Dampskibsselskabet Norden A/s · OMXCOP:DNORD
Dampskibsselskabet Norden A/s — Dampskibsselskabet Ord — Q1 2026 Earnings Presentation
24 slides from Dampskibsselskabet Norden A/s's earnings presentation, May 6, 2026
Slide 1: NORDEN Presentation First Quarter 2026
6 May 2026 NORDEN PRESENTATION FIRST QUARTER 2026
Slide 2: Introduction to NORDEN
INTRODUCTION TO NORDEN WE ENABLE SMARTER GLOBAL TRADE SARPSBORG, NORWAY COPENHAGEN, STOCKHOLM, SWEDEN DENM ARK BREMEN, VANCOUVER, GERMANY CANADA Since 1871, NORDEN has been a trusted ANNAPOLIS, TOKYO, JAPAN USA partner at the heart of global trade, enabling HOUSTON, USA LIM ASSOL, CYPRUS SHANGHAI, C
Slide 3: Market Uncertainties: Current Situation in the Middle East
MARKET UNCERTAINTIES CURRENT SITUATION IN THE MIDDLE EAST • The Persian Gulf conflict is creating volatility and disruption in global markets and supply chains • Tanker earnings supported by surging spot rates • Dry cargo impacted by additional operational and insurance costs • Bunker costs up more
Slide 4: Group Financial Highlights
GROUP FINANCIAL HIGHLIGHTS RESULTS DRIVEN BY STRONG TANKER RATES AND VESSEL SALES KEY TAKEAWAYS GROUP NET PROFIT GROUP KEY METRICS USD million • Group net profit of USD 60 11m in Q1 2026 52 Group net profit (USD) Return on invested capital (ROIC) • ROIC of 7.8% LTM 50 • Strong operational cash flow
Slide 5: Group Fleet Overview
GROUP FLEET OVERVIEW FLEET ACTIVITY REFLECTS STRATEGY TO STRENGTHEN BASE MARGIN KEY TAKEAWAYS GROUP CORE FLEET END Q1 2026 • Capturing value in a strong asset market by selling 7 vessels, of which 4 purchase options Sold vessels YTD Added vessels YTD 7 11 • 8 TC-outs to secure long-term earnings on
Slide 6: Leveraging Value in the Core Fleet
LEVERAGING VALUE IN THE CORE FLEET THROUGH BASE MARGINS AND POSITIONING MARGINS • Reduced exposure to positioning margins by selling and taking long-term cover on vessels in segments such as Capesize and MRs • Increasing exposure towards capability-driven earnings through the addition of MPPs and Ha
Slide 7: Group Net Asset Value
GROUP NET ASSET VALUE STRONG MARKETS DRIVING NAV TO DKK 422 PER SHARE NET ASSET VALUE (NAV) NAV SENSITIVITY End March 2026 End Q1 2026 559 494 USD million Dry Tankers Total 422 Market value of owned vessels 807 204 1,011 358 308 Estimated market value of leased vessels and cover (incl. Share price p
Slide 8: Market Development: Dry Cargo
MARKET DEVELOPMENT DRY CARGO KEY TAKEAWAYS SUPRAMAX SPOT RATES FLEET AGE VS. ORDERBOOK USD per day 2024 2025 2026 DWT million • Strong dry cargo market in 20.000 160 Q1, driven by solid volumes across key commodities 18.000 140 • Avg. Supramax spot rates 16.000 increased 41% Y/Y 120 14.000 • Asset v
Slide 9: Dry Cargo
DRY CARGO IMPACTED BY REGIONAL POSITIONING AND PERSIAN GULF RELATED COSTS KEY TAKEAWAYS DRY CARGO KEY METRICS DRY CARGO EBIT DEVELOPMENT EBIT per segment Q1 2026 (USD million) USD million Operating earnings Gains from sale of vessels Total • Q1’26 EBIT of USD -45.0m 30 driven by: Dry owner Dry opera
Slide 10: Market Development: Tankers
MARKET DEVELOPMENT TANKERS KEY TAKEAWAYS MR SPOT RATES FLEET AGE VS. ORDERBOOK USD per day 2024 2025 2026 DWT million • Tanker market supported 70.000 160 by Persian Gulf related disruption to global oil 140 60.000 flows 120 • Avg. MR spot rates 50.000 increased 87% Y/Y 100 • Avg. MR asset values 40
