Interim report
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DAMPSKIBSSELSKABET NORDEN A/S 52, STRANDVEJEN, DK-2900 HELLERUP, DENMARK CVR NUMBER 67758919 INTERIM REPORT THIRD QUARTER 2026 ANNOUNCEMENT NO. 251 – 28 October 2026
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HIGHLIGHTS — THIRD QUARTER 2026 Group results • Net profit for the Group amounted to USD 53.9 million in the third quarter (USD 26.0 million), reflecting stronger underlying operating performance across Dry cargo and Tankers and continued growth in activity. • Net asset value (NAV) increased 38% since start of the year to DKK 523 per share, driven by the significant appreciation in portfolio values. • Strong cash generation with operating cash flow of USD 150.0 million (USD 95.8 million), supporting value-accretive share buy-backs and continued growth investments. • Return on invested capital (ROIC) increased to 11.8% in the last twelve months (LTM) (10.4%). • Third quarter distribution of USD 24 million through an interim dividend of DKK 2 per share and a new share buy-back programme of USD 15 million. Business highlights • Strong operational performance across both Dry cargo and Tankers, supported by a combination of solid execution, successful regional positioning and firmer market rates. • Amid ongoing geopolitical and freight market volatility, we continue to increase earnings visibility and reduce exposure by securing long-term cover in the most volatile vessel segments. • Further additions across the Handysize and MPP segments are strengthening our core fleet, supporting a more resilient earnings base and attractive long-term opportunities. • Anne Sofie Staunsbæk Veyhe joined as CFO on 26 October 2026, while Martin Badsted commenced his role as Chief Strategy Officer. Guidance • We increase the full-year net profit guidance to USD 200-250 million (previously USD 180-230 million). This includes vessel sales gains of USD 79 million, unchanged from last quarter. Group net profit amounted to USD 54 million in Q3 2026, driven by strong markets and solid underlying operating performance across Dry cargo and Tankers. At the same time, further increases in portfolio values drove NAV to DKK 523 per share. Reflecting the stronger outlook, full-year net profit guidance is increased to USD 200 – 250 million. CEO Jan Rindbo NORDEN Interim Financial ReportThird Quarter 2026 2
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KEY FIGURES & FINANCIAL RATIOS Amounts in USD million Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Income statement Revenue 1,114.9 737.0 2,975.8 2,316.2 3,125.7 Contribution margin 138.3 103.7 404.5 359.3 483.5 Profit/loss from sale of vessels, etc. 4.9 26.5 65.7 67.6 70.3 EBITDA 124.8 107.8 396.9 353.4 454.3 Depreciation, amortisation and impairment losses, net -73.6 -69.9 -210.0 -217.6 -295.8 EBIT 51.2 37.9 186.9 135.8 158.4 Financial items, net -7.7 -5.5 -24.4 -11.3 -19.6 Profit for the period 53.9 26.0 165.9 110.5 120.3 Statement of financial position Total assets 2,724.3 2,333.2 2,724.3 2,333.2 2,371.6 Investments in property, plant and equipment 201.7 208.2 537.9 596.3 804.7 Equity 1,372.3 1,289.1 1,372.3 1,289.1 1,277.7 Liabilities 1,352.0 1,044.1 1,352.0 1,044.1 1,093.9 Net working capital 182.9 130.6 182.9 130.6 180.9 Invested capital 1,891.6 1,552.3 1,891.6 1,552.3 1,659.4 Net interest-bearing debt 519.3 263.2 519.3 263.2 381.7 Cash and cash equivalents 267.0 403.9 267.0 403.9 382.1 Statement of cash flows Cash flow from operating activities 150.0 95.8 352.3 318.0 378.2 Cash flow from investing activities 121.8 130.2 -100.5 108.7 -41.4 Cash flow from financing activities -122.1 -101.9 -364.4 -296.3 -228.0 Free cash flow -25.0 143.1 34.5 171.7 170.4 Dividends distributed 8.5 9.1 26.1 26.7 35.5 Share buy-back 25.0 9.1 67.9 32.4 42.6 Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Environmental and social figures EEOI (gCO2/tonnes-mile) 8.2 8.4 8.3 8.4 8.5 LTIR (days per million working hours) 0.0 0.0 0.5 0.0 0.0 Average number of employees (FTEs) 467 476 463 473 473 Share of least represented gender 39% 39% 39% 38% 39% Share-related key figures and financial ratios Number of shares of DKK 1 each (incl. treasury shares) 30,000,000 31,000,000 30,000,000 31,000,000 31,000,000 Number of treasury shares 2,684,245 2,101,844 2,684,245 2,101,844 2,361,499 Earnings per share (EPS), DKK 1 12.7 5.7 38.1 25.2 27.1 Diluted earnings per share (diluted EPS), DKK 1 12.6 5.7 37.9 25.1 27.1 Book value per share (excluding treasury shares), DKK 1 330.7 283.6 330.7 283.6 283.4 Share price at end of period, DKK 389.2 230.8 389.2 230.8 252.0 Price/book value, DKK 1.2 0.8 1.2 0.8 0.9 Other key figures and financial ratios Gross margin 12.4% 14.1% 13.6% 15.5% 15.5% EBIT % of TCE 7.8% 8.3% 10.2% 9.7% 8.3% ROIC 2 11.8% 10.4% 11.8% 10.4% 8.9% ROE 2 13.4% 10.5% 13.4% 10.5% 9.3% Equity ratio 50.4% 55.3% 50.4% 55.3% 53.9% Total number of vessel days 44,992 36,747 125,324 110,008 147,944 Net asset value per share, DKK 522.6 362.2 522.6 362.2 378.8 USD/DKK rate at end of the period 658.3 635.8 658.3 635.8 635.3 USD/DKK average rate for the period 649.8 639.0 643.8 668.5 662.0 For full definitions, please refer to the ”Alternative performance measures” , ”Key figures and financial ratios” and ”ESG accounting policies” sections within the 2025 Annual Report. 1 Converted at the USD/DKK rate at end of period. 2 Figures are last 12 months. NORDEN Interim Financial ReportThird Quarter 2026 3
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USD million 38 23238% 4% 113 17% 51 8% 4% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 USD million 0 105 26 11 101 10 Q3 2025 Q4 2025 Q1 2026 Q2 2026 54 Q3 2026 % 10 8 9 Q3 2025 Q4 2025 Q1 2026 11 Q2 2026 12 Q3 2026 EBIT EBIT % of TCE EBIT for the period Return on invested capital Note: Numbers based on last twelve months Net Profit for the period GROUP FINANCIAL REVIEW Earnings The time charter equivalent revenue (TCE) increased to USD 660.6 million in Q3 2026 from USD 454.0 million in Q3 2025. Contribution margin increased to USD 138.3 million (USD 103.7 million). Group EBIT increased to USD 51.2 million in Q3 2026 compared to USD 37.9 million in Q3 2025. Gains from the sale of vessels decreased to USD 4.9 million (USD 26.5 million). Net profit increased to USD 53.9 million in Q3 2026 from USD 26.0 million in Q3 2025, reflecting mainly the improved operating performance. Cash flow statement Operating cash flow amounted to USD 150.0 million in Q3 2026 compared to USD 95.8 million in Q3 2025. Our strong cash generation provides significant capacity for both investments and shareholder returns. Cash flow from investing activities amounted to USD 121.8 million in Q3 2026 (USD 130.2 million), primarily reflecting a reduction in term deposits and proceeds from vessel sales, partly offset by investments in vessels and newbuildings. Cash flow from financing activities was USD -122.1 million (USD -101.9 million), mainly