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NORDEN 30 October 2025 PRESENTATION Q3 2025
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• Group net profit of USD 26 million and a ROIC of 10% in Q3 2025 • NAV increased 7% Q/Q to DKK 362 per share • Asset Management performs great with increased EBITDA Y/Y • Improved operational performance in Freight Services & Trading Y/Y, but still challenged • FY net profit guidance raised to USD 100 – 140 million on October 28 USD million GROUP FINANCIAL HIGHLIGHTS – Q3 2025 RESULTS DRIVEN BY ASSET MANAGEMENT AND VESSEL SALES KEY TAKEAWAYS GROUP NET PROFIT GROUP KEY METRICS End Q3 2025 Return on invested capital (ROIC) 10% Last twelve months Added vessels (YTD) 23 22 new leases, 1 purchased Net asset value (NAV) 362 DKK per share Sold vessels (YTD) 22 6 tankers, 16 dry 2 25 30 33 52 26 0 10 20 30 40 50 60 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 PRESENTATION OF Q3 2025
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End Q3 2025 GROUP FINANCIAL HIGHLIGHTS – Q3 2025 STRONGER MARKETS DRIVING NAV TO DKK 362 PER SHARE NAV SENSITIVITYNET ASSET VALUE (NAV) USD million Dry Tankers Total Market value of owned vessels 885 225 1,110 Estimated market value of leased vessels and cover (incl. purchase options) 155 181 336 Total portfolio value 1,040 406 1,446 Net financial position (incl. leases) 375 Investments in newbuildings and secondhand vessels -330 Other net assets 155 Total NAV 1,646 NAV per share, DKK 362 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 lead to a NAV of DKK 252 or DKK 496 per share at the end of Q3. 3 PRESENTATION OF Q3 2025 DKK 252 DKK 297 DKK 362 DKK 426 DKK 496 -20% -10% NAV Q3 2025 +10% +20%
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• EBITDA of USD -13.6 million in Q3 2025 • Dry operator – large vessels – Challenged by high vessel costs to service lower paying cargo • Dry operator – small vessels – Improved performance due to strong execution and efficient fleet positioning • Tanker operator – Good TCE earnings and strong margins, although lower Y/Y on a strong comparative quarter • Logistics – Improved EBITDA but the segment remains in an investment phase FREIGHT SERVICES & TRADING IMPROVEMENT INITIATIVES ONGOING KEY TAKEAWAYS FREIGHT SERVICES & TRADING KEY METRICS Note: For reconciliation with IFRS 16 financial accounts, please see note 2 in the Q3 2025 Interim report Dry operator – small vessels 9.1 Q3 2024: USD 4.9m Logistics 1.0 Q3 2024: -3.8m Dry operator – large vessels -26.1 Q3 2024: USD -29.8m Tanker operator 2.4 Q3 2024: USD 13.0m EBITDA per segment Q3 2025 (USD million) USD per day FREIGHT SERVICES & TRADING EBITDA PER VESSEL DAY -600 -500 -400 -300 -200 -100 0 100 200 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 4 PRESENTATION OF Q3 2025
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• EBITDA increased by 24% Y/Y to USD 62 million, due to higher sales gains – Dry owner driven by strong Capesize TCE earnings – Tanker owner EBITDA driven by good exposure to a strong tanker market • Realising significant asset values while optimising fleet portfolio – 22 vessels sold YTD, of which 15 from purchase options – In addition, one vessel purchased and 22 new leases added EBITDA per segment Q3 2025 (USD million) ASSET MANAGEMENT STRONG OPERATIONAL PERFORMANCE COMBINED WITH SALES GAINS KEY TAKEAWAYS ASSET MANAGEMENT KEY METRICS ASSET MANAGEMENT FLEET OVERVIEW Leased vessels 65 39 dry, 26 tankers Purchase options 83 58 dry, 25 tankers Owned vessels 11 6 dry, 5 tankers Future additions 32 31 dry, 1 tanker Q3 2025 Note: For reconciliation with IFRS 16 financial accounts, please see note 2 in the Q3 2025 Interim report Dry owner 22.5 Q3 2024: USD 18.9m Tanker owner 39.0 Q3 2024: USD 30.7m 5 PRESENTATION OF Q3 2025 18.9 42.6 22.8 31.1 22.5 30.7 17.8 24.0 37.2 39.0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Dry owner Tanker owner 49.6 60.4 46.8 68.3 61.5
