Dampskibsselskabet Norden A/s · OMXCOP:DNORD
Dampskibsselskabet Norden A/s — Dampskibsselskabet Ord — FY 2025 Earnings Presentation
23 slides from Dampskibsselskabet Norden A/s's earnings presentation, Feb 4, 2026
Slide 1: NORDEN Presentation Annual Report 2025
4 February 2026 NORDEN PRESENTATION Annual Report 2025
Slide 2: We Enable Smarter Global Trade
INTRODUCTION TO NORDEN WE ENABLE SMARTER GLOBAL TRADE Since 1871, NORDEN has been a trusted partner at the heart of global trade, enabling the efficient transport of essential raw materials that support the world economy. As a global provider of ocean-based freight services operating more than 400 v
Slide 3: Group Financial Highlights
GROUP FINANCIAL HIGHLIGHTS RESULTS DRIVEN BY ASSET MANAGEMENT AND VESSEL SALES KEY TAKEAWAYS GROUP NET PROFIT GROUP KEY METRICS USD million End 2025 • Group net profit of USD 10m in Q4’25 and USD 120m in FY 800 744 2025 Group net profit (USD) Return on invested capital (ROIC) 700 120m 8.9% • ROIC of
Slide 4: Group Fleet Overview
GROUP FLEET OVERVIEW A YEAR OF STRONG ASSET EXECUTION KEY TAKEAWAYS GROUP CORE FLEET • Significant value realised by selling 23 vessels, of which 15 were declared purchase options Sold vessels in 2025 Added vessels in 2025 23 25 • Addition of 25 fuel-efficient vessels • Portfolio of purchase options
Slide 5: Group Net Asset Value
GROUP NET ASSET VALUE STRONGER MARKETS DRIVING NAV TO DKK 379 PER SHARE NET ASSET VALUE (NAV) NAV SENSITIVITY End 2025 End 2025 DKK 501 USD million Dry Tankers Total DKK 441 Market value of owned vessels 728 229 957 DKK 379 DKK 315 Estimated market value of leased vessels and cover (incl. DKK 271 18
Slide 6: Segment Highlights
SEGMENT HIGHLIGHTS ALIGNING REPORTING TO REFLECT CORE PREVIOUS NEW BUSINESS DRIVERS STRUCTURE STRUCTURE FULL-YEAR EBIT FULL-YEAR EBIT 2025 2025 (Excluding the impact of lease accounting adjustments) (Excluding the impact of lease accounting adjustments) • Reporting change to create greater clarity a
Slide 7: Market Development Dry Cargo
MARKET DEVELOPMENT DRY CARGO KEY TAKEAWAYS SUPRAMAX SPOT RATES USD per day 2024 2025 • Dry cargo market gained ground in H2 2025, 18,000 supported by a stronger coal 16,000 trade after a soft H1 14,000 12,000 • Dry cargo asset values increased across most vessel 10,000 types in 2025, with the strong
Slide 8: Dry Cargo Improvement Initiatives Ongoing
DRY CARGO IMPROVEMENT INITIATIVES ONGOING KEY TAKEAWAYS DRY CARGO KEY METRICS DRY CARGO EBIT DEVELOPMENT EBIT per segment FY 2025 (USD million) USD million Operating earnings Gains from vessel sales Total • FY’25 EBIT of USD 28.7m, strong improvement compared to last 60 year (USD -56.0m) Dry owner D
Slide 9: Market Development Tankers
MARKET DEVELOPMENT TANKERS KEY TAKEAWAYS MR SPOT RATES USD per day 2024 2025 • MR spot rates recovered Y/Y, 45,000 driven mainly by increased crude oil production, 40,000 causing LR2s switching from clean to crude 35,000 30,000 • Asset values stabilised following the downward 25,000 correction in 20
Slide 10: Tankers Supported by High Spot Rates and Good Exposure
TANKERS SUPPORTED BY HIGH SPOT RATES AND GOOD EXPOSURE KEY TAKEAWAYS TANKER KEY METRICS TANKER EBIT DEVELOPMENT EBIT per segment FY 2025 (USD million) USD million Operating earnings Gains from vessel sales Total • FY’25 EBIT of USD 115.6m, lower Y/Y due to exceptionally 250 strong comparison (USD Ta
Slide 11: Full-Year Guidance 2026
FULL-YEAR GUIDANCE 2026 KEY TAKEAWAYS EXPECTED FY 2026 NET PROFIT Incl. sales gains of USD 20 million • Net profit guidance of USD USD 30-100 million 30 – 100 million (incl. sales gains of USD 20m) • Key drivers for the guidance: – New activity GROUP POSITION BY END-JANUARY – 5,700 open tanker vesse
Slide 12: Cycle-Adaptive Business Model Delivers Good Long-Term Returns
