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"value": "Note 1. Corporate information and basis for preparationGeneral information Wallenius Wilhelmsen ASA (the parent company) is a public limited company incorporated in Norway, and its shares are listed on the Oslo Stock Exchange. The parent company's registered office is at Strandveien 20, Lysaker, Norway.These consolidated financial statements consist of the parent company and its subsidiaries (collectively, the group). The group is a global leader in integrated vehicle transportation and logistics, supporting customers across their supply chain, all the way from the factory to the end-consumer.The group provides a comprehensive land-based logistics network through terminals, inland distribution networks and service and processing centers located around the world. At sea, there are 127 vessels sailing on 15 trade routes, serving six continents. The group partners with global original equipment manufacturers in the automotive segment, as well as the leading manufacturers of high & heavy equipment for construction, agriculture and mining. The group's operations are organized in three operating segments: \"Shipping services\", \u201cLogistics services\u201d and \"Government services\" (note 2).Basis of preparationThese consolidated financial statements have been prepared on a going concern basis in accordance with the IFRS\u00ae Accounting Standards (IFRS) as adopted by the European Union and additional disclosure requirements in the Norwegian Accounting Act effective on December 31, 2025.These financial statements have been prepared on a historical cost basis and adjusted to reflect the fair value of certain financial assets and liabilities (including derivative instruments).The group's consolidated financial statements reflect the assets, liabilities and transactions of the parent company and its direct and indirect subsidiaries (\u201csubsidiaries\u201d). Intercompany balances and transactions, which include unrealized profits, are eliminated. A list of the most relevant subsidiaries and the accounting policies applied in preparing the consolidated financial statements are described in note 11.On consolidation, the income statement and cash flows statement of the group entities that have a functional currency other than US dollars (USD) are translated into USD at the average exchange rate for the the month reported, the assets and liabilities are translated at the final exchange rate at the reporting date and the other equity items are translated at the historical exchange rate. All monetary exchange differences are recognized in comprehensive income as \u201ccurrency translation adjustment\u201d and in a separate reserve of equity. The consolidated financial statements are presented in USD, rounded to the nearest whole million unless otherwise stated. USD is the currency of the primary economic environment in which the parent company and most entities in the group operate (\u201cfunctional currency\u201d).These consolidated financial statements were approved for issue by the Board of Directors on March 17, 2026.Material accounting policiesThe material accounting policies applied in the preparation of the consolidated financial statements have been included in the relevant notes and are consistent in all periods presented, unless stated otherwise. New and amended standards and interpretationsAmendments to IAS 21 The group has adopted the amendment to IAS 21, which is effective for reporting periods beginning on or after January 1, 2025. The amendment did not have any impact on the current period. IFRS 18 Presentation and Disclosure in Financial StatementsIFRS\u2006 18, which replaces IAS\u2006 1 Presentation of Financial Statements, is effective for reporting periods beginning on or after 1\u2006January\u20062027. Under the new standard, the group will classify income and expenses into five categories (operating, investing, financing, income taxes and discontinued operations) in accordance with the principles set out in IFRS\u200618. Foreign exchange gains and losses will be presented in the same category as the related income and expenses from the time that gives rise to it, instead of within the current \u201cfinancial items \u2013 net\u201d category. The adoption of IFRS\u200618 will not affect the determination of profit for the year, but it will change how that profit is presented in the Income Statement. The operating cash flows will be determined using operating profit as the starting point, resulting in a reduction in the number of non-cash reconciling items presented. A new note will be included in the financial statements for the required disclosures on management-defined performance measures. The group is currently assessing the implications of IFRS\u200618 for its financial statements and related disclosures.Other new and revised IFRS Accounting Standards not yet effectiveAt the date of the approval of these financial statements, the group has not identified significant impact to the group\u2019s financial statements as a result of amendments effective for 2026. The group has not yet fully assessed the impact of changes which are effective for 2027 and beyond.Significant accounting judgments, estimates and assumptionsApplying the group\u2019s accounting policies requires management to make judgments, estimates and assumptions based on historical experience, current trends and other factors that management believes to be relevant at the time the consolidated financial statements are prepared, including expectations of future events that are considered reasonable under the circumstances. The increased geopolitical tension and uncertainty create a more volatile market environment which may impact management\u2019s estimates and judgments. The group also considers climate-related matters in estimates and judgments, where appropriate. Actual results may differ from these estimates. Uncertainty about assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.The key areas involving significant estimates or judgments or complexity, and that have a significant risk of being materially adjusted due to estimate uncertainty and/or management judgment are as the following, and these are described in the relevant note:Note Significant accounting estimates and judgements8 Useful life of vessels10 Cash generating unit - vessels10 Goodwill - logisticsFinancial climate-related informationThe group\u2019s sustainability efforts are structured into three main areas: environment, social, and governance (ESG). The group\u2019s global operations significantly impact the environment, both in relation to climate, biodiversity (particularly marine life) and pollution (see double materiality assessment). Climate is the key topic from a financial reporting perspective and the group faces significant risks and opportunities as a result of climate change, and climate-related factors may impact estimates and assumptions going forward. These risks and opportunities are integrated in risk management of the group and in the strategy and target-setting process. The uncertainties and risk of climate change for financial reporting relate primarily to transition risk (market-related changes, regulatory requirements and technology). Physical risk (e.g., port flooding, extreme precipitation and wind and heat stress on vessel crew and production workers) is not assessed to have a significant financial impact in the short to medium term, but may affect management's estimates and judgments in a number of areas in the longer term. Climate related risks do not have a material impact on measurement in 2025, but management is continually monitoring relevant changes. The impact on the financial statements of climate-related factors is discussed for each relevant area in the related notes - note 8 Vessels and other tangible assets, note 10 Impairment of non-current assets, and note 16 Financial risk. Further information is detailed in the Sustainability Statement, particularly in the chapter on climate change.",
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"value": "Norway",
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"value": "Strandveien 20, Lysaker, Norway",
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"value": "The group's operations are organized in three operating segments: \"Shipping services\", \u201cLogistics services\u201d and \"Government services\"",
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"value": "Basis of preparationThese consolidated financial statements have been prepared on a going concern basis in accordance with the IFRS\u00ae Accounting Standards (IFRS) as adopted by the European Union and additional disclosure requirements in the Norwegian Accounting Act effective on December 31, 2025.These financial statements have been prepared on a historical cost basis and adjusted to reflect the fair value of certain financial assets and liabilities (including derivative instruments).The group's consolidated financial statements reflect the assets, liabilities and transactions of the parent company and its direct and indirect subsidiaries (\u201csubsidiaries\u201d). Intercompany balances and transactions, which include unrealized profits, are eliminated. A list of the most relevant subsidiaries and the accounting policies applied in preparing the consolidated financial statements are described in note 11.On consolidation, the income statement and cash flows statement of the group entities that have a functional currency other than US dollars (USD) are translated into USD at the average exchange rate for the the month reported, the assets and liabilities are translated at the final exchange rate at the reporting date and the other equity items are translated at the historical exchange rate. All monetary exchange differences are recognized in comprehensive income as \u201ccurrency translation adjustment\u201d and in a separate reserve of equity. The consolidated financial statements are presented in USD, rounded to the nearest whole million unless otherwise stated. USD is the currency of the primary economic environment in which the parent company and most entities in the group operate (\u201cfunctional currency\u201d).These consolidated financial statements were approved for issue by the Board of Directors on March 17, 2026.",
"dimensions": {
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"f0__s8__7__17": {
"value": "These consolidated financial statements have been prepared on a going concern basis in accordance with the IFRS\u00ae Accounting Standards (IFRS) as adopted by the European Union and additional disclosure requirements in the Norwegian Accounting Act effective on December 31, 2025.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
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"value": "These consolidated financial statements have been prepared on a going concern basis",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
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"value": "On consolidation, the income statement and cash flows statement of the group entities that have a functional currency other than US dollars (USD) are translated into USD at the average exchange rate for the the month reported, the assets and liabilities are translated at the final exchange rate at the reporting date and the other equity items are translated at the historical exchange rate. All monetary exchange differences are recognized in comprehensive income as \u201ccurrency translation adjustment\u201d and in a separate reserve of equity. The consolidated financial statements are presented in USD, rounded to the nearest whole million unless otherwise stated. USD is the currency of the primary economic environment in which the parent company and most entities in the group operate (\u201cfunctional currency\u201d).",
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"value": "These consolidated financial statements were approved for issue by the Board of Directors on March 17, 2026.",
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"language": "en",
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"f0__s8__7__18-1": {
"value": "Material accounting policiesThe material accounting policies applied in the preparation of the consolidated financial statements have been included in the relevant notes and are consistent in all periods presented, unless stated otherwise.New and amended standards and interpretationsAmendments to IAS 21 The group has adopted the amendment to IAS 21, which is effective for reporting periods beginning on or after January 1, 2025. The amendment did not have any impact on the current period. IFRS 18 Presentation and Disclosure in Financial StatementsIFRS\u2006 18, which replaces IAS\u2006 1 Presentation of Financial Statements, is effective for reporting periods beginning on or after 1\u2006January\u20062027. Under the new standard, the group will classify income and expenses into five categories (operating, investing, financing, income taxes and discontinued operations) in accordance with the principles set out in IFRS\u200618. Foreign exchange gains and losses will be presented in the same category as the related income and expenses from the time that gives rise to it, instead of within the current \u201cfinancial items \u2013 net\u201d category. The adoption of IFRS\u200618 will not affect the determination of profit for the year, but it will change how that profit is presented in the Income Statement. The operating cash flows will be determined using operating profit as the starting point, resulting in a reduction in the number of non-cash reconciling items presented. A new note will be included in the financial statements for the required disclosures on management-defined performance measures. The group is currently assessing the implications of IFRS\u200618 for its financial statements and related disclosures.Other new and revised IFRS Accounting Standards not yet effectiveAt the date of the approval of these financial statements, the group has not identified significant impact to the group\u2019s financial statements as a result of amendments effective for 2026. The group has not yet fully assessed the impact of changes which are effective for 2027 and beyond.Significant accounting judgments, estimates and assumptionsApplying the group\u2019s accounting policies requires management to make judgments, estimates and assumptions based on historical experience, current trends and other factors that management believes to be relevant at the time the consolidated financial statements are prepared, including expectations of future events that are considered reasonable under the circumstances. The increased geopolitical tension and uncertainty create a more volatile market environment which may impact management\u2019s estimates and judgments. The group also considers climate-related matters in estimates and judgments, where appropriate. Actual results may differ from these estimates. Uncertainty about assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.The key areas involving significant estimates or judgments or complexity, and that have a significant risk of being materially adjusted due to estimate uncertainty and/or management judgment are as the following, and these are described in the relevant note:Note Significant accounting estimates and judgements8 Useful life of vessels10 Cash generating unit - vessels10 Goodwill - logisticsFinancial climate-related informationThe group\u2019s sustainability efforts are structured into three main areas: environment, social, and governance (ESG). The group\u2019s global operations significantly impact the environment, both in relation to climate, biodiversity (particularly marine life) and pollution (see double materiality assessment). Climate is the key topic from a financial reporting perspective and the group faces significant risks and opportunities as a result of climate change, and climate-related factors may impact estimates and assumptions going forward. These risks and opportunities are integrated in risk management of the group and in the strategy and target-setting process. The uncertainties and risk of climate change for financial reporting relate primarily to transition risk (market-related changes, regulatory requirements and technology). Physical risk (e.g., port flooding, extreme precipitation and wind and heat stress on vessel crew and production workers) is not assessed to have a significant financial impact in the short to medium term, but may affect management's estimates and judgments in a number of areas in the longer term. Climate related risks do not have a material impact on measurement in 2025, but management is continually monitoring relevant changes. The impact on the financial statements of climate-related factors is discussed for each relevant area in the related notes - note 8 Vessels and other tangible assets, note 10 Impairment of non-current assets, and note 16 Financial risk. Further information is detailed in the Sustainability Statement, particularly in the chapter on climate change.Accounting policyVoyage charter revenue (freight revenue)Voyage charter revenue is recognized over time on the basis of progress on fulfillment. The measure of progress is the number of days incurred compared to estimated total days for the applicable voyage. Revenue is recognized on a straight-line basis for the entire voyage. A voyage is defined as transportation of cargo from port of load to port of discharge relevant for the majority of the cargo. A voyage may comprise several customers\u2019 cargo and include several port calls and parts of the cargo may be carried for part of the voyage. Transshipment is necessary when different Wallenius Wilhelmsen carriers are required for different legs of the voyage. When recognizing revenue from voyage charters, the group considers the voyage as a portfolio of contracts with similar characteristics, since combining the contracts does not produce a materially different outcome than accounting for the contracts individually. Invoiced revenue related to an estimated remaining voyage time is deferred (contract liability). The group does not disclose the aggregate amount of the transaction price allocated to the performance obligations that are not satisfied (or partially unsatisfied) at the end of the year as the duration of voyages are less than one year.Land-based logistics services revenue Land-based logistics services revenue consists mainly of terminal services (e.g. loading and unloading of vessels), technical services (e.g. accessory fittings, pre-delivery inspections), and inland distribution (arranging and assisting in transportation of cargo). Revenue is recognized at a point in time on completion of service, which is generally limited to a short period of time. Inland distribution is sold separately to customers and not bundled with ocean transport.The accounting policies of the reporting segments are the same as the group\u2019s accounting policies.Accounting policyCurrent and deferred tax is recognized in the income statement unless it relates to items recognized in other comprehensive income or directly in equity. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the jurisdictions where the group operates and generates taxable income.Deferred taxDeferred tax is calculated using the liability method on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences and unused tax losses can be utilized. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled.Deferred income tax is calculated on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the group.Tonnage taxFor group companies subject to tonnage tax regimes, the tonnage tax is recognized as an operating cost.Accounting policyIntangible assets are carried at cost, less accumulated amortization and impairment charges, if any. When applicable, amortization is based on the following estimated useful lives:Customer relations/contracts 3-10 years/contract termOther intangible assets 3-10 yearsGoodwillGoodwill represents the excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition date fair value of any previous equity interests in the acquiree (if any) over the fair value of the group's share of the identifiable net assets. Goodwill from acquisition of subsidiaries is not amortized but is tested for impairment at least annually and carried at cost less impairment losses. For more details on impairment of goodwill refer to note 10 Impairment of non-current assets.Customer relations and contractsIdentifiable customer relationships and other contractual arrangements acquired as part of business combinations are initially recognized at fair value (which is regarded as their cost) when the asset arises from contractual or other legal rights or the relationships are separable. Subsequent to initial recognition, customer relations and contracts are amortized on a straight-line basis over their estimated useful lives.Accounting policyVessels and other tangible assets are carried at cost, less accumulated depreciation and impairment charges, if any. The group capitalizes borrowing costs related to the construction of new vessels on the basis of the group's capitalization rate. Shipbuilder installments paid, other direct vessel costs and the group's interest costs related to financing the acquisition of vessels are capitalized as they are incurred.Depreciation is calculated on a straight-line basis over the estimated useful life of each asset, except for land which is not depreciated. The total depreciable amount of vessels is reduced by its residual value, which is estimated based on the demolition price for general cargo vessels, deducting a charge for green ship recycling. The residual value calculation is performed on an annual basis. Dry-docking and periodic maintenance costs are typically depreciated over the interval between dry-docking events.Tangible assets are depreciated over the following estimated useful lives:Vessels 27-30 yearsDry-docking 2.5-5 yearsProperty 30-50 yearsOther tangible assets 3-10 years Significant components of tangible assets with a different estimated useful life to the whole asset are depreciated separately. Vessels based on a pure car truck carrier (PCTC) or roll-on roll-off (RoRo) design are not separated into different components since there is no significant difference in the estimated useful life for the various components of these vessels over and above dry-docking costs.The estimated residual value and useful life and depreciation method of tangible fixed assets are reviewed at each reporting date. The effect of any changes in estimate is accounted for on a prospective basis.Significant accounting estimates and judgementsUseful life of vesselsThe group has significant carrying amounts related to vessels, and vessels constitute the main tangible fixed assets category in the balance sheet. A reduction in the estimated useful life of vessels can lead to periods with higher depreciation expense in future periods. Climate-related factors, including changes in regulation and technological advances, may in the future impact the estimated useful life of vessels and make them commercially and technologically obsolete earlier than previously expected (stranded assets). The top three identified transition risks are:\u2022 Transitioning to low-emission propulsion technologies with uncertain long-term viability \u2022 Lock-in emitting fuels that become less competitive during ships\u2019 lifetime \u2022 Increased costs to ensure compliance with emerging regional and international climate regulationsConsequently, the expected timing of replacement of existing vessels may be accelerated. The group is, however, increasingly utilizing alternative fuel sources, such as biofuel, and implementing a range of operational and technical solutions to improve the energy efficiency of the vessels. These efforts may counteract the risk of obsolescence of the current fleet. Management has assessed the factors described above and concluded that as of December 31, 2025 no change in the remaining useful life of vessels and other tangible assets was required.Accounting policyThe group recognizes a lease liability and a corresponding right-of-use asset for all lease agreements in which it is the lessee, except for:\u2022 Leases deemed to be short-term (<12 months) are recognized as an operating expense on a straight-line basis over the lease term.\u2022 Leases deemed to be of low value are recognized as an operating expense on a straight-line basis over the lease term.\u2022 Non-lease components are separated from the lease component in all leases of vessels. For other lease agreements, the group applies a materiality threshold when evaluating separation of components.The lease liability is initially measured at the present value of the lease payments including the non-cancellable period of the lease, together with periods covered by an option to extend the lease when the group is reasonably certain to exercise the option, and periods covered by an option to terminate the lease if the group is reasonably certain not to exercise that option. The right-of-use asset is initially measured at cost and subsequently depreciated from the commencement date to the earlier of the end of the lease term or the end of the useful life of the right-of-use asset. The carrying value of right-of-use assets equals the cost less accumulated depreciation, impairment charges and adjustments for any remeasurement of the corresponding lease liability.Accounting policyAt each reporting date, the group assesses the carrying amount of the goodwill, intangible assets, vessels and other tangible assets and right-of-use assets to determine whether there is any indication that an asset may be impaired. If any indication of impairment exists, or when annual impairment testing for an asset is required (goodwill), the asset's recoverable amount is estimated.The recoverable amount is the highest of the fair value less costs of disposal (FVLCD) and value in use (ViU). In assessing value in use, the net present value (NPV) of future estimated cash flows from the employment of the asset is determined. If the recoverable amount is estimated to be less than the carrying amount, the asset is considered impaired and is written down to its recoverable amount. If the recoverable amount of the CGU or group of CGUs to which goodwill has been allocated is lower than the carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill and then to the other assets, pro-rata on the basis of the carrying amount of each asset in the CGU or group of CGUs. Impairment losses are recognized in the income statement.Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized in prior years. Impairment losses relating to goodwill cannot be reversed in future periods.Key accounting estimates and judgmentsCash generating units - vesselsThe determination of the relevant CGU for vessels requires management judgment. Vessels are organized and operated as a fleet and evaluated for impairment on the basis that the whole fleet within Shipping services is the relevant CGU. The vessels are trading in a global network as part of the fleet, where the income of a specific vessel is dependent upon the total fleet, and not the individual vessel's earnings. Furthermore, the group's vessels are interchangeable among the operating companies and with a common fleet management structure in place to optimize operations, including trade management and execution, as well as decisions regarding investments. The vessels are interoperable within the segment as the types of vessels operated by the group are largely interchangeable. Customer contract terms are not tied to a specific vessel and the group has the contractual right and flexibility to move and optimize capacity and the vessels are not utilized in set or permanent patterns or routes.Similarly, the fleet within the Government services segment is considered the relevant CGU as vessels are managed as a fleet and utilized interchangeably. Goodwill - logisticsDetermining whether goodwill and other non-current assets in the logistics segment are impaired requires an estimation of the value in use of the group of CGUs. The increased geopolitical tension and uncertainty have created a more volatile market environment, increasing the complexity and judgment involved in the impairment assessment, particularly in relation to key assumptions such as future cash flows. Management used current trends and expectations of future events it considered reasonable under the circumstances. The determination of the value in use is particularly sensitive to changes in the forecast revenue and operating expenses. The cash flow estimates are based on the management plan for a five-year period, utilizing several external and internal sources, with expected throughput and average margins as a basis. Moreover, the development of our key customers is followed closely and growth rates for vehicle and equipment processing reflect the increased competition in the market and auto and equipment sales projections available to us. For the terminals business, the market analysis developed for shipping is used as a basis as these services tend to follow the same trajectory. Costs to ensure compliance with climate and other sustainability-related regulatory requirements and achievement of strategic sustainability related goals have been factored into the projected cash flows as far as they relate to current business. As an example, investments in e.g., terminal equipment, trucks and forklifts will to a large extent be electric. Reductions in rates and volumes across the various services in the segment would influence the estimate, and consequences from uncertainties in trade policies and tariffs may impact the business outlook and accordingly future cash flows and margins.Accounting policySubsidiariesSubsidiaries are all entities over which the group has control. The group controls an entity where the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.Investments held by third party investors in the group's subsidiaries are treated as non-controlling interests (NCI). Profit or loss and comprehensive income are attributed to the equity holders of the parent of the group and to the NCI of subsidiaries and are presented separately in the consolidated income statement, statement of comprehensive income, statement of changes in equity and balance sheet. However, the policy for classification of NCI within equity adopted by the group for entities where the non-controlling interest has an option to put the shares to the group, involves partial recognition of the non-controlling interest and recognition of changes in the measurement of the liability directly in equity.Accounting policyInterest-bearing debt is recognized at fair value when the proceeds are received, net of transaction costs. In subsequent periods, loans are measured at amortized cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the term of the loan.Sustainability-linked financing agreements (loans and bonds) are instruments where the interest payable varies depending on reaching or achieving specified sustainability KPIs that are linked to the sustainability goals. The sustainability-linked loan or bond is initially recognized as a financial liability measured at amortized cost based on an assessment of the likelihood of reaching the sustainability goals in the sustainability-linked financing agreement. An initial assessment is made as to whether there are features that represent embedded derivatives that must be separated from the debt host contract and accounted for as standalone derivatives. The loans and bonds currently held do not include any embedded derivatives.Interest-bearing debt is classified as current liabilities unless the group or the parent company has a right to defer settlement of the liability for at least 12 months after the balance sheet date.35 Carrying value in Wallenius Wilhelmsen ASA.Accounting policyFinancial assetsFinancial assets are classified at initial recognition based on their contractual cash flow characteristics and the group\u2019s business model for managing them. They are classified as measured at amortized cost, fair value through profit or loss (FVTPL) or fair value through other comprehensive income (FVTOCI).Financial assets are initially measured at fair value plus transaction costs, except for trade receivables (see note 21). Financial assets carried at FVTPL are initially measured at fair value with transaction costs recognized immediately in profit or loss. Subsequent changes in fair value are recognized in profit or loss.Financial assets are derecognized when the contractual rights to the cash flows expire, are transferred, or the group has substantially transferred all risks and rewards. Realized gains and losses are recognized in profit or loss when they arise.Investments in equity instruments are measured at FVTPL, unless the group has (on an instrument-by-instrument basis) made an irrevocable election to present changes in fair value in other comprehensive income. Equity instruments designated at FVTOCI are initially measured at fair value plus transaction costs, with subsequent fair value changes recognized in other comprehensive income. Cumulative gains and losses are not recycled to profit or loss on disposal.Financial liabilitiesFinancial liabilities are initially recognized at fair value, net of transaction costs incurred, and are subsequently carried at amortized cost, except for derivatives, financial guarantee contracts and in other limited circumstances.Derivative financial instrumentsThe group uses derivative financial instruments to manage exposure to interest rate and foreign exchange risks. Derivative financial instruments are recognised at fair value at inception and subsequently measured at fair value at each reporting date, with gains and losses recognised in profit or loss. Derivatives with positive fair values are recognised as financial assets and those with negative fair values as financial liabilities. Although derivatives are entered into for hedging purposes, the group does not apply hedge accounting.Fair value hierarchyAll assets and liabilities measured or disclosed at fair value are classified within the fair value hierarchy based on the lowest level input significant to the valuation:Level 1: Unadjusted quoted prices in active markets that the entity can access for identical assets or liabilities.Level 2: The fair value of financial instruments that are not traded in an active market (e.g. over the counter derivatives) is determined using valuation techniques that maximize the use of observable market data.Level 3: If one or more of the significant data are not based on observable market data, the instrument is included in level 3. The fair value of these instruments is determined using discounted cash flows and option valuation models with unobservable inputs. The model includes for example risk-adjusted discount rates and long-term growth rates for cash flows as well as constant prepayment rates.The group recognizes transfers between levels of the fair value hierarchy, if any, at the end of the reporting period during which the change has occurred.Significant accounting judgments, estimates and assumptionsWhen the fair values of financial instruments cannot be measured using quoted prices in active markets, they are determined using third-party quotes that relay on the maximum number of observable market inputs for price discovery. When this is not feasible, judgment is required to establishing the financial instrument\u2019s fair values. This is based on inputs like liquidity risk, credit risk and volatility. Changes in these assumptions may affect the reported fair values.Accounting policyTrade receivables are amounts due from customers for services performed in the ordinary course of business. They are generally due for settlement within 15-60 days and are therefore all classified as current.Trade receivables are recognized initially at the amount of consideration that is unconditional, in which case they are recognized at fair value (see note 16). As trade receivables are held with the objective of collecting the contractual cash flows, they are subsequently measured at amortized cost using the effective interest method and are subject to impairment. The group applies a simplified approach in calculating expected credit losses (ECL), which consists in recognizing a loss allowance based on lifetime ECL at each reporting date. The group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.",
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"f0__s8__7__20": {
"value": "New and amended standards and interpretationsAmendments to IAS 21 The group has adopted the amendment to IAS 21, which is effective for reporting periods beginning on or after January 1, 2025. The amendment did not have any impact on the current period. IFRS 18 Presentation and Disclosure in Financial StatementsIFRS\u2006 18, which replaces IAS\u2006 1 Presentation of Financial Statements, is effective for reporting periods beginning on or after 1\u2006January\u20062027. Under the new standard, the group will classify income and expenses into five categories (operating, investing, financing, income taxes and discontinued operations) in accordance with the principles set out in IFRS\u200618. Foreign exchange gains and losses will be presented in the same category as the related income and expenses from the time that gives rise to it, instead of within the current \u201cfinancial items \u2013 net\u201d category. The adoption of IFRS\u200618 will not affect the determination of profit for the year, but it will change how that profit is presented in the Income Statement. The operating cash flows will be determined using operating profit as the starting point, resulting in a reduction in the number of non-cash reconciling items presented. A new note will be included in the financial statements for the required disclosures on management-defined performance measures. The group is currently assessing the implications of IFRS\u200618 for its financial statements and related disclosures.Other new and revised IFRS Accounting Standards not yet effectiveAt the date of the approval of these financial statements, the group has not identified significant impact to the group\u2019s financial statements as a result of amendments effective for 2026. The group has not yet fully assessed the impact of changes which are effective for 2027 and beyond.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s8__7__19": {
"value": "New and amended standards and interpretationsAmendments to IAS 21 The group has adopted the amendment to IAS 21, which is effective for reporting periods beginning on or after January 1, 2025. The amendment did not have any impact on the current period. IFRS 18 Presentation and Disclosure in Financial StatementsIFRS\u2006 18, which replaces IAS\u2006 1 Presentation of Financial Statements, is effective for reporting periods beginning on or after 1\u2006January\u20062027. Under the new standard, the group will classify income and expenses into five categories (operating, investing, financing, income taxes and discontinued operations) in accordance with the principles set out in IFRS\u200618. Foreign exchange gains and losses will be presented in the same category as the related income and expenses from the time that gives rise to it, instead of within the current \u201cfinancial items \u2013 net\u201d category. The adoption of IFRS\u200618 will not affect the determination of profit for the year, but it will change how that profit is presented in the Income Statement. The operating cash flows will be determined using operating profit as the starting point, resulting in a reduction in the number of non-cash reconciling items presented. A new note will be included in the financial statements for the required disclosures on management-defined performance measures. The group is currently assessing the implications of IFRS\u200618 for its financial statements and related disclosures.Other new and revised IFRS Accounting Standards not yet effectiveAt the date of the approval of these financial statements, the group has not identified significant impact to the group\u2019s financial statements as a result of amendments effective for 2026. The group has not yet fully assessed the impact of changes which are effective for 2027 and beyond.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s8__7__22-1": {
"value": "Significant accounting judgments, estimates and assumptionsApplying the group\u2019s accounting policies requires management to make judgments, estimates and assumptions based on historical experience, current trends and other factors that management believes to be relevant at the time the consolidated financial statements are prepared, including expectations of future events that are considered reasonable under the circumstances. The increased geopolitical tension and uncertainty create a more volatile market environment which may impact management\u2019s estimates and judgments. The group also considers climate-related matters in estimates and judgments, where appropriate. Actual results may differ from these estimates. Uncertainty about assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.The key areas involving significant estimates or judgments or complexity, and that have a significant risk of being materially adjusted due to estimate uncertainty and/or management judgment are as the following, and these are described in the relevant note:Note Significant accounting estimates and judgements8 Useful life of vessels10 Cash generating unit - vessels10 Goodwill - logisticsFinancial climate-related informationThe group\u2019s sustainability efforts are structured into three main areas: environment, social, and governance (ESG). The group\u2019s global operations significantly impact the environment, both in relation to climate, biodiversity (particularly marine life) and pollution (see double materiality assessment). Climate is the key topic from a financial reporting perspective and the group faces significant risks and opportunities as a result of climate change, and climate-related factors may impact estimates and assumptions going forward. These risks and opportunities are integrated in risk management of the group and in the strategy and target-setting process. The uncertainties and risk of climate change for financial reporting relate primarily to transition risk (market-related changes, regulatory requirements and technology). Physical risk (e.g., port flooding, extreme precipitation and wind and heat stress on vessel crew and production workers) is not assessed to have a significant financial impact in the short to medium term, but may affect management's estimates and judgments in a number of areas in the longer term. Climate related risks do not have a material impact on measurement in 2025, but management is continually monitoring relevant changes. The impact on the financial statements of climate-related factors is discussed for each relevant area in the related notes - note 8 Vessels and other tangible assets, note 10 Impairment of non-current assets, and note 16 Financial risk. Further information is detailed in the Sustainability Statement, particularly in the chapter on climate change.Significant accounting estimates and judgementsUseful life of vesselsThe group has significant carrying amounts related to vessels, and vessels constitute the main tangible fixed assets category in the balance sheet. A reduction in the estimated useful life of vessels can lead to periods with higher depreciation expense in future periods. Climate-related factors, including changes in regulation and technological advances, may in the future impact the estimated useful life of vessels and make them commercially and technologically obsolete earlier than previously expected (stranded assets). The top three identified transition risks are:\u2022 Transitioning to low-emission propulsion technologies with uncertain long-term viability \u2022 Lock-in emitting fuels that become less competitive during ships\u2019 lifetime \u2022 Increased costs to ensure compliance with emerging regional and international climate regulationsConsequently, the expected timing of replacement of existing vessels may be accelerated. The group is, however, increasingly utilizing alternative fuel sources, such as biofuel, and implementing a range of operational and technical solutions to improve the energy efficiency of the vessels. These efforts may counteract the risk of obsolescence of the current fleet. Management has assessed the factors described above and concluded that as of December 31, 2025 no change in the remaining useful life of vessels and other tangible assets was required.Key accounting estimates and judgmentsCash generating units - vesselsThe determination of the relevant CGU for vessels requires management judgment. Vessels are organized and operated as a fleet and evaluated for impairment on the basis that the whole fleet within Shipping services is the relevant CGU. The vessels are trading in a global network as part of the fleet, where the income of a specific vessel is dependent upon the total fleet, and not the individual vessel's earnings. Furthermore, the group's vessels are interchangeable among the operating companies and with a common fleet management structure in place to optimize operations, including trade management and execution, as well as decisions regarding investments. The vessels are interoperable within the segment as the types of vessels operated by the group are largely interchangeable. Customer contract terms are not tied to a specific vessel and the group has the contractual right and flexibility to move and optimize capacity and the vessels are not utilized in set or permanent patterns or routes.Similarly, the fleet within the Government services segment is considered the relevant CGU as vessels are managed as a fleet and utilized interchangeably. Goodwill - logisticsDetermining whether goodwill and other non-current assets in the logistics segment are impaired requires an estimation of the value in use of the group of CGUs. The increased geopolitical tension and uncertainty have created a more volatile market environment, increasing the complexity and judgment involved in the impairment assessment, particularly in relation to key assumptions such as future cash flows. Management used current trends and expectations of future events it considered reasonable under the circumstances. The determination of the value in use is particularly sensitive to changes in the forecast revenue and operating expenses. The cash flow estimates are based on the management plan for a five-year period, utilizing several external and internal sources, with expected throughput and average margins as a basis. Moreover, the development of our key customers is followed closely and growth rates for vehicle and equipment processing reflect the increased competition in the market and auto and equipment sales projections available to us. For the terminals business, the market analysis developed for shipping is used as a basis as these services tend to follow the same trajectory. Costs to ensure compliance with climate and other sustainability-related regulatory requirements and achievement of strategic sustainability related goals have been factored into the projected cash flows as far as they relate to current business. As an example, investments in e.g., terminal equipment, trucks and forklifts will to a large extent be electric. Reductions in rates and volumes across the various services in the segment would influence the estimate, and consequences from uncertainties in trade policies and tariffs may impact the business outlook and accordingly future cash flows and margins.Significant accounting judgments, estimates and assumptionsWhen the fair values of financial instruments cannot be measured using quoted prices in active markets, they are determined using third-party quotes that relay on the maximum number of observable market inputs for price discovery. When this is not feasible, judgment is required to establishing the financial instrument\u2019s fair values. This is based on inputs like liquidity risk, credit risk and volatility. Changes in these assumptions may affect the reported fair values.",
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"f0__s8__7__31": {
