Dampskibsselskabet Norden A/s · OMXCOP:DNORD
Dampskibsselskabet Norden A/s — Dampskibsselskabet Ord — Q3 2026 Earnings Presentation
29 slides from Dampskibsselskabet Norden A/s's earnings presentation, Oct 29, 2026
Slide 1: Interim Report Third Quarter 2026
ANNOUNCEMENT NO. 251 – 28 October 2026 INTERIM REPORT THIRD QUARTER 2026 DAMPSKIBSSELSKABET NORDEN A/S 52, STRANDVEJEN, DK-2900 HELLERUP, DENMARK CVR NUMBER 67758919
Slide 2: Highlights — Third Quarter 2026
Third Quarter 2026 NORDEN Interim Financial Report 2 HIGHLIGHTS — THIRD QUARTER 2026 Group results Business highlights Guidance • Net profit for the Group amounted to USD 53.9 • Strong operational performance across both Dry • We increase the full-year net profit guidance to million in the third qua
Slide 3: Key Figures & Financial Ratios
Third Quarter 2026 NORDEN Interim Financial Report 3 KEY FIGURES & FINANCIAL RATIOS Q3 Q3 Q1-Q3 Q1-Q3 FY Q3 Q3 Q1-Q3 Q1-Q3 FY Amounts in USD million 2026 2025 2026 2025 2025 2026 2025 2026 2025 2025 Income statement Environmental and social figures Revenue 1,114.9 737.0 2,975.8 2,316.2 3,125.7 EEOI
Slide 4: Group Financial Review
Third Quarter 2026 NORDEN Interim Financial Report 4 GROUP FINANCIAL REVIEW Earnings Cash flow from financing activities was USD -122.1 2025), while total cash, cash equivalents and term ROIC and Total Invested Capital The time charter equivalent revenue (TCE) million (USD -101.9 million), mainly re
Slide 5: Group Fleet Overview and Net Asset Value
Third Quarter 2026 NORDEN Interim Financial Report 5 GROUP FLEET OVERVIEW AND NET ASSET VALUE NORDEN Group core fleet Q3 2026 Fleet update 1.5 billion of covered TCE revenue through 2029. Net asset value and share buy-backs Owned vessels Long-term leases 16 70 Overall, YTD fleet activity is in line
Slide 6: Dry Cargo Market
Third Quarter 2026 NORDEN Interim Financial Report 6 DRY CARGO MARKET The dry cargo market was strong in Q3 2026, with spot rates firm trades, but this was more than offset by the supportive supply-side Looking ahead, the outlook for 2027 is for continued strong markets. across all segments and the
Slide 7: Dry Cargo Financial Review
Third Quarter 2026 NORDEN Interim Financial Report 7 DRY CARGO FINANCIAL REVIEW Dry cargo business unit key figures USD million Q3 2026 Q3 2025 LTM T/C equivalent revenue 577.7 366.6 1,941.3 P/L from sale of vessels 4.4 11.2 30.8 EBIT 16.5 -1.2 -26.2 The Dry cargo business continued to strengthen, w
Slide 8: Tanker Market
Third Quarter 2026 NORDEN Interim Financial Report 8 TANKER MARKET Product tanker rates rebounded strongly during Q3, with the most high ordering activity, particularly in the crude tanker segments, Looking into 2027, we continue to expect healthy product tanker pronounced gains seen in the East. Th
Slide 9: Tankers Financial Review
Third Quarter 2026 NORDEN Interim Financial Report 9 TANKERS FINANCIAL REVIEW Tanker business unit key figures USD million Q3 2026 Q3 2025 LTM T/C equivalent revenue 107.2 110.3 448.9 P/L from sale of vessels - 15.9 37.4 Tanker markets remained strong, with elevated spot rates due to the continued d
Slide 10: Outlook for 2026
Third Quarter 2026 NORDEN Interim Financial Report 10 OUTLOOK FOR 2026 Guidance Dry cargo Distribution policy Further information We increase the full-year net profit guidance to In Dry cargo, market conditions remain favourable NORDEN’s policy to distribute minimum 50% of the Therese Möllevinge Hea
Slide 11: Statement by the Board of Directors and Executive Management
Third Quarter 2026 NORDEN Interim Financial Report 11 STATEMENT BY THE BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT The Board of Directors and the Executive Besides what has been disclosed in the Interim Copenhagen, 28 October 2026 Management have today reviewed and approved Report, no other signifi
Slide 12: Interim Consolidated Income Statement
Third Quarter 2026 NORDEN Interim Financial Report 12 INTERIM CONSOLIDATED INTERIM CONSOLIDATED STATEMENT INCOME STATEMENT OF COMPREHENSIVE INCOME Q3 Q3 Q1-Q3 Q1-Q3 FY Q3 Q3 Q1-Q3 Q1-Q3 FY Amounts in USD million Note 2026 2025 2026 2025 2025 Amounts in USD million Note 2026 2025 2026 2025 2025 Reven
Slide 13: Interim Consolidated Statement of Financial Position
Third Quarter 2026 NORDEN Interim Financial Report 13 INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION Assets Equity and liabilities 30/9 30/9 31/12 30/9 30/9 31/12 Amounts in USD million Note 2026 2025 2025 Amounts in USD million Note 2026 2025 2025 Goodwill 7 44.6 44.6 44.6 Share capital 4.7 4
Slide 14: Interim Consolidated Statement of Cash Flows
Third Quarter 2026 NORDEN Interim Financial Report 14 INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS Q3 Q3 Q1-Q3 Q1-Q3 FY Q3 Q3 Q1-Q3 Q1-Q3 FY Amounts in USD million Note 2026 2025 2026 2025 2025 Amounts in USD million Note 2026 2025 2026 2025 2025 Profit for the period 53.9 26.0 165.9 110.5 120.3 Cas
Slide 15: Interim Consolidated Statement of Changes in Equity
Third Quarter 2026 NORDEN Interim Financial Report 15 INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Shareholders of NORDEN Shareholders of NORDEN Share Reserve for Retained Total Share Reserve for Retained Total Amounts in USD million capital hedges earnings equity Amounts in USD million capit
