the absolute

contraction approach. This method aligns emissions reduction targets with the global, annual reduction rate

required to meet 1.5˚C or well below 2˚C, ensuring they are science-based and in line with the Paris

agreement. Whilst the group does not currently plan to adopt the SBTi validation process, it continues to

monitor developments and align its targets with the initiative’s principles.

The targets are monitored in business units on an operational basis, and progress is reported on a quarterly

basis in the group’s ESG index. As part of the group’s transition plan development within the next two years,

both the targets and the associated actions will be formally reviewed to confirm they remain appropriate

and aligned with the group’s strategic, regulatory, and financial objectives.

The targets are to reduce scope 1 emissions by 42% by 2030 compared to base year 2022, and for scope 2

market-based emissions, procure 80% renewable electricity by 2025 and 100% by 2030. These targets are

directly related to climate change mitigation actions.

Procurement includes the installation of renewable electricity at sites, green power agreements with

bundled energy attribute certificates (EACs), and purchasing of unbundled EACs. The group plans to adopt

targets for material Scope 3 emission as part of its climate transition plan development within the next two

years.

Base year

The selection of the base year 2022 is due to several factors including the year representing typical

operational conditions, with no observable anomalies affecting operations, where complete and accurate

data is available, and which is the earliest relevant point in time for scope 1 and 2 emissions reporting. A

base year recalculation is applied when there is an effect of more than five percent to account for significant

changes such as structural changes, changes in methodology or discovery of significant errors.

Scope 1 and 2 base year 2022 emissions have been recalculated in the reporting period following a material

correction to prior estimates for one entity, now updated using results from the 2024 reporting period.

Consequently, scope 1 base year emissions have been restated from 9,807 tonnes CO2e to 9 193 tonnes CO2e,

and Scope 2 market-based emissions from 5 988 tonnes to 5 542 tonnes.

Decarbonisation levers

For completeness of this disclosure requirement, the group has made an estimated range of the quantitative

contributions of decarbonisation levers related to its near term targets. A mid-range estimate is used for the

potential contribution of each scope 1 emissions lever to the 2030 target. These levers and their contribution

will be assessed and validated during the group’s climate transition plan development within the next two

years.

The potential challenges considered over the medium-term using NGFS Net Zero and Current policies

scenarios, include slow technological progress such as the availability and utility of electric heavy forklifts,

charging or energy infrastructure for alternative fuel vehicles, fixed contracts, prohibitive costs or weak

incentives, and regulations.

Based on the group’s wide geographic scope across 53 countries and local office leasing arrangements, the

procurement potential for further electricity from renewable sources will be impacted by lease agreements,

local energy infrastructure, regulation, and incentive programmes.

In geographic locations where the marketplace for EACs is not yet mature, Wilhelmsen relies on contracts

with electricity suppliers to secure renewable electricity where feasible. In addition, the group seeks to

implement solar panel installations and other renewable energy projects in areas where feasible.


Decarbonisation levers and estimated contributions to near-term targets	Estimated contribution (%)	Base year 2022 (thousand tonnes CO2e)	Reduction target from base year (%)	Reduction (thousand tonnes CO2e)	Target 2030 (thousand tonnes CO2e)
Scope 1 emissions		9	42	4	5
Electric or low- to no-emissions machines and vehicles	50 to 70			2
Fuel switching (e.g. to biofuels)	10 to 30			1
Energy efficiency improvements	10 to 30			1
Scope 2 market-based emissions		6	100	6	0
Electricity from renewable sources	100			6

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E1-6 Gross Scope 1, 2, 3 and total GHG emissions

SUSTAINABILITY REPORTING POLICIES

GHG emissions included in the inventory

Wilhelmsen’s GHG inventory includes CO2 (Carbon dioxide), CH4 (Methane), N2O (Nitrous oxide), HFCs (Hydrofluorocarbons), PFCs

(Perfluorocarbons), SF6 (Sulphur hexafluoride), and NF3 (Nitrogen trifluoride) emissions. CO2e (Carbon dioxide equivalent) emissions factors are

used to provide a consistent GHG inventory report, derived from reputable sources.

Collection and consolidation of activity data

Wilhelmsen employs the centralised data gathering approach where business units and sites report activity data which is then calculated

through the group’s carbon accounting system. Sites have access to this data, enabling positive awareness of impact and opportunity for

response. Data is collected from several sources to determine absolute emissions figures. Primary data is collected where possible, such as

electricity consumption from vendor invoices or meters. Secondary data is used when primary data is unavailable or insufficient, particularly for

Scope 3 Category 1: Purchased goods and services where the spend-based method is applied. Consolidated data from all business units

provides the basis for the group’s absolute CO2e emissions.

Estimating data

For completeness, where data is not available, estimates are made using judgment and best available benchmarks or comparable data/sites. In

the absence of complete data, estimates are allowed using available partial data, considering seasonal variations. This is for example when

electricity or fuel invoices are not received in the respective reporting period. Comments describing the estimation method and calculations are

reported in the group’s carbon accounting system. Actual data, when available, replaces estimates with appropriate comments. The group aims

to improve its internal control over reporting of energy sources and consumption. An estimation is made for the group’s scope 2 emissions for

smaller sites with less than 20 people that do not report in the group’s carbon accounting system. The estimate is based on the total scope 2

emissions of all reporting sites in the same segment, divided by total number of employees at those sites. The outcome is multiplied by the

number of employees at non-reporting sites to arrive at the estimate. The group does not have plans to include the smaller offices in activity-

based reporting until digital solutions are available to automate these activities.

Emission factors and calculations

The group’s carbon accounting system stores the emissions factors and calculations related to CO2e emissions. The factors are derived from

emissions factor libraries including IEA, DEFRA, EPA, AIB, Exiobase, and NTM. Both location-based and market-based factors are used for scope

2 emissions. CO2e emissions factors and calculations are valid for the reporting year. Factors are reviewed annually to ensure accuracy and

consistency. Material changes to CO2e emissions factors are applied to previous year data, including base year data, to incorporate the

change.

Inclusions, exclusions, and significant changes

None of the group’s scope 1 data is regulated under emissions trading schemes. The Scope 1 and 2 base year emissions have been

recalculated following a material correction to prior estimates.

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Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

Gross scope 1 GHG emissions (thousand tonnes CO2e)

The reporting of direct scope 1 CO2e emissions is based on the Greenhouse Gas Protocol and covers all direct emissions from owned or

controlled sources, which are the natural gas, oil, diesel for stationary sources, consumed in buildings owned, leased or rented, and owned or

leased company cars. All numbers are rounded off to the nearest whole thousand. From 2025, emissions from company cars and delivery

vehicles are calculated using the fuel-based method, replacing the distance-based method used in previous reporting periods. No adjustment

has been made to the base year due to insufficient historical data and the undue cost or effort required to apply the new methodology

retrospectively. Fuel consumed from owned and leased cars, forklifts, cranes, trucks, and vans used for cargo transportation, are multiplied by

emission factors from DEFRA (2023, 2024) applicable for each fuel type. Direct emissions from buildings are based on reported consumptions

of gas, oil and diesel, etc., multiplied by emission factors from DEFRA (2024) applicable for each fuel type.

Gross scope 2 location-based and market-based GHG emissions (thousand tonnes CO2e)

The reporting of scope 2 GHG emissions is based on the Greenhouse Gas Protocol and are calculated and disclosed using both the location-

based and market-based methods. All numbers are rounded off to the nearest whole thousand. GHG emissions in scope 2 arise from purchased

electricity, district heating, and district cooling in buildings owned or leased by the group. Location-based and market-based emissions are

calculated using energy consumption at business unit locations and emission factors from IEA (2024) and AIB (2024). Market-based emissions

include Energy Attribute Certificates (EACs) where applicable. Wilhelmsen purchases electricity either bundled with renewable Energy Attribute

Certificates (EACs) or unbundled. These certificates verify that the portion of electricity consumed is from renewable sources. Unbundled

renewable energy attributes account for approximately 25% of total electricity from renewable energy sources, while purchased electricity

bundled with energy attributes accounts for approximately 75%.

Gross scope 3 GHG emissions (thousand tonnes CO2e)

The reporting of indirect scope 3 emissions is based on the Greenhouse Gas Protocol, which divides the scope 3 inventory into 15 categories.

All numbers are rounded off to the nearest whole thousand. Based on the group’s materiality assessment and scope 3 screening, there are

three significant categories which account for 99% of the group’s scope 3 emissions: Category 1 (purchased goods and services), Category 11

(use of sold products), and Category 15 (investments). 97% of the scope 3 emissions are calculated using primary data that is available from

suppliers and companies where the group has strategic investments. Primary data is not available for category 1 emissions.

Category 1 emissions are estimated using the spend-based method by multiplying the total spend in the reporting period with relevant global

calculated average emissions factors from Exiobase 3.9 (2019) for each purchased good or service category. Currency conversions applied in

spend-based calculations use exchange rates sourced from the European Central Bank (2023).

Category 11 emissions are estimated for sold refrigerants or other gases in returnable cylinders. The estimation applies 100% of the total mass

of the refrigerant or other gas sold that is contained in the cylinders. The mass is multiplied by the relevant Global Warming Potential (GWP)

values from the IPCC’s fourth assessment report (AR4). This method does not apply any factors for leakage, recovery, recycling, or reclamation

rates. There are no other material products included in this category.

Category 15 emissions are estimated based on the scope 1, 2 and 3 emissions of companies where the group has a strategic investment. The

most material investments are Wallenius Wilhelmsen ASA and Hyundai Glovis Co., Ltd. While Wallenius Wilhelmsen ASA provides data for the

reporting period, emissions data for other investments are estimated using figures from the prior reporting period. This is due to the

unavailability of verified emissions reports from these companies during the reporting timeframe, which results from varying national reporting

deadlines. During the reporting period, Hyundai Glovis Co., Ltd. has expanded the coverage of their scope 3 data, resulting in a notable rise in

this category. Figures for prior periods remain unchanged.