reflecting lease-related payments, share buy-backs, dividend distributions and interest payments. Free cash flow amounted to USD -25.0 million in Q3 2026 (USD 143.1 million), as investments and lease-related payments more than offset operating cash generation. Capital structure NORDEN maintains a strong financial position characterised by financial flexibility. Net interest- bearing debt amounted to USD 519.3 million at the end of Q3 2026 (USD 381.7 million at year-end 2025), while total cash, cash equivalents and term deposits amounted to USD 319.7 million (USD 382.1 million at year-end 2025). At the end of Q3 2026, NORDEN had committed credit facilities of USD 180.0 million, of which USD 103.2 million were directly accessible. The equity ratio was 50.4%, and equity increased to USD 1,372.3 million from USD 1,277.7 million at year-end 2025. The increase reflects the profit for the first nine months, partly offset by dividends, share buy-backs and other comprehensive income movements. ROIC and Total Invested Capital Return on invested capital (ROIC) after tax increased to 11.8% in Q3 2026 (10.4%). Invested capital increased to USD 1,891.6 million from USD 1,659.4 million at year-end 2025. NORDEN Interim Financial ReportThird Quarter 2026 4
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NAV end Q3 2026 -30% +10%-20% +30% 523 314 606 375 -10% 445 786 +20% 694DKK per share Owned vessels 16 13 dry, 3 tankers Future additions 41 41 dry, 0 tankers Long-term leases 70 44 dry, 26 tankers Purchase options 89 65 dry, 24 tankers NORDEN Group core fleet Q3 2026 Estimated net asset value 1 Amounts in USD million Dry Tankers Total Market value of owned vessels 2 1,316 178 1,494 Estimated market value of leased vessels and cover (incl. purchase options) 353 239 592 Total portfolio value 1,669 417 2,086 Net financial position (incl. leases) 3 292 Investments in newbuildings and secondhand vessels -457 Other net assets 248 Total NAV 2,169 NAV per share, DKK 523 Market value of owned vessels in excess of carrying amounts 230 79 309 1 NAV has from Q1 2025 been based on the entire Group, i.e. including the market value of current contracts in the operator segments, but no value from future new activities. 2 Including newbuildings under construction and declared purchase options. 3 Net financial position of cash, cash equivalents and term deposits of USD 320 million, interest-bearing debt of USD -281 million and adjustments for non-cash borrowings of USD 253 million. GROUP FLEET OVERVIEW AND NET ASSET VALUE Fleet update Overall, YTD fleet activity is in line with our strategy to reshape the portfolio towards a more resilient and contracted earnings base. Capital has increasingly been deployed into vessel segments with a higher share of base margin and attractive long-term customer opportunities, such as MPP and Handysize. We have YTD signed 12 new lease agreements with purchase options, including seven MPP and four Handysize vessels, while also acquiring 15 Handysize vessels, including three ice-class newbuildings. Several of the Handysize vessels have open-hatch and box-hold capabilities, making them particularly suited for specialised cargoes and enabling more flexible and tailored customer solutions. The three ice- class newbuildings will further strengthen our ability to serve customers in regions affected by ice conditions and support our long-term COA with LKAB to supply their mining operations in Northern Sweden. Alongside the fleet additions, ten vessels have been sold YTD - four from the owned fleet and six recently declared purchase options. Sales gains of USD 13 million are expected to be realised in Q4 2026. We have also reduced exposure and locked in earnings on vessels exposed to high market volatility by securing 16 TC-out fixtures YTD on MR and Capesize vessels, contributing to ~USD 1.5 billion of covered TCE revenue through 2029. This provides increased earnings visibility while maintaining upside potential through freight and asset optionality. NORDEN’s large portfolio provides significant value upside in an increasing market, with 86,126 extension option days (equivalent to 235 1-year extensions) and 89 purchase options across both Dry cargo and Tankers. 23 purchase options were in the money as of quarter-end and can be declared within the next two years at average strike prices that are 22% below broker values. Net asset value and share buy-backs The estimated net asset value (NAV) increased by 38% since start of the year to DKK 523 per share, driven by the strong appreciation in asset values. Our Capesize investments continue to be a key driver of this development, with average asset values for 5-year old Capesize vessels rising by 25% Y/Y. NAV per share is supported by our share buy-back programme, as a reduced share count enhances value for remaining shareholders. From the start of this year, 1,576,430 shares have been acquired at an average price of DKK 317 per share up until 21 October 2026. The NAV estimate is sensitive to changes in market levels. A 10% increase or decline in both asset values and forward rates would lead to a NAV of DKK 445 or DKK 606 per share, while a 30% increase or decline would lead to a NAV of DKK 314 or DKK 786 per share at the end of Q3 2026. NAV sensitivity NORDEN Interim Financial ReportThird Quarter 2026 5
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USD thousands / day Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0 5 10 15 20 25 30 USD million 20 30 40 50 60 70 80 Q2 2025 Q3 2025 Q4 2025 Q2 2026 Q3 2026 Q1 2026 DWT million Orderbook Fleet over 20 years age 0 30 60 90 120 150 180 % -6 -3 0 3 6 9 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q2 2026 Q3 2026 Q1 2026 DRY CARGO MARKET The dry cargo market was strong in Q3 2026, with spot rates firm across all segments and the Capesize segment leading the way. Bauxite exports out of Guinea were very strong throughout the period and provided meaningful support to Capesize through long-haul tonne-mile demand. Elevated bunker prices encouraged operators to sail at slower speeds, which reduced effective fleet capacity, while average voyage distances increased for both laden and ballast legs, adding to tonne-mile demand and absorbing additional vessel supply. The closure of the Strait of Hormuz weighed on volumes in several trades, but this was more than offset by the supportive supply-side backdrop. The asset market continued its strong upward trajectory, with vessel values rising by a further 3-5% during the quarter. Strong spot earnings, constrained yard capacity, a manageable orderbook and an ageing global fleet continued to support buyer conviction and a firm tone in the sale and purchase market. Looking ahead, the outlook for 2027 is for continued strong markets. Fleet growth in the Capesize segment is expected to pick up and will be higher than in the smaller segments, which could temper the Capesize advantage seen this year. Considerable uncertainty remains, however, driven by geopolitical events that could affect trade flows and sentiment. Fleet age vs. orderbookSpot rates Supramax Tonne-mile growth 2024 2025 2026 Source: Baltic Exchange Average Supramax spot rates increased 24.5% Y/Y Source: Clarksons Asset values Capesize Supramax Source: VesselsValue Average Capesize asset values increased 24.6% Y/Y Average Supramax asset values increased 25.0% Y/Y Source: AXS dry NORDEN Interim Financial ReportThird Quarter 2026 6