"value": "Note 2. Segment reportingThe group's operating segments are reported in a manner consistent with the internal financial reporting used by the group Chief Executive Officer (CEO) to monitor the operating results of each segment for the purpose of coordinating business and management to optimize the use of know-how and allocate resources and to assess performance related to the implementation of the group's strategy.Shipping servicesThe Shipping services segment is engaged in ocean transport of cars and RoRo cargo. Its main customers are global car manufacturers as well as manufacturers of construction and other high & heavy equipment, in addition to select industrial break-bulk cargo. The customers' cargo is carried in a worldwide transport network. This is the group\u2019s most capital-intensive segment. The revenue is generated from transporting these products and varies with voyage routes. In the Shipping services segment, contract duration is normally one to five years, with some 20-30 percent of contracts being renewed annually. Fixed prices are usually applied, with review for CPI development or other applicable index for contracts exceeding three years. Payment is typically due within 15 to 60 days from loading date, except where collect terms and/or local charges apply which are payable at destination. Fuel surcharges are reflected in most contracts and represent a variable pricing element. In some contracts, the group is guaranteed a fixed percentage of a customer\u2019s volume, but mostly there are no defined minimum volumes.Logistics servicesThe Logistics services segment has mainly the same customer groups as Shipping services. Customers operating globally are offered logistics services, such as vehicle processing centers, equipment processing centers, inland distribution networks and terminals. The segment\u2019s primary assets are terminal and processing facilities and long-term customer relationships. In the Logistics services segment, contract duration is normally one to five years with options to extend, and in some cases a term up to 10 years. Pricing is usually fixed with CPI or other adjustments applicable for many contracts, and payment is typically due within 15 to 30 days from completion of service. Volumes may vary depending on customer output.Government servicesThe Government services segment provides ocean transport of RoRo cargo, breakbulk and vehicles. The segment also performs logistics services primarily related to multimodal transportation, stevedoring and terminal operations. The primary customer is the U.S. government, but the segment also includes commercial cargos such as those generated by the financial sponsorship of a federal program or a guarantee provided by the U.S. Government. In the Government services segment, contract duration can vary between less than one year and as long as ten years. Segment revenue and EBITDA is primarily driven by government activities which are in part driven by world events and government objectives, and does not necessarily follow regular seasonal patterns.Holding/eliminationsRemaining group activities, including corporate management, tax and finance, and other adjustments and eliminations that are not allocated to operating segments.Income statementShipping services Logistics services Government services Holding/eliminations TotalUSD million 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Net freight revenue 3,469 3,353 - - 202 197 - - 3,671 3,549Fuel surcharges 498 555 - - 3 2 - - 501 557Operating revenue 16 19 944 1,063 107 119 - - 1,068 1,201Internal operating revenue 5 10 143 141 100 109 (248) (260) - -Total revenue 3,989 3,937 1,087 1,205 411 427 (248) (260) 5,240 5,308Cargo expenses (646) (618) - - (47) (49) 188 175 (505) (492)Fuel (759) (822) - - (35) (30) - - (794) (851)Other voyage expenses (411) (336) - - (16) (14) - - (427) (350)Ship operating expenses (279) (268) - - (112) (98) - - (391) (366)Charter expenses (167) (156) - - (6) (5) 51 75 (122) (85)Processing expenses - - (334) (370) (8) (14) 6 5 (337) (379)22Other operating expenses27 32 (446) (465) (9) (10) - (32) (428) (476)Selling, general and admin expenses (194) (208) (179) (173) (25) (24) (37) (36) (435) (440)Total operating expenses (2,429) (2,376) (959) (1,008) (258) (243) 208 188 (3,439) (3,438)Operating profit/(loss) before 1,560 1,561 128 197 153 183 (39) (72) 1,801 1,869depreciation, amortization and impairment (EBITDA)EBITDA margin (%) 39.1 % 39.7 % 11.7 % 16.3 % 37.2 % 43.0 % 15.9 % 27.6 % 34.4 % 35.2 %Gain on disposal of subsidiary - - 135 - - - - - 135 -Depreciation (489) (416) (90) (92) (37) (38) 3 4 (614) (541)Amortization (4) (6) (27) (27) (6) (6) - - (37) (38)Impairment - - - - - - - - - (1)Operating profit/(loss) (EBIT) 1,066 1,140 146 78 109 139 (37) (68) 1,285 1,289Share of profit/(loss) from joint ventures (7) 1 1 2 - - - - (6) 3and associatesFinancial income/(expense) (78) (73) (33) (55) (6) (4) (17) (21) (133) (154)Profit/(loss) before tax 982 1,068 114 25 103 135 (54) (89) 1,146 1,138Tax income/(expense) (30) (50) (13) (31) 11 (5) (10) 13 (42) (73)Profit/(loss) for the period 952 1,018 101 (6) 114 130 (64) (77) 1,104 1,065Profit/(loss) for the period attributable to:Owners of the parent 866 927 101 (7) 114 130 (64) (77) 1,017 973Non-controlling interests85 92 1 1 - - - - 86 93In 2025, revenue of approximately USD 452 million and USD 460 million (2024: USD 314 million and USD 256 million respectively) related to the group's shipping segment originated from two external customers. In 2025, revenue of approximately USD 153 million (2024: USD 168 million) in the logistics segment originated from one external customer.22 Sale of two vessels to a related party resulted in a gain of USD 28 million presented as a reduction of Other operating expenses. The sale of two vessels from Shipping to Government services in 2024 resulted in a USD 32 million gain in the Shipping services segment. The amount is eliminated at group level.Balance sheetShipping services Logistics services Government services Holding/eliminations TotalDec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, USD million2025202420252024202520242025202420252024Deferred tax asset8 4 6 12 (2) (2) 12 23 25 38Goodwill and other intangible assets59 65 170 236 12 18 - - 241 319Vessels and other tangible assets3,416 3,377 112 105 399 429 (22) (22) 3,906 3,889Right-of-use assets1,080 929 418 445 2 2 - (5) 1,500 1,371Other non-current assets65 89 38 39 8 4 (1) - 109 133Other current assets712 763 242 219 88 100 (83) (28) 959 1,053Cash and cash equivalents805 1,033 167 232 96 126 3 2 1,071 1,393Disposal group held for sale2 - - 205 4 - - - 6 205Total assets6,146 6,261 1,154 1,492 607 677 (91) (30) 7,817 8,400Equity controlling interests2,841 2,781 363 310 427 438 (338) (217) 3,293 3,313Equity non-controlling interests- - 9 9 - - - - 9 9Deferred tax liabilities15 17 14 21 3 18 - - 33 56Interest-bearing debt758 941 78 302 109 163 316 371 1,263 1,777Lease liabilities1,052 878 483 499 2 2 - (5) 1,538 1,375Other non-current liabilities15 18 11 8 1 1 34 114 60 141Other current liabilities1,464 1,625 195 192 65 56 (102) (293) 1,622 1,580Liabilities directly associated with disposal group held for sale- - - 150 - - - - - 150Total equity and liabilities6,146 6,260 1,154 1,492 607 677 (90) (30) 7,817 8,40023Investments in tangible assets219 169 24 23 11 191 - (186) 254 19823 In 2024, the Government services segment acquired two vessels from the Shipping services segment for USD 186 million. These amounts are eliminated on the group level.Information by geographical areaTotal Total non-Investment Total Total non-Investment revenuecurrent in tangible revenuecurrent in tangible USD million 2025 Dec 31, 2025 2025 2024 Dec 31, 2024 2024Australia18 - 2 100 33 1Belgium107 89 1 102 86 1Canada59 71 2 56 72 1China- 6 - 30 - -Mexico73 155 3 72 6 1Netherlands23 2 - 59 1 -Norway4 4,546 - - 4,447 -United States632 397 16 674 531 17Other Americas5 2 - 7 1 -Other Europe87 34 - 43 39 -Other Asia & Africa89 100 1 66 49 1Elimination(11) (1,390) - (5) (1,149) -Total logistics & holding1,087 4,012 24 1,205 4,117 23Africa172 - - 166 - -Americas2,378 675 22 2,282 730 192Asia1,190 2,796 161 1,049 2,527 55Europe2,282 8,256 47 2,667 9,044 114Oceania430 1 - 426 58 -Elimination(2,154) (6,704) - (2,342) (7,465) (186)Total shipping & government4,298 5,024 230 4,248 4,895 175Elimination(146) (3,255) - (145) (3,262) -Total group5,240 5,781 254 5,308 5,750 198Shipping services and Government services segmentsAssets in the Shipping and Government services segment, which are comprised mainly of vessels, operate internationally, with individual vessels calling at various ports around the globe. The group has strategically allocated freight revenue based on the destination region of the cargo, charter revenue according to the regional domicile of its customers, and the remaining revenue based on the company's regional domicile. This method ensures that revenue is assigned to regions that serve as relevant decision-making guidelines for all Shipping and Government revenue.Accounting policyVoyage charter revenue (freight revenue)Voyage charter revenue is recognized over time on the basis of progress on fulfillment. The measure of progress is the number of days incurred compared to estimated total days for the applicable voyage. Revenue is recognized on a straight-line basis for the entire voyage. A voyage is defined as transportation of cargo from port of load to port of discharge relevant for the majority of the cargo. A voyage may comprise several customers\u2019 cargo and include several port calls and parts of the cargo may be carried for part of the voyage. Transshipment is necessary when different Wallenius Wilhelmsen carriers are required for different legs of the voyage. When recognizing revenue from voyage charters, the group considers the voyage as a portfolio of contracts with similar characteristics, since combining the contracts does not produce a materially different outcome than accounting for the contracts individually. Invoiced revenue related to an estimated remaining voyage time is deferred (contract liability). The group does not disclose the aggregate amount of the transaction price allocated to the performance obligations that are not satisfied (or partially unsatisfied) at the end of the year as the duration of voyages are less than one year.Land-based logistics services revenue Land-based logistics services revenue consists mainly of terminal services (e.g. loading and unloading of vessels), technical services (e.g. accessory fittings, pre-delivery inspections), and inland distribution (arranging and assisting in transportation of cargo). Revenue is recognized at a point in time on completion of service, which is generally limited to a short period of time. Inland distribution is sold separately to customers and not bundled with ocean transport.The accounting policies of the reporting segments are the same as the group\u2019s accounting policies.",
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"f0__s8__7__28": {
"value": "Note 2. Segment reportingThe group's operating segments are reported in a manner consistent with the internal financial reporting used by the group Chief Executive Officer (CEO) to monitor the operating results of each segment for the purpose of coordinating business and management to optimize the use of know-how and allocate resources and to assess performance related to the implementation of the group's strategy.Shipping servicesThe Shipping services segment is engaged in ocean transport of cars and RoRo cargo. Its main customers are global car manufacturers as well as manufacturers of construction and other high & heavy equipment, in addition to select industrial break-bulk cargo. The customers' cargo is carried in a worldwide transport network. This is the group\u2019s most capital-intensive segment. The revenue is generated from transporting these products and varies with voyage routes. In the Shipping services segment, contract duration is normally one to five years, with some 20-30 percent of contracts being renewed annually. Fixed prices are usually applied, with review for CPI development or other applicable index for contracts exceeding three years. Payment is typically due within 15 to 60 days from loading date, except where collect terms and/or local charges apply which are payable at destination. Fuel surcharges are reflected in most contracts and represent a variable pricing element. In some contracts, the group is guaranteed a fixed percentage of a customer\u2019s volume, but mostly there are no defined minimum volumes.Logistics servicesThe Logistics services segment has mainly the same customer groups as Shipping services. Customers operating globally are offered logistics services, such as vehicle processing centers, equipment processing centers, inland distribution networks and terminals. The segment\u2019s primary assets are terminal and processing facilities and long-term customer relationships. In the Logistics services segment, contract duration is normally one to five years with options to extend, and in some cases a term up to 10 years. Pricing is usually fixed with CPI or other adjustments applicable for many contracts, and payment is typically due within 15 to 30 days from completion of service. Volumes may vary depending on customer output.Government servicesThe Government services segment provides ocean transport of RoRo cargo, breakbulk and vehicles. The segment also performs logistics services primarily related to multimodal transportation, stevedoring and terminal operations. The primary customer is the U.S. government, but the segment also includes commercial cargos such as those generated by the financial sponsorship of a federal program or a guarantee provided by the U.S. Government. In the Government services segment, contract duration can vary between less than one year and as long as ten years. Segment revenue and EBITDA is primarily driven by government activities which are in part driven by world events and government objectives, and does not necessarily follow regular seasonal patterns.Holding/eliminationsRemaining group activities, including corporate management, tax and finance, and other adjustments and eliminations that are not allocated to operating segments.Income statementShipping services Logistics services Government services Holding/eliminations TotalUSD million 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Net freight revenue 3,469 3,353 - - 202 197 - - 3,671 3,549Fuel surcharges 498 555 - - 3 2 - - 501 557Operating revenue 16 19 944 1,063 107 119 - - 1,068 1,201Internal operating revenue 5 10 143 141 100 109 (248) (260) - -Total revenue 3,989 3,937 1,087 1,205 411 427 (248) (260) 5,240 5,308Cargo expenses (646) (618) - - (47) (49) 188 175 (505) (492)Fuel (759) (822) - - (35) (30) - - (794) (851)Other voyage expenses (411) (336) - - (16) (14) - - (427) (350)Ship operating expenses (279) (268) - - (112) (98) - - (391) (366)Charter expenses (167) (156) - - (6) (5) 51 75 (122) (85)Processing expenses - - (334) (370) (8) (14) 6 5 (337) (379)22Other operating expenses27 32 (446) (465) (9) (10) - (32) (428) (476)Selling, general and admin expenses (194) (208) (179) (173) (25) (24) (37) (36) (435) (440)Total operating expenses (2,429) (2,376) (959) (1,008) (258) (243) 208 188 (3,439) (3,438)Operating profit/(loss) before 1,560 1,561 128 197 153 183 (39) (72) 1,801 1,869depreciation, amortization and impairment (EBITDA)EBITDA margin (%) 39.1 % 39.7 % 11.7 % 16.3 % 37.2 % 43.0 % 15.9 % 27.6 % 34.4 % 35.2 %Gain on disposal of subsidiary - - 135 - - - - - 135 -Depreciation (489) (416) (90) (92) (37) (38) 3 4 (614) (541)Amortization (4) (6) (27) (27) (6) (6) - - (37) (38)Impairment - - - - - - - - - (1)Operating profit/(loss) (EBIT) 1,066 1,140 146 78 109 139 (37) (68) 1,285 1,289Share of profit/(loss) from joint ventures (7) 1 1 2 - - - - (6) 3and associatesFinancial income/(expense) (78) (73) (33) (55) (6) (4) (17) (21) (133) (154)Profit/(loss) before tax 982 1,068 114 25 103 135 (54) (89) 1,146 1,138Tax income/(expense) (30) (50) (13) (31) 11 (5) (10) 13 (42) (73)Profit/(loss) for the period 952 1,018 101 (6) 114 130 (64) (77) 1,104 1,065Profit/(loss) for the period attributable to:Owners of the parent 866 927 101 (7) 114 130 (64) (77) 1,017 973Non-controlling interests85 92 1 1 - - - - 86 93In 2025, revenue of approximately USD 452 million and USD 460 million (2024: USD 314 million and USD 256 million respectively) related to the group's shipping segment originated from two external customers. In 2025, revenue of approximately USD 153 million (2024: USD 168 million) in the logistics segment originated from one external customer.22 Sale of two vessels to a related party resulted in a gain of USD 28 million presented as a reduction of Other operating expenses. The sale of two vessels from Shipping to Government services in 2024 resulted in a USD 32 million gain in the Shipping services segment. The amount is eliminated at group level.Balance sheetShipping services Logistics services Government services Holding/eliminations TotalDec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, USD million2025202420252024202520242025202420252024Deferred tax asset8 4 6 12 (2) (2) 12 23 25 38Goodwill and other intangible assets59 65 170 236 12 18 - - 241 319Vessels and other tangible assets3,416 3,377 112 105 399 429 (22) (22) 3,906 3,889Right-of-use assets1,080 929 418 445 2 2 - (5) 1,500 1,371Other non-current assets65 89 38 39 8 4 (1) - 109 133Other current assets712 763 242 219 88 100 (83) (28) 959 1,053Cash and cash equivalents805 1,033 167 232 96 126 3 2 1,071 1,393Disposal group held for sale2 - - 205 4 - - - 6 205Total assets6,146 6,261 1,154 1,492 607 677 (91) (30) 7,817 8,400Equity controlling interests2,841 2,781 363 310 427 438 (338) (217) 3,293 3,313Equity non-controlling interests- - 9 9 - - - - 9 9Deferred tax liabilities15 17 14 21 3 18 - - 33 56Interest-bearing debt758 941 78 302 109 163 316 371 1,263 1,777Lease liabilities1,052 878 483 499 2 2 - (5) 1,538 1,375Other non-current liabilities15 18 11 8 1 1 34 114 60 141Other current liabilities1,464 1,625 195 192 65 56 (102) (293) 1,622 1,580Liabilities directly associated with disposal group held for sale- - - 150 - - - - - 150Total equity and liabilities6,146 6,260 1,154 1,492 607 677 (90) (30) 7,817 8,40023Investments in tangible assets219 169 24 23 11 191 - (186) 254 19823 In 2024, the Government services segment acquired two vessels from the Shipping services segment for USD 186 million. These amounts are eliminated on the group level.Information by geographical areaTotal Total non-Investment Total Total non-Investment revenuecurrent in tangible revenuecurrent in tangible USD million 2025 Dec 31, 2025 2025 2024 Dec 31, 2024 2024Australia18 - 2 100 33 1Belgium107 89 1 102 86 1Canada59 71 2 56 72 1China- 6 - 30 - -Mexico73 155 3 72 6 1Netherlands23 2 - 59 1 -Norway4 4,546 - - 4,447 -United States632 397 16 674 531 17Other Americas5 2 - 7 1 -Other Europe87 34 - 43 39 -Other Asia & Africa89 100 1 66 49 1Elimination(11) (1,390) - (5) (1,149) -Total logistics & holding1,087 4,012 24 1,205 4,117 23Africa172 - - 166 - -Americas2,378 675 22 2,282 730 192Asia1,190 2,796 161 1,049 2,527 55Europe2,282 8,256 47 2,667 9,044 114Oceania430 1 - 426 58 -Elimination(2,154) (6,704) - (2,342) (7,465) (186)Total shipping & government4,298 5,024 230 4,248 4,895 175Elimination(146) (3,255) - (145) (3,262) -Total group5,240 5,781 254 5,308 5,750 198Shipping services and Government services segmentsAssets in the Shipping and Government services segment, which are comprised mainly of vessels, operate internationally, with individual vessels calling at various ports around the globe. The group has strategically allocated freight revenue based on the destination region of the cargo, charter revenue according to the regional domicile of its customers, and the remaining revenue based on the company's regional domicile. This method ensures that revenue is assigned to regions that serve as relevant decision-making guidelines for all Shipping and Government revenue.Accounting policyVoyage charter revenue (freight revenue)Voyage charter revenue is recognized over time on the basis of progress on fulfillment. The measure of progress is the number of days incurred compared to estimated total days for the applicable voyage. Revenue is recognized on a straight-line basis for the entire voyage. A voyage is defined as transportation of cargo from port of load to port of discharge relevant for the majority of the cargo. A voyage may comprise several customers\u2019 cargo and include several port calls and parts of the cargo may be carried for part of the voyage. Transshipment is necessary when different Wallenius Wilhelmsen carriers are required for different legs of the voyage. When recognizing revenue from voyage charters, the group considers the voyage as a portfolio of contracts with similar characteristics, since combining the contracts does not produce a materially different outcome than accounting for the contracts individually. Invoiced revenue related to an estimated remaining voyage time is deferred (contract liability). The group does not disclose the aggregate amount of the transaction price allocated to the performance obligations that are not satisfied (or partially unsatisfied) at the end of the year as the duration of voyages are less than one year.Land-based logistics services revenue Land-based logistics services revenue consists mainly of terminal services (e.g. loading and unloading of vessels), technical services (e.g. accessory fittings, pre-delivery inspections), and inland distribution (arranging and assisting in transportation of cargo). Revenue is recognized at a point in time on completion of service, which is generally limited to a short period of time. Inland distribution is sold separately to customers and not bundled with ocean transport.The accounting policies of the reporting segments are the same as the group\u2019s accounting policies.",
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"f0__s8__7__32-1": {
"value": "Income statementShipping services Logistics services Government services Holding/eliminations TotalUSD million 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024Net freight revenue 3,469 3,353 - - 202 197 - - 3,671 3,549Fuel surcharges 498 555 - - 3 2 - - 501 557Operating revenue 16 19 944 1,063 107 119 - - 1,068 1,201Internal operating revenue 5 10 143 141 100 109 (248) (260) - -Total revenue 3,989 3,937 1,087 1,205 411 427 (248) (260) 5,240 5,308Cargo expenses (646) (618) - - (47) (49) 188 175 (505) (492)Fuel (759) (822) - - (35) (30) - - (794) (851)Other voyage expenses (411) (336) - - (16) (14) - - (427) (350)Ship operating expenses (279) (268) - - (112) (98) - - (391) (366)Charter expenses (167) (156) - - (6) (5) 51 75 (122) (85)Processing expenses - - (334) (370) (8) (14) 6 5 (337) (379)22Other operating expenses27 32 (446) (465) (9) (10) - (32) (428) (476)Selling, general and admin expenses (194) (208) (179) (173) (25) (24) (37) (36) (435) (440)Total operating expenses (2,429) (2,376) (959) (1,008) (258) (243) 208 188 (3,439) (3,438)Operating profit/(loss) before 1,560 1,561 128 197 153 183 (39) (72) 1,801 1,869depreciation, amortization and impairment (EBITDA)EBITDA margin (%) 39.1 % 39.7 % 11.7 % 16.3 % 37.2 % 43.0 % 15.9 % 27.6 % 34.4 % 35.2 %Gain on disposal of subsidiary - - 135 - - - - - 135 -Depreciation (489) (416) (90) (92) (37) (38) 3 4 (614) (541)Amortization (4) (6) (27) (27) (6) (6) - - (37) (38)Impairment - - - - - - - - - (1)Operating profit/(loss) (EBIT) 1,066 1,140 146 78 109 139 (37) (68) 1,285 1,289Share of profit/(loss) from joint ventures (7) 1 1 2 - - - - (6) 3and associatesFinancial income/(expense) (78) (73) (33) (55) (6) (4) (17) (21) (133) (154)Profit/(loss) before tax 982 1,068 114 25 103 135 (54) (89) 1,146 1,138Tax income/(expense) (30) (50) (13) (31) 11 (5) (10) 13 (42) (73)Profit/(loss) for the period 952 1,018 101 (6) 114 130 (64) (77) 1,104 1,065Profit/(loss) for the period attributable to:Owners of the parent 866 927 101 (7) 114 130 (64) (77) 1,017 973Non-controlling interests85 92 1 1 - - - - 86 93In 2025, revenue of approximately USD 452 million and USD 460 million (2024: USD 314 million and USD 256 million respectively) related to the group's shipping segment originated from two external customers. In 2025, revenue of approximately USD 153 million (2024: USD 168 million) in the logistics segment originated from one external customer.22 Sale of two vessels to a related party resulted in a gain of USD 28 million presented as a reduction of Other operating expenses. The sale of two vessels from Shipping to Government services in 2024 resulted in a USD 32 million gain in the Shipping services segment. The amount is eliminated at group level.Balance sheetShipping services Logistics services Government services Holding/eliminations TotalDec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, USD million2025202420252024202520242025202420252024Deferred tax asset8 4 6 12 (2) (2) 12 23 25 38Goodwill and other intangible assets59 65 170 236 12 18 - - 241 319Vessels and other tangible assets3,416 3,377 112 105 399 429 (22) (22) 3,906 3,889Right-of-use assets1,080 929 418 445 2 2 - (5) 1,500 1,371Other non-current assets65 89 38 39 8 4 (1) - 109 133Other current assets712 763 242 219 88 100 (83) (28) 959 1,053Cash and cash equivalents805 1,033 167 232 96 126 3 2 1,071 1,393Disposal group held for sale2 - - 205 4 - - - 6 205Total assets6,146 6,261 1,154 1,492 607 677 (91) (30) 7,817 8,400Equity controlling interests2,841 2,781 363 310 427 438 (338) (217) 3,293 3,313Equity non-controlling interests- - 9 9 - - - - 9 9Deferred tax liabilities15 17 14 21 3 18 - - 33 56Interest-bearing debt758 941 78 302 109 163 316 371 1,263 1,777Lease liabilities1,052 878 483 499 2 2 - (5) 1,538 1,375Other non-current liabilities15 18 11 8 1 1 34 114 60 141Other current liabilities1,464 1,625 195 192 65 56 (102) (293) 1,622 1,580Liabilities directly associated with disposal group held for sale- - - 150 - - - - - 150Total equity and liabilities6,146 6,260 1,154 1,492 607 677 (90) (30) 7,817 8,40023Investments in tangible assets219 169 24 23 11 191 - (186) 254 19823 In 2024, the Government services segment acquired two vessels from the Shipping services segment for USD 186 million. These amounts are eliminated on the group level.Accounting policyVoyage charter revenue (freight revenue)Voyage charter revenue is recognized over time on the basis of progress on fulfillment. The measure of progress is the number of days incurred compared to estimated total days for the applicable voyage. Revenue is recognized on a straight-line basis for the entire voyage. A voyage is defined as transportation of cargo from port of load to port of discharge relevant for the majority of the cargo. A voyage may comprise several customers\u2019 cargo and include several port calls and parts of the cargo may be carried for part of the voyage. Transshipment is necessary when different Wallenius Wilhelmsen carriers are required for different legs of the voyage. When recognizing revenue from voyage charters, the group considers the voyage as a portfolio of contracts with similar characteristics, since combining the contracts does not produce a materially different outcome than accounting for the contracts individually. Invoiced revenue related to an estimated remaining voyage time is deferred (contract liability). The group does not disclose the aggregate amount of the transaction price allocated to the performance obligations that are not satisfied (or partially unsatisfied) at the end of the year as the duration of voyages are less than one year.Land-based logistics services revenue Land-based logistics services revenue consists mainly of terminal services (e.g. loading and unloading of vessels), technical services (e.g. accessory fittings, pre-delivery inspections), and inland distribution (arranging and assisting in transportation of cargo). Revenue is recognized at a point in time on completion of service, which is generally limited to a short period of time. Inland distribution is sold separately to customers and not bundled with ocean transport.The accounting policies of the reporting segments are the same as the group\u2019s accounting policies.",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s8__7__30": {
"value": "Accounting policyVoyage charter revenue (freight revenue)Voyage charter revenue is recognized over time on the basis of progress on fulfillment. The measure of progress is the number of days incurred compared to estimated total days for the applicable voyage. Revenue is recognized on a straight-line basis for the entire voyage. A voyage is defined as transportation of cargo from port of load to port of discharge relevant for the majority of the cargo. A voyage may comprise several customers\u2019 cargo and include several port calls and parts of the cargo may be carried for part of the voyage. Transshipment is necessary when different Wallenius Wilhelmsen carriers are required for different legs of the voyage. When recognizing revenue from voyage charters, the group considers the voyage as a portfolio of contracts with similar characteristics, since combining the contracts does not produce a materially different outcome than accounting for the contracts individually. Invoiced revenue related to an estimated remaining voyage time is deferred (contract liability). The group does not disclose the aggregate amount of the transaction price allocated to the performance obligations that are not satisfied (or partially unsatisfied) at the end of the year as the duration of voyages are less than one year.Land-based logistics services revenue Land-based logistics services revenue consists mainly of terminal services (e.g. loading and unloading of vessels), technical services (e.g. accessory fittings, pre-delivery inspections), and inland distribution (arranging and assisting in transportation of cargo). Revenue is recognized at a point in time on completion of service, which is generally limited to a short period of time. Inland distribution is sold separately to customers and not bundled with ocean transport.The accounting policies of the reporting segments are the same as the group\u2019s accounting policies.",
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"entity": "scheme:549300NBN0URT3RA3Y54",
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"f0__s8__7__29": {
"value": "Accounting policyVoyage charter revenue (freight revenue)Voyage charter revenue is recognized over time on the basis of progress on fulfillment. The measure of progress is the number of days incurred compared to estimated total days for the applicable voyage. Revenue is recognized on a straight-line basis for the entire voyage. A voyage is defined as transportation of cargo from port of load to port of discharge relevant for the majority of the cargo. A voyage may comprise several customers\u2019 cargo and include several port calls and parts of the cargo may be carried for part of the voyage. Transshipment is necessary when different Wallenius Wilhelmsen carriers are required for different legs of the voyage. When recognizing revenue from voyage charters, the group considers the voyage as a portfolio of contracts with similar characteristics, since combining the contracts does not produce a materially different outcome than accounting for the contracts individually. Invoiced revenue related to an estimated remaining voyage time is deferred (contract liability). The group does not disclose the aggregate amount of the transaction price allocated to the performance obligations that are not satisfied (or partially unsatisfied) at the end of the year as the duration of voyages are less than one year.Land-based logistics services revenue Land-based logistics services revenue consists mainly of terminal services (e.g. loading and unloading of vessels), technical services (e.g. accessory fittings, pre-delivery inspections), and inland distribution (arranging and assisting in transportation of cargo). Revenue is recognized at a point in time on completion of service, which is generally limited to a short period of time. Inland distribution is sold separately to customers and not bundled with ocean transport.The accounting policies of the reporting segments are the same as the group\u2019s accounting policies.",
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"entity": "scheme:549300NBN0URT3RA3Y54",
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"f0__s8__7__36": {
"value": "Note 3. Operating expensesUSD million Notes 2025 2024Voyage expensesStevedoring - loading/discharging (364) (369)Other cargo expenses (141) (124)Total cargo expenses (505) (492)Port & canal expenses (405) (327)Additional voyage expenses (21) (23)Total other voyage expenses (427) (350)24Fuel(794) (851)Total voyage expenses (1,725) (1,693)Charter expenses (122) (85)Ship operating expenses25Crew expenses(199) (180)Maintenance of vessels (58) (54)Ship management fee (18) (17)Other ocean expenses (117) (116)Total ship operating expenses (391) (366)26Processing expenses(337) (379)Other operating expenses and SG&AEmployee benefits 4 (664) (645)Hired personnel (51) (64)External services (45) (76)Other administration expenses (104) (131)Total operating expenses and SG&A (863) (915)Total operating expenses (3,439) (3,438)27Expensed audit fee (included in external services)USD thousand 2025 2024Statutory audit 2,001 91928Other assurance services322 119Total expensed audit fee 2,323 1,03824 Includes USD 13 million related to EU ETS emission expenses.25 Crew/seagoing personnel are hired and not employed by the group.26 Processing expenses relates primarily to terminal operating costs and vehicle and equipment processing costs, including materials consumed.27 Audit and related fees only include the group auditor, EY. EY were appointed auditors with effect from 2024 and the figures represent fees expensed in the year.28 Other assurance services relate to limited assurance on the sustainability statement and assurance on the remuneration report and special purpose financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__34-1": {
"value": "Note 3. Operating expensesUSD million Notes 2025 2024Voyage expensesStevedoring - loading/discharging (364) (369)Other cargo expenses (141) (124)Total cargo expenses (505) (492)Port & canal expenses (405) (327)Additional voyage expenses (21) (23)Total other voyage expenses (427) (350)24Fuel(794) (851)Total voyage expenses (1,725) (1,693)Charter expenses (122) (85)Ship operating expenses25Crew expenses(199) (180)Maintenance of vessels (58) (54)Ship management fee (18) (17)Other ocean expenses (117) (116)Total ship operating expenses (391) (366)26Processing expenses(337) (379)Other operating expenses and SG&AEmployee benefits 4 (664) (645)Hired personnel (51) (64)External services (45) (76)Other administration expenses (104) (131)Total operating expenses and SG&A (863) (915)Total operating expenses (3,439) (3,438)27Expensed audit fee (included in external services)USD thousand 2025 2024Statutory audit 2,001 91928Other assurance services322 119Total expensed audit fee 2,323 1,03824 Includes USD 13 million related to EU ETS emission expenses.25 Crew/seagoing personnel are hired and not employed by the group.26 Processing expenses relates primarily to terminal operating costs and vehicle and equipment processing costs, including materials consumed.27 Audit and related fees only include the group auditor, EY. EY were appointed auditors with effect from 2024 and the figures represent fees expensed in the year.28 Other assurance services relate to limited assurance on the sustainability statement and assurance on the remuneration report and special purpose financial statements.Tonnage tax Companies subject to tonnage tax regimes are exempt from ordinary tax on their shipping income. In lieu of ordinary taxation, tonnage taxed companies are taxed on a notional basis based on the net tonnage of the companies' vessels. Income not derived from the operation of vessels in international waters, such as financial income, is usually taxed according to the ordinary taxation rules applicable in the resident country of each respective company. The group had three wholly-owned companies resident in Malta, Norway and Sweden which were taxed under a tonnage tax regime in 2025. In addition, entities in the government structure entered the US tonnage tax regime in 2025. Further, the group has an ownership of 80 percent in EUKOR which is a tonnage taxed company resident in the Republic of Korea. Accounting policyCurrent and deferred tax is recognized in the income statement unless it relates to items recognized in other comprehensive income or directly in equity. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the jurisdictions where the group operates and generates taxable income.Deferred taxDeferred tax is calculated using the liability method on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences and unused tax losses can be utilized. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled.Deferred income tax is calculated on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the group.Tonnage taxFor group companies subject to tonnage tax regimes, the tonnage tax is recognized as an operating cost.",
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"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s8__7__35": {
"value": "27Expensed audit fee (included in external services)USD thousand 2025 2024Statutory audit 2,001 91928Other assurance services322 119Total expensed audit fee 2,323 1,03824 Includes USD 13 million related to EU ETS emission expenses.25 Crew/seagoing personnel are hired and not employed by the group.26 Processing expenses relates primarily to terminal operating costs and vehicle and equipment processing costs, including materials consumed.27 Audit and related fees only include the group auditor, EY. EY were appointed auditors with effect from 2024 and the figures represent fees expensed in the year.28 Other assurance services relate to limited assurance on the sustainability statement and assurance on the remuneration report and special purpose financial statements.",
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"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
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"f0__s8__7__37-1": {
"value": "Note 4. Employee benefits and board remunerationEmployee benefitsUSD million Notes 2025 2024Full-time equivalents (FTE) 2025 2024Salary 571 554Group companies in Norway 151 131Payroll tax 55 52Group companies in Europe, excl. Norway 1,011 1,019Pension cost 14 33 34Group companies in South Africa 462 501Other remuneration 5 5Group companies in Asia & Oceania 845 862Total employee benefits 664 645Group companies in United States 3,070 3,506Group companies in Mexico 2,116 2,011Group companies in Americas, excl. US and Mexico 530 539Total FTE 8,184 8,568Average FTE 8,376 8,538Executive management remunerationUSD thousand 2025 2024Fixed base salary 4,749 4,054Benefits 619 500Pension 541 450Short-term incentive 1,902 1,988Long-term incentive 1,412 1,736Severance 358 -Total executive management remuneration 9,581 8,727Long-term incentive plansThe group provides long-term incentive plans for senior executives. The program is currently limited to group executive management and a very small number of other senior executives. At the award date, executives receive PSUs based on the value of the listed shares of Wallenius Wilhelmsen ASA to the extent of their maximum award level, which is between 30-50 percent of base salary. Vesting is conditional on the continued employment of the executive and the achievement of performance indicators based on financial, strategic and sustainability targets. The liability recognized at December 31, 2025 was USD 3 million (2024: USD 3 million). The long-term incentive plans are accounted for as cash-settled arrangements and the liability incurred is measured at fair value at the end of each reporting period and at the settlement date. Changes in fair value are recognized in the income statement for the period.Shares owned or controlled by representatives of the group at December 31, 2025Number of Percent of NamesharessharesBoard of directorsRune Bjerke 34,750 0.01 %29Thomas Wilhelmsen161,375,095 38.14 %Margareta Alestig 1,600 - %Line Merethe Hestvik 4,000 - %Yngvil Eriksson \u00c5sheim 4,250 - %Hans \u00c5kervall - - %Magnus Groth 13,000 - %Senior executivesChief Executive Officer (CEO) - Lasse Kristoffersen 33,100 0.01 %Chief Financial Officer (CFO) - Bj\u00f8rnar Bukholm - - %Chief Operating Officer (COO) Shipping services - Xavier Leroi 70,905 0.02 %Chief Strategy & Corporate Development Officer - Michael Hynekamp 160,903 0.04 %Chief Operating Officer (COO) Logistics services- John Felitto 67,050 0.02 %Chief Operating Officer, Supply Chain Solutions - Christian Holth - - %Chief People Officer (CPO) - Wenche Agerup 8,092 - %Chief Customer Officer (CCO) - Pia Synnerman - - %Chief Communications and Marketing Officer (CCMO) - Anette Maltun Koefoed 2,010 - %Nomination CommitteeAnders Ryssdal - - %30Jonas Kleberg- - %Carl Erik Steen 40,000 0.01 %The board members are encouraged to own shares in the company, and any shares purchase are private investments and made at their own expense and responsibility. 29 37.87% of the shareholding is owned through a controlling interest in Wilh. Wilhelmsen Holding ASA, see note 23.30 Wallenius Lines AB owns 37.82 percent of the shares in Wallenius Wilhelmsen ASA, see note 23. Jonas Kleberg has an ownership interest in Wallenius Lines AB through his shareholding in Rederi AB Soya.Note 14. Employee retirement plansThe group companies provide various retirement plans in accordance with local regulations and practice in the countries in which they operate. The pension plans are largely defined contribution plans. The defined benefit plans are based on years of service and salary levels and normally guarantees a specified return or agreed benefit. The defined benefit plans are for the main part related to subsidiaries in Norway, US, UK and the Republic of Korea and are closed plans or only applicable for senior executives. The group also has agreements on early retirement. These obligations are mainly financed from operations. Number of people covered by pension schemes at December 31 2025 2024In employment 2,889 2,825In retirement (including disability pensions) 609 694Total number of people covered by pension schemes 3,498 3,519USD million 2025 2024Expenses for employee retirement plans recognized in the income statementDefined benefit plans 3 4Defined contribution plans 30 30Net pension expenses 33 34RemeasurementsRemeasurements recognized in other comprehensive income 2 (2)Tax effect of pension other comprehensive income - -Net remeasurements in other comprehensive income 2 (2)USD million 2025 2024Pension obligationsDefined benefit obligation at end of prior year 83 84Current/past service cost and interest cost 6 7Benefit payments from employer (5) (5)Remeasurements (3) 1Effect of changes in foreign exchange rates 3 (4)Defined benefit obligations at December 31 83 83Gross pension assetsFair value of plan assets at end of prior year 53 52Interest income 2 2Employer contributions 3 3Benefit payments from plan assets (2) (1)Return on plan assets (excluding interest income) (2) (1)Effect of changes in foreign exchange rates - (1)Gross pension assets at December 31 55 53Total pension obligationsDefined benefit obligations 83 83Fair value of plan assets 55 5332Net pension liabilities28 3032 Presented as pension asset of USD 7 million (2024: USD 5 million) and pension liability of USD 34 million (2024: USD 34 million)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__38": {
"value": "USD million Notes 2025 2024Full-time equivalents (FTE) 2025 2024Salary 571 554Group companies in Norway 151 131Payroll tax 55 52Group companies in Europe, excl. Norway 1,011 1,019Pension cost 14 33 34Group companies in South Africa 462 501Other remuneration 5 5Group companies in Asia & Oceania 845 862Total employee benefits 664 645Group companies in United States 3,070 3,506Group companies in Mexico 2,116 2,011Group companies in Americas, excl. US and Mexico 530 539Total FTE 8,184 8,568Average FTE 8,376 8,538",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__40": {
"value": "Long-term incentive plansThe group provides long-term incentive plans for senior executives. The program is currently limited to group executive management and a very small number of other senior executives. At the award date, executives receive PSUs based on the value of the listed shares of Wallenius Wilhelmsen ASA to the extent of their maximum award level, which is between 30-50 percent of base salary. Vesting is conditional on the continued employment of the executive and the achievement of performance indicators based on financial, strategic and sustainability targets. The liability recognized at December 31, 2025 was USD 3 million (2024: USD 3 million). The long-term incentive plans are accounted for as cash-settled arrangements and the liability incurred is measured at fair value at the end of each reporting period and at the settlement date. Changes in fair value are recognized in the income statement for the period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__46": {
"value": "Note 5. Financial itemsUSD million 2025 2024Financial incomeInterest income 52 80Other financial income 6 6Net financial income 58 86Financial expensesInterest expenses (181) (248)Interest rate derivatives gain/(loss) 17 29Interest rate derivatives - net change in fair value (27) 3Other financial expenses (17) (11)Net financial expenses (208) (228)CurrencyNet currency gain/(loss) (29) 54Foreign currency derivatives gain/(loss) (12) (43)Foreign currency derivatives - net change in fair value 57 (22)Net currency 17 (12)Financial items - net (133) (154)The above table provides a split of financial expenses and income according to the type of financial instrument. This reconciles to the financial items presented in the income statement as follows:USD million 2025 2024Interest income and other financial incomeInterest income 52 80Other financial income 6 6Interest rate derivatives gain/(loss) 17 29Interest rate derivatives - net change in fair value - 3Net currency gain - 54Foreign currency derivatives - net change in fair value 57 -Interest income and other financial income 132 171Interest expense and other financial expensesInterest expenses (181) (248)Other financial expenses (17) (11)Interest rate derivatives - net change in fair value (27) -Net currency loss (29) -Foreign currency derivatives gain/(loss) (12) (43)Foreign currency derivatives - net change in fair value - (22)Interest expense and other financial expenses (265) (325)Borrowing costs that cannot be capitalized are recognized in the income statement of the period in which they are incurred. For capitalized borrowing costs, see note 8. See note 16 for more information concerning financial instruments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__45": {
"value": "Note 5. Financial itemsUSD million 2025 2024Financial incomeInterest income 52 80Other financial income 6 6Net financial income 58 86Financial expensesInterest expenses (181) (248)Interest rate derivatives gain/(loss) 17 29Interest rate derivatives - net change in fair value (27) 3Other financial expenses (17) (11)Net financial expenses (208) (228)CurrencyNet currency gain/(loss) (29) 54Foreign currency derivatives gain/(loss) (12) (43)Foreign currency derivatives - net change in fair value 57 (22)Net currency 17 (12)Financial items - net (133) (154)The above table provides a split of financial expenses and income according to the type of financial instrument. This reconciles to the financial items presented in the income statement as follows:USD million 2025 2024Interest income and other financial incomeInterest income 52 80Other financial income 6 6Interest rate derivatives gain/(loss) 17 29Interest rate derivatives - net change in fair value - 3Net currency gain - 54Foreign currency derivatives - net change in fair value 57 -Interest income and other financial income 132 171Interest expense and other financial expensesInterest expenses (181) (248)Other financial expenses (17) (11)Interest rate derivatives - net change in fair value (27) -Net currency loss (29) -Foreign currency derivatives gain/(loss) (12) (43)Foreign currency derivatives - net change in fair value - (22)Interest expense and other financial expenses (265) (325)Borrowing costs that cannot be capitalized are recognized in the income statement of the period in which they are incurred. For capitalized borrowing costs, see note 8. See note 16 for more information concerning financial instruments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f0__s8__7__44": {
"value": "Note 5. Financial itemsUSD million 2025 2024Financial incomeInterest income 52 80Other financial income 6 6Net financial income 58 86Financial expensesInterest expenses (181) (248)Interest rate derivatives gain/(loss) 17 29Interest rate derivatives - net change in fair value (27) 3Other financial expenses (17) (11)Net financial expenses (208) (228)CurrencyNet currency gain/(loss) (29) 54Foreign currency derivatives gain/(loss) (12) (43)Foreign currency derivatives - net change in fair value 57 (22)Net currency 17 (12)Financial items - net (133) (154)The above table provides a split of financial expenses and income according to the type of financial instrument. This reconciles to the financial items presented in the income statement as follows:USD million 2025 2024Interest income and other financial incomeInterest income 52 80Other financial income 6 6Interest rate derivatives gain/(loss) 17 29Interest rate derivatives - net change in fair value - 3Net currency gain - 54Foreign currency derivatives - net change in fair value 57 -Interest income and other financial income 132 171Interest expense and other financial expensesInterest expenses (181) (248)Other financial expenses (17) (11)Interest rate derivatives - net change in fair value (27) -Net currency loss (29) -Foreign currency derivatives gain/(loss) (12) (43)Foreign currency derivatives - net change in fair value - (22)Interest expense and other financial expenses (265) (325)Borrowing costs that cannot be capitalized are recognized in the income statement of the period in which they are incurred. For capitalized borrowing costs, see note 8. See note 16 for more information concerning financial instruments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__43": {
"value": "Note 5. Financial itemsUSD million 2025 2024Financial incomeInterest income 52 80Other financial income 6 6Net financial income 58 86Financial expensesInterest expenses (181) (248)Interest rate derivatives gain/(loss) 17 29Interest rate derivatives - net change in fair value (27) 3Other financial expenses (17) (11)Net financial expenses (208) (228)CurrencyNet currency gain/(loss) (29) 54Foreign currency derivatives gain/(loss) (12) (43)Foreign currency derivatives - net change in fair value 57 (22)Net currency 17 (12)Financial items - net (133) (154)The above table provides a split of financial expenses and income according to the type of financial instrument. This reconciles to the financial items presented in the income statement as follows:USD million 2025 2024Interest income and other financial incomeInterest income 52 80Other financial income 6 6Interest rate derivatives gain/(loss) 17 29Interest rate derivatives - net change in fair value - 3Net currency gain - 54Foreign currency derivatives - net change in fair value 57 -Interest income and other financial income 132 171Interest expense and other financial expensesInterest expenses (181) (248)Other financial expenses (17) (11)Interest rate derivatives - net change in fair value (27) -Net currency loss (29) -Foreign currency derivatives gain/(loss) (12) (43)Foreign currency derivatives - net change in fair value - (22)Interest expense and other financial expenses (265) (325)Borrowing costs that cannot be capitalized are recognized in the income statement of the period in which they are incurred. For capitalized borrowing costs, see note 8. See note 16 for more information concerning financial instruments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__42": {
"value": "Note 5. Financial itemsUSD million 2025 2024Financial incomeInterest income 52 80Other financial income 6 6Net financial income 58 86Financial expensesInterest expenses (181) (248)Interest rate derivatives gain/(loss) 17 29Interest rate derivatives - net change in fair value (27) 3Other financial expenses (17) (11)Net financial expenses (208) (228)CurrencyNet currency gain/(loss) (29) 54Foreign currency derivatives gain/(loss) (12) (43)Foreign currency derivatives - net change in fair value 57 (22)Net currency 17 (12)Financial items - net (133) (154)The above table provides a split of financial expenses and income according to the type of financial instrument. This reconciles to the financial items presented in the income statement as follows:USD million 2025 2024Interest income and other financial incomeInterest income 52 80Other financial income 6 6Interest rate derivatives gain/(loss) 17 29Interest rate derivatives - net change in fair value - 3Net currency gain - 54Foreign currency derivatives - net change in fair value 57 -Interest income and other financial income 132 171Interest expense and other financial expensesInterest expenses (181) (248)Other financial expenses (17) (11)Interest rate derivatives - net change in fair value (27) -Net currency loss (29) -Foreign currency derivatives gain/(loss) (12) (43)Foreign currency derivatives - net change in fair value - (22)Interest expense and other financial expenses (265) (325)Borrowing costs that cannot be capitalized are recognized in the income statement of the period in which they are incurred. For capitalized borrowing costs, see note 8. See note 16 for more information concerning financial instruments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s8__7__41": {
"value": "Note 5. Financial itemsUSD million 2025 2024Financial incomeInterest income 52 80Other financial income 6 6Net financial income 58 86Financial expensesInterest expenses (181) (248)Interest rate derivatives gain/(loss) 17 29Interest rate derivatives - net change in fair value (27) 3Other financial expenses (17) (11)Net financial expenses (208) (228)CurrencyNet currency gain/(loss) (29) 54Foreign currency derivatives gain/(loss) (12) (43)Foreign currency derivatives - net change in fair value 57 (22)Net currency 17 (12)Financial items - net (133) (154)The above table provides a split of financial expenses and income according to the type of financial instrument. This reconciles to the financial items presented in the income statement as follows:USD million 2025 2024Interest income and other financial incomeInterest income 52 80Other financial income 6 6Interest rate derivatives gain/(loss) 17 29Interest rate derivatives - net change in fair value - 3Net currency gain - 54Foreign currency derivatives - net change in fair value 57 -Interest income and other financial income 132 171Interest expense and other financial expensesInterest expenses (181) (248)Other financial expenses (17) (11)Interest rate derivatives - net change in fair value (27) -Net currency loss (29) -Foreign currency derivatives gain/(loss) (12) (43)Foreign currency derivatives - net change in fair value - (22)Interest expense and other financial expenses (265) (325)Borrowing costs that cannot be capitalized are recognized in the income statement of the period in which they are incurred. For capitalized borrowing costs, see note 8. See note 16 for more information concerning financial instruments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s8__7__49": {
