Dampskibsselskabet Norden (DNORD) investor relations material

Executive summary

• Net profit reached USD 101 million in Q2 2026, driven by strong tanker earnings, asset sales, and improved dry cargo performance.

• NAV per share rose 23% since the start of the year to DKK 466, reflecting significant asset value appreciation.

• The business model leverages commercial operations, exposure management, and asset allocation to optimize fleet utilization and returns, maintaining flexibility and disciplined capital allocation.

• Strategic focus is on reducing earnings volatility, deepening customer relationships, and expanding into specialized segments for higher-quality, stable earnings.

• Interim dividend of DKK 2 per share and a USD 25 million share buyback were announced.

Financial highlights

• Q2 2026 revenue reached USD 1,047.4 million, with net profit of USD 101 million and a last twelve months ROIC of 11%.

• NAV stood at USD 1,974 million or DKK 466 per share as of June 2026, up 23% since the start of the year.

• USD 34 million distributed to shareholders via dividends and share buybacks.

• Tanker division earned USD 81.1 million, up USD 30 million year-over-year; dry cargo EBIT improved to USD 8 million from a loss in Q1.

• Asset values increased 27%-28% across segments; spot rates up 17% in dry and 63% in MR tankers year-over-year.

Outlook and guidance

• Full-year net profit guidance raised to USD 140–190 million, including USD 79 million in vessel sales gains.

• Dry cargo outlook is firm with gradual improvement expected; tanker outlook more uncertain due to high order book and weaker fundamentals.

• High coverage in both large dry cargo and MR tankers for the next years, with over 70% of capacity covered.