Slide 11: Tankers
TANKERS SUPPORTED BY HIGH SPOT RATES AND STRATEGIC REPOSITIONING KEY TAKEAWAYS TANKER KEY METRICS TANKER EBIT DEVELOPMENT EBIT per segment Q1 2026 (USD million) USD million Operating earnings Gains from sale of vessels Total • Combined Tanker EBIT 50 increased by 139% to USD 47.3m in Q1’26 Tanker ow
Slide 12: Full-Year Guidance 2026
FULL-YEAR GUIDANCE 2026 KEY TAKEAWAYS EXPECTED FY 2026 NET PROFIT (AS UPGRADED ON APRIL 28) (previously USD 30–100 million) • Earnings expected to be frontloaded, with a high share of sales gains and operating earnings anticipated in Q2 USD 70-140 million Incl. sales gains of USD 64 million • Strong
Slide 13: Cycle-Adaptive Business Model
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 14: 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 15: 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 16: Q1 2026 Q&A / Why Invest
Q1 2026 WHY INVEST A leading global shipping company with a unique business Q&A model which enables superior returns over the cycles 1 STRONG INDUSTRY FUNDAMENTALS 2 CYCLE-ADAPTIVE BUSINESS MODEL 3 STRATEGIC FOCUS ON BASE MARGIN-DRIVEN EARNINGS 4 DISCIPLINED CAPITAL ALLOCATION DRIVING ROIC OUTPERFOR
Slide 17: 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 18: Appendix
APPENDIX Fleet overview – NORDEN Group Capacity Coverage – NORDEN Group Extension and purchase option overview – Asset Management Shareholder distribution NORDEN business model 18 PRESENTATION OF FIRST QUARTER RESULTS 2026
Slide 19: Fleet Overview March 2026
FLEET OVERVIEW 31 MARCH 2026 NORDEN GROUP DRY CARGO TANKERS Vessels to be delivered Vessels to be delivered Dry cargo Vessels in operation Tankers Vessels in operation - Asset Management only - Asset Management only Capesize 20 6 MR 102 1 Panamax 83 4 Total 102 1 Supramax 93 1 Handysize 101 6 - of w
Slide 20: Capacity and Coverage
CAPACITY AND COVERAGE NORDEN GROUP Capacity and coverage in cash USD, Dry Cargo, at 31 March 2026 Capacity and coverage in cash USD, Tankers, at 31 March 2026 Costs are excluding O/A. For segments which are operated in a pool the TCE is after management fee. All days include JVs. Cash standardized t
Slide 21: 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: 221 optio
Slide 22: First Quarter 2026 Shareholder Cash Distribution
FIRST QUARTER 2026 SHAREHOLDER CASH DISTRIBUTION KEY TAKEAWAYS DISTRIBUTIONS TO SHAREHOLDERS TOTAL SHAREHOLDER RETURN SINCE 2021 Dividend USD million as of 31 March 2026 NORDEN Share buy-back • NORDEN will in connection 800 600 Combined dry/tanker peers Result MSCI Transportation with Q1 2026 distri
Slide 23: Business Model
BUSINESS MODEL CARGO PROVIDERS TONNAGE PROVIDERS DRY CARGO MARKET POSITION DRY CARGO MINERALS · AGRICULTURE CAPESIZE · PANAMAX · SUPRAMAX Exposure · Regional · Optionality PROJECT CARGO · CONSTRUCTION · HANDYSIZE· MPP Cargo VESSEL SELECTION Tonnage demand Owned · Leased · Chartered TANKERS TANKERS D
Slide 24: 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 24 PRESENTATION OF FIRST QUARTER RESULTS 2026
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