All other scope 3 categories (2,3,4,5,6,7,8,9,10,12,13 and 14) are excluded as they do not materially contribute to emissions or risk exposure.

The mentioned categories are on an aggregated level estimated to account for less than 1% of the total scope 3 emissions. Scope 3 GHG

emissions will be updated annually in each significant category based on current activity data or estimates.

Annual % target /base year

The percent average annual emission reduction per year to meet the group’s 2030 target.

GHG revenue intensity (tonnes CO2e / USD million)

The total GHG emissions (scope 1, 2 and 3), both market-based and location-based, divided by total net revenue. Total net revenue is reconciled

to the operating revenue presented as a line item in the group income statement on page 9.


GHG emissions All numbers in thousand tonnes CO2e	Retrospective				Milestones and target years
GHG emissions All numbers in thousand tonnes CO2e	2022	2024	2025	% 2025 / 2024	2025	2030	2050	Annual % target / 2022
Gross scope 1, 2, and significant scope 3 categories
Scope 1 GHG emissions
Gross Scope 1 GHG emissions	9	9	8	(4)%	8	5		(5)%
Percentage of Scope 1 GHG emissions from regulated emissions trading schemes (%)		0%	0%
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions	3	3	2	(13)%	2
Gross market-based Scope 2 GHG emissions	6	3	1	(51)%	1	0		(13)%
Significant Scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG emissions		5 806	6 558	13%	6 558
1 Purchased goods and services		161	166	3%	166
11 Use of sold products		3 300	3 175	(4)%	3 175
15 Investments		2 345	3 216	37%	3 216
Total GHG emissions
Total GHG emissions (location-based)		5 817	6 569	13%	6 569
Total GHG emissions (market-based)		5 818	6 568	13%	6 568


GHG intensity per net revenue	2024	2025	% 2025 / 2024
Total GHG emissions (location-based) per net revenue (tonnes CO2e / USD million)	5112	5 334	4%
Total GHG emissions (market-based) per net revenue (tonnes CO2e / USD million)	5112	5 333	4%

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Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

2.2 E2 Pollution

Wilhelmsen prioritises pollution prevention and minimising environmental and health impacts. The group

actively works to prevent accidents and environmental harm by integrating pollution prevention into its

activities. This approach includes regular environmental impact assessments, employee training, and

investment in technologies. Adherence to ISO 14001 environmental management system standards and

compliance with regulations, ensure systematic resource management and alignment with national and

international requirements.

Wilhelmsen Chemicals, a key business unit within the group, produces leading marine and consumer

chemical products. The use or misuse of substances of concern or very high concern (see hazard

classification in the sustainability reporting policies) in these products can potentially impact the health

and safety of its workforce and workers in the value chain. Additionally, accidental spills or leakages of these

substances could result in environmental impacts if not managed correctly, potentially affecting local

communities and ecosystems. To mitigate these potential impacts, the business unit is actively pursuing the

substitution of hazardous substances with alternatives and ensuring the safe handling and disposal of

chemical products.

E2-1 Policies related to pollution

Wilhelmsen’s Environment standard has policies on impacts related to pollution. The standard requires that

all business units act responsibly to minimise environmental impacts in their operations and value chain. It

requires compliance with health, safety, and environmental regulations, regular assessment and review of

environmental impacts and risks, and the implementation of an environmental management system, such

as ISO 14001, with periodic audits.

Wilhelmsen Chemicals has specific policies in place to address substances of concern and very high

concern, to minimise health and environmental risks associated with the use of hazardous chemicals in its

own operations and by value chain workers in the product use phase. This is achieved by replacing harmful

substances with less dangerous alternatives whenever possible. Policies are sent to relevant employees and

they confirm by signature in the system that they have read it. Wilhelmsen Chemicals performs an annual

review, including the risk assessment of chemicals, and defines action plans for chemicals. The substances

and products on the internal substitution list include, in addition to the Candidate List, Annex XIV and

XVII, substances and chemicals that the business unit wishes to phase out.

The primary goal of the Wilhelmsen Chemicals policy is to reduce the risk of health and environmental

damage from the use of hazardous chemicals by substituting harmful substances with less hazardous

alternatives whenever possible. The policy includes the assessment of chemicals to identify those that may

pose a hazard and the selection of less hazardous alternatives, if it does not result in unreasonable costs or

disadvantages. There is a requirement for documentation of all assessments and decisions related to

substitution, with special attention to substances on the environmental authorities’ list of priority

pollutants and the EU candidate list. The phasing out of substances of very high concern is included in

Wilhelmsen Chemical’s risk assessments and action plan for chemicals. Wilhelmsen Chemicals has

emergency response plans in place in the event of an incident occurring onsite to limit impacts on people

and the environment. The Wilhelmsen Chemicals’ CEO is accountable for the implementation of the policy

which is integrated in the scope of the business unit’s ISO 9001 and ISO 14001 certification.

E2-2 Actions and resources related to pollution

Wilhelmsen Chemicals has adopted an action plan organised in multi-year projects to address risks from

substances of concern and very high concern. Wilhelmsen Chemicals reviews this plan annually, aiming to

replace, substitute, or phase out substances of concern and very high concern, and reduce manual handling.

Resources are allocated to research and development for safer products. Expected outcomes include the

substitution of harmful substances with less hazardous alternatives and ensuring safe handling. There were

no new substitutions made in the reporting period.

The implementation of the action plan does not require significant operational expenditures (OpEx) or

capital expenditures (CapEx). There have been no incidents requiring actions to remedy in the reporting

period.

E2-3 Targets related to pollution

Wilhelmsen Chemicals has not set measurable targets related to substances of concern or very high concern.

The primary reason is that the substitution strategy is embedded within a continuous, project-based action

plan. Wilhelmsen Chemicals tracks the effectiveness of its policies and actions in relation to pollution-

related IROs. This tracking is done through annual assessments and action plan reviews. These policies are

included in the scope of management system audits and reviews based on ISO 9001 and ISO 14001

standards.

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Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

E2-5 Substances of concern and very high concern

SUSTAINABILITY REPORTING POLICIES

A non-material correction has been made to prior period figures for substances of very high concern. Small amounts previously included in the

total and one category have now been properly allocated across all relevant categories. The overall total remains unchanged.

Hazard classification and reporting of substances and very high concern

Substances are grouped by hazard classification according to Part 3 of Annex VI to Regulation (EC) No 1272/2008. Substances of very high

concern are those that meet the criteria laid down in Article 57 of Regulation (EC) No 1907/2006 (REACH). When a substance falls under multiple

hazard classes, its full amount is reported in each relevant class. To avoid double counting, the total amount of all substances of concern is

adjusted to reflect only the actual amount of each substance.

Amount generated/used during production or procured (kg)

The total amount of substances of concern and very high concern procured in the period.

Amount that left the company’s facilities as emissions, products, or part of products/services (kg)

The total amount of substances of concern and very high concern that left in products in the period.


Substances of concern and very high concern metrics	Substances of concern				Substances of very high concern
	Amount generated / used during production or procured (kg)		Amount that left the company's facilities as emissions, products, or part of products / services (kg)		Amount generated / used during production or procured (kg)		Amount that left the company's facilities as emissions, products, or part of products / services (kg)
	2025	2024	2025	2024	2025	2024	2025	2024
Carcinogenicity categories 1 and 2	247 860	319 803	253 000	326 342	275	250	270	263
Chronic hazard to the aquatic environment categories 1 to 4	3 013 080	2 841 716	2 956 552	2 965 689
Germ cell mutagenicity categories 1 and 2	80 000	113 000	63 925	126 620	275	250	270	263
Reproductive toxicity categories 1 and 2	362 486	387 498	368 350	357 445	148 275	160 750	154 195	149 683
Skin sensitisation category 1	245 902	280 779	233 900	291 622
Specific target organ toxicity, repeated exposure categories 1 and 2	1 786 840	1 603 380	1 723 043	1 704 129
Specific target organ toxicity, single exposure categories 1 and 2		50	58	92
Total	3 819 968	3 749 751	3 730 865	3 823 567	148 275	160 750	154 195	149 683

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Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

2.3 E5 Resource use and circular economy

The use of raw and other materials, such as water, wood, industrial chemicals, and plastic, in product

manufacturing and packaging, impacts natural resources and the environment. Inefficient waste

management practices can contribute to environmental degradation, affecting local communities and

ecosystems, as waste from products and packaging often ends up in landfills, limiting reuse or recycling

opportunities. In the maritime sector, where Wilhelmsen has strategic investments, environmental impacts

arise from vessel construction and recycling processes. Full asset and product lifecycle accountability and

growing regulatory requirements necessitate new offerings for the maritime industry. Wilhelmsen aims to

minimise resource use and environmental impact by conducting regular assessments, training employees,

managing waste efficiently, and adopting circular economy principles. Compliance with regulations and

management systems based on ISO 14001 standards are in place. Wilhelmsen Ships Service and Wilhelmsen

Chemicals are key business units within the group, materially contributing to the group’s operations and the

overall sustainability performance in this matter.

E5-1 Policies related to resource use and circular economy

Wilhelmsen’s Environment standard has policies on resource use, waste, and the circular economy. The

standard requires that all business units act responsibly to minimise environmental impacts in their own

operations and value chain. It requires compliance with health, safety, and environmental regulations,

regular assessment and review of environmental impacts and risks, and the implementation of an

environmental management system, such as ISO 14001, with periodic audits.

The standard emphasises minimising resource use, waste, and the impact of activities on air, soil, and water.

Business units are to consider circular economy aspects in their environmental planning and strategy, and

are encouraged to invest in new business models that reduce environmental impact. The transition away

from using virgin resources, along with sustainable sourcing and the use of renewable resources, is not

currently addressed and will be included in the next policy review in 2026.

