PRESENTATION OF

FIRST QUARTER RESULTS 2024

Copenhagen, Denmark, 25 April 2024

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 2024 and subsequent years are subject to uncertainty, and NORDEN's actual results may therefore differ from the projections.

Factors that may cause such variance include, but are not limited to, changes in macroeconomic and political conditions, particularly in the Company's principal markets; changes to the Company's rate assumptions and operating costs; volatility in rates and tonnage prices; regulatory changes; any disruptions to traffic and operations as a result of external events, etc.

2 PRESENTATION OF FIRST QUARTER RESULTS 2024

KEY STATEMENTS AND HIGHLIGHTS

FIRST QUARTER 2024

3 PRESENTATION OF FIRST QUARTER RESULTS 2024

KEY STATEMENTS FOR Q1 2024

BUSINESS HIGHLIGHTS

  • A first quarter characterised by volatility and uncertainties related to macroeconomics and geopolitical events, particular around Middle East and Red Sea
  • Financial performance as expected temporally impacted by lower margins in the dry cargo activities in Freight Services & Trading, while strong results from tanker activities and realised asset value gains
  • Continued positive market expectations contributing to increasing asset-valuesin Assets &
    Logistics
  • Structurally positioned in both tankers and dry cargo towards expected positive market development, with a contracted fleet of own and leased vessels of 31 vessels and more than 10,000 open days in Tankers and Dry Cargo for the remaining of 2024
  • Organisational leadership changes in Freight Services & Trading announced in April with the purpose of strengthening the commercial focus towards customers and across the business

4

PRESENTATION OF FIRST QUARTER RESULTS 2024

HIGHLIGHTS FIRST QUARTER 2024

FINANCIAL HIGHLIGHTS

  • Net profit result of USD 62 million and a ROIC of 26% (LTM) overall in line with expectations
  • Freight Services & Trading: Net profit of USD -27 million due to temporarily higher charter costs in the dry cargo activities as the market in the first quarter was unseasonably strong
  • Assets & Logistics: net profit of USD 89 million driven by high earnings coverage and USD 55 million in gains ion sale of vessels
  • Net Asset Value (NAV) for Assets & Logistics increased to DKK 372 per share driven by positive asset value development combined with value-accretiveshare buy-backs
  • Interim pay-out of USD 30 million or 48% of net profit for Q1 2024 allocated through dividend of
    DKK 2 per share and a new share buy-back program of USD 21 million
  • Reiterates full-year guidance for 2024 of a net profit in the range of USD 150-250 million (FY 23: USD 400 million), with margins in Freight Services & Trading expected to improve throughout the year.

5 PRESENTATION OF FIRST QUARTER RESULTS 2024

EBITDA

92

USD million

Q1 2023: 208 USD million

EBIT

72

USD million

Q1 2023: 156 USD million

Profit for the period

62

USD million

Q1 2023: 150 USD million

ROIC (LTM)

26

Percent

Q1 2023: 53 percent

Net Interest- bearing debt

-128

USD million

Q1 2023: 12

USD million

Free cash flow

-50

USD million

Q1 2023: 111

USD million

MARKET POSITION

ADDING DRY MARKET EXPOSURE

  • NORDEN continues building deferred dry cargo market exposure, driven by a structurally positive outlook on the market and the purchase of six Capesize vessels, hereof four new- buildings for delivery 2025-2027
  • Positive outlook for Dry cargo market based on a historical low orderbook, higher demolition due to an aging fleet, new environmental regulations and global economic recovery
  • Attractive near-term market conditions in Tankers expected to continue throughout the year, but with situation around the Red Sea and Panama Canal adding to the volatility
  • By mid April 2024, NORDEN had a total of:
    • ~ 4,200 net open MR eq. vessel days for 2024, across both business units.
    • ~ 6,600 net open Dry cargo eq. vessel days for 2024 across both business units
  • For the remainder of Q2 24, NORDEN by mid April had a neutral position in Dry cargo

6 PRESENTATION OF FIRST QUARTER RESULTS 2024

Dry Cargo Position - Group

(by mid April 2024)

Vessels

76

42

22

70

267

60

11

4

50

20

18

13

10

9

5

3

3

4

40

30

55

48

46

46

47

49

20

39

39

36

40

45

44

44

34

10

0

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2024 2024 2024 2025 2025 2025 2025 2026 2026 2026 2026 2027 2027 2027 2027