Slide 16: Notes: Basis of Preparation
Third Quarter 2026 NORDEN Interim Financial Report 16 NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 1. Basis of preparation and changes to NORDEN’s accounting policies 1.1 Basis of preparation 1.2 Changes in accounting policies and disclosures The interim consolidated financial statements f
Slide 17: Notes: Comparability of Segment Information
Third Quarter 2026 NORDEN Interim Financial Report 17 NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 1. Basis of preparation and changes to NORDEN’s accounting policies – continued 1.3 Comparability of segment information Segment information is presented on the same basis as in the 2025 Annu
Slide 18: Operational Segment Information Q3 2026
Third Quarter 2026 NORDEN Interim Financial Report 18 NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 2. Operational segment information Q3 2026 Total before Dry operator - Dry operator - Total Tanker Tanker Total lease Lease Group Amounts in USD million Dry owner large vessels small vessels
Slide 19: Operational Segment Information Q3 2025
Third Quarter 2026 NORDEN Interim Financial Report 19 NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 2. Operational segment information – continued Q3 2025 Total before Dry operator - Dry operator - Total Tanker Tanker Total lease Lease Group Amounts in USD million Dry owner large vessels sm
Slide 20: Operational Segment Information Q1-Q3 2026
Third Quarter 2026 NORDEN Interim Financial Report 20 NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 2. Operational segment information – continued Q1-Q3 2026 Total before Dry operator - Dry operator - Total Tanker Tanker Total lease Lease Group Amounts in USD million Dry owner large vessels
Slide 21: Operational Segment Information Q1-Q3 2025
Third Quarter 2026 NORDEN Interim Financial Report 21 NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 2. Operational segment information – continued Q1-Q3 2025 Total before Dry operator - Dry operator - Total Tanker Tanker Total lease Lease Group Amounts in USD million Dry owner large vessels
Slide 22: Impact from Lease Accounting per Segment Q3 2026
Third Quarter 2026 NORDEN Interim Financial Report 22 NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 2. Operational segment information – continued Specification of impact from lease accounting per segment Q3 2026 Dry operator - Dry operator - Total Total Group Amounts in USD million Dry own
Slide 23: Impact from Lease Accounting per Segment Q1-Q3 2026
Third Quarter 2026 NORDEN Interim Financial Report 23 NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 2. Operational segment information – continued Specification of impact from lease accounting per segment Q1-Q3 2026 Dry operator - Dry operator - Total Total Group Amounts in USD million Dry
Slide 24: Segregation of Revenue; Operating Expenses
Third Quarter 2026 NORDEN Interim Financial Report 24 NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 3. Segregation of revenue 4. Operating expenses Q3 Q3 Q1-Q3 Q1-Q3 FY Vessel operating expenses Amounts in USD million 2026 2025 2026 2025 2025 Q3 Q3 Q1-Q3 Q1-Q3 FY Amounts in USD million 2026
Slide 25: Financial Income and Expenses
Third Quarter 2026 NORDEN Interim Financial Report 25 NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 5. Financial income and expenses Q3 Q3 Q1-Q3 Q1-Q3 FY 30/9 30/9 31/12 Amounts in USD million 2026 2025 2026 2025 2025 Amounts in USD million 2026 2025 2025 Interest income 2.9 2.4 10.8 7.6 11
Slide 26: Intangible Assets; Vessels
Third Quarter 2026 NORDEN Interim Financial Report 26 NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 7. Intangible assets 8. Vessels 30/9 30/9 31/12 30/9 30/9 31/12 Amounts in USD million 2026 2025 2025 Amounts in USD million 2026 2025 2025 Goodwill Cost at 1 January 943.9 801.7 801.7 Cost a
Slide 27: Leases; Prepayments on Vessels and Newbuildings
Third Quarter 2026 NORDEN Interim Financial Report 27 NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 9. Leases – lessee 10. Prepayments on vessels and newbuildings 30/9 30/9 31/12 30/9 30/9 31/12 Amounts in USD million 2026 2025 2025 Amounts in USD million 2026 2025 2025 Right-of-use assets
Slide 28: Assets Held for Sale; Related Parties; Contingencies
Third Quarter 2026 NORDEN Interim Financial Report 28 NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 11. Assets held for sale 12. Related party disclosure 30/9 30/9 31/12 No significant changes have occurred to related parties or types and scale of transactions with these parties other than
Slide 29: Deliveries of Owned Vessels and CapEx
Third Quarter 2026 NORDEN Interim Financial Report 29 NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 14. Overview of deliveries of owned vessels and CapEx Deliveries of owned vessels Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Number of vessels 2026 2027 2027 2027 2027 2028 2028 2028 2028 2029
Dampskibsselskabet Ord — Q3 2026 Earnings Presentation on 6ix