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• Dry cargo market gained ground in Q3 2025, supported by a stronger coal trade after a soft H1 • New port fees create inefficiencies and disrupts trade routes – we are well positioned to navigate the changing landscape and optimise routes • Firm long-term outlook remains based on favourable supply dynamics USD per day MARKET DEVELOPMENT DRY BULK KEY TAKEAWAYS SUPRAMAX SPOT RATES 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 2024 9M 2025 6 PRESENTATION OF Q3 2025
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• MR spot rates recovered Y/Y − Supported by global fleet inefficiencies driven by sanctions, safety concerns and an ageing fleet − Stronger crude production could add further support in the near term • Ceasefire agreements in the Middle East unlikely to lead to an immediate increase in Red Sea transits • Some rate weakness expected in the second half of 2026 from gradual increase in N/B deliveries USD per day MARKET DEVELOPMENT TANKERS KEY TAKEAWAYS MR SPOT RATES 0 10,000 20,000 30,000 40,000 50,000 60,000 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 2024 9M 2025 7 PRESENTATION OF Q3 2025
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NORDEN Asset- heavy Asset- light Dry cargo exposure Tanker exposure • Diversity of business model with owner and operator activities across tankers and dry • Ability to adjust exposure to navigate market volatility • Ambition to generate a higher degree of stability in earnings and protect the downside risk, while also embracing volatility to capture the potential in high markets Return on invested capital (ROIC) and volatility, 5-year average Source: Bloomberg, Q4 2020 – Q3 2025 Bloomberg data differs from company-reported figures due to an alternative calculation methodology DYNAMIC AND FLEXIBLE APPROACH DELIVERS GOOD LONG-TERM RETURNS OMXC25 Avg. dry peers Avg. tanker peers 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 0% 5% 10% 15% Avg. ROIC (%) Volatility in ROIC (%) KEY TAKEAWAYS DYNAMIC AND FLEXIBLE APPROACH VALUE CREATION OVER TIME 8 PRESENTATION OF Q3 2025
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• On the back of better-than- expected operational performance and rising markets, net profit guidance was upgraded on October 28 to USD 100 – 140 million (previously USD 70 – 130 million) • Strong operating earnings in Asset Management driven by profitable coverage and a firm tanker spot market • Operating earnings in Freight Services & Trading are expected to improve towards break-even levels Vessels FULL-YEAR GUIDANCE UPGRADED ON OCTOBER 28 KEY TAKEAWAYS EXPECTED FY 2025 NET PROFIT GROUP POSITION BY END-OCTOBER USD 100-140 million Incl. sales gains of USD 73 million 0 50 100 150 200 250 300 350 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 Q1 2029 Q2 2029 Q3 2029 Q4 2029 Q1 2030 Open Dry Cargo Open Tanker Covered Total 9 PRESENTATION OF Q3 2025
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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 increase in asset values drove NAV to DKK 362 per share • 22 vessels sold as we realise significant asset values – 15 from declared purchase options • 22 new leases added YTD, of which 14 MPP vessels to drive expansion in a project cargo market underpinned by strong fundamentals • Actions to ensure improved performance in FST from 2026 and onwards 10 PRESENTATION OF Q3 2025
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Q3 2025 QUESTIONS & ANSWERS
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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 from the projections. Factors that may cause such variance include, but are not limited to, changes in macro-economic 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. PRESENTATION OF Q3 2025 FORWARD LOOKING STATEMENTS 12