Business unit policies on resource use and circular economy-related matters include waste management

and hierarchy. Whilst Wilhelmsen strives to adhere to the waste hierarchy by prioritising the avoidance and

minimisation of waste, the primary focus remains on waste treatment methods such as recycling. The group

aims to minimise both the resources used in products and own operations, and the waste produced in its

operations. When handling waste, the goal is to reuse or recycle it where possible to reduce the amount of

waste deposited as landfill. Several business units are in the early stages of using recycled materials for

primary packaging and transport packaging.

As these policies derive from the requirements contained in the group’s Owner’s statement, the group CEO

is the most senior level in the organisation accountable for their implementation.

E5-2 Actions and resources related to resource use and circular economy

The main action each year is for business units to maintain and continuously improve their environmental

management system relevant for their operations, including resource use and waste. The main outcomes

are compliance with relevant regulations and the systematic management of resource use and waste in the

business units’ own operations and value chain. In 2025, Ship Management, Ships Service, Wilhelmsen

Chemicals, Port Services, and NorSea Group’s operating companies, maintained certification according to

the ISO 14001 standard. A new reusable transport packaging system was introduced in Ships Service.

Standardised methods for reporting on resource utilisation and waste disposal were implemented in the

group to establish a baseline and identify areas of improvement.

E5-3 Targets related to resource use and circular economy

The group has not yet adopted quantitative targets related to resource use and circular economy due to the

absence of high-quality value-chain and life-cycle assessment data. Wilhelmsen plans to adopt a strategic

objective and establish targets within the next two years, once there is an improved understanding of these

factors. The group has integrated standard metrics related to the waste hierarchy into its internal ESG index

which is applicable for all business units, to establish systematic data collection processes and internal

controls.

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E5-4 Resource inflows

Wilhelmsen’s material resource inflows in the group include energy, raw materials, finished products as well

as machinery, equipment and fittings at bases, warehouses and offices. The most material resource inflows

are related to raw materials used in the processes for chemical products, mooring ropes, and the cylinder

exchange programme. Wilhelmsen Ships Service and Wilhelmsen Chemicals are key business units within

the group, materially contributing to the group’s operations and the overall sustainability performance in

this matter.

Wilhelmsen Chemicals sources a range of chemical raw materials to support its production processes,

alongside certain finished goods purchased directly from suppliers for resale. These materials are carefully

selected based on their functional properties, availability, and compliance with regulatory requirements.

Ships Service primarily engages in the trade of fully manufactured products. Additionally, Ships Service

owns a ropes production facility in Trenčín, Slovakia, and operates a global cylinder exchange programme.

This programme involves a portfolio of reusable steel gas cylinders leased to customers, which are collected,

refurbished, and re-leased after use. The material resource inflows for Ships Service are the raw materials for

ropes production and the steel cylinders in the global cylinder exchange programme.

Chemicals

Wilhelmsen Chemicals has assessed its use of raw materials and trading products. These goods have been

categorised to determine which contain biological material, based on internal expertise regarding raw

materials and information provided by suppliers. At present, none of the biological material in Wilhelmsen

Chemicals’ products is classified as sustainably sourced, due to a lack of sufficient documentation.

Regarding the cascading principle, its application is limited, as the products are chemicals that are

consumed during use and do not allow for reuse or recycling. Unlike solid biological materials (e.g. wood or

biomass), which can be repurposed multiple times before disposal, chemical products follow a linear use

pathway—once applied, they undergo transformation or degradation, making recovery infeasible. Efficient

resource utilisation and minimising environmental impact continue to be key areas of focus.

Ropes production

Ships Service produces two main types of ropes: conventional mooring ropes and high-modulus

polyethylene (HMPE) ropes. Conventional mooring ropes are made of polymer, while HMPE ropes are made

of an extra strong polyethylene material. The rope fibres are coated with a polymer to extend product

lifespan. All main raw materials in rope production are plastic, derived from petroleum. Currently, Ships

Service does not produce ropes from recycled or biological materials.

Cylinders

Ships Service manages a large portfolio of rental cylinders, facilitating nearly 750 000 cylinder deliveries

and returns annually. On average, 25 000 new steel cylinders are purchased each year to replace those that

are scrapped or otherwise removed from the portfolio. These cylinders are sourced from manufacturers in

China and Italy, with no additional processing by Ships Service. In 2025, approximately 27 200 new

cylinders were purchased.

SUSTAINABILITY REPORTING POLICIES

Total weight of products and materials (tonnes)

For chemicals, the material resource inflows relate to raw materials and trading products used in production. The data for purchased raw

materials, finished goods and water has been extracted from the business unit’s ERP system, and aggregated to calculate the total weight in

tons. The calculation is subject to certain limitations, as a standard density of one has been applied to all materials due to the difficulty of

extracting precise density data directly from the ERP system. This assumption simplifies the process but may affect the accuracy of the total

weight calculations.

For ropes, the types and weights of raw materials used in ropes manufacturing at the ropes factory, TIMM in Slovakia, have been obtained from

procurement records for the reporting period. Reporting includes input materials for ropes production only, excluding other materials such as

labels.

For cylinders, the total weight of the cylinders has been calculated by multiplying the producer-specified weights of a given cylinder with the

number of cylinders of that type. The number of steel cylinders purchased in the reporting period was extracted from procurement records. A

significant assumption is that data is accurate in the various procurement systems.


Resource inflows metrics	2025	2024
Total weight of products and materials (tonnes)	66 782	65 577
Biological materials (and biofuels) sustainably sourced (%)
Secondary reused or recycled components (tonnes)
Secondary reused or recycled components (%)
Secondary intermediary products (tonnes)
Secondary intermediary products (%)
Secondary materials (tonnes)
Secondary materials (%)

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Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

E5-5 Resource outflows

Wilhelmsen’s resource outflows encompass various products and materials resulting from the group’s

processes for chemical products, mooring ropes, and rental cylinders. Wilhelmsen Ships Service and

Wilhelmsen Chemicals are key business units within the group, materially contributing to the group’s

operations and the overall sustainability performance in this matter.

Chemicals

Chemical products typically undergo a single-use process, such as a chemical reaction or application, after

which they are transformed or expended. As such, the chemical products are fully consumed during their

intended use and cannot be reused, repaired, or recycled. Consequently, these products do not align with

circular economy principles due to their consumable nature and there is no established rating system for

product repairability. Research is being conducted for the use of recyclable materials in product packaging

where possible. Compliance with local regulations is relied upon to ensure proper waste processing.

Ropes

The durability of mooring ropes varies significantly depending on several factors, making an industry

average lifespan irrelevant for rope circularity. Abrasion is a common damage mechanism that shortens the

lifespan of ropes. Since snapping mooring ropes pose significant health and safety risks for seafarers,

maintaining rope integrity is critical. Repairability depends on the type and location of the damage. For

repairable damages, it is possible to cut out the damaged section and re-splice an eye on the rope. Ships

Service supports repairability whenever safe and possible by providing splicing instructions and a splicing

kit. There is no established rating system for repairability of mooring ropes. Whilst ropes are not specifically

designed for recycling or reuse, they can be repurposed. A Wilhelmsen early-stage venture called C-Loop is

working to develop the business model to repurpose ropes, with a pilot in progress with industry partners.

Cylinders

For cylinders, the Ships Service Global cylinder exchange programme is based on a circular business model.

Cylinders are returned after use for refurbishment and refilling, and at the end of their life, they are often

sold to be melted and remade into new steel products. Pre-consumer waste from operations is managed

according to regulatory requirements, ensuring safe disposal or recycling when feasible.

In ideal conditions, a steel cylinder may last indefinitely. However, wear and tear from being onboard

ocean-faring vessels limits this potential lifespan. Upon a cylinder’s safe return from a vessel, it is sent to a

Ships Service gas filling partner for inspection, repair, and repainting as needed. Cylinders are made of steel

and often exposed to moisture, leading to rust formation. Rust is removed through shot blasting before

repainting to extend the cylinder’s lifespan. Ships Service’s cylinders have an average lifespan of 14 years

(see product durability reporting policy), slightly below the industry average of 16-years. Factors such as

scrapping, loss, or other exits from the portfolio contribute to the lower-than-expected lifespan.

SUSTAINABILITY REPORTING POLICIES

Product durability (%)

Expected durability of the product placed on the market by the company, in relation to the industry average. For cylinders, the average lifespan

is calculated using cylinders that have existed for eight or more years, as they are rarely scrapped before this period. The lifespan is determined

by finding the number of years between the production date and the scrapping event date, with a year defined as a complete year. The

expected durability rate of cylinders compared to the industry average is calculated as the average lifespan of cylinders divided by the industry

average lifespan.

Rate of recyclable content (%)

Recycled packaging for chemicals is reported as zero as the group cannot control waste management or recycling by end-users. Consumer

packaging is labelled with disposal instructions per local regulations, but this does not guarantee recycling outcomes. Chemical products are

consumed during use and cannot be reused or recycled. For cylinders, when they reach their scrap date, a contractor is engaged to manage the

end-of-life process, with no waste treatment records reported. It is estimated that 80% of the cylinders, based on the high recyclability of

materials like stainless steel and aluminium, are recycled and 20% are landfilled, however, this cannot be verified due to lack of records.


Resource outflows metrics	Chemicals		Ropes		Cylinders
Resource outflows metrics	2025	2024	2025	2024	2025	2024
Product durability (%)					88	91
Rate of recyclable content in the given product (%)
Rate of recyclable content in the given product's packaging (%)

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Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

Waste streams

Within the group’s own operations, material waste streams arise from production processes and product and

transport packaging. In the downstream value chain, waste primarily involves transport packaging, and the

end-of-life treatment of products sold. Wilhelmsen Ships Service and Wilhelmsen Chemicals are key

business units within the group, materially contributing to the group’s operations and the overall

sustainability performance in this matter.

For chemicals, wastewater from cleaning processes that contains residual chemicals is generated in the

production processes. This wastewater is classified as hazardous waste and is sent to a waste treatment

facility equipped to neutralise and purify chemical contaminants. Wastewater that cannot be neutralised or

purified is sent for incineration. General industrial waste from production includes pallets, plastic

wrapping, and containers used for raw materials and finished products. These materials are sorted and

recycled according to their type, such as plastic, wood, cardboard, and metal.