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DRY CARGO FINANCIAL REVIEW The Dry cargo business continued to strengthen, with higher activity and improving operating margins demonstrating solid underlying progress. The performance reflects strong execution across our teams, supported by the resilience and scale of our cargo network. Earnings The Dry cargo business unit continued its positive trajectory in the third quarter. Total business unit EBIT improved to USD 16.5 million compared to USD 7.5 million in Q2 2026 and a loss of USD -45.0 million in Q1 2026. EBIT in the Dry operator (large vessels) segment was supported by robust Supramax earnings and improved to USD 5.8 million in Q3 2026, compared to USD 4.7 million in Q2 2026 and a loss of USD -42.7 million in Q1 2026. The Dry operator (small vessels) EBIT was driven by strong Handysize performance and increased to USD 13.7 million, compared to USD 6.3 million in Q2 2026 and a loss of USD -9.2 million in Q1 2026. The Dry owner EBIT decreased to USD -3.5 million compared to USD 17.7 million last year. The result reflects the timing of annual vessel reletting, with legacy coverage secured at lower rates partly offsetting the benefit from improved market conditions. Gains from vessel sales amounted to USD 4.4 million, compared to USD 11.2 million in Q3 2025. In the Logistics segment, EBIT improved to USD 0.5 million compared to a loss of USD -4.0 million in Q2 2026, as earlier operational challenges in Guinea were resolved. The segment remains in an investment phase, with continued focus on driving further operational improvements. A strong pipeline of new projects is also taking shape with several MOUs signed that have the potential to significantly grow the business towards 2030. Business highlights During the quarter, our deliberate trade-flow approach supported better vessel utilisation and stronger base margins, highlighting the value of our cargo office network. The number of vessel days increased by 32% Y/Y, with strong execution across our teams supporting the growth in activity. Overall, we continue to execute on our strategic priorities by increasing focus on base margin-driven earnings through the addition of MPP and Handysize vessels, while reducing market exposure by divesting and securing long-term cover on vessels exposed to high market volatility. This creates a more resilient fleet, better aligned with our strategy and customer needs. 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 EBIT % of TCE 2.9% -0.3% -1.3% EBIT per day (USD)1 455 -45 -112 No. vessel days 35,162 26,739 125,063 1 Excl. Logistics Segment performance metrics USD million Q3 2026 Q3 2025 LTM Dry owner T/C equivalent revenue 56.0 65.3 232.0 P/L from sale of vessels 4.4 11.2 31.1 EBIT -3.5 17.7 14.0 EBIT % of TCE -6.3% 27.1% 6.0% EBIT per day (USD) -710 4,241 779 No. vessel days 4,927 4,174 17,968 Dry operator – large vessels T/C equivalent revenue 368.3 202.6 1,247.4 EBIT 5.8 -26.3 -39.9 EBIT % of TCE 1.6% -13.0% -3.2% EBIT per day (USD) 281 -1,745 -535 No. vessel days 20,643 15,072 74,593 Dry operator – small vessels T/C equivalent revenue 216.1 152.7 697.1 EBIT 13.7 7.4 11.9 EBIT % of TCE 6.3% 4.8% 1.7% EBIT per day (USD) 974 650 242 No. vessel days 14,069 11,387 49,251 Logistics T/C equivalent revenue 4.7 4.8 19.3 EBIT 0.5 - -12.2 Note: All figures are excluding the effect of IFRS 16. T/C equivalent revenue and no. vessel days are shown after internal eliminations. For reconciliation with IFRS 16 financial accounts, please see note 2. NORDEN Interim Financial ReportThird Quarter 2026 7
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USD thousands / day Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0 10 20 30 40 50 60 70 USD million 35 40 45 50 55 Q2 2025 Q3 2025 Q4 2025 Q2 2026 Q3 2026 Q1 2026 % -15 -10 -5 0 5 10 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q2 2026 Q3 2026 Q1 2026 DWT million Orderbook Fleet over 20 years age 0 30 60 90 120 150 180 TANKER MARKET Product tanker rates rebounded strongly during Q3, with the most pronounced gains seen in the East. The recovery was led by an exceptionally strong crude tanker market, which prompted an even higher number of LR2s to switch into dirty trades and thereby further reducing clean fleet supply. At the same time, the rate spikes in Q2 had drawn more clean vessels west, leaving the East undersupplied. Combined with a strong rebound in Chinese product exports, this dislocation drove eastern product tanker rates to very high levels. Asset values increased during the quarter, supported by stronger product tanker earnings and the exceptional strength of the crude tanker market. Values should remain well supported by continued Spot rates MR tankers Asset values Fleet age vs. orderbook 2024 2025 2026 Source: Baltic Exchange Average MR spot rates increased 48% Y/Y MR Tankers Source: VesselsValue Average MR asset values increased 23% Y/Y Tonne-mile growth Source: S&P Global Source: Vortexa Looking into 2027, we continue to expect healthy product tanker rates, supported by a strong crude tanker market and the need to restock oil products once the conflict in the Middle East subsides. However, fleet growth is forecast to exceed 5%, increasing available vessel supply and placing greater pressure on market balances. high ordering activity, particularly in the crude tanker segments, where contracting has remained strong. The outlook for the remainder of the year remains highly uncertain and is likely to be shaped more by geopolitical developments than by underlying fundamentals. Tonne-miles declined Y/Y but we expect product tanker rates to remain very strong through year-end. The conflict between the US and Iran is currently at a stalemate, but the risk of renewed escalation remains considerable and a swift resolution appears unlikely. Oil volumes transiting the Strait of Hormuz have increased, but trading patterns remain highly inefficient, with extended and disrupted transits continuing to tie up vessel capacity. NORDEN Interim Financial ReportThird Quarter 2026 8
