Slides
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2026 Market update September 24 2026
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This presentation contains forward-looking information and statements relating to the business, financial performance and results of the Group, and/or the industry and markets in which it operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as "aims", "anticipates", "believes", "estimates", "expects", "foresees", "intends", "plans", "predicts", "projects", "targets", and similar expressions. Such forward-looking statements are based on current expectations, estimates and projections, reflect current views with respect to future events, and are subject to risks, uncertainties and assumptions. Forward-looking statements are not guarantees of future performance and risks. Uncertainties and other important factors could cause the actual results of operations, financial condition and liquidity of the Group or the industry to differ materially from this results expressed or implied in this presentation by such forward-looking statements. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved, and you are cautioned not to place any undue influence on any forward-looking statement. Disclaimer
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09:00–09:05 Welcome Lasse Kristoffersen 09:05–10:00 Automotive 10:00–10:20 H&H 10:20–10:30 Q&A 10:30–10:45 Break 10:45–11:00 Fleet development Morten Skedsmo 11:00–11:25 Presentation from BofA Francesco Allamandi 11:25–11:50 Presentation from DNB Kelly K. Chen 11:50–12:00 Closing words Lasse Kristoffersen Anders Redigh Karlsen Anders Redigh Karlsen Agenda
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1. Automotive 1. Asia 2. Europe 3. United States 2. High & Heavy 3. Fleet development 4. Presentation from Bank of America 5. Presentation from DNB 6. Summary Agenda
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Source: Mobility Global Sales July 2026, excludes Russia, WAWI Analysis Global light vehicles sales split by intra-regional and export sales The strong RoRo cycle is not driven by high sales, but by an increased share of Asian exports and lower local production 5 Million light vehicles 5.3 2005 46.2 6.6 2006 46.9 7.8 2007 42.8 8.3 2008 39.2 12.6 2009 42.6 16.3 2010 43.8 16.7 2011 45.6 17.6 2012 46.2 20.2 2013 47.8 21.8 2014 48.8 23.3 2015 49.7 26.5 2016 51.2 26.8 2017 51.1 26.0 2018 49.7 23.7 2019 40.7 22.7 2020 41.8 23.0 2021 41.9 23.3 2022 46.2 24.7 2023 46.2 25.2 2024 47.6 26.8 2025 47.1 23.9 2026E 62.4 64.3 67.0 63.2 62.6 70.8 73.0 76.7 80.6 84.0 86.7 90.8 92.7 92.0 88.1 75.5 78.6 78.4 46.4 87.2 90.8 87.8 10.7 11.5 12.3 12.1 10.8 11.9 12.5 13.6 14.2 85.7 14.6 14.6 14.7 14.9 14.7 12.1 13.8 13.1 14.8 15.8 16.4 16.814.4 Intra-regional China intra-regional Exports
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2019 2020 2021 2022 2023 2024 2025 2026E 14.7 12.1 13.8 13.1 14.8 15.8 16.4 16.8 Source: Mobility Global Sales July 2026, excludes Russia, WAWI Analysis, Exports ex.East are exports from China, Japan, South Korea and Other Asian countries Seaborne trade growth, higher Asian export volume, and a growing East/West imbalance are key tonnage demand drivers 6 Million light vehicles Seaborne LV trade between regions (excludes intra-regional trade) Exports Exports ex.East 1 Chinese seaborne export has grown sharply, whilst Japan and Korean exports remain stable 2 Growth ex. Asia is not supported by return cargoes, boosting ton-mile demand (East/West imbalance) 3 Fleet growth has been insufficient to offset demand growth. Consequently, a substantial tonnage deficit has emerged adding pressure on shipping rates
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Source: Mobility Global Sales July 2026. Data excludes Russia Regional automotive sales 2025: Local production vs. imports 7 China 27.0 0.8 Europe 13.1 3.6 Africa & Middle East 1.6 2.9North America 14.8 5.5 South America 3.0 1.6 Oceania & Australia 0.0 1.49.3 27.7 4.56.1 20.3 16.7 1.4 4.6 Other Asia China Africa & Middle East Japan & Korea North America Europe Oceania & Australia South America Domestic Imports Japan & South Korea 5.5 0.7 ~91M India 0.0 5.2 27% 35% 22% 65% 0% 3% 11% 100% Type of sale xx% Share of import
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 5 10 15 20 25 30 35 China Japan & Korea United States Europe Other Source: Mobility Global Production July 2026. Data excludes Russia Global Light Vehicle production split by region (% of total) Global production balance has shifted to the East 8 Millions light vehicles Trends 2000-2005 • Europe from 33% to 29% of global production • Japan/Korea stable ~22% • US from 22% to 18% • China up from ~3% to 9% Trends 2021-2025 • China from 32% to 36% of global production • Europe down from ~18% to 16% • Japan/Korea stable at 13%-14% • US gradually down from ~12% to ~11%
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1.1 Asia
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Japan and Korea established the playbook for winning international markets Global automotive expansion follows a familiar path, but each new wave moves faster 1930 1950 1970 1990 2010 2026 JAPAN 1934 First exports Datsun to Asia & Latin America 1957 US entry Toyota/Nissan, 1957–58 1959 Overseas production Taiwan KD & Brazil 1971 Export scale >1m vehicles p.a. 1982 US transplants Honda/Nissan/Toyota KOREA 1976 First exports Pony to Ecuador/MENA 1986 US entry Excel exports begin 1989 Early plant Bromont, Canada 1997 Global plants Turkey & India 2005 US production Alabama starts Korea compressed Japan’s decades-long internationalisation journey
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Source: Mobility Global Production July 2026, excludes Russia. Local-for-Local: Japan-Japan & Korea-Korea, Exports: Japan & Korean exports, North America production: NA-NA, Other World production: World production excl. Japan, Korea & NA production Japanese and Korean OEMs’ production footprint Japanese and Korean OEMs have combined exports and global production expansion 11 Million light vehicles 8 3 4 2000 6 7 3 4 2001 6 7 3 4 2002 6 7 3 5 2003 6 7 4 6 2004 6 7 4 7 2005 6 8 4 8 2006 6 9 4 9 2007 6 9 4 10 2008 5 6 3 10 2009 6 7 4 12 2010 5 7 4 12 2011 6 7 5 14 2012 6 7 5 15 2013 6 7 6 15 2014 6 7 6 15 2015 6 7 6 16 2016 6 7 6 17 2017 6 7 6 17 2018 6 7 6 16 2019 5 5 4 13 2020 19 19 20 21 23 25 27 28 28 23 29 28 32 5 34 34 35 35 36 34 28 2021 2022 2023 2024 2025 30 5 5 5 15 31 33 6 5 16 33 6 6 6 15 32 5 6 6 14 32 5 6 6 14 5 Local-for-Local Exports North American production Other World production
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Source: WAWI Analysis, Mobility Global Production July 2026, not including Russia, Central Asia, Oceania & Caribbean Japanese and Korean OEMs expanded globally through local production 12 Europe 1.4 0.8 Japan & South Korea 8.0 3.5 Japanese Korean China 3.1 0.5 India 2.9 1.1 Southeast Asia 2.5 0.1 South America 0.5 0.2 North America 5.4 1.1 Africa & Middle East 0.2 0.0 Brand 25% 11% 95% 69% 65% 9% 14% 43% xx% Share of total production in region
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Sources: Japan Automobile Manufacturers Association (JAMA) & Korea Automobile & Mobility Association (KAMA). Includes passenger cars, buses, trucks, SPVs, YTD 2026 is Jan-July Japanese & Korean exports of motor vehicles Looking at historical exports from Japan and Korea 13 Million units 3.71996 1.3 4.61997 1.4 4.51998 1.5 4.41999 1.7 4.52000 1.5 4.22001 1.5 4.72002 1.8 4.82003 2.4 5.02004 2.6 5.12005 2.6 6.02006 2.8 6.52007 2.7 6.72008 2.1 3.62009 2.8 4.82010 3.2 4.52011 3.2 4.82012 3.1 4.72013 3.1 4.52014 3.0 4.62015 2.6 4.62016 2.5 4.72017 2.4 4.82018 2.4 4.82019 1.9 3.72020 2.0 3.82021 2.3 3.82022 2.8 4.42023 2.8 4.22024 2.7 4.22025 1.7 2.4 YTD 2026 4.9 1.2 5.9 5.9 6.1 5.7 6.2 6.6 7.3 7.6 8.6 9.4 9.4 5.8 7.6 7.6 5.9 7.8 7.5 7.6 7.3 7.2 7.3 7.2 5.6 5.9 6.1 7.2 7.0 6.9 4.1 8.0 Japan Korea Drop in Japan’s exports post 2008 caused by appreciation of JPY leading to overseas expansion. New locations included USA, Mexico, China and ASEAN