"value": "Note 6. TaxOrdinary taxation The ordinary corporation tax rate in Norway, of 22 percent, remains unchanged for 2025. Norwegian limited liability companies are encompassed by the participation exemption method for share income. Thus, share dividends and gains are tax free for the receiving company. Corresponding losses on shares are not deductible. The participation exemption method does not apply to share income from companies considered low taxed and that are located outside the European Economic Area (EEA), and on share income from companies owned by less than 10 percent resident outside the EEA.For group companies with a 90 percent or higher ownership, and which are located in Norway and within the same ordinary tax regime, taxable profits in one company can be offset against tax losses and tax loss carry-forwards in other group companies. Deferred tax/deferred tax assets have been calculated based on temporary differences to the extent that it is likely that these can be utilized. For Norwegian entities the group has applied a tax rate of 22 percent.The group's landbased entities are ordinary taxed in the country of operation. Exceptions are some US Limited Liability Corporations (LLCs) which are disregarded for US tax purposes. These LLCs are taxed at the owner level.Deferred tax The group's deferred tax assets/liabilities are calculated based on the relevant tax rate in each country. The group continues the non-recognition of net deferred tax assets in the balance sheet related to tax losses and non-deductible interest cost with uncertain future utilization. The tax losses are available indefinitely for offsetting against future taxable profits in the entities in which the losses arose. The deferred tax assets not recognized per year-end 2025 amount to USD 225 million (2024: USD 164 million).Specification of tax expense for the yearUSD million 2025 2024Current income tax (including withholding tax) 51 81 Change in deferred tax (9) (8) Total tax expense 42 73 The tax expense for the year ended December 31, 2025 was USD 42 million, compared with USD 73 million in the same period last year. The main driver for the change in the year is that companies within the government segment entered the US tonnage tax regime. Related to this, a deferred tax liability of USD 16.2 million was reversed. The remainder is largely due to lower withholding tax on dividends and lower corporate income tax relating to MIRRAT, which was sold in May 2025. In 2024, the tax expense was impacted by USD 10 million deferred tax expense in the United States, following a reassessment of the future utilization of deferred tax assets.Reconciliation of actual tax expense against expected tax expense in accordance with the income tax rate of 22 percentUSD million 2025 2024Profit/(loss) before tax 1,146 1,13822% tax 252 250Tax effect fromNon-taxable income (239) (231)Share of profits from joint ventures and associates (6) (3)Other permanent differences (45) 33Corporate income tax different tax rate than 22% 2 4Currency translation from USD to local currency for tax purposes (1) 8Deferred tax assets not recognized 61 (9)Prior year adjustments (2) 2Change in deferred tax - (8)Withholding tax 20 27Calculated tax expense for the group 42 73Effective tax rate for the group 4 % 7 %The effective tax rate for the group will, from period to period, change depending on the group gains and losses from investments inside the exemption method and tax exempt revenues from tonnage tax regimes. Change in local tax rates will also impact the effective tax rate for the group.USD million 2025 2024Net deferred tax liabilities at January 1 (18) (14)Currency translation differences 1 (2)Through OCI - -Income statement charge 9 8Reclassified to asset held for sale - (11)Net deferred tax liabilities at December 31 (8) (18)Deferred tax assets in balance sheet 25 38Deferred tax liabilities in balance sheet (33) (56)Net deferred tax liabilities at December 31 (8) (18)The movement in deferred tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:Deferred tax liabilitiesTangible/ intangible Deferred USD millionassetscapital gains Other TotalDeferred tax liabilities at December 31, 2024 (18) - (33) (50)Disposal of subsidiary (Mirrat), reclassified to asset held for sale at December 31, 2024 (6) - - (6)Through income statement 20 - 6 26Currency translation adjustment (3) - - (3)Deferred tax liabilities at December 31, 2025 (6) - (27) (33)Reclassification of deferred tax items -Net deferred tax liabilities at December 31, 2025 (33)Deferred tax liabilities at December 31, 2023 (20) - (32) (52)Through income statement 5 - (1) 4Currency translation adjustment (2) - - (2)Deferred tax liabilities at December 31, 2024 (18) - (33) (50)Reclassification of deferred tax items (6)Net deferred tax liabilities at December 31, 2024 (56)Deferred tax assetsNon-current Tax losses assets and Current assets carried USD millionliabilitiesand liabilitiesforward TotalDeferred tax assets at December 31, 2024 40 2 - 43Disposal of subsidiary (Mirrat), reclassified to asset held for sale at December 31, 2024 (5) - - (5)Through income statement (17) (1) - (17)Through OCI - - - -Currency translation adjustment 4 - - 4Deferred tax assets at December 31, 2025 23 1 - 25Reclassification of deferred tax items -Net deferred tax assets at December 31, 2025 25Deferred tax assets at December 31, 2023 28 2 8 38Through income statement 12 - (8) 4Through OCI - - - -Currency translation adjustment - - - -Deferred tax assets at December 31, 2024 40 2 - 43Reclassification of deferred tax items (5)Net deferred tax assets at December 31, 2024 38",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s8__7__47": {
"value": "Note 6. TaxOrdinary taxation The ordinary corporation tax rate in Norway, of 22 percent, remains unchanged for 2025. Norwegian limited liability companies are encompassed by the participation exemption method for share income. Thus, share dividends and gains are tax free for the receiving company. Corresponding losses on shares are not deductible. The participation exemption method does not apply to share income from companies considered low taxed and that are located outside the European Economic Area (EEA), and on share income from companies owned by less than 10 percent resident outside the EEA.For group companies with a 90 percent or higher ownership, and which are located in Norway and within the same ordinary tax regime, taxable profits in one company can be offset against tax losses and tax loss carry-forwards in other group companies. Deferred tax/deferred tax assets have been calculated based on temporary differences to the extent that it is likely that these can be utilized. For Norwegian entities the group has applied a tax rate of 22 percent.The group's landbased entities are ordinary taxed in the country of operation. Exceptions are some US Limited Liability Corporations (LLCs) which are disregarded for US tax purposes. These LLCs are taxed at the owner level.Deferred tax The group's deferred tax assets/liabilities are calculated based on the relevant tax rate in each country. The group continues the non-recognition of net deferred tax assets in the balance sheet related to tax losses and non-deductible interest cost with uncertain future utilization. The tax losses are available indefinitely for offsetting against future taxable profits in the entities in which the losses arose. The deferred tax assets not recognized per year-end 2025 amount to USD 225 million (2024: USD 164 million).Specification of tax expense for the yearUSD million 2025 2024Current income tax (including withholding tax) 51 81 Change in deferred tax (9) (8) Total tax expense 42 73 The tax expense for the year ended December 31, 2025 was USD 42 million, compared with USD 73 million in the same period last year. The main driver for the change in the year is that companies within the government segment entered the US tonnage tax regime. Related to this, a deferred tax liability of USD 16.2 million was reversed. The remainder is largely due to lower withholding tax on dividends and lower corporate income tax relating to MIRRAT, which was sold in May 2025. In 2024, the tax expense was impacted by USD 10 million deferred tax expense in the United States, following a reassessment of the future utilization of deferred tax assets.Reconciliation of actual tax expense against expected tax expense in accordance with the income tax rate of 22 percentUSD million 2025 2024Profit/(loss) before tax 1,146 1,13822% tax 252 250Tax effect fromNon-taxable income (239) (231)Share of profits from joint ventures and associates (6) (3)Other permanent differences (45) 33Corporate income tax different tax rate than 22% 2 4Currency translation from USD to local currency for tax purposes (1) 8Deferred tax assets not recognized 61 (9)Prior year adjustments (2) 2Change in deferred tax - (8)Withholding tax 20 27Calculated tax expense for the group 42 73Effective tax rate for the group 4 % 7 %The effective tax rate for the group will, from period to period, change depending on the group gains and losses from investments inside the exemption method and tax exempt revenues from tonnage tax regimes. Change in local tax rates will also impact the effective tax rate for the group.USD million 2025 2024Net deferred tax liabilities at January 1 (18) (14)Currency translation differences 1 (2)Through OCI - -Income statement charge 9 8Reclassified to asset held for sale - (11)Net deferred tax liabilities at December 31 (8) (18)Deferred tax assets in balance sheet 25 38Deferred tax liabilities in balance sheet (33) (56)Net deferred tax liabilities at December 31 (8) (18)The movement in deferred tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:Deferred tax liabilitiesTangible/ intangible Deferred USD millionassetscapital gains Other TotalDeferred tax liabilities at December 31, 2024 (18) - (33) (50)Disposal of subsidiary (Mirrat), reclassified to asset held for sale at December 31, 2024 (6) - - (6)Through income statement 20 - 6 26Currency translation adjustment (3) - - (3)Deferred tax liabilities at December 31, 2025 (6) - (27) (33)Reclassification of deferred tax items -Net deferred tax liabilities at December 31, 2025 (33)Deferred tax liabilities at December 31, 2023 (20) - (32) (52)Through income statement 5 - (1) 4Currency translation adjustment (2) - - (2)Deferred tax liabilities at December 31, 2024 (18) - (33) (50)Reclassification of deferred tax items (6)Net deferred tax liabilities at December 31, 2024 (56)Deferred tax assetsNon-current Tax losses assets and Current assets carried USD millionliabilitiesand liabilitiesforward TotalDeferred tax assets at December 31, 2024 40 2 - 43Disposal of subsidiary (Mirrat), reclassified to asset held for sale at December 31, 2024 (5) - - (5)Through income statement (17) (1) - (17)Through OCI - - - -Currency translation adjustment 4 - - 4Deferred tax assets at December 31, 2025 23 1 - 25Reclassification of deferred tax items -Net deferred tax assets at December 31, 2025 25Deferred tax assets at December 31, 2023 28 2 8 38Through income statement 12 - (8) 4Through OCI - - - -Currency translation adjustment - - - -Deferred tax assets at December 31, 2024 40 2 - 43Reclassification of deferred tax items (5)Net deferred tax assets at December 31, 2024 38Pillar Two rulesThe group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in Norway, the jurisdiction in which Wallenius Wilhelmsen ASA is incorporated, and came into effect from January 1, 2025. The group applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Under the legislation, the group is liable to pay a top-up tax for the difference between their GloBE (Global Anti-Base Erosion Rules) effective tax rate per jurisdiction and the 15 percent minimum rate.The group\u2019s exposure is limited and a total provision of USD 4.2 million (2024: USD 3.1 million) pertaining to Pillar Two was recorded in tax expense. The estimates are based on 15 percent top-up tax on net profit before tax in the entities defined as stateless according to the GloBE regulations.Tonnage tax Companies subject to tonnage tax regimes are exempt from ordinary tax on their shipping income. In lieu of ordinary taxation, tonnage taxed companies are taxed on a notional basis based on the net tonnage of the companies' vessels. Income not derived from the operation of vessels in international waters, such as financial income, is usually taxed according to the ordinary taxation rules applicable in the resident country of each respective company. The group had three wholly-owned companies resident in Malta, Norway and Sweden which were taxed under a tonnage tax regime in 2025. In addition, entities in the government structure entered the US tonnage tax regime in 2025. Further, the group has an ownership of 80 percent in EUKOR which is a tonnage taxed company resident in the Republic of Korea. Accounting policyCurrent and deferred tax is recognized in the income statement unless it relates to items recognized in other comprehensive income or directly in equity. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the jurisdictions where the group operates and generates taxable income.Deferred taxDeferred tax is calculated using the liability method on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences and unused tax losses can be utilized. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled.Deferred income tax is calculated on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the group.Tonnage taxFor group companies subject to tonnage tax regimes, the tonnage tax is recognized as an operating cost.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__50": {
"value": "Accounting policyCurrent and deferred tax is recognized in the income statement unless it relates to items recognized in other comprehensive income or directly in equity. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the jurisdictions where the group operates and generates taxable income.Deferred taxDeferred tax is calculated using the liability method on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences and unused tax losses can be utilized. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled.Deferred income tax is calculated on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the group.Tonnage taxFor group companies subject to tonnage tax regimes, the tonnage tax is recognized as an operating cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f0__s8__7__51": {
"value": "Deferred taxDeferred tax is calculated using the liability method on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences and unused tax losses can be utilized. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled.Deferred income tax is calculated on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the group.",
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"f0__s8__7__55-1": {
"value": "Note 7. Goodwill, customer relations/contracts and other intangible assetsTotal goodwill Customer Other and other relations/intangible intangible USD million Goodwillcontractsassetsassets2025Cost at January 1 346 324 90 760Additions - - - -31Disposal(39) - (2) (41)Reclassification - - (6) (6)Currency translation adjustment - - - -Cost at December 31 307 324 83 714Accumulated amortization and impairment losses at January 1 (145) (242) (55) (442)Amortization - (32) (5) (37)Impairment - - - -Disposal - - 1 1Reclassification - - 4 4Currency translation adjustment - - - -Accumulated amortization and impairment losses at December 31 (145) (273) (55) (473)Carrying amount at December 31 162 51 28 241Total goodwill Customer Other and other relations/intangible intangible USD million Goodwillcontractsassetsassets2024Cost at January 1 346 421 79 846Additions - - - -Disposal - (82) (3) (85)Reclassification - (15) 15 -Currency translation adjustment - - - -Cost at December 31 346 324 90 760Accumulated amortization and impairment losses at January 1 (145) (295) (45) (485)Amortization - (32) (6) (38)Impairment - - - -Disposal - 82 1 83Reclassification - 4 (5) (1)Currency translation adjustment - - - -Accumulated amortization and impairment losses at December 31 (145) (242) (55) (442)Carrying amount at December 31 201 82 36 319\u201cOther intangible assets\u201d primarily include port use rights and software.31 Disposal of goodwill relates to the disposal of MIRRAT, see note 24Accounting policyIntangible assets are carried at cost, less accumulated amortization and impairment charges, if any. When applicable, amortization is based on the following estimated useful lives:Customer relations/contracts 3-10 years/contract termOther intangible assets 3-10 yearsGoodwillGoodwill represents the excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition date fair value of any previous equity interests in the acquiree (if any) over the fair value of the group's share of the identifiable net assets. Goodwill from acquisition of subsidiaries is not amortized but is tested for impairment at least annually and carried at cost less impairment losses. For more details on impairment of goodwill refer to note 10 Impairment of non-current assets.Customer relations and contractsIdentifiable customer relationships and other contractual arrangements acquired as part of business combinations are initially recognized at fair value (which is regarded as their cost) when the asset arises from contractual or other legal rights or the relationships are separable. Subsequent to initial recognition, customer relations and contracts are amortized on a straight-line basis over their estimated useful lives.Note 8. Vessels and other tangible assetsOther Total Vessels & dry-Vessel related Property & tangible tangible USD milliondockingprojectsland assets assets2025Cost at January 1 5,934 149 95 116 6,293Additions 85 139 4 26 254Disposal (78) - (1) (8) (87)Reclassification 135 (24) 2 19 131Currency translation adjustment - - 5 4 10Cost at December 31 6,076 264 105 157 6,601Accumulated depreciation and impairment losses at January 1 (2,319) - (27) (58) (2,404)Depreciation (282) - (9) (15) (306)Disposal 66 - 1 7 74Impairment - - - - -Reclassification (32) - 1 (24) (55)Currency translation adjustment - - (3) (3) (5)Accumulated depreciation and impairment losses at December 31 (2,567) - (37) (92) (2,695)Carrying amount at December 31 3,509 264 68 66 3,906Other Total Vessels & dry-Vessel related Property & tangible tangible USD milliondockingprojectsland assets assets2024Cost at January 1 5,705 54 142 118 6,019Additions 63 108 7 20 198Disposal (74) - (2) (11) (86)Reclassification 240 (14) (48) (7) 171Currency translation adjustment - - (5) (4) (8)Cost at December 31 5,934 149 95 116 6,293Accumulated depreciation and impairment losses at January 1 (2,050) - (38) (60) (2,148)Depreciation (270) - (10) (12) (291)Disposal 74 - 2 9 84Impairment - - - - -Reclassification (73) - 17 3 (54)Currency translation adjustment - - 2 2 4Accumulated depreciation and impairment losses at December 31 (2,319) - (27) (58) (2,404)Carrying amount at December 31 3,615 149 67 58 3,889At year-end 2025, the group owned 91 vessels. Vessels include dry-docking, of which carrying amounts at year end was USD 122 million (2024: USD 121 million). Vessel related projects include installments on newbuilds and installments on scrubber installations. Installments on six newbuilds included as additions (USD 108.2 million) represent 15 % of the total capital commitment for the six contracted vessels and 7 % of the total remaining capital commitment for all vessels currently under construction. The remaining capital commitment for all fourteen vessel currently on order is USD 1.5 billion. The payment schedule for these vessels is distributed as follows:USD million 2026 2027 2028Total remaining capex commitment 430 665 342Capitalized borrowing costs amounting to USD 10 million are included in additions to vessel related projects in 2025 (2024: USD 3 million).Leased vessels for which purchase options were exercised during the year were reclassified to \u201cVessels & dry-docking\u201d and are shown as \u201cReclassification\u201d in the above table within Cost USD 119 million (2024: USD 220 million) and Accumulated depreciation USD 35 million (2024: USD 73 million). Corresponding figures are presented in note 9 Right-of-use assets.As there are no significant impairment indicators as at December 31, 2025, the group has not carried out impairment tests for vessels as of this date. Vessel market values (broker estimates) have decreased during the year, but continue to exceed carrying values at the fleet level.Se note 15 for further information of restrictions on assets pledged as security for liabilities.Accounting policyVessels and other tangible assets are carried at cost, less accumulated depreciation and impairment charges, if any. The group capitalizes borrowing costs related to the construction of new vessels on the basis of the group's capitalization rate. Shipbuilder installments paid, other direct vessel costs and the group's interest costs related to financing the acquisition of vessels are capitalized as they are incurred.Depreciation is calculated on a straight-line basis over the estimated useful life of each asset, except for land which is not depreciated. The total depreciable amount of vessels is reduced by its residual value, which is estimated based on the demolition price for general cargo vessels, deducting a charge for green ship recycling. The residual value calculation is performed on an annual basis. Dry-docking and periodic maintenance costs are typically depreciated over the interval between dry-docking events.Tangible assets are depreciated over the following estimated useful lives:Vessels 27-30 yearsDry-docking 2.5-5 yearsProperty 30-50 yearsOther tangible assets 3-10 years Significant components of tangible assets with a different estimated useful life to the whole asset are depreciated separately. Vessels based on a pure car truck carrier (PCTC) or roll-on roll-off (RoRo) design are not separated into different components since there is no significant difference in the estimated useful life for the various components of these vessels over and above dry-docking costs.The estimated residual value and useful life and depreciation method of tangible fixed assets are reviewed at each reporting date. The effect of any changes in estimate is accounted for on a prospective basis.Significant accounting estimates and judgementsUseful life of vesselsThe group has significant carrying amounts related to vessels, and vessels constitute the main tangible fixed assets category in the balance sheet. A reduction in the estimated useful life of vessels can lead to periods with higher depreciation expense in future periods. Climate-related factors, including changes in regulation and technological advances, may in the future impact the estimated useful life of vessels and make them commercially and technologically obsolete earlier than previously expected (stranded assets). The top three identified transition risks are:\u2022 Transitioning to low-emission propulsion technologies with uncertain long-term viability \u2022 Lock-in emitting fuels that become less competitive during ships\u2019 lifetime \u2022 Increased costs to ensure compliance with emerging regional and international climate regulationsConsequently, the expected timing of replacement of existing vessels may be accelerated. The group is, however, increasingly utilizing alternative fuel sources, such as biofuel, and implementing a range of operational and technical solutions to improve the energy efficiency of the vessels. These efforts may counteract the risk of obsolescence of the current fleet. Management has assessed the factors described above and concluded that as of December 31, 2025 no change in the remaining useful life of vessels and other tangible assets was required.Note 9. Right-of-use assetsProperty & Total leased USD million Vesselsland Other assetsassets2025Cost at January 1 1,514 699 50 2,262Additions 465 32 10 506Disposal (142) (9) (4) (156)Reclassification (119) (1) 1 (119)Currency translation adjustment - 25 1 26Cost at December 31 1,717 746 56 2,519Accumulated depreciation and impairment losses at January 1 (627) (236) (28) (891)Depreciation (221) (75) (12) (308)Disposal 142 8 4 155Reclassification 35 - - 35Currency translation adjustment - (10) - (10)Accumulated depreciation and impairment losses at December 31 (671) (312) (36) (1,020)Carrying amount at December 31 1,046 434 20 1,500Property & Total leased USD million Vessels land Other assetsassets2024Cost at January 1 1,577 628 49 2,255Additions 205 267 8 480Disposal (48) (6) (8) (62)Reclassification (220) (166) - (387)Currency translation adjustment - (24) - (24)Cost at December 31 1,514 699 50 2,262Accumulated depreciation and impairment losses at January 1 (588) (199) (25) (812)Depreciation (161) (79) (11) (250)Disposal 48 5 7 61Reclassification 73 30 - 103Currency translation adjustment - 7 - 7Accumulated depreciation and impairment losses at December 31 (627) (236) (28) (891)Carrying amounts at December 31 887 463 22 1,371Right-of-use vesselsPer year-end 2025, the group has a total of 33 (2024: 34) vessels recognized as right-of-use assets with remaining lease terms from 0.5 to 10 years (2024: 0.5 to 11 years). Of the 33 right-of-use vessels (2024: 34), 8 have a purchase option (2024: 10) and 2 have an option to extend (2024: 3). Purchase options and extension options are included in lease agreements where it is reasonably certain that the group will exercise the option. These terms are used to maximize operational flexibility in terms of managing contracts. These options are not yet exercised but are included in the measurement of lease liabilities. Leased vessels for which purchase options were exercised during the year are shown as \u201cReclassification\u201d in the above table within Cost USD 119 million (2024: USD 220 million) and accumulated depreciation USD 35 million (2024: USD 73 million Corresponding figures are presented in note 8 Vessels and other tangible assets.Right-of-use property and landIn addition to vessels, the group\u2019s right-of-use assets primarily consist of land and property arising from lease of land related to different terminal and processing sites around the globe, in addition to office space at various locations. Per year-end 2025, the recognized land and property leases have remaining lease terms from one to 29 years (2024: one to 34 years).Specification of lease liabilitiesUSD million 2025 2024Current lease liabilities 374 283Non-current lease liabilities 1,164 1,092Total lease liabilities 1,538 1,375Interest expense on lease liability recognized in the income statement 81 85See note 15 for specification of lease liability maturity and for specification of undiscounted lease commitments.Of the group\u2019s total lease commitments, option periods that are included in the measurement of lease liabilities but not yet exercised represent USD 251.9 million (2024: USD 297 million). The option periods recognized are primarily related to leases of vessels and land.Leases to which the group is committed, but for which the lease term has not yet commenced, have an undiscounted value of USD 71.7 million. This comprises of one new vessel as well as other property leases relating to office space, processing sites and terminal sites.Lease expenses related to lease agreements not recognized in the balance sheetUSD million 2025 2024Short-term lease expenses (< 12 months) 48 22Low value leases expensed 1 1Variable lease payments 1 1Non-lease component 77 70Total 127 94Short-term leases expenses are recognized as operating expenses and primarily comprise expenses related to lease of vessels, presented as part of charter expenses. Short-term lease of vessels enhances the group's tonnage flexibility and the lease terms are primarily up to three months. In addition to lease of vessels on short-term basis, the group occasionally enters into short-term leases of land areas when site operations require additional area for shorter periods of time.Lessee arrangementsUSD million Included within 2025 2024Principal lease payments Cash flows from financing activities 360 327Interest payments on leases Cash flow from financing activities 81 85Payments for short-term leases Cash flow from operating expenses 48 22Payments for low value leases (>12 in duration) Cash flow from operating expenses 1 1Payments for variable lease components Cash flow from operating expenses 1 1Payments for non-lease component Cash flow from operating expenses 77 70Total 568 505Accounting policyThe group recognizes a lease liability and a corresponding right-of-use asset for all lease agreements in which it is the lessee, except for:\u2022 Leases deemed to be short-term (<12 months) are recognized as an operating expense on a straight-line basis over the lease term.\u2022 Leases deemed to be of low value are recognized as an operating expense on a straight-line basis over the lease term.\u2022 Non-lease components are separated from the lease component in all leases of vessels. For other lease agreements, the group applies a materiality threshold when evaluating separation of components.The lease liability is initially measured at the present value of the lease payments including the non-cancellable period of the lease, together with periods covered by an option to extend the lease when the group is reasonably certain to exercise the option, and periods covered by an option to terminate the lease if the group is reasonably certain not to exercise that option. The right-of-use asset is initially measured at cost and subsequently depreciated from the commencement date to the earlier of the end of the lease term or the end of the useful life of the right-of-use asset. The carrying value of right-of-use assets equals the cost less accumulated depreciation, impairment charges and adjustments for any remeasurement of the corresponding lease liability.",
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"f0__s8__7__54-1": {
"value": "Note 7. Goodwill, customer relations/contracts and other intangible assetsTotal goodwill Customer Other and other relations/intangible intangible USD million Goodwillcontractsassetsassets2025Cost at January 1 346 324 90 760Additions - - - -31Disposal(39) - (2) (41)Reclassification - - (6) (6)Currency translation adjustment - - - -Cost at December 31 307 324 83 714Accumulated amortization and impairment losses at January 1 (145) (242) (55) (442)Amortization - (32) (5) (37)Impairment - - - -Disposal - - 1 1Reclassification - - 4 4Currency translation adjustment - - - -Accumulated amortization and impairment losses at December 31 (145) (273) (55) (473)Carrying amount at December 31 162 51 28 241Total goodwill Customer Other and other relations/intangible intangible USD million Goodwillcontractsassetsassets2024Cost at January 1 346 421 79 846Additions - - - -Disposal - (82) (3) (85)Reclassification - (15) 15 -Currency translation adjustment - - - -Cost at December 31 346 324 90 760Accumulated amortization and impairment losses at January 1 (145) (295) (45) (485)Amortization - (32) (6) (38)Impairment - - - -Disposal - 82 1 83Reclassification - 4 (5) (1)Currency translation adjustment - - - -Accumulated amortization and impairment losses at December 31 (145) (242) (55) (442)Carrying amount at December 31 201 82 36 319\u201cOther intangible assets\u201d primarily include port use rights and software.31 Disposal of goodwill relates to the disposal of MIRRAT, see note 24Accounting policyIntangible assets are carried at cost, less accumulated amortization and impairment charges, if any. When applicable, amortization is based on the following estimated useful lives:Customer relations/contracts 3-10 years/contract termOther intangible assets 3-10 yearsGoodwillGoodwill represents the excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition date fair value of any previous equity interests in the acquiree (if any) over the fair value of the group's share of the identifiable net assets. Goodwill from acquisition of subsidiaries is not amortized but is tested for impairment at least annually and carried at cost less impairment losses. For more details on impairment of goodwill refer to note 10 Impairment of non-current assets.Customer relations and contractsIdentifiable customer relationships and other contractual arrangements acquired as part of business combinations are initially recognized at fair value (which is regarded as their cost) when the asset arises from contractual or other legal rights or the relationships are separable. Subsequent to initial recognition, customer relations and contracts are amortized on a straight-line basis over their estimated useful lives.Note 10. Impairment of non-current assetsImpairment \u2013 GoodwillManagement performed impairment testing of cash generating units (CGUs) or groups of CGUs that contain goodwill during the fourth quarter 2025.Goodwill acquired through business combinations has been allocated to the groups of CGUs as presented below together with carrying amounts, applicable discount rates and perpetuity growth rates used for impairment testing:Growth rate terminal USD million Goodwill Discount rate pre-taxvalueReporting segment 2025 2024 2025 2024 2025 2024Shipping services 43 43 8.8 % 9.1 % 2.0 % 2.0 %Government services 11 11 9.0 % 9.1 % 2.0 % 2.0 %Logistics services 134 134 10.2 % 10.3 % 2.0 % 2.0 %Other 13 13 10.2 % 10.3 % 2.0 % 2.0 %Total 201 201 The recoverable amounts for CGUs and groups of CGUs with goodwill have been determined based on a value in use (ViU) calculation. No impairment charge has been recognized in 2025.Sensitivities for main CGUs with goodwillShipping servicesEntities included in the Shipping services segment own or charter (long-term time-charter or bare-boat) in a fleet of 116 vessels. In addition, three vessels are chartered from a company in the Government services segment. The vessels are used in the group\u2019s global ocean operations for transportation of autos, high & heavy and break-bulk cargo for OEMs or other customers or chartered (T/C out) to other carriers with variable durations. Costs to ensure compliance with climate and other sustainability-related regulatory requirements and achievement of strategic sustainability related goals have been factored into the projected cash flows as far as they relate to current business. Wallenius Wilhelmsen\u2019s long-term assumptions for key variables in the five-year plan such as rates and fuel costs (including e.g., biofuel) and measures to increase vessel energy efficiency are reflected in the cash flow estimates and planning assumptions are consistent with group strategy and our aims to reduce carbon and other GHG emissions. Management has assumed that clean fuel sources will be available. Limitations in availability could lead to additional cost and limitations in operations. The investment in the methanol-capable and ammonia-ready Shaper Class vessels that have been ordered will replace current capacity, and have been included in the cash flow projection. The impairment test indicates a significant headroom and no reasonably possible change in the key assumptions, on which the recoverable amount is based, would cause the aggregate carrying amount to exceed the aggregate recoverable amount.Logistics servicesLogistics services include vehicle processing centers, equipment processing centers, inland distribution networks and terminals. The calculation of the recoverable amount is particularly sensitive to changes in estimated cash flows and discount rate. The group has conducted an analysis of the sensitivity of the impairment test to changes in the key assumptions used to determine the recoverable amount. No reasonably possible change in the key assumptions on which the recoverable amount is based would cause the aggregate carrying amount to exceed the aggregate recoverable amount of the related CGUs. Government servicesGovernment services provide ocean transport of RoRo cargo, breakbulk and vehicles. Logistics services, primarily related to multimodal transportation, stevedoring and terminal operations, are also performed. Costs to ensure compliance with climate and other sustainability-related regulatory requirements and achievement of strategic sustainability-related goals have been factored into the projected cash flows as far as they relate to current business. This includes measures to increase vessel energy efficiency. The impairment test indicates a significant headroom and no reasonably possible change in the key assumptions on which the recoverable amount is based would cause the aggregate carrying amount to exceed the aggregate recoverable amount.Other assetsThe group has significant investments in vessels and other tangible assets of which vessels constitute the vast majority. Also, the group has significant intangible assets largely related to customer contracts and customer relations acquired in business combinations. There are no indications of impairment as at December 31, 2025.Accounting policyAt each reporting date, the group assesses the carrying amount of the goodwill, intangible assets, vessels and other tangible assets and right-of-use assets to determine whether there is any indication that an asset may be impaired. If any indication of impairment exists, or when annual impairment testing for an asset is required (goodwill), the asset's recoverable amount is estimated.The recoverable amount is the highest of the fair value less costs of disposal (FVLCD) and value in use (ViU). In assessing value in use, the net present value (NPV) of future estimated cash flows from the employment of the asset is determined. If the recoverable amount is estimated to be less than the carrying amount, the asset is considered impaired and is written down to its recoverable amount. If the recoverable amount of the CGU or group of CGUs to which goodwill has been allocated is lower than the carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill and then to the other assets, pro-rata on the basis of the carrying amount of each asset in the CGU or group of CGUs. Impairment losses are recognized in the income statement.Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized in prior years. Impairment losses relating to goodwill cannot be reversed in future periods.Key accounting estimates and judgmentsCash generating units - vesselsThe determination of the relevant CGU for vessels requires management judgment. Vessels are organized and operated as a fleet and evaluated for impairment on the basis that the whole fleet within Shipping services is the relevant CGU. The vessels are trading in a global network as part of the fleet, where the income of a specific vessel is dependent upon the total fleet, and not the individual vessel's earnings. Furthermore, the group's vessels are interchangeable among the operating companies and with a common fleet management structure in place to optimize operations, including trade management and execution, as well as decisions regarding investments. The vessels are interoperable within the segment as the types of vessels operated by the group are largely interchangeable. Customer contract terms are not tied to a specific vessel and the group has the contractual right and flexibility to move and optimize capacity and the vessels are not utilized in set or permanent patterns or routes.Similarly, the fleet within the Government services segment is considered the relevant CGU as vessels are managed as a fleet and utilized interchangeably. Goodwill - logisticsDetermining whether goodwill and other non-current assets in the logistics segment are impaired requires an estimation of the value in use of the group of CGUs. The increased geopolitical tension and uncertainty have created a more volatile market environment, increasing the complexity and judgment involved in the impairment assessment, particularly in relation to key assumptions such as future cash flows. Management used current trends and expectations of future events it considered reasonable under the circumstances. The determination of the value in use is particularly sensitive to changes in the forecast revenue and operating expenses. The cash flow estimates are based on the management plan for a five-year period, utilizing several external and internal sources, with expected throughput and average margins as a basis. Moreover, the development of our key customers is followed closely and growth rates for vehicle and equipment processing reflect the increased competition in the market and auto and equipment sales projections available to us. For the terminals business, the market analysis developed for shipping is used as a basis as these services tend to follow the same trajectory. Costs to ensure compliance with climate and other sustainability-related regulatory requirements and achievement of strategic sustainability related goals have been factored into the projected cash flows as far as they relate to current business. As an example, investments in e.g., terminal equipment, trucks and forklifts will to a large extent be electric. Reductions in rates and volumes across the various services in the segment would influence the estimate, and consequences from uncertainties in trade policies and tariffs may impact the business outlook and accordingly future cash flows and margins.",
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"f0__s8__7__53-1": {
"value": "Note 7. Goodwill, customer relations/contracts and other intangible assetsTotal goodwill Customer Other and other relations/intangible intangible USD million Goodwillcontractsassetsassets2025Cost at January 1 346 324 90 760Additions - - - -31Disposal(39) - (2) (41)Reclassification - - (6) (6)Currency translation adjustment - - - -Cost at December 31 307 324 83 714Accumulated amortization and impairment losses at January 1 (145) (242) (55) (442)Amortization - (32) (5) (37)Impairment - - - -Disposal - - 1 1Reclassification - - 4 4Currency translation adjustment - - - -Accumulated amortization and impairment losses at December 31 (145) (273) (55) (473)Carrying amount at December 31 162 51 28 241Total goodwill Customer Other and other relations/intangible intangible USD million Goodwillcontractsassetsassets2024Cost at January 1 346 421 79 846Additions - - - -Disposal - (82) (3) (85)Reclassification - (15) 15 -Currency translation adjustment - - - -Cost at December 31 346 324 90 760Accumulated amortization and impairment losses at January 1 (145) (295) (45) (485)Amortization - (32) (6) (38)Impairment - - - -Disposal - 82 1 83Reclassification - 4 (5) (1)Currency translation adjustment - - - -Accumulated amortization and impairment losses at December 31 (145) (242) (55) (442)Carrying amount at December 31 201 82 36 319\u201cOther intangible assets\u201d primarily include port use rights and software.31 Disposal of goodwill relates to the disposal of MIRRAT, see note 24Accounting policyIntangible assets are carried at cost, less accumulated amortization and impairment charges, if any. When applicable, amortization is based on the following estimated useful lives:Customer relations/contracts 3-10 years/contract termOther intangible assets 3-10 yearsGoodwillGoodwill represents the excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition date fair value of any previous equity interests in the acquiree (if any) over the fair value of the group's share of the identifiable net assets. Goodwill from acquisition of subsidiaries is not amortized but is tested for impairment at least annually and carried at cost less impairment losses. For more details on impairment of goodwill refer to note 10 Impairment of non-current assets.Customer relations and contractsIdentifiable customer relationships and other contractual arrangements acquired as part of business combinations are initially recognized at fair value (which is regarded as their cost) when the asset arises from contractual or other legal rights or the relationships are separable. Subsequent to initial recognition, customer relations and contracts are amortized on a straight-line basis over their estimated useful lives.Note 10. Impairment of non-current assetsImpairment \u2013 GoodwillManagement performed impairment testing of cash generating units (CGUs) or groups of CGUs that contain goodwill during the fourth quarter 2025.Goodwill acquired through business combinations has been allocated to the groups of CGUs as presented below together with carrying amounts, applicable discount rates and perpetuity growth rates used for impairment testing:Growth rate terminal USD million Goodwill Discount rate pre-taxvalueReporting segment 2025 2024 2025 2024 2025 2024Shipping services 43 43 8.8 % 9.1 % 2.0 % 2.0 %Government services 11 11 9.0 % 9.1 % 2.0 % 2.0 %Logistics services 134 134 10.2 % 10.3 % 2.0 % 2.0 %Other 13 13 10.2 % 10.3 % 2.0 % 2.0 %Total 201 201 The recoverable amounts for CGUs and groups of CGUs with goodwill have been determined based on a value in use (ViU) calculation. No impairment charge has been recognized in 2025.Sensitivities for main CGUs with goodwillShipping servicesEntities included in the Shipping services segment own or charter (long-term time-charter or bare-boat) in a fleet of 116 vessels. In addition, three vessels are chartered from a company in the Government services segment. The vessels are used in the group\u2019s global ocean operations for transportation of autos, high & heavy and break-bulk cargo for OEMs or other customers or chartered (T/C out) to other carriers with variable durations. Costs to ensure compliance with climate and other sustainability-related regulatory requirements and achievement of strategic sustainability related goals have been factored into the projected cash flows as far as they relate to current business. Wallenius Wilhelmsen\u2019s long-term assumptions for key variables in the five-year plan such as rates and fuel costs (including e.g., biofuel) and measures to increase vessel energy efficiency are reflected in the cash flow estimates and planning assumptions are consistent with group strategy and our aims to reduce carbon and other GHG emissions. Management has assumed that clean fuel sources will be available. Limitations in availability could lead to additional cost and limitations in operations. The investment in the methanol-capable and ammonia-ready Shaper Class vessels that have been ordered will replace current capacity, and have been included in the cash flow projection. The impairment test indicates a significant headroom and no reasonably possible change in the key assumptions, on which the recoverable amount is based, would cause the aggregate carrying amount to exceed the aggregate recoverable amount.Logistics servicesLogistics services include vehicle processing centers, equipment processing centers, inland distribution networks and terminals. The calculation of the recoverable amount is particularly sensitive to changes in estimated cash flows and discount rate. The group has conducted an analysis of the sensitivity of the impairment test to changes in the key assumptions used to determine the recoverable amount. No reasonably possible change in the key assumptions on which the recoverable amount is based would cause the aggregate carrying amount to exceed the aggregate recoverable amount of the related CGUs. Government servicesGovernment services provide ocean transport of RoRo cargo, breakbulk and vehicles. Logistics services, primarily related to multimodal transportation, stevedoring and terminal operations, are also performed. Costs to ensure compliance with climate and other sustainability-related regulatory requirements and achievement of strategic sustainability-related goals have been factored into the projected cash flows as far as they relate to current business. This includes measures to increase vessel energy efficiency. The impairment test indicates a significant headroom and no reasonably possible change in the key assumptions on which the recoverable amount is based would cause the aggregate carrying amount to exceed the aggregate recoverable amount.Other assetsThe group has significant investments in vessels and other tangible assets of which vessels constitute the vast majority. Also, the group has significant intangible assets largely related to customer contracts and customer relations acquired in business combinations. There are no indications of impairment as at December 31, 2025.Accounting policyAt each reporting date, the group assesses the carrying amount of the goodwill, intangible assets, vessels and other tangible assets and right-of-use assets to determine whether there is any indication that an asset may be impaired. If any indication of impairment exists, or when annual impairment testing for an asset is required (goodwill), the asset's recoverable amount is estimated.The recoverable amount is the highest of the fair value less costs of disposal (FVLCD) and value in use (ViU). In assessing value in use, the net present value (NPV) of future estimated cash flows from the employment of the asset is determined. If the recoverable amount is estimated to be less than the carrying amount, the asset is considered impaired and is written down to its recoverable amount. If the recoverable amount of the CGU or group of CGUs to which goodwill has been allocated is lower than the carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill and then to the other assets, pro-rata on the basis of the carrying amount of each asset in the CGU or group of CGUs. Impairment losses are recognized in the income statement.Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized in prior years. Impairment losses relating to goodwill cannot be reversed in future periods.Key accounting estimates and judgmentsCash generating units - vesselsThe determination of the relevant CGU for vessels requires management judgment. Vessels are organized and operated as a fleet and evaluated for impairment on the basis that the whole fleet within Shipping services is the relevant CGU. The vessels are trading in a global network as part of the fleet, where the income of a specific vessel is dependent upon the total fleet, and not the individual vessel's earnings. Furthermore, the group's vessels are interchangeable among the operating companies and with a common fleet management structure in place to optimize operations, including trade management and execution, as well as decisions regarding investments. The vessels are interoperable within the segment as the types of vessels operated by the group are largely interchangeable. Customer contract terms are not tied to a specific vessel and the group has the contractual right and flexibility to move and optimize capacity and the vessels are not utilized in set or permanent patterns or routes.Similarly, the fleet within the Government services segment is considered the relevant CGU as vessels are managed as a fleet and utilized interchangeably. Goodwill - logisticsDetermining whether goodwill and other non-current assets in the logistics segment are impaired requires an estimation of the value in use of the group of CGUs. The increased geopolitical tension and uncertainty have created a more volatile market environment, increasing the complexity and judgment involved in the impairment assessment, particularly in relation to key assumptions such as future cash flows. Management used current trends and expectations of future events it considered reasonable under the circumstances. The determination of the value in use is particularly sensitive to changes in the forecast revenue and operating expenses. The cash flow estimates are based on the management plan for a five-year period, utilizing several external and internal sources, with expected throughput and average margins as a basis. Moreover, the development of our key customers is followed closely and growth rates for vehicle and equipment processing reflect the increased competition in the market and auto and equipment sales projections available to us. For the terminals business, the market analysis developed for shipping is used as a basis as these services tend to follow the same trajectory. Costs to ensure compliance with climate and other sustainability-related regulatory requirements and achievement of strategic sustainability related goals have been factored into the projected cash flows as far as they relate to current business. As an example, investments in e.g., terminal equipment, trucks and forklifts will to a large extent be electric. Reductions in rates and volumes across the various services in the segment would influence the estimate, and consequences from uncertainties in trade policies and tariffs may impact the business outlook and accordingly future cash flows and margins.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__52-1": {