Open Dry Cargo

Covered Dry Cargo

Tanker Position - Group

(by mid April 2024)

Vessels 60

50

40

34

24

16

30

39

16

16

17

15

15

12

9

6

5

4

4

20

22

22

23

21

20

22

21

20

10

10

17

19

20

20

19

19

0

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2024 2024 2024 2025 2025 2025 2025 2026 2026 2026 2026 2027 2027 2027 2027

Open Tanker Covered Tanker

STRATEGY UPDATE

EXECUTING ON OUR LONG-TERM TARGETS

  • Overall positive performance across our strategic objectives, confirming our focus on delivering long-termvalue to our shareholders.
  • Return on Invested Capital (ROIC) since 2019 at 23% per year and 26% in the last 12 months
  • Increase in number of vessel days of 5% since Q2 2019 and 4% in the last 12 months
  • Despite short term headwinds in Freight Services & Trading, the average margin per day has been USD 1,166 per day since Q2 2019 and USD 235 per day in the last 12 months
  • Emission reductions (EEOI) of 10% compared to our 2022 baseline
    • Successful first engine trial with biofuel in collaboration with MASH Makes in Q1
    • Trial on board NORDEN vessel expected during the year
  • While Total Shareholder Returns (TSR) has been down 30% in the past 12 months, NORDEN since Q2 2019 have delivered positive returns of 39% per year on average

7 PRESENTATION OF FIRST QUARTER RESULTS 2024

Strategic Scorecard

Target

Value creation

Return on Invested Capital (ROIC) - avg. Q2 2019 - Q1 2024

23%

Growth

Total number of vessel days - baseline Q2 2019 - Q1 2024

CAGR 5%

Profitability

Margin per day in FST

- avg. per day Q2 2019 - Q1 2024

USD 1,166

Decarbonisation

Development in energy efficiency operating indicator (EEOI)

- baseline FY 2022

-10%

Shareholder Returns

Total shareholder returns (TSR) - avg. Q2 2019 - Q1 2024

39%

Target

Rolling five years

Average of min.

12%

per year

Rolling five years

CACG of min.

5%

per year

Rolling five years Average of min.

500

per year

Target by 2030 latest Reduction of min.

16%

Rolling five years

Average of min.

10%

per year

GUIDANCE

AND FINAL REMARKS

8 PRESENTATION OF FIRST QUARTER RESULTS 2024

GUIDANCE

FULL-YEAR 2024

  • Based on a first quarter result overall in line with expectations and the current market outlook, NORDEN reiterates the full-year guidance of a net profit in the range of USD 150-250million (FY 2023: USD 400 million)
    • The full-year guidance for 2024 still includes gains on sale of vessels from already signed and agreed transactions of USD 59 million (FY 2023: USD 79 million)
    • By mid April 2024, NORDEN had a total of ~ 4,200 open tanker equivalent vessel days and ~ 6,200 open dry cargo equivalent vessel days for the remainder of 2024 across both business units
  • Freight Services & Trading expectations are currently that earnings and margins per day will gradually improve throughout the rest of the year. Overall margins per day in 2024 will be materially lower compared to the realised in 2023
  • Assets & Logistics expectations are that earnings will continue at a high stable level throughout the year, driven by the high coverage across dry cargo and tankers and announced gains from sale of vessels and subleases related to charter-out of capacity

9

PRESENTATION OF FIRST QUARTER RESULTS 2024

FINAL REMARKS

A QUARTER IN LINE WITH EXPECTATIONS

  • Result for Q1 in line with expectations and stable high earnings in Assets & Logistics, however result affected by negative margins in Freight Services & Trading
  • Expanding market exposure in Dry cargo for 2024 and onwards due to positive forward sentiment, while Tanker market to stay near-termpositive, but exposed to higher volatility and macroeconomic and geopolitical risks
  • Continued strong execution on our strategic focus areas combined with a new organizational setup in Freight Services & Trading, making it possible for NORDEN to accelerate the commercial synergies across the business
  • Cash distribution to shareholders through announcement of interim dividend and a share buy- back programme of in total USD 30 million
  • NORDEN reiterates full-yearguidance for 2024 in the range of USD 150-250 million

10

PRESENTATION OF FIRST QUARTER RESULTS 2024

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Disclaimer

Dampskibsselskabet NORDEN A/S published this content on 25 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2024 07:14:22 UTC.