CYCLE-ADAPTIVE BUSINESS MODEL DELIVERS GOOD LONG-TERM RETURNS KEY TAKEAWAYS DYNAMIC AND FLEXIBLE APPROACH VALUE CREATION OVER TIME Ability to adjust exposure to navigate market volatility Return on invested capital (ROIC) and volatility, 5-year average • Diversity of business model with owner and op
Slide 13: Strategic Direction Towards 2030
STRATEGIC CUSTOMER-CENTRIC FOCUS TO ENABLE OPTIMISATION OF CARGO NETWORK DIRECTION Provide valuable flexibility to our customers while building a TOWARDS 2030 deeper cargo network, which enables us to capture higher margins through optimised cargo flows and voyage efficiencies Reduce earnings volati
Slide 14: Why Invest
WHY INVEST 1 STRONG INDUSTRY FUNDAMENTALS An ageing global fleet, low orderbook combined with geopolitical dislocations are creating durable supply constraints, improving market balance and reducing the risk of prolonged oversupply A leading global shipping company with a unique business model which
Slide 15: Full-Year 2025 Questions & Answers
FULL-YEAR 2025 QUESTIONS & ANSWERS 15 PRESENTATION OF ANNUAL REPORT 2025
Slide 16: Forward Looking Statements
FORWARD LOOKING STATEMENTS This presentation contains certain forward-looking statements reflecting the management’s present judgment of future events and financial results. Statements relating to 2026 and subsequent years are subject to uncertainty, and NORDEN’s actual results may therefore differ
Slide 17: Appendix
APPENDIX Fleet overview – NORDEN Group Capacity Coverage – NORDEN Group Extension and purchase option overview – Asset Management Shareholder distribution NORDEN business model 17 PRESENTATION OF ANNUAL REPORT 2025
Slide 18: Fleet Overview NORDEN Group
FLEET OVERVIEW NORDEN GROUP At 31 December 2025 Vessels to be delivered Dry Cargo Vessels in operation - Asset Management only Capesize 21 6 Panamax 78 4 Supramax 81 2 Handysize 92 5 Multipurpose 33 14 Total 305 31 - of which own vessels Capesize 5 1 Panamax 1 0 Supramax 0 0 Handysize 0 0 Total 6 1
Slide 19: Capacity and Coverage NORDEN Group
CAPACITY AND COVERAGE NORDEN GROUP Capacity and coverage in cash USD, Dry Cargo, at 31 December 2025 Capacity and coverage in cash USD, Tankers, at 31 December 2025 2026 2027 2028 2026 2027 2028 2026 2027 2028 2026 2027 2028 Own vessels Vessel days Own vessels Vessel days C apesize 2,202 3,339 3,660
Slide 20: Asset Management: Extensive Optionality in an Uncertain Environment
ASSET MANAGEMENT EXTENSIVE OPTIONALITY IN AN UNCERTAIN ENVIRONMENT NORDEN’s extensive optionality provides potential value upside in an environment with increased newbuilding prices and near-term lower visibility on freight rates due to the macro-economic uncertainties • Extension options: 212 optio
Slide 21: Fourth Quarter 2025 Shareholder Cash Distribution
FOURTH QUARTER 2025 SHAREHOLDER CASH DISTRIBUTION KEY TAKEAWAYS DISTRIBUTIONS TO SHAREHOLDERS TOTAL SHAREHOLDER RETURN SINCE 2021 USD million as of 31 December 2025 • NORDEN will in connection USD million Share buy-back NORDEN Combined dry/tanker peers MSCI Transportation KAXCAP with Q4 2025 distrib
Slide 22: Business Model: Dynamic and Flexible Approach
BUSINESS MODEL DYNAMIC AND FLEXIBLE APPROACH Customers Tonnage providers Shippers of dry cargo, Agile capacity management Vessel owners and operators project cargo and refined Connecting cargo and tonnage using an agile capacity offering available tonnage oil products management approach to optimise
Slide 23: Thank You for Your Attention
THANK YOU FOR YOUR ATTENTION Dampskibsselskabet NORDEN A/S 52, Strandvejen DK-2900 Hellerup Denmark Phone: +45 3315 0451 www.norden.com Connect with us 23 PRESENTATION OF ANNUAL REPORT 2025
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