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PRESENTATION OF Q3 2025 APPENDIX Fleet overview – NORDEN Group Capacity Coverage – NORDEN Group Extension and purchase option overview – Asset Management Shareholder distribution NORDEN at a glance 13
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FLEET OVERVIEW NORDEN GROUP 14 PRESENTATION OF Q3 2025 At 30 September 2025 Dry Cargo Vessels in operation Vessels to be delivered - 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 Tankers Vessels in operation Vessels to be delivered MR 103 1 Handysize T 0 0 LR2 0 0 Total 103 1 - of which own vessels MR 5 0 Total 5 0 Total number of vessels 380 32 - of which own vessels 11 3
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CAPACITY AND COVERAGE NORDEN GROUP 15 PRESENTATION OF Q3 2025 Costs are excluding O/A. For segments which are operated in a pool the TCE is after management fee. All days include JVs. Cash standardised to Baltic exchange benchmark vessels. 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 Own vessels MR 543 2,187 2,158 Total 543 2,187 2,158 Chartered vessels & long FFA MR 3,606 9,674 7,465 17,982 16,993 16,954 Total 3,606 9,674 7,465 17,982 16,993 16,954 Total capacity 4,149 11,861 9,623 Coverage & short FFA MR 2,476 6,422 4,554 22,009 21,293 21,289 Total 2,476 6,422 4,554 22,009 21,293 21,289 Coverage in % MR 60% 54% 47% Total 60% 54% 47% Vessel days Vessel days Average cost of capacity per day (USD) Vessel days Average cover rate per day (USD) 2025 2026 2027 2025 2026 2027 Own vessels C apesize 639 2,537 1,385 Panamax 95 369 358 Supramax Handysize Total 734 2,906 1,743 Chartered vessels & long FFA C apesize 6,761 3,434 1,385 23,126 18,342 19,366 Panamax 5,438 7,492 5,161 13,320 12,868 11,980 Supramax 5,750 9,113 4,775 12,650 11,960 12,570 Handysize 1,867 5,103 3,322 12,345 11,760 11,999 Multipurpose 928 1,774 2,614 8,796 10,790 12,516 Total 20,744 26,916 17,257 16,040 12,912 12,821 Total capacity 21,478 29,821 19,000 Coverage & short FFA C apesize 6,766 4,422 216 22,526 18,757 19,749 Panamax 5,757 6,608 715 12,579 11,593 13,965 Supramax 4,716 7,089 1,648 12,519 10,899 11,456 Handysize 1,912 1,369 425 12,441 10,416 10,822 Multipurpose 581 991 571 12,901 13,115 13,349 Total 19,732 20,479 3,575 15,972 12,895 12,686 Coverage in % C apesize 91% 74% 8% Panamax 104% 84% 13% Supramax 82% 78% 35% Handysize 102% 27% 13% Multipurpose 63% 56% 22% Total 92% 69% 19% Vessel days Vessel days Average cost of capacity per day (USD) Vessel days Average cover rate per day (USD)
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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 options in total (132 options on dry cargo vessels and 69 on tanker vessels) with around 68,620 days in total • Purchase options: 83 options in total (58 in dry cargo, 25 in tankers) of which 39 are in the money and declarable within the next two years ASSET MANAGEMENT EXTENSIVE OPTIONALITY IN AN UNCERTAIN ENVIRONMENT 16 PRESENTATION OF Q3 2025 No. of options: Tankers Average age at declaration PURCHASE OPTIONS (Average price per vessel type per year) EXTENSION OPTIONS (Average rate per vessel type per year) 6 4 3 12 4 3 4 4 Dry cargoDry cargo 4 11 12 42 2 13 12 105 18 4 8 28 Tankers No. of options: Supramax 5-year old MR 5-year old 20 30 40 50 60 70 80 2025 2026 2027 2028+ USD million HANDYSIZE SUPRAMAX PANAMAX MR CAPESIZE MPP Supramax 1-year TC MR 1-year TC 5000 10000 15000 20000 25000 30000 35000 2025 2026 2027 2028+ USD/day
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• NORDEN will in connection with Q3 2025 distribute USD 20 million to shareholders through an interim dividend of DKK 2 per share and a new share buy-back programme of USD 10 million, resulting in a distribution ratio of 77% • Annualised shareholder returns of 30% per year since Q3 2021 • NORDEN have distributed USD 1.2 billion to shareholders through dividends and share buy-backs during the past five years THIRD QUARTER 2025 SHAREHOLDER CASH DISTRIBUTION KEY TAKEAWAYS CASH DISTRIBUTED TO SHAREHOLDERS (USD MILLION) incl. proposed dividends and announced share buy-backs as of 30 September 2025 TOTAL SHAREHOLDER RETURN SINCE 2020 17 PRESENTATION OF Q3 2025 40 135 125 64 27 100 425 212 36 30 205 744 400 163 111 0 100 200 300 400 500 600 700 800 USD million Share buy-back Dividend Result 2021 2022 2023 2024 2025 YTD 0 100 200 300 400 500 600 700 Sept/20 Dec/20 Mar/21 Jun/21 Sept/21 Dec/21 Mar/22 Jun/22 Sept/22 Dec/22 Mar/23 Jun/23 Sept/23 Dec/23 Mar/24 Jun/24 Sept/24 Dec/24 Mar/25 Jun/25 Sept/25 NORDEN Combined dry/tanker peers MSCI Transportation KAXCAP