Additionally, used oils, lubricants, and filters from machinery maintenance are treated as hazardous waste

and sent for appropriate recovery or disposal.

For ropes, waste includes non-hazardous waste such as general or residual waste, plastics in the form of

fibres, and packaging materials like paper and cardboard. Hazardous waste comprises residual coatings and

chemicals, as well as machine cleaning waste.

Additionally, cylinders contribute to non-hazardous waste, with metals such as steel.

Wilhelmsen Chemicals actively engages in product end-of-life waste management through participation in

extended producer responsibility schemes in Norway. Wilhelmsen Chemicals is registered with Grønt Punkt

Norge for packaging waste, and RENAS for electronic waste. This involvement ensures compliance with

Norwegian environmental regulations and supports the circular economy by facilitating recycling and safe

disposal of materials. Additionally, Wilhelmsen Chemicals has a reuse and reconditioning agreement in

place for the reuse and reconditioning of intermediate bulk containers (IBCs).

SUSTAINABILITY REPORTING POLICIES

Total amount of waste generated in the company’s own operations (tonnes)

The total amount of hazardous and non-hazardous waste generated by operations directed to disposal or diverted from disposal during the

reporting period. Actual data has been utilised for waste generated from chemicals and ropes production sites, and an estimation has been

made for cylinder recycling and disposal. For other sites within the group, where specific waste information is available in the carbon accounting

system, this data is included. An estimation is not made for other sites in the group due to a lack of transparency to local contracts and

conditions, resulting in incomplete data. The group plans to enhance data collection and coordination to achieve more complete data for

material sources in future reports. A significant assumption is that reports from the third-party supplier handling the waste may contain minor

discrepancies due to variations in measurement techniques, waste handling practices, or reporting intervals.

Total amount of waste diverted from disposal (tonnes)

The total amount of waste that is prepared for re-use, or recycled, or recovered with any other processes.

Total amount of waste directed to disposal (tonnes)

The total amount of waste that has been sent for incineration, or to landfill or to other disposal operations.

Non-recycled waste generated from own operations (tonnes, %)

The total amount of waste generated minus the total amount recycled expressed both as weight in tonnes and as percentage of the total

amount of waste generated.

Hazardous and non-hazardous waste diverted from or directed to disposal (tonnes)

Waste is considered hazardous if it displays one or more of the hazardous properties listed in Annex III of Directive 2008/98/EC. Hazardous

waste data is based on records maintained at the production facilities, which are legally required to report hazardous waste to authorities.

Receipts are kept for verification. From 2025, there is a change in the reporting policy, where all wastewater containing residual chemicals is

categorised as hazardous and directed to incineration, regardless of whether it is later treated for reuse. A correction has been made to prior

period figures to reflect this policy. Non-hazardous waste records are maintained at the production facilities. Specifically for cylinders, when

they reach their scrap date, a contractor is engaged to manage the end-of-life process, with no waste treatment records reported. It is

estimated that 80% of the cylinders, based on the high recyclability of materials like stainless steel and aluminium, are recycled and 20% are

sent to landfill. The recovery rate of packaging waste in Europe in 2022 has been used as the basis for this estimation.


Waste metrics	2025	2024
Total amount of waste generated in the company's own operations (tonnes)	2 369	2 258
Total amount of waste diverted from disposal (tonnes)	1 221	988
- Preparation for reuse (tonnes)	85	85
- Recycling (tonnes)	703	903
- Other recovery (tonnes)	433	0
Hazardous waste diverted from disposal (tonnes)	215	6
Non-hazardous waste diverted from disposal (tonnes)	1 006	982
Total amount of waste directed to disposal (tonnes)	1 148	1 270
- Incineration (tonnes)	862	1 090
- Landfill (tonnes)	287	180
- Other disposal (tonnes)	0	0
Hazardous waste directed to disposal (tonnes)	828	621
Non-hazardous waste directed to disposal (tonnes)	320	649
Total amount of Non-recycled waste (tonnes)	1 667	1 355
Total amount of Non-recycled waste (%)	70	60
Total amount of hazardous waste (tonnes)	1 043	627
Total amount of radioactive waste (tonnes)	0	0

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2.4 EU Taxonomy

Basis for preparation

Wilhelmsen reports on revenue (turnover), capital expenditure, and operating expenses associated with

taxonomy-eligible and taxonomy-aligned economic activities, in accordance with regulation EU (2020/852)

and its delegated acts. On 4 July 2025, the European Commission adopted a delegated act amending the

Disclosures, Climate and Environmental delegated acts that supplement the Taxonomy regulation.

Wilhelmsen has applied the contents of this delegated act for the reporting period.

The economic activities of business units consolidated in the group’s financial accounts are included in this

assessment as per the Disclosure Delegated Act. Investments in equity accounted in joint ventures (pursuant

to IFRS 11 or IAS 28) are not included, as these are voluntary disclosures. Economic activities are considered

regardless of their geographical location, whether inside or outside the European Union.

EU Taxonomy reporting policies

The financial data in this report is based on International Financial Reporting Standards (IFRS®) and refers

to Wilhelmsen’s 2025 consolidated financial statements. The information is prepared on a group

consolidated level and presented in US dollars (USD), as in the consolidated financial statements. All values

are rounded to the nearest USD million.

Wilhelmsen follows the development of the EU Taxonomy Regulation closely. Accordingly, any further

changes or clarification to the regulation with a material impact on current disclosures will be adopted and

transparently explained in future reporting.

Taxonomy eligibility and alignment assessment

Based on the group’s assessment of materiality, eligibility, and alignment with the EU Taxonomy,

Wilhelmsen does not report any taxonomy-aligned activities, as none of the eligible activities meet the

required Substantial Contribution criteria.

Furthermore, only CapEx is disclosed for eligible activities since both turnover and operating expenses

(OpEx) fall below the materiality thresholds specified in the regulation (see page 45 for the respective

materiality assessments).

CapEx 2025


Activity reference	Activity	Eligibility assessment	Alignment assessment	Aligned
CCA 7.1	Construction of new buildings	NorSea Group develops non-residential buildings.	The substantial contribution criteria is not met related to energy performance requirements.	No
CCM 7.7	Acquisition and ownership of buildings	NorSea Group acquire real estate and exercise ownership of those properties.	The substantial contribution criteria is not met related to energy performance requirements. Due to the material number of buildings in the group, a plan for CapEx to become taxonomy- aligned within ten years is not yet in place.	No
CCM 8.2	Data-driven solutions for GHG emissions reductions	Raa Labs develop data-driven solutions that can be used to optimise operations, increase efficiency, reduce energy consumption, and reduce respective GHG emissions.	The substantial contribution criteria is not met as significant lifecycle GHG emissions savings cannot be demonstrated.	No
CE 5.5	Product-as-a-service and other circular use and result-oriented service models	Ships Service's cylinder exchange programme minimises single-use packaging waste by leasing cylinders to customers while retaining ownership and managing the exchange process.	The substantial contribution criteria is not met as the recycled material used in the cylinders are likely below 65 % (no dedicated effort to ensure recycled steel at this stage), and some requirements of the EU Packaging and Packaging Waste Directive are not fulfilled.	No

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REPORTING POLICY ON TAXONOMY-ELIGIBLE ECONOMIC ACTIVITIES

The regulation does not differentiate between core and non-core economic or business activities. Therefore, Wilhelmsen has evaluated

economic activities as eligible if the consolidated business units either generate material turnover, or invest in material capital expenditure

(CapEx), or have material operating expenditure (OpEx) corresponding to an economic activity and can be assessed against the technical

screening criteria set out in the Climate or Environmental Delegated Acts.

Wilhelmsen does not carry out, fund, or have exposures to nuclear and fossil gas activities and therefore does not report on any KPIs related to

these activities.

The evaluation of eligible economic activities has been performed by the consolidated companies with the support of group functions to ensure

consistent reporting and to perform consolidation for Wilhelmsen. Economic activities have only been evaluated against the most relevant

activity, which eliminates the chance for double counting.

Turnover materiality assessment

The group has assessed the quantitative materiality threshold in relation to the reporting of the turnover KPI, with non-financial entities not

being required to report on the turnover KPI if the cumulative turnover resulting from the economic activities is below 10% of the denominator

of the turnover KPI.

For 2024 and 2023, eligible economic activities represented 5.8% and 4.9% of total turnover, respectively, with analysis for 2025 indicating

economic activities in line with prior years. Based on the assessment of 2025 economic activities, and taking into account prior years, the group

has concluded that the turnover KPI is immaterial for reporting under the EU Taxonomy.

OpEx materiality assessment

The group has further assessed the qualitative materiality threshold related to the reporting of the operating expenses (OpEx) KPI. The

amendments retained the existing provision that permits operating expenditure to not be assessed for taxonomy eligibility or taxonomy

alignment when it is not material for the entity’s business model.

For 2024 and 2023, the total operating expenses reported in the group’s financial statements amounted to USD 1 053 million and USD 940

million, respectively, with the denominator in the OpEx KPI amounting to USD 22 million and USD 21 million, respectively. The OpEx relevant for

the OpEx KPI represents a minor part of the group’s operating expenses due to none of the group’s main operating activities being defined in

the scope of the EU Taxonomy regulation, with items reported reflecting isolated initiatives or minor components of the group’s main

operations. Based on this, the group has assessed that the relevant operating expenses are not material for the group’s business model and

have concluded on the OpEx KPI being immaterial for reporting under the EU taxonomy. In accordance with the regulation, the group will report

on the total value of the denominator of the OpEx KPI.

Taxonomy eligible economic activities and relevant companies

Based on the group’s evaluation of taxonomy economic activities, Wilhelmsen Ships Service and NorSea Group have some economic activities

that are considered eligible under the EU Taxonomy. All other activities within these units, and the activities of all other consolidated business

units are considered non-eligible.