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HMG’s Korean exports remain resilient Japanese and Korean exports to the US Recent export developments from Japan and Korea 14 Thousand units and share of total Korea exports Thousand units Japanese and Korean export volumes remain stable despite tariff headwinds Thousand units Source: Japan Automobile Manufacturers Association (JAMA) & Korea Automobile & Mobility Association (KAMA). Includes passenger cars, buses, trucks, SPVs 543 (79%) Q1 24 602 (77%) Q2 24 500 (84%) Q3 24 532 (74%) Q4 24 542 (80%) Q1 25 573 (78%) Q2 25 540 (84%) Q3 25 526 (77%) Q4 25 546 (78%) Q1 26 578 (78%) Q2 26 778 Q2 24 1 043 596 Q3 24 1 156 720 Q4 24 1 021 674 Q1 25 1 025 738 Q2 25 1 017 640 Q3 25 1 110 684 Q4 25 1 026 697 Q1 26 1 027 744 Q2 26 994 689 Q1 24 1 024 1 802 1 639 1 876 1 6951 682 1 657 1 794 1 723 1 7711 763 0% Japan Korea HMG 356 Q1 24 338 423 Q2 24 339 296 Q3 24 373 357 Q4 24 334 332 Q1 25 348 364 Q2 25 307 308 319 358 357 Q4 25 330 358 Q1 26 343 396 Q2 26 675 762 635 730 666 712 615 714 688 738 Q3 25
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China compressed decades of export scale-up into six years, reaching global leadership at unprecedented speed 15 1971 Exports ~1m ~ 6 years export ramp 1995 ~3.7m Export growth: +2.6m 2021 1976 2000 2026E Sources: WAWI analysis Exports ~1.2m Exports ~1.5m ~1.5m Export growth: +0.3m ~10m Export growth: +8.5m Japan Korea China
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Automotive became a strategic pillar of China’s industrial policy 2001–09 Build the technology base NEV R&D, demonstration fleets and public-sector deployment 2010–14 Create domestic scale Strategic-industry status, subsidies and national NEV roadmaps 2015 Elevate autos into industrial policy Made in China 2025 names energy- saving and NEVs top priority sector 2016–20 Drive mass adoption Targets, infrastructure, mandates and localisation deepen the ecosystem 2021–26 Convert scale into global reach Cost, technology and supply-chain advantages support exports and localisation abroad “Made in China 2025”: 10 priority sectors 1 Next-generation IT 2 High-end CNC machinery & robotics 3 Aerospace & aviation equipment 4 Maritime engineering & high-tech ships 5 Advanced rail equipment 6 Energy-saving & NEV 7 Electrical equipment 8 Agricultural machinery 9 New materials 10 Biopharma & advanced medical devices Automotive policy was reinforced by adjacent pillars in batteries, materials, robotics, software and electrical equipment, helping China build an integrated industrial ecosystem rather than a standalone vehicle industry. China becomes member of WTO 2001
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Source: Mobility Global Production July 2026, WAWI Analysis Mainland China production of light vehicles by brand origin Production have outpaced domestic sales, creating a growing export push 17 Million light vehicles 2000 1 2001 2 2002 2 2003 2 2004 3 2005 4 2006 4 2007 4 2008 7 2009 9 2 3 1 2010 9 3 3 2 2011 9 3 3 2 2012 10 4 3 2 2013 10 5 3 3 2014 11 5 3 3 2015 13 5 4 3 2016 13 6 4 3 2017 13 6 5 3 2018 11 5 5 2 2019 11 5 5 2 2020 13 5 5 2 2021 14 5 4 2 2022 17 5 4 2 2023 20 5 3 2 2024 23 1 3 2 2025 2 2 3 4 4 5 7 8 9 13 17 4 18 21 23 24 27 28 27 24 23 25 26 29 30 33 17 Chinese European Japanese American Korean Other 17x production from 2000 to 2025 Build the technology base Create domestic scale MiC2025 Drive mass adoption Convert scale into global reach
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Source: Mobility Global Sales July 2026, WAWI Analysis Mainland China sales of light vehicles by brand origin China’s rise as the largest auto market is powered by domestic brands 18 Million light vehicles 2000 1 2001 2 2002 2 2003 3 2004 3 2005 3 2006 4 2007 4 2008 7 2009 9 3 3 1 2010 8 3 3 2 2011 8 4 3 2 2012 9 5 3 2 2013 9 6 3 3 2014 11 6 4 3 2015 12 6 4 3 2016 13 6 5 3 2017 12 6 5 2 2018 11 6 5 2 2019 10 6 5 2 2020 11 5 5 2 2021 12 5 4 2 2022 14 5 4 2 2023 16 5 3 1 2024 18 1 3 1 2025 2 2 3 4 5 5 7 8 9 13 17 4 19 21 23 24 28 28 27 25 24 24 24 25 26 27 18 Chinese European Japanese American Korean Other 14x sales from 2000 to 2025 The world’s largest auto market has enabled an ecosystem of 70+ brands
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Sources: WAWI Analysis, Gartner, McKinsey, China Daily Chinese OEMs have evolved from technology followers to global innovation leaders Overall score Gartner Digital Automaker Index 2026 Western China China China China Western Western China China South Korea Western China Western Western China Western Western Japan Western Japan Western Western Japan Japan 1 Learn Joint ventures and partnerships enabled Chinese OEMs to absorb global manufacturing expertise and automotive technologies 2 Adapt Chinese OEMs adapted global technologies to local consumer needs, building strength in digital features, connectivity and electrification 3 Accelerate Growing domestic scale, rapid development cycles and an integrated technology ecosystem accelerated innovation and commercialisation 4 Lead Chinese OEMs are increasingly setting the benchmark in software-defined vehicles, intelligent features, speed to market, and price. 6 in the Top 10
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Illustrative OEM and model examples; placement is indicative and not intended as a precise segmentation or categorization Chinese brands compete across the entire price spectrum 20 Chinese Non- Chinese Dacia Wuling Mini EV Entry Mass market Premium Luxury/Super car VW Audi BYD Dolphin Mini Geely Galaxy E5 Mercedes-Benz Rolls-Royce BMW Porsche Chery Tiggo 8 Leapmotor C10 Omoda 5 Jaecoo 7 Xiaomi SU7 BYD Racco SkodaCitroen Hyundai Kia Tesla Volvo Renault Toyota BYD Seagull BYD Yuan DP BYD Qin Plus DM-i Wuling Bingo Wuling Bingo Plus Wuling Xingchi Baojun Yep Geely Panda Mini Geely Emgrand Geely Binyue Geely Galaxy Xingyuan Chery QQ Ice Cream Chery Little Ant Chery Arrizo 5 Kaiyi X3 Pro Ora Good Cat Changan Lumin Changan Eado Dongfeng Nammi 01 Aeolus Yixuan Leapmotor T03 JAC Yiwei 3 BYD Atto 3 BYD Qin L DM-i BYD Seal 06 DM-i BYD Song Pro DM-i BYD Song Plus DM-i BYD Sealion BYD Destroyer 05 Chery Tiggo 4 Chery Tiggo 7 Chery Arrizo 8 Roewe i5 Roewe D7 Roewe RX5 Geely Coolray Geely Boyue L Geely Xingyue L Geely Galaxy L6 Geely Galaxy L7 Jetour X70 Jetour Traveller Haval Jolion Haval H6 Changan CS75 Plus BYD Seal BYD Han BYD Tang Fangchengbao Bao 5 Fangchengbao Bao 8Lynk & Co 03 Lynk & Co 05 Lynk & Co 08 Lynk & Co 09 Zeekr X Zeekr 007 Zeekr 7X Zeekr 001 Exeed Exlantix ES Exeed Exlantix ET Exeed RX Mclaren Maybach Deepal SL03 Deepal S07 Deepal S09 Avatr 06 Avatr 07 Avatr 11 Avatr 12 Onvo L60 NIO ET5 NIO ES6 XPeng P7 XPeng G6 XPeng G9 XPeng GX Li Auto L6 Li Auto L7 Xiaomi SU7 Hyptec HT Denza D9 Denza N7 Denza N9 Denza Z9 GT Denza Z Yangwang U7 Zeekr 9X Zeekr 009 NIO ET7 NIO ET9 NIO ES8 Li Auto L8 Li Auto L9 Li Auto Mega Voyah Dream Voyah Free AITO M9 Maextro S800 Yangwang U9 Yangwang U9 Xtreme NIO EP9 AITO M8 Stelato S9 Xiaomi YU7Tank 500 Tank 700 Tank 800 AITO M5 Leapmotor C11 Lotus Evija Firefly Bugatti
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Illustrative OEM and model examples; placement is indicative and not intended as a precise segmentation or categorization Chinese brands compete across the entire price spectrum 21 Chinese Non- Chinese Dacia Wuling Mini EV Entry VW Audi BYD Dolphin Mini Geely Galaxy E5 Mercedes-Benz BMW Porsche Chery Tiggo 8 XPeng G9 Leapmotor C10 Li Auto L9 Omoda 5 Denza Z9 GT Maextro S800 Luxeed S7 Zeekr 9X Skynomad N90 Jaecoo 7 Xiaomi SU7 AITO 9 Stelato S9 BYD Racco SkodaCitroen Hyundai Kia Tesla Volvo Renault Toyota Mass market Premium Luxury/Super car Rolls-Royce Mclaren Maybach Bugatti Yangwang U9 Xtreme Denza Z
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Source: China Customs excluding Russia. YTD 2026 is January to August, WAWI Analysis Chinese light vehicles exports split by destination Chinese export rate accelerates and may reach 10m+ units in 2026 22 Million light vehicles 2021 0.7 0.5 2022 1.3 0.6 0.7 0.4 0.5 2023 1.4 0.9 0.9 0.5 0.5 2024 1.9 1.5 1.4 0.8 0.6 2025 1.9 0.8 1.2 1.0 0.3 YTD 2026 4.0 August 2026 run rate Projection 2026 2015 2016 2017 2018 2019 2020 0.3 0.4 0.7 0.8 0.9 0.7 1.5 0.4 3.7 4.5 6.6 5.8 9.8 10.0 2.6 +55% p.a. +52% Europe North Africa and Middle East Other Asia South America and Caribbean North America Oceania Africa 2.5 million vehicles exported last 3 months