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TANKERS FINANCIAL REVIEW Tanker markets remained strong, with elevated spot rates due to the continued disruption to global oil flows following the Persian Gulf conflict. We maintained strong commercial execution throughout the quarter, actively positioning the fleet to capture attractive opportunities across the market. Earnings The tanker market continued to be exceptionally volatile in Q3 2026, driven by the Persian Gulf conflict. Product tanker rates strengthened significantly during Q3, with market momentum shifting from the West to the East. Total Tanker time-charter equivalent revenue (TCE) amounted to USD 107.2 million compared to USD 110.3 million in the same quarter last year. Combined Tanker EBIT amounted to USD 34.5 million (USD 39.1 million), reflecting a margin of 32.2% (35.4%). The Tanker owner segment continues to deliver stable operating earnings driven by profitable coverage. Tanker owner EBIT amounted to USD 16.7 million in Q2 2026, compared to USD 36.8 million in Q3 2025. No gains from sale of vessels were realised in the third quarter of 2026, compared to last year when gains of USD 15.9 million were realised in the third quarter. Tanker operator EBIT increased to USD 17.8 million in Q3 2026, compared to USD 2.3 million in Q3 2025. The strong result reflects excellent commercial execution during the highly volatile market. The team actively took in third-party tonnage on shorter-term charters and captured strong earnings from placing the vessels in our high- performing pool platform or chartering the vessels out at attractive rates. This was made possible with strong market research and knowledge generated from operating the tanker pool. Business highlights During the third quarter, we maintained significant exposure to the Far East market, benefiting from stronger freight dynamics and higher earnings relative to the Atlantic Basin. Market activity in the Atlantic was largely driven by sustained export volumes from the United States to Europe, supporting vessel employment and overall market performance. Since the onset of the Persian Gulf conflict, the sector has remained in an exceptional market environment, allowing us to continue leveraging strong conditions to secure attractive earnings. With 12 MR TC-out fixtures year-to-date, we have taken long-term Tanker coverage and are now covered at more than 70% until the end of 2029. 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 EBIT 34.5 39.1 187.3 EBIT % of TCE 32.2% 35.4% 41.7% EBIT per day (USD) 9,330 8,959 12,194 No. vessel days 9,830 9,520 38,556 Segment performance metrics USD million Q3 2026 Q3 2025 LTM Tanker owner T/C equivalent revenue 68.4 75.6 316.8 P/L from sale of vessels - 15.9 37.4 EBIT 16.7 36.8 137.2 EBIT % of TCE 24.4% 48.7% 43.3% EBIT per day (USD) 5,997 11,455 11,845 No. vessel days 2,785 3,212 11,583 Tanker operator T/C equivalent revenue 38.7 34.5 132.1 EBIT 17.8 2.3 50.1 EBIT % of TCE 46.0% 6.7% 37.9% EBIT per day (USD) 19,489 1,648 15,356 No. vessel days 7,413 7,543 30,267 Note: All figures are excluding the effect of IFRS 16. T/C equivalent revenue and no. vessel days are shown after internal eliminations. For reconciliation with IFRS 16 financial accounts, please see note 2. NORDEN Interim Financial ReportThird Quarter 2026 9
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OUTLOOK FOR 2026 Forward-looking statements This interim report contains certain forward-look- ing statements reflecting Management’s present judgement of future events and financial results. Statements relating to 2026 and the years ahead are inherently subject to uncertainty, and NOR- DEN’s realised results may therefore differ from projections. Factors that may cause NORDEN’s realised results to differ from the projections in this report include, but are not limited to: Changes to macroeconomic and political conditions – particu- larly in the Group’s principal markets; changes to NORDEN’s rate assumptions and budgeted operat- ing expenses; volatility in freight rates and tonnage prices; regulatory changes; counterparty risks; any disruptions to traffic and operations as a result of external events etc. Guidance We increase the full-year net profit guidance to USD 200-250 million (previously USD 180-230 million). This includes vessel sales gains of USD 79 million, unchanged from last quarter. The guidance increase is supported by the good performance in Q3 and solid expectations for Q4, although heightened geopolitical uncertainty remains. By end-October 2026, NORDEN had a long position of 1,800 open Dry cargo vessel days and 300 Tanker days for the remainder of 2026. Our full-year outlook is strong and NORDEN is well positioned to navigate the market environment. Our commitment to deliver long-term value to shareholders remains and we will distribute USD 24 million for the third quarter of 2026 through a dividend of DKK 2 per share and a new share buy-back programme of USD 15 million. CEO Jan Rindbo Further information Therese Möllevinge Head of Investor Relations +45 41 37 16 38 Dry cargo In Dry cargo, market conditions remain favourable and strong commercial execution is expected to contribute positively to earnings. We expect Dry cargo to deliver a solid fourth quarter, but uncertainty around voyage timing could shift some earnings into 2027. Tankers In Tankers, the outlook remains dependent on geopolitical developments and trade flows. However, with high coverage, NORDEN’s exposure to spot market fluctuations is relatively limited. We expect Tankers to continue to deliver a solid contribution for the remainder of 2026. Distribution policy NORDEN’s policy to distribute minimum 50% of the net profit for the full-year through dividends and share buy-back programmes, remains unchanged. Events after the reporting date No significant events have occurred between the reporting date and the publication of the annual report, which have not already been included and adequately disclosed in the quarterly report, and which materially affect the assessment of the Company’s and Group’s results of operations or financial position. NORDEN Interim Financial ReportThird Quarter 2026 10
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STATEMENT BY THE BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT The Board of Directors and the Executive Management have today reviewed and approved the Interim Report for the period 1 January to 30 September 2026 of Dampskibsselskabet NORDEN A/S. The interim consolidated financial statements of Dampskibsselskabet NORDEN A/S have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and additional Danish disclosure requirements for interim financial reporting of listed companies. The interim consolidated financial statements have not been subject to audit or review by the Independent Auditors of Dampskibsselskabet NORDEN A/S. We consider the accounting policies applied to be appropriate and the accounting estimates made to be adequate. Furthermore, we find the overall presentation of the Interim Report to present a true and fair view. Besides what has been disclosed in the Interim Report, no other significant changes in the Group’s risks and uncertainties have occurred relative to what was disclosed in the consolidated Annual Report for 2025. In our opinion, the interim consolidated financial statements give a true and fair view of Dampskibsselskabet NORDEN A/S’ consolidated assets, equity and liabilities and the financial position at 30 September 2026 as well as the result of Dampskibs selskabet NORDEN A/S’ consolidated activities and cash flows for the period 1 January to 30 September 2026. Furthermore, in our opinion the Management Review gives a fair representation of the Group’s activities and financial position as well as a description of the material risks and uncertainties which the Group is facing, relative to the disclosures in the Annual Report for 2025. Copenhagen, 28 October 2026 Executive Management Jan Rindbo Anne Sofie Staunsbæk Veyhe Anne Heidi Jensen CEO CFO COO Board of Directors Klaus Nyborg Johanne C.F. Riegels Jakob Groot Chair Vice chair Robert Hvide Macleod Ian McIntosh Vibeke Bak Solok Anders Birk Ruhi Hermansen Sofie Schønherr (employee-elected) (employee-elected) (employee-elected) NORDEN Interim Financial ReportThird Quarter 2026 11