REPORTING POLICY ON CAPEX AND OPEX DEFINITIONS

To comply with the KPI reporting requirements contained in the Disclosure Delegated Act, Wilhelmsen has further described eligible CapEx and

the basis for the OpEx denominator as follows.

CapEx definition for taxonomy KPIs

CapEx refers to additions to capitalised property, plant and equipment, intangible assets, and right-of-use assets, including additions through

business combinations. The additions are specified in note 7 Intangible and Tangible assets and in note 8 Right-of-use assets and lease

liabilities in the consolidated financial statements for 2025. CapEx is reported net of government grants related to the applicable assets. Details

of significant government grants will be presented within the financial KPIs and disclosed in the accompanying footnotes.

OpEx definition for taxonomy KPIs

OpEx refers to direct non-capitalised costs recorded in the consolidated income statement related to research and development (R&D),

building renovation measures, short-term leases, maintenance and repair, and any other direct expenditures relating to the day-to-day servicing

of assets of PP&E. Raw materials and other costs of inventory, selling and general administration expenses as well as depreciation, amortisation

and impairment are excluded. Employee benefits comprising salaries and other compensations are included in OpEx when such expenses have

been assessed to fulfil the taxonomy definition of OpEx. For Wilhelmsen, such employee benefits are primarily related to R&D activity.

REPORTING POLICY ON TAXONOMY-ALIGNED ECONOMIC ACTIVITIES

Wilhelmsen has assessed alignment in accordance with the technical screening criteria (TSC) outlined in the Climate and Environment

Delegated Acts. The TSC consist of the Substantial Contribution (SC), Do No Significant Harm (DNSH), and Minimum Safeguards (MS) criteria.

SC and DNSH are economic activity-specific criteria, whereas MS refers to group-level policy requirements, ensuring alignment with minimum

safeguards based on international standards such as the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on

Business and Human Rights.

ALIGNMENT ASSESSMENT WITH MINIMUM SAFEGUARDS CRITERIA

Wilhelmsen’s activities are carried out in compliance with the minimum safeguards. Wilhelmsen has implemented due diligence processes

based on the OECD Guidelines and addresses human rights and labour rights for own workers and workers in the value chain. Due diligence

processes related to bribery, taxation, and fair competition are integrated in the compliance system and the group’s Code of Conduct

applicable to all employees.

In 2025, there were no signs of non-compliance with minimum safeguards, lack of response or collaboration with a National Contact Point, or

liability of Wilhelmsen in respect for breaches of any these topics. Further details related to minimum safeguards are available in sections S1

Own workforce (pages 48 to 57) and G1 Business conduct (pages 59 to 60).

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Proportion of turnover, CapEx, OpEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year 2025 (summary KPIs)


Financial year (N)	2025
KPI (1)	Total (2)	Proportion of Taxonomy eligible activities (3)	Taxonomy aligned activities (4)	Proportion of Taxonomy aligned activities (5)	Breakdown by environmental objectives of Taxonomy aligned activities						Proportion of enabling activities (12)	Proportion of transitional activities (13)	Not assessed activities considered non-material (14)	Taxonomy aligned activities in previous financial year (N-1) (15)	Proportion of Taxonomy aligned activities in previous financial year (N-1) (16)
KPI (1)	Total (2)	Proportion of Taxonomy eligible activities (3)	Taxonomy aligned activities (4)	Proportion of Taxonomy aligned activities (5)	Climate Change Mitigation (6)	Climate Change Adaptation (7)	Water (8)	Circular Economy (9)	Pollution (10)	Biodiversity (11)	Proportion of enabling activities (12)	Proportion of transitional activities (13)	Not assessed activities considered non-material (14)
Text	Currency	%	Currency	%	%	%	%	%	%	%	%	%	%	Currency	%
Turnover	1 234	5	—	—	—	—	—	—	—	—	—	—	5	—	—
CapEx	119	39	—	—	—	—	—	—	—	—	—	—	—	—	—
OpEx	27		—	—	—	—	—	—	—	—	—	—	100	—	—

Contextual information about the turnover KPI

As most of the consolidated business units’ core business activities (generating revenues) are not yet defined in the scope of the EU Taxonomy,

with eligible activities totalling 5.8% and 4.9% of total turnover for the reporting years 2024 and 2023, the group has concluded that the

turnover KPI is immaterial for reporting under the EU taxonomy.

Contextual information about the OpEx KPI

As most of the consolidated business units’ core business activities (generating revenues) are not yet defined in the scope of the EU Taxonomy,

the group has assessed that the relevant operating expenses are not material for the group’s business model and have concluded on the OpEx

KPI being immaterial for reporting under the EU taxonomy.

Proportion of CapEx from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities – disclosure covering year 2025 (activity breakdown)


Reported KPI (CapEx)
Financial year (N)		2025
Economic Activities (1)	Code (2)	Taxonomy eligible KPI (Proportion of Taxonomy eligible CapEx ) (3)	Taxonomy aligned KPI (monetary value of CapEx) (4)	Taxonomy aligned KPI (Proportion of Taxonomy aligned CapEx (5)	Environmental objective of Taxonomy aligned activities						Enabling activity (12)	Transitional activity (13)	Proportion of Taxonomy aligned in Taxonomy eligible (14)
Economic Activities (1)	Code (2)		Taxonomy aligned KPI (monetary value of CapEx) (4)		Climate Change Mitigation (6)	Climate Change Adaptation (7)	Water (8)	Circular Economy (9)	Pollution (10)	Biodiversity (11)	Enabling activity (12)	Transitional activity (13)	Proportion of Taxonomy aligned in Taxonomy eligible (14)
Text		%	Currency	%	%	%	%	%	%	%	(E where applicable)	(T where applicable)	%
Product-as-a-service and other circular use- and result-oriented service models	CE 5.5	4	—	—	—	—	—	—	—	—			—
Construction of new buildings	CCA 7.1	28	—	—	—	—	—	—	—	—			—
Acquisition and ownership of buildings	CCM 7.7	5	—	—	—	—	—	—	—	—			—
Data-driven solutions for GHG emissions reductions	CCM 8.2	2	—	—	—	—	—	—	—	—			—
Sum of alignment per objective				—	—	—	—	—	—	—
Total KPI (CapEx)		39	—	—	—	—	—	—	—	—			—

Contextual Information about the CapEx KPI

The figures in the CapEx KPI include additions to tangible assets, intangible assets, right-of-use assets, as well as assets acquired through

business combination. As most of the consolidated business units’ core business activities (generating revenues) are not yet defined in the

scope of the EU Taxonomy, only some of the activity related to property and digital solutions are reported as eligible in the CapEx KPI. There are

no aligned economic activities.

CapEx plan

As Wilhelmsen does not have material eligible activities based on the current taxonomy, there is no CapEx plan related to alignment. Wilhelmsen

plans to continue to monitor developments and the extension of the EU Taxonomy.

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Social information


3.1 S1 Own workforce	48

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3.1 S1 Own workforce

Wilhelmsen’s strategic ambition is to have an engaging and safe workplace with no harm to people and a

culture where each employee is valued for their contribution and feels motivated and safe to voice their

opinion. The group is committed to safeguarding human rights across all its businesses, irrespective of the

countries in which they operate. The group’s corporate values - customer centred, empowerment, learning

and innovation, stewardship, and teaming and collaboration - govern behaviour and are acted upon

consistently to deliver the right results the right way.

ESRS 2 SBM-3 S1 Material impacts, risks and opportunities and their interaction with

strategy and business model

Employees and non-employees are considered within the scope of material impacts (see table), and it is

understood that certain individuals may be at greater risk of harm due to their type of work, location, or

other characteristics. To address this, the group conducts regular due diligence, risk assessments, gathers

employee feedback, implements training and awareness programmes, analyses health and safety data, and

collaborates with industry experts to identify mitigation actions.


Specific groups	Type of involvement	Potential impacts
Employees (permanent, temporary, expats, trainees, interns, and apprentices)	Directly employed by Wilhelmsen, working in various roles across offices, bases, warehouses, and port areas.	Exposure to hazardous conditions (particularly operational workers), discrimination, harassment, bullying, corruption and bribery demands, labour rights violations, and data privacy breaches.
Non-employees: seafarers	Work onboard vessels under a contractual arrangement with a ship owner/operator and maintain an ongoing relationship with Ship Management. When Ship Management holds a technical management contract with the ship owner/operator and oversees the vessel’s safety management system, the seafarers are considered as non- employees. On the other hand, if Ship Management has a crew management contract with the owner/operator, without technical management or control over the vessel’s safety management system, the seafarers are considered as value chain workers in accordance with the ESRS definition.	Exposure to hazardous conditions, discrimination, harassment, bullying, corruption and bribery demands, labour rights violations, and data privacy breaches.
Non-employee: self- employed people	Provide services such as professional services, maintenance, and technical expertise to Wilhelmsen on a contractual basis but are not directly employed by the group.	Inconsistent labour practices and lack of adherence to safety standards.
Non-employee: people provided by third-party agencies	Support Wilhelmsen’s operations in various capacities, such as professional services, logistics, maintenance, and other essential services.	Inconsistent labour practices and lack of adherence to safety standards.

Material impacts related to own workforce

Material impacts on own workforce have been identified related to equal treatment and opportunities for all,

and health and safety. The impacts are mainly related to individual incidents involving own workforce on

land, whereas they can be considered more systemic in the maritime industry related to seafarers working

on vessels. Within the maritime industry, seafarers may face demands for recruitment fees, which could

result in potential risks of forced labour. There have been no identified material risks of incidents of child

labour related to own workforce.

Equal treatment and opportunities for all

The group’s workforce may be exposed to discrimination, harassment, or bullying in their interactions with

colleagues, value chain workers, or business partners. The potential for exposure is higher for minorities,

such as those based on gender or ethnicity, and for certain roles, such as junior positions. Factors such as the

operational environment, location, and size of the operation can also influence the risk. For seafarers,

impacts include the potential of being deprived of leisure time when unable to take shore leave or sign off as

scheduled, working conditions affecting physical and mental well-being, and harassment and

discrimination in the workplace. Incidents can cause physical and/or emotional trauma for affected

individuals, loss of earning power, and reduced well-being for co-workers, affecting the overall work

environment.