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Sources: OEMs own releases Chinese OEMs 2026 targets (YoY%)1 1 Export/overseas sales may include volumes to Russia as well as locally produced units, target numbers based on explicit guidance, press quotes, and/or secondary sources Chinese OEMs raise export targets as overseas markets become the primary growth engine 23 Latest target, unless otherwise statedAnnual overseas sales in percent of total sales An increased share of Chinese OEMs sales are overseas 0 25 50 75 BYD SAIC Motor Chery Group Geely Auto Great Wall Motor Leapmotor XPeng 10% 23% 44% 27% 24% 37% 44% 48% 70% 19% 14% 36% 37% 38% 52% 11% 23% 12% 11% 20% 2024 2025 YTD 2026 BYD SAIC Motor Chery Group Geely Auto 1.3m overseas sales (+62%) 1.9m overseas sales (+100%) 2.5m overseas sales (+32%) 640k of exports (N/A) 920k of exports (N/A) 3.2m total deliveries (+14%), target >1.5m overseas sales for 2026 5m total units (0%), target >1m overseas sales (YTD August exceeds 1m units) Great Wall Motor Leapmotor XPeng 1.8m total sales, of which 600k overseas sales (+36%, +19%) 1m total sales (+67%), of which 200k in overseas sales target for 2026 550-600k total deliveries (+28%, +40%). Target to double overseas sales YoY to ~90k in 2026 Previous 26 target Updated 26 target 2027 target LatestPrevious
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Sources: KBA, SMMT, ANFIA, VFACTS, WAWI Analysis, All countries are by Chinese OEM brands. Example of data – 202503 means China Customs for Oct, Nov and Dec 2024 while Car reg is Jan, Feb, March 2025 3 months rolling exports and car registrations with 3 months lag from customs to registration Chinese auto exports match sales in key regions suggesting no inventory build-up 24 Thousand vehicles (lhs) and percentage (rhs) 0 20 40 60 80 100 120 0 20 40 60 80 100 120 140 202503 202504 202505 202506 202507 202508 202509 202510 202511 202512 202601 202602 202603 202604 202605 202606 202607 202608 China Customs Car reg Ratio - Sales/Export 0 20 40 60 80 100 120 140 160 0 10 20 30 40 50 60 202503 202504 202505 202506 202507 202508 202509 202510 202511 202512 202601 202602 202603 202604 202605 202606 202607 202608 0 20 40 60 80 100 120 0 10 20 30 40 50 60 70 80 202503 202504 202505 202506 202507 202508 202509 202510 202511 202512 202601 202602 202603 202604 202605 202606 202607 202608 0 50 100 150 200 0 20 40 60 80 100 120 202503 202504 202505 202506 202507 202508 202509 202510 202511 202512 202601 202602 202603 202604 202605 202606 202607 202608
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29% Australia 17% 5% Germany Sources: Society of Motor Manufacturers and Traders (SMMT), National Association of the Automotive Industry (ANFIA), Kraftfahrt-Bundesamt (KBA), VFACTS through Federal Chamber of Automotive Industries (FCAI), Volvo Cars not categorized as Chinese OEM in analysis, WAWI Analysis Monthly passenger car registrations of Chinese OEMs Consumers are increasingly embracing Chinese brands 25 Percentage of monthly registrations in the country 0 5 10 15 20 25 30 35 Jul 24 Oct 24 Jan 25 Apr 25 Jul 25 Oct 25 Jan 26 Apr 26 Jul 26 21% 13% 6% 34% UK Italy Germany Australia 2x – 4x share expansion in key market 12% YTD 2026 Italy UK
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Source: WAWI Analysis, Mobility Global Production July 2026, not including Russia, Central Asia, Oceania & Caribbean China remains the primary manufacturing base despite establishing plants globally 26 Europe 0.2 1.0 China 23.3 25.6 Southeast Asia 0.4 0.9 South America 0.2 0.9 Africa & Middle East 0.1 0.3 India 0.1 0.1 2026 2030 Projected production
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Source: WAWI Analysis, Mobility Global Production July 2026 Europe: Localisation may reduce import dependence but not eliminate imports 27 85% 81% 81% 79% 80% 78% 8% 7% 8% 8% 9% 9% 10% 9% 9% 8% 8%5% 4% 4% 5% European Japanese American Korean The experience of Japanese and Korean OEMs suggests that Chinese localisation will not mean the end of imports. European production and Asian supply flows are likely to coexist, with logistics demand shifting towards a broader mix of vehicles, components, plant logistics and regional distribution. 1982-92 1997-20081911-31 2025-28 Japanese KoreanAmerican Chinese 7% 9% 21% 36% 36% 35% 56% 45% 43% 41% 32% 20% 11% 13% 7% 9% 26% 30% 18% 14% 18% 14% 24% 2000 2005 2010 2015 2020 2025 European Japanese American Korean Chinese 5% 2% 5% American, Japanese and Korean OEMs progressively established European production as volumes scaled. Yet Japanese and Korean brands still account for a meaningful share of European imports. European production by brand European imports by brand
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Chinese players actively establishing European manufacturing ecosystem CATL/Stellantis, AESC, CALB | 77.8 GWh Portugal, Spain & France Germany CATL | 14 GWh operating Hungary & Slovakia CATL, EVE, Gotion | 148 GWh Vehicle production1 Battery capacity2 1 Estimated production 2030 - Mobility Global Production July 2026 2 Capacity under ramp up, operation or committed 3 Capacity equivalent to between ~3.3m and ~5.3m EVs annually at 70 kWh per vehicle ~1m vehicles Estimated Chinese-linked European production by 2030 ~270 GWh 164 41 28 20 15 CATL AESC EVE Gotion CALB Spain & Portugal SAIC | Chery | Geely | Leapmotor France Dongfeng / Renault Austria XPeng / Magna UK Cherry / Nissan Hungary BYD Turkey BYD (PAUSED) UK + France AESC | 27.7 GWh operating / ramping Equivalent to between ~3.3m and ~5.3m EVs3
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Latest Australian market share Latest UK market share Source: WAWI Analysis, Mobility Global Production July 2026, Volvo categorized as Chinese OEM due to Geely ownership, 1 Chinese Customs exports of LVs to Europe in 2025 Scenarios of Chinese OEM imports into Europe in 2030 Volume scenarios for Chinese auto sales in Europe in 2030 29 Million light vehicles Today1 12% 15% 20% 25% 30% 35% 1.8 2.3 3.0 3.8 4.5 5.3 1.9 0.8 1.2 2.0 2.7 3.5 4.2 Imports Estimated local production 2030 Assumed 2030 market share in Europe Based on estimate of 15m units sold in Europe in 2030
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Sources: Arthur D. Little - Using average used-to-new transaction ratios from, SMMT Can Chinese sales grow further? What if a EUR 20K new car move buyers away from second-hand cars 30 Used car market 25-30m second-hand sales per year 7.8M used car sales compared to 2M new car registrations in 2025 New vs. second-hand“Feeling” Low-priced new vehicles may trigger second- hand buyers to reconsiderPrice Extended warranty (5-7 years vs. limited warranty)Warranty New cars are more energy efficient, have longer range Connected (OTA), better technology, parking cameras, etc. Efficiency/range Tech 1 Market Scale 2 The Consumer Choice 3 Trade-offs new vs. second-hand vs. Second-hand car Reduced maintenance costs and possibly insuranceMaintenance Low base price reduce valuation downside and total cost of ownershipCost of ownership
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Source: 1,2 IEA 3 Omdia (data for H1 2025) 4 Chinese customs, WAWI analysis Chinese automotive is following a proven path to global scale 31 CREATE DEMAND Large home market supported by policy, infrastructure and competitive products. Build an early volume base. BUILD SCALE Build capacity ahead of demand. Convert scale into a structural cost advantage. COMPETE + LEARN Intense domestic competition accelerates innovation, cost reduction and product improvement. SCALE ABROAD Enter foreign markets with an unusually strong value proposition THE SAME CORE STRENGTHS, ADAPTED FOR GLOBAL SUCCESS SOLAR PANELS Global cost and scale leadership >80% of the global solar supply chain 1 Industrial scale and concentrated supply chains lowered costs and supported exports of equipment and technology. BATTERIES Technology and supply- chain leadership >80% of battery cells 2 Materials, equipment and cell know-how reinforce automotive and create an embedded cost and innovation advantage. SMARTPHONES Global brand and channel leadership 52% reported overseas shipment share 3 Chinese brands converted rapid iteration and strong value propositions into foreign share, channels and local operations. AUTOMOTIVE Global market-share expansion COMBINING ALL THREE Chinese OEMs are combining scale, battery expertise and rapid product development to gain share abroad. Deeper distribution and local production are the next steps. ~10m projected vehicle exports in 2026 4
