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WE ENABLE SMARTER GLOBAL TRADE NORDEN is one of the world’s largest carriers, moving essential raw materials used in energy, food, construction and manufacturing Flexible capital deployment and disciplined exposure management through shipping cycles A broader earnings base driven by customer solutions and commercial capabilities, while preserving cyclical upside Q3 2026 PRESENTATION
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Global carrier of essential raw materials One integrated model combines customer solutions, flexible capacity and disciplined capital allocation INTRODUCTION TO NORDEN PRESENTATION OF Q3 20262 01 COMMERCIAL OPERATIONS Essential cargo and global customer access Optimise voyages, networks and utilisation 02 EXPOSURE MANAGEMENT 03 CAPITAL ALLOCATION Shift capital to best risk/reward segments Recycle capital and return it to shareholders 25% 5-year average ROIC Around 500 owned, leased and chartered vessels Adjust exposure as market conditions change
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PRESENTATION OF Q3 20263 A FAVOURABLE BACKDROP FOR FREIGHT MARKETS AND FOR SCALED OPERATORS ABLE TO MANAGE COMPLEXITY FOR CUSTOMERS Industry backdrop Trade complexity increases the value of NORDEN’s model 01 Global trade is becoming more complex Longer and less predictable trade routes Geopolitical, sanctions and regulatory complexity 02 Customers need capable counterparties Flexible and reliable capacity Scale, expertise and execution 03 Supply remains constrained Average fleet age 6 7 8 9 10 11 12 13 14 15 16 2002 2005 2007 2010 2013 2015 2018 2021 2023 2026 Total dry cargo Total tankers
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Use Increase/Decrease list level in topbar to change the fontsize Click right and save as template in your template-library or copy 1,576,430 shares repurchased YTD at an average price of DKK 317 USD million GROUP NET PROFIT Return on invested capital (ROIC) 12% Last twelve months Distribution in Q3 (USD) 24m Dividend DKK 2 per share Group net profit (USD) 54m Q3 2026 PRESENTATION OF Q3 2026 Net asset value (NAV) 523 DKK per share 4 26 10 11 101 54 0 20 40 60 80 100 120 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 GROUP KEY METRICS Share buy-back of USD 15m Strong operational performance Solid execution, successful regional positioning and firmer market rates
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Use Increase/Decrease list level in topbar to change the fontsize Click right and save as template in your template-library or copy 0 5,000 10,000 15,000 20,000 25,000 30,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 2026Supramax spot rates (USD per day) AVG. SUPRAMAX SPOT RATES INCREASED 25% Y/Y PRESENTATION OF Q3 20265 Asset values (USD million) AVG. CAPESIZE ASSET VALUES INCREASED 25% Y/Y MR spot rates (USD per day) AVG. MR SPOT RATES INCREASED 48% Y/Y MR asset values (USD million) AVG. MR ASSET VALUES INCREASED 23% Y/Y Continued high spot rates and firm asset values across both Dry cargo and Tankers 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 2026 20 30 40 50 60 70 80 Capesize Supramax 35 40 45 50 55
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Use Increase/Decrease list level in topbar to change the fontsize Click right and save as template in your template-library or copy PRESENTATION OF Q3 20266 -1 -5 -45 8 17 39 24 47 81 35 -80 -60 -40 -20 0 20 40 60 80 100 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Dry cargo Tanker TotalUSD million EBIT DEVELOPMENT (excluding the effect of IFRS 16) Earnings mix Solid underlying operating margins across both Dry cargo and Tankers Incl. vessel sales gains of USD 27m Incl. vessel sales gains of USD 4m Incl. vessel sales gains of USD 18m Incl. vessel sales gains of USD 41m Incl. vessel sales gains of USD 4m
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7 ~USD 1.5bn COVERED TCE REVENUE Q4 2026–2029 USD 469m Q4 2026 USD 691m 2027 USD 226m 2028 EARNINGS VISIBILITY THROUGH HIGH COVERAGE Q4 2026 2027 2028 DRY CARGO TANKERS 85% 66% 16% 88% 87% 76% EMBEDDED UPSIDE Option portfolio 221 EXTENSION OPTIONS 162 dry | 59 tank 89 PURCHASE OPTIONS 65 dry | 24 tank 23 IN-THE-MONEY PURCHASE OPTIONS Exercisable within next 2y Strike price 22% below market Protected earnings. Embedded upside. Contract coverage protects the earnings base, while freight and asset optionality preserve upside PRESENTATION OF Q3 2026 USD 85m 2029 2029 9% 34%