Health and safety

Wilhelmsen conducts operations at bases, warehouses, vessels, port areas, and offices in 53 countries, with a

workforce consisting of 93 nationalities. The group’s value proposition, which includes providing 24/7

services, can create pressure on labour rights within its operations. This is particularly relevant when

striving to deliver cost-effective and efficient services, which may lead to increased workloads and stress

among employees. Health and safety incidents affecting the group’s workforce are a significant risk.

Employees and seafarers performing activities onboard vessels, in port or base facilities, or in warehouses

around the world face higher risks of physical and psychosocial harm due to operational hazards, exposure

to weather conditions, or working conditions. These incidents can lead to negative outcomes for affected

individuals, including physical and/or emotional trauma, loss of earning power for families, and reduced

well-being for co-workers, impacting the overall safety culture.

Transition plan

Wilhelmsen has not yet adopted a transition plan for climate change mitigation, however, the group

recognises the potential impacts on its workforce from transition activities. These transition activities may

lead to changes in job roles and responsibilities, requiring seafarers and employees to undergo reskilling or

upskilling. This could include skills related to emissions reduction technologies, alternative fuels

management, environmental compliance, digital technologies, and renewable energy integration. Adapting

to new technologies and processes may result in increased workloads and stress among employees.

Additionally, changes in operational practices may require employees to adapt to new workflows and

procedures, which could impact overall efficiency and productivity. While these activities aim to minimise

environmental impact, they may also present challenges for the workforce in terms of adapting to new

demands and maintaining performance levels.

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Material risks and opportunities related to own workforce

The group has evaluated potential financial risks and opportunities arising from impacts and dependencies

on its own workforce, however, no material risks or opportunities were identified.

S1-1 Policies related to own workforce

The group’s policies to manage its material impacts on own workforce related to equal opportunities for all

and health and safety are the Human Rights commitment, Owner’s statement, and Code of Conduct (please

refer to G1-1 Business conduct policies and corporate culture on page 59). When setting the policies, the

interests of own workforce are considered based on feedback received through engagement surveys,

trainings, whistles, working environment committees, trade unions, and from human resources personnel,

to keep the policies relevant and effective. Any material changes made to the policies are documented and

communicated in the group’s management system. As these policies derive from the requirements

contained in the group’s Owner’s statement, the group CEO is the most senior level in the organisation

accountable for their implementation. The key policy documents are used for managing material impacts

concerning its own workforce. It addresses health and safety, and equal treatment and opportunities for all,

which applies to both employees and non-employees.

The group enforces a zero-tolerance policy for bullying, harassment, and discrimination on any grounds,

ensuring all employees have the right to equal treatment and opportunities.

The policy specifically covers discrimination based on racial and ethnic origin, colour, sex, sexual

orientation, gender identity, disability, age, religion, political opinion, national extraction, and social origin.

The group’s policy commitments related to inclusion and action for people from groups at particular risk of

vulnerability in its own workforce are comprehensive. Responsibility for promoting equal treatment and

opportunities is assigned to top management. This policy is implemented through specific procedures to

prevent discrimination and act upon once detected, as well as to advance equality, diversity and inclusion in

general. In previous years, a statement of compliance with the Norwegian Equality and Anti-Discrimination

Act was included in the consolidated Annual report. From 2025, in line with regulatory requirements, only

those subsidiaries directly subject to the Act provide a statement of compliance in their respective annual

reports.

Human rights commitment

Wilhelmsen is committed to respecting human and labour rights across all its operations. The group expects

all business units and supply chain partners to adhere to these standards. The group’s policies align with the

UN Universal Declaration of Human Rights and the ILO Declaration on Fundamental Principles and Rights

at Work, prohibiting modern slavery, human trafficking, forced labour, exploitative practices, slavery, and

child labour. Wilhelmsen follows a human rights due diligence process, guided by the UN Guiding

Principles on Business and Human Rights and OECD Guidelines for Multinational Enterprises on

Responsible Business Conduct (OECD Guidelines). This involves assessing human rights impacts,

integrating findings, monitoring progress, and communicating responses.

Significant human rights relevant to Wilhelmsen include providing safe, healthy, and decent working

conditions free from bullying and harassment, ensuring fair treatment without discrimination, and

supporting employees’ career development. Discrimination specifically refers to race, colour, religion,

gender, age, nationality, sexual orientation, disability, or any status protected by law. Compliance with

these commitments is required from all employees and suppliers, with a preference for third parties who

share these standards.

The group commits to undertake ongoing due diligence in business units to identify and address any actual

or potential adverse impacts where the group or its suppliers may be involved (whether directly or

indirectly). Stakeholders can raise concerns via a whistle-blower channel or request information through

email. The group communicates its commitment on its website and reviews it periodically for relevance and

improvement. A statement of compliance with the Norwegian Transparency Act is made each year and

published on wilhelmsen.com.

Health and safety management systems

Wilhelmsen’s business units have comprehensive health and safety management systems in place. NorSea

Group’s operating companies, Port Services, Ships Service, Global Business Services, and Wilhelmsen

Chemicals are certified according to the ISO 45001 occupational health and safety standard. Ship

Management have a comprehensive health and safety management system and are certified to operate ships

as per the International Safety Management (ISM) Code. In relation to seafarers, Ship Management’s

operations comply with the Maritime Labour Convention (MLC) requirements. The group’s management

systems foster a safety culture, emphasising the responsibility of every individual to perform work safely

and securely, with the authority to halt unsafe activities.

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S1-2 Processes for engaging with own workforce and workers’ representatives about

impacts

Employee engagement occurs directly between employees and management through the line organisation,

and between workers’ representatives and management where applicable.

Engagement activities are ongoing, with specific events conducted as a part of annual processes. The annual

performance review between employees and their direct managers is used to recognise achievements,

discuss development areas, and agree on targets for the upcoming period. Working environment, values-

based behaviour and relations with the manager are a part of the discussion. The review is documented and

followed up mid-year.

Additionally, an employee engagement survey is conducted at least annually to gather feedback on various

workplace matters. Some business units have implemented higher frequency surveys. Based on these

surveys, senior management and individual managers in all locations hold follow-up discussions with their

teams to implement relevant actions, ensuring employee feedback is addressed and used to improve the

working environment and people strategies. Senior executives and the board are informed of the survey

results, incorporating employee feedback into decision-making processes. Where applicable, Works councils

or workers’ representatives meet with management to ensure employee concerns are heard and addressed.

The function of ensuring engagement with workers and their representatives about impacts falls under the

operational responsibility of the respective business unit president. As these processes derive from the

requirements contained in the group’s Owner’s statement, the group CEO is the most senior level in the

organisation accountable for their implementation.

For seafarers, Ship Management engages directly with its workforce to ensure their well-being. Engagement

includes pre-joining briefings before boarding vessels. The management team, vessel or fleet manager, and

internal auditors conduct vessel operational excellence visits, vessel inspections, and internal audits.

External parties, such as external auditors and regulatory body inspectors, may also engage directly with

seafarers, focusing on health, safety, and working conditions as per MLC requirements. Vessel manager

inspections occur twice per year per vessel, while internal and external audits are conducted annually, with

additional audits as required. Safety campaigns are carried out onboard whenever an undesired event is

reported. Onshore, engagement with seafarers includes officer and cadet conferences.

Ship Management has agreements with workers’ representatives to ensure the respect of human rights for

its workforce. All seafarers are covered by either a collective bargaining agreement (CBA) or a special

agreement approved by the International Transport Workers’ Federation (ITF). The ITF, along with its

country affiliates, represents the interests of seafarers, providing the business unit with insights into the

perspectives of its workforce.

Ship Management complies with Maritime Labour Convention (MLC), including requirements on non-

discrimination, and runs programmes to increase the number of female seafarers in its pool. The business

unit has human resource and occupational health policies in place, and practices to support a culture

onboard where seafarers are empowered to monitor the workplace and participate in safety efforts.

Compliance is verified through internal and external audits conducted by trained and qualified auditors

covering both ship and shore processes.

Ship Management assesses the effectiveness of its engagement with its workforce by assigning vessel

managers and HSEQ managers the responsibility of following up with vessels to ensure the implementation

of preventive actions. This process is guided by the experience feedback flowchart, which helps in

evaluating and improving engagement strategies with workers and their representatives regarding impacts.

S1-3 Processes to remediate negative impacts and channels for own workforce to raise

concerns

Wilhelmsen has adopted multiple channels for its workforce to raise concerns or needs directly with the

group, ensuring prompt and effective resolution. These channels include grievance mechanisms, meetings

or forums, and informal mechanisms. Regular meetings and forums, such as working environment

committees or town hall meetings provide a structured environment for open communication between

employees and management. Informal mechanisms allow employees to discuss issues with supervisors or

human resources representatives in settings such as one-on-one meetings or casual conversations. The

group also uses employee feedback mechanisms, such as engagement surveys, to gather insights and

address workplace concerns.

The group’s whistleblowing channel, is accessible on its intranet and website and is specifically designed for

receiving and processing grievances or allegations related to human rights. It is written in plain English,

available in multiple languages, guarantees confidentiality, and offers appropriate protection for

stakeholders. The Code of Conduct and whistleblowing channel specifically forbids retaliation against

whistleblowers. For seafarers, Ship Management provides access to qualified health service providers,

Mission to Seafarers chaplains, and a grievance procedure for seafarers during debriefing, further

supporting the workforce in raising and addressing their concerns.

The group’s grievance and complaints handling mechanism is structured to systematically address

whistleblowing cases. The group’s compliance officer initially reviews grievances or allegations from

whistles and assigns a case handler from the relevant entity and function. The case handler follows a four-

step process: confirmation, evaluation, investigation and information collection, and conclusion.