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INTERIM CONSOLIDATED INCOME STATEMENT INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Avg. 126 USD million 104 99 124 Q3 2025 Q4 2025 Q1 2026 167 Q2 2026 138 Q3 2026 Avg. 904 USD million 737 814810 Q3 2025 Q4 2025 Q1 2026 1,115 1,047 Q2 2026 Q3 2026 Amounts in USD million Note Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Profit for the period 53.9 26.0 165.9 110.5 120.3 Items which will be reclassified to the income statement: Fair value adjustment for the period, cash flow hedges 6 25.5 -35.9 33.1 -63.2 -66.4 Exchange differences on translation of foreign subsidiary - - 0.1 Total items that have or may subsequently be reclassi- fied to the income statement 25.5 -35.9 33.2 -63.2 -66.4 Other equity investments (FVOCI), fair value adjustments for the period - - -15.2 - - Total items that will not be reclassified to the income statement - - -15.2 - - Other comprehensive income/loss, net of tax 25.5 -35.9 18.0 -63.2 -66.4 Total comprehensive income for the period, after tax 79.4 -9.9 183.9 47.3 53.9 Attributable to: Owners of Dampskibsselskabet NORDEN A/S 79.4 -9.9 183.9 47.3 53.9 Amounts in USD million Note Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Revenue 3 1,114.9 737.0 2,975.8 2,316.2 3,125.7 Other operating income 5.9 1.8 14.2 10.4 18.1 Vessel operating costs 4 -982.5 -635.1 -2,585.5 -1,967.3 -2,660.3 Contribution margin 138.3 103.7 404.5 359.3 483.5 Profit/loss from sale of vessels, etc. 11 4.9 26.5 65.7 67.6 70.3 Overhead and administration expenses 4 -18.4 -22.4 -73.3 -73.5 -99.5 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 124.8 107.8 396.9 353.4 454.3 Depreciation, amortisation and impairment losses, net -73.6 -69.9 -210.0 -217.6 -295.8 Profit/loss from investments in joint ventures - - - - -0.1 Profit from operations (EBIT) 51.2 37.9 186.9 135.8 158.4 Financial income 5 3.4 3.4 11.4 14.2 17.4 Financial expenses 5 -11.1 -8.9 -35.8 -25.5 -37.0 Profit before tax 43.5 32.4 162.5 124.5 138.8 Tax for the year 10.4 -6.4 3.4 -14.0 -18.5 Profit for the period 53.9 26.0 165.9 110.5 120.3 Attributable to: Owners of Dampskibsselskabet NORDEN A/S 53.9 26.0 165.9 110.5 120.3 Earnings per share (EPS) Earnings per share (USD) 2.0 0.9 5.9 3.8 4.1 Earnings per share, diluted (USD) 1.9 0.9 5.9 3.8 4.1 Contribution marginRevenue NORDEN Interim Financial ReportThird Quarter 2026 12
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INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION Assets Amounts in USD million Note 30/9 2026 30/9 2025 31/12 2025 Goodwill 7 44.6 44.6 44.6 Other intangible assets 7 6.4 8.1 6.7 Total intangible assets 51.0 52.7 51.3 Vessels 8 878.2 731.2 839.3 Right-of-use assets 9 449.8 381.3 382.9 Property and equipment 49.8 50.4 50.0 Prepayments on vessels and newbuildings 10 91.0 44.7 42.1 Total tangible assets 1,468.8 1,207.6 1,314.3 Investments - 16.4 15.2 Receivables from subleases 73.8 69.1 60.0 Total financial assets 73.8 85.5 75.2 Total non-current assets 1,593.6 1,345.8 1,440.8 Inventories 205.6 90.5 105.7 Receivables from subleases 74.8 44.4 39.9 Contract assets 286.0 170.1 159.8 Trade receivables 160.5 179.0 174.4 Loan receivables 1.5 7.1 4.8 Other receivables 57.3 35.1 37.3 Term deposits with original maturities above 3 months 52.7 - - Cash and cash equivalents 267.0 403.9 382.1 Current assets excluding assets held for sale 1,105.4 930.1 904.0 Assets held for sale 11 25.3 57.3 26.8 Total current assets 1,130.7 987.4 930.8 TOTAL ASSETS 2,724.3 2,333.2 2,371.6 Equity and liabilities Amounts in USD million Note 30/9 2026 30/9 2025 31/12 2025 Share capital 4.7 4.9 4.9 Reserve for hedges 8.1 -21.9 -25.1 Retained earnings 1,359.5 1,306.1 1,297.9 Total equity 1,372.3 1,289.1 1,277.7 Borrowings 232.2 155.2 255.2 Lease liabilities 9 308.6 249.4 253.0 Other payables 5.0 5.0 5.0 Total non-current liabilities 545.8 409.6 513.2 Borrowings 48.4 45.4 50.1 Lease liabilities 9 249.8 217.1 205.5 Trade payables 328.0 218.3 191.3 Tax payables 8.6 14.8 16.4 Other payables 44.6 51.9 43.9 Contract liabilities 115.4 69.8 69.1 Current liabilities excluding liabilities relating to assets held for sale 794.8 617.3 576.3 Liabilities relating to assets held for sale 11 11.4 17.2 4.4 Total current liabilities 806.2 634.5 580.7 Total liabilities 1,352.0 1,044.1 1,093.9 TOTAL EQUITY AND LIABILITIES 2,724.3 2,333.2 2,371.6 NORDEN Interim Financial ReportThird Quarter 2026 13
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INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS Avg. 102 USD million 172 60 96 Q3 2025 Q4 2025 Q1 2026 31 Q2 2026 150 Q3 2026 Avg. 35 USD million 186 -1 143 -126 -25 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Amounts in USD million Note Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Profit for the period 53.9 26.0 165.9 110.5 120.3 Reversal of items from the income statement 68.0 58.8 130.2 171.7 259.9 Change in working capital 5.7 -9.3 -2.0 -22.8 -73.1 Instalments on sublease receivables 24.4 20.4 62.6 66.2 81.6 Income tax, paid -2.0 -0.1 -4.4 -7.6 -10.5 Cash flows from operating activities 150.0 95.8 352.3 318.0 378.2 Investments in assets, assets held for sale and other tangible assets 8/11 -87.5 -161.6 -330.7 -421.1 -563.9 Prepayments on vessels and newbuildings 10 -31.6 -7.0 -55.8 -66.2 -66.2 Investments in joint ventures - - - - 1.1 Acquisition of businesses and investments - -2.5 - -3.6 -3.2 Proceeds from sale of vessels and newbuildings 32.3 296.7 342.1 592.5 584.7 Interest income, received 5 2.9 2.4 10.8 7.6 11.1 Change in financial receivables -2.5 2.2 -14.2 -0.5 -5.0 Change in term deposits with original maturities above 3 months 208.2 - -52.7 - - Cash flows from investing activities 121.8 130.2 -100.5 108.7 -41.4 Dividend paid to shareholders -8.5 -9.1 -26.1 -26.7 -35.5 Acquisition of treasury shares -25.0 -9.1 -67.9 -32.4 -42.6 Proceeds from borrowings - - - 26.8 26.8 Change in financing lease