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Use Increase/Decrease list level in topbar to change the fontsize Click right and save as template in your template-library or copy 314 375 445 DKK 523 per share 606 694 786 -30% -20% -10% NAV end Q3'26 +10% +20% +30% Total NAV USD 2,169 million as per end September 2026 NAV SENSITIVITY TO ASSET VALUES & FORWARD FREIGHT RATESESTIMATED GROUP NET ASSET VALUE PRESENTATION OF Q3 2026 Share price 30 Sep 2026: DKK 389 8 Purchase options add asymmetric upside to NAV Well positioned to capture positive market fundamentals NAV at DKK 523 per share highlights attractive upside 1,669 417 -457 248 292 2,169 Dry cargo Tankers Net financial position incl leases Investments in newbuildings and secondhand vessels Other net assets NAV
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S M A L L L O G I S T I C S LARGE M E D I U M MULTIPURPOSE 26 vessels HANDYSIZE 28 vessels PANAMAX 14 vessels CAPESIZE 12 vessels SUPRAMAX 18 vessels MR 29 vessels TUGS & BARGES 9 vessels FLOATING TRANSFER 1 vessel REDUCED EXPOSURE YTD - 5 Capesize (1 sold, 4 TC-out) - 4 Panamax (5 sold, 1 purchased) REDUCED EXPOSURE YTD - 1 Supramax (2 sold, 1 TC-in) - 14 MR (2 sold, 12 TC-out) ADDED EXPOSURE YTD + 19 Handysize (15 purchased, 4 TC-in) + 7 Multipurpose (TC-ins) * Fleet figures are as of quarter-end, while added/reduced exposure reflects full YTD changes and also includes committed future fleet adjustmentsPRESENTATION OF Q3 20269 Capital allocation in action Shifting towards higher quality earnings DIRECTIONAL MARGIN BASE MARGIN Repeatable earnings from customer contracts, cargo networks and operational optimisation Additional upside from freight positioning, asset values and market dislocations
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Use Increase/Decrease list level in topbar to change the fontsize Click right and save as template in your template-library or copy EXPECTED FY 2026 NET PROFIT (USD MILLION) 200–250 Previously USD 180–230 million PRESENTATION OF Q3 2026 Incl. sales gains of USD 79 million 10 Full-year guidance 2026 Increasing guidance on the back of good performance and increased earnings visibility
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1 2 STRONG FUNDAMENTALS 4 5 FLEXIBLE MODEL VISIBLE VALUE PRESENTATION OF Q3 202611 3 PROVEN RETURNS FOCUS ON BASE MARGIN-DRIVEN EARNINGS Constrained vessel supply; disruption increasingly favours large, reliable operators Capital-light access, owned assets and embedded options NAV per share at DKK 523, up 38% since start of year 5-year average ROIC of 25% and 10-year average ROIC of 13% Specialised capabilities, customer integration, global networks & AI-driven analytics for higher-quality earnings Why invest A differentiated shipping investment: asset-light, commercially agile and focused on returns through the cycle
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PRESENTATION OF Q3 202612 1 2 STRONG FUNDAMENTALS 4 5 FLEXIBLE MODEL VISIBLE VALUE 3 PROVEN RETURNS FOCUS ON BASE MARGIN-DRIVEN EARNINGS WHY INVEST A differentiated shipping investment: asset-light, commercially agile and focused on returns through the cycle Q&A
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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 2026 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 2026 Edit Master text styles 13 Forward looking statements
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PRESENTATION OF Q3 2026 APPENDIX Strategic direction towards 2030 Fleet overview – NORDEN Group Capacity Coverage – NORDEN Group Extension and purchase option overview – Asset Management Shareholder distribution NORDEN business model Edit Master text styles 14
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Click to edit Master text styles Expanding within MPP/Project cargo, minor bulk and Maritime Logistics where our expertise enables more stable returns through efficient execution STRATEGIC DIRECTION TOWARDS 2030 REDUCE VOLATILITY IN EARNINGS REMAIN ASSET AGILE AND CONTINUE TO LEVERAGE OUR TRADING EXPERTISE CUSTOMER-CENTRIC FOCUS TO ENABLE OPTIMISATION OF CARGO NETWORK Provide valuable flexibility to our customers while building a deeper cargo network, which enables us to capture higher margins through optimised cargo flows and voyage efficiencies Reduce earnings volatility in order to deliver stronger, risk- adjusted returns Base margins will increasingly underpin the stability of earnings, while trading and directional margins will continue to play an important role in capturing upside in strong markets PRESENTATION OF Q3 202615