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1.2 Europe
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Source: Mobility Global Production July 2026 Source: Mobility Global Production July 2026, WAWI Analysis European production development Source: Mobility Global LV Production Capacity Forecast January 2026, BCG European production share by brand origin European car production down ~20% in ten years with decline driven by Western OEMs 33 Million light vehicles Million light vehicles European OEM plant utilization Percentage 11.7 1.2 0.6 2020 12.2 1.4 1.2 1.8 2025 European Japanese American Korean Chinese 0.8 Other 15.6 0.9 1.6 0.1 2000 15.1 1.5 0.1 2005 13.9 1.2 1.6 1.2 0.5 2010 15.2 1.5 1.8 0.8 20152000 2005 2010 2015 2020 2025 18.3 18.8 17.5 19.5 14.9 15.7 -19% 2018 2020 2022 2024 2026 2028 2030 2032 0.50 0.55 0.60 0.65 0.70 0.75 0.80 0.85 0.90 Utilisation (actual) Utilisation (plan) Optimal utilization
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Source: Mobility Global Production July 2026 European imports Source: Mobility Global Sales July 2026 Europe's automotive trade position is being reshaped by declining exports and surging imports 34 Million light vehiclesMillion light vehicles European exports 0.10.2 1.1 0.6 2005 0.3 0.2 0.9 0.8 2010 0.6 0.5 1.3 1.1 2015 0.5 0.2 1.1 0.7 2020 0.3 0.3 1.0 0.7 2025 0.8 0.4 2000 1.4 2.0 2.2 3.4 2.7 2.5 0.4 -29% China Japan & Korea North America Other 1.9 0.2 0.2 2005 1.1 0.3 0.4 2010 1.0 0.4 0.3 2015 0.1 0.6 1.0 0.5 1.5 2020 1.3 0.8 1.1 0.3 0.1 2025 0.2 0.2 2000 1.9 2.4 1.9 2.0 2.3 3.6 0.4 0.2 +82% China Africa Japan & Korea North America Other Trade Balance 2015 vs 2025 +0.8m -1.3m
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Source: Mobility Global Production July 2026 Non-European sales for major European OEMs are down whilst total LV sales increase Source: Mobility Global Sales July 2026 Europe’s automotive industry loses ground in global markets… 35 Million light vehiclesMillion light vehicles European produced auto exports 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 3.2 3.4 3.6 3.8 3.0 2016 0.6 3.0 2017 0.6 3.0 2018 0.6 2.8 2019 0.5 2.3 2020 0.6 2.4 2021 0.5 2.1 2022 0.5 2.3 2023 0.4 2.4 2024 0.3 2.3 0.6 3.0 2015 0.6 3.6 3.6 3.6 2025 3.4 2.9 3.0 2.6 2.9 2.8 2.6 3.6 -27% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 0 5 10 0 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 15 5.9 2015 1.3 1.3 4.5 6.0 2016 1.4 1.5 4.4 6.3 2017 1.4 1.6 3.0 5.6 2020 1.6 1.5 3.2 5.2 2021 1.5 1.5 2.9 4.9 2022 1.6 1.5 3.0 5.1 4.2 1.5 1.5 2.7 4.8 2024 1.4 1.3 2.7 4.6 20252018 6.5 1.5 1.6 3.7 6.4 2019 1.5 1.5 1.3 1.2 4.5 2023 -28% -12% +19% BMW Mercedes-Benz Stellantis VW Global Sales TotalChina Rest
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~68% Average market share European originated OEMs 2021-2026 Source: Mobility Global Sales July 2026 1) Excluding 2018 European sales by brand origin … and in their home markets 36 Million light vehicles 2001 2002 2003 2004 71% 14% 10% 4% 2005 2006 2007 2008 2009 73% 12% 10% 4% 2010 2011 2012 2013 2014 73% 12% 9% 6% 2015 2016 2017 2018 2019 73% 12% 9% 6% 2020 2021 2022 2023 20242000 12% 8% 7% 5% 2025 67% 12% 8% 7% 8% 2026 65% European Japanese American Korean Chinese ~73% Average market share European originated OEMs 2002-20191
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Source: IEA (2025), What Next for the Global Car Industry Scale, fragmentation and productivity gaps compound Europe’s direct production-cost disadvantage 37 1000 USD/vehicle Additional direct manufacturing costs compared to costs in China for a small EV SUV Chinese SUV 0.5 Powertrain / electric drivetrain 3.4 Battery 4.0 Other direct manufacturing cost 1.7 Assembly (labour, energy) German SUV 16.5 26.0 +9.5 1 Lower scale and less vertical integration Lower production volumes • Greater reliance on external battery, software and component suppliers 2 More fragmented supplier ecosystem Less concentrated manufacturing clusters • Longer and more complex supply chains • Higher component costs 3 Battery technology and productivity gap 4 Higher upstream energy and input costs Higher costs embedded in materials and components • Direct impact on vehicle assembly remains limited Less integrated battery know-how and production • Higher labour intensity and manufacturing complexity
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Source: Kearney (2024), Speeding up the Automotive Product Development Process R&D project cost per full vehicle equivalent Source: Bain & Company, When Less Is More: Shifting Gears in Automotive R&D Complexity and rigidity also slow vehicle development and increase R&D costs 38 Development cost index Average Chinese OEMs combine faster development with continuous product iteration 100 232 239 299 364 Chinese BEV OEM EU Auto OEM Asian Auto OEM US BEV OEM German Auto OEM Time to market Product refresh cycle Customer involvement Software development Chinese OEMs European OEMs 24-36 months 50-60 months Faster hardware refreshes and OTA feature updates Continuous digital customer feedback Periodic customer research and dealer feedback Higher share developed in-house Historically supplier-led software development Longer model cycles with periodic facelifts Organisations Agile decision-making and flatter structures More complex legacy structures
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Sources: Prices and configurations from OEM websites, Factory configurations does not take into configuration restrictions and should be seen as illustrative European OEMs’ complexity has become a structural disadvantage 39 XPENG G9 Mercedes-Benz GLC BMW iX5 Audi Q6 e-tron 4 exterior colours 4 interior colours 2 tow hitch choices 2 Premium Package choices RWD/AWD 128 Approx. factory configurations 3-6 trim levels 8-12 exterior colours 5-10 upholstery choices 6-12 wheel designs Lighting packages Comfort packages Panoramic roof Optional air suspension Technology packages Multiple interior trim materials RWD/AWD Heads-up display 5,000 Approx. factory configurations 8,000 Approx. factory configurations 10,000 Approx. factory configurations Extensive configuration options lock European OEMs into costly, rigid production systems Chinese OEMs’ limit optionality that enables faster, and more efficient global scaling $73,000 Starting price in Norway $70,000 Starting price in Norway $70,000 Starting price in Norway $55,000 Starting price in Norway
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Europe’s automotive exposure is driving a broader policy response WHY THE SECTOR MATTERS THE EU RESPONSE IS TAKING TWO FORMS NEAR TERM Trade defense Tariffs are intended to address concerns regarding competitive imbalances and support European manufacturing TARIFFS STRUCTURAL Industrial policy The IAA seeks to strengthen European manufacturing, supply chains and investments Industrial Accelerator Act13.8m jobs across the automotive ecosystem ~ 6% of total EU employment €1 trillion EU GPD across automotive sector > ~ 6% of EU GPD €235bn EU automotive exports 6.2% of total EU exports Source: European Commission, Eurostat Rian fikser alignment av stor teksten på venstre side
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Source: China Customs, WAWI Analysis An extension of tariffs to PHEV may slow Chinese growth, but are unlikely to derail it 41 Thousand vehicles Chinese passenger vehicles exports to the EU by powertrain 0 50 100 150 200 250 300 350 400 450 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q1 2019 Q2 2019 Q3 2019 3 4 6 10 7 7 13 19 18 36 73 74 Q4 2019 72 141 180 180 183 145 180 170 91 228 195 198 232 279 257 335 448 150 +17% EV PHEV / HEV ICE 1 Chinese BEVs remain cost competitive despite EU duties 2 OEMs have successfully shifted growth towards PHEVs and hybrids 4 Potential PHEV duties could moderate growth in the near term but are unlikely to eliminate Chinese OEMs’ underlying competitiveness 3 Additional trade defence measures would require new investigations and implementation time