borrowings -1.2 - -23.3 - 177.0 Repayment of borrowings - -0.8 -0.4 -9.0 -10.3 Instalments on lease liabilities 9 -75.7 -74.0 -212.7 -229.5 -306.4 Interest expense, paid 5 -11.7 -8.9 -34.0 -25.5 -37.0 Cash flow from financing activities -122.1 -101.9 -364.4 -296.3 -228.0 Net cash flow 149.7 124.1 -112.6 130.4 108.8 Cash and cash equivalents at beginning of the period 116.7 279.8 382.1 266.6 266.6 Exchange rate adjustments 0.6 - -2.5 6.9 6.7 Cash and cash equivalents at end period 267.0 403.9 267.0 403.9 382.1 Amounts in USD million Note Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Cash flow from operating activities 150.0 95.8 352.3 318.0 378.2 Cash flow from investing activities 121.8 130.2 -100.5 108.7 -41.4 Change in term deposits with original maturities above 3 months -208.2 - 52.7 - - Change in financing lease borrowings -1.2 - -23.3 - 177.0 Instalments on lease liabilities -75.7 -74.0 -212.7 -229.5 -306.4 Interest expense, paid -11.7 -8.9 -34.0 -25.5 -37.0 Free cash flow -25.0 143.1 34.5 171.7 170.4 Acquisition of businesses and investments - 2.5 - 3.6 3.2 Adjusted free cash flow -25.0 145.6 34.5 175.3 173.6 Amounts in USD million Note 30/9 2026 30/9 2025 FY 2025 Cash and cash equivalents at end period can be explained as follows Term deposits with original maturities of 3 months or less - - 263.2 Cash at bank and on hand 235.3 385.8 104.0 Cash held for collateral and derivative activities 31.7 18.1 14.9 Cash and cash equivalents 267.0 403.9 382.1 Term deposits with original maturities above 3 months 52.7 - - Total cash, cash equivalents and deposits 319.7 403.9 382.1 Free cash flow Cash flow from operations NORDEN Interim Financial ReportThird Quarter 2026 14
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INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Avg. 52.5 % 52.0 53.9 55.3 Q3 2025 Q4 2025 Q1 2026 51.0 50.4 Q2 2026 Q3 2026 Avg. 1,314 USD million 1,304 1,325 1,372 1,278 1,289 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Avg. 0.9 1.0 0.8 0.9 Q3 2025 Q4 2025 Q1 2026 0.9 Q2 2026 1.2 Q3 2026 Avg. 10.4 % 7.7 9.310.5 Q3 2025 Q4 2025 Q1 2026 11.3 Q2 2026 13.4 Q3 2026 Shareholders of NORDEN Amounts in USD million Share capital Reserve for hedges Retained earnings Total equity Equity at 1 January 2026 4.9 -25.1 1,297.9 1,277.7 - Profit for the period - - 165.9 165.9 Other comprehensive income, total - 33.2 -15.2 18.0 Capital reduction -0.2 - 0.2 - Acquisition of treasury shares - - -67.9 -67.9 Dividends paid - - -28.3 -28.3 Dividends related to treasury shares - - 2.2 2.2 Share-based payment - - 4.7 4.7 Changes in equity -0.2 33.2 61.6 94.6 Equity at 30 September 2026 4.7 8.1 1,359.5 1,372.3 Shareholders of NORDEN Amounts in USD million Share capital Reserve for hedges Retained earnings Total equity Equity at 1 January 2025 5.1 41.3 1,250.7 1,297.1 Profit for the period - - 110.5 110.5 Other comprehensive income, total - -63.2 - -63.2 Capital reduction -0.2 - 0.2 - Acquisition of treasury shares - - -32.4 -32.4 Dividends paid - - -28.5 -28.5 Dividends related to treasury shares - - 1.8 1.8 Share-based payment - - 3.8 3.8 Changes in equity -0.2 -63.2 55.4 -8.0 Equity at 30 September 2025 4.9 -21.9 1,306.1 1,289.1 Equity ratio Return on equityEquity Price/book value NORDEN Interim Financial ReportThird Quarter 2026 15
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1. Basis of preparation and changes to NORDEN’s accounting policies 16 2. Operational segment information 18 3. Segregation of revenue 24 4. Operating expenses 24 5. Financial income and expenses 25 6. Fair value adjustment – hedging instruments 25 7. Intangible assets 26 8. Vessels 26 9. Leases – lessee 27 10. Prepayments on vessels and newbuildings 27 11. Assets held for sale 28 12. Related party disclosure 28 13. Contingent assets and liabilities 28 14. Overview of deliveries of owned vessels and CapEx 29 15. Events after the reporting date 29 NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 1. Basis of preparation and changes to NORDEN’s accounting policies 1.1 Basis of preparation The interim consolidated financial statements for the nine months ended 30 September 2026 have been prepared in accordance with IAS 34 Interim financial reporting as adopted by the EU and addition- al Danish disclosure requirements for the interim financial reporting of listed companies. The interim consolidated financial statements do not include all the information and disclosures required in the annual financial state- ments and should be read in conjunction with the Group’s annual consolidated financial statements for the year ended 31 December 2025. The accounting policies, judgements and estimates are consistent with those applied in the consolidated annual report for 2025, apart from changes described below. For a complete description of accounting policies, see the notes to the consolidated financial statements for 2025, pages 114 - 117 in the consolidated annual report for 2025. With effect from 1 January 2024, shipping was included in the EU Emissions Trading System (EU ETS). NORDEN complies with the legislation and currently the impact of the EU ETS on our financial statements is immaterial. 1.2 Changes in accounting policies and disclosures The Group has adopted standards and interpretations effective as of 1 January 2026. The Group has not early adopted any other standard, interpretation or amendments that have been issued but are not yet effective. Adoption of new or amended IFRS standards NORDEN has implemented amendments and interpretations to existing standards effective as of 1 January 2026. None of these in- terpretations or amendments have had any significant effect on the accounting policies applied by NORDEN. Standards not yet in force The Group intends to adopt new and amended standards and in- terpretations, if applicable, when they become effective. New and amended financial reporting standards are either irrelevant or insig- nificant to NORDEN, except for IFRS 18 Presentation and Disclosure in Financial Statements, which was issued in April 2024 and will be effective from 2027. NORDEN is currently assessing the full impact of IFRS 18 on the primary financial statements and notes. Based on the initial assessment, the expected impacts include presenting foreign exchange gains or losses in the category in which the related income or expense from the underlying item is recognised, new require- ments for subtotals in the income statement and the introduction of a separate note for the disclosure of management-defined perfor- mance measures (MPMs). Significant accounting estimates and judgements The accounting estimates and judgements, which Management deems to be significant to the preparation of the consolidated finan- cial statements, are impairment test and non-lease component for leases under IFRS 16 Leases. For further description a reference is made to note 1.4 “Significant accounting estimates and judgements” in the consolidated financial statements for 2025. NORDEN Interim Financial ReportThird Quarter 2026 16