For grievances reported by a seafarer onboard, the Designated Person Ashore (DPA) from Ship Management

is the initial point of contact. The DPA is responsible for receiving and working with the technical

management centre in resolving the seafarer’s grievances. If a seafarer has already signed off a vessel, the

seafarer can approach the manning centre to report grievances. If grievances remain unresolved, Ship

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Management engages in discussions and arbitration. Should the issue persist, a complaint can be lodged

with the relevant authorities.

The group addresses material negative impacts on its workforce by implementing measures based on

annual human rights due diligence assessments. These measures include revising or creating new policies

and conducting audits and campaigns to cease, prevent, or mitigate adverse impacts. The results of these

mitigation activities are reported to senior executives and the board at least annually, while grievance

handling and information requests are reported quarterly. If the group directly causes or contributes to

harmful human rights impacts, it promotes access to or provides fair remediation. In the case of

remediation, the effectiveness of the remediation efforts would be monitored for potential adjustments as

needed. Regular reviews would be used to ensure that the remediation is achieving its intended outcomes

and that any new issues are promptly addressed.

For seafarers, mental health support is offered through guidance in Ship Management’s health and safety

management system (SMS), health campaigns, and consultations with qualified health professionals during

officer conferences. Contact details for external health experts, such as ISWAN, are also provided. Seafarers

have free access to health and wellness materials and can contact the designated person ashore (DPA) or

external qualified health service providers for consultations or grievances. Seafarers also have access to

Mission to Seafarers chaplains when possible. Seafarers receive information about grievance mechanisms

during the pre-joining briefing, and after signing off, seafarers can also provide feedback through the

grievance of seafarer procedure during debriefing. Additionally, the whistleblowing channel available on

the group’s website, allows seafarers to raise complaints anonymously.

The group ensures the effectiveness of the grievance channels through monitoring the type and volume of

cases received, reports from the human resource function, and results from engagement surveys and Code

of Conduct training. Management reviews the results of these processes to assess the understanding,

awareness and trust in the grievance channels and identify improvement areas.

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S1-4 Taking action on material impacts on own workforce, and approaches to managing risks and pursuing opportunities related to own workforce, and effectiveness of those actions

Wilhelmsen ensures that its actions do not cause or contribute to material negative impacts on its workforce

through regular monitoring and assessments conducted by specialist functions (e.g. human resources,

health and safety resources etc.) and management to evaluate workplace conditions and mitigate potential

risks.

The group dedicates resources to secure compliance with regulations and standards, such as ISO 45001 and

the ISM Code, is maintained to ensure a safe and healthy working environment. Business units assign

competent resources to ensure that the health and safety management systems support a proactive safety

culture, emphasising the responsibility of every individual to perform work safely and securely, with the

authority to halt unsafe activities.

Regular training on health, safety, and responsible practices is provided to employees. Internal audits are

conducted to ensure compliance with safety regulations and identify areas for improvement. Management

reviews are regularly performed to assess the effectiveness of these measures and make necessary

adjustments. Regular risk assessments, including safety, operational, and cyber security risks, are

conducted to further safeguard the workforce.

In addition, business units perform human rights due diligence assessments at least annually to identify

actual and potential impacts that require measures to cease, prevent, or mitigate negative impacts. This

involves rating the severity and likelihood of each impact and determining appropriate responses based on

these ratings.

A heat map of the impacts highlights the human rights most relevant to own workforce, such as providing

safe and decent working conditions, and ensuring fair treatment without discrimination. For seafarers,

impacts identified include potential of being deprived of leisure when unable to take shore leave or sign off

as scheduled, working conditions affecting physical and mental well-being, harassment and discrimination

in the workplace, and potentially being subject to demands for recruitment fees.

Additionally, Wilhelmsen conducts annual risk assessments at the group level, incorporating human rights

elements to ensure comprehensive evaluation and response to potential impacts. This structured approach

ensures that the group effectively addresses and communicates how it manages human rights impacts on its

workforce. The findings from the assessment and planned actions are presented to the senior executives and

board.

From a positive impact perspective, Wilhelmsen is dedicated to creating an engaging and safe work

environment promoting equal opportunities and offering professional management and growth

opportunities for employees. The company is committed to fostering a culture that enables all employees to

contribute and create value. It ensures professional and consistent management, while providing ample

opportunities for employees to grow and excel.

Wilhelmsen has not identified any actual material impacts requiring remedy in relation to its workforce,

and therefore, no specific actions have been taken to provide or enable remedy for such impacts.

Health and safety

In 2025, the group’s business units continued the important work of building a safety culture, particularly

towards employees and seafarers exposed to higher risks related to operations at ports, on vessels, and at

production, base and warehouse sites around the world. The actions included safety training, safety shares,

site and vessel visits, management visits, audits and campaigns. Work related illness metrics have been

monitored during the year. The expected outcomes of these ongoing actions are heightened awareness of

health and safety risks and controls, and safe working conditions. Continuous improvement in safety

measures and protocols will remain in focus in 2026.

Equal treatment and opportunities for all

In 2025, the group continued its focus on employees development and training, in addition to working with

the results of the annual engagement survey. A job classification structure was developed to provide better

insights into potential pay disparities. For seafarers, actions included signing off as scheduled, with contract

extensions made only with mutual consent and never beyond the time stipulated in the collective

bargaining agreement (CBA). The expected outcomes of these actions are engaged employees and a safe

workplace where employees can develop and voice their views. Continuous improvement based on

engagement survey results and detected incidents, and further analysis of job classifications will be in focus

in 2026.

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Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

The group has set targets related to its own

workforce. Employees are not directly engaged in

setting these targets however, they have access to

information tracking the group’s performance

and improvements, through the group’s intranet

and scheduled events.


Objective	Metric	Base year	Baseline	Target	2025	2024
Improve employee satisfaction and retention through engagement initiatives.	Employee engagement score (points)	2023	8.1	>8	8.1	8.2
Broaden the talent pool to enhance decision-making and competencies.	Top management gender balance (%)	2022	25	>30	36	34
	Internal boards gender balance (%)	2022	14	>30	43	40
Zero work-related fatalities.	Work-related fatalities (number)	2022	0	0	0	3
Minimise work-related incidents and injuries.	Lost time injury frequency rate (rate) - employees	2022	2.00	Not exceeding 2.0	2.05	1.37
	Lost time injury frequency rate (rate) - seafarers	2022	0.25	Not exceeding 0.4	0.28	0.34
	Total recordable case frequency rate (rate) - employees	2022	0.79	Not exceeding 5.0	2.53	2.35
	Total recordable case frequency rate (rate) - seafarers	2022	1.86	Not exceeding 2.8	1.77	3.28

Employee engagement

The annual employee engagement survey measures the group’s

ability to provide an engaging and safe work environment. This

target aligns with the group’s policy objectives of fostering a

positive workplace culture and ensuring employee wellbeing.

The survey encompasses various aspects of the work

environment, including workload, environment, management

support, strategy, meaningful work, accomplishment, growth, and

reward. It is conducted among all employees in the group’s global

operations. The survey utilises a standardised questionnaire from

Workday Peakon which is based on industry best practices for

employee engagement. The survey is distributed electronically,

with responses collected anonymously to ensure candid

feedback.

The participation rate in 2025 was 86%, assuming sufficient

representation of the workforce’s views. The target aligns with

national, EU, and international policy goals related to workplace

safety and employee engagement, considering the wider context

of sustainable development by promoting a healthy and

supportive work environment. The survey aims to achieve

improved employee satisfaction and safety, contributing to the

overall well-being of the workforce.

The target is greater than 8.0 points out of 10, and the result in

2025 of 8.1points shows a consistent and positive high

engagement. Senior management and individual managers in all

locations are required to conduct follow-up discussions with their

teams. Where results are less than the expected benchmark,

managers are required to implement specific actions to improve

results.

Gender balance in top management and internal boards

The group has a strategic target in its strategy and Owner’s

statement to achieve a 40% gender balance in the top three

management levels and internal boards by 2030, with an interim

target of 30% by 2025. The top three levels are defined as: the

group CEO at level 0, senior executives at level 1, the business

unit presidents and other group-level management at level 2, and

the business units’ management teams at level 3. Internal boards

are those of the group’s business units.

The methodologies used to define this target included an analysis

of current gender representation, benchmarking against industry

standards, and alignment with EU, international, and Norwegian

policy goals on gender equality. The target considers the wider

context of sustainable development by aiming to improve gender

diversity and aligns with the United Nations Sustainable

Development Goals (UNSDGs). The intended outcomes are to

access the broadest talent pool enabling more diverse

competencies and decision-making. At the end of the reporting

period, females represented 36% of top three management

positions in the group, and 43% of board members in business

unit boards, which is on target.

Health and safety – work-related fatalities

The group aims to have a safe and engaging workplace with zero

work-related fatalities or other work-related harm to people. This

metric measures the number of work-related fatalities involving

onshore employees and seafarers under Ship Management

technical management contracts. Seafarers under crew

management contracts are excluded from this target because

Wilhelmsen does not have control over the safety management

systems of those vessels. The target is zero fatalities, and none

occurred in the reporting period.

Health and safety – lost time injury frequency (LTIF) rate and

total recordable case frequency (TRCF) rate

The group aims to have a safe and engaging workplace with zero

work-related fatalities or other work-related harm to people. The

lost time injury frequency (LTIF) rate tracks the frequency of work-

related injuries that result in time away from work. The total

recordable case frequency (TRCF) rate tracks the frequency of

work-related injuries, including those that may require medical

treatment. The group’s TRCF rate definition is the same as the

ESRS S1-14 Recordable work-related accidents (rate).

The two metrics serve as a reflection of the overall safety culture

and incident prevention measures. The targets include all

measures and practices aimed at preventing work-related injuries

and fatalities and applies to all onshore employees in the group’s

global operations and seafarers under technical management

contracts. Seafarers under crew management contracts are

excluded from this target because Wilhelmsen does not have

control over the safety management systems of those vessels.