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Industrial Accelerator Act may raise import barriers, but it will not address global competitiveness EU final assembly Vehicle assembled within the Union ≥70% EU-origin components EU-origin value, excluding battery ≥50% EU e-powertrain After the transition period ≥50% EU electronics Main electronic systems ≥3 battery components Increasing to ≥5 later Public procurement Low-emission vehicle tenders Purchase support EV grants and public schemes Corporate fleets Support linked to EU-made vehicles Small-BEV supercredits CO₂ flexibility linked to eligibility Source: European Commission, Industrial Accelerator Act proposal, March 2026 “MADE IN EU” ELIGIBILITY POLICY MECHANISM 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20252010 21.9 22.2 22.8 24.0 24.3 25.4 26.4 26.1 25.8 21.4 21.1 19.8 21.6 21.0 20.820.4 European-brand sales outside Europe remain significant and essentially unprotected by the IAA Source: Mobility Global Sales July 2026 Million vehicles European brands sales outside Europe European brands sales in Europe IAA may give some protection in the European market, but ~10 million overseas sales remain exposed to global competition IAA automotive protection plan
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European OEMs restructure to enhance competitiveness 1 RESIZE Workforce + capacity Lower fixed costs and align production capacity with demand. 2 SIMPLIFY Portfolio + organisation Reduce model complexity, layers and duplicated development to improve speed. 3 REGIONALISE Supply chain + footprint Move production and sourcing closer to customers and regional demand. 4 REINVEST Technology + next products Redirect capital towards priority platforms and the next product cycle. Selected OEM examples VOLKSWAGEN Capacity + Complexity BMW Cost + Reinvestment MERCEDES-BENZ Cost + Footprint STELLANTIS / RENAULT Cost + Portfolio reset JAGUAR LAND ROVER Cost + Break-even
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1.3 United States
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Source: Factset, U.S. Bureau of Economic Analysis 1) 2026 YTD as of July 2026 Annual light auto vehicle sales in the US US auto sales is focused on light trucks, with a total market of around 16m-17m units 45 Million light vehicles 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 2000 8.82001 8.82002 9.12003 9.42004 9.32005 8.72006 8.52007 6.42008 5.02009 5.92010 6.62011 7.22012 7.92013 8.72014 9.92015 10.62016 11.12017 11.92018 12.22019 11.12020 11.62021 10.92022 12.42023 12.92024 13.52025 17.3 17.1 16.8 16.6 16.9 8.6 16.5 16.1 13.2 10.4 11.6 12.7 14.4 15.5 16.5 17.4 17.5 16.9 17.2 17.0 14.5 14.9 13.8 15.5 15.9 16.3 2026 YTD1 9.3 7.7 17.2 Light Trucks Auto
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Sources: Federal Reserve System, WAWI Analysis, yearly average of monthly seasonally adjusted annual rate 1) 2026 YTD as of July 2026 US annual light vehicle production US production mix reflects the domestic demand pattern 46 Million assemblies 0 1 2 3 4 5 6 7 8 9 10 11 12 13 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD1 12.3 11.2 12.2 11.9 11.6 11.5 10.7 10.4 8.4 5.6 7.6 8.3 10.0 10.8 11.4 11.8 11.8 10.9 11.0 10.5 8.6 8.9 9.7 10.4 10.2 10.0 6.0 6.9 6.4 7.2 7.4 7.4 7.2 6.5 2000 4.7 3.4 4.9 5.4 5.9 6.4 7.1 7.6 7.9 6.6 8.2 8.0 6.7 7.3 8.0 8.6 8.8 8.7 5.3 7.8 Light Trucks Auto
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Source: Mobility Global Production July 2026 US production is mix of US and foreign brands 47 79% 69% 56% 56% 56% 53% 20% 28% 34% 31% 30% 31% 7% 9% 8% 6% 6% 8% 2000 2005 2010 2015 2020 2025 American Japanese European Korean As US sales grew, Japanese, European and Korean OEMs transitioned from pure exporters to a mix of local production and imports 1982-89 1994-97 2005-10 2011-17 Japanese European Korean European Foreign brands mix local production with imports US production by brand
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US imports have increased over time Source: Mobility Global Sales July 2026 Despite local US production, imports remains important 48 Million light vehicles by origin 0.5 1.5 0.8 2000 2.8 0.8 1.7 0.9 2005 2.8 0.5 1.5 0.7 2010 3.9 1.0 1.6 1.1 2015 3.2 0.9 1.4 0.9 2020 3.6 1.4 1.2 0.8 2025 6.3 6.2 3.5 7.6 6.6 7.1 36% 5.6 48% 43% 45% 43% 37% Mexico & Canada South Korea Japan Europe Other Imports as % of sales
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Source: Mobility Global Production July 2026, WAWI Analysis US light vehicle exports dominated by European premium brands 49 Million light vehicles and share of exports by brand Exports has fallen since 2015 with larger share of European OEMs 49% 48% 32% 20% 45% 37% 18% 40% 44% 16% 43% 47% 9% 27% 60% 12% 0.2 0.4 0.5 0.9 0.6 0.5 -43% American European Japanese Korean Other 2000 2005 2010 2015 2020 2025 0.9 0.8 0.8 1.1 0.7 0.8 Mexico & Canada BMW Mercedes-Benz SUVs dominate European brands’ exports from USA 42% of US brands exports heads to the Middle East 42% 13% 10% 9% 8% 18% Middle East South America Europe Central America Oceania Other
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Source: Alliance for Automotive Innovation 2024 Industry Report The auto sector’s economic importance is driving increasingly broad US protection measures 50 WHY THE SECTOR MATTERS US PROTECTION IS TAKING THREE FORMS ~10m jobs across automotive and affiliated businesses ~ 4.9% of total US employment and more than $732bn in payrolls $1.2tn annual contribution to the US economy ~ 5% of US GDP $87bn US vehicle exports ~ 6.2% of total automotive exports IN EFFECT Trade defense Tariffs on imports EVOLVING Regional localization Technology and ownership restrictions • Proposed restrictions on OEMs with >15% Chinese ownership (ex. Polestar), on national security grounds USMCA requirements Ban non-compliant vehicles PROPOSED • Tariffs seek to contain import pressure from outside production and incentivize foreign investments into US production • Evolving trade conditions aim to encourage greater localization of automotive production across North America
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1. Automotive 1. Asia 2. Europe 3. United States 2. High & Heavy 3. Fleet development 4. Presentation from Bank of America 5. Presentation from DNB 6. Summary Agenda Add sub chapter
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H&H sentiment is mixed 52 01 Construction 02 Mining 03 Agriculture GRADUAL IMPROVEMENT DEMAND REMAINS RESILIENT APPROACHING THE FLOOR • Industrial projects such as data centers, power grids and defense support activity • Backlog conversion is lifting selected markets • Recovery remains concentrated by region and sector • Energy transition and infrastructure sustain investment • New mines and expansions require additional equipment • Fleet renewal, automation and electrification add support • Low margins and high rates constrain affordability • Inventories are normalizing and spend is selective • Ageing fleets bring the replacement cycle closer
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Construction: Gradual improvement, varying by region 53 Data centers and power/grid investments Defense spending/ infrastructure Advanced manufacturing Housing BASE CASE Global demand Flat to slightly up Core view: Backlog conversion supports activity, but recovery stays concentrated by end market and geography. “Looking ahead to 2026, the construction machinery market is expected to continue to improve.” SANY HI, report 30/3/26 “During the second quarter the global machine market continued to grow, with all regions contributing.” Volvo CE, Q2-26 report “Demand continues to be favourable across most of our significantly improved portfolio.” Terex Q2-26 report “Positive trend in construction” CNH Q2-26 report Europe Japan, Other Asia Korea, Oceania, North America China SEGMENTAL REGIONAL WHAT DO MARKET PARTICIPANTS SAY?