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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 Annual Report. In Q2 2025, the Group refined its segment structure to align operational activities and enhance transparency. This included the transfer of Handysize ac- tivities to Projects & Parcelling and a renaming of the Dry Operator segments. In addition, segment performance is assessed based on EBIT, replacing the pre- vious EBITDA measure. At year-end 2025, reportable segments were regrouped into the Dry Cargo and Tankers business units to reflect the Group’s primary markets. These changes had no impact on the Group’s consolidated EBITDA, EBIT, net profit, or earnings per share. 1.4 Rounding In general, rounding may cause variances in subtotals and percentages in the financial statements. NORDEN Interim Financial ReportThird Quarter 2026 17
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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS Avg. -13 USD million -43 -8 -26 Q3 2025 Q4 2025 Q1 2026 5 Q2 2026 6 Q3 2026 Avg. 4 USD million -9 1 7 Q3 2025 Q4 2025 Q1 2026 6 Q2 2026 14 Q3 2026 Avg. 10 USD million 11 5 2 Q3 2025 Q4 2025 Q1 2026 17 Q2 2026 18 Q3 2026 Avg. -2 USD million -5-4 0 Q3 2025 Q4 2025 Q1 2026 -4 Q2 2026 1 Q3 2026 Avg. 6 USD million 5 1218 Q3 2025 Q4 2025 Q1 2026 0 Q2 2026 -4 Q3 2026 Avg. 35 USD million 19 3737 Q3 2025 Q4 2025 Q1 2026 64 Q2 2026 17 Q3 2026 Q3 2026 Amounts in USD million Dry owner Dry operator - large vessels Dry operator - small vessels Logistics Eliminations Total Dry cargo Tanker owner Tanker operator Eliminations Total Tankers Total before lease accounting Lease accounting* Group Total Revenue – services rendered, external -7.9 639.4 367.1 5.0 - 1,003.6 79.3 56.3 - 135.6 1,139.2 -26.6 1,112.6 Revenue – services rendered, internal 70.6 - - - -70.6 - - - - - - - - Revenue – sublease financial income and gains - - - - - - - - - - - 2.3 2.3 Voyage costs -6.7 -271.1 -151.0 -0.3 3.2 -425.9 -10.9 -17.6 0.1 -28.4 -454.3 - -454.3 T/C equivalent revenue 56.0 368.3 216.1 4.7 -67.4 577.7 68.4 38.7 0.1 107.2 684.9 -24.3 660.6 Other operating income - -1.5 - - - -1.5 -0.5 7.9 - 7.4 5.9 - 5.9 Charter hire and OpEx element -48.6 -354.7 -195.3 0.9 67.4 -530.3 -45.8 -27.9 -0.1 -73.8 -604.1 87.6 -516.5 Operating costs, owned vessels -7.0 - - -2.4 - -9.4 -2.3 - - -2.3 -11.7 - -11.7 Contribution margin 0.4 12.1 20.8 3.2 - 36.5 19.8 18.7 - 38.5 75.0 63.3 138.3 Profit/loss from sale of vessels, etc. 4.4 - - - - 4.4 - - - - 4.4 0.5 4.9 Overhead and administration expenses -2.0 -6.0 -6.3 -1.5 - -15.8 -1.9 -0.9 - -2.8 -18.6 0.2 -18.4 Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) 2.8 6.1 14.5 1.7 - 25.1 17.9 17.8 - 35.7 60.8 64.0 124.8 Depreciation, amortisation and impairment losses -6.3 -0.3 -0.8 -1.2 - -8.6 -1.2 - - -1.2 -9.8 -63.8 -73.6 Share of profit/loss of joint ventures - - - - - - - - - - - - - Profit/loss from operations (EBIT) -3.5 5.8 13.7 0.5 - 16.5 16.7 17.8 - 34.5 51.0 0.2 51.2 * For specification of IFRS 16 refer to page 22. EBIT Dry operator - large vessels EBIT Dry operator - small vessels EBIT Tanker operator EBIT Logistics EBIT Dry owner EBIT Tanker owner 2. Operational segment information NORDEN Interim Financial ReportThird Quarter 2026 18
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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 2. Operational segment information – continued Q3 2025 Amounts in USD million Dry owner Dry operator - large vessels Dry operator - small vessels Logistics Eliminations Total Dry cargo Tanker owner Tanker operator Eliminations Total Tankers Total before lease accounting Lease accounting* Group Total Revenue – services rendered, external 7.7 362.3 246.1 5.3 - 621.4 89.5 49.0 - 138.5 759.9 -22.3 737.6 Revenue – services rendered, internal 61.2 1.8 - - -63.0 - -0.1 - 0.1 - - - - Revenue – sublease financial income and gains - - - - - - - - - - - -0.6 -0.6 Voyage costs -3.6 -161.5 -93.4 -0.5 4.2 -254.8 -13.8 -14.5 0.1 -28.2 -283.0 - -283.0 T/C equivalent revenue 65.3 202.6 152.7 4.8 -58.8 366.6 75.6 34.5 0.2 110.3 476.9 -22.9 454.0 Other operating income - -3.2 - - - -3.2 -1.2 6.2 - 5.0 1.8 - 1.8 Charter hire and OpEx element -48.1 -219.5 -136.4 - 58.8 -345.2 -43.0 -35.0 -0.2 -78.2 -423.4 82.9 -340.5 Operating costs, owned vessels -3.2 - - -2.7 - -5.9 -5.7 - - -5.7 -11.6 - -11.6 Contribution margin 14.0 -20.1 16.3 2.1 - 12.3 25.7 5.7 - 31.4 43.7 60.0 103.7 Profit/loss from sale of vessels, etc. 11.2 - - - - 11.2 15.9 - - 15.9 27.1 -0.6 26.5 Overhead and administration expenses -2.7 -6.0 -7.2 -1.1 - -17.0 -2.6 -3.3 - -5.9 -22.9 0.5 -22.4 Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) 22.5 -26.1 9.1 1.0 - 6.5 39.0 2.4 - 41.4 47.9 59.9 107.8 Depreciation, amortisation and impairment losses -4.8 -0.2 -1.7 -1.0 - -7.7 -2.2 -0.1 - -2.3 -10.0 -59.9 -69.9 Share of profit/loss of joint ventures - - - - - - - - - - - - - Profit/loss from operations (EBIT) 17.7 -26.3 7.4 - - -1.2 36.8 2.3 - 39.1 37.9 - 37.9 * For specification of IFRS 16 refer to page 22. NORDEN Interim Financial ReportThird Quarter 2026 19
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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 2. Operational segment information – continued Q1-Q3 2026 Amounts in USD million Dry owner Dry operator - large vessels Dry operator - small vessels Logistics Eliminations Total Dry cargo Tanker owner Tanker operator Eliminations Total Tankers Total before lease accounting Lease accounting* Group Total Revenue – services rendered, external -12.8 1,636.4 928.7 17.2 - 2,569.5 281.6 146.9 - 428.5 2,998.0 -69.0 2,929.0 Revenue – services rendered, internal 196.9 10.3 - 9.3 -216.5 - -0.2 - 0.2 - - - - Revenue – sublease financial income and gains - - - - - - - - - - - 46.8 46.8 Voyage costs -18.3 -659.9 -384.7 -9.4 22.5 -1,049.8 -41.5 -43.5 -0.1 -85.1 -1,134.9 - -1,134.9 T/C equivalent revenue 165.8 986.8 544.0 17.1 -194.0 1,519.7 239.9 103.4 0.1 343.4 1,863.1 -22.2 1,840.9 Other operating income - -7.3 -0.2 - - -7.5 -3.2 24.9 - 21.7 14.2 - 14.2 Charter hire and OpEx element -144.2 -990.6 -507.6 -9.1 194.0 -1,457.5 -134.6 -73.1 -0.1 -207.8 -1,665.3 247.8 -1,417.5 Operating costs, owned vessels -15.9 - - -7.8 - -23.7 -9.4 - - -9.4 -33.1 - -33.1 Contribution margin 5.7 -11.1 36.2 0.2 - 31.0 92.7 55.2 - 147.9 178.9 225.6 404.5 Profit/loss from sale of vessels, etc. 26.5 - - - - 26.5 37.7 - - 37.7 64.2 1.5 65.7 Overhead and administration expenses -8.4 -20.3 -22.6 -4.4 - -55.7 -8.5 -10.0 - -18.5 -74.2 0.9 -73.3 Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) 23.8 -31.4 13.6 -4.2 - 1.8 121.9 45.2 - 167.1 168.9 228.0 396.9 Depreciation, amortisation and impairment losses -15.3 -0.8 -2.8 -3.9 - -22.8 -4.1 -0.1 - -4.2 -27.0 -183.0 -210.0 Share of profit/loss of joint ventures - - - - - - - - - - - - - Profit/loss from operations (EBIT) 8.5 -32.2 10.8 -8.1 - -21.0 117.8 45.1 - 162.9 141.9 45.0 186.9 * For specification of IFRS 16 refer to page 23. NORDEN Interim Financial ReportThird Quarter 2026 20