"value": "Note 7. Goodwill, customer relations/contracts and other intangible assetsTotal goodwill Customer Other and other relations/intangible intangible USD million Goodwillcontractsassetsassets2025Cost at January 1 346 324 90 760Additions - - - -31Disposal(39) - (2) (41)Reclassification - - (6) (6)Currency translation adjustment - - - -Cost at December 31 307 324 83 714Accumulated amortization and impairment losses at January 1 (145) (242) (55) (442)Amortization - (32) (5) (37)Impairment - - - -Disposal - - 1 1Reclassification - - 4 4Currency translation adjustment - - - -Accumulated amortization and impairment losses at December 31 (145) (273) (55) (473)Carrying amount at December 31 162 51 28 241Total goodwill Customer Other and other relations/intangible intangible USD million Goodwillcontractsassetsassets2024Cost at January 1 346 421 79 846Additions - - - -Disposal - (82) (3) (85)Reclassification - (15) 15 -Currency translation adjustment - - - -Cost at December 31 346 324 90 760Accumulated amortization and impairment losses at January 1 (145) (295) (45) (485)Amortization - (32) (6) (38)Impairment - - - -Disposal - 82 1 83Reclassification - 4 (5) (1)Currency translation adjustment - - - -Accumulated amortization and impairment losses at December 31 (145) (242) (55) (442)Carrying amount at December 31 201 82 36 319\u201cOther intangible assets\u201d primarily include port use rights and software.31 Disposal of goodwill relates to the disposal of MIRRAT, see note 24Accounting policyIntangible assets are carried at cost, less accumulated amortization and impairment charges, if any. When applicable, amortization is based on the following estimated useful lives:Customer relations/contracts 3-10 years/contract termOther intangible assets 3-10 yearsGoodwillGoodwill represents the excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition date fair value of any previous equity interests in the acquiree (if any) over the fair value of the group's share of the identifiable net assets. Goodwill from acquisition of subsidiaries is not amortized but is tested for impairment at least annually and carried at cost less impairment losses. For more details on impairment of goodwill refer to note 10 Impairment of non-current assets.Customer relations and contractsIdentifiable customer relationships and other contractual arrangements acquired as part of business combinations are initially recognized at fair value (which is regarded as their cost) when the asset arises from contractual or other legal rights or the relationships are separable. Subsequent to initial recognition, customer relations and contracts are amortized on a straight-line basis over their estimated useful lives.Note 10. Impairment of non-current assetsImpairment \u2013 GoodwillManagement performed impairment testing of cash generating units (CGUs) or groups of CGUs that contain goodwill during the fourth quarter 2025.Goodwill acquired through business combinations has been allocated to the groups of CGUs as presented below together with carrying amounts, applicable discount rates and perpetuity growth rates used for impairment testing:Growth rate terminal USD million Goodwill Discount rate pre-taxvalueReporting segment 2025 2024 2025 2024 2025 2024Shipping services 43 43 8.8 % 9.1 % 2.0 % 2.0 %Government services 11 11 9.0 % 9.1 % 2.0 % 2.0 %Logistics services 134 134 10.2 % 10.3 % 2.0 % 2.0 %Other 13 13 10.2 % 10.3 % 2.0 % 2.0 %Total 201 201 The recoverable amounts for CGUs and groups of CGUs with goodwill have been determined based on a value in use (ViU) calculation. No impairment charge has been recognized in 2025.Sensitivities for main CGUs with goodwillShipping servicesEntities included in the Shipping services segment own or charter (long-term time-charter or bare-boat) in a fleet of 116 vessels. In addition, three vessels are chartered from a company in the Government services segment. The vessels are used in the group\u2019s global ocean operations for transportation of autos, high & heavy and break-bulk cargo for OEMs or other customers or chartered (T/C out) to other carriers with variable durations. Costs to ensure compliance with climate and other sustainability-related regulatory requirements and achievement of strategic sustainability related goals have been factored into the projected cash flows as far as they relate to current business. Wallenius Wilhelmsen\u2019s long-term assumptions for key variables in the five-year plan such as rates and fuel costs (including e.g., biofuel) and measures to increase vessel energy efficiency are reflected in the cash flow estimates and planning assumptions are consistent with group strategy and our aims to reduce carbon and other GHG emissions. Management has assumed that clean fuel sources will be available. Limitations in availability could lead to additional cost and limitations in operations. The investment in the methanol-capable and ammonia-ready Shaper Class vessels that have been ordered will replace current capacity, and have been included in the cash flow projection. The impairment test indicates a significant headroom and no reasonably possible change in the key assumptions, on which the recoverable amount is based, would cause the aggregate carrying amount to exceed the aggregate recoverable amount.Logistics servicesLogistics services include vehicle processing centers, equipment processing centers, inland distribution networks and terminals. The calculation of the recoverable amount is particularly sensitive to changes in estimated cash flows and discount rate. The group has conducted an analysis of the sensitivity of the impairment test to changes in the key assumptions used to determine the recoverable amount. No reasonably possible change in the key assumptions on which the recoverable amount is based would cause the aggregate carrying amount to exceed the aggregate recoverable amount of the related CGUs. Government servicesGovernment services provide ocean transport of RoRo cargo, breakbulk and vehicles. Logistics services, primarily related to multimodal transportation, stevedoring and terminal operations, are also performed. Costs to ensure compliance with climate and other sustainability-related regulatory requirements and achievement of strategic sustainability-related goals have been factored into the projected cash flows as far as they relate to current business. This includes measures to increase vessel energy efficiency. The impairment test indicates a significant headroom and no reasonably possible change in the key assumptions on which the recoverable amount is based would cause the aggregate carrying amount to exceed the aggregate recoverable amount.Other assetsThe group has significant investments in vessels and other tangible assets of which vessels constitute the vast majority. Also, the group has significant intangible assets largely related to customer contracts and customer relations acquired in business combinations. There are no indications of impairment as at December 31, 2025.Accounting policyAt each reporting date, the group assesses the carrying amount of the goodwill, intangible assets, vessels and other tangible assets and right-of-use assets to determine whether there is any indication that an asset may be impaired. If any indication of impairment exists, or when annual impairment testing for an asset is required (goodwill), the asset's recoverable amount is estimated.The recoverable amount is the highest of the fair value less costs of disposal (FVLCD) and value in use (ViU). In assessing value in use, the net present value (NPV) of future estimated cash flows from the employment of the asset is determined. If the recoverable amount is estimated to be less than the carrying amount, the asset is considered impaired and is written down to its recoverable amount. If the recoverable amount of the CGU or group of CGUs to which goodwill has been allocated is lower than the carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill and then to the other assets, pro-rata on the basis of the carrying amount of each asset in the CGU or group of CGUs. Impairment losses are recognized in the income statement.Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized in prior years. Impairment losses relating to goodwill cannot be reversed in future periods.Key accounting estimates and judgmentsCash generating units - vesselsThe determination of the relevant CGU for vessels requires management judgment. Vessels are organized and operated as a fleet and evaluated for impairment on the basis that the whole fleet within Shipping services is the relevant CGU. The vessels are trading in a global network as part of the fleet, where the income of a specific vessel is dependent upon the total fleet, and not the individual vessel's earnings. Furthermore, the group's vessels are interchangeable among the operating companies and with a common fleet management structure in place to optimize operations, including trade management and execution, as well as decisions regarding investments. The vessels are interoperable within the segment as the types of vessels operated by the group are largely interchangeable. Customer contract terms are not tied to a specific vessel and the group has the contractual right and flexibility to move and optimize capacity and the vessels are not utilized in set or permanent patterns or routes.Similarly, the fleet within the Government services segment is considered the relevant CGU as vessels are managed as a fleet and utilized interchangeably. Goodwill - logisticsDetermining whether goodwill and other non-current assets in the logistics segment are impaired requires an estimation of the value in use of the group of CGUs. The increased geopolitical tension and uncertainty have created a more volatile market environment, increasing the complexity and judgment involved in the impairment assessment, particularly in relation to key assumptions such as future cash flows. Management used current trends and expectations of future events it considered reasonable under the circumstances. The determination of the value in use is particularly sensitive to changes in the forecast revenue and operating expenses. The cash flow estimates are based on the management plan for a five-year period, utilizing several external and internal sources, with expected throughput and average margins as a basis. Moreover, the development of our key customers is followed closely and growth rates for vehicle and equipment processing reflect the increased competition in the market and auto and equipment sales projections available to us. For the terminals business, the market analysis developed for shipping is used as a basis as these services tend to follow the same trajectory. Costs to ensure compliance with climate and other sustainability-related regulatory requirements and achievement of strategic sustainability related goals have been factored into the projected cash flows as far as they relate to current business. As an example, investments in e.g., terminal equipment, trucks and forklifts will to a large extent be electric. Reductions in rates and volumes across the various services in the segment would influence the estimate, and consequences from uncertainties in trade policies and tariffs may impact the business outlook and accordingly future cash flows and margins.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__61-1": {
"value": "Accounting policyIntangible assets are carried at cost, less accumulated amortization and impairment charges, if any. When applicable, amortization is based on the following estimated useful lives:Customer relations/contracts 3-10 years/contract termOther intangible assets 3-10 yearsCustomer relations and contractsIdentifiable customer relationships and other contractual arrangements acquired as part of business combinations are initially recognized at fair value (which is regarded as their cost) when the asset arises from contractual or other legal rights or the relationships are separable. Subsequent to initial recognition, customer relations and contracts are amortized on a straight-line basis over their estimated useful lives.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__60-1": {
"value": "Accounting policyIntangible assets are carried at cost, less accumulated amortization and impairment charges, if any. When applicable, amortization is based on the following estimated useful lives:Customer relations/contracts 3-10 years/contract termOther intangible assets 3-10 yearsGoodwillGoodwill represents the excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition date fair value of any previous equity interests in the acquiree (if any) over the fair value of the group's share of the identifiable net assets. Goodwill from acquisition of subsidiaries is not amortized but is tested for impairment at least annually and carried at cost less impairment losses. For more details on impairment of goodwill refer to note 10 Impairment of non-current assets.Customer relations and contractsIdentifiable customer relationships and other contractual arrangements acquired as part of business combinations are initially recognized at fair value (which is regarded as their cost) when the asset arises from contractual or other legal rights or the relationships are separable. Subsequent to initial recognition, customer relations and contracts are amortized on a straight-line basis over their estimated useful lives.Accounting policyVessels and other tangible assets are carried at cost, less accumulated depreciation and impairment charges, if any. The group capitalizes borrowing costs related to the construction of new vessels on the basis of the group's capitalization rate. Shipbuilder installments paid, other direct vessel costs and the group's interest costs related to financing the acquisition of vessels are capitalized as they are incurred.Depreciation is calculated on a straight-line basis over the estimated useful life of each asset, except for land which is not depreciated. The total depreciable amount of vessels is reduced by its residual value, which is estimated based on the demolition price for general cargo vessels, deducting a charge for green ship recycling. The residual value calculation is performed on an annual basis. Dry-docking and periodic maintenance costs are typically depreciated over the interval between dry-docking events.Tangible assets are depreciated over the following estimated useful lives:Vessels 27-30 yearsDry-docking 2.5-5 yearsProperty 30-50 yearsOther tangible assets 3-10 years Significant components of tangible assets with a different estimated useful life to the whole asset are depreciated separately. Vessels based on a pure car truck carrier (PCTC) or roll-on roll-off (RoRo) design are not separated into different components since there is no significant difference in the estimated useful life for the various components of these vessels over and above dry-docking costs.The estimated residual value and useful life and depreciation method of tangible fixed assets are reviewed at each reporting date. The effect of any changes in estimate is accounted for on a prospective basisAccounting policyThe group recognizes a lease liability and a corresponding right-of-use asset for all lease agreements in which it is the lessee, except for:\u2022 Leases deemed to be short-term (<12 months) are recognized as an operating expense on a straight-line basis over the lease term.\u2022 Leases deemed to be of low value are recognized as an operating expense on a straight-line basis over the lease term.\u2022 Non-lease components are separated from the lease component in all leases of vessels. For other lease agreements, the group applies a materiality threshold when evaluating separation of components.The lease liability is initially measured at the present value of the lease payments including the non-cancellable period of the lease, together with periods covered by an option to extend the lease when the group is reasonably certain to exercise the option, and periods covered by an option to terminate the lease if the group is reasonably certain not to exercise that option. The right-of-use asset is initially measured at cost and subsequently depreciated from the commencement date to the earlier of the end of the lease term or the end of the useful life of the right-of-use asset. The carrying value of right-of-use assets equals the cost less accumulated depreciation, impairment charges and adjustments for any remeasurement of the corresponding lease liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__59": {
"value": "Accounting policyIntangible assets are carried at cost, less accumulated amortization and impairment charges, if any. When applicable, amortization is based on the following estimated useful lives:Customer relations/contracts 3-10 years/contract termOther intangible assets 3-10 yearsGoodwillGoodwill represents the excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition date fair value of any previous equity interests in the acquiree (if any) over the fair value of the group's share of the identifiable net assets. Goodwill from acquisition of subsidiaries is not amortized but is tested for impairment at least annually and carried at cost less impairment losses. For more details on impairment of goodwill refer to note 10 Impairment of non-current assets.Customer relations and contractsIdentifiable customer relationships and other contractual arrangements acquired as part of business combinations are initially recognized at fair value (which is regarded as their cost) when the asset arises from contractual or other legal rights or the relationships are separable. Subsequent to initial recognition, customer relations and contracts are amortized on a straight-line basis over their estimated useful lives.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__58-1": {
"value": "Accounting policyIntangible assets are carried at cost, less accumulated amortization and impairment charges, if any. When applicable, amortization is based on the following estimated useful lives:Customer relations/contracts 3-10 years/contract termOther intangible assets 3-10 yearsGoodwillGoodwill represents the excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition date fair value of any previous equity interests in the acquiree (if any) over the fair value of the group's share of the identifiable net assets. Goodwill from acquisition of subsidiaries is not amortized but is tested for impairment at least annually and carried at cost less impairment losses. For more details on impairment of goodwill refer to note 10 Impairment of non-current assets.Customer relations and contractsIdentifiable customer relationships and other contractual arrangements acquired as part of business combinations are initially recognized at fair value (which is regarded as their cost) when the asset arises from contractual or other legal rights or the relationships are separable. Subsequent to initial recognition, customer relations and contracts are amortized on a straight-line basis over their estimated useful lives.Accounting policyAt each reporting date, the group assesses the carrying amount of the goodwill, intangible assets, vessels and other tangible assets and right-of-use assets to determine whether there is any indication that an asset may be impaired. If any indication of impairment exists, or when annual impairment testing for an asset is required (goodwill), the asset's recoverable amount is estimated.The recoverable amount is the highest of the fair value less costs of disposal (FVLCD) and value in use (ViU). In assessing value in use, the net present value (NPV) of future estimated cash flows from the employment of the asset is determined. If the recoverable amount is estimated to be less than the carrying amount, the asset is considered impaired and is written down to its recoverable amount. If the recoverable amount of the CGU or group of CGUs to which goodwill has been allocated is lower than the carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill and then to the other assets, pro-rata on the basis of the carrying amount of each asset in the CGU or group of CGUs. Impairment losses are recognized in the income statement.Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized in prior years. Impairment losses relating to goodwill cannot be reversed in future periods.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__56": {
"value": "Accounting policyIntangible assets are carried at cost, less accumulated amortization and impairment charges, if any. When applicable, amortization is based on the following estimated useful lives:Customer relations/contracts 3-10 years/contract termOther intangible assets 3-10 yearsGoodwillGoodwill represents the excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition date fair value of any previous equity interests in the acquiree (if any) over the fair value of the group's share of the identifiable net assets. Goodwill from acquisition of subsidiaries is not amortized but is tested for impairment at least annually and carried at cost less impairment losses. For more details on impairment of goodwill refer to note 10 Impairment of non-current assets.Customer relations and contractsIdentifiable customer relationships and other contractual arrangements acquired as part of business combinations are initially recognized at fair value (which is regarded as their cost) when the asset arises from contractual or other legal rights or the relationships are separable. Subsequent to initial recognition, customer relations and contracts are amortized on a straight-line basis over their estimated useful lives.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__57-1": {
"value": "GoodwillGoodwill represents the excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition date fair value of any previous equity interests in the acquiree (if any) over the fair value of the group's share of the identifiable net assets. Goodwill from acquisition of subsidiaries is not amortized but is tested for impairment at least annually and carried at cost less impairment losses. For more details on impairment of goodwill refer to note 10 Impairment of non-current assets.Accounting policyAt each reporting date, the group assesses the carrying amount of the goodwill, intangible assets, vessels and other tangible assets and right-of-use assets to determine whether there is any indication that an asset may be impaired. If any indication of impairment exists, or when annual impairment testing for an asset is required (goodwill), the asset's recoverable amount is estimated.The recoverable amount is the highest of the fair value less costs of disposal (FVLCD) and value in use (ViU). In assessing value in use, the net present value (NPV) of future estimated cash flows from the employment of the asset is determined. If the recoverable amount is estimated to be less than the carrying amount, the asset is considered impaired and is written down to its recoverable amount. If the recoverable amount of the CGU or group of CGUs to which goodwill has been allocated is lower than the carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill and then to the other assets, pro-rata on the basis of the carrying amount of each asset in the CGU or group of CGUs. Impairment losses are recognized in the income statement.Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized in prior years. Impairment losses relating to goodwill cannot be reversed in future periods.Key accounting estimates and judgmentsCash generating units - vesselsThe determination of the relevant CGU for vessels requires management judgment. Vessels are organized and operated as a fleet and evaluated for impairment on the basis that the whole fleet within Shipping services is the relevant CGU. The vessels are trading in a global network as part of the fleet, where the income of a specific vessel is dependent upon the total fleet, and not the individual vessel's earnings. Furthermore, the group's vessels are interchangeable among the operating companies and with a common fleet management structure in place to optimize operations, including trade management and execution, as well as decisions regarding investments. The vessels are interoperable within the segment as the types of vessels operated by the group are largely interchangeable. Customer contract terms are not tied to a specific vessel and the group has the contractual right and flexibility to move and optimize capacity and the vessels are not utilized in set or permanent patterns or routes.Similarly, the fleet within the Government services segment is considered the relevant CGU as vessels are managed as a fleet and utilized interchangeably. Goodwill - logisticsDetermining whether goodwill and other non-current assets in the logistics segment are impaired requires an estimation of the value in use of the group of CGUs. The increased geopolitical tension and uncertainty have created a more volatile market environment, increasing the complexity and judgment involved in the impairment assessment, particularly in relation to key assumptions such as future cash flows. Management used current trends and expectations of future events it considered reasonable under the circumstances. The determination of the value in use is particularly sensitive to changes in the forecast revenue and operating expenses. The cash flow estimates are based on the management plan for a five-year period, utilizing several external and internal sources, with expected throughput and average margins as a basis. Moreover, the development of our key customers is followed closely and growth rates for vehicle and equipment processing reflect the increased competition in the market and auto and equipment sales projections available to us. For the terminals business, the market analysis developed for shipping is used as a basis as these services tend to follow the same trajectory. Costs to ensure compliance with climate and other sustainability-related regulatory requirements and achievement of strategic sustainability related goals have been factored into the projected cash flows as far as they relate to current business. As an example, investments in e.g., terminal equipment, trucks and forklifts will to a large extent be electric. Reductions in rates and volumes across the various services in the segment would influence the estimate, and consequences from uncertainties in trade policies and tariffs may impact the business outlook and accordingly future cash flows and margins.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__63": {
"value": "Note 8. Vessels and other tangible assetsOther Total Vessels & dry-Vessel related Property & tangible tangible USD milliondockingprojectsland assets assets2025Cost at January 1 5,934 149 95 116 6,293Additions 85 139 4 26 254Disposal (78) - (1) (8) (87)Reclassification 135 (24) 2 19 131Currency translation adjustment - - 5 4 10Cost at December 31 6,076 264 105 157 6,601Accumulated depreciation and impairment losses at January 1 (2,319) - (27) (58) (2,404)Depreciation (282) - (9) (15) (306)Disposal 66 - 1 7 74Impairment - - - - -Reclassification (32) - 1 (24) (55)Currency translation adjustment - - (3) (3) (5)Accumulated depreciation and impairment losses at December 31 (2,567) - (37) (92) (2,695)Carrying amount at December 31 3,509 264 68 66 3,906Other Total Vessels & dry-Vessel related Property & tangible tangible USD milliondockingprojectsland assets assets2024Cost at January 1 5,705 54 142 118 6,019Additions 63 108 7 20 198Disposal (74) - (2) (11) (86)Reclassification 240 (14) (48) (7) 171Currency translation adjustment - - (5) (4) (8)Cost at December 31 5,934 149 95 116 6,293Accumulated depreciation and impairment losses at January 1 (2,050) - (38) (60) (2,148)Depreciation (270) - (10) (12) (291)Disposal 74 - 2 9 84Impairment - - - - -Reclassification (73) - 17 3 (54)Currency translation adjustment - - 2 2 4Accumulated depreciation and impairment losses at December 31 (2,319) - (27) (58) (2,404)Carrying amount at December 31 3,615 149 67 58 3,889At year-end 2025, the group owned 91 vessels. Vessels include dry-docking, of which carrying amounts at year end was USD 122 million (2024: USD 121 million). Vessel related projects include installments on newbuilds and installments on scrubber installations. Installments on six newbuilds included as additions (USD 108.2 million) represent 15 % of the total capital commitment for the six contracted vessels and 7 % of the total remaining capital commitment for all vessels currently under construction. The remaining capital commitment for all fourteen vessel currently on order is USD 1.5 billion. The payment schedule for these vessels is distributed as follows:USD million 2026 2027 2028Total remaining capex commitment 430 665 342Capitalized borrowing costs amounting to USD 10 million are included in additions to vessel related projects in 2025 (2024: USD 3 million).Leased vessels for which purchase options were exercised during the year were reclassified to \u201cVessels & dry-docking\u201d and are shown as \u201cReclassification\u201d in the above table within Cost USD 119 million (2024: USD 220 million) and Accumulated depreciation USD 35 million (2024: USD 73 million). Corresponding figures are presented in note 9 Right-of-use assets.As there are no significant impairment indicators as at December 31, 2025, the group has not carried out impairment tests for vessels as of this date. Vessel market values (broker estimates) have decreased during the year, but continue to exceed carrying values at the fleet level.Se note 15 for further information of restrictions on assets pledged as security for liabilities.Accounting policyVessels and other tangible assets are carried at cost, less accumulated depreciation and impairment charges, if any. The group capitalizes borrowing costs related to the construction of new vessels on the basis of the group's capitalization rate. Shipbuilder installments paid, other direct vessel costs and the group's interest costs related to financing the acquisition of vessels are capitalized as they are incurred.Depreciation is calculated on a straight-line basis over the estimated useful life of each asset, except for land which is not depreciated. The total depreciable amount of vessels is reduced by its residual value, which is estimated based on the demolition price for general cargo vessels, deducting a charge for green ship recycling. The residual value calculation is performed on an annual basis. Dry-docking and periodic maintenance costs are typically depreciated over the interval between dry-docking events.Tangible assets are depreciated over the following estimated useful lives:Vessels 27-30 yearsDry-docking 2.5-5 yearsProperty 30-50 yearsOther tangible assets 3-10 years Significant components of tangible assets with a different estimated useful life to the whole asset are depreciated separately. Vessels based on a pure car truck carrier (PCTC) or roll-on roll-off (RoRo) design are not separated into different components since there is no significant difference in the estimated useful life for the various components of these vessels over and above dry-docking costs.The estimated residual value and useful life and depreciation method of tangible fixed assets are reviewed at each reporting date. The effect of any changes in estimate is accounted for on a prospective basis.Significant accounting estimates and judgementsUseful life of vesselsThe group has significant carrying amounts related to vessels, and vessels constitute the main tangible fixed assets category in the balance sheet. A reduction in the estimated useful life of vessels can lead to periods with higher depreciation expense in future periods. Climate-related factors, including changes in regulation and technological advances, may in the future impact the estimated useful life of vessels and make them commercially and technologically obsolete earlier than previously expected (stranded assets). The top three identified transition risks are:\u2022 Transitioning to low-emission propulsion technologies with uncertain long-term viability \u2022 Lock-in emitting fuels that become less competitive during ships\u2019 lifetime \u2022 Increased costs to ensure compliance with emerging regional and international climate regulationsConsequently, the expected timing of replacement of existing vessels may be accelerated. The group is, however, increasingly utilizing alternative fuel sources, such as biofuel, and implementing a range of operational and technical solutions to improve the energy efficiency of the vessels. These efforts may counteract the risk of obsolescence of the current fleet. Management has assessed the factors described above and concluded that as of December 31, 2025 no change in the remaining useful life of vessels and other tangible assets was required.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s8__7__67": {
"value": "Accounting policyVessels and other tangible assets are carried at cost, less accumulated depreciation and impairment charges, if any. The group capitalizes borrowing costs related to the construction of new vessels on the basis of the group's capitalization rate. Shipbuilder installments paid, other direct vessel costs and the group's interest costs related to financing the acquisition of vessels are capitalized as they are incurred.Depreciation is calculated on a straight-line basis over the estimated useful life of each asset, except for land which is not depreciated. The total depreciable amount of vessels is reduced by its residual value, which is estimated based on the demolition price for general cargo vessels, deducting a charge for green ship recycling. The residual value calculation is performed on an annual basis. Dry-docking and periodic maintenance costs are typically depreciated over the interval between dry-docking events.Tangible assets are depreciated over the following estimated useful lives:Vessels 27-30 yearsDry-docking 2.5-5 yearsProperty 30-50 yearsOther tangible assets 3-10 years Significant components of tangible assets with a different estimated useful life to the whole asset are depreciated separately. Vessels based on a pure car truck carrier (PCTC) or roll-on roll-off (RoRo) design are not separated into different components since there is no significant difference in the estimated useful life for the various components of these vessels over and above dry-docking costs.The estimated residual value and useful life and depreciation method of tangible fixed assets are reviewed at each reporting date. The effect of any changes in estimate is accounted for on a prospective basis",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s8__7__65": {
"value": "Accounting policyVessels and other tangible assets are carried at cost, less accumulated depreciation and impairment charges, if any. The group capitalizes borrowing costs related to the construction of new vessels on the basis of the group's capitalization rate. Shipbuilder installments paid, other direct vessel costs and the group's interest costs related to financing the acquisition of vessels are capitalized as they are incurred.Depreciation is calculated on a straight-line basis over the estimated useful life of each asset, except for land which is not depreciated. The total depreciable amount of vessels is reduced by its residual value, which is estimated based on the demolition price for general cargo vessels, deducting a charge for green ship recycling. The residual value calculation is performed on an annual basis. Dry-docking and periodic maintenance costs are typically depreciated over the interval between dry-docking events.Tangible assets are depreciated over the following estimated useful lives:Vessels 27-30 yearsDry-docking 2.5-5 yearsProperty 30-50 yearsOther tangible assets 3-10 years Significant components of tangible assets with a different estimated useful life to the whole asset are depreciated separately. Vessels based on a pure car truck carrier (PCTC) or roll-on roll-off (RoRo) design are not separated into different components since there is no significant difference in the estimated useful life for the various components of these vessels over and above dry-docking costs.The estimated residual value and useful life and depreciation method of tangible fixed assets are reviewed at each reporting date. The effect of any changes in estimate is accounted for on a prospective basis.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s8__7__69": {
"value": "Note 9. Right-of-use assetsProperty & Total leased USD million Vesselsland Other assetsassets2025Cost at January 1 1,514 699 50 2,262Additions 465 32 10 506Disposal (142) (9) (4) (156)Reclassification (119) (1) 1 (119)Currency translation adjustment - 25 1 26Cost at December 31 1,717 746 56 2,519Accumulated depreciation and impairment losses at January 1 (627) (236) (28) (891)Depreciation (221) (75) (12) (308)Disposal 142 8 4 155Reclassification 35 - - 35Currency translation adjustment - (10) - (10)Accumulated depreciation and impairment losses at December 31 (671) (312) (36) (1,020)Carrying amount at December 31 1,046 434 20 1,500Property & Total leased USD million Vessels land Other assetsassets2024Cost at January 1 1,577 628 49 2,255Additions 205 267 8 480Disposal (48) (6) (8) (62)Reclassification (220) (166) - (387)Currency translation adjustment - (24) - (24)Cost at December 31 1,514 699 50 2,262Accumulated depreciation and impairment losses at January 1 (588) (199) (25) (812)Depreciation (161) (79) (11) (250)Disposal 48 5 7 61Reclassification 73 30 - 103Currency translation adjustment - 7 - 7Accumulated depreciation and impairment losses at December 31 (627) (236) (28) (891)Carrying amounts at December 31 887 463 22 1,371Right-of-use vesselsPer year-end 2025, the group has a total of 33 (2024: 34) vessels recognized as right-of-use assets with remaining lease terms from 0.5 to 10 years (2024: 0.5 to 11 years). Of the 33 right-of-use vessels (2024: 34), 8 have a purchase option (2024: 10) and 2 have an option to extend (2024: 3). Purchase options and extension options are included in lease agreements where it is reasonably certain that the group will exercise the option. These terms are used to maximize operational flexibility in terms of managing contracts. These options are not yet exercised but are included in the measurement of lease liabilities. Leased vessels for which purchase options were exercised during the year are shown as \u201cReclassification\u201d in the above table within Cost USD 119 million (2024: USD 220 million) and accumulated depreciation USD 35 million (2024: USD 73 million Corresponding figures are presented in note 8 Vessels and other tangible assets.Right-of-use property and landIn addition to vessels, the group\u2019s right-of-use assets primarily consist of land and property arising from lease of land related to different terminal and processing sites around the globe, in addition to office space at various locations. Per year-end 2025, the recognized land and property leases have remaining lease terms from one to 29 years (2024: one to 34 years).Specification of lease liabilitiesUSD million 2025 2024Current lease liabilities 374 283Non-current lease liabilities 1,164 1,092Total lease liabilities 1,538 1,375Interest expense on lease liability recognized in the income statement 81 85See note 15 for specification of lease liability maturity and for specification of undiscounted lease commitments.Of the group\u2019s total lease commitments, option periods that are included in the measurement of lease liabilities but not yet exercised represent USD 251.9 million (2024: USD 297 million). The option periods recognized are primarily related to leases of vessels and land.Leases to which the group is committed, but for which the lease term has not yet commenced, have an undiscounted value of USD 71.7 million. This comprises of one new vessel as well as other property leases relating to office space, processing sites and terminal sites.Lease expenses related to lease agreements not recognized in the balance sheetUSD million 2025 2024Short-term lease expenses (< 12 months) 48 22Low value leases expensed 1 1Variable lease payments 1 1Non-lease component 77 70Total 127 94Short-term leases expenses are recognized as operating expenses and primarily comprise expenses related to lease of vessels, presented as part of charter expenses. Short-term lease of vessels enhances the group's tonnage flexibility and the lease terms are primarily up to three months. In addition to lease of vessels on short-term basis, the group occasionally enters into short-term leases of land areas when site operations require additional area for shorter periods of time.Lessee arrangementsUSD million Included within 2025 2024Principal lease payments Cash flows from financing activities 360 327Interest payments on leases Cash flow from financing activities 81 85Payments for short-term leases Cash flow from operating expenses 48 22Payments for low value leases (>12 in duration) Cash flow from operating expenses 1 1Payments for variable lease components Cash flow from operating expenses 1 1Payments for non-lease component Cash flow from operating expenses 77 70Total 568 505Accounting policyThe group recognizes a lease liability and a corresponding right-of-use asset for all lease agreements in which it is the lessee, except for:\u2022 Leases deemed to be short-term (<12 months) are recognized as an operating expense on a straight-line basis over the lease term.\u2022 Leases deemed to be of low value are recognized as an operating expense on a straight-line basis over the lease term.\u2022 Non-lease components are separated from the lease component in all leases of vessels. For other lease agreements, the group applies a materiality threshold when evaluating separation of components.The lease liability is initially measured at the present value of the lease payments including the non-cancellable period of the lease, together with periods covered by an option to extend the lease when the group is reasonably certain to exercise the option, and periods covered by an option to terminate the lease if the group is reasonably certain not to exercise that option. The right-of-use asset is initially measured at cost and subsequently depreciated from the commencement date to the earlier of the end of the lease term or the end of the useful life of the right-of-use asset. The carrying value of right-of-use assets equals the cost less accumulated depreciation, impairment charges and adjustments for any remeasurement of the corresponding lease liability.",
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"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
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"f0__s8__7__72": {
"value": "Accounting policyThe group recognizes a lease liability and a corresponding right-of-use asset for all lease agreements in which it is the lessee, except for:\u2022 Leases deemed to be short-term (<12 months) are recognized as an operating expense on a straight-line basis over the lease term.\u2022 Leases deemed to be of low value are recognized as an operating expense on a straight-line basis over the lease term.\u2022 Non-lease components are separated from the lease component in all leases of vessels. For other lease agreements, the group applies a materiality threshold when evaluating separation of components.The lease liability is initially measured at the present value of the lease payments including the non-cancellable period of the lease, together with periods covered by an option to extend the lease when the group is reasonably certain to exercise the option, and periods covered by an option to terminate the lease if the group is reasonably certain not to exercise that option. The right-of-use asset is initially measured at cost and subsequently depreciated from the commencement date to the earlier of the end of the lease term or the end of the useful life of the right-of-use asset. The carrying value of right-of-use assets equals the cost less accumulated depreciation, impairment charges and adjustments for any remeasurement of the corresponding lease liability.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s8__7__75": {
"value": "Note 10. Impairment of non-current assetsImpairment \u2013 GoodwillManagement performed impairment testing of cash generating units (CGUs) or groups of CGUs that contain goodwill during the fourth quarter 2025.Goodwill acquired through business combinations has been allocated to the groups of CGUs as presented below together with carrying amounts, applicable discount rates and perpetuity growth rates used for impairment testing:Growth rate terminal USD million Goodwill Discount rate pre-taxvalueReporting segment 2025 2024 2025 2024 2025 2024Shipping services 43 43 8.8 % 9.1 % 2.0 % 2.0 %Government services 11 11 9.0 % 9.1 % 2.0 % 2.0 %Logistics services 134 134 10.2 % 10.3 % 2.0 % 2.0 %Other 13 13 10.2 % 10.3 % 2.0 % 2.0 %Total 201 201 The recoverable amounts for CGUs and groups of CGUs with goodwill have been determined based on a value in use (ViU) calculation. No impairment charge has been recognized in 2025.Sensitivities for main CGUs with goodwillShipping servicesEntities included in the Shipping services segment own or charter (long-term time-charter or bare-boat) in a fleet of 116 vessels. In addition, three vessels are chartered from a company in the Government services segment. The vessels are used in the group\u2019s global ocean operations for transportation of autos, high & heavy and break-bulk cargo for OEMs or other customers or chartered (T/C out) to other carriers with variable durations. Costs to ensure compliance with climate and other sustainability-related regulatory requirements and achievement of strategic sustainability related goals have been factored into the projected cash flows as far as they relate to current business. Wallenius Wilhelmsen\u2019s long-term assumptions for key variables in the five-year plan such as rates and fuel costs (including e.g., biofuel) and measures to increase vessel energy efficiency are reflected in the cash flow estimates and planning assumptions are consistent with group strategy and our aims to reduce carbon and other GHG emissions. Management has assumed that clean fuel sources will be available. Limitations in availability could lead to additional cost and limitations in operations. The investment in the methanol-capable and ammonia-ready Shaper Class vessels that have been ordered will replace current capacity, and have been included in the cash flow projection. The impairment test indicates a significant headroom and no reasonably possible change in the key assumptions, on which the recoverable amount is based, would cause the aggregate carrying amount to exceed the aggregate recoverable amount.Logistics servicesLogistics services include vehicle processing centers, equipment processing centers, inland distribution networks and terminals. The calculation of the recoverable amount is particularly sensitive to changes in estimated cash flows and discount rate. The group has conducted an analysis of the sensitivity of the impairment test to changes in the key assumptions used to determine the recoverable amount. No reasonably possible change in the key assumptions on which the recoverable amount is based would cause the aggregate carrying amount to exceed the aggregate recoverable amount of the related CGUs. Government servicesGovernment services provide ocean transport of RoRo cargo, breakbulk and vehicles. Logistics services, primarily related to multimodal transportation, stevedoring and terminal operations, are also performed. Costs to ensure compliance with climate and other sustainability-related regulatory requirements and achievement of strategic sustainability-related goals have been factored into the projected cash flows as far as they relate to current business. This includes measures to increase vessel energy efficiency. The impairment test indicates a significant headroom and no reasonably possible change in the key assumptions on which the recoverable amount is based would cause the aggregate carrying amount to exceed the aggregate recoverable amount.Other assetsThe group has significant investments in vessels and other tangible assets of which vessels constitute the vast majority. Also, the group has significant intangible assets largely related to customer contracts and customer relations acquired in business combinations. There are no indications of impairment as at December 31, 2025.Accounting policyAt each reporting date, the group assesses the carrying amount of the goodwill, intangible assets, vessels and other tangible assets and right-of-use assets to determine whether there is any indication that an asset may be impaired. If any indication of impairment exists, or when annual impairment testing for an asset is required (goodwill), the asset's recoverable amount is estimated.The recoverable amount is the highest of the fair value less costs of disposal (FVLCD) and value in use (ViU). In assessing value in use, the net present value (NPV) of future estimated cash flows from the employment of the asset is determined. If the recoverable amount is estimated to be less than the carrying amount, the asset is considered impaired and is written down to its recoverable amount. If the recoverable amount of the CGU or group of CGUs to which goodwill has been allocated is lower than the carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill and then to the other assets, pro-rata on the basis of the carrying amount of each asset in the CGU or group of CGUs. Impairment losses are recognized in the income statement.Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized in prior years. Impairment losses relating to goodwill cannot be reversed in future periods.Key accounting estimates and judgmentsCash generating units - vesselsThe determination of the relevant CGU for vessels requires management judgment. Vessels are organized and operated as a fleet and evaluated for impairment on the basis that the whole fleet within Shipping services is the relevant CGU. The vessels are trading in a global network as part of the fleet, where the income of a specific vessel is dependent upon the total fleet, and not the individual vessel's earnings. Furthermore, the group's vessels are interchangeable among the operating companies and with a common fleet management structure in place to optimize operations, including trade management and execution, as well as decisions regarding investments. The vessels are interoperable within the segment as the types of vessels operated by the group are largely interchangeable. Customer contract terms are not tied to a specific vessel and the group has the contractual right and flexibility to move and optimize capacity and the vessels are not utilized in set or permanent patterns or routes.Similarly, the fleet within the Government services segment is considered the relevant CGU as vessels are managed as a fleet and utilized interchangeably. Goodwill - logisticsDetermining whether goodwill and other non-current assets in the logistics segment are impaired requires an estimation of the value in use of the group of CGUs. The increased geopolitical tension and uncertainty have created a more volatile market environment, increasing the complexity and judgment involved in the impairment assessment, particularly in relation to key assumptions such as future cash flows. Management used current trends and expectations of future events it considered reasonable under the circumstances. The determination of the value in use is particularly sensitive to changes in the forecast revenue and operating expenses. The cash flow estimates are based on the management plan for a five-year period, utilizing several external and internal sources, with expected throughput and average margins as a basis. Moreover, the development of our key customers is followed closely and growth rates for vehicle and equipment processing reflect the increased competition in the market and auto and equipment sales projections available to us. For the terminals business, the market analysis developed for shipping is used as a basis as these services tend to follow the same trajectory. Costs to ensure compliance with climate and other sustainability-related regulatory requirements and achievement of strategic sustainability related goals have been factored into the projected cash flows as far as they relate to current business. As an example, investments in e.g., terminal equipment, trucks and forklifts will to a large extent be electric. Reductions in rates and volumes across the various services in the segment would influence the estimate, and consequences from uncertainties in trade policies and tariffs may impact the business outlook and accordingly future cash flows and margins.",
