Dht Holdings, Inc. · NYSE:DHT

Dht — Q4 2025 Earnings Presentation

14 slides from Dht's earnings presentation, Feb 5, 2026

  1. Slide 1: Fourth Quarter 2025 Results

    FOURTH QUARTER 2025 RESULTS February 5, 2026

  2. Slide 2: Disclaimer

    DISCLAIMER Forward Looking Statements This presentation contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company's management as well as assumptions, expectations, projections, intentions and beliefs about future events, in particul

  3. Slide 3: Q4'25 P&L Highlights

    Q4’25 Financials P&L HIGHLIGHTS Q4'25 $ Thousands, except per share Average TCE Q4 2025 Revenues on TCE basis $ 117,850  $60,300/d Fleet average Vessel operating expenses $ (17,126)  $69,500/d Spot  $49,400/d Time-charter G&A $ (5,623) Adj. EBITDA $ 95,333 Interest expenses $ (2,290) Gain/(loss)

  4. Slide 4: P&L Highlights

    Q4’25 Financials P&L HIGHLIGHTS Q4'25 2025 $ Thousands, except per share Revenues on TCE basis $ 117,850 $ 369,109 Vessel operating expenses $ (17,126) $ (72,994) G&A $ (5,623) $ (19,890) Adj. EBITDA $ 95,333 $ 278,398 Interest expenses $ (2,290) $ (14,169) Gain/(loss) sale of vessel $ - $ 52,943 Ne

  5. Slide 5: Balance Sheet Highlights

    Q4’25 Financials BALANCE SHEET HIGHLIGHTS As per 31.12.2025 $ Thousands Total liquidity of $189 million Cash $ 79,034  Cash $79.0 million Other current assets $ 89,392  RCF availability $110.5 million Vessels* $ 1,124,379 • Currently available RCF $171.9 million Advances for vessels under construc

  6. Slide 6: Q4 2025 Cash Flow Highlights

    Q4’25 Financials Q4 2025 CASH FLOW HIGHLIGHTS Cash Bridge Q4 2025 $m 250 225 169.4 -107.8 200 95.3 -9.6 175 -3.6 -28.9 150 -97.6 125 -21.1 100 167.0 163.4 1.8 75 134.4 50 98.3 81.2 81.2 77.2 77.2 79.0 25 36.8 36.8 0 30/09/25 Cash EBITDA Debt Cash interest Dividend Investment in Issuance of Investmen

  7. Slide 7: Quarterly Highlights

    Business Update QUARTERLY HIGHLIGHTS  Delivery of secondhand acquisition, DHT Nokota, built 2018, in November 2025  DHT China and DHT Europe, built 2007, sold • Sold for $101.6 million • Cash proceeds after debt repayment estimated to $95.0 million • Expected to book a gain of $30.4 million and $2

  8. Slide 8: Capital Allocation

    Q4’25 Financials CAPITAL ALLOCATION Cash dividend of $0.41 per share  Equals capital allocation policy: 100% of ordinary net income  The 64th consecutive quarterly cash dividend  The shares will trade ex-dividend February 19, 2026  Payable February 26 to shareholders of record February 19  Cash

  9. Slide 9: Q1 Outlook

    Business Update Q1 OUTLOOK Estimated Q1 2026 Total term time-charter days 797 Average term time-charter rate ($/day)* $43,300 Total spot days for the quarter 1,195 Spot days booked to date / % of total spot days 905 / 76% Average spot rate booked to date ($/d) $78,900 Spot P&L break-even for the qua

  10. Slide 10: VLCC Fleet

    Market Update VLCC FLEET Assumes no scrapping #VLCCs 1,000 897 900 800 700 600 528 500 49% 427 400 46% 303 300 28% 199 200 171 151 20% 19% 17% 100 62 58 35 18 0 Trading VLCCs 15+ VLCCs 20+ Sanctioned #VLCCs #VLCCs #VLCCs #VLCCs Current total VLCCs 15+ VLCCs 20+ VLCCs years end-26 years end-26 VLCCs

  11. Slide 11: Fleet Consolidation

    Market Update FLEET CONSOLIDATION  Private initiative to consolidate the VLCC market  Fleet demographics, industry fragmentation and age profile creates opportunity  Aggregators soon to control 25% of compliant tramping fleet – critical size  Currently controlling about 120-130 ships in the wate

  12. Slide 12: Fleet Employment

    Business Update FLEET EMPLOYMENT $/d 80% 140,000 75% 74% 120,000 70% 70% 100,000 65% 65% 80,000 61% 60% 59% 60,000 57% 57% 54% 54% 55% 55% 54% 40,000 53% 52% 50% 20,000 45% 0 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 *Source: SIN Clarksons February 5,

  13. Slide 13: Summary

    Summary SUMMARY  Perfect storm:  Strong and tightening market  Robust crude oil transport demand + geopolitical risk premiums  Aging fleet  Fleet consolidation soon to reach >25% of the compliant spot fleet  Our position:  Excellent fleet in the water  4 state-of-the-art VLCC newbuildings de

  14. Slide 14: Q&A

    Q&A February 5, 2026 14

DHT Holdings — Q4 2025 Earnings Presentation on 6ix