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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 2. Operational segment information – continued Q1-Q3 2025 Amounts in USD million Dry owner Dry operator - large vessels Dry operator - small vessels Logistics Eliminations Total Dry cargo Tanker owner Tanker operator Eliminations Total Tankers Total before lease accounting Lease accounting* Group Total Revenue – services rendered, external 32.5 1,154.0 756.6 19.8 - 1,962.9 248.5 164.6 - 413.1 2,376.0 -72.1 2,303.9 Revenue – services rendered, internal 187.9 4.0 -0.1 0.1 -191.9 - 9.6 - -9.6 - - - - Revenue – sublease financial income and gains - - - - - - - - - - - 12.3 12.3 Voyage costs -11.9 -502.4 -324.0 0.2 11.2 -826.9 -40.7 -48.6 - -89.3 -916.2 - -916.2 T/C equivalent revenue 208.5 655.6 432.5 20.1 -180.7 1,136.0 217.4 116.0 -9.6 323.8 1,459.8 -59.8 1,400.0 Other operating income - -3.6 - - - -3.6 -3.3 17.3 - 14.0 10.4 - 10.4 Charter hire and OpEx element -145.3 -658.4 -410.6 - 180.7 -1,033.6 -122.4 -123.1 9.6 -235.9 -1,269.5 254.8 -1,014.7 Operating costs, owned vessels -10.9 - - -9.1 - -20.0 -16.4 - - -16.4 -36.4 - -36.4 Contribution margin 52.3 -6.4 21.9 11.0 - 78.8 75.3 10.2 - 85.5 164.3 195.0 359.3 Profit/loss from sale of vessels, etc. 33.7 - - 0.2 - 33.9 34.3 - - 34.3 68.2 -0.6 67.6 Overhead and administration expenses -9.6 -18.9 -22.0 -4.2 - -54.7 -9.4 -10.5 - -19.9 -74.6 1.1 -73.5 Profit/loss before depreciation, amortisation and impairment losses, etc. (EBITDA) 76.4 -25.3 -0.1 7.0 - 58.0 100.2 -0.3 - 99.9 157.9 195.5 353.4 Depreciation, amortisation and impairment losses -14.2 -1.9 -4.9 -3.1 - -24.1 -7.5 -1.2 - -8.7 -32.8 -184.8 -217.6 Share of profit/loss of joint ventures - - - - - - - - - - - - - Profit/loss from operations (EBIT) 62.2 -27.2 -5.0 3.9 - 33.9 92.7 -1.5 - 91.2 125.1 10.7 135.8 * For specification of IFRS 16 refer to page 23. NORDEN Interim Financial ReportThird Quarter 2026 21
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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS Specification of impact from lease accounting per segment Q3 2026 Amounts in USD million Dry owner Dry operator - large vessels Dry operator - small vessels Logistics Total Dry cargo Tanker owner Tanker operator Total Tankers Group Total Revenue - services rendered, external -1.0 -2.2 - - -3.2 -21.8 -1.6 -23.4 -26.6 Revenue - sublease financial income and gains - 0.1 - - 0.1 2.1 0.1 2.2 2.3 T/C equivalent revenue -1.0 -2.1 - - -3.1 -19.7 -1.5 -21.2 -24.3 Charter hire and OpEx element 33.3 18.7 5.3 - 57.3 24.0 6.3 30.3 87.6 Contribution margin 32.3 16.6 5.3 - 54.2 4.3 4.8 9.1 63.3 Profit/loss from sale of vessels, etc. 0.5 - - - 0.5 - - - 0.5 Overhead and administration expenses 0.1 - 0.1 - 0.2 - - - 0.2 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 32.9 16.6 5.4 - 54.9 4.3 4.8 9.1 64.0 Depreciation, amortisation and impairment losses -26.5 -16.9 -5.5 - -48.9 -10.0 -4.9 -14.9 -63.8 Profit/loss from operations (EBIT) 6.4 -0.3 -0.1 - 6.0 -5.7 -0.1 -5.8 0.2 Q3 2025 Amounts in USD million Dry owner Dry operator - large vessels Dry operator - small vessels Logistics Total Dry cargo Tanker owner Tanker operator Total Tankers Group Total Revenue - services rendered, external -0.3 -0.1 -2.1 - -2.5 -13.1 -6.7 -19.8 -22.3 Revenue - sublease financial income and gains - - 0.3 - 0.3 -0.4 -0.5 -0.9 -0.6 T/C equivalent revenue -0.3 -0.1 -1.8 - -2.2 -13.5 -7.2 -20.7 -22.9 Charter hire and OpEx element 25.6 14.8 6.7 - 47.1 22.2 13.6 35.8 82.9 Contribution margin 25.3 14.7 4.9 - 44.9 8.7 6.4 15.1 60.0 Profit/loss from sale of vessels, etc. -0.6 - - - -0.6 - - - -0.6 Overhead and administration expenses - 0.3 0.1 0.1 0.5 - - - 0.5 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 24.7 15.0 5.0 0.1 44.8 8.7 6.4 15.1 59.9 Depreciation, amortisation and impairment losses -21.5 -14.7 -5.1 -0.1 -41.4 -12.7 -5.8 -18.5 -59.9 Profit/loss from operations (EBIT) 3.2 0.3 -0.1 - 3.4 -4.0 0.6 -3.4 - 2. Operational segment information – continued NORDEN Interim Financial ReportThird Quarter 2026 22
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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 2. Operational segment information – continued Specification of impact from lease accounting per segment Q1-Q3 2026 Amounts in USD million Dry owner Dry operator - large vessels Dry operator - small vessels Logistics Total Dry cargo Tanker owner Tanker operator Total Tankers Group Total Revenue - services rendered, external -2.2 -6.1 - - -8.3 -56.2 -4.5 -60.7 -69.0 Revenue - sublease financial income and gains 0.6 4.2 - - 4.8 40.8 1.2 42.0 46.8 T/C equivalent revenue -1.6 -1.9 - - -3.5 -15.4 -3.3 -18.7 -22.2 Charter hire and OpEx element 91.9 51.8 17.2 - 160.9 69.8 17.1 86.9 247.8 Contribution margin 90.3 49.9 17.2 - 157.4 54.4 13.8 68.2 225.6 Profit/loss from sale of vessels, etc. 1.5 - - - 1.5 - - - 1.5 Overhead and administration expenses 0.2 0.2 0.4 0.1 0.9 - - - 0.9 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 92.0 50.1 17.6 0.1 159.8 54.4 13.8 68.2 228.0 Depreciation, amortisation and impairment losses -73.4 -46.9 -17.3 -0.1 -137.7 -32.8 -12.5 -45.3 -183.0 Profit/loss from operations (EBIT) 18.6 3.2 0.3 - 22.1 21.6 1.3 22.9 45.0 Q1-Q3 2025 Amounts in USD million Dry owner Dry operator - large vessels Dry operator - small vessels Logistics Total Dry cargo Tanker owner Tanker operator Total Tankers Group Total Revenue - services rendered, external -3.7 -0.1 -5.0 - -8.8 -39.2 -24.1 -63.3 -72.1 Revenue - sublease financial income and gains 0.1 - 2.3 - 2.4 12.7 -2.8 9.9 12.3 T/C equivalent revenue -3.6 -0.1 -2.7 - -6.4 -26.5 -26.9 -53.4 -59.8 Charter hire and OpEx element 78.6 39.6 20.4 - 138.6 67.0 49.2 116.2 254.8 Contribution margin 75.0 39.5 17.7 - 132.2 40.5 22.3 62.8 195.0 Profit/loss from sale of vessels, etc. -0.6 - - - -0.6 - - - -0.6 Overhead and administration expenses - 0.7 0.3 0.1 1.1 - - - 1.1 Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 74.4 40.2 18.0 0.1 132.7 40.5 22.3 62.8 195.5 Depreciation, amortisation and impairment losses -64.2 -39.0 -16.8 -0.1 -120.1 -39.7 -25.0 -64.7 -184.8 Profit/loss from operations (EBIT) 10.2 1.2 1.2 - 12.6 0.8 -2.7 -1.9 10.7 NORDEN Interim Financial ReportThird Quarter 2026 23
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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 3. Segregation of revenue Amounts in USD million Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Revenue by vessel type Dry bulk 1,000.5 619.2 2,566.0 1,956.5 2,647.0 Tankers 114.4 117.8 409.8 359.7 478.7 Total 1,114.9 737.0 2,975.8 2,316.2 3,125.7 Revenue by type of service Voyage charter 936.7 615.3 2,536.2 1,993.5 2,650.9 Time charter 178.2 121.7 439.6 322.7 474.8 Total 1,114.9 737.0 2,975.8 2,316.2 3,125.7 4. Operating expenses Vessel operating expenses Amounts in