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"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s8__7__80": {
"value": "Accounting policyAt each reporting date, the group assesses the carrying amount of the goodwill, intangible assets, vessels and other tangible assets and right-of-use assets to determine whether there is any indication that an asset may be impaired. If any indication of impairment exists, or when annual impairment testing for an asset is required (goodwill), the asset's recoverable amount is estimated.The recoverable amount is the highest of the fair value less costs of disposal (FVLCD) and value in use (ViU). In assessing value in use, the net present value (NPV) of future estimated cash flows from the employment of the asset is determined. If the recoverable amount is estimated to be less than the carrying amount, the asset is considered impaired and is written down to its recoverable amount. If the recoverable amount of the CGU or group of CGUs to which goodwill has been allocated is lower than the carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill and then to the other assets, pro-rata on the basis of the carrying amount of each asset in the CGU or group of CGUs. Impairment losses are recognized in the income statement.Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized in prior years. Impairment losses relating to goodwill cannot be reversed in future periods.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
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"f0__s8__7__78": {
"value": "Accounting policyAt each reporting date, the group assesses the carrying amount of the goodwill, intangible assets, vessels and other tangible assets and right-of-use assets to determine whether there is any indication that an asset may be impaired. If any indication of impairment exists, or when annual impairment testing for an asset is required (goodwill), the asset's recoverable amount is estimated.The recoverable amount is the highest of the fair value less costs of disposal (FVLCD) and value in use (ViU). In assessing value in use, the net present value (NPV) of future estimated cash flows from the employment of the asset is determined. If the recoverable amount is estimated to be less than the carrying amount, the asset is considered impaired and is written down to its recoverable amount. If the recoverable amount of the CGU or group of CGUs to which goodwill has been allocated is lower than the carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill and then to the other assets, pro-rata on the basis of the carrying amount of each asset in the CGU or group of CGUs. Impairment losses are recognized in the income statement.Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized in prior years. Impairment losses relating to goodwill cannot be reversed in future periods.",
"dimensions": {
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s8__7__83-1": {
"value": "Note 11. Principal subsidiariesCompany Business office, country Nature of business 2025 2024 Wallenius Wilhelmsen Ocean Holding AS Lysaker, Norway Intermediate holding 100 % 100 %companyWall RO/RO AB Stockholm, Sweden Shipowner 100 % 100 %WWL Shipowning Singapore Pte Ltd Singapore Shipowner 100 % 100 %Wilhelmsen Lines Shipowning Malta Ltd Floriana, Malta Shipowner 100 % 100 %Wallenius Wilhelmsen Shipowning Norway AS Lysaker, Norway Shipowner 100 % 100 %Wallenius Wilhelmsen Ocean AS Lysaker, Norway Vessel operator 100 % 100 %Armacup Maritime Services Ltd Auckland New Zealand Vessel operator 100 % 100 %Wallenius Wilhelmsen International Holding AS Lysaker, Norway Intermediate holding 100 % 100 %companyEUKOR Car Carriers Inc Seoul, Republic of Korea Shipowner and operator 80 % 80 %ARC Group Holding AS Lysaker, Norway Intermediate holding 100 % 100 %companyAmerican Roll-On Roll-Off Carrier Group Inc Florida, USA Shipowner and operator 100 % 100 %American Roll-On Roll-Off Carrier Holdings LLC Florida, USA Vessel operator 100 % 100 %Fidelio Limited Partnership Florida, USA Shipowner 100 % 100 %Wallenius Wilhelmsen Solutions Holding AS Lysaker, Norway Intermediate holding 100 % 100 %companyWallenius Wilhelmsen Terminals Holding AS Lysaker, Norway Intermediate holding 100 % 100 %companyMelbourne International RoRo and Auto Terminal Pty Ltd Melbourne, Australia Terminal operations - % 100 %Mid-Atlantic Terminal LLC Baltimore, Maryland, USA Terminal operations 100 % 100 %Pacific Ro-Ro Stevedoring LLC California, US Terminal operations 100 % 100 %Wallenius Wilhelmsen Solutions UK Ltd Southampton, United Terminal operations 100 % 100 %KingdomPyeongtaek International Ro-Ro Terminal Pyeongtaek, Republic of Terminal operations 100 % 100 %KoreaWallenius Wilhelmsen Logistics Zeebr\u00fcgge NV Zeebr\u00fcgge, Belgium Terminal operations 100 % 100 %Wallenius Wilhelmsen Inland Services Holding AS Lysaker, Norway Intermediate holding 100 % 100 %companyWallenius Wilhelmsen Logistics Abnormal Load Services Holding Ittervort, Netherlands Intermediate holding 100 % 100 %B.V.company2W Americas Holdings, LLC New Jersey, USA Intermediate holding 100 % 100 %companyWWL Vehicle Service Americas New Jersey, USA Landbased Solutions 100 % 100 %Keen Transport Inc Holding Carlisle, Pennsylvania, Landbased Solutions 100 % 100 %USASyngin Technologies LLCTampa, Florida, USALandbased Solutions 100 % 100 %The four holding companies and their principal subsidiaries at December 31, 2025 are listed in the table above. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the group, and the proportion of ownership interests held equals the voting rights held by the group. The country of incorporation or registration is also their principal place of business.Non-controlling shareholders in EUKOR hold a put option for their 20 percent interest. This is described in note 17.Accounting policySubsidiariesSubsidiaries are all entities over which the group has control. The group controls an entity where the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.Investments held by third party investors in the group's subsidiaries are treated as non-controlling interests (NCI). Profit or loss and comprehensive income are attributed to the equity holders of the parent of the group and to the NCI of subsidiaries and are presented separately in the consolidated income statement, statement of comprehensive income, statement of changes in equity and balance sheet. However, the policy for classification of NCI within equity adopted by the group for entities where the non-controlling interest has an option to put the shares to the group, involves partial recognition of the non-controlling interest and recognition of changes in the measurement of the liability directly in equity.Note 12. Subsidiaries with material non-controlling interestCompany Business office, country Voting/control share Non-controlling interest2025 2024 2025 2024EUKOR Car Carriers Inc Seoul, Republic of Korea 80 % 80 % 20 % 20 %Set out below is the summarized financial information for the subsidiary that has non-controlling interests (NCI) material to the group. The amounts disclosed are on a 100 percent basis. Note that the NCI in EUKOR hold a put option for their 20 percent interest. The policy for classification within equity adopted by the group involves partial recognition of the NCI and recognition of changes in the measurement of the liability directly in equity. This means that there is no non-controlling interest relating to EUKOR presented within equity on the balance sheet. See note 17 for further details.Summarized balance sheetUSD million 2025 2024Non-current assets 2,795 2,523Current assets 924 922Total assets 3,719 3,445Non-current liabilities 971 778Current liabilities 715 686Total liabilities 1,686 1,464Net assets 2,033 1,982Summarized income statement/OCIUSD million 2025 2024Total revenue 2,606 2,382Profit for the year 433 409Other comprehensive income/(loss) 2 (1)Total comprehensive income 434 408Profit allocated to material NCI 85 82Summarized cash flowsUSD million 2025 2024Net cash flow provided by/(used in) operating activities 754 646Net cash flow provided by/(used in) investing activities 18 227Net cash flow provided by/(used in) financing activities (587) (857)Net increase/(decrease) in cash and cash equivalents 186 15",
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"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f0__s8__7__82": {
"value": "Note 11. Principal subsidiariesCompany Business office, country Nature of business 2025 2024 Wallenius Wilhelmsen Ocean Holding AS Lysaker, Norway Intermediate holding 100 % 100 %companyWall RO/RO AB Stockholm, Sweden Shipowner 100 % 100 %WWL Shipowning Singapore Pte Ltd Singapore Shipowner 100 % 100 %Wilhelmsen Lines Shipowning Malta Ltd Floriana, Malta Shipowner 100 % 100 %Wallenius Wilhelmsen Shipowning Norway AS Lysaker, Norway Shipowner 100 % 100 %Wallenius Wilhelmsen Ocean AS Lysaker, Norway Vessel operator 100 % 100 %Armacup Maritime Services Ltd Auckland New Zealand Vessel operator 100 % 100 %Wallenius Wilhelmsen International Holding AS Lysaker, Norway Intermediate holding 100 % 100 %companyEUKOR Car Carriers Inc Seoul, Republic of Korea Shipowner and operator 80 % 80 %ARC Group Holding AS Lysaker, Norway Intermediate holding 100 % 100 %companyAmerican Roll-On Roll-Off Carrier Group Inc Florida, USA Shipowner and operator 100 % 100 %American Roll-On Roll-Off Carrier Holdings LLC Florida, USA Vessel operator 100 % 100 %Fidelio Limited Partnership Florida, USA Shipowner 100 % 100 %Wallenius Wilhelmsen Solutions Holding AS Lysaker, Norway Intermediate holding 100 % 100 %companyWallenius Wilhelmsen Terminals Holding AS Lysaker, Norway Intermediate holding 100 % 100 %companyMelbourne International RoRo and Auto Terminal Pty Ltd Melbourne, Australia Terminal operations - % 100 %Mid-Atlantic Terminal LLC Baltimore, Maryland, USA Terminal operations 100 % 100 %Pacific Ro-Ro Stevedoring LLC California, US Terminal operations 100 % 100 %Wallenius Wilhelmsen Solutions UK Ltd Southampton, United Terminal operations 100 % 100 %KingdomPyeongtaek International Ro-Ro Terminal Pyeongtaek, Republic of Terminal operations 100 % 100 %KoreaWallenius Wilhelmsen Logistics Zeebr\u00fcgge NV Zeebr\u00fcgge, Belgium Terminal operations 100 % 100 %Wallenius Wilhelmsen Inland Services Holding AS Lysaker, Norway Intermediate holding 100 % 100 %companyWallenius Wilhelmsen Logistics Abnormal Load Services Holding Ittervort, Netherlands Intermediate holding 100 % 100 %B.V.company2W Americas Holdings, LLC New Jersey, USA Intermediate holding 100 % 100 %companyWWL Vehicle Service Americas New Jersey, USA Landbased Solutions 100 % 100 %Keen Transport Inc Holding Carlisle, Pennsylvania, Landbased Solutions 100 % 100 %USASyngin Technologies LLCTampa, Florida, USALandbased Solutions 100 % 100 %The four holding companies and their principal subsidiaries at December 31, 2025 are listed in the table above. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the group, and the proportion of ownership interests held equals the voting rights held by the group. The country of incorporation or registration is also their principal place of business.Non-controlling shareholders in EUKOR hold a put option for their 20 percent interest. This is described in note 17.Accounting policySubsidiariesSubsidiaries are all entities over which the group has control. The group controls an entity where the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.Investments held by third party investors in the group's subsidiaries are treated as non-controlling interests (NCI). Profit or loss and comprehensive income are attributed to the equity holders of the parent of the group and to the NCI of subsidiaries and are presented separately in the consolidated income statement, statement of comprehensive income, statement of changes in equity and balance sheet. However, the policy for classification of NCI within equity adopted by the group for entities where the non-controlling interest has an option to put the shares to the group, involves partial recognition of the non-controlling interest and recognition of changes in the measurement of the liability directly in equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__85": {
"value": "Accounting policySubsidiariesSubsidiaries are all entities over which the group has control. The group controls an entity where the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.Investments held by third party investors in the group's subsidiaries are treated as non-controlling interests (NCI). Profit or loss and comprehensive income are attributed to the equity holders of the parent of the group and to the NCI of subsidiaries and are presented separately in the consolidated income statement, statement of comprehensive income, statement of changes in equity and balance sheet. However, the policy for classification of NCI within equity adopted by the group for entities where the non-controlling interest has an option to put the shares to the group, involves partial recognition of the non-controlling interest and recognition of changes in the measurement of the liability directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__84": {
"value": "Accounting policySubsidiariesSubsidiaries are all entities over which the group has control. The group controls an entity where the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.Investments held by third party investors in the group's subsidiaries are treated as non-controlling interests (NCI). Profit or loss and comprehensive income are attributed to the equity holders of the parent of the group and to the NCI of subsidiaries and are presented separately in the consolidated income statement, statement of comprehensive income, statement of changes in equity and balance sheet. However, the policy for classification of NCI within equity adopted by the group for entities where the non-controlling interest has an option to put the shares to the group, involves partial recognition of the non-controlling interest and recognition of changes in the measurement of the liability directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s8__7__87-1": {
"value": "Note 12. Subsidiaries with material non-controlling interestCompany Business office, country Voting/control share Non-controlling interest2025 2024 2025 2024EUKOR Car Carriers Inc Seoul, Republic of Korea 80 % 80 % 20 % 20 %Set out below is the summarized financial information for the subsidiary that has non-controlling interests (NCI) material to the group. The amounts disclosed are on a 100 percent basis. Note that the NCI in EUKOR hold a put option for their 20 percent interest. The policy for classification within equity adopted by the group involves partial recognition of the NCI and recognition of changes in the measurement of the liability directly in equity. This means that there is no non-controlling interest relating to EUKOR presented within equity on the balance sheet. See note 17 for further details.Summarized balance sheetUSD million 2025 2024Non-current assets 2,795 2,523Current assets 924 922Total assets 3,719 3,445Non-current liabilities 971 778Current liabilities 715 686Total liabilities 1,686 1,464Net assets 2,033 1,982Summarized income statement/OCIUSD million 2025 2024Total revenue 2,606 2,382Profit for the year 433 409Other comprehensive income/(loss) 2 (1)Total comprehensive income 434 408Profit allocated to material NCI 85 82Summarized cash flowsUSD million 2025 2024Net cash flow provided by/(used in) operating activities 754 646Net cash flow provided by/(used in) investing activities 18 227Net cash flow provided by/(used in) financing activities (587) (857)Net increase/(decrease) in cash and cash equivalents 186 15Note 17. Written put option over non-controlling interestsNon-controlling shareholders in EUKOR hold a put option for their 20 percent interest, pursuant to the shareholder agreement entered into in 2002. The shareholder agreement also contains a call option held by the group on symmetrical terms.Basis for calculation of the liabilityThe liability reflects the estimated exercise price, which is identical for the put and the call options. The amount is based on a stipulated methodology in local legislation in Korea (the Korean Inheritance and Donation Tax Act (\"the Act\") in effect at the date of the shareholder agreement). The exercise price is based on the highest of \"earnings value per share\" and \"net asset value per share\", both calculated in accordance with methodologies prescribed in the Act. For the periods presented, the earnings value per share is higher than the net asset value per share and the exercise price is thus based on the earnings value per share. A key input factor is the taxable results in EUKOR for the three previous calendar years.The calculation of earnings value per share is updated only at each year-end, meaning that the exercise price for the year ended December 31, 2025 is based on EUKOR's taxable results for 2023, 2024, and 2025. More weight is given to more recent years and a statutory 36cost of capital of 10 percent has been applied. Further, the calculation is based on amounts in local currency (KRW), which makes the recognized amount subject to currency fluctuations.In 2025 the measurement change in the liability was an increase of USD 66 million reflected directly in equity, of which USD 18 million represents exchange rate movements, (strengthening of KRW against USD over the full year) in addition to the USD 48 million increase representing the underlying increase in the liability in KRW. The liability as at December 31, 2025 is USD 897 million (December 31, 2024: USD 831 million).36 Formula applied: Weighted average of earnings per share =((after-tax profit of last year (y-1)) divided by total number of shares) multiplied by 3 + (after-tax profit of (y-2) divided by total number of shares) multiplied by 2 + (after-tax profit of (y-3) divided by total number of shares) divided by 6.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__90": {
"value": "Note 13. Share information and earnings per shareEarnings per share takes into consideration the number of issued shares excluding own shares in the period. Basic earnings per share are calculated by dividing profit for the period attributable to the owners of the parent by the weighted average number of total outstanding shares (adjusted for weighted average number of own shares).Earnings per share 2025 2024Average number of shares 422,763,243 422,645,932Profit for the period attributable to owners of the parent (USD million) 1,017 973Basic and diluted earnings per share (USD) 2.41 2.30NOK million USD millionThe company's share capital is as follows, translated to USD at the historical exchange rate: 220 28In accordance with the authorization from the AGM held on April 29, 2025, the maximum number of shares that can be repurchased is 42,310,494 shares, equivalent to 10 percent of the share capital of the company.Own shares (treasury shares) may be used for a future sale, cancellation or for the payment of the executives\u2019 long-term incentive plans. When any plan in the program is exercised, there will be a reduction of own shares and the price paid in excess of the nominal value of the shares increases retained earnings. The company's number of shares: Dec 31, 2025 Dec 31, 2024Total number of shares (nominal value NOK 0.52) 423,104,938 423,104,938Own shares 310,372 404,340Entities with significant influence over the GroupWilh. Wilhemsen Holding ASA and Wallenius Lines AB (through Skandinaviska Enskilda Banken AB) have significant influence over the group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__89": {
"value": "Note 13. Share information and earnings per shareEarnings per share takes into consideration the number of issued shares excluding own shares in the period. Basic earnings per share are calculated by dividing profit for the period attributable to the owners of the parent by the weighted average number of total outstanding shares (adjusted for weighted average number of own shares).Earnings per share 2025 2024Average number of shares 422,763,243 422,645,932Profit for the period attributable to owners of the parent (USD million) 1,017 973Basic and diluted earnings per share (USD) 2.41 2.30NOK million USD millionThe company's share capital is as follows, translated to USD at the historical exchange rate: 220 28In accordance with the authorization from the AGM held on April 29, 2025, the maximum number of shares that can be repurchased is 42,310,494 shares, equivalent to 10 percent of the share capital of the company.Own shares (treasury shares) may be used for a future sale, cancellation or for the payment of the executives\u2019 long-term incentive plans. When any plan in the program is exercised, there will be a reduction of own shares and the price paid in excess of the nominal value of the shares increases retained earnings. The company's number of shares: Dec 31, 2025 Dec 31, 2024Total number of shares (nominal value NOK 0.52) 423,104,938 423,104,938Own shares 310,372 404,340Entities with significant influence over the GroupWilh. Wilhemsen Holding ASA and Wallenius Lines AB (through Skandinaviska Enskilda Banken AB) have significant influence over the group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s8__7__88": {
"value": "Note 13. Share information and earnings per shareEarnings per share takes into consideration the number of issued shares excluding own shares in the period. Basic earnings per share are calculated by dividing profit for the period attributable to the owners of the parent by the weighted average number of total outstanding shares (adjusted for weighted average number of own shares).Earnings per share 2025 2024Average number of shares 422,763,243 422,645,932Profit for the period attributable to owners of the parent (USD million) 1,017 973Basic and diluted earnings per share (USD) 2.41 2.30NOK million USD millionThe company's share capital is as follows, translated to USD at the historical exchange rate: 220 28In accordance with the authorization from the AGM held on April 29, 2025, the maximum number of shares that can be repurchased is 42,310,494 shares, equivalent to 10 percent of the share capital of the company.Own shares (treasury shares) may be used for a future sale, cancellation or for the payment of the executives\u2019 long-term incentive plans. When any plan in the program is exercised, there will be a reduction of own shares and the price paid in excess of the nominal value of the shares increases retained earnings. The company's number of shares: Dec 31, 2025 Dec 31, 2024Total number of shares (nominal value NOK 0.52) 423,104,938 423,104,938Own shares 310,372 404,340Entities with significant influence over the GroupWilh. Wilhemsen Holding ASA and Wallenius Lines AB (through Skandinaviska Enskilda Banken AB) have significant influence over the group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s8__7__92": {
"value": "Note 14. Employee retirement plansThe group companies provide various retirement plans in accordance with local regulations and practice in the countries in which they operate. The pension plans are largely defined contribution plans. The defined benefit plans are based on years of service and salary levels and normally guarantees a specified return or agreed benefit. The defined benefit plans are for the main part related to subsidiaries in Norway, US, UK and the Republic of Korea and are closed plans or only applicable for senior executives. The group also has agreements on early retirement. These obligations are mainly financed from operations",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s8__7__95": {
"value": "Note 15. Interest-bearing liabilitiesInterest-bearing liabilities per financing unitWallenius Wilhelmsen group has five financing units: Wallenius Wilhelmsen ASA, Wallenius 33Wilhelmsen Ocean, EUKOR, ARC and Wallenius Wilhelmsen SolutionsUSD million Dec 31, 2025 Dec 31, 2024Wallenius Wilhelmsen ASABonds 396 374Total 396 374Wallenius Wilhelmsen OceanBank loans 300 517Lease liabilities 195 216Total 496 733ARCBank loans 109 163Lease liabilities 2 2Total 111 165EUKORBank loans 462 429Lease liabilities 857 657Total 1,319 1,086Wallenius Wilhelmsen SolutionsBank loans - 301Lease liabilities 483 499Total 483 80034Total repayable interest-bearing debt2,806 3,158The weighted average margin on the bonds is 3.85%. The weighted average margin on the bank debt is 1.68%. The weighted average duration of the interest-bearing bank and bond debt is approximately 2 years. The weighted average all-in interest cost on lease liabilities is 5.20%, The weighted average duration on the lease debt is close to 5 years. In addition, the group has undrawn revolving credit facilities with maturities ranging from 1 to 6 years, as well as committed drawing rights for vessel purchases and post-delivery financing for 11 Shaper-class vessels. See further details in the undrawn committed drawing overview.Most financings are subject to certain financial and non-financial covenants or restrictions: \u2022 Wallenius Wilhelmsen ASA: The main covenant related to the bond debt is a limitation on the ability to pledge assets, which is reported quarterly.\u2022 Wallenius Wilhelmsen Ocean: The debt is subject to minimum liquidity and gearing ratio (net interest-bearing debt divided by net interest-bearing debt plus book equity) on a consolidated group level, as well as loan to value clauses for secured debt. The covenants are reported quarterly.33 Wallenius Wilhelmsen Ocean and EUKOR are operated under the shipping segment, ARC operates as the government segment and Wallenius Wilhelmsen Solutions operates as the logistics segment. The debt in Wallenius Wilhelmsen Ocean and Wallenius Wilhelmsen Solutions is guaranteed by a parent company guarantee from Wallenius Wilhelmsen ASA.34 Excluding transaction costs\u2022 EUKOR: The debt is subject to minimum liquidity and interest cover ratio (EBITDA to interest expense) on EUKOR group level, as well as loan to value clauses for secured debt. The covenants are reported semi-annually.\u2022 ARC: The debt is subject to a fixed charge coverage ratio (EBITDA: capital expenditures, income taxes paid, income tax refund, dividends paid) / (interest expense, current portion bank debt, current portion leases) and funded debt to EBITDA ratio (bank debt / EBITDA) on ARC group level, as well as loan to value clauses for secured debt. The covenants are reported quarterly.\u2022 Wallenius Wilhelmsen Solutions: The debt is subject to minimum liquidity and gearing ratio (net interest-bearing debt divided by net interest-bearing debt plus book equity) on a consolidated group level.The covenants are reported quarterly.The covenants and ratios are customized to reflect the financial situation of the financing unit. Certain loan agreements also have change of control clauses. There have been no breaches of loan agreement terms in the current period, and as of December 31, 2025 (similar to 2024), the group has ample headroom to the covenants across the financing units. Covenants may be adjusted in the event of material changes in accounting principles.Reconciliation of liabilities arising from financing activitiesNon-current Current Total interest interest Non-current Current lease financing USD millionbearing debtbearing debtlease liabilitiesliabilitiesactivitiesTotal debt December 31, 2024 1,438 338 1,092 283 3,151Proceeds from loans and bonds 275 - - - 275Repayments of loans, bonds and leases - (844) - (360) (1,205)New lease contracts and amendments, net - - 393 112 505Foreign exchange movements 80 (31) 16 2 67Other non-cash movements 7 - - - 7Reclassification (935) 935 (337) 337 -Total interest-bearing debt December 31, 2025 865 398 1,164 374 2,800Non-current Current Total interest-interest-Non-current Current lease financing USD millionbearing debtbearing debtlease liabilitiesliabilitiesactivitiesTotal debt December 31, 2023 1,897 406 1,097 313 3,713Proceeds from loans and bonds 109 17 - - 126Repayments of loans, bonds and leases - (606) - (327) (933)New lease contracts and amendments, net - - 348 119 467Foreign exchange movements (45) (7) (28) (3) (84)Other non-cash movements 7 - - - 7Reclassification(529) 529 (325) 181 (145)Total interest-bearing debt December 31, 2024 1,438 338 1,092 283 3,151In the first quarter of 2025, EUKOR repaid USD 20 million in a term loan facility. The group did not undertake any new borrowings or exercise purchase options. During the second quarter of 2025, EUKOR refinanced its 2025 bank loan maturities and lease purchase options, covering nine vessels. Four were mortgaged to secure a USD 140 million facility, while the remaining five were left unencumbered to retain future financing flexibility. EUKOR also assumed ownership of a previously leased vessel upon lease expiration. Wallenius Wilhelmsen Ocean repaid debt on three vessels at maturity and exercised a purchase option on a fourth leased vessel using cash. In Q2 2025, Wallenius Wilhelmsen Solutions used excess cash to reduce drawn revolving credit facility debt by USD 205 million. A USD 150 million facility secured against accounts receivable was cancelledIn the third quarter of 2025, Wallenius Wilhelmsen ASA partially repurchased USD 26 million of the WAWI01 bond. Additionally, EUKOR refinanced three vessels, securing USD 135 million in new funding and repaying USD 71 million in existing debt associated with these vessels. EUKOR also acquired a leased vessel for USD 13 million. Wallenius Wilhelmsen Solutions used excess cash to reduce drawn revolving credit facility debt with USD 98 million. In the fourth quarter of 2025, EUKOR repaid USD 15 million in vessel debt at the maturity of a JOLCO lease and increased a previously announced Shaper-class post-delivery financing by USD 122 million to include an additional vessel. ARC prepaid USD 20 million in drawn debt and secured a new USD 100 million revolving credit facility, as well as USD 130 million in Equipment Line of Credit (ELOC) capacity. Wallenius Wilhelmsen Ocean established a new USD 200 million revolving credit facility secured by five sailing vessels and prepaid USD 105 million of debt linked to three vessels included in the facility.The group's undrawn credit facilities increased to USD 922 million and were fully undrawn at December 31, 2025. The carrying amounts of the group\u2019s borrowings are denominated in the following currencies:USD million Dec 31, 2025 Dec 31, 2024USD 2,369 2,687NOK 430 458KRW 1 6Total carrying amounts of group\u2019s borrowings 2,800 3,151Net debt reconciliationThis section sets out an analysis of net debt and the movements in net debt for each of the periods presented.USD million Dec 31, 2025 Dec 31, 2024Gross debt - fixed interest rates 1,624 1,383Gross debt - variable interest rates 1,176 1,768Less Cash and cash equivalents (1,071) (1,393)Net interest-bearing debt 1,729 1,758A key part of the liquidity reserve takes the form of undrawn committed drawing rights as follows:USD million Dec 31, 2025 Dec 31, 2024Undrawn committed drawing rights 922 494Of which backstop for outstanding certificates and bonds with a remaining term of less than 12 months to maturity - -Undrawn committed loans 1,002 450Undrawn committed loans include the Shaper-class financings. The financings are established with banks, commence upon vessel delivery and repayment profiles are 18 years for EUKOR and 22 years for WW Ocean Holding. Carrying value of mortgaged and leased assetsUSD million Dec 31, 2025 Dec 31, 2024Vessels 3,781 3,965Property & land 501 530Accounts receivable - 27035Shares in Wallenius Wilhelmsen Solutions Holding AS433 433Total carrying value of mortgaged and leased assets 4,715 5,197At December 31, 2025, the group had 36 unencumbered vessels with a total net carrying value of USD 774 million.See otherwise note 16 for information on financial derivatives (interest rates and currency hedges) relating to interest-bearing liabilities.Accounting policyInterest-bearing debt is recognized at fair value when the proceeds are received, net of transaction costs. In subsequent periods, loans are measured at amortized cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the term of the loan.Sustainability-linked financing agreements (loans and bonds) are instruments where the interest payable varies depending on reaching or achieving specified sustainability KPIs that are linked to the sustainability goals. The sustainability-linked loan or bond is initially recognized as a financial liability measured at amortized cost based on an assessment of the likelihood of reaching the sustainability goals in the sustainability-linked financing agreement. An initial assessment is made as to whether there are features that represent embedded derivatives that must be separated from the debt host contract and accounted for as standalone derivatives. The loans and bonds currently held do not include any embedded derivatives.Interest-bearing debt is classified as current liabilities unless the group or the parent company has a right to defer settlement of the liability for at least 12 months after the balance sheet date.35 Carrying value in Wallenius Wilhelmsen ASA.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f0__s8__7__94": {
"value": "Note 15. Interest-bearing liabilitiesInterest-bearing liabilities per financing unitWallenius Wilhelmsen group has five financing units: Wallenius Wilhelmsen ASA, Wallenius 33Wilhelmsen Ocean, EUKOR, ARC and Wallenius Wilhelmsen SolutionsUSD million Dec 31, 2025 Dec 31, 2024Wallenius Wilhelmsen ASABonds 396 374Total 396 374Wallenius Wilhelmsen OceanBank loans 300 517Lease liabilities 195 216Total 496 733ARCBank loans 109 163Lease liabilities 2 2Total 111 165EUKORBank loans 462 429Lease liabilities 857 657Total 1,319 1,086Wallenius Wilhelmsen SolutionsBank loans - 301Lease liabilities 483 499Total 483 80034Total repayable interest-bearing debt2,806 3,158The weighted average margin on the bonds is 3.85%. The weighted average margin on the bank debt is 1.68%. The weighted average duration of the interest-bearing bank and bond debt is approximately 2 years. The weighted average all-in interest cost on lease liabilities is 5.20%, The weighted average duration on the lease debt is close to 5 years. In addition, the group has undrawn revolving credit facilities with maturities ranging from 1 to 6 years, as well as committed drawing rights for vessel purchases and post-delivery financing for 11 Shaper-class vessels. See further details in the undrawn committed drawing overview.Most financings are subject to certain financial and non-financial covenants or restrictions: \u2022 Wallenius Wilhelmsen ASA: The main covenant related to the bond debt is a limitation on the ability to pledge assets, which is reported quarterly.\u2022 Wallenius Wilhelmsen Ocean: The debt is subject to minimum liquidity and gearing ratio (net interest-bearing debt divided by net interest-bearing debt plus book equity) on a consolidated group level, as well as loan to value clauses for secured debt. The covenants are reported quarterly.33 Wallenius Wilhelmsen Ocean and EUKOR are operated under the shipping segment, ARC operates as the government segment and Wallenius Wilhelmsen Solutions operates as the logistics segment. The debt in Wallenius Wilhelmsen Ocean and Wallenius Wilhelmsen Solutions is guaranteed by a parent company guarantee from Wallenius Wilhelmsen ASA.34 Excluding transaction costs\u2022 EUKOR: The debt is subject to minimum liquidity and interest cover ratio (EBITDA to interest expense) on EUKOR group level, as well as loan to value clauses for secured debt. The covenants are reported semi-annually.\u2022 ARC: The debt is subject to a fixed charge coverage ratio (EBITDA: capital expenditures, income taxes paid, income tax refund, dividends paid) / (interest expense, current portion bank debt, current portion leases) and funded debt to EBITDA ratio (bank debt / EBITDA) on ARC group level, as well as loan to value clauses for secured debt. The covenants are reported quarterly.\u2022 Wallenius Wilhelmsen Solutions: The debt is subject to minimum liquidity and gearing ratio (net interest-bearing debt divided by net interest-bearing debt plus book equity) on a consolidated group level.The covenants are reported quarterly.The covenants and ratios are customized to reflect the financial situation of the financing unit. Certain loan agreements also have change of control clauses. There have been no breaches of loan agreement terms in the current period, and as of December 31, 2025 (similar to 2024), the group has ample headroom to the covenants across the financing units. Covenants may be adjusted in the event of material changes in accounting principles.Reconciliation of liabilities arising from financing activitiesNon-current Current Total interest interest Non-current Current lease financing USD millionbearing debtbearing debtlease liabilitiesliabilitiesactivitiesTotal debt December 31, 2024 1,438 338 1,092 283 3,151Proceeds from loans and bonds 275 - - - 275Repayments of loans, bonds and leases - (844) - (360) (1,205)New lease contracts and amendments, net - - 393 112 505Foreign exchange movements 80 (31) 16 2 67Other non-cash movements 7 - - - 7Reclassification (935) 935 (337) 337 -Total interest-bearing debt December 31, 2025 865 398 1,164 374 2,800Non-current Current Total interest-interest-Non-current Current lease financing USD millionbearing debtbearing debtlease liabilitiesliabilitiesactivitiesTotal debt December 31, 2023 1,897 406 1,097 313 3,713Proceeds from loans and bonds 109 17 - - 126Repayments of loans, bonds and leases - (606) - (327) (933)New lease contracts and amendments, net - - 348 119 467Foreign exchange movements (45) (7) (28) (3) (84)Other non-cash movements 7 - - - 7Reclassification(529) 529 (325) 181 (145)Total interest-bearing debt December 31, 2024 1,438 338 1,092 283 3,151In the first quarter of 2025, EUKOR repaid USD 20 million in a term loan facility. The group did not undertake any new borrowings or exercise purchase options. During the second quarter of 2025, EUKOR refinanced its 2025 bank loan maturities and lease purchase options, covering nine vessels. Four were mortgaged to secure a USD 140 million facility, while the remaining five were left unencumbered to retain future financing flexibility. EUKOR also assumed ownership of a previously leased vessel upon lease expiration. Wallenius Wilhelmsen Ocean repaid debt on three vessels at maturity and exercised a purchase option on a fourth leased vessel using cash. In Q2 2025, Wallenius Wilhelmsen Solutions used excess cash to reduce drawn revolving credit facility debt by USD 205 million. A USD 150 million facility secured against accounts receivable was cancelledIn the third quarter of 2025, Wallenius Wilhelmsen ASA partially repurchased USD 26 million of the WAWI01 bond. Additionally, EUKOR refinanced three vessels, securing USD 135 million in new funding and repaying USD 71 million in existing debt associated with these vessels. EUKOR also acquired a leased vessel for USD 13 million. Wallenius Wilhelmsen Solutions used excess cash to reduce drawn revolving credit facility debt with USD 98 million. In the fourth quarter of 2025, EUKOR repaid USD 15 million in vessel debt at the maturity of a JOLCO lease and increased a previously announced Shaper-class post-delivery financing by USD 122 million to include an additional vessel. ARC prepaid USD 20 million in drawn debt and secured a new USD 100 million revolving credit facility, as well as USD 130 million in Equipment Line of Credit (ELOC) capacity. Wallenius Wilhelmsen Ocean established a new USD 200 million revolving credit facility secured by five sailing vessels and prepaid USD 105 million of debt linked to three vessels included in the facility.The group's undrawn credit facilities increased to USD 922 million and were fully undrawn at December 31, 2025. The carrying amounts of the group\u2019s borrowings are denominated in the following currencies:USD million Dec 31, 2025 Dec 31, 2024USD 2,369 2,687NOK 430 458KRW 1 6Total carrying amounts of group\u2019s borrowings 2,800 3,151Net debt reconciliationThis section sets out an analysis of net debt and the movements in net debt for each of the periods presented.USD million Dec 31, 2025 Dec 31, 2024Gross debt - fixed interest rates 1,624 1,383Gross debt - variable interest rates 1,176 1,768Less Cash and cash equivalents (1,071) (1,393)Net interest-bearing debt 1,729 1,758A key part of the liquidity reserve takes the form of undrawn committed drawing rights as follows:USD million Dec 31, 2025 Dec 31, 2024Undrawn committed drawing rights 922 494Of which backstop for outstanding certificates and bonds with a remaining term of less than 12 months to maturity - -Undrawn committed loans 1,002 450Undrawn committed loans include the Shaper-class financings. The financings are established with banks, commence upon vessel delivery and repayment profiles are 18 years for EUKOR and 22 years for WW Ocean Holding. Carrying value of mortgaged and leased assetsUSD million Dec 31, 2025 Dec 31, 2024Vessels 3,781 3,965Property & land 501 530Accounts receivable - 27035Shares in Wallenius Wilhelmsen Solutions Holding AS433 433Total carrying value of mortgaged and leased assets 4,715 5,197At December 31, 2025, the group had 36 unencumbered vessels with a total net carrying value of USD 774 million.See otherwise note 16 for information on financial derivatives (interest rates and currency hedges) relating to interest-bearing liabilities.Accounting policyInterest-bearing debt is recognized at fair value when the proceeds are received, net of transaction costs. In subsequent periods, loans are measured at amortized cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the term of the loan.Sustainability-linked financing agreements (loans and bonds) are instruments where the interest payable varies depending on reaching or achieving specified sustainability KPIs that are linked to the sustainability goals. The sustainability-linked loan or bond is initially recognized as a financial liability measured at amortized cost based on an assessment of the likelihood of reaching the sustainability goals in the sustainability-linked financing agreement. An initial assessment is made as to whether there are features that represent embedded derivatives that must be separated from the debt host contract and accounted for as standalone derivatives. The loans and bonds currently held do not include any embedded derivatives.Interest-bearing debt is classified as current liabilities unless the group or the parent company has a right to defer settlement of the liability for at least 12 months after the balance sheet date.35 Carrying value in Wallenius Wilhelmsen ASA.",
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"value": "Note 15. Interest-bearing liabilitiesInterest-bearing liabilities per financing unitWallenius Wilhelmsen group has five financing units: Wallenius Wilhelmsen ASA, Wallenius 33Wilhelmsen Ocean, EUKOR, ARC and Wallenius Wilhelmsen SolutionsUSD million Dec 31, 2025 Dec 31, 2024Wallenius Wilhelmsen ASABonds 396 374Total 396 374Wallenius Wilhelmsen OceanBank loans 300 517Lease liabilities 195 216Total 496 733ARCBank loans 109 163Lease liabilities 2 2Total 111 165EUKORBank loans 462 429Lease liabilities 857 657Total 1,319 1,086Wallenius Wilhelmsen SolutionsBank loans - 301Lease liabilities 483 499Total 483 80034Total repayable interest-bearing debt2,806 3,158The weighted average margin on the bonds is 3.85%. The weighted average margin on the bank debt is 1.68%. The weighted average duration of the interest-bearing bank and bond debt is approximately 2 years. The weighted average all-in interest cost on lease liabilities is 5.20%, The weighted average duration on the lease debt is close to 5 years. In addition, the group has undrawn revolving credit facilities with maturities ranging from 1 to 6 years, as well as committed drawing rights for vessel purchases and post-delivery financing for 11 Shaper-class vessels. See further details in the undrawn committed drawing overview.Most financings are subject to certain financial and non-financial covenants or restrictions: \u2022 Wallenius Wilhelmsen ASA: The main covenant related to the bond debt is a limitation on the ability to pledge assets, which is reported quarterly.\u2022 Wallenius Wilhelmsen Ocean: The debt is subject to minimum liquidity and gearing ratio (net interest-bearing debt divided by net interest-bearing debt plus book equity) on a consolidated group level, as well as loan to value clauses for secured debt. The covenants are reported quarterly.33 Wallenius Wilhelmsen Ocean and EUKOR are operated under the shipping segment, ARC operates as the government segment and Wallenius Wilhelmsen Solutions operates as the logistics segment. The debt in Wallenius Wilhelmsen Ocean and Wallenius Wilhelmsen Solutions is guaranteed by a parent company guarantee from Wallenius Wilhelmsen ASA.34 Excluding transaction costs\u2022 EUKOR: The debt is subject to minimum liquidity and interest cover ratio (EBITDA to interest expense) on EUKOR group level, as well as loan to value clauses for secured debt. The covenants are reported semi-annually.\u2022 ARC: The debt is subject to a fixed charge coverage ratio (EBITDA: capital expenditures, income taxes paid, income tax refund, dividends paid) / (interest expense, current portion bank debt, current portion leases) and funded debt to EBITDA ratio (bank debt / EBITDA) on ARC group level, as well as loan to value clauses for secured debt. The covenants are reported quarterly.\u2022 Wallenius Wilhelmsen Solutions: The debt is subject to minimum liquidity and gearing ratio (net interest-bearing debt divided by net interest-bearing debt plus book equity) on a consolidated group level.The covenants are reported quarterly.The covenants and ratios are customized to reflect the financial situation of the financing unit. Certain loan agreements also have change of control clauses. There have been no breaches of loan agreement terms in the current period, and as of December 31, 2025 (similar to 2024), the group has ample headroom to the covenants across the financing units. Covenants may be adjusted in the event of material changes in accounting principles.Reconciliation of liabilities arising from financing activitiesNon-current Current Total interest interest Non-current Current lease financing USD millionbearing debtbearing debtlease liabilitiesliabilitiesactivitiesTotal debt December 31, 2024 1,438 338 1,092 283 3,151Proceeds from loans and bonds 275 - - - 275Repayments of loans, bonds and leases - (844) - (360) (1,205)New lease contracts and amendments, net - - 393 112 505Foreign exchange movements 80 (31) 16 2 67Other non-cash movements 7 - - - 7Reclassification (935) 935 (337) 337 -Total interest-bearing debt December 31, 2025 865 398 1,164 374 2,800Non-current Current Total interest-interest-Non-current Current lease financing USD millionbearing debtbearing debtlease liabilitiesliabilitiesactivitiesTotal debt December 31, 2023 1,897 406 1,097 313 3,713Proceeds from loans and bonds 109 17 - - 126Repayments of loans, bonds and leases - (606) - (327) (933)New lease contracts and amendments, net - - 348 119 467Foreign exchange movements (45) (7) (28) (3) (84)Other non-cash movements 7 - - - 7Reclassification(529) 529 (325) 181 (145)Total interest-bearing debt December 31, 2024 1,438 338 1,092 283 3,151In the first quarter of 2025, EUKOR repaid USD 20 million in a term loan facility. The group did not undertake any new borrowings or exercise purchase options. During the second quarter of 2025, EUKOR refinanced its 2025 bank loan maturities and lease purchase options, covering nine vessels. Four were mortgaged to secure a USD 140 million facility, while the remaining five were left unencumbered to retain future financing flexibility. EUKOR also assumed ownership of a previously leased vessel upon lease expiration. Wallenius Wilhelmsen Ocean repaid debt on three vessels at maturity and exercised a purchase option on a fourth leased vessel using cash. In Q2 2025, Wallenius Wilhelmsen Solutions used excess cash to reduce drawn revolving credit facility debt by USD 205 million. A USD 150 million facility secured against accounts receivable was cancelledIn the third quarter of 2025, Wallenius Wilhelmsen ASA partially repurchased USD 26 million of the WAWI01 bond. Additionally, EUKOR refinanced three vessels, securing USD 135 million in new funding and repaying USD 71 million in existing debt associated with these vessels. EUKOR also acquired a leased vessel for USD 13 million. Wallenius Wilhelmsen Solutions used excess cash to reduce drawn revolving credit facility debt with USD 98 million. In the fourth quarter of 2025, EUKOR repaid USD 15 million in vessel debt at the maturity of a JOLCO lease and increased a previously announced Shaper-class post-delivery financing by USD 122 million to include an additional vessel. ARC prepaid USD 20 million in drawn debt and secured a new USD 100 million revolving credit facility, as well as USD 130 million in Equipment Line of Credit (ELOC) capacity. Wallenius Wilhelmsen Ocean established a new USD 200 million revolving credit facility secured by five sailing vessels and prepaid USD 105 million of debt linked to three vessels included in the facility.The group's undrawn credit facilities increased to USD 922 million and were fully undrawn at December 31, 2025. The carrying amounts of the group\u2019s borrowings are denominated in the following currencies:USD million Dec 31, 2025 Dec 31, 2024USD 2,369 2,687NOK 430 458KRW 1 6Total carrying amounts of group\u2019s borrowings 2,800 3,151Net debt reconciliationThis section sets out an analysis of net debt and the movements in net debt for each of the periods presented.USD million Dec 31, 2025 Dec 31, 2024Gross debt - fixed interest rates 1,624 1,383Gross debt - variable interest rates 1,176 1,768Less Cash and cash equivalents (1,071) (1,393)Net interest-bearing debt 1,729 1,758A key part of the liquidity reserve takes the form of undrawn committed drawing rights as follows:USD million Dec 31, 2025 Dec 31, 2024Undrawn committed drawing rights 922 494Of which backstop for outstanding certificates and bonds with a remaining term of less than 12 months to maturity - -Undrawn committed loans 1,002 450Undrawn committed loans include the Shaper-class financings. The financings are established with banks, commence upon vessel delivery and repayment profiles are 18 years for EUKOR and 22 years for WW Ocean Holding. Carrying value of mortgaged and leased assetsUSD million Dec 31, 2025 Dec 31, 2024Vessels 3,781 3,965Property & land 501 530Accounts receivable - 27035Shares in Wallenius Wilhelmsen Solutions Holding AS433 433Total carrying value of mortgaged and leased assets 4,715 5,197At December 31, 2025, the group had 36 unencumbered vessels with a total net carrying value of USD 774 million.See otherwise note 16 for information on financial derivatives (interest rates and currency hedges) relating to interest-bearing liabilities.Accounting policyInterest-bearing debt is recognized at fair value when the proceeds are received, net of transaction costs. In subsequent periods, loans are measured at amortized cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the term of the loan.Sustainability-linked financing agreements (loans and bonds) are instruments where the interest payable varies depending on reaching or achieving specified sustainability KPIs that are linked to the sustainability goals. The sustainability-linked loan or bond is initially recognized as a financial liability measured at amortized cost based on an assessment of the likelihood of reaching the sustainability goals in the sustainability-linked financing agreement. An initial assessment is made as to whether there are features that represent embedded derivatives that must be separated from the debt host contract and accounted for as standalone derivatives. The loans and bonds currently held do not include any embedded derivatives.Interest-bearing debt is classified as current liabilities unless the group or the parent company has a right to defer settlement of the liability for at least 12 months after the balance sheet date.35 Carrying value in Wallenius Wilhelmsen ASA.Note 16. Financial riskThe group is exposed to a variety of financial risks:Risks Origin of exposure Risk managementMarket risk - Foreign currency Revenues,expenses, assets and Derivatives and asset-liability liabilities not denominated in USD.match.Market risk - Interest rate Financing with a floating interest Derivatives and fixed rate loans.rate.Market risk - Fuel price Volatility of fuel oil prices. Adjustment mechanism in customer contracts.Market risk - Emission allowances Volatility of emission allowance Surcharge on transported cargo.priceprice.Credit risk Trade receivables, bank deposits Portfolio diversification and and financial derivatives.monitoring counterparty solvency and liquidity.Liquidity risk Loans, bonds, leases, financial Maintenance of a liquid position derivatives and other contractual and undrawn capacity under bank and assumed obligations.facilities.Capital risk Composition of the balance sheet. Monitoring of return on capital employed, equity ratio and current ratio.Climate risk Transition and physical risks. Mitigation of transition risks, see also key risk exposures and climate change The group\u2019s financial risk management focuses on the unpredictability of financial markets and aims to minimize adverse effects on performance. Derivative financial instruments are used to hedge specific exposures, and all risk identification, evaluation and hedging are carried out by the central treasury department under board-approved policies.Hedge accounting has not been applied for any economic hedges. Fair value changes in derivatives are recognised in profit or loss, with their market values classified within the relevant current and non-current asset and liability line items.Market riskMarket risk arises from changes in market prices, such as foreign exchange rates and interest rates, that will affect the group\u2019s profit or the values of its financial instruments. The sensitivity analyses reflect the group\u2019s positions as at December 31, 2025 and assume symmetric effects, meaning rate increases and decreases have equal absolute impact. The group uses economic hedging strategies to mitigate market risks in line with the board-approved financial strategy.Foreign currency riskThe group is exposed to currency risk on revenues and expenses in non-functional currencies (transaction (cash flow) risk) and on balance sheet items denominated in currencies other than USD (translation risk). The EUR is the group\u2019s largest currency exposure, followed by KRW, AUD, JPY, SEK, CNY and NOK and others. The group hedges currency risk using forwards, options and cross-currency swaps. Key elements of the policy applied to non-USD transactions are:\u2022 Significant net cash flows may be hedged using a layered model with a 36-month horizon.