Dampskibsselskabet Norden A/s · OMXCOP:DNORD
Dampskibsselskabet Norden A/s — Norden — Q1 2025 Earnings Presentation
20 slides from Dampskibsselskabet Norden A/s's earnings presentation, May 1, 2025
Slide 1: NORDEN Presentation Q1 2025
1 May 2025 NORDEN PRESENTATION Q1 2025
Slide 2: Highlights First Quarter 2025: Group Highlights and Financials
Group EBITDA & Net Profit HIGHLIGHTS FIRST QUARTER 2025 GROUP HIGHLIGHTS AND FINANCIALS USD million 160 147 129 124 120 115 115 • Group net profit of USD 33 million and a ROIC of 11%, driven by good coverage in weaker markets 80 62 46 • Full-year net profit guidance upgraded on April 25 to USD 50-13
Slide 3: Highlights First Quarter 2025: Freight Services & Trading
Freight Services & Trading EBITDA per vessel day HIGHLIGHTS FIRST QUARTER 2025 USD / day FREIGHT SERVICES & TRADING 200 0 -200 • Adding transparency by introducing EBITDA figures for new segments (adjusted for IFRS 16, but -400 including gains from sale of vessels) -600 -800 • EBITDA of USD 3.3 mill
Slide 4: Highlights First Quarter 2025: Asset Management
HIGHLIGHTS FIRST QUARTER 2025 Asset Management ASSET MANAGEMENT EBITDA per segment Dry owner 22.8m • Contribution margin increased to USD 48 million in Q1 2025 (USD 42 million) USD • EBITDA decreased to USD 47 million for Q1 2025 (USD 94 million), due to lower gains from sale of vessels Q1 2024: USD
Slide 5: Market Position: Well-Positioned in Weak Markets
1-year TC rate MARKET POSITION USD thousand / day WELL-POSITIONED IN WEAK MARKETS 40 30 • Quarter marked by political developments and geopolitical uncertainty 20 • USTR port fees on Chinese built vessels significantly watered down 10 • Expecting limited direct trade impact of US tariffs 0 • Signifi
Slide 6: Resilient Business Model Delivers Good Long-Term Returns
Dynamic and flexible approach RESILIENT BUSINESS MODEL Asset- heavy DELIVERS GOOD LONG-TERM RETURNS Dry cargo Tanker • Diversity of business model with owner and operator activities across tankers and dry exposure exposure NORDEN enables superior returns over time • Strong value creation through the
Slide 7: Guidance: Equipped to Manage Uncertainty
GUIDANCE EQUIPPED TO MANAGE UNCERTAINTY • On the back of the increased gains from sale of vessels and good operational performance, full-year guidance was upgraded on April 25 to USD 50 – 130 million (previously USD 20 – 100 million) • Includes sales gains from already agreed transactions of USD 45
Slide 8: Key Takeaways
KEY TAKEAWAYS • Solid first quarter with a Group net profit of USD 33 million and a ROIC of 11% • Well-positioned for weaker markets in the short term, while maintaining deferred exposure in markets with strong long-term fundamentals • Flexible business model with upside from purchase options • Best
Slide 9: 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 9 PRESENTATION OF FIRST QUARTER 2025 RESULTS
Slide 10: 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 2025 and subsequent years are subject to uncertainty, and NORDEN’s actual results may therefore differ
Slide 11: Appendix
APPENDIX Fleet overview – NORDEN Group Capacity Coverage – NORDEN Group Extension and purchase option overview – Asset Management Shareholder distribution NORDEN at a glance 11 PRESENTATION OF FIRST QUARTER 2025 RESULTS
Slide 12: Fleet Overview NORDEN Group
FLEET OVERVIEW NORDEN GROUP At 31 March 2025 Vessels to be delivered Dry Cargo Vessels in operation - Asset Management only Capesize 14 7 Panamax 61 5 Supramax 95 9 Handysize 102 4 Multipurpose 29 2 Total 301 27 - Of which own vessels Capesize 5 3 Panamax 0 0 Supramax 0 3 Handysize 1 0 Total 6 6 Tan
Slide 13: Capacity and Coverage NORDEN Group
CAPACITY AND COVERAGE NORDEN GROUP Dry Cargo Tankers At 31 March 2025 At 31 March 2025 2025 2026 2027 2025 2026 2027 2025 2026 2027 2025 2026 2027 Own vessels Vessel days Own vessels Vessel days Capesize 1,394 1,825 2,681 MR 2,436 3,250 3,235 Panamax 68 0 0 Total 2,436 3,250 3,235 Supramax 207 1,095
Slide 14: 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 increasing interest rates, increased new building prices and near-term lower visibility on freight rates due to the macro-economic uncertainties.
Slide 15: Highlights for Full-Year 2024: Shareholder Cash Distribution
Cash distributed to shareholders (USD million) HIGHLIGHTS FOR FULL-YEAR 2024 incl. proposed dividends and announced share buy-backs SHAREHOLDER CASH DISTRIBUTION USD million 800 75% 700 600 500 84% 400 744 425 300 68% 212 200 400 61% 205 • NORDEN will in connection with Q1 2025 distribute USD 17 mil
Slide 16: NORDEN at a Glance
NORDEN AT A GLANCE 16 PRESENTATION OF FIRST QUARTER 2025 RESULTS
Slide 17: We Enable Smarter Global Trade
WE ENABLE SMARTER GLOBAL TRADE Vessels operated Tonnes of cargo carried Number of offices We are 500 140 m 19 52 on average in 2024 in 2024 around the world nationalities at NORDEN 17 PRESENTATION OF FIRST QUARTER 2025 RESULTS
Slide 18: NORDEN at a Glance: Company History
NORDEN AT A GLANCE 2005: NORDEN establishes Norient Product Pool with pool-partner 2021: Interorient Navigation NORDEN celebrates 150 Company Ltd., Cyprus years of sailing the seven seas 1923: NORDEN’s first motor vessel, NORDBO is delivered 2023: 1871: 1973: 2013: NORDEN conducts first The first of
Slide 19: Our Business Model
OUR BUSINESS MODEL Cargo owners Agile capacity management Tonnage providers Market positioning • Market exposure • Regional exposure • Tonnage optionality Dry cargo Dry cargo Vessel selection • Owned vessels • Leased vessels • Chartered vessels Multipurpose Project cargo Cargo & coverage • Spot • Co
Slide 20: Strategy Update: Status on Strategic Objectives
STRATEGY UPDATE STATUS ON STRATEGIC OBJECTIVES Value creation Growth Profitability Decarbonisation Shareholder Returns Return on Invested Total number of vessel days EBITDA margin per day in FST Development in energy Total shareholder returns (TSR) Capital (ROIC) - baseline FY 2019 - rolling five ye