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• Green- and brownfield developments in most regions • Copper remains an important focus for capacity expansion • Key mining companies are upping capex guidance as they see improved demand signals supporting expansion plans • New mines and capacity expansions require additional heavy equipment • Existing operations create recurring replacement and modernization demand • More automated and electrified fleets may increase equipment sophistication Mining: Demand for heavy equipment supported by mining investments and fleet renewal 54 • Driven by energy transition, infrastructure development, energy demand and other factors • Security of supply (local content) • Automation and electrification are changing operational and equipment requirements Commodity demand & drivers Projects and key players Demand effects Key commodities: Iron ore, coal, copper, gold, nickel, rare earth metals etc. Selected miners: Rio Tinto, BHP, Vale, and Glencore among others Selected OEMs: CAT, Komatsu, Hitachi, Sandvik, and Epiroc among others
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Market consensus DEERE Bottoming CNH Stabilizing AGCO Cautious KUBOTA Resilient 1 2 3 4 1) CNH FY2025 and Q2 2026 results 2) McKinsey Global Farmer Insights 2026 3) USDA ERS Farm Income Forecast, Sep. 2026 4) AEM US Ag Tractor and Combine Report, Jul. 2026 Key trends Agriculture: Not out of the woods, but 2026 may be the floor 55 Demand outlook Asia-Pacific Equipment demand on a positive trend Europe Mixed picture, but likely stabilizing Australia Soft demand North America Weak farming economics South America Soft sales Normalizing inventories Selective spend Low margins and high rates impact affordability Ageing fleet push replacement cycle closer Small Agri ahead of large Agri −24 pp global net spending sentiment vs 20242 −10% dealer inventory1 −5.5% real US farm income3 −15.5% 100+ HP tractor sales4
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Source: China Customs excluding exports by land & short-sea, 2026 is Jan-August, WAWI Analysis, Selected company examples; not an exhaustive list China H&H exports Chinese H&H exports grows, but for now focus on smaller containerized units 56 Thousand units, monthly average unit weight > 5 ton 78 65 100 153 192 220 266 207 863 77 122 104 114 154 115 358 55 55 64 99 145 116 9 50 87 78 23 28 2021 2714 2022 39 7 2023 932 13 2025 831 2024 August 2026 run rate Annualized 2026 27 YTD 2026 32 2019 34 27 172 17 282 383 438 537 163 575 933 42 2020 728+35% p.a. +18% Mining/Construction: Other Mining/Construction: Excavator Trucks Trailer Mining/Construction: Cranes Buses
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Sources: Factset, 1 Caterpillar, Komatsu, Volvo, LANDCROS, Doosan Bobcat, Sany, Zoomlion, XCMG, HD Hyundai Heavy, Terex, Manito, Manitou Sources: Factset, 2 BHP, Southern Copper, Rio Tinto, Newmont, Agnico Eagle Mines, Freeport-McMoRan, Glencore, Barrick Mining, Vale, Anglo American Mining2 Sources: Factset, 3 Deere, CNH, AGCO, Kubota Agriculture3 Industrial investment remains supportive, led by construction and mining companies 57 Analyst consensus mining companies CAPEX (bn USD) Analyst consensus OEM sales (bn USD) Construction1 Analyst consensus OEM sales (bn USD) 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 173 158 194 196 213 208 216 248 272+15% 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 94 88 95 109 122 103 94 91 96 -3% 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 31 34 31 36 41 46 50 55 57 +10%
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1. Automotive 1. Asia 2. Europe 3. United States 2. High & Heavy 3. Fleet development 4. Presentation from Bank of America 5. Presentation from DNB 6. Summary Agenda
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Purpose-built for global vehicle and equipment logistics 59 What is a PCTC? Example of cargo configurations Large multi-storey floating car park with ramps
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WAWI has all three type of vessels in current fleet with different cargo capabilities 60 Vessel type < 6,000 CEU 6,000 – 6,999 CEU 7,000 – 8,999 CEU +9,000 CEU PCTC Standard car-carrying tonnage with low capacity for heavy or tall cargo. Classes: Mid-size, panamax, LCTC, post-panamax 6 56 37 Hybrid Flexible vessels with strength and ample heights for auto and specialized cargo. Classes: Hero, Shaper, Shaper+, LCTC (>250 t ramps) 19 On order: 14 Shaper Shaper+ RORO Specialized vessels with extra strength and tall decks for high/heavy and breakbulk cargo. Classes: Mark IV , Mark V 8
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Source: Clarksons, WAWI Analysis, Assumption of current charters continue and recycle at age 30 and WAWI own assumption on peers WAWI and peers by vessel types in 2026 WAWI is the largest in the segment and having the largest H&H capability 61 Number of vessels 32 26 55 80 91 94 121 100 14 12 7 21 8 Peer 7 Peer 5 Peer 6 Peer 4 Peer 3 Peer 2 Peer 1 WAWI 40 67 87 129 PCTC Hybrid RORO WAWI maintains unrivaled H&H capability compared with other major carriers
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Source: Clarksons, WAWI Analysis, Est. recycling age @30 years, 1 Order book includes options Global fleet capacity to decline in 20302 2 Assuming no further orders placed Fleet growth is slowing, but more orders may be expected for 2030 and onwards 62 Million CEU (rhs) and YoY growth (lhs)Thousand CEU Deliveries continue into the next years1 2003 1322004 1842005 2122006 276-62007 393-172008 314-3982009 299-1742010 312-542011 209-212012 120-612013 146-522014 1472015 138-1502016 154-842017 94-452018 -35 -672019 55-1132020 64-142021 44-16 32 2022 82-42023 330-12024 585-52025 77 152-892026E 403-182027E 295-472028E 350 314 2029E 148-1672030E 84-1582031E 36-472032E -68 Deliveried to date Forecasted deliveries Recycling Est. recycling -2% 0% 2% 4% 6% 8% 10% 12% 14% 2023 2024 2025 2026E 2027E 2028E 2029E 2030E 2031E 2032E 4.1 4.5 5.0 5.4 5.8 6.1 6.3 6.3 6.2 6.2 Fleet size Est. cumulative recycling Fleet growth YoY 4-5 years lead time for NB
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Ordering activity is picking up but yard availability is limited through 2030 63 Ordering picking up in 2026 after a slow 2025 Number of vessels ordered Source: Clarksons 54 75 53 81 107 51 12 24 4 27 44 24 45 2 6 2 8 3 39 75 85 73 9 73 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD Total PCC ordered 3 Order lead times at yards of ~4-5 years 1 4 shipyards account for ~70% of global PCTC orders 2 Limited vessel availability2 >2x man-hours required versus a VLCC 4 Buyers face constrained yard availability
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Source: Clarksons 1-year TC-in rates development Comments Scarce vessel availability, long lead times, and limited fixture activity support TC rates 64 USDk per day PCTC newbuilding prices Million dollars 2 Limited vessel availability 1 Strong TC market 3 4 Long lead times on newbuildings 94 106 45 50 55 60 65 70 75 80 85 90 95 100 105 110 2005 2010 2015 2020 2025 7K CEU Newbuilding Price 8,6K CEU Newbuilding Price 2005 2010 2015 2020 2025 0 10 20 30 40 50 60 70 80 90 100 110 120 90 85 6,5K CEU 1-year Time Charter 7K CEU 1-year Time Charter Longer time-charter being fixed
