Dampskibsselskabet Norden A/s · OMXCOP:DNORD
Dampskibsselskabet Norden A/s — Norden — Q2 2025 Earnings Presentation
20 slides from Dampskibsselskabet Norden A/s's earnings presentation, Aug 14, 2025
Slide 1: NORDEN Presentation Q2 2025
14 August 2025 NORDEN PRESENTATION Q2 2025
Slide 2: Highlights Second Quarter 2025: Group Highlights
Group EBITDA & Net Profit HIGHLIGHTS SECOND QUARTER 2025 USD million GROUP HIGHLIGHTS 160 129 131 124 120 115 115 • Group net profit of USD 52 million and a ROIC of 10%, driven by sales gains combined with 80 52 46 profitable contract cover in weaker spot markets 40 30 33 25 0 • Favorable markets fo
Slide 3: Freight Services & Trading
Freight Services & Trading EBITDA per vessel day HIGHLIGHTS SECOND QUARTER 2025 FREIGHT SERVICES & TRADING USD / day 200 100 0 -100 -200 -300 • EBITDA of USD -8.3 million in Q2 2025 (USD -8.1 million) -400 -500 -600 • Dry operator – large vessels: Improved Y/Y performance as a result of lower charte
Slide 4: Asset Management
Asset Management HIGHLIGHTS SECOND QUARTER 2025 EBITDA per segment ASSET MANAGEMENT Dry owner USD 31.1m • 20 vessels sold YTD, of which 13 were from declared purchase options Q2 2024: USD 20.4 million • 18 new lease agreements signed YTD for high quality vessels, including 10 Multi-purpose (MPP) ves
Slide 5: Market Position: Challenging Market Conditions
Supramax spot rates MARKET POSITION USD / day 2024 2025 CHALLENGING MARKET CONDITIONS 18,000 16,000 14,000 • Dry cargo spot rates down 33% vs Q2 last year; asset prices still firm 12,000 10,000 • Weak demand growth - total tons transported up 0.5% 8,000 • Driven by RoW while China negative 6,000 4,0
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: Raising Lower End of Range
GUIDANCE Full-year guidance RAISING LOWER END OF RANGE Net profit • We raise the lower end and narrow our full-year net profit guidance to USD 70 USD 70-130m – 130 million (previously USD 50 – 130 million) Incl. sales gains of USD 70 million • Includes sales gains from already agreed transactions of
Slide 8: Key Takeaways
KEY TAKEAWAYS • Good first half of 2025 with a Group net profit of USD 85 million and a ROIC of 10% • 38 asset transactions as we realise significant asset values while optimising our fleet portfolio • Actions to ensure improved performance in FST from 2026 and onwards • Long-term fundamentals remai
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 Q2 2025
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 Q2 2025
Slide 12: Fleet Overview NORDEN Group
FLEET OVERVIEW NORDEN GROUP At 30 June 2025 Vessels to be delivered Dry Cargo Vessels in operation - Asset Management only Capesize 17 7 Panamax 74 5 Supramax 82 8 Handysize 102 4 Multipurpose 30 8 Total 305 32 - Of which own vessels Capesize 5 3 Panamax 0 0 Supramax 0 0 Handysize 0 0 Total 5 3 Tank
Slide 13: Capacity and Coverage NORDEN Group
CAPACITY AND COVERAGE NORDEN GROUP Capacity and coverage in cash USD, Dry Cargo, at 30 June 2025 Capacity and coverage in cash USD, Tankers, at 30 June 2025 2025 2026 2027 2025 2026 2027 2025 2026 2027 2025 2026 2027 Own vessels Vessel days C apesize 920 1,825 2,681 Own vessels Vessel days Panamax 0
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 increased newbuilding prices and near-term lower visibility on freight rates due to the macro-economic uncertainties • Extension options: 195 opt
Slide 15: Second Quarter 2025 Shareholder Cash Distribution
Cash distributed to shareholders (USD million) SECOND QUARTER 2025 incl. proposed dividends and announced share buy-backs SHAREHOLDER CASH DISTRIBUTION USD million 800 75% 700 600 500 84% 400 744 425 • NORDEN will in connection with Q2 2025 distribute USD 20 million to shareholders 300 68% 212 200 4
Slide 16: NORDEN at a Glance
NORDEN AT A GLANCE 16 PRESENTATION OF Q2 2025
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 Q2 2025
Slide 18: NORDEN at a Glance: 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 Vessels Cargo & covera
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 Q3 2019 - Q2 2020 - rolli