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18 STRATEGY UPDATE STATUS ON STRATEGIC OBJECTIVES PRESENTATION OF Q3 2025 Growth Total number of vessel days - baseline Q4 2019 – Q3 2020 1% Rolling five years CAGR of min . 5% per year Profitability EBITDA margin per day in FST - rolling five years USD 1,252 Rolling five years Average of min . USD 500 per day Value creation Return on Invested Capital (ROIC) - rolling five years 24% Rolling five years Average of min . 12% per year Decarbonisation Development in energy efficiency operating indicator - baseline FY 2022 15% T arget by 2030 Reduction of min. . 16% Shareholder Returns Total shareholder returns (TSR) - rolling five years 30% Rolling five years Average of min. . 10% per year Status in Q3 2025 T arget Status in Q3 2025 T arget
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PRESENTATION OF Q3 2025 NORDEN AT A GLANCE 19
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NN O , O ON , N O, C E R O DE NE RO, R D N, OR CO RE E , ON N ORE N , C N E O RNE, R O , C R EN , REECE CO EN EN, DEN R NCO ER, C N D D , N ED R E R E O O , N RE EN, ER N EDEN OC O , NOR ER EN R OR , 400 on average Vessels operated 154 Years of heritage 52 We are nationalities across NORDEN2020 140m In 2024 Tonnes of cargo carried 19 around the world Number of offices WE ENABLE SMARTER GLOBAL TRADE
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NORDEN’s first motor vessel, NORDBO is delivered 1923: Mads C. Holm founds NORDEN; first vessel delivered in 1872 1871: 1892: The last liner-type vessel, NORDFARER, is sold 1979: NORDEN establishes Norient Product Pool with pool-partner Interorient Navigation Company Ltd., Cyprus 2005: NORDEN finalises its first sustainability strategy with focus on e.g. reducing CO2 emissions 2013: Dampskibsselskabet NORDEN acquires a new domicile only a few hundred metres from the Royal place, at No. 49 Amaliegade The first of 5 dry cargo vessels is delivered from Japan, and NORDEN enters what today is the core business of the Company 1973: NORDEN’s last steamship, NORDLYS is sold 1946: NORDEN celebrates its first test voyage with a large ocean- ongoing vessel powered solely on CO2 neutral biofuel 2019: NORDEN moves into its new domicile Bryghuset 2008: NORDEN celebrates 150 years of sailing the seven seas 2021: NORDEN launches its new climate strategy and commits to five climate initiatives to help its customers decarbonise their supply chains 2022: 21 NORDEN conducts first merger in company history by acquiring Thorco Projects and entered Capesize operations 2023: NORDEN AT A GLANCE NORDEN acquires NORLAT Shipping with the purpose to further enhance the Projects & Parcelling activities 2024: PRESENTATION OF Q3 2025
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Project cargo Agile capacity management Our resources People Network Data Brand Cargo owners Cargo Dry cargo Liquid bulk Tonnage providers Vessels Dry cargo Tankers Market positioning • Market exposure • Regional exposure • Tonnage optionality Vessel selection • Owned vessels • Leased vessels • Chartered vessels Cargo & coverage • Spot • Cover (COA, TC, FFA) Products & Services • Freight services • Port logistics • Climate solutions Multipurpose PRESENTATION OF Q3 2025 22 BUSINESS MODEL DYNAMIC AND FLEXIBLE APPROACH
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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