\u2022 Hedging significant foreign-currency capital commitments or divestments.\u2022 Balance sheet exposures are generally hedged by considering for example asset-liability matching and the currency of related cash flows.Economic hedging of translation risk All outstanding NOK-denominated bonds are hedged using cross-currency swaps. These bonds amounted to NOK 3.99 billion (USD 396 million) at December 31, 2025, and NOK 4.25 billion (USD 461 million) in 2024. In 2024, the group also hedged the AUD exposure related the sale of MIRRAT (see note 24).Foreign exchange sensitivitiesThe group regularly monitors the net exposure and calculates sensitivities based on average market volatility per currency cross. Sensitivities with a potential accounting impact below USD 5 million are considered immaterial. On December 31, 2025, material FX sensitivities were identified against AUD, as well as for the exposure related to the written put option over the EUKOR non-controlling interest and FVOCI investments. A 10% change in AUD/USD would affect the exposure by USD 6 million. A 10% change in USD/KRW would affect the written put option liability by USD 81 million and FVOCI investments by USD 4 million. USD million Note 2025 2024Through income statementFinancial currencyNet currency gain/(loss) - operating currency 21 15Net currency gain/(loss) - financial currency (50) 38Derivatives for economic hedging of cash flow risk - realized - (1)Derivatives for economic hedging of cash flow risk - unrealized (3) 1Derivatives for economic hedging of translation risk - realized (11) (43)Derivatives for economic hedging of translation risk - unrealized 60 (23)Net financial currency 6 17 (12)Through other comprehensive incomeCurrency translation differences through other comprehensive income 14 (17)Total net currency effect 30 (28)Interest rate riskThe group seeks to economically hedge between 20-80 percent of the average gross debt over the next five years, predominantly through interest rate swaps and fixed rate loans. Interest rate hedges (fixed rate debt and derivatives) corresponded to about 70 percent (2024: about 65 percent) of its average gross debt at December 31, 2025. Leases are considered fixed rate debt for this calculation.USD million 2025 2024Maturity schedule economic interest rate hedges (nominal amounts)Due in year 1 225 262Due in year 2 250 237Due in year 3 - 262Due in year 4 141 12Due in year 5 and later 269 374Total economic interest rate hedges 885 1,147No forward starting swaps were held at December 31, 2025 (2024: nil).Interest rate sensitivitiesThe group\u2019s interest rate risk arises from mismatches in the duration and amounts of interest-bearing assets and liabilities. Bank deposits are exposed to changes in general interest rates, mainly in USD. Whereas debt and bonds issued with fixed or floating coupons (together with related interest rate swaps) are affected by movements in both the level and curvature of interest rates. The group measures sensitivity using the weighted average duration of its interest-bearing assets, liabilities and interest rate derivatives.The below table summarizes the interest rate sensitivity on interest income and interest expenses (floating rate debt net of interest rate derivatives):USD millionChange in interest rate levels (2) % (1) % - % 1 % 2 %2025Fair value sensitivities of interest rate riskEstimated change in interest income (21) (11) - 11 21Estimated change in interest expenses (8) (4) - 4 8USD millionChange in interest rate levels (2) % (1) % - % 1 % 2 %2024Fair value sensitivities of interest rate riskEstimated change in interest income (26) (13) - 13 26Estimated change in interest expenses (13) (6) - 6 13The tax rate used is 22 percent, which equals the corporate tax rate in Norway.Apart from the fair value sensitivity based net duration, the group is exposed to cash flow risk from potential increases in future interest payments on the unhedged portion of its interest-bearing debt.Assets Liabilities Assets LiabilitiesUSD million 2025 2024Interest rate derivativesHolding 1 - 3 -Shipping services 8 - 25 -Government services - - 1 -Logistics services 3 - 10 -Total interest rate derivatives 11 1 39 -Derivatives used for economic cash flow hedgingHolding - - 6 3Shipping services - - - 1Total currency cash flow derivatives - - 6 4Derivatives used for economic translation risk hedging (basis swaps)Holding - 39 - 98Shipping services - - - 1Total cross currency derivatives (basis swaps) - 40 - 99Other derivatives - non-controlling shareholder net derivativeShipping services - - - -Total non-controlling shareholder net derivative - - - -Total market value of derivatives 11 40 45 103Of which:Current 2 22 11 2Non-current 9 18 34 101Fuel price riskThe group is exposed to fuel oil price volatility. The group manages the risk by including a bunker adjustment factor (BAF) in customer contracts, although the lag between historical pricing and application creates short-term exposure.The group did not hold any fuel hedging contracts at December 31, 2025 (2024: nil).Emission allowances price riskFrom 2024 shipping is included in the EU Emission Trading Scheme (EU ETS). The group is exposed through its operations in Wallenius Wilhelmsen Ocean, American Roll-On Roll-Off Carrier and EUKOR Car Carriers. Consequently, the group will surrender allowances for all in-scope CO\u2082 emissions to the EEA authorities. As no free allowances are granted for shipping, the group purchases the allowances on the open market, where prices have been volatile.The group mitigates the risk by including an EU ETS surcharge in customer contracts, though a timing lag creates short-term price exposure. Allowances are procured regularly based on continuous vessel-emission measurements.Credit riskCredit risk is the risk of loss to the group if a customer or counterparty fails to meet its contractual obligations. It mainly arises from customer receivables, financial derivatives used to hedge interest rate and currency risks, and bank deposits.Trade receivablesThe group\u2019s credit risk exposure in its operating entities is driven mainly by individual customer characteristics, with industry and country defaulting factors playing a smaller role. The shipping segment has historically had low credit risk, as its customers are large, reputable companies and cargo can be withheld if needed.Cash and cash equivalentsThe group\u2019s exposure is considered very limited, as it primarily banks with institutions rated at least A-/A3. Financial derivativesThe group's exposure is limited as the group's counterparties are financial institutions with an external credit rating of at least A-/A3.Credit risk exposureThe carrying amount of financial assets represents the maximum credit exposure. USD million Notes Dec 31, 2025 Dec 31, 2024Exposure to credit riskLong-term investments19 57 53 Financial derivatives - asset19 11 45 Other non-current assets19 21 17 Trade receivables21 558 655 Other current assets19 257 248 Cash and cash equivalents22 1,071 1,393 Total exposure to credit risk 1,975 2,412Liquidity riskThe group manages liquidity risk by ensuring sufficient liquidity to meet its liabilities in both normal and stressed conditions, without incurring unacceptable losses or risking damage to the group's reputation.The group considers its liquidity risk low, given its substantial liquid assets and the availability of committed credit facilities with banks.From time to time, the group issues from time to time NOK-denominated bonds in the Norwegian bond market. The group swaps the proceeds into USD through cross-currency swaps at issuance. If the USD/NOK exchange rate rises beyond predefined thresholds relative to the issue date, the group must post cash collateral reflecting the excess mark-to-market value. This collateral is returned if the exchange rate falls back below the thresholds. No other significant terms apply to the collateral arrangements. As of December 31, 2025, the group recognized USD 2 million in cash collateral for its cross-currency swaps in other current assets.At December 31, 2025, the group had USD 1,071 million (2024: USD 1,393 million) in liquid assets (see note 22 for further details), which can be realized over a three-day period in addition to USD 922 million (2024: USD 494 million) in undrawn capacity under its bank facilities.Undiscounted cash flows financial liabilitiesLess thanBetweenBetweenLater than USD million1 year1 and 2 years2 and 5 years5 years2025Bank loans 269 262 458 9Bonds 195 137 105 -Current liabilities (excluding next year's installment on interest-bearing debt, lease liabilities and financial derivatives) 374 - - -Total non-derivative liabilities excluding leasing 838 399 563 9Leasing liabilities 428 338 589 395Financial derivatives (6) (8) (9) (3)Total gross undiscounted cash flows financial liabilities at December 31 1,259 730 1,142 401Less thanBetweenBetweenLater than USD million1 year1 and 2 years2 and 5 years5 years2024Bank loans 410 339 809 61Bonds 32 197 215 -Current liabilities (excluding next year's installment on interest-bearing debt, lease liabilities and financial derivatives) 574 - - -Total non-derivative liabilities excluding leasing 1,016 535 1,025 61Leasing liabilities 371 306 573 455Financial derivatives (18) (11) (14) (8)Total gross undiscounted cash flows financial liabilities at December 31 1,369 830 1,583 508There are remaining commitments of USD 1.5 billion related to the 14 newbuilds, see also note 8.Interest expenses on floating interest-bearing debt are calculated using year-end interest rate curves..CovenantsMost financing arrangements include financial and non-financial covenants. Refer to note 15 for further information.Capital riskThe group's policy is to maintain a strong capital base to maintain investor, creditor and market confidence and to sustain future development of the business. To maintain or adjust the capital structure the group may adjust the dividend payment to shareholders, return capital to shareholders, issue new shares or repurchase own shares, among other measures.In 2024, the group\u2019s shareholders approved the Board of Directors revised dividend policy. The level of dividends remains based on a range of 30-50% of the group's net profit after tax on an annual basis. However, dividend payments are to be made on a semi-annual \u201cpay-as-you-go\u201d basis. The Board of Directors declare dividends after considering the group\u2019s long-term financial targets (also referred to as \u201ckey financial targets\u201d), near-term market outlook, the group\u2019s financial position, future capital requirements, as well as other relevant factors. For more information related to the group\u2019s long-term financial targets, refer to sections Key figures, and Long-term financial targets and dividend policy in the Annual Report.Climate riskMaterial climate risks relate primarily to the shipping segment. Climate-related risks include transition risks (e.g.. market-related changes, regulatory or technological changes) and physical risks (e.g., port flooding). Transition risks are likely to have the largest financial impact in the short to medium term. Please refer to Climate change in the Sustainability statement for further detail. Fair value of financial instrumentsThe fair value of financial instruments traded in an active market is based on quoted market prices at the balance sheet date. Financial instruments not traded in an active market (over-the-counter contracts) are valued on third party quotes using the maximum number of observable market rates for price discovery. Valuation techniques include but are not limited to:\u2022 Quoted market prices or dealer quotes for similar instruments;\u2022 Interest rate swaps are valued based on the present value of the estimated future cash flows using observable yield curves;\u2022 Forward foreign exchange contracts are valued using forward exchange rates at the balance sheet date, discounted to present value, and\u2022 Foreign exchange option contracts are valued using observable forward exchange rates, volatility, yield curve and time-to-maturity parameters at the balance sheet date, resulting in an option premium.The carrying value of cash and short-term deposits, trade receivables (less expected credit losses), other current assets, trade payables, bank overdrafts and other current liabilities approximate their fair values due to their short maturities The fair value of financial liabilities is estimated by discounting contractual cash flows using current market interest rates available for similar instruments.Fair value of interest-bearing liabilitiesFair value of interest-bearing liabilities equals the notional amount of the liabilities. USD million Fair value Carrying value2025Bank loans 872 868Bonds 396 395Leasing liabilities 1,538 1,538Other - -Total liabilities at December 31 2,806 2,800USD million Fair value Carrying value2024Bank loans 1,410 1,405Bonds 374 372Leasing liabilities 1,375 1,375Other - -Total liabilities at December 31 3,159 3,151Fair value hierarchyUSD million Level 1 Level 2 Level 3 Total2025Financial assets at fair value through income statement- Financial derivatives - 11 - 11- Equity investments - - 11 11Financial assets at fair value through OCI- Equity investments - - 45 45Total assets at December 31 - 11 57 68Financial liabilities at fair value through income statement- Financial derivatives - 40 - 40Total liabilities at December 31 - 40 - 40USD million Level 1 Level 2 Level 3 Total2024Financial assets at fair value through income statement- Financial derivatives - 45 - 45- Equity investments - - 9 9Financial assets at fair value through OCI- Equity investments - - 44 44Total assets at December 31 - 45 53 98Financial liabilities at fair value through income statement- Financial derivatives - 103 - 103Total liabilities at December 31 - 103 - 103There were no transfers between levels 1, 2 and 3 of the fair value hierarchy during the periods presented.Financial instruments by categoryAssets at fair value Equity instruments Assets at amortized through the income designated at fair USD millioncoststatementvalue through OCI TotalAssetsOther non-current assets 6 9 - 15 Long-term investments - 11 45 57 Trade receivables 558 - - 558 Other current assets 124 2 - 126 Cash and cash equivalents 1,071 - - 1,071 Assets at December 31, 2025 1,758 23 45 1,826 Liabilities at fair value Other financial through the income liabilities at amortized USD millionstatementcost TotalLiabilitiesNon-current interest-bearing debt - 865 865 Non-current lease liabilities - 1,164 1,164 Other non-current liabilities 18 - 18 Trade payables - 141 141 Current interest-bearing debt - 398 398 Current lease liabilities - 374 374 Written put option over non-controlling interest - 897 897 Other current liabilities 22 318 340 Liabilities at December 31, 2025 40 4,155 4,196 Assets at fair value Equity instruments Assets at amortized through the income designated at fair USD millioncoststatementvalue through OCI TotalAssetsOther non-current assets 9 34 - 43 Long-term investments - 9 44 53 Trade receivables 655 - - 655 Other current assets 120 11 - 131 Cash and cash equivalents 1,393 - - 1,393 Assets at December 31, 2024 2,176 55 44 2,274 Liabilities at fair value Other financial through the income liabilities at amortized USD millionstatementcost TotalLiabilitiesNon-current interest-bearing debt - 1,438 1,438 Non-current lease liabilities - 1,092 1,092 Other non-current liabilities 101 - 101 Trade payables - 142 142 Current interest-bearing debt - 338 338 Current lease liabilities - 283 283 Written put option over non-controlling interest - 831 831 Other current liabilities 2 332 333 Liabilities at December 31, 2024 103 4,455 4,558 Accounting policyFinancial assetsFinancial assets are classified at initial recognition based on their contractual cash flow characteristics and the group\u2019s business model for managing them. They are classified as measured at amortized cost, fair value through profit or loss (FVTPL) or fair value through other comprehensive income (FVTOCI).Financial assets are initially measured at fair value plus transaction costs, except for trade receivables (see note 21). Financial assets carried at FVTPL are initially measured at fair value with transaction costs recognized immediately in profit or loss. Subsequent changes in fair value are recognized in profit or loss.Financial assets are derecognized when the contractual rights to the cash flows expire, are transferred, or the group has substantially transferred all risks and rewards. Realized gains and losses are recognized in profit or loss when they arise.Investments in equity instruments are measured at FVTPL, unless the group has (on an instrument-by-instrument basis) made an irrevocable election to present changes in fair value in other comprehensive income. Equity instruments designated at FVTOCI are initially measured at fair value plus transaction costs, with subsequent fair value changes recognized in other comprehensive income. Cumulative gains and losses are not recycled to profit or loss on disposal.Financial liabilitiesFinancial liabilities are initially recognized at fair value, net of transaction costs incurred, and are subsequently carried at amortized cost, except for derivatives, financial guarantee contracts and in other limited circumstances.Derivative financial instrumentsThe group uses derivative financial instruments to manage exposure to interest rate and foreign exchange risks. Derivative financial instruments are recognised at fair value at inception and subsequently measured at fair value at each reporting date, with gains and losses recognised in profit or loss. Derivatives with positive fair values are recognised as financial assets and those with negative fair values as financial liabilities. Although derivatives are entered into for hedging purposes, the group does not apply hedge accounting.Fair value hierarchyAll assets and liabilities measured or disclosed at fair value are classified within the fair value hierarchy based on the lowest level input significant to the valuation:Level 1: Unadjusted quoted prices in active markets that the entity can access for identical assets or liabilities.Level 2: The fair value of financial instruments that are not traded in an active market (e.g. over the counter derivatives) is determined using valuation techniques that maximize the use of observable market data.Level 3: If one or more of the significant data are not based on observable market data, the instrument is included in level 3. The fair value of these instruments is determined using discounted cash flows and option valuation models with unobservable inputs. The model includes for example risk-adjusted discount rates and long-term growth rates for cash flows as well as constant prepayment rates.The group recognizes transfers between levels of the fair value hierarchy, if any, at the end of the reporting period during which the change has occurred.Significant accounting judgments, estimates and assumptionsWhen the fair values of financial instruments cannot be measured using quoted prices in active markets, they are determined using third-party quotes that relay on the maximum number of observable market inputs for price discovery. When this is not feasible, judgment is required to establishing the financial instrument\u2019s fair values. This is based on inputs like liquidity risk, credit risk and volatility. Changes in these assumptions may affect the reported fair values.Note 21. Trade receivables and trade payablesTrade receivablesAt December 31, 2025, USD 48 million (2024: USD 74 million) in trade receivables had fallen due. These receivables are related to a number of separate customers. Historically, the percentage of credit losses on trade receivables has been low and the group expects the receivables to be recoverable. The expected credit losses on trade receivables are estimated by reference to past default experience of the debtor and an analysis of the debtor's current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry and an assessment of both the current as well as the forecast direction of conditions at the reporting date. The group's customers are generally large, multi-national OEMs and historic credit losses have been minor.At December 31, 2025, the group's impairment allowance on receivables amounts to approximately USD 6 million (2024: USD 5 million). Approx. 50 percent of the impairment allowance relates to the logistics segment and 50 percent to the shipping segment in 2025 (39 percent percent and 61 percent percent respectively for 2024). The aging profile of trade receivables that are past due is as follows:USD million Dec 31, 2025 Dec 31, 2024Aging of trade receivables fallen due31-60 days 23 4261-90 days 13 991-180 days 11 12Over 180 days 1 11Total fallen due 48 74Trade receivables per segmentShipping services 389 432Logistics services 127 137Government services 42 86Total trade receivables 558 655See note 16 for more information on credit risk.Trade payablesAt December 31, 2025, USD 2 million in trade payables had fallen due (2024: USD 4 million). These payables refer to a number of separate suppliers and are related to general business. The group expects to settle outstanding payables within 30-60 days.USD million Dec 31, 2025 Dec 31, 2024Trade payables per segmentShipping services 87 94Logistics services 53 45Government services 1 1Holding - 2Total trade payables 141 142Accounting policyTrade receivables are amounts due from customers for services performed in the ordinary course of business. They are generally due for settlement within 15-60 days and are therefore all classified as current.Trade receivables are recognized initially at the amount of consideration that is unconditional, in which case they are recognized at fair value (see note 16). As trade receivables are held with the objective of collecting the contractual cash flows, they are subsequently measured at amortized cost using the effective interest method and are subject to impairment. The group applies a simplified approach in calculating expected credit losses (ECL), which consists in recognizing a loss allowance based on lifetime ECL at each reporting date. The group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.Note 22. Cash and cash equivalentsCash and cash equivalents consist of cash in hand, deposits held at call with banks, other current highly liquid investments with original maturities of three months or less, and bank overdrafts as they are considered an integral part of the group\u2019s cash management.USD million Dec 31, 2025 Dec 31, 2024Cash at banks and in hand 611 1,080 Highly liquid investments 461 313 Cash and cash equivalents 1,071 1,393",
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"value": "Accounting policyInterest-bearing debt is recognized at fair value when the proceeds are received, net of transaction costs. In subsequent periods, loans are measured at amortized cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the term of the loan.Sustainability-linked financing agreements (loans and bonds) are instruments where the interest payable varies depending on reaching or achieving specified sustainability KPIs that are linked to the sustainability goals. The sustainability-linked loan or bond is initially recognized as a financial liability measured at amortized cost based on an assessment of the likelihood of reaching the sustainability goals in the sustainability-linked financing agreement. An initial assessment is made as to whether there are features that represent embedded derivatives that must be separated from the debt host contract and accounted for as standalone derivatives. The loans and bonds currently held do not include any embedded derivatives.Interest-bearing debt is classified as current liabilities unless the group or the parent company has a right to defer settlement of the liability for at least 12 months after the balance sheet date.35 Carrying value in Wallenius Wilhelmsen ASA.",
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"value": "Accounting policyInterest-bearing debt is recognized at fair value when the proceeds are received, net of transaction costs. In subsequent periods, loans are measured at amortized cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the term of the loan.Sustainability-linked financing agreements (loans and bonds) are instruments where the interest payable varies depending on reaching or achieving specified sustainability KPIs that are linked to the sustainability goals. The sustainability-linked loan or bond is initially recognized as a financial liability measured at amortized cost based on an assessment of the likelihood of reaching the sustainability goals in the sustainability-linked financing agreement. An initial assessment is made as to whether there are features that represent embedded derivatives that must be separated from the debt host contract and accounted for as standalone derivatives. The loans and bonds currently held do not include any embedded derivatives.Interest-bearing debt is classified as current liabilities unless the group or the parent company has a right to defer settlement of the liability for at least 12 months after the balance sheet date.35 Carrying value in Wallenius Wilhelmsen ASA.Financial liabilitiesFinancial liabilities are initially recognized at fair value, net of transaction costs incurred, and are subsequently carried at amortized cost, except for derivatives, financial guarantee contracts and in other limited circumstances.",
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"value": "Note 16. Financial riskThe group is exposed to a variety of financial risks:Risks Origin of exposure Risk managementMarket risk - Foreign currency Revenues,expenses, assets and Derivatives and asset-liability liabilities not denominated in USD.match.Market risk - Interest rate Financing with a floating interest Derivatives and fixed rate loans.rate.Market risk - Fuel price Volatility of fuel oil prices. Adjustment mechanism in customer contracts.Market risk - Emission allowances Volatility of emission allowance Surcharge on transported cargo.priceprice.Credit risk Trade receivables, bank deposits Portfolio diversification and and financial derivatives.monitoring counterparty solvency and liquidity.Liquidity risk Loans, bonds, leases, financial Maintenance of a liquid position derivatives and other contractual and undrawn capacity under bank and assumed obligations.facilities.Capital risk Composition of the balance sheet. Monitoring of return on capital employed, equity ratio and current ratio.Climate risk Transition and physical risks. Mitigation of transition risks, see also key risk exposures and climate change The group\u2019s financial risk management focuses on the unpredictability of financial markets and aims to minimize adverse effects on performance. Derivative financial instruments are used to hedge specific exposures, and all risk identification, evaluation and hedging are carried out by the central treasury department under board-approved policies.Hedge accounting has not been applied for any economic hedges. Fair value changes in derivatives are recognised in profit or loss, with their market values classified within the relevant current and non-current asset and liability line items.Market riskMarket risk arises from changes in market prices, such as foreign exchange rates and interest rates, that will affect the group\u2019s profit or the values of its financial instruments. The sensitivity analyses reflect the group\u2019s positions as at December 31, 2025 and assume symmetric effects, meaning rate increases and decreases have equal absolute impact. The group uses economic hedging strategies to mitigate market risks in line with the board-approved financial strategy.Foreign currency riskThe group is exposed to currency risk on revenues and expenses in non-functional currencies (transaction (cash flow) risk) and on balance sheet items denominated in currencies other than USD (translation risk). The EUR is the group\u2019s largest currency exposure, followed by KRW, AUD, JPY, SEK, CNY and NOK and others. The group hedges currency risk using forwards, options and cross-currency swaps. Key elements of the policy applied to non-USD transactions are:\u2022 Significant net cash flows may be hedged using a layered model with a 36-month horizon.\u2022 Hedging significant foreign-currency capital commitments or divestments.\u2022 Balance sheet exposures are generally hedged by considering for example asset-liability matching and the currency of related cash flows.Economic hedging of translation risk All outstanding NOK-denominated bonds are hedged using cross-currency swaps. These bonds amounted to NOK 3.99 billion (USD 396 million) at December 31, 2025, and NOK 4.25 billion (USD 461 million) in 2024. In 2024, the group also hedged the AUD exposure related the sale of MIRRAT (see note 24).Foreign exchange sensitivitiesThe group regularly monitors the net exposure and calculates sensitivities based on average market volatility per currency cross. Sensitivities with a potential accounting impact below USD 5 million are considered immaterial. On December 31, 2025, material FX sensitivities were identified against AUD, as well as for the exposure related to the written put option over the EUKOR non-controlling interest and FVOCI investments. A 10% change in AUD/USD would affect the exposure by USD 6 million. A 10% change in USD/KRW would affect the written put option liability by USD 81 million and FVOCI investments by USD 4 million. USD million Note 2025 2024Through income statementFinancial currencyNet currency gain/(loss) - operating currency 21 15Net currency gain/(loss) - financial currency (50) 38Derivatives for economic hedging of cash flow risk - realized - (1)Derivatives for economic hedging of cash flow risk - unrealized (3) 1Derivatives for economic hedging of translation risk - realized (11) (43)Derivatives for economic hedging of translation risk - unrealized 60 (23)Net financial currency 6 17 (12)Through other comprehensive incomeCurrency translation differences through other comprehensive income 14 (17)Total net currency effect 30 (28)Interest rate riskThe group seeks to economically hedge between 20-80 percent of the average gross debt over the next five years, predominantly through interest rate swaps and fixed rate loans. Interest rate hedges (fixed rate debt and derivatives) corresponded to about 70 percent (2024: about 65 percent) of its average gross debt at December 31, 2025. Leases are considered fixed rate debt for this calculation.USD million 2025 2024Maturity schedule economic interest rate hedges (nominal amounts)Due in year 1 225 262Due in year 2 250 237Due in year 3 - 262Due in year 4 141 12Due in year 5 and later 269 374Total economic interest rate hedges 885 1,147No forward starting swaps were held at December 31, 2025 (2024: nil).Interest rate sensitivitiesThe group\u2019s interest rate risk arises from mismatches in the duration and amounts of interest-bearing assets and liabilities. Bank deposits are exposed to changes in general interest rates, mainly in USD. Whereas debt and bonds issued with fixed or floating coupons (together with related interest rate swaps) are affected by movements in both the level and curvature of interest rates. The group measures sensitivity using the weighted average duration of its interest-bearing assets, liabilities and interest rate derivatives.The below table summarizes the interest rate sensitivity on interest income and interest expenses (floating rate debt net of interest rate derivatives):USD millionChange in interest rate levels (2) % (1) % - % 1 % 2 %2025Fair value sensitivities of interest rate riskEstimated change in interest income (21) (11) - 11 21Estimated change in interest expenses (8) (4) - 4 8USD millionChange in interest rate levels (2) % (1) % - % 1 % 2 %2024Fair value sensitivities of interest rate riskEstimated change in interest income (26) (13) - 13 26Estimated change in interest expenses (13) (6) - 6 13The tax rate used is 22 percent, which equals the corporate tax rate in Norway.Apart from the fair value sensitivity based net duration, the group is exposed to cash flow risk from potential increases in future interest payments on the unhedged portion of its interest-bearing debt.Assets Liabilities Assets LiabilitiesUSD million 2025 2024Interest rate derivativesHolding 1 - 3 -Shipping services 8 - 25 -Government services - - 1 -Logistics services 3 - 10 -Total interest rate derivatives 11 1 39 -Derivatives used for economic cash flow hedgingHolding - - 6 3Shipping services - - - 1Total currency cash flow derivatives - - 6 4Derivatives used for economic translation risk hedging (basis swaps)Holding - 39 - 98Shipping services - - - 1Total cross currency derivatives (basis swaps) - 40 - 99Other derivatives - non-controlling shareholder net derivativeShipping services - - - -Total non-controlling shareholder net derivative - - - -Total market value of derivatives 11 40 45 103Of which:Current 2 22 11 2Non-current 9 18 34 101Fuel price riskThe group is exposed to fuel oil price volatility. The group manages the risk by including a bunker adjustment factor (BAF) in customer contracts, although the lag between historical pricing and application creates short-term exposure.The group did not hold any fuel hedging contracts at December 31, 2025 (2024: nil).Emission allowances price riskFrom 2024 shipping is included in the EU Emission Trading Scheme (EU ETS). The group is exposed through its operations in Wallenius Wilhelmsen Ocean, American Roll-On Roll-Off Carrier and EUKOR Car Carriers. Consequently, the group will surrender allowances for all in-scope CO\u2082 emissions to the EEA authorities. As no free allowances are granted for shipping, the group purchases the allowances on the open market, where prices have been volatile.The group mitigates the risk by including an EU ETS surcharge in customer contracts, though a timing lag creates short-term price exposure. Allowances are procured regularly based on continuous vessel-emission measurements.Credit riskCredit risk is the risk of loss to the group if a customer or counterparty fails to meet its contractual obligations. It mainly arises from customer receivables, financial derivatives used to hedge interest rate and currency risks, and bank deposits.Trade receivablesThe group\u2019s credit risk exposure in its operating entities is driven mainly by individual customer characteristics, with industry and country defaulting factors playing a smaller role. The shipping segment has historically had low credit risk, as its customers are large, reputable companies and cargo can be withheld if needed.Cash and cash equivalentsThe group\u2019s exposure is considered very limited, as it primarily banks with institutions rated at least A-/A3. Financial derivativesThe group's exposure is limited as the group's counterparties are financial institutions with an external credit rating of at least A-/A3.Credit risk exposureThe carrying amount of financial assets represents the maximum credit exposure. USD million Notes Dec 31, 2025 Dec 31, 2024Exposure to credit riskLong-term investments19 57 53 Financial derivatives - asset19 11 45 Other non-current assets19 21 17 Trade receivables21 558 655 Other current assets19 257 248 Cash and cash equivalents22 1,071 1,393 Total exposure to credit risk 1,975 2,412Liquidity riskThe group manages liquidity risk by ensuring sufficient liquidity to meet its liabilities in both normal and stressed conditions, without incurring unacceptable losses or risking damage to the group's reputation.The group considers its liquidity risk low, given its substantial liquid assets and the availability of committed credit facilities with banks.From time to time, the group issues from time to time NOK-denominated bonds in the Norwegian bond market. The group swaps the proceeds into USD through cross-currency swaps at issuance. If the USD/NOK exchange rate rises beyond predefined thresholds relative to the issue date, the group must post cash collateral reflecting the excess mark-to-market value. This collateral is returned if the exchange rate falls back below the thresholds. No other significant terms apply to the collateral arrangements. As of December 31, 2025, the group recognized USD 2 million in cash collateral for its cross-currency swaps in other current assets.At December 31, 2025, the group had USD 1,071 million (2024: USD 1,393 million) in liquid assets (see note 22 for further details), which can be realized over a three-day period in addition to USD 922 million (2024: USD 494 million) in undrawn capacity under its bank facilities.Undiscounted cash flows financial liabilitiesLess thanBetweenBetweenLater than USD million1 year1 and 2 years2 and 5 years5 years2025Bank loans 269 262 458 9Bonds 195 137 105 -Current liabilities (excluding next year's installment on interest-bearing debt, lease liabilities and financial derivatives) 374 - - -Total non-derivative liabilities excluding leasing 838 399 563 9Leasing liabilities 428 338 589 395Financial derivatives (6) (8) (9) (3)Total gross undiscounted cash flows financial liabilities at December 31 1,259 730 1,142 401Less thanBetweenBetweenLater than USD million1 year1 and 2 years2 and 5 years5 years2024Bank loans 410 339 809 61Bonds 32 197 215 -Current liabilities (excluding next year's installment on interest-bearing debt, lease liabilities and financial derivatives) 574 - - -Total non-derivative liabilities excluding leasing 1,016 535 1,025 61Leasing liabilities 371 306 573 455Financial derivatives (18) (11) (14) (8)Total gross undiscounted cash flows financial liabilities at December 31 1,369 830 1,583 508There are remaining commitments of USD 1.5 billion related to the 14 newbuilds, see also note 8.Interest expenses on floating interest-bearing debt are calculated using year-end interest rate curves..CovenantsMost financing arrangements include financial and non-financial covenants. Refer to note 15 for further information.Capital riskThe group's policy is to maintain a strong capital base to maintain investor, creditor and market confidence and to sustain future development of the business. To maintain or adjust the capital structure the group may adjust the dividend payment to shareholders, return capital to shareholders, issue new shares or repurchase own shares, among other measures.In 2024, the group\u2019s shareholders approved the Board of Directors revised dividend policy. The level of dividends remains based on a range of 30-50% of the group's net profit after tax on an annual basis. However, dividend payments are to be made on a semi-annual \u201cpay-as-you-go\u201d basis. The Board of Directors declare dividends after considering the group\u2019s long-term financial targets (also referred to as \u201ckey financial targets\u201d), near-term market outlook, the group\u2019s financial position, future capital requirements, as well as other relevant factors. For more information related to the group\u2019s long-term financial targets, refer to sections Key figures, and Long-term financial targets and dividend policy in the Annual Report.Climate riskMaterial climate risks relate primarily to the shipping segment. Climate-related risks include transition risks (e.g.. market-related changes, regulatory or technological changes) and physical risks (e.g., port flooding). Transition risks are likely to have the largest financial impact in the short to medium term. Please refer to Climate change in the Sustainability statement for further detail. Fair value of financial instrumentsThe fair value of financial instruments traded in an active market is based on quoted market prices at the balance sheet date. Financial instruments not traded in an active market (over-the-counter contracts) are valued on third party quotes using the maximum number of observable market rates for price discovery. Valuation techniques include but are not limited to:\u2022 Quoted market prices or dealer quotes for similar instruments;\u2022 Interest rate swaps are valued based on the present value of the estimated future cash flows using observable yield curves;\u2022 Forward foreign exchange contracts are valued using forward exchange rates at the balance sheet date, discounted to present value, and\u2022 Foreign exchange option contracts are valued using observable forward exchange rates, volatility, yield curve and time-to-maturity parameters at the balance sheet date, resulting in an option premium.The carrying value of cash and short-term deposits, trade receivables (less expected credit losses), other current assets, trade payables, bank overdrafts and other current liabilities approximate their fair values due to their short maturities The fair value of financial liabilities is estimated by discounting contractual cash flows using current market interest rates available for similar instruments.Fair value of interest-bearing liabilitiesFair value of interest-bearing liabilities equals the notional amount of the liabilities. USD million Fair value Carrying value2025Bank loans 872 868Bonds 396 395Leasing liabilities 1,538 1,538Other - -Total liabilities at December 31 2,806 2,800USD million Fair value Carrying value2024Bank loans 1,410 1,405Bonds 374 372Leasing liabilities 1,375 1,375Other - -Total liabilities at December 31 3,159 3,151Fair value hierarchyUSD million Level 1 Level 2 Level 3 Total2025Financial assets at fair value through income statement- Financial derivatives - 11 - 11- Equity investments - - 11 11Financial assets at fair value through OCI- Equity investments - - 45 45Total assets at December 31 - 11 57 68Financial liabilities at fair value through income statement- Financial derivatives - 40 - 40Total liabilities at December 31 - 40 - 40USD million Level 1 Level 2 Level 3 Total2024Financial assets at fair value through income statement- Financial derivatives - 45 - 45- Equity investments - - 9 9Financial assets at fair value through OCI- Equity investments - - 44 44Total assets at December 31 - 45 53 98Financial liabilities at fair value through income statement- Financial derivatives - 103 - 103Total liabilities at December 31 - 103 - 103There were no transfers between levels 1, 2 and 3 of the fair value hierarchy during the periods presented.Financial instruments by categoryAssets at fair value Equity instruments Assets at amortized through the income designated at fair USD millioncoststatementvalue through OCI TotalAssetsOther non-current assets 6 9 - 15 Long-term investments - 11 45 57 Trade receivables 558 - - 558 Other current assets 124 2 - 126 Cash and cash equivalents 1,071 - - 1,071 Assets at December 31, 2025 1,758 23 45 1,826 Liabilities at fair value Other financial through the income liabilities at amortized USD millionstatementcost TotalLiabilitiesNon-current interest-bearing debt - 865 865 Non-current lease liabilities - 1,164 1,164 Other non-current liabilities 18 - 18 Trade payables - 141 141 Current interest-bearing debt - 398 398 Current lease liabilities - 374 374 Written put option over non-controlling interest - 897 897 Other current liabilities 22 318 340 Liabilities at December 31, 2025 40 4,155 4,196 Assets at fair value Equity instruments Assets at amortized through the income designated at fair USD millioncoststatementvalue through OCI TotalAssetsOther non-current assets 9 34 - 43 Long-term investments - 9 44 53 Trade receivables 655 - - 655 Other current assets 120 11 - 131 Cash and cash equivalents 1,393 - - 1,393 Assets at December 31, 2024 2,176 55 44 2,274 Liabilities at fair value Other financial through the income liabilities at amortized USD millionstatementcost TotalLiabilitiesNon-current interest-bearing debt - 1,438 1,438 Non-current lease liabilities - 1,092 1,092 Other non-current liabilities 101 - 101 Trade payables - 142 142 Current interest-bearing debt - 338 338 Current lease liabilities - 283 283 Written put option over non-controlling interest - 831 831 Other current liabilities 2 332 333 Liabilities at December 31, 2024 103 4,455 4,558 Accounting policyFinancial assetsFinancial assets are classified at initial recognition based on their contractual cash flow characteristics and the group\u2019s business model for managing them. They are classified as measured at amortized cost, fair value through profit or loss (FVTPL) or fair value through other comprehensive income (FVTOCI).Financial assets are initially measured at fair value plus transaction costs, except for trade receivables (see note 21). Financial assets carried at FVTPL are initially measured at fair value with transaction costs recognized immediately in profit or loss. Subsequent changes in fair value are recognized in profit or loss.Financial assets are derecognized when the contractual rights to the cash flows expire, are transferred, or the group has substantially transferred all risks and rewards. Realized gains and losses are recognized in profit or loss when they arise.Investments in equity instruments are measured at FVTPL, unless the group has (on an instrument-by-instrument basis) made an irrevocable election to present changes in fair value in other comprehensive income. Equity instruments designated at FVTOCI are initially measured at fair value plus transaction costs, with subsequent fair value changes recognized in other comprehensive income. Cumulative gains and losses are not recycled to profit or loss on disposal.Financial liabilitiesFinancial liabilities are initially recognized at fair value, net of transaction costs incurred, and are subsequently carried at amortized cost, except for derivatives, financial guarantee contracts and in other limited circumstances.Derivative financial instrumentsThe group uses derivative financial instruments to manage exposure to interest rate and foreign exchange risks. Derivative financial instruments are recognised at fair value at inception and subsequently measured at fair value at each reporting date, with gains and losses recognised in profit or loss. Derivatives with positive fair values are recognised as financial assets and those with negative fair values as financial liabilities. Although derivatives are entered into for hedging purposes, the group does not apply hedge accounting.Fair value hierarchyAll assets and liabilities measured or disclosed at fair value are classified within the fair value hierarchy based on the lowest level input significant to the valuation:Level 1: Unadjusted quoted prices in active markets that the entity can access for identical assets or liabilities.Level 2: The fair value of financial instruments that are not traded in an active market (e.g. over the counter derivatives) is determined using valuation techniques that maximize the use of observable market data.Level 3: If one or more of the significant data are not based on observable market data, the instrument is included in level 3. The fair value of these instruments is determined using discounted cash flows and option valuation models with unobservable inputs. The model includes for example risk-adjusted discount rates and long-term growth rates for cash flows as well as constant prepayment rates.The group recognizes transfers between levels of the fair value hierarchy, if any, at the end of the reporting period during which the change has occurred.Significant accounting judgments, estimates and assumptionsWhen the fair values of financial instruments cannot be measured using quoted prices in active markets, they are determined using third-party quotes that relay on the maximum number of observable market inputs for price discovery. When this is not feasible, judgment is required to establishing the financial instrument\u2019s fair values. This is based on inputs like liquidity risk, credit risk and volatility. Changes in these assumptions may affect the reported fair values.",
