Dampskibsselskabet Norden A/s · OMXCOP:DNORD
Dampskibsselskabet Norden A/s — Dampskibsselskabet Ord — Q3 2025 Earnings Presentation
23 slides from Dampskibsselskabet Norden A/s's earnings presentation, Oct 30, 2025
Slide 1: NORDEN Presentation Q3 2025
30 October 2025 NORDEN PRESENTATION Q3 2025
Slide 2: Group Financial Highlights – Q3 2025
GROUP FINANCIAL HIGHLIGHTS – Q3 2025 RESULTS DRIVEN BY ASSET MANAGEMENT AND VESSEL SALES KEY TAKEAWAYS GROUP NET PROFIT GROUP KEY METRICS USD million End Q3 2025 • Group net profit of USD 26 million and a ROIC of 10% in 60 Q3 2025 52 Net asset value (NAV) Return on invested capital (ROIC) 50 362 10%
Slide 3: Stronger markets driving NAV to DKK 362 per share
GROUP FINANCIAL HIGHLIGHTS – Q3 2025 STRONGER MARKETS DRIVING NAV TO DKK 362 PER SHARE NET ASSET VALUE (NAV) NAV SENSITIVITY End Q3 2025 A 10% increase or decline in both asset values and forward freight rates would lead to a NAV of DKK 426 or DKK 297 per share, while a 20% increase or decline would
Slide 4: Freight Services & Trading: Improvement initiatives ongoing
FREIGHT SERVICES & TRADING IMPROVEMENT INITIATIVES ONGOING KEY TAKEAWAYS FREIGHT SERVICES & TRADING KEY METRICS FREIGHT SERVICES & TRADING EBITDA PER VESSEL DAY EBITDA per segment Q3 2025 (USD million) USD per day • EBITDA of USD -13.6 million in Q3 2025 200 Dry operator – large vessels Dry operator
Slide 5: Asset Management: Strong operational performance combined with sales gains
ASSET MANAGEMENT STRONG OPERATIONAL PERFORMANCE COMBINED WITH SALES GAINS KEY TAKEAWAYS ASSET MANAGEMENT KEY METRICS ASSET MANAGEMENT FLEET OVERVIEW EBITDA per segment Q3 2025 (USD million) Q3 2025 • EBITDA increased by 24% Y/Y to USD 62 million, due to Dry owner Tanker owner Owned vessels Leased ve
Slide 6: Market Development: Dry Bulk
MARKET DEVELOPMENT DRY BULK KEY TAKEAWAYS SUPRAMAX SPOT RATES USD per day 2024 9M 2025 • Dry cargo market gained ground in Q3 2025, 18,000 supported by a stronger coal 16,000 trade after a soft H1 14,000 • New port fees create inefficiencies and disrupts 12,000 trade routes – we are well positioned
Slide 7: Market Development: Tankers
MARKET DEVELOPMENT TANKERS KEY TAKEAWAYS MR SPOT RATES USD per day 2024 9M 2025 • MR spot rates recovered Y/Y 60,000 − Supported by global fleet inefficiencies driven by sanctions, safety concerns 50,000 and an ageing fleet − Stronger crude production could add further support in 40,000 the near ter
Slide 8: Dynamic and flexible approach delivers good long-term returns
DYNAMIC AND FLEXIBLE APPROACH DELIVERS GOOD LONG-TERM RETURNS KEY TAKEAWAYS DYNAMIC AND FLEXIBLE APPROACH VALUE CREATION OVER TIME Return on invested capital (ROIC) and volatility, 5-year average • Diversity of business model Asset- with owner and operator heavy Avg. ROIC (%) activities across tanke
Slide 9: Full-year guidance upgraded on October 28: USD 100-140 million
FULL-YEAR GUIDANCE UPGRADED ON OCTOBER 28 KEY TAKEAWAYS EXPECTED FY 2025 NET PROFIT Incl. sales gains of USD 73 million • On the back of better-than- USD 100-140 million expected operational performance and rising markets, net profit guidance was upgraded on October 28 to USD 100 – 140 million GROUP
Slide 10: Q3 2025 Key Takeaways
Q3 2025 KEY TAKEAWAYS • Good first nine months of 2025 with a Group net profit of USD 111 million and a ROIC of 10% • On the back of better-than-expected operational performance and rising markets, full-year net profit guidance was upgraded on October 28 to USD 100–140 million • A strong quarterly i
Slide 11: Q3 2025 Questions & Answers
6320245 = = = QUESTIONS & ANSWEI
Slide 12: 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 13: Appendix
APPENDIX Fleet overview – NORDEN Group Capacity Coverage – NORDEN Group Extension and purchase option overview – Asset Management Shareholder distribution NORDEN at a glance 13 PRESENTATION OF Q3 2025
Slide 14: Fleet Overview NORDEN Group
FLEET OVERVIEW NORDEN GROUP At 30 September 2025 Vessels to be delivered Dry Cargo Vessels in operation - Asset Management only Capesize 16 7 Panamax 76 5 Supramax 74 6 Handysize 82 4 Multipurpose 29 9 Total 277 31 - of which own vessels Capesize 5 3 Panamax 1 0 Supramax 0 0 Handysize 0 0 Total 6 3
Slide 15: Capacity and Coverage NORDEN Group
CAPACITY AND COVERAGE NORDEN GROUP Capacity and coverage in cash USD, Dry Cargo, at 30 September 2025 Capacity and coverage in cash USD, Tankers, at 30 September 2025 2025 2026 2027 2025 2026 2027 2025 2026 2027 2025 2026 2027 Own vessels Vessel days Own vessels Vessel days C apesize 639 2,537 1,385
Slide 16: 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: 201 optio
Slide 17: Third Quarter 2025 Shareholder Cash Distribution
THIRD QUARTER 2025 SHAREHOLDER CASH DISTRIBUTION KEY TAKEAWAYS CASH DISTRIBUTED TO SHAREHOLDERS (USD MILLION) TOTAL SHAREHOLDER RETURN SINCE 2020 incl. proposed dividends and announced share buy-backs as of 30 September 2025 • NORDEN will in connection NORDEN Combined dry/tanker peers MSCI Transport
Slide 18: 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 Q4 2019 – Q3 2020 - rolli
Slide 19: NORDEN at a Glance
NORDEN AT A GLANCE 19 PRESENTATION OF Q3 2025
Slide 20: We enable smarter global trade
WE ENABLE SMARTER GLOBAL TRADE ER EN R OR , NOR OC O , EDEN CO EN EN, DEN R RE EN, NCO ER, ER N C N D EN , NN O , REECE O O, N O ON, O , N , C R C N D , N ED R E R E D N, OR CO RE E, N ORE ON R O DE NE RO, R N O, C E E O RNE, R Tonnes of cargo carried Vessels operated Number of offices Years We are
Slide 21: 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 22: Business Model: Dynamic and flexible approach
BUSINESS MODEL DYNAMIC AND FLEXIBLE APPROACH 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 Ca
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 Q3 2025
Dampskibsselskabet Ord — Q3 2025 Earnings Presentation on 6ix