Data is collected from internal incident reports, safety records,

and exposure hours from human resources systems.

The target assumes that historical performance data is accurate

and that benchmarking against comparable results in the maritime

sector is relevant and reliable. The target aligns with national, EU,

and international policy goals related to workplace health and

safety, considering the wider context of sustainable development

by promoting a safe and healthy work environment. It aims to

achieve zero work-related fatalities and minimise other work-

related harm, contributing to the overall safety and well-being of

the workforce.

The LTIF and TRCF rates are monitored by business units on an

operational level and presented to senior executives and the

board on a quarterly basis. This monitoring ensures that incidents

are promptly addressed and deviations from the target are

identified. The definitions and methodologies of the LTIF rate and

TRCF rate are reviewed annually to ensure consistency and

comparability over time. The target is based on historical

performance of the group’s business units and is benchmarked

against comparable results in the maritime sector.

The LTIF rate for seafarers was within target in the reporting

period, whilst the rate for onshore employees was negatively

above target, highlighting the need for ongoing safety focus. The

TRCF rate remained within target for both onshore employees

and seafarers.

The group will continue to follow up the results of safety surveys,

ongoing campaigns and trainings to strengthen safety awareness.

This includes conducting safety drills, holding safety talks,

providing training, arranging visits from shore management

personnel to vessels, and running continuous awareness

campaigns to ensure everyone can apply the safety protocols.

Wilh. Wilhelmsen Holding ASA Annual report 202554

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

S1-6 Characteristics of the undertaking’s employees

SUSTAINABILITY REPORTING POLICIES

Headcount is based on the number of employees registered in the human resources systems on 31 December 2025. Employees include

permanent, temporary, expatriates, trainees, interns, and apprentices. Permanent employees include permanent and expatriate sub-worker

types, while temporary employees include apprentice, intern, temporary, and trainee sub-worker types. A significant assumption is that all data

is accurate and up to date in the human resources system. Some data may be restricted due to legal reasons, and potential discrepancies

across departments or regions could affect data accuracy. The headcount can be cross-referenced to Note 6: Employee benefits, Number of

employees on page 84.

Total employees (headcount)

The number of employee headcount at year-end including permanent, temporary, expatriates, trainees, interns, and apprentices.

Employees, by gender (headcount)

The total number of employee headcount split per gender category. Employee’s gender is recorded based on employees’ own registration as

male, female, other or not reported.

Employees, by region and significant countries (headcount)

The total number of employee headcount by type and region and the split per major countries (countries exceeding 10% of total group

headcount).

Employee turnover (number, rate)

The total number of employees leaving the group during the year, and for turnover rate, divided by the headcount at the end of the year.

Employees, by contract type and by gender (headcount)

The total number of employee headcount split per gender and contract type. A permanent employee works in a normal long-term job role

without a predetermined end-date in their contract. A temporary employee works in a temporary job role lasting for a defined period of time as

defined by the end-date in their agreement. The group does not currently have non-guaranteed hours employees.


Employees, by gender (headcount)	2025	2024
Male	3 568	3 682
Female	1 926	2 083
Other
Not reported	1	1
Total employees	5 495	5 766


Employees, by region (headcount)	Africa, Middle East and Black Sea		Americas		Asia Pacific		Europe including Nordics		Total
Employees, by region (headcount)	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Number of employees	621	733	302	313	1 421	1 576	3 151	3 144	5 495	5 766
Number of permanent employees	612	722	299	310	1 346	1 514	2 906	2 898	5 163	5 444
Number of temporary employees	9	11	3	3	75	62	220	246	307	322
Number of non-guaranteed hours employees							25		25


Employees, by significant countries (headcount)	2025	2024
Norway	1 454	1 405
Malaysia	640	600
Other countries	3 401	3 761


Employee turnover (number, rate)	2025	2024
Employees who left the company during the reporting period (number)	987	997
Employee turnover rate (percent)	18	17


Employees, by contract type and by gender (headcount)	Female		Male		Other		Not disclosed		Total
Employees, by contract type and by gender (headcount)	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Number of employees	1 926	2 083	3 568	3 682			1	1	5 495	5 766
Number of permanent employees	1 846	1 989	3 316	3 454			1	1	5 163	5 444
Number of temporary employees	77	94	230	228					307	322
Number of non-guaranteed hours employees	3		22						25

Wilh. Wilhelmsen Holding ASA Annual report 202555

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

S1-7 Characteristics of non-employees in own workforce

SUSTAINABILITY REPORTING POLICIES

The most material non-employees in Wilhelmsen’s workforce are seafarers under Ship Management’s technical management contracts. These

individuals are defined as non-employees in own workforce because Wilhelmsen signs the employment contract on behalf of customers who

are vessel owners. As ship managers, Wilhelmsen exercises employer responsibility towards the crew, while the vessel’s owner remains the true

employer. A significant assumption is that all data is accurate and up to date in Ship Management’s crew management system.

Total non-employees (headcount)

The number of non-employee headcount at year-end. This refers to the number of seafarers that are included in the pool for Ship Management

at yearend. The headcount can be cross-referenced to Note 6: Employee benefits, Seagoing personnel Ship Management on page 84.


Non-employee metric	2025	2024
Non-employees (headcount)	14 732	12 231

S1-9 Diversity metrics

SUSTAINABILITY REPORTING POLICIES

These metrics are related to the impacts on people and potential for discrimination in own operations. An entity-specific metric is defined for

gender distribution in internal boards.

Top management gender distribution (headcount, %)

The gender distribution of members of management in the group’s top three levels of management, where the group CEO is level 0, the group’s

senior executives are level 1, business unit presidents and other group management are level 2, and business units’ management are level 3. A

significant assumption is that all data is accurate and up to date in the human resources system.

Employee age group distribution (headcount, %)

The total number of employees at year-end divided into three age groups: under 30 years old, between 30 and 50 years old, and over 50 years

old. A significant assumption is that all data is accurate and up to date in the human resources system.

Entity-specific - Internal board roles gender distribution (number, %)

The number of board roles in consolidated business units (“internal boards”), split per gender of board member. Individuals can be members of

multiple boards. A significant assumption is that all board membership data is accurate and up to date.

Entity-specific - Employee engagement score (points)

The aggregated score of survey responses from all employees participating in the annual survey, with maximum score of 10 points. A significant

assumption is that all data is accurate and up to date in the Workday Peakon system and reflects the views of employees.


Diversity metrics	2025	2024
Top management gender distribution
Females (headcount)	22	23
Males (headcount)	39	44
Not disclosed (headcount)
Females (percent)	36	34
Males (percent)	64	66
Not disclosed (percent)
Employee age group distribution
Under 30 years old (headcount)	1 235	1 097
30-50 years old (headcount)	2 908	3 265
Over 50 years old (headcount)	1 352	1 404
Under 30 years old (percent)	22	19
30-50 years old (percent)	53	57
Over 50 years old (percent)	25	24
Entity-specific - internal board roles gender distribution
Females (number)	21	18
Males (number)	28	27
Not disclosed (number)
Females (percent)	43	40
Males (percent)	57	60
Not disclosed (percent)
Entity-specific - employee engagement score (points)	8.1	8.2

Wilh. Wilhelmsen Holding ASA Annual report 202556

Content Introduction Business and performance Sustainability statement Financial statements Corporate governance report Group structure

S1-14 Health and safety metrics

SUSTAINABILITY REPORTING PRINCIPLES

These metrics are related to the impacts on people and health and safety incidents in own operations. Cases of work-related ill-health and

number of days lost to injuries, accidents, fatalities, and work-related ill health are not reported as per the ESRS1 appendix C phase in

provisions. 100% of the group’s own workforce are covered by health and safety management systems based on established standards such

as ISO 45001 or ISM Code for seafarers.

Recordable work-related accidents (number)

The number of accidents occurred while engaged in work-related activities by employees and non-employees. This includes accidents

happening during working hours while performing work-related tasks. The total number includes lost time injuries, restricted work cases, and

medical treatment incidents. A significant assumption is that accidents have been dutifully and accurately reported in the relevant incident

reporting systems.

Recordable work-related accidents (rate)

The total number of work-related accidents reported for the year per million total hours worked by employees and non-employees (seafarers).

For employees, the total hours worked are estimated based on normal or standard hours of work in the location. The hours are not taking into

account entitlements to periods of paid leave of absence from work (for example, paid vacations, paid sick leave, public holidays). A significant

assumption is that data is accurate in the human resource system and normal or standard hours are applied consistently, and that accidents

have been dutifully and accurately reported in the relevant incident reporting systems.

For seafarers (non-employees), the total hours worked are estimated based on the nature of exposure being 24 hours a day seven days a week

whilst onboard. The total hours worked are calculated based on the weekly reports submitted by each vessel. Each vessel will submit its

headcount onboard, which is multiplied by 24 hours a day by seven days a week. The total number of weekly exposure hours are tallied to make

up the annual exposure hours. Seafarers work on a rotational basis, and the figure here refers to the number of seafarers who worked onboard

vessels under Ship Management’s technical management in the reporting period. A significant assumption is that data is accurate in the weekly

reports and exposure hours are applied consistently, and that accidents have been dutifully and accurately reported in the relevant incident

reporting systems.

Fatalities (number)

The number of work-related fatalities of the group’s employees and non-employees (seafarers), and fatalities occurring at Wilhelmsen sites and

vessels under technical management of Ship Management, involving other workers who are not part of the group’s own workforce. A significant

assumption is that accidents have been dutifully and accurately reported in the relevant incident reporting systems.

Lost time injury frequency (LTIF) (rate)

The total number of work-related lost time injuries reported for the year per million total hours worked by employees and non-employees

(seafarers). Work-related is an occurrence arising out of or in the course of work as per the ESRS Annex II definitions. Lost time injuries are the

sum of the number of work-related fatalities, permanent total disability (PTD), permanent partial disability (PPD) and number of Lost workday

cases (LWC). A LWC is an injury which results in an individual being unable to carry out any of their 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).