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"value": "Derivative financial instruments are used to hedge specific exposures, and all risk identification, evaluation and hedging are carried out by the central treasury department under board-approved policies.Hedge accounting has not been applied for any economic hedges. Fair value changes in derivatives are recognised in profit or loss, with their market values classified within the relevant current and non-current asset and liability line items.Market riskMarket risk arises from changes in market prices, such as foreign exchange rates and interest rates, that will affect the group\u2019s profit or the values of its financial instruments. The sensitivity analyses reflect the group\u2019s positions as at December 31, 2025 and assume symmetric effects, meaning rate increases and decreases have equal absolute impact. The group uses economic hedging strategies to mitigate market risks in line with the board-approved financial strategy.Foreign currency riskThe group is exposed to currency risk on revenues and expenses in non-functional currencies (transaction (cash flow) risk) and on balance sheet items denominated in currencies other than USD (translation risk). The EUR is the group\u2019s largest currency exposure, followed by KRW, AUD, JPY, SEK, CNY and NOK and others. The group hedges currency risk using forwards, options and cross-currency swaps. Key elements of the policy applied to non-USD transactions are:\u2022 Significant net cash flows may be hedged using a layered model with a 36-month horizon.\u2022 Hedging significant foreign-currency capital commitments or divestments.\u2022 Balance sheet exposures are generally hedged by considering for example asset-liability matching and the currency of related cash flows.Economic hedging of translation risk All outstanding NOK-denominated bonds are hedged using cross-currency swaps. These bonds amounted to NOK 3.99 billion (USD 396 million) at December 31, 2025, and NOK 4.25 billion (USD 461 million) in 2024. In 2024, the group also hedged the AUD exposure related the sale of MIRRAT (see note 24).Foreign exchange sensitivitiesThe group regularly monitors the net exposure and calculates sensitivities based on average market volatility per currency cross. Sensitivities with a potential accounting impact below USD 5 million are considered immaterial. On December 31, 2025, material FX sensitivities were identified against AUD, as well as for the exposure related to the written put option over the EUKOR non-controlling interest and FVOCI investments. A 10% change in AUD/USD would affect the exposure by USD 6 million. A 10% change in USD/KRW would affect the written put option liability by USD 81 million and FVOCI investments by USD 4 million. USD million Note 2025 2024Through income statementFinancial currencyNet currency gain/(loss) - operating currency 21 15Net currency gain/(loss) - financial currency (50) 38Derivatives for economic hedging of cash flow risk - realized - (1)Derivatives for economic hedging of cash flow risk - unrealized (3) 1Derivatives for economic hedging of translation risk - realized (11) (43)Derivatives for economic hedging of translation risk - unrealized 60 (23)Net financial currency 6 17 (12)Through other comprehensive incomeCurrency translation differences through other comprehensive income 14 (17)Total net currency effect 30 (28)Interest rate riskThe group seeks to economically hedge between 20-80 percent of the average gross debt over the next five years, predominantly through interest rate swaps and fixed rate loans. Interest rate hedges (fixed rate debt and derivatives) corresponded to about 70 percent (2024: about 65 percent) of its average gross debt at December 31, 2025. Leases are considered fixed rate debt for this calculation.USD million 2025 2024Maturity schedule economic interest rate hedges (nominal amounts)Due in year 1 225 262Due in year 2 250 237Due in year 3 - 262Due in year 4 141 12Due in year 5 and later 269 374Total economic interest rate hedges 885 1,147No forward starting swaps were held at December 31, 2025 (2024: nil).Interest rate sensitivitiesThe group\u2019s interest rate risk arises from mismatches in the duration and amounts of interest-bearing assets and liabilities. Bank deposits are exposed to changes in general interest rates, mainly in USD. Whereas debt and bonds issued with fixed or floating coupons (together with related interest rate swaps) are affected by movements in both the level and curvature of interest rates. The group measures sensitivity using the weighted average duration of its interest-bearing assets, liabilities and interest rate derivatives.The below table summarizes the interest rate sensitivity on interest income and interest expenses (floating rate debt net of interest rate derivatives):USD millionChange in interest rate levels (2) % (1) % - % 1 % 2 %2025Fair value sensitivities of interest rate riskEstimated change in interest income (21) (11) - 11 21Estimated change in interest expenses (8) (4) - 4 8USD millionChange in interest rate levels (2) % (1) % - % 1 % 2 %2024Fair value sensitivities of interest rate riskEstimated change in interest income (26) (13) - 13 26Estimated change in interest expenses (13) (6) - 6 13The tax rate used is 22 percent, which equals the corporate tax rate in Norway.Apart from the fair value sensitivity based net duration, the group is exposed to cash flow risk from potential increases in future interest payments on the unhedged portion of its interest-bearing debt.Assets Liabilities Assets LiabilitiesUSD million 2025 2024Interest rate derivativesHolding 1 - 3 -Shipping services 8 - 25 -Government services - - 1 -Logistics services 3 - 10 -Total interest rate derivatives 11 1 39 -Derivatives used for economic cash flow hedgingHolding - - 6 3Shipping services - - - 1Total currency cash flow derivatives - - 6 4Derivatives used for economic translation risk hedging (basis swaps)Holding - 39 - 98Shipping services - - - 1Total cross currency derivatives (basis swaps) - 40 - 99Other derivatives - non-controlling shareholder net derivativeShipping services - - - -Total non-controlling shareholder net derivative - - - -Total market value of derivatives 11 40 45 103Of which:Current 2 22 11 2Non-current 9 18 34 101Fuel price riskThe group is exposed to fuel oil price volatility. The group manages the risk by including a bunker adjustment factor (BAF) in customer contracts, although the lag between historical pricing and application creates short-term exposure.The group did not hold any fuel hedging contracts at December 31, 2025 (2024: nil).Emission allowances price riskFrom 2024 shipping is included in the EU Emission Trading Scheme (EU ETS). The group is exposed through its operations in Wallenius Wilhelmsen Ocean, American Roll-On Roll-Off Carrier and EUKOR Car Carriers. Consequently, the group will surrender allowances for all in-scope CO\u2082 emissions to the EEA authorities. As no free allowances are granted for shipping, the group purchases the allowances on the open market, where prices have been volatile.The group mitigates the risk by including an EU ETS surcharge in customer contracts, though a timing lag creates short-term price exposure. Allowances are procured regularly based on continuous vessel-emission measurements.Credit riskCredit risk is the risk of loss to the group if a customer or counterparty fails to meet its contractual obligations. It mainly arises from customer receivables, financial derivatives used to hedge interest rate and currency risks, and bank deposits.Trade receivablesThe group\u2019s credit risk exposure in its operating entities is driven mainly by individual customer characteristics, with industry and country defaulting factors playing a smaller role. The shipping segment has historically had low credit risk, as its customers are large, reputable companies and cargo can be withheld if needed.Cash and cash equivalentsThe group\u2019s exposure is considered very limited, as it primarily banks with institutions rated at least A-/A3. Financial derivativesThe group's exposure is limited as the group's counterparties are financial institutions with an external credit rating of at least A-/A3.Credit risk exposureThe carrying amount of financial assets represents the maximum credit exposure. USD million Notes Dec 31, 2025 Dec 31, 2024Exposure to credit riskLong-term investments19 57 53 Financial derivatives - asset19 11 45 Other non-current assets19 21 17 Trade receivables21 558 655 Other current assets19 257 248 Cash and cash equivalents22 1,071 1,393 Total exposure to credit risk 1,975 2,412Liquidity riskThe group manages liquidity risk by ensuring sufficient liquidity to meet its liabilities in both normal and stressed conditions, without incurring unacceptable losses or risking damage to the group's reputation.The group considers its liquidity risk low, given its substantial liquid assets and the availability of committed credit facilities with banks.From time to time, the group issues from time to time NOK-denominated bonds in the Norwegian bond market. The group swaps the proceeds into USD through cross-currency swaps at issuance. If the USD/NOK exchange rate rises beyond predefined thresholds relative to the issue date, the group must post cash collateral reflecting the excess mark-to-market value. This collateral is returned if the exchange rate falls back below the thresholds. No other significant terms apply to the collateral arrangements. As of December 31, 2025, the group recognized USD 2 million in cash collateral for its cross-currency swaps in other current assets.At December 31, 2025, the group had USD 1,071 million (2024: USD 1,393 million) in liquid assets (see note 22 for further details), which can be realized over a three-day period in addition to USD 922 million (2024: USD 494 million) in undrawn capacity under its bank facilities.Undiscounted cash flows financial liabilitiesLess thanBetweenBetweenLater than USD million1 year1 and 2 years2 and 5 years5 years2025Bank loans 269 262 458 9Bonds 195 137 105 -Current liabilities (excluding next year's installment on interest-bearing debt, lease liabilities and financial derivatives) 374 - - -Total non-derivative liabilities excluding leasing 838 399 563 9Leasing liabilities 428 338 589 395Financial derivatives (6) (8) (9) (3)Total gross undiscounted cash flows financial liabilities at December 31 1,259 730 1,142 401Less thanBetweenBetweenLater than USD million1 year1 and 2 years2 and 5 years5 years2024Bank loans 410 339 809 61Bonds 32 197 215 -Current liabilities (excluding next year's installment on interest-bearing debt, lease liabilities and financial derivatives) 574 - - -Total non-derivative liabilities excluding leasing 1,016 535 1,025 61Leasing liabilities 371 306 573 455Financial derivatives (18) (11) (14) (8)Total gross undiscounted cash flows financial liabilities at December 31 1,369 830 1,583 508There are remaining commitments of USD 1.5 billion related to the 14 newbuilds, see also note 8.Interest expenses on floating interest-bearing debt are calculated using year-end interest rate curves..CovenantsMost financing arrangements include financial and non-financial covenants. Refer to note 15 for further information.Capital riskThe group's policy is to maintain a strong capital base to maintain investor, creditor and market confidence and to sustain future development of the business. To maintain or adjust the capital structure the group may adjust the dividend payment to shareholders, return capital to shareholders, issue new shares or repurchase own shares, among other measures.In 2024, the group\u2019s shareholders approved the Board of Directors revised dividend policy. The level of dividends remains based on a range of 30-50% of the group's net profit after tax on an annual basis. However, dividend payments are to be made on a semi-annual \u201cpay-as-you-go\u201d basis. The Board of Directors declare dividends after considering the group\u2019s long-term financial targets (also referred to as \u201ckey financial targets\u201d), near-term market outlook, the group\u2019s financial position, future capital requirements, as well as other relevant factors. For more information related to the group\u2019s long-term financial targets, refer to sections Key figures, and Long-term financial targets and dividend policy in the Annual Report.Climate riskMaterial climate risks relate primarily to the shipping segment. Climate-related risks include transition risks (e.g.. market-related changes, regulatory or technological changes) and physical risks (e.g., port flooding). Transition risks are likely to have the largest financial impact in the short to medium term. Please refer to Climate change in the Sustainability statement for further detail. Fair value of financial instrumentsThe fair value of financial instruments traded in an active market is based on quoted market prices at the balance sheet date. Financial instruments not traded in an active market (over-the-counter contracts) are valued on third party quotes using the maximum number of observable market rates for price discovery. Valuation techniques include but are not limited to:\u2022 Quoted market prices or dealer quotes for similar instruments;\u2022 Interest rate swaps are valued based on the present value of the estimated future cash flows using observable yield curves;\u2022 Forward foreign exchange contracts are valued using forward exchange rates at the balance sheet date, discounted to present value, and\u2022 Foreign exchange option contracts are valued using observable forward exchange rates, volatility, yield curve and time-to-maturity parameters at the balance sheet date, resulting in an option premium.The carrying value of cash and short-term deposits, trade receivables (less expected credit losses), other current assets, trade payables, bank overdrafts and other current liabilities approximate their fair values due to their short maturities The fair value of financial liabilities is estimated by discounting contractual cash flows using current market interest rates available for similar instruments.Fair value of interest-bearing liabilitiesFair value of interest-bearing liabilities equals the notional amount of the liabilities. USD million Fair value Carrying value2025Bank loans 872 868Bonds 396 395Leasing liabilities 1,538 1,538Other - -Total liabilities at December 31 2,806 2,800USD million Fair value Carrying value2024Bank loans 1,410 1,405Bonds 374 372Leasing liabilities 1,375 1,375Other - -Total liabilities at December 31 3,159 3,151",
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"f0__s8__7__98": {
"value": "Market riskMarket risk arises from changes in market prices, such as foreign exchange rates and interest rates, that will affect the group\u2019s profit or the values of its financial instruments. The sensitivity analyses reflect the group\u2019s positions as at December 31, 2025 and assume symmetric effects, meaning rate increases and decreases have equal absolute impact. The group uses economic hedging strategies to mitigate market risks in line with the board-approved financial strategy.Foreign currency riskThe group is exposed to currency risk on revenues and expenses in non-functional currencies (transaction (cash flow) risk) and on balance sheet items denominated in currencies other than USD (translation risk). The EUR is the group\u2019s largest currency exposure, followed by KRW, AUD, JPY, SEK, CNY and NOK and others. The group hedges currency risk using forwards, options and cross-currency swaps. Key elements of the policy applied to non-USD transactions are:\u2022 Significant net cash flows may be hedged using a layered model with a 36-month horizon.\u2022 Hedging significant foreign-currency capital commitments or divestments.\u2022 Balance sheet exposures are generally hedged by considering for example asset-liability matching and the currency of related cash flows.Economic hedging of translation risk All outstanding NOK-denominated bonds are hedged using cross-currency swaps. These bonds amounted to NOK 3.99 billion (USD 396 million) at December 31, 2025, and NOK 4.25 billion (USD 461 million) in 2024. In 2024, the group also hedged the AUD exposure related the sale of MIRRAT (see note 24).Foreign exchange sensitivitiesThe group regularly monitors the net exposure and calculates sensitivities based on average market volatility per currency cross. Sensitivities with a potential accounting impact below USD 5 million are considered immaterial. On December 31, 2025, material FX sensitivities were identified against AUD, as well as for the exposure related to the written put option over the EUKOR non-controlling interest and FVOCI investments. A 10% change in AUD/USD would affect the exposure by USD 6 million. A 10% change in USD/KRW would affect the written put option liability by USD 81 million and FVOCI investments by USD 4 million. USD million Note 2025 2024Through income statementFinancial currencyNet currency gain/(loss) - operating currency 21 15Net currency gain/(loss) - financial currency (50) 38Derivatives for economic hedging of cash flow risk - realized - (1)Derivatives for economic hedging of cash flow risk - unrealized (3) 1Derivatives for economic hedging of translation risk - realized (11) (43)Derivatives for economic hedging of translation risk - unrealized 60 (23)Net financial currency 6 17 (12)Through other comprehensive incomeCurrency translation differences through other comprehensive income 14 (17)Total net currency effect 30 (28)Interest rate riskThe group seeks to economically hedge between 20-80 percent of the average gross debt over the next five years, predominantly through interest rate swaps and fixed rate loans. Interest rate hedges (fixed rate debt and derivatives) corresponded to about 70 percent (2024: about 65 percent) of its average gross debt at December 31, 2025. Leases are considered fixed rate debt for this calculation.USD million 2025 2024Maturity schedule economic interest rate hedges (nominal amounts)Due in year 1 225 262Due in year 2 250 237Due in year 3 - 262Due in year 4 141 12Due in year 5 and later 269 374Total economic interest rate hedges 885 1,147No forward starting swaps were held at December 31, 2025 (2024: nil).Interest rate sensitivitiesThe group\u2019s interest rate risk arises from mismatches in the duration and amounts of interest-bearing assets and liabilities. Bank deposits are exposed to changes in general interest rates, mainly in USD. Whereas debt and bonds issued with fixed or floating coupons (together with related interest rate swaps) are affected by movements in both the level and curvature of interest rates. The group measures sensitivity using the weighted average duration of its interest-bearing assets, liabilities and interest rate derivatives.The below table summarizes the interest rate sensitivity on interest income and interest expenses (floating rate debt net of interest rate derivatives):USD millionChange in interest rate levels (2) % (1) % - % 1 % 2 %2025Fair value sensitivities of interest rate riskEstimated change in interest income (21) (11) - 11 21Estimated change in interest expenses (8) (4) - 4 8USD millionChange in interest rate levels (2) % (1) % - % 1 % 2 %2024Fair value sensitivities of interest rate riskEstimated change in interest income (26) (13) - 13 26Estimated change in interest expenses (13) (6) - 6 13The tax rate used is 22 percent, which equals the corporate tax rate in Norway.Apart from the fair value sensitivity based net duration, the group is exposed to cash flow risk from potential increases in future interest payments on the unhedged portion of its interest-bearing debt.Assets Liabilities Assets LiabilitiesUSD million 2025 2024Interest rate derivativesHolding 1 - 3 -Shipping services 8 - 25 -Government services - - 1 -Logistics services 3 - 10 -Total interest rate derivatives 11 1 39 -Derivatives used for economic cash flow hedgingHolding - - 6 3Shipping services - - - 1Total currency cash flow derivatives - - 6 4Derivatives used for economic translation risk hedging (basis swaps)Holding - 39 - 98Shipping services - - - 1Total cross currency derivatives (basis swaps) - 40 - 99Other derivatives - non-controlling shareholder net derivativeShipping services - - - -Total non-controlling shareholder net derivative - - - -Total market value of derivatives 11 40 45 103Of which:Current 2 22 11 2Non-current 9 18 34 101Fuel price riskThe group is exposed to fuel oil price volatility. The group manages the risk by including a bunker adjustment factor (BAF) in customer contracts, although the lag between historical pricing and application creates short-term exposure.The group did not hold any fuel hedging contracts at December 31, 2025 (2024: nil).Emission allowances price riskFrom 2024 shipping is included in the EU Emission Trading Scheme (EU ETS). The group is exposed through its operations in Wallenius Wilhelmsen Ocean, American Roll-On Roll-Off Carrier and EUKOR Car Carriers. Consequently, the group will surrender allowances for all in-scope CO\u2082 emissions to the EEA authorities. As no free allowances are granted for shipping, the group purchases the allowances on the open market, where prices have been volatile.The group mitigates the risk by including an EU ETS surcharge in customer contracts, though a timing lag creates short-term price exposure. Allowances are procured regularly based on continuous vessel-emission measurements.",
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"f0__s8__7__99": {
"value": "Foreign currency riskThe group is exposed to currency risk on revenues and expenses in non-functional currencies (transaction (cash flow) risk) and on balance sheet items denominated in currencies other than USD (translation risk). The EUR is the group\u2019s largest currency exposure, followed by KRW, AUD, JPY, SEK, CNY and NOK and others. The group hedges currency risk using forwards, options and cross-currency swaps. Key elements of the policy applied to non-USD transactions are:\u2022 Significant net cash flows may be hedged using a layered model with a 36-month horizon.\u2022 Hedging significant foreign-currency capital commitments or divestments.\u2022 Balance sheet exposures are generally hedged by considering for example asset-liability matching and the currency of related cash flows.",
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"f0__s8__7__107-1": {
"value": "Credit riskCredit risk is the risk of loss to the group if a customer or counterparty fails to meet its contractual obligations. It mainly arises from customer receivables, financial derivatives used to hedge interest rate and currency risks, and bank deposits.Trade receivablesThe group\u2019s credit risk exposure in its operating entities is driven mainly by individual customer characteristics, with industry and country defaulting factors playing a smaller role. The shipping segment has historically had low credit risk, as its customers are large, reputable companies and cargo can be withheld if needed.Cash and cash equivalentsThe group\u2019s exposure is considered very limited, as it primarily banks with institutions rated at least A-/A3. Financial derivativesThe group's exposure is limited as the group's counterparties are financial institutions with an external credit rating of at least A-/A3.Credit risk exposureThe carrying amount of financial assets represents the maximum credit exposure. USD million Notes Dec 31, 2025 Dec 31, 2024Exposure to credit riskLong-term investments19 57 53 Financial derivatives - asset19 11 45 Other non-current assets19 21 17 Trade receivables21 558 655 Other current assets19 257 248 Cash and cash equivalents22 1,071 1,393 Total exposure to credit risk 1,975 2,412Note 21. Trade receivables and trade payablesTrade receivablesAt December 31, 2025, USD 48 million (2024: USD 74 million) in trade receivables had fallen due. These receivables are related to a number of separate customers. Historically, the percentage of credit losses on trade receivables has been low and the group expects the receivables to be recoverable. The expected credit losses on trade receivables are estimated by reference to past default experience of the debtor and an analysis of the debtor's current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry and an assessment of both the current as well as the forecast direction of conditions at the reporting date. The group's customers are generally large, multi-national OEMs and historic credit losses have been minor.At December 31, 2025, the group's impairment allowance on receivables amounts to approximately USD 6 million (2024: USD 5 million). Approx. 50 percent of the impairment allowance relates to the logistics segment and 50 percent to the shipping segment in 2025 (39 percent percent and 61 percent percent respectively for 2024). The aging profile of trade receivables that are past due is as follows:USD million Dec 31, 2025 Dec 31, 2024Aging of trade receivables fallen due31-60 days 23 4261-90 days 13 991-180 days 11 12Over 180 days 1 11Total fallen due 48 74Trade receivables per segmentShipping services 389 432Logistics services 127 137Government services 42 86Total trade receivables 558 655See note 16 for more information on credit risk.",
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"f0__s8__7__100": {
"value": "Credit riskCredit risk is the risk of loss to the group if a customer or counterparty fails to meet its contractual obligations. It mainly arises from customer receivables, financial derivatives used to hedge interest rate and currency risks, and bank deposits.Trade receivablesThe group\u2019s credit risk exposure in its operating entities is driven mainly by individual customer characteristics, with industry and country defaulting factors playing a smaller role. The shipping segment has historically had low credit risk, as its customers are large, reputable companies and cargo can be withheld if needed.Cash and cash equivalentsThe group\u2019s exposure is considered very limited, as it primarily banks with institutions rated at least A-/A3. Financial derivativesThe group's exposure is limited as the group's counterparties are financial institutions with an external credit rating of at least A-/A3.Credit risk exposureThe carrying amount of financial assets represents the maximum credit exposure. USD million Notes Dec 31, 2025 Dec 31, 2024Exposure to credit riskLong-term investments19 57 53 Financial derivatives - asset19 11 45 Other non-current assets19 21 17 Trade receivables21 558 655 Other current assets19 257 248 Cash and cash equivalents22 1,071 1,393 Total exposure to credit risk 1,975 2,412",
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"f0__s8__7__102": {
"value": "Liquidity riskThe group manages liquidity risk by ensuring sufficient liquidity to meet its liabilities in both normal and stressed conditions, without incurring unacceptable losses or risking damage to the group's reputation.The group considers its liquidity risk low, given its substantial liquid assets and the availability of committed credit facilities with banks.From time to time, the group issues from time to time NOK-denominated bonds in the Norwegian bond market. The group swaps the proceeds into USD through cross-currency swaps at issuance. If the USD/NOK exchange rate rises beyond predefined thresholds relative to the issue date, the group must post cash collateral reflecting the excess mark-to-market value. This collateral is returned if the exchange rate falls back below the thresholds. No other significant terms apply to the collateral arrangements. As of December 31, 2025, the group recognized USD 2 million in cash collateral for its cross-currency swaps in other current assets.At December 31, 2025, the group had USD 1,071 million (2024: USD 1,393 million) in liquid assets (see note 22 for further details), which can be realized over a three-day period in addition to USD 922 million (2024: USD 494 million) in undrawn capacity under its bank facilities.Undiscounted cash flows financial liabilitiesLess thanBetweenBetweenLater than USD million1 year1 and 2 years2 and 5 years5 years2025Bank loans 269 262 458 9Bonds 195 137 105 -Current liabilities (excluding next year's installment on interest-bearing debt, lease liabilities and financial derivatives) 374 - - -Total non-derivative liabilities excluding leasing 838 399 563 9Leasing liabilities 428 338 589 395Financial derivatives (6) (8) (9) (3)Total gross undiscounted cash flows financial liabilities at December 31 1,259 730 1,142 401Less thanBetweenBetweenLater than USD million1 year1 and 2 years2 and 5 years5 years2024Bank loans 410 339 809 61Bonds 32 197 215 -Current liabilities (excluding next year's installment on interest-bearing debt, lease liabilities and financial derivatives) 574 - - -Total non-derivative liabilities excluding leasing 1,016 535 1,025 61Leasing liabilities 371 306 573 455Financial derivatives (18) (11) (14) (8)Total gross undiscounted cash flows financial liabilities at December 31 1,369 830 1,583 508There are remaining commitments of USD 1.5 billion related to the 14 newbuilds, see also note 8.Interest expenses on floating interest-bearing debt are calculated using year-end interest rate curves..",
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"f0__s8__7__101": {
"value": "Liquidity riskThe group manages liquidity risk by ensuring sufficient liquidity to meet its liabilities in both normal and stressed conditions, without incurring unacceptable losses or risking damage to the group's reputation.The group considers its liquidity risk low, given its substantial liquid assets and the availability of committed credit facilities with banks.From time to time, the group issues from time to time NOK-denominated bonds in the Norwegian bond market. The group swaps the proceeds into USD through cross-currency swaps at issuance. If the USD/NOK exchange rate rises beyond predefined thresholds relative to the issue date, the group must post cash collateral reflecting the excess mark-to-market value. This collateral is returned if the exchange rate falls back below the thresholds. No other significant terms apply to the collateral arrangements. As of December 31, 2025, the group recognized USD 2 million in cash collateral for its cross-currency swaps in other current assets.At December 31, 2025, the group had USD 1,071 million (2024: USD 1,393 million) in liquid assets (see note 22 for further details), which can be realized over a three-day period in addition to USD 922 million (2024: USD 494 million) in undrawn capacity under its bank facilities.Undiscounted cash flows financial liabilitiesLess thanBetweenBetweenLater than USD million1 year1 and 2 years2 and 5 years5 years2025Bank loans 269 262 458 9Bonds 195 137 105 -Current liabilities (excluding next year's installment on interest-bearing debt, lease liabilities and financial derivatives) 374 - - -Total non-derivative liabilities excluding leasing 838 399 563 9Leasing liabilities 428 338 589 395Financial derivatives (6) (8) (9) (3)Total gross undiscounted cash flows financial liabilities at December 31 1,259 730 1,142 401Less thanBetweenBetweenLater than USD million1 year1 and 2 years2 and 5 years5 years2024Bank loans 410 339 809 61Bonds 32 197 215 -Current liabilities (excluding next year's installment on interest-bearing debt, lease liabilities and financial derivatives) 574 - - -Total non-derivative liabilities excluding leasing 1,016 535 1,025 61Leasing liabilities 371 306 573 455Financial derivatives (18) (11) (14) (8)Total gross undiscounted cash flows financial liabilities at December 31 1,369 830 1,583 508There are remaining commitments of USD 1.5 billion related to the 14 newbuilds, see also note 8.Interest expenses on floating interest-bearing debt are calculated using year-end interest rate curves..",
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"f0__s8__7__105": {
"value": "Capital riskThe group's policy is to maintain a strong capital base to maintain investor, creditor and market confidence and to sustain future development of the business. To maintain or adjust the capital structure the group may adjust the dividend payment to shareholders, return capital to shareholders, issue new shares or repurchase own shares, among other measures.In 2024, the group\u2019s shareholders approved the Board of Directors revised dividend policy. The level of dividends remains based on a range of 30-50% of the group's net profit after tax on an annual basis. However, dividend payments are to be made on a semi-annual \u201cpay-as-you-go\u201d basis. The Board of Directors declare dividends after considering the group\u2019s long-term financial targets (also referred to as \u201ckey financial targets\u201d), near-term market outlook, the group\u2019s financial position, future capital requirements, as well as other relevant factors. For more information related to the group\u2019s long-term financial targets, refer to sections Key figures, and Long-term financial targets and dividend policy in the Annual Report.",
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"f0__s8__7__109": {
"value": "Fair value of financial instrumentsThe fair value of financial instruments traded in an active market is based on quoted market prices at the balance sheet date. Financial instruments not traded in an active market (over-the-counter contracts) are valued on third party quotes using the maximum number of observable market rates for price discovery. Valuation techniques include but are not limited to:\u2022 Quoted market prices or dealer quotes for similar instruments;\u2022 Interest rate swaps are valued based on the present value of the estimated future cash flows using observable yield curves;\u2022 Forward foreign exchange contracts are valued using forward exchange rates at the balance sheet date, discounted to present value, and\u2022 Foreign exchange option contracts are valued using observable forward exchange rates, volatility, yield curve and time-to-maturity parameters at the balance sheet date, resulting in an option premium.The carrying value of cash and short-term deposits, trade receivables (less expected credit losses), other current assets, trade payables, bank overdrafts and other current liabilities approximate their fair values due to their short maturities The fair value of financial liabilities is estimated by discounting contractual cash flows using current market interest rates available for similar instruments.Fair value of interest-bearing liabilitiesFair value of interest-bearing liabilities equals the notional amount of the liabilities. USD million Fair value Carrying value2025Bank loans 872 868Bonds 396 395Leasing liabilities 1,538 1,538Other - -Total liabilities at December 31 2,806 2,800USD million Fair value Carrying value2024Bank loans 1,410 1,405Bonds 374 372Leasing liabilities 1,375 1,375Other - -Total liabilities at December 31 3,159 3,151Fair value hierarchyUSD million Level 1 Level 2 Level 3 Total2025Financial assets at fair value through income statement- Financial derivatives - 11 - 11- Equity investments - - 11 11Financial assets at fair value through OCI- Equity investments - - 45 45Total assets at December 31 - 11 57 68Financial liabilities at fair value through income statement- Financial derivatives - 40 - 40Total liabilities at December 31 - 40 - 40USD million Level 1 Level 2 Level 3 Total2024Financial assets at fair value through income statement- Financial derivatives - 45 - 45- Equity investments - - 9 9Financial assets at fair value through OCI- Equity investments - - 44 44Total assets at December 31 - 45 53 98Financial liabilities at fair value through income statement- Financial derivatives - 103 - 103Total liabilities at December 31 - 103 - 103There were no transfers between levels 1, 2 and 3 of the fair value hierarchy during the periods presented.Financial instruments by categoryAssets at fair value Equity instruments Assets at amortized through the income designated at fair USD millioncoststatementvalue through OCI TotalAssetsOther non-current assets 6 9 - 15 Long-term investments - 11 45 57 Trade receivables 558 - - 558 Other current assets 124 2 - 126 Cash and cash equivalents 1,071 - - 1,071 Assets at December 31, 2025 1,758 23 45 1,826 Liabilities at fair value Other financial through the income liabilities at amortized USD millionstatementcost TotalLiabilitiesNon-current interest-bearing debt - 865 865 Non-current lease liabilities - 1,164 1,164 Other non-current liabilities 18 - 18 Trade payables - 141 141 Current interest-bearing debt - 398 398 Current lease liabilities - 374 374 Written put option over non-controlling interest - 897 897 Other current liabilities 22 318 340 Liabilities at December 31, 2025 40 4,155 4,196 Assets at fair value Equity instruments Assets at amortized through the income designated at fair USD millioncoststatementvalue through OCI TotalAssetsOther non-current assets 9 34 - 43 Long-term investments - 9 44 53 Trade receivables 655 - - 655 Other current assets 120 11 - 131 Cash and cash equivalents 1,393 - - 1,393 Assets at December 31, 2024 2,176 55 44 2,274 Liabilities at fair value Other financial through the income liabilities at amortized USD millionstatementcost TotalLiabilitiesNon-current interest-bearing debt - 1,438 1,438 Non-current lease liabilities - 1,092 1,092 Other non-current liabilities 101 - 101 Trade payables - 142 142 Current interest-bearing debt - 338 338 Current lease liabilities - 283 283 Written put option over non-controlling interest - 831 831 Other current liabilities 2 332 333 Liabilities at December 31, 2024 103 4,455 4,558 Accounting policyFinancial assetsFinancial assets are classified at initial recognition based on their contractual cash flow characteristics and the group\u2019s business model for managing them. They are classified as measured at amortized cost, fair value through profit or loss (FVTPL) or fair value through other comprehensive income (FVTOCI).Financial assets are initially measured at fair value plus transaction costs, except for trade receivables (see note 21). Financial assets carried at FVTPL are initially measured at fair value with transaction costs recognized immediately in profit or loss. Subsequent changes in fair value are recognized in profit or loss.Financial assets are derecognized when the contractual rights to the cash flows expire, are transferred, or the group has substantially transferred all risks and rewards. Realized gains and losses are recognized in profit or loss when they arise.Investments in equity instruments are measured at FVTPL, unless the group has (on an instrument-by-instrument basis) made an irrevocable election to present changes in fair value in other comprehensive income. Equity instruments designated at FVTOCI are initially measured at fair value plus transaction costs, with subsequent fair value changes recognized in other comprehensive income. Cumulative gains and losses are not recycled to profit or loss on disposal.Financial liabilitiesFinancial liabilities are initially recognized at fair value, net of transaction costs incurred, and are subsequently carried at amortized cost, except for derivatives, financial guarantee contracts and in other limited circumstances.Derivative financial instrumentsThe group uses derivative financial instruments to manage exposure to interest rate and foreign exchange risks. Derivative financial instruments are recognised at fair value at inception and subsequently measured at fair value at each reporting date, with gains and losses recognised in profit or loss. Derivatives with positive fair values are recognised as financial assets and those with negative fair values as financial liabilities. Although derivatives are entered into for hedging purposes, the group does not apply hedge accounting.Fair value hierarchyAll assets and liabilities measured or disclosed at fair value are classified within the fair value hierarchy based on the lowest level input significant to the valuation:Level 1: Unadjusted quoted prices in active markets that the entity can access for identical assets or liabilities.Level 2: The fair value of financial instruments that are not traded in an active market (e.g. over the counter derivatives) is determined using valuation techniques that maximize the use of observable market data.Level 3: If one or more of the significant data are not based on observable market data, the instrument is included in level 3. The fair value of these instruments is determined using discounted cash flows and option valuation models with unobservable inputs. The model includes for example risk-adjusted discount rates and long-term growth rates for cash flows as well as constant prepayment rates.The group recognizes transfers between levels of the fair value hierarchy, if any, at the end of the reporting period during which the change has occurred.Significant accounting judgments, estimates and assumptionsWhen the fair values of financial instruments cannot be measured using quoted prices in active markets, they are determined using third-party quotes that relay on the maximum number of observable market inputs for price discovery. When this is not feasible, judgment is required to establishing the financial instrument\u2019s fair values. This is based on inputs like liquidity risk, credit risk and volatility. Changes in these assumptions may affect the reported fair values.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__108": {
"value": "Fair value of financial instrumentsThe fair value of financial instruments traded in an active market is based on quoted market prices at the balance sheet date. Financial instruments not traded in an active market (over-the-counter contracts) are valued on third party quotes using the maximum number of observable market rates for price discovery. Valuation techniques include but are not limited to:\u2022 Quoted market prices or dealer quotes for similar instruments;\u2022 Interest rate swaps are valued based on the present value of the estimated future cash flows using observable yield curves;\u2022 Forward foreign exchange contracts are valued using forward exchange rates at the balance sheet date, discounted to present value, and\u2022 Foreign exchange option contracts are valued using observable forward exchange rates, volatility, yield curve and time-to-maturity parameters at the balance sheet date, resulting in an option premium.The carrying value of cash and short-term deposits, trade receivables (less expected credit losses), other current assets, trade payables, bank overdrafts and other current liabilities approximate their fair values due to their short maturities The fair value of financial liabilities is estimated by discounting contractual cash flows using current market interest rates available for similar instruments.Fair value of interest-bearing liabilitiesFair value of interest-bearing liabilities equals the notional amount of the liabilities. USD million Fair value Carrying value2025Bank loans 872 868Bonds 396 395Leasing liabilities 1,538 1,538Other - -Total liabilities at December 31 2,806 2,800USD million Fair value Carrying value2024Bank loans 1,410 1,405Bonds 374 372Leasing liabilities 1,375 1,375Other - -Total liabilities at December 31 3,159 3,151Fair value hierarchyUSD million Level 1 Level 2 Level 3 Total2025Financial assets at fair value through income statement- Financial derivatives - 11 - 11- Equity investments - - 11 11Financial assets at fair value through OCI- Equity investments - - 45 45Total assets at December 31 - 11 57 68Financial liabilities at fair value through income statement- Financial derivatives - 40 - 40Total liabilities at December 31 - 40 - 40USD million Level 1 Level 2 Level 3 Total2024Financial assets at fair value through income statement- Financial derivatives - 45 - 45- Equity investments - - 9 9Financial assets at fair value through OCI- Equity investments - - 44 44Total assets at December 31 - 45 53 98Financial liabilities at fair value through income statement- Financial derivatives - 103 - 103Total liabilities at December 31 - 103 - 103There were no transfers between levels 1, 2 and 3 of the fair value hierarchy during the periods presented.Financial instruments by categoryAssets at fair value Equity instruments Assets at amortized through the income designated at fair USD millioncoststatementvalue through OCI TotalAssetsOther non-current assets 6 9 - 15 Long-term investments - 11 45 57 Trade receivables 558 - - 558 Other current assets 124 2 - 126 Cash and cash equivalents 1,071 - - 1,071 Assets at December 31, 2025 1,758 23 45 1,826 Liabilities at fair value Other financial through the income liabilities at amortized USD millionstatementcost TotalLiabilitiesNon-current interest-bearing debt - 865 865 Non-current lease liabilities - 1,164 1,164 Other non-current liabilities 18 - 18 Trade payables - 141 141 Current interest-bearing debt - 398 398 Current lease liabilities - 374 374 Written put option over non-controlling interest - 897 897 Other current liabilities 22 318 340 Liabilities at December 31, 2025 40 4,155 4,196 Assets at fair value Equity instruments Assets at amortized through the income designated at fair USD millioncoststatementvalue through OCI TotalAssetsOther non-current assets 9 34 - 43 Long-term investments - 9 44 53 Trade receivables 655 - - 655 Other current assets 120 11 - 131 Cash and cash equivalents 1,393 - - 1,393 Assets at December 31, 2024 2,176 55 44 2,274 Liabilities at fair value Other financial through the income liabilities at amortized USD millionstatementcost TotalLiabilitiesNon-current interest-bearing debt - 1,438 1,438 Non-current lease liabilities - 1,092 1,092 Other non-current liabilities 101 - 101 Trade payables - 142 142 Current interest-bearing debt - 338 338 Current lease liabilities - 283 283 Written put option over non-controlling interest - 831 831 Other current liabilities 2 332 333 Liabilities at December 31, 2024 103 4,455 4,558 Accounting policyFinancial assetsFinancial assets are classified at initial recognition based on their contractual cash flow characteristics and the group\u2019s business model for managing them. They are classified as measured at amortized cost, fair value through profit or loss (FVTPL) or fair value through other comprehensive income (FVTOCI).Financial assets are initially measured at fair value plus transaction costs, except for trade receivables (see note 21). Financial assets carried at FVTPL are initially measured at fair value with transaction costs recognized immediately in profit or loss. Subsequent changes in fair value are recognized in profit or loss.Financial assets are derecognized when the contractual rights to the cash flows expire, are transferred, or the group has substantially transferred all risks and rewards. Realized gains and losses are recognized in profit or loss when they arise.Investments in equity instruments are measured at FVTPL, unless the group has (on an instrument-by-instrument basis) made an irrevocable election to present changes in fair value in other comprehensive income. Equity instruments designated at FVTOCI are initially measured at fair value plus transaction costs, with subsequent fair value changes recognized in other comprehensive income. Cumulative gains and losses are not recycled to profit or loss on disposal.Financial liabilitiesFinancial liabilities are initially recognized at fair value, net of transaction costs incurred, and are subsequently carried at amortized cost, except for derivatives, financial guarantee contracts and in other limited circumstances.Derivative financial instrumentsThe group uses derivative financial instruments to manage exposure to interest rate and foreign exchange risks. Derivative financial instruments are recognised at fair value at inception and subsequently measured at fair value at each reporting date, with gains and losses recognised in profit or loss. Derivatives with positive fair values are recognised as financial assets and those with negative fair values as financial liabilities. Although derivatives are entered into for hedging purposes, the group does not apply hedge accounting.Fair value hierarchyAll assets and liabilities measured or disclosed at fair value are classified within the fair value hierarchy based on the lowest level input significant to the valuation:Level 1: Unadjusted quoted prices in active markets that the entity can access for identical assets or liabilities.Level 2: The fair value of financial instruments that are not traded in an active market (e.g. over the counter derivatives) is determined using valuation techniques that maximize the use of observable market data.Level 3: If one or more of the significant data are not based on observable market data, the instrument is included in level 3. The fair value of these instruments is determined using discounted cash flows and option valuation models with unobservable inputs. The model includes for example risk-adjusted discount rates and long-term growth rates for cash flows as well as constant prepayment rates.The group recognizes transfers between levels of the fair value hierarchy, if any, at the end of the reporting period during which the change has occurred.Significant accounting judgments, estimates and assumptionsWhen the fair values of financial instruments cannot be measured using quoted prices in active markets, they are determined using third-party quotes that relay on the maximum number of observable market inputs for price discovery. When this is not feasible, judgment is required to establishing the financial instrument\u2019s fair values. This is based on inputs like liquidity risk, credit risk and volatility. Changes in these assumptions may affect the reported fair values.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__104": {
