Dampskibsselskabet Norden A/s · OMXCOP:DNORD
Dampskibsselskabet Norden A/s — Dampskibsselskabet Ord — Q2 2026 Earnings Presentation
20 slides from Dampskibsselskabet Norden A/s's earnings presentation, Aug 13, 2026
Slide 1: We Enable Smarter Global Trade
WE ENABLE SMARTER GLOBAL TRADE NORDEN is one of the world’s largest carriers, moving essential raw materials used in energy, food, construction and manufacturing Flexible capital deployment and disciplined exposure management through shipping cycles A broader earnings base driven by customer solutio
Slide 2: Global Carrier of Essential Raw Materials
INTRODUCTION TO NORDEN GLOBAL CARRIER OF ESSENTIAL RAW MATERIALS One integrated model combines customer solutions, flexible capacity and disciplined capital allocation 25% 5-year average ROIC 01 02 03 COMMERCIAL OPERATIONS EXPOSURE MANAGEMENT ASSET ALLOCATION Essential cargo and global customer acce
Slide 3: Industry Backdrop: Market Fundamentals Increasingly Favour NORDEN's Model
INDUSTRY BACKDROP MARKET FUNDAMENTALS INCREASINGLY FAVOUR NORDEN’S MODEL 01 02 03 Limited supply growth More complex global trade Why NORDEN benefits Ageing global fleet Geopolitical disruption and Customers increasingly prefer large, changing trade routes professional counterparties Modest dry carg
Slide 4: Significant Improvement in Group Net Profit Driven by Tankers, Asset Sales & Stronger Dry
SIGNIFICANT IMPROVEMENT IN GROUP NET PROFIT DRIVEN BY TANKERS, ASSET SALES & STRONGER DRY PERFORMANCE GROUP NET PROFIT GROUP KEY METRICS USD million 120 Group net profit (USD) Return on invested capital (ROIC) 101m 101 11% 100 80 Q2 2026 Last twelve months 60 52 Net asset value (NAV) Distribution (U
Slide 5: Earnings Mix by Business Unit
EARNINGS MIX BY BUSINESS UNIT STRONG TANKER EARNINGS AND IMPROVED DRY CARGO RESULTS EBIT DEVELOPMENT (excluding the effect of IFRS 16) USD million Dry cargo Tanker Total 100 80 60 81 40 32 47 20 39 24 18 8 0 -5 -1 -20 -45 Dry cargo back in the black despite H1’26 one-off costs of USD 30m related to
Slide 6: Changing Capital Allocation from Commoditised to Specialised Vessels
CHANGING CAPITAL ALLOCATION FROM COMMODITISED TO SPECIALISED VESSELS Owned vessels Long-term leases on water Future additions Purchase options 14 11 dry, 3 tankers 67 41 dry, 26 tankers 41 41 dry, 0 tankers 89 64 dry, 25 tankers POSITIONING MARGIN BASE MARGIN LARGE MEDIUM SMALL LOGISTICS CAPESIZE SU
Slide 7: Well Positioned to Capture Positive Market Fundamentals
WELL POSITIONED TO CAPTURE POSITIVE MARKET FUNDAMENTALS NAV AT DKK 466 PER SHARE HIGHLIGHTS ATTRACTIVE UPSIDE NET ASSET VALUE (NAV) SPLIT BY BUSINESS NAV SENSITIVITY TO ASSET VALUES & FORWARD FREIGHT RATES Total NAV USD 1,974 million as per end June 2026 Purchase options add asymmetric upside to NAV
Slide 8: Strong Markets Across Both Tankers and Dry Cargo
STRONG MARKETS ACROSS BOTH TANKERS AND DRY CARGO ELEVATED SPOT RATES AND FIRM ASSET VALUES AVG. SUPRAMAX SPOT RATES INCREASED 71% Y/Y AVG. MR SPOT RATES INCREASED 63% Y/Y Supramax spot rates (USD per day) 2024 2025 2026 MR spot rates (USD per day) 2024 2025 2026 25,000 80,000 70,000 20,000 60,000 50
Slide 9: Full-Year Guidance 2026
FULL-YEAR GUIDANCE 2026 RAISING LOWER END OF RANGE EXPECTED FY 2026 NET PROFIT (previously USD 120–190 million) USD 140-190 million Incl. sales gains of USD 79 million GROUP POSITION BY START AUGUST Vessels Open Dry Cargo Open Tanker Covered Total 500 450 400 350 300 250 200 150 100 50 0 Q3 2026 Q4
Slide 10: 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 11: NORDEN Conclusion: Why Invest
NORDEN CONCLUSION WHY INVEST 1 STRONG FUNDAMENTALS Constrained vessel supply; disruption increasingly favours large, reliable operators 2 FLEXIBLE MODEL Capital-light access, owned assets and embedded options 3 PROVEN RETURNS 25% average ROIC across 2021–2025 4 VISIBLE VALUE DKK 466 NAV per share ve
Slide 12: Q2 2026 Q&A
Q2 2026 WHY INVEST A differentiated shipping investment: asset-light, commercially Q&A agile and focused on returns through the cycle 1 STRONG FUNDAMENTALS 2 FLEXIBLE MODEL 3 PROVEN RETURNS 4 VISIBLE VALUE 5 FOCUS ON BASE MARGIN-DRIVEN EARNINGS 12 PRESENTATION OF Q2 2026
Slide 13: 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 14: Appendix
APPENDIX Fleet overview – NORDEN Group Capacity Coverage – NORDEN Group Extension and purchase option overview – Asset Management Shareholder distribution NORDEN business model 14 PRESENTATION OF Q2 2026
Slide 15: Fleet Overview June 2026 NORDEN Group
FLEET OVERVIEW 30 JUNE 2026 NORDEN GROUP DRY CARGO FLEET Vessels to be delivered Dry cargo Total fleet in operation Owned fleet T/C leased fleet - Asset Management only Capesize 19 4 3 5 Panamax 94 1 9 5 Supramax 111 1 17 1 Handysize 119 5 10 7 Multipurpose 28 0 2 23 Total 371 11 41 41 TANKER FLEET
Slide 16: Capacity and Coverage NORDEN Group
CAPACITY AND COVERAGE NORDEN GROUP Capacity and coverage in cash USD, Dry Cargo, at 30 June 2026 Capacity and coverage in cash USD, Tankers, at 30 June 2026 2026 2027 2028 2026 2027 2028 2026 2027 2028 2026 2027 2028 Own vessels Vessel days Own vessels Vessel days C apesize 953 3,004 3,324 MR 638 1,
Slide 17: 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: 230 optio
Slide 18: Second Quarter 2026 Shareholder Cash Distribution
SECOND QUARTER 2026 SHAREHOLDER CASH DISTRIBUTION KEY TAKEAWAYS DISTRIBUTIONS TO SHAREHOLDERS USD million Share buy-back Dividend Result • NORDEN will in connection with Q2 2026 distribute USD 800 34 million to shareholders through an interim dividend of 700 DKK 2 per share and a new 600 share buy-b
Slide 19: 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 demand VESSEL SELECTION Tonnage Owned · Leased · Chartered TANKERS TANKERS D
Slide 20: Thank You for Your Attention
THANK YOU FOR YOUR ATTENTION Dampskibsselskabet NORDEN A/S Strandvejen 52 DK-2900 Hellerup Denmark Phone: +45 3315 0451 www.norden.com Connect with us 20 PRESENTATION OF Q2 2026
Dampskibsselskabet Ord — Q2 2026 Earnings Presentation on 6ix