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Use Increase/Decrease list level in topbar to change the fontsize Click right and save as template in your template-library or copy PRESENTATION OF Q3 2026 DRY CARGO FLEET Dry cargo Total fleet in operation Owned fleet T/C leased fleet Vessels to be delivered - Asset Management only Capesize 16 4 3 5 Panamax 98 1 11 2 Supramax 116 1 16 1 Handysize 123 7 12 12 Multipurpose 29 0 2 21 Total 382 13 44 41 16 TANKER FLEET Tankers Total fleet in operation Owned fleet T/C leased fleet Vessels to be delivered - Asset Management only MR 107 3 26 0 Total 107 3 26 0 Fleet overview 30 September 2026 NORDEN Group
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Use Increase/Decrease list level in topbar to change the fontsize Click right and save as template in your template-library or copy PRESENTATION OF Q3 2026 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. All days are vessel index adjusted. Capacity and coverage in cash USD, Dry Cargo, at 30 September 2026 Capacity and coverage in cash USD, Tankers, at 30 September 2026 17 Capacity and coverage NORDEN GROUP
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Use Increase/Decrease list level in topbar to change the fontsize Click right and save as template in your template-library or copy 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: 221 options in total (162 options on dry cargo vessels and 59 on tanker vessels) with 86,126 days in total • Purchase options: 89 options in total (65 in dry cargo, 24 in tankers) of which 23 are in the money and declarable within the next two years PRESENTATION OF Q3 2026 No. of options: Tankers Average age at declaration EXTENSION OPTIONS (Average rate per vessel type per year, USD/day) 9 2 7 6 4 4 5 4 Dry cargoDry cargo 2 10 8 39 2 8 8 144 11 7 10 37 Tankers No. of options: 18 Extensive optionality in an uncertain environment Supramax 1-year TC MR 1-year TC 5000 10000 15000 20000 25000 30000 35000 40000 45000 2026 2027 2028 2029+ Supramax 5-year old MR 5-year old 20 30 40 50 60 70 80 2026 2027 2028 2029+ HANDYSIZE SUPRAMAX PANAMAX MR CAPESIZE MPP PURCHASE OPTIONS (Average price per vessel type per year, USDm)
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Use Increase/Decrease list level in topbar to change the fontsize Click right and save as template in your template-library or copy 130 128 69 43 65 425 213 35 36 28 744 400 163 120 166 0 100 200 300 400 500 600 700 800 Distribution FY'22 Group net profit FY'22 Distribution FY'23 Group net profit FY'23 Distribution FY'24 Group net profit FY'24 Distribution FY'25 Group net profit FY'25 Distribution 9M'26 Group net profit 9M'26 Share buy-back Dividend Result • NORDEN will in connection with Q3 2026 distribute USD 24 million to shareholders through an interim dividend of DKK 2 per share and a new share buy-back programme of USD 15 million • 5-year average annualised shareholder returns of 31% • NORDEN has distributed USD 1.2 billion to shareholders through dividends and share buy-backs during the past five years KEY TAKEAWAYS DISTRIBUTIONS TO SHAREHOLDERS USD million PRESENTATION OF Q3 202619 Shareholder cash distribution
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Click right and save as template in your template-library or copy Use Increase/Decrea se list level in top bar to change the font size Headline has to be in two lines – one in light and one in bold. Please choose Avenir Next LT Pro Light and make line with focus bold Please write 01, 02 etc. and tab for placing text correct Agile capacity managementFrom shipper Producers and shippers of dry cargo , refined oil products, project cargo and break bulk Dry Bulk & Project Cargo, Tanker Pool, Maritime Logistics, contracting, route planning, market research, risk, legal, sanctions, Strategic Commercial Partnerships and much more To customer Commodity traders, energy companies, manufacturers, infrastructure developers and industrial project owners. Dry bulk Liquid bulkProject cargo 140m Grand total Mt 03 MULTIPURPOSEHANDYSIZE PANAMAXCAPESIZE SUPRAMAX MR TUGS & BARGESFLOATING TRANSFER Low Emission Solutions Bio-fuel, Book & Claim, FuelEU, EU ETS, Fuel Efficiency, Vessel Selection, Speed Settings The NORDEN platformOur operating model PRESENTATION OF Q3 2026
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THANK YOU FOR YOUR ATTENTION Dampskibsselskabet NORDEN A/S Strandvejen 52 DK-2900 Hellerup Denmark Phone: +45 3315 0451 www.norden.com Connect with us Edit Master text styles PRESENTATION OF Q3 202621