"value": "Fair value of financial instrumentsThe fair value of financial instruments traded in an active market is based on quoted market prices at the balance sheet date. Financial instruments not traded in an active market (over-the-counter contracts) are valued on third party quotes using the maximum number of observable market rates for price discovery. Valuation techniques include but are not limited to:\u2022 Quoted market prices or dealer quotes for similar instruments;\u2022 Interest rate swaps are valued based on the present value of the estimated future cash flows using observable yield curves;\u2022 Forward foreign exchange contracts are valued using forward exchange rates at the balance sheet date, discounted to present value, and\u2022 Foreign exchange option contracts are valued using observable forward exchange rates, volatility, yield curve and time-to-maturity parameters at the balance sheet date, resulting in an option premium.The carrying value of cash and short-term deposits, trade receivables (less expected credit losses), other current assets, trade payables, bank overdrafts and other current liabilities approximate their fair values due to their short maturities The fair value of financial liabilities is estimated by discounting contractual cash flows using current market interest rates available for similar instruments.Fair value of interest-bearing liabilitiesFair value of interest-bearing liabilities equals the notional amount of the liabilities. USD million Fair value Carrying value2025Bank loans 872 868Bonds 396 395Leasing liabilities 1,538 1,538Other - -Total liabilities at December 31 2,806 2,800USD million Fair value Carrying value2024Bank loans 1,410 1,405Bonds 374 372Leasing liabilities 1,375 1,375Other - -Total liabilities at December 31 3,159 3,151Fair value hierarchyUSD million Level 1 Level 2 Level 3 Total2025Financial assets at fair value through income statement- Financial derivatives - 11 - 11- Equity investments - - 11 11Financial assets at fair value through OCI- Equity investments - - 45 45Total assets at December 31 - 11 57 68Financial liabilities at fair value through income statement- Financial derivatives - 40 - 40Total liabilities at December 31 - 40 - 40USD million Level 1 Level 2 Level 3 Total2024Financial assets at fair value through income statement- Financial derivatives - 45 - 45- Equity investments - - 9 9Financial assets at fair value through OCI- Equity investments - - 44 44Total assets at December 31 - 45 53 98Financial liabilities at fair value through income statement- Financial derivatives - 103 - 103Total liabilities at December 31 - 103 - 103There were no transfers between levels 1, 2 and 3 of the fair value hierarchy during the periods presented.Financial instruments by categoryAssets at fair value Equity instruments Assets at amortized through the income designated at fair USD millioncoststatementvalue through OCI TotalAssetsOther non-current assets 6 9 - 15 Long-term investments - 11 45 57 Trade receivables 558 - - 558 Other current assets 124 2 - 126 Cash and cash equivalents 1,071 - - 1,071 Assets at December 31, 2025 1,758 23 45 1,826 Liabilities at fair value Other financial through the income liabilities at amortized USD millionstatementcost TotalLiabilitiesNon-current interest-bearing debt - 865 865 Non-current lease liabilities - 1,164 1,164 Other non-current liabilities 18 - 18 Trade payables - 141 141 Current interest-bearing debt - 398 398 Current lease liabilities - 374 374 Written put option over non-controlling interest - 897 897 Other current liabilities 22 318 340 Liabilities at December 31, 2025 40 4,155 4,196 Assets at fair value Equity instruments Assets at amortized through the income designated at fair USD millioncoststatementvalue through OCI TotalAssetsOther non-current assets 9 34 - 43 Long-term investments - 9 44 53 Trade receivables 655 - - 655 Other current assets 120 11 - 131 Cash and cash equivalents 1,393 - - 1,393 Assets at December 31, 2024 2,176 55 44 2,274 Liabilities at fair value Other financial through the income liabilities at amortized USD millionstatementcost TotalLiabilitiesNon-current interest-bearing debt - 1,438 1,438 Non-current lease liabilities - 1,092 1,092 Other non-current liabilities 101 - 101 Trade payables - 142 142 Current interest-bearing debt - 338 338 Current lease liabilities - 283 283 Written put option over non-controlling interest - 831 831 Other current liabilities 2 332 333 Liabilities at December 31, 2024 103 4,455 4,558 Accounting policyFinancial assetsFinancial assets are classified at initial recognition based on their contractual cash flow characteristics and the group\u2019s business model for managing them. They are classified as measured at amortized cost, fair value through profit or loss (FVTPL) or fair value through other comprehensive income (FVTOCI).Financial assets are initially measured at fair value plus transaction costs, except for trade receivables (see note 21). Financial assets carried at FVTPL are initially measured at fair value with transaction costs recognized immediately in profit or loss. Subsequent changes in fair value are recognized in profit or loss.Financial assets are derecognized when the contractual rights to the cash flows expire, are transferred, or the group has substantially transferred all risks and rewards. Realized gains and losses are recognized in profit or loss when they arise.Investments in equity instruments are measured at FVTPL, unless the group has (on an instrument-by-instrument basis) made an irrevocable election to present changes in fair value in other comprehensive income. Equity instruments designated at FVTOCI are initially measured at fair value plus transaction costs, with subsequent fair value changes recognized in other comprehensive income. Cumulative gains and losses are not recycled to profit or loss on disposal.Financial liabilitiesFinancial liabilities are initially recognized at fair value, net of transaction costs incurred, and are subsequently carried at amortized cost, except for derivatives, financial guarantee contracts and in other limited circumstances.Derivative financial instrumentsThe group uses derivative financial instruments to manage exposure to interest rate and foreign exchange risks. Derivative financial instruments are recognised at fair value at inception and subsequently measured at fair value at each reporting date, with gains and losses recognised in profit or loss. Derivatives with positive fair values are recognised as financial assets and those with negative fair values as financial liabilities. Although derivatives are entered into for hedging purposes, the group does not apply hedge accounting.Fair value hierarchyAll assets and liabilities measured or disclosed at fair value are classified within the fair value hierarchy based on the lowest level input significant to the valuation:Level 1: Unadjusted quoted prices in active markets that the entity can access for identical assets or liabilities.Level 2: The fair value of financial instruments that are not traded in an active market (e.g. over the counter derivatives) is determined using valuation techniques that maximize the use of observable market data.Level 3: If one or more of the significant data are not based on observable market data, the instrument is included in level 3. The fair value of these instruments is determined using discounted cash flows and option valuation models with unobservable inputs. The model includes for example risk-adjusted discount rates and long-term growth rates for cash flows as well as constant prepayment rates.The group recognizes transfers between levels of the fair value hierarchy, if any, at the end of the reporting period during which the change has occurred.Significant accounting judgments, estimates and assumptionsWhen the fair values of financial instruments cannot be measured using quoted prices in active markets, they are determined using third-party quotes that relay on the maximum number of observable market inputs for price discovery. When this is not feasible, judgment is required to establishing the financial instrument\u2019s fair values. This is based on inputs like liquidity risk, credit risk and volatility. Changes in these assumptions may affect the reported fair values.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__112": {
"value": "Accounting policyFinancial assetsFinancial assets are classified at initial recognition based on their contractual cash flow characteristics and the group\u2019s business model for managing them. They are classified as measured at amortized cost, fair value through profit or loss (FVTPL) or fair value through other comprehensive income (FVTOCI).Financial assets are initially measured at fair value plus transaction costs, except for trade receivables (see note 21). Financial assets carried at FVTPL are initially measured at fair value with transaction costs recognized immediately in profit or loss. Subsequent changes in fair value are recognized in profit or loss.Financial assets are derecognized when the contractual rights to the cash flows expire, are transferred, or the group has substantially transferred all risks and rewards. Realized gains and losses are recognized in profit or loss when they arise.Investments in equity instruments are measured at FVTPL, unless the group has (on an instrument-by-instrument basis) made an irrevocable election to present changes in fair value in other comprehensive income. Equity instruments designated at FVTOCI are initially measured at fair value plus transaction costs, with subsequent fair value changes recognized in other comprehensive income. Cumulative gains and losses are not recycled to profit or loss on disposal.Financial liabilitiesFinancial liabilities are initially recognized at fair value, net of transaction costs incurred, and are subsequently carried at amortized cost, except for derivatives, financial guarantee contracts and in other limited circumstances.Derivative financial instrumentsThe group uses derivative financial instruments to manage exposure to interest rate and foreign exchange risks. Derivative financial instruments are recognised at fair value at inception and subsequently measured at fair value at each reporting date, with gains and losses recognised in profit or loss. Derivatives with positive fair values are recognised as financial assets and those with negative fair values as financial liabilities. Although derivatives are entered into for hedging purposes, the group does not apply hedge accounting.Fair value hierarchyAll assets and liabilities measured or disclosed at fair value are classified within the fair value hierarchy based on the lowest level input significant to the valuation:Level 1: Unadjusted quoted prices in active markets that the entity can access for identical assets or liabilities.Level 2: The fair value of financial instruments that are not traded in an active market (e.g. over the counter derivatives) is determined using valuation techniques that maximize the use of observable market data.Level 3: If one or more of the significant data are not based on observable market data, the instrument is included in level 3. The fair value of these instruments is determined using discounted cash flows and option valuation models with unobservable inputs. The model includes for example risk-adjusted discount rates and long-term growth rates for cash flows as well as constant prepayment rates.The group recognizes transfers between levels of the fair value hierarchy, if any, at the end of the reporting period during which the change has occurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__110": {
"value": "Financial assetsFinancial assets are classified at initial recognition based on their contractual cash flow characteristics and the group\u2019s business model for managing them. They are classified as measured at amortized cost, fair value through profit or loss (FVTPL) or fair value through other comprehensive income (FVTOCI).Financial assets are initially measured at fair value plus transaction costs, except for trade receivables (see note 21). Financial assets carried at FVTPL are initially measured at fair value with transaction costs recognized immediately in profit or loss. Subsequent changes in fair value are recognized in profit or loss.Financial assets are derecognized when the contractual rights to the cash flows expire, are transferred, or the group has substantially transferred all risks and rewards. Realized gains and losses are recognized in profit or loss when they arise.Investments in equity instruments are measured at FVTPL, unless the group has (on an instrument-by-instrument basis) made an irrevocable election to present changes in fair value in other comprehensive income. Equity instruments designated at FVTOCI are initially measured at fair value plus transaction costs, with subsequent fair value changes recognized in other comprehensive income. Cumulative gains and losses are not recycled to profit or loss on disposal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__113": {
"value": "Derivative financial instrumentsThe group uses derivative financial instruments to manage exposure to interest rate and foreign exchange risks. Derivative financial instruments are recognised at fair value at inception and subsequently measured at fair value at each reporting date, with gains and losses recognised in profit or loss. Derivatives with positive fair values are recognised as financial assets and those with negative fair values as financial liabilities. Although derivatives are entered into for hedging purposes, the group does not apply hedge accounting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__115-1": {
"value": "Fair value hierarchyAll assets and liabilities measured or disclosed at fair value are classified within the fair value hierarchy based on the lowest level input significant to the valuation:Level 1: Unadjusted quoted prices in active markets that the entity can access for identical assets or liabilities.Level 2: The fair value of financial instruments that are not traded in an active market (e.g. over the counter derivatives) is determined using valuation techniques that maximize the use of observable market data.Level 3: If one or more of the significant data are not based on observable market data, the instrument is included in level 3. The fair value of these instruments is determined using discounted cash flows and option valuation models with unobservable inputs. The model includes for example risk-adjusted discount rates and long-term growth rates for cash flows as well as constant prepayment rates.The group recognizes transfers between levels of the fair value hierarchy, if any, at the end of the reporting period during which the change has occurred.Accounting policyTrade receivables are amounts due from customers for services performed in the ordinary course of business. They are generally due for settlement within 15-60 days and are therefore all classified as current.Trade receivables are recognized initially at the amount of consideration that is unconditional, in which case they are recognized at fair value (see note 16). As trade receivables are held with the objective of collecting the contractual cash flows, they are subsequently measured at amortized cost using the effective interest method and are subject to impairment. The group applies a simplified approach in calculating expected credit losses (ECL), which consists in recognizing a loss allowance based on lifetime ECL at each reporting date. The group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__118-1": {
"value": "Note 17. Written put option over non-controlling interestsNon-controlling shareholders in EUKOR hold a put option for their 20 percent interest, pursuant to the shareholder agreement entered into in 2002. The shareholder agreement also contains a call option held by the group on symmetrical terms.Basis for calculation of the liabilityThe liability reflects the estimated exercise price, which is identical for the put and the call options. The amount is based on a stipulated methodology in local legislation in Korea (the Korean Inheritance and Donation Tax Act (\"the Act\") in effect at the date of the shareholder agreement). The exercise price is based on the highest of \"earnings value per share\" and \"net asset value per share\", both calculated in accordance with methodologies prescribed in the Act. For the periods presented, the earnings value per share is higher than the net asset value per share and the exercise price is thus based on the earnings value per share. A key input factor is the taxable results in EUKOR for the three previous calendar years.The calculation of earnings value per share is updated only at each year-end, meaning that the exercise price for the year ended December 31, 2025 is based on EUKOR's taxable results for 2023, 2024, and 2025. More weight is given to more recent years and a statutory 36cost of capital of 10 percent has been applied. Further, the calculation is based on amounts in local currency (KRW), which makes the recognized amount subject to currency fluctuations.In 2025 the measurement change in the liability was an increase of USD 66 million reflected directly in equity, of which USD 18 million represents exchange rate movements, (strengthening of KRW against USD over the full year) in addition to the USD 48 million increase representing the underlying increase in the liability in KRW. The liability as at December 31, 2025 is USD 897 million (December 31, 2024: USD 831 million).36 Formula applied: Weighted average of earnings per share =((after-tax profit of last year (y-1)) divided by total number of shares) multiplied by 3 + (after-tax profit of (y-2) divided by total number of shares) multiplied by 2 + (after-tax profit of (y-3) divided by total number of shares) divided by 6.Note 19. Disaggregated balance sheet informationUSD million Dec 31, 2025 Dec 31, 2024Other non-current assets37Long-term investments57 53Financial derivatives 9 34Pension assets 7 5Investments in joint ventures and associates 16 23Other non-current assets 21 17Total other non-current assets 109 133Other current assetsFinancial derivatives 2 11Contract assets 17 41Prepaid expenses 127 121Others inventories 6 7Cash collateral 2 27Other current assets 104 51Total other current assets 259 259Other non-current liabilitiesFinancial derivatives 18 101Other non-current liabilities 8 6Total other non-current liabilities 26 107Other current liabilitiesFinancial derivatives 22 238Contract liabilities160 201Other accrued operating expenses 329 323Provision emission trade allowances 19 13Provision class action 8 10Other current liabilities 12 23Total other current liabilities 551 57237Long-term investments include EUKOR\u2019s 0.76 percent ownership of the shares in KOBC (Korean Ocean Business Corporation). These shares are held for long-term strategic benefits and the group has made an irrevocable decision to present changes in fair value through other comprehensive income. The fair value of the investment was USD 45 million at December 31, 2025 (2024: USD 44 million) primarily related to the results in KOBC's underlying investments.38The contract liabilities represent the obligation to complete freight services for customers for which consideration has been received from the customers. Contract liabilities per December 31, 2024 have been recognized as freight revenue in 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__117-1": {
"value": "Note 17. Written put option over non-controlling interestsNon-controlling shareholders in EUKOR hold a put option for their 20 percent interest, pursuant to the shareholder agreement entered into in 2002. The shareholder agreement also contains a call option held by the group on symmetrical terms.Basis for calculation of the liabilityThe liability reflects the estimated exercise price, which is identical for the put and the call options. The amount is based on a stipulated methodology in local legislation in Korea (the Korean Inheritance and Donation Tax Act (\"the Act\") in effect at the date of the shareholder agreement). The exercise price is based on the highest of \"earnings value per share\" and \"net asset value per share\", both calculated in accordance with methodologies prescribed in the Act. For the periods presented, the earnings value per share is higher than the net asset value per share and the exercise price is thus based on the earnings value per share. A key input factor is the taxable results in EUKOR for the three previous calendar years.The calculation of earnings value per share is updated only at each year-end, meaning that the exercise price for the year ended December 31, 2025 is based on EUKOR's taxable results for 2023, 2024, and 2025. More weight is given to more recent years and a statutory 36cost of capital of 10 percent has been applied. Further, the calculation is based on amounts in local currency (KRW), which makes the recognized amount subject to currency fluctuations.In 2025 the measurement change in the liability was an increase of USD 66 million reflected directly in equity, of which USD 18 million represents exchange rate movements, (strengthening of KRW against USD over the full year) in addition to the USD 48 million increase representing the underlying increase in the liability in KRW. The liability as at December 31, 2025 is USD 897 million (December 31, 2024: USD 831 million).36 Formula applied: Weighted average of earnings per share =((after-tax profit of last year (y-1)) divided by total number of shares) multiplied by 3 + (after-tax profit of (y-2) divided by total number of shares) multiplied by 2 + (after-tax profit of (y-3) divided by total number of shares) divided by 6.Note 19. Disaggregated balance sheet informationUSD million Dec 31, 2025 Dec 31, 2024Other non-current assets37Long-term investments57 53Financial derivatives 9 34Pension assets 7 5Investments in joint ventures and associates 16 23Other non-current assets 21 17Total other non-current assets 109 133Other current assetsFinancial derivatives 2 11Contract assets 17 41Prepaid expenses 127 121Others inventories 6 7Cash collateral 2 27Other current assets 104 51Total other current assets 259 259Other non-current liabilitiesFinancial derivatives 18 101Other non-current liabilities 8 6Total other non-current liabilities 26 107Other current liabilitiesFinancial derivatives 22 238Contract liabilities160 201Other accrued operating expenses 329 323Provision emission trade allowances 19 13Provision class action 8 10Other current liabilities 12 23Total other current liabilities 551 57237Long-term investments include EUKOR\u2019s 0.76 percent ownership of the shares in KOBC (Korean Ocean Business Corporation). These shares are held for long-term strategic benefits and the group has made an irrevocable decision to present changes in fair value through other comprehensive income. The fair value of the investment was USD 45 million at December 31, 2025 (2024: USD 44 million) primarily related to the results in KOBC's underlying investments.38The contract liabilities represent the obligation to complete freight services for customers for which consideration has been received from the customers. Contract liabilities per December 31, 2024 have been recognized as freight revenue in 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__125": {
"value": "Note 18. Provisions and contingent liabilitiesThe group is from time to time party to lawsuits related to laws and regulations in various jurisdictions arising from the conduct of its business, including on-going class action processes. Following developments in class action litigation proceedings, a class action claim in the United Kingdom was settled in December 2024 with no admission of liability. On December 31, 2025, a current provision of USD 8 million (December 31, 2024: USD 10 million) is recognized, as the timing and amount of payment remains uncertain. We believe no other similar claims will have a material effect on our financial results or position.The provision for emissions under the EU ETS requirements at December 31, 2025 is USD 19 million (December 31, 2024: 13 million). The provision is measured at the best estimate of the cost to settle the emission reduction obligation, which is the cost of any allowances held, including the expected cost per unit at market price for a shortfall of allowances at the end of the reporting period, if any. See also note 20.The above amounts are presented as part of other current liabilities in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__124": {
"value": "Note 18. Provisions and contingent liabilitiesThe group is from time to time party to lawsuits related to laws and regulations in various jurisdictions arising from the conduct of its business, including on-going class action processes. Following developments in class action litigation proceedings, a class action claim in the United Kingdom was settled in December 2024 with no admission of liability. On December 31, 2025, a current provision of USD 8 million (December 31, 2024: USD 10 million) is recognized, as the timing and amount of payment remains uncertain. We believe no other similar claims will have a material effect on our financial results or position.The provision for emissions under the EU ETS requirements at December 31, 2025 is USD 19 million (December 31, 2024: 13 million). The provision is measured at the best estimate of the cost to settle the emission reduction obligation, which is the cost of any allowances held, including the expected cost per unit at market price for a shortfall of allowances at the end of the reporting period, if any. See also note 20.The above amounts are presented as part of other current liabilities in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__123": {
"value": "Note 18. Provisions and contingent liabilitiesThe group is from time to time party to lawsuits related to laws and regulations in various jurisdictions arising from the conduct of its business, including on-going class action processes. Following developments in class action litigation proceedings, a class action claim in the United Kingdom was settled in December 2024 with no admission of liability. On December 31, 2025, a current provision of USD 8 million (December 31, 2024: USD 10 million) is recognized, as the timing and amount of payment remains uncertain. We believe no other similar claims will have a material effect on our financial results or position.The provision for emissions under the EU ETS requirements at December 31, 2025 is USD 19 million (December 31, 2024: 13 million). The provision is measured at the best estimate of the cost to settle the emission reduction obligation, which is the cost of any allowances held, including the expected cost per unit at market price for a shortfall of allowances at the end of the reporting period, if any. See also note 20.The above amounts are presented as part of other current liabilities in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__122": {
"value": "Note 18. Provisions and contingent liabilitiesThe group is from time to time party to lawsuits related to laws and regulations in various jurisdictions arising from the conduct of its business, including on-going class action processes. Following developments in class action litigation proceedings, a class action claim in the United Kingdom was settled in December 2024 with no admission of liability. On December 31, 2025, a current provision of USD 8 million (December 31, 2024: USD 10 million) is recognized, as the timing and amount of payment remains uncertain. We believe no other similar claims will have a material effect on our financial results or position.The provision for emissions under the EU ETS requirements at December 31, 2025 is USD 19 million (December 31, 2024: 13 million). The provision is measured at the best estimate of the cost to settle the emission reduction obligation, which is the cost of any allowances held, including the expected cost per unit at market price for a shortfall of allowances at the end of the reporting period, if any. See also note 20.The above amounts are presented as part of other current liabilities in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__121-1": {
"value": "Note 18. Provisions and contingent liabilitiesThe group is from time to time party to lawsuits related to laws and regulations in various jurisdictions arising from the conduct of its business, including on-going class action processes. Following developments in class action litigation proceedings, a class action claim in the United Kingdom was settled in December 2024 with no admission of liability. On December 31, 2025, a current provision of USD 8 million (December 31, 2024: USD 10 million) is recognized, as the timing and amount of payment remains uncertain. We believe no other similar claims will have a material effect on our financial results or position.The provision for emissions under the EU ETS requirements at December 31, 2025 is USD 19 million (December 31, 2024: 13 million). The provision is measured at the best estimate of the cost to settle the emission reduction obligation, which is the cost of any allowances held, including the expected cost per unit at market price for a shortfall of allowances at the end of the reporting period, if any. See also note 20.The above amounts are presented as part of other current liabilities in the balance sheet.Note 20. Fuel/lube oilNet carrying value of fuel/lube oil is USD 142 million at year end (2024: 139 million). The balance at December 31, 2025 includes USD 21.6 million (2024: 14 million) related to EU ETS emission allowances. Fuel/lube oil and emission allowances are carried at the lower of cost and net realizable value on a FIFO (first-in-first-out) basis. EU ETS Shipping has been phased into the European Union Emission Trading System (EU ETS) from 2024. The EU ETS is based on a \u2018cap and trade\u2019 principle for reducing the total amount of greenhouse gas (GHG) that can be emitted by an operator. The cap is reduced annually in line with the EU\u2019s climate target, ensuring that overall EU emissions decrease over time. Under the system, the group must monitor and report its CO2 eq. (i.e., carbon dioxide equivalent) emissions on a yearly basis and surrender enough allowances to fully account for its annual emissions. Unused allowances can be carried over to the next period.The group recognizes a provision as emissions are made, measured at the best estimate of the cost to settle the emission reduction obligation, which is the cost of any allowances held, including the expected cost per unit at market price for a shortfall of allowances at the end of the reporting period, if any. The emission expenses are recognized in the income statement and presented as \u201cFuel\u201d within Operating expenses (note 3). Emission allowances are recognized in the group\u2019s balance sheet as inventories (presented within fuel/lube oil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__120": {
"value": "Note 18. Provisions and contingent liabilitiesThe group is from time to time party to lawsuits related to laws and regulations in various jurisdictions arising from the conduct of its business, including on-going class action processes. Following developments in class action litigation proceedings, a class action claim in the United Kingdom was settled in December 2024 with no admission of liability. On December 31, 2025, a current provision of USD 8 million (December 31, 2024: USD 10 million) is recognized, as the timing and amount of payment remains uncertain. We believe no other similar claims will have a material effect on our financial results or position.The provision for emissions under the EU ETS requirements at December 31, 2025 is USD 19 million (December 31, 2024: 13 million). The provision is measured at the best estimate of the cost to settle the emission reduction obligation, which is the cost of any allowances held, including the expected cost per unit at market price for a shortfall of allowances at the end of the reporting period, if any. See also note 20.The above amounts are presented as part of other current liabilities in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__131": {
"value": "Note 19. Disaggregated balance sheet informationUSD million Dec 31, 2025 Dec 31, 2024Other non-current assets37Long-term investments57 53Financial derivatives 9 34Pension assets 7 5Investments in joint ventures and associates 16 23Other non-current assets 21 17Total other non-current assets 109 133Other current assetsFinancial derivatives 2 11Contract assets 17 41Prepaid expenses 127 121Others inventories 6 7Cash collateral 2 27Other current assets 104 51Total other current assets 259 259Other non-current liabilitiesFinancial derivatives 18 101Other non-current liabilities 8 6Total other non-current liabilities 26 107Other current liabilitiesFinancial derivatives 22 238Contract liabilities160 201Other accrued operating expenses 329 323Provision emission trade allowances 19 13Provision class action 8 10Other current liabilities 12 23Total other current liabilities 551 57237Long-term investments include EUKOR\u2019s 0.76 percent ownership of the shares in KOBC (Korean Ocean Business Corporation). These shares are held for long-term strategic benefits and the group has made an irrevocable decision to present changes in fair value through other comprehensive income. The fair value of the investment was USD 45 million at December 31, 2025 (2024: USD 44 million) primarily related to the results in KOBC's underlying investments.38The contract liabilities represent the obligation to complete freight services for customers for which consideration has been received from the customers. Contract liabilities per December 31, 2024 have been recognized as freight revenue in 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__129": {
"value": "Note 19. Disaggregated balance sheet informationUSD million Dec 31, 2025 Dec 31, 2024Other non-current assets37Long-term investments57 53Financial derivatives 9 34Pension assets 7 5Investments in joint ventures and associates 16 23Other non-current assets 21 17Total other non-current assets 109 133Other current assetsFinancial derivatives 2 11Contract assets 17 41Prepaid expenses 127 121Others inventories 6 7Cash collateral 2 27Other current assets 104 51Total other current assets 259 259Other non-current liabilitiesFinancial derivatives 18 101Other non-current liabilities 8 6Total other non-current liabilities 26 107Other current liabilitiesFinancial derivatives 22 238Contract liabilities160 201Other accrued operating expenses 329 323Provision emission trade allowances 19 13Provision class action 8 10Other current liabilities 12 23Total other current liabilities 551 57237Long-term investments include EUKOR\u2019s 0.76 percent ownership of the shares in KOBC (Korean Ocean Business Corporation). These shares are held for long-term strategic benefits and the group has made an irrevocable decision to present changes in fair value through other comprehensive income. The fair value of the investment was USD 45 million at December 31, 2025 (2024: USD 44 million) primarily related to the results in KOBC's underlying investments.38The contract liabilities represent the obligation to complete freight services for customers for which consideration has been received from the customers. Contract liabilities per December 31, 2024 have been recognized as freight revenue in 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__128": {
"value": "Note 19. Disaggregated balance sheet informationUSD million Dec 31, 2025 Dec 31, 2024Other non-current assets37Long-term investments57 53Financial derivatives 9 34Pension assets 7 5Investments in joint ventures and associates 16 23Other non-current assets 21 17Total other non-current assets 109 133Other current assetsFinancial derivatives 2 11Contract assets 17 41Prepaid expenses 127 121Others inventories 6 7Cash collateral 2 27Other current assets 104 51Total other current assets 259 259Other non-current liabilitiesFinancial derivatives 18 101Other non-current liabilities 8 6Total other non-current liabilities 26 107Other current liabilitiesFinancial derivatives 22 238Contract liabilities160 201Other accrued operating expenses 329 323Provision emission trade allowances 19 13Provision class action 8 10Other current liabilities 12 23Total other current liabilities 551 57237Long-term investments include EUKOR\u2019s 0.76 percent ownership of the shares in KOBC (Korean Ocean Business Corporation). These shares are held for long-term strategic benefits and the group has made an irrevocable decision to present changes in fair value through other comprehensive income. The fair value of the investment was USD 45 million at December 31, 2025 (2024: USD 44 million) primarily related to the results in KOBC's underlying investments.38The contract liabilities represent the obligation to complete freight services for customers for which consideration has been received from the customers. Contract liabilities per December 31, 2024 have been recognized as freight revenue in 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__127": {
"value": "Note 19. Disaggregated balance sheet informationUSD million Dec 31, 2025 Dec 31, 2024Other non-current assets37Long-term investments57 53Financial derivatives 9 34Pension assets 7 5Investments in joint ventures and associates 16 23Other non-current assets 21 17Total other non-current assets 109 133Other current assetsFinancial derivatives 2 11Contract assets 17 41Prepaid expenses 127 121Others inventories 6 7Cash collateral 2 27Other current assets 104 51Total other current assets 259 259Other non-current liabilitiesFinancial derivatives 18 101Other non-current liabilities 8 6Total other non-current liabilities 26 107Other current liabilitiesFinancial derivatives 22 238Contract liabilities160 201Other accrued operating expenses 329 323Provision emission trade allowances 19 13Provision class action 8 10Other current liabilities 12 23Total other current liabilities 551 57237Long-term investments include EUKOR\u2019s 0.76 percent ownership of the shares in KOBC (Korean Ocean Business Corporation). These shares are held for long-term strategic benefits and the group has made an irrevocable decision to present changes in fair value through other comprehensive income. The fair value of the investment was USD 45 million at December 31, 2025 (2024: USD 44 million) primarily related to the results in KOBC's underlying investments.38The contract liabilities represent the obligation to complete freight services for customers for which consideration has been received from the customers. Contract liabilities per December 31, 2024 have been recognized as freight revenue in 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__126": {
"value": "Note 19. Disaggregated balance sheet informationUSD million Dec 31, 2025 Dec 31, 2024Other non-current assets37Long-term investments57 53Financial derivatives 9 34Pension assets 7 5Investments in joint ventures and associates 16 23Other non-current assets 21 17Total other non-current assets 109 133Other current assetsFinancial derivatives 2 11Contract assets 17 41Prepaid expenses 127 121Others inventories 6 7Cash collateral 2 27Other current assets 104 51Total other current assets 259 259Other non-current liabilitiesFinancial derivatives 18 101Other non-current liabilities 8 6Total other non-current liabilities 26 107Other current liabilitiesFinancial derivatives 22 238Contract liabilities160 201Other accrued operating expenses 329 323Provision emission trade allowances 19 13Provision class action 8 10Other current liabilities 12 23Total other current liabilities 551 57237Long-term investments include EUKOR\u2019s 0.76 percent ownership of the shares in KOBC (Korean Ocean Business Corporation). These shares are held for long-term strategic benefits and the group has made an irrevocable decision to present changes in fair value through other comprehensive income. The fair value of the investment was USD 45 million at December 31, 2025 (2024: USD 44 million) primarily related to the results in KOBC's underlying investments.38The contract liabilities represent the obligation to complete freight services for customers for which consideration has been received from the customers. Contract liabilities per December 31, 2024 have been recognized as freight revenue in 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__137": {
"value": "Note 21. Trade receivables and trade payablesTrade receivablesAt December 31, 2025, USD 48 million (2024: USD 74 million) in trade receivables had fallen due. These receivables are related to a number of separate customers. Historically, the percentage of credit losses on trade receivables has been low and the group expects the receivables to be recoverable. The expected credit losses on trade receivables are estimated by reference to past default experience of the debtor and an analysis of the debtor's current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry and an assessment of both the current as well as the forecast direction of conditions at the reporting date. The group's customers are generally large, multi-national OEMs and historic credit losses have been minor.At December 31, 2025, the group's impairment allowance on receivables amounts to approximately USD 6 million (2024: USD 5 million). Approx. 50 percent of the impairment allowance relates to the logistics segment and 50 percent to the shipping segment in 2025 (39 percent percent and 61 percent percent respectively for 2024). The aging profile of trade receivables that are past due is as follows:USD million Dec 31, 2025 Dec 31, 2024Aging of trade receivables fallen due31-60 days 23 4261-90 days 13 991-180 days 11 12Over 180 days 1 11Total fallen due 48 74Trade receivables per segmentShipping services 389 432Logistics services 127 137Government services 42 86Total trade receivables 558 655See note 16 for more information on credit risk.Trade payablesAt December 31, 2025, USD 2 million in trade payables had fallen due (2024: USD 4 million). These payables refer to a number of separate suppliers and are related to general business. The group expects to settle outstanding payables within 30-60 days.USD million Dec 31, 2025 Dec 31, 2024Trade payables per segmentShipping services 87 94Logistics services 53 45Government services 1 1Holding - 2Total trade payables 141 142Accounting policyTrade receivables are amounts due from customers for services performed in the ordinary course of business. They are generally due for settlement within 15-60 days and are therefore all classified as current.Trade receivables are recognized initially at the amount of consideration that is unconditional, in which case they are recognized at fair value (see note 16). As trade receivables are held with the objective of collecting the contractual cash flows, they are subsequently measured at amortized cost using the effective interest method and are subject to impairment. The group applies a simplified approach in calculating expected credit losses (ECL), which consists in recognizing a loss allowance based on lifetime ECL at each reporting date. The group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__134": {
"value": "Note 21. Trade receivables and trade payablesTrade receivablesAt December 31, 2025, USD 48 million (2024: USD 74 million) in trade receivables had fallen due. These receivables are related to a number of separate customers. Historically, the percentage of credit losses on trade receivables has been low and the group expects the receivables to be recoverable. The expected credit losses on trade receivables are estimated by reference to past default experience of the debtor and an analysis of the debtor's current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry and an assessment of both the current as well as the forecast direction of conditions at the reporting date. The group's customers are generally large, multi-national OEMs and historic credit losses have been minor.At December 31, 2025, the group's impairment allowance on receivables amounts to approximately USD 6 million (2024: USD 5 million). Approx. 50 percent of the impairment allowance relates to the logistics segment and 50 percent to the shipping segment in 2025 (39 percent percent and 61 percent percent respectively for 2024). The aging profile of trade receivables that are past due is as follows:USD million Dec 31, 2025 Dec 31, 2024Aging of trade receivables fallen due31-60 days 23 4261-90 days 13 991-180 days 11 12Over 180 days 1 11Total fallen due 48 74Trade receivables per segmentShipping services 389 432Logistics services 127 137Government services 42 86Total trade receivables 558 655See note 16 for more information on credit risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__139": {
"value": "Accounting policyTrade receivables are amounts due from customers for services performed in the ordinary course of business. They are generally due for settlement within 15-60 days and are therefore all classified as current.Trade receivables are recognized initially at the amount of consideration that is unconditional, in which case they are recognized at fair value (see note 16). As trade receivables are held with the objective of collecting the contractual cash flows, they are subsequently measured at amortized cost using the effective interest method and are subject to impairment. The group applies a simplified approach in calculating expected credit losses (ECL), which consists in recognizing a loss allowance based on lifetime ECL at each reporting date. The group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__138": {
"value": "Accounting policyTrade receivables are amounts due from customers for services performed in the ordinary course of business. They are generally due for settlement within 15-60 days and are therefore all classified as current.Trade receivables are recognized initially at the amount of consideration that is unconditional, in which case they are recognized at fair value (see note 16). As trade receivables are held with the objective of collecting the contractual cash flows, they are subsequently measured at amortized cost using the effective interest method and are subject to impairment. The group applies a simplified approach in calculating expected credit losses (ECL), which consists in recognizing a loss allowance based on lifetime ECL at each reporting date. The group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__141": {
"value": "Note 22. Cash and cash equivalentsCash and cash equivalents consist of cash in hand, deposits held at call with banks, other current highly liquid investments with original maturities of three months or less, and bank overdrafts as they are considered an integral part of the group\u2019s cash management.USD million Dec 31, 2025 Dec 31, 2024Cash at banks and in hand 611 1,080 Highly liquid investments 461 313 Cash and cash equivalents 1,071 1,393",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__143": {
"value": "Cash and cash equivalents consist of cash in hand, deposits held at call with banks, other current highly liquid investments with original maturities of three months or less, and bank overdrafts as they are considered an integral part of the group\u2019s cash management.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__144": {
"value": "Note 23. Related party transactionsTransactions with related partiesThe two main shareholders of Wallenius Wilhelmsen ASA are Wilh. Wilhelmsen Holding ASA and Wallenius Lines AB with 37.87 percent and 37.82 percent of the shares respectively. The Wilhelmsen family controls Wilh. Wilhelmsen Holding ASA (WWH group) through Tallyman AS, and the Wallenius Kleberg family controls Wallenius Lines AB through Rederi AB Soya (Soya group).For participation in the board of directors, Thomas Wilhelmsen received USD 71 thousand. Jonas Kleberg has not received compensation for participation in the nomination committee.The group has undertaken several transactions with related parties within the Wilh. Wilhelmsen Holding ASA (WWH), Wilservice AS, Wilhelmsen Maritime Services group (WMS group) and Soya group. All transactions are entered into in the ordinary course of business of the company and the agreements pertaining to the transactions are all entered into on arm\u2019s length terms.Wilh. Wilhelmsen Holding ASA (WWH) delivers services to the Wallenius Wilhelmsen ASA group including human resources (shared services) and in-house services such as canteen, post, switchboard and rent of office facilities. Generally, shared services are priced using cost plus a margin, in accordance with the principles set out in the OECD Transfer Pricing Guidelines and are delivered according to agreements that are renewed annually. In addition, the Soya group delivers rent of office facilities to the group.Historically and currently, the majority shareholders, WWH and Soya, further deliver several services to the group. Historically and currently, the majority shareholders, WWH and Soya, further deliver several services to the group. All transactions are entered into in the ordinary course of business on arm\u2019s length basis..The services cover:\u2022 Ship management including crewing, technical and management service\u2022 Insurance brokerage\u2022 Agency services\u2022 Freight and liner services\u2022 Marine products to vesselsUSD million 2025 2024Income statementOperating revenue from related partied within WWH group - 1Operating revenue from related partied within Soya group - 1Operating expenses to related parties within WWH group 29 23Operating expenses to related parties within Soya group 9 1139Sale of vessels to Soya group40 -USD million Dec 31, 2025 Dec 31, 2024Balance sheetNon-current receivables from related parties within Soya group - -Current receivables from related parties within Soya group 4 -Current loan/payables to related parties within Soya group 1 2Non-current receivables from related parties within WWH group - -Current receivables from related parties within WWH group 23 -Non-current loan/payables to related parties within WWH group 4 7Current loan/payables to related parties within WWH group 8 1For information on key management personnel compensation refer to the remuneration report. 39 Sale of vessels to Soya group represents the sales price. The gain on sale of vessels is presented as a reduction of other operating expenses in the income statement, see note 2.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__146-1": {
"value": "Note 24. Disposal of subsidiaryWallenius Wilhelmsen entered into an agreement on May 27, 2024 to sell its shares in Melbourne International RoRo & Auto Terminal (\u201cMIRRAT\u201d) for cash consideration to Australian Amalgamated Terminals Pty Ltd, a wholly owned subsidiary of Qube Holdings Limited. On May 1, 2025, the transaction was closed and control transferred to the acquirer.The gain on disposal, presented as gain on sale of subsidiary in 2025, was USD 135 million. Goodwill related to the relevant cash-generating unit (Logistics services segment) was allocated to MIRRAT and the retained operations based on their relative value. Goodwill amounting to USD 39 million was thus derecognized on disposal of MIRRAT and included in the calculation of the gain.The assets and liabilities of MIRRAT were classified as a disposal group held for sale before its disposal. Transaction costs incurred during this period (USD 3 million) were recognized in operating expenses. Over the same period a total gain of USD 8 million related to a currency hedge on the sales proceeds was recognized in financial income. USD millionSales proceeds 21040less Carrying amount of net assets sold(31)less Goodwill derecognized (39)less Closing costs (4)Gain on disposal of subsidiary 13540 Includes reclassification of foreign currency reserve (loss) of USD 3 million and cash and cash equivalents of USD 28 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__145-1": {
"value": "Note 24. Disposal of subsidiaryWallenius Wilhelmsen entered into an agreement on May 27, 2024 to sell its shares in Melbourne International RoRo & Auto Terminal (\u201cMIRRAT\u201d) for cash consideration to Australian Amalgamated Terminals Pty Ltd, a wholly owned subsidiary of Qube Holdings Limited. On May 1, 2025, the transaction was closed and control transferred to the acquirer.The gain on disposal, presented as gain on sale of subsidiary in 2025, was USD 135 million. Goodwill related to the relevant cash-generating unit (Logistics services segment) was allocated to MIRRAT and the retained operations based on their relative value. Goodwill amounting to USD 39 million was thus derecognized on disposal of MIRRAT and included in the calculation of the gain.The assets and liabilities of MIRRAT were classified as a disposal group held for sale before its disposal. Transaction costs incurred during this period (USD 3 million) were recognized in operating expenses. Over the same period a total gain of USD 8 million related to a currency hedge on the sales proceeds was recognized in financial income. USD millionSales proceeds 21040less Carrying amount of net assets sold(31)less Goodwill derecognized (39)less Closing costs (4)Gain on disposal of subsidiary 13540 Includes reclassification of foreign currency reserve (loss) of USD 3 million and cash and cash equivalents of USD 28 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s8__7__147": {
"value": "Note 25. Events after the balance sheet dateOn February 10, 2026 the Board resolved to pay a total dividend of USD 1.01 per share covering the second half of 2025. The dividend amount is based on 50% of the company's underlying results for the second half of 2025 plus an extraordinary amount of USD 200m due to the company's strong liquidity. Payment of the dividend is expected to take place on, or around, March 24, 2026.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300NBN0URT3RA3Y54",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
}
}
}