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Shaper class entering the fleet from now through 2028 65 Q1 2026 Q2 Q3 Q1 2027Q4 Q2 Q3 Q1 2028Q4 Q2 Q3 Q4 1st Shaper+ delivery 11,700 CEU 7x Shaper+ 3x Shaper delivery in 2026 9,300 CEU
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1. Automotive 1. Asia 2. Europe 3. United States 2. High & Heavy 3. Fleet development 4. Presentation from Bank of America 5. Presentation from DNB 6. Summary Agenda Add sub chapter
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1. Automotive 1. Asia 2. Europe 3. United States 2. High & Heavy 3. Fleet development 4. Presentation from Bank of America 5. Presentation from DNB 6. Summary Agenda Add sub chapter
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Kelly K. Chen | Senior Economist | FICC Macro Research +47 91 73 40 10 | kelly.ke-shu.chen@dnbcarnegie.no Macro view on China MARKETING MATERIAL
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69 Kicker #FFF6F5 255:246:245 #28B482 051:142:142 #FFF6F5 255:246:245 #1C6EA1 028:110:161 #00343E 000:052:062 #B86D76 184:109:118 #7B0024 123:000:036 #EFC0BB 239:192:187 #007272 000:114:114 #BBEBDF 187:235:223 Primary colours Custom colours #007B5E 000:123:094 #FFD889 255:216:137 #DC2A2A 220:042:042 Status colour #8CB5C4 140:181:196 #28B482 040:180:130 #5C0022 092:000:034 #83E3A0 131:227:160 #8F414A 143:065:074 #FFDEDB 255:222:219 Source: LSEG Workspace, DNB Carnegie Big picture backdrop: China deflated a housing bubble and ran «hunger games» CHINA: HOUSING INVESTMENT AND GDP PROXY (INDEX TO 100) CHINA: URBAN HOUSEHOLD IMPLIED SAVINGS RATES (%) FIVE YEAR PLAN 2021-2025
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70 Kicker #FFF6F5 255:246:245 #28B482 051:142:142 #FFF6F5 255:246:245 #1C6EA1 028:110:161 #00343E 000:052:062 #B86D76 184:109:118 #7B0024 123:000:036 #EFC0BB 239:192:187 #007272 000:114:114 #BBEBDF 187:235:223 Primary colours Custom colours #007B5E 000:123:094 #FFD889 255:216:137 #DC2A2A 220:042:042 Status colour #8CB5C4 140:181:196 #28B482 040:180:130 #5C0022 092:000:034 #83E3A0 131:227:160 #8F414A 143:065:074 #FFDEDB 255:222:219 Source: China Customs, LSEG Workspace, DNB Carnegie *Proxy for demand including stock change = domestic output less net vehicle exports China’s auto sector: Textbook softer domestic demand, stronger supply CHINA: IMPLIED DOMESTIC DEMAND*, VEHICLES SOLD (MN, 12M SUM) CHINA: DOMESTIC SUPPLY , VEHICLES PRODUCED (MN, 12M SUM)
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71 Kicker #FFF6F5 255:246:245 #28B482 051:142:142 #FFF6F5 255:246:245 #1C6EA1 028:110:161 #00343E 000:052:062 #B86D76 184:109:118 #7B0024 123:000:036 #EFC0BB 239:192:187 #007272 000:114:114 #BBEBDF 187:235:223 Primary colours Custom colours #007B5E 000:123:094 #FFD889 255:216:137 #DC2A2A 220:042:042 Status colour #8CB5C4 140:181:196 #28B482 040:180:130 #5C0022 092:000:034 #83E3A0 131:227:160 #8F414A 143:065:074 #FFDEDB 255:222:219 Source: China Automobile Dealers Association, Passenger Car Market Information Joint Branch; DNB Carnegie *YTD figures were seasonally adjusted before annualised by DNB Carnegie and using average per capita urban wages of RMB71.5k in 2025 (NBS official figures) 2026 weakness: Partly mechanical payback after purchase support was cut sharply CHINA: DOMESTIC CAR SALES (MILLION VEHICLES PER YEAR, ANNUALISED*) Xiaomi SU7 (RMB 220k+) XPeng Mona L03 (RMB 120k+) Tesla Model Y Performance (RMB 360k) Maextro s800 (RMB 800k+) BYD Seagull (RMB 70k)
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72 Kicker #FFF6F5 255:246:245 #28B482 051:142:142 #FFF6F5 255:246:245 #1C6EA1 028:110:161 #00343E 000:052:062 #B86D76 184:109:118 #7B0024 123:000:036 #EFC0BB 239:192:187 #007272 000:114:114 #BBEBDF 187:235:223 Primary colours Custom colours #007B5E 000:123:094 #FFD889 255:216:137 #DC2A2A 220:042:042 Status colour #8CB5C4 140:181:196 #28B482 040:180:130 #5C0022 092:000:034 #83E3A0 131:227:160 #8F414A 143:065:074 #FFDEDB 255:222:219 Source: China Customs, LSEG Workspace, DNB Carnegie *Proxy for demand including stock change = domestic output less net vehicle exports BEV = Battery Electric Vehicles, PHEV = Plug-in Hybrids, ICE = Internal Combustion Engines, HEV = Non-plug-in hybrids The bigger story: China electrified transport in one single business cycle CHINA: IMPLIED DOMESTIC DEMAND*, VEHICLES SOLD (MN, 12M SUM) CHINA: DOMESTIC SUPPLY , VEHICLES PRODUCED (MN, 12M SUM)
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73 Kicker #FFF6F5 255:246:245 #28B482 051:142:142 #FFF6F5 255:246:245 #1C6EA1 028:110:161 #00343E 000:052:062 #B86D76 184:109:118 #7B0024 123:000:036 #EFC0BB 239:192:187 #007272 000:114:114 #BBEBDF 187:235:223 Primary colours Custom colours #007B5E 000:123:094 #FFD889 255:216:137 #DC2A2A 220:042:042 Status colour #8CB5C4 140:181:196 #28B482 040:180:130 #5C0022 092:000:034 #83E3A0 131:227:160 #8F414A 143:065:074 #FFDEDB 255:222:219 Source: LSEG Workspace, China Customs, DNB Carnegie BEV = Battery Electric Vehicles, PHEV = Plug-in Hybrids, ICE = Internal Combustion Engines, HEV = Non-plug-in hybrids Exports combine «stranded» ICE capacity with increasingly competitive & cheap EVs CHINESE CAR EXPORTS BY DRIVETRAIN (MN VEHICLES, 12M SUM) REGIONAL SPLIT OF CHINESE VEHICLE EXPORTS, H1 2026 (% BY UNIT) 0.0 2.5 5.0 7.5 jul.07 jul.08 jul.09 jul.10 jul.11 jul.12 jul.13 jul.14 jul.15 jul.16 jul.17 jul.18 jul.19 jul.20 jul.21 jul.22 jul.23 jul.24 jul.25 jul.26 BEV PHEV ICE+HEV
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74 Kicker #FFF6F5 255:246:245 #28B482 051:142:142 #FFF6F5 255:246:245 #1C6EA1 028:110:161 #00343E 000:052:062 #B86D76 184:109:118 #7B0024 123:000:036 #EFC0BB 239:192:187 #007272 000:114:114 #BBEBDF 187:235:223 Primary colours Custom colours #007B5E 000:123:094 #FFD889 255:216:137 #DC2A2A 220:042:042 Status colour #8CB5C4 140:181:196 #28B482 040:180:130 #5C0022 092:000:034 #83E3A0 131:227:160 #8F414A 143:065:074 #FFDEDB 255:222:219 Source: Oxford Economics, Haver Analytics, China Customs, DNB Carnegie Note: Middle Class are classified by Oxford Economics as households with PPI adjusted annual household incomes in the USD 20-70k range The next big export growth market is likely also «the Rest», not just the West MIDDLE CLASS IN DEVELOPING ECONOMIES (MILLION HOUSEHOLDS) REGIONAL SPLIT OF CHINESE ICE+HEV EXPORTS, H1 2026 (% BY UNIT) REGIONAL SPLIT OF CHINESE EV+PHEV EXPORTS, H1 2026 (% BY UNIT) China Other EM 2015-2025 +93m +85m 2025-2035 +111m +182m
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75 Kicker #FFF6F5 255:246:245 #28B482 051:142:142 #FFF6F5 255:246:245 #1C6EA1 028:110:161 #00343E 000:052:062 #B86D76 184:109:118 #7B0024 123:000:036 #EFC0BB 239:192:187 #007272 000:114:114 #BBEBDF 187:235:223 Primary colours Custom colours #007B5E 000:123:094 #FFD889 255:216:137 #DC2A2A 220:042:042 Status colour #8CB5C4 140:181:196 #28B482 040:180:130 #5C0022 092:000:034 #83E3A0 131:227:160 #8F414A 143:065:074 #FFDEDB 255:222:219 Source: IEA, Gavekal Research, *Note: Price per watt-hour, indexed where the global average in 2025 = 100 Faximille: 10 June 2026 Harvard loses first place in Nature Index China’s cost and technology advantages are hard to «tariff away» CHINA: EX-FACTORYGATE PRICES FOR AUTOS (INDEX T-12Y = 100) GLOBAL: AVG. LITHIUM-ION BATTERY PACK PRICE, BY REGION (INDEX*) Made-in-China by Elon Musk: Tesla’s Shanghai factory produced roughly twice as many vehicles per worker as its California operations in 2024 Battery pack costs fell by 65% in 2015-21 …and fell by another 40% in 2022-25
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76 Kicker #FFF6F5 255:246:245 #28B482 051:142:142 #FFF6F5 255:246:245 #1C6EA1 028:110:161 #00343E 000:052:062 #B86D76 184:109:118 #7B0024 123:000:036 #EFC0BB 239:192:187 #007272 000:114:114 #BBEBDF 187:235:223 Primary colours Custom colours #007B5E 000:123:094 #FFD889 255:216:137 #DC2A2A 220:042:042 Status colour #8CB5C4 140:181:196 #28B482 040:180:130 #5C0022 092:000:034 #83E3A0 131:227:160 #8F414A 143:065:074 #FFDEDB 255:222:219 Source: Dataforce, Bloomberg, IEA and DNB Carnegie *Note: Based on unit sales in EU, EFTA countries + UK. The Chinese brands also include Polestar, DR, Evo, Chery-Ebro and Stellantis-Leapmotor ventures Europe may attempt «managed market access» in exchange for Chinese IP CHINESE CAR BRANDS’ SHARE OF NEW CAR SALES IN EUROPE (% UNIT*) 2024 GEOGRAPHICAL DISTRIBUTION OF BATTERY SUPPLY CHAIN (%)
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77 Kicker #FFF6F5 255:246:245 #28B482 051:142:142 #FFF6F5 255:246:245 #1C6EA1 028:110:161 #00343E 000:052:062 #B86D76 184:109:118 #7B0024 123:000:036 #EFC0BB 239:192:187 #007272 000:114:114 #BBEBDF 187:235:223 Primary colours Custom colours #007B5E 000:123:094 #FFD889 255:216:137 #DC2A2A 220:042:042 Status colour #8CB5C4 140:181:196 #28B482 040:180:130 #5C0022 092:000:034 #83E3A0 131:227:160 #8F414A 143:065:074 #FFDEDB 255:222:219 Picture: NTB Key take-away: China’s auto export boom is structural, not just cyclical - 2026 demand weakness is partly mechanical payback, but the supply build-out is structural - Rapid electrification created «stranded» ICE capacity and a new generation of globally competitive EV producers - Exports growth from China is increasingly an emerging-market story - Trade barriers cannot make Chinese firms cost and technology advantages disappear - Watch out for Europe compromising «managed market access» with Chinese IP transfer
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78 Disclaimer Kicker #FFF6F5 255:246:245 #28B482 051:142:142 #FFF6F5 255:246:245 #1C6EA1 028:110:161 #00343E 000:052:062 #B86D76 184:109:118 #7B0024 123:000:036 #EFC0BB 239:192:187 #007272 000:114:114 #BBEBDF 187:235:223 Primary colours Custom colours #007B5E 000:123:094 #FFD889 255:216:137 #DC2A2A 220:042:042 Status colour #8CB5C4 140:181:196 #28B482 040:180:130 #5C0022 092:000:034 #83E3A0 131:227:160 #8F414A 143:065:074 #FFDEDB 255:222:219 This note must be read in conjunction with published research notes and/or DNB Carnegie Analyst Communication. This note must be seen as marketing material and not as an investment recommendation within the meaning of Regulation (EU) NO 596/2014 on marke t abuse (Market Abuse Regulation) and associated rules, implemented in the relevant jurisdiction. 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1. Automotive 1. Asia 2. Europe 3. United States 2. High & Heavy 3. Fleet development 4. Presentation from Bank of America 5. Presentation from DNB 6. Summary Agenda Add sub chapter
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Three market forces support continuation of the cycle 01 Chinese exports booming Structural growth in long-distance vehicle flows 02 RoRo capacity constrained Deliveries are absorbed and lead times remain long 03 Rates strengthening Freight and charter markets reflect tight marginal capacity 81
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Source: Mobility Global, WAWI Analysis World excl. Mainland China, US and Russia auto sales Chinese OEMs taking market share in China and abroad 82 Market share of auto salesMarket share of auto sales Mainland China auto sales 71% 29% 0 10 20 30 40 50 60 70 80 90 100 2018 2019 2020 2021 2022 2023 2024 2025 2026E Chinese Non-Chinese 11% 89% 0 10 20 30 40 50 60 70 80 90 100 2018 2019 2020 2021 2022 2023 2024 2025 2026E Chinese Non-Chinese
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China Customs vehicle exports1 and RoRo capacity2 trend Chinese OEMs prefer RoRo but struggle to find capacity 83Source: Chinese customs, WAWI analysis, 1 Exports include light vehicles and H&H above 5mt 2 RoRo capacity based on internal analysis of AIS vessel movements and estimated deployed capacity at Chinese ports • A widening capacity deficit push OEMs to find alternative transport modes, including container, LoLo, and landbridge options • Our analysis indicates that annual non- RoRo volumes currently range between 2m and 4m unitsNon-RoRo cargo 22 Q1 22 Q2 22 Q3 22 Q4 23 Q1 23 Q2 23 Q3 23 Q4 24 Q1 24 Q2 24 Q3 24 Q4 25 Q1 25 Q2 25 Q3 25 Q4 26 Q1 26 Q2 China Customs exports RoRo capacity Illustrative
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Assessed “spot” rate levels from Asia to Europe 1-year TC-in rates1 development Increasingly tight freight and charter market despite fleet growth 84 USD per cbm USDk per day 60 70 80 90 100 110 120 130 140 150 160 170 Jan 25 Mar 25 May 25 Jul 25 Sep 25 Nov 25 Jan 26 Mar 26 May 26 Jul 26 Sep 26 +79% Jul 24Jul 23 Jan 25 Jul 25 Jan 26 Jul 26 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 120 Jan 24 90 80 +88% +80% A recent 2-year agreement for a newbuild was concluded at USD 80K/d 6.5k 1-TC 7k 1-TC (DF) Sources: Hesnes Shipping (freight rate), Clarksons (TC-rates) and WAWI analysis. 1 6.5k CEU equivalent vessel
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1 Estimated contracted Net freight value based on forecasts, 2 Includes contract values above and below USD 100m, excludes the business areas terminals and inland 3 Includes estimated contract values above and below USD 100m, 4 Weighted by net freight for Shipping and revenue for Logistics % of Shipping volume based on contract startup1 Estimated contract revenue split for Logistics services (USD m)2 Contract backlog details Wallenius Wilhelmsen is well positioned to benefit from the increasingly tight freight and charter market… 85 7% 5% 9% 58% 13% 10% 1% 2026E 4% 47% 8% 1% 40% 2027E Contract Start 2022 Contract Start 2023 Contract Start 2024 Contract Start 2025 Contract Start 2026 Rate Agreement Renewal 12% 20% 68% 2026E 2027E After 2028E Shipping services Logistics services Value of contract backlog 6.5bn USD 2.7bn USD Value of contracts entered during Q23 ~460m USD ~141m USD Weighted contract duration4 2.9 years 8.1 years Average net rate in book of business ~USD 54 per cbm N/A Estimated lifting capacity
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Prospects 86 Strong demand, in particular for Shipping services, has continued into the second half of 2026 and we expect solid volumes and high utilization to continue. The time charter market for vessels has tightened further and will continue to put pressure on capacity. We expect 2026 to be another solid year for Wallenius Wilhelmsen and maintain our expectation of an adjusted EBITDA for 2026 of about USD 1.6bn. However, our outlook remains dependent on the length and the effects of the Middle East conflict, and other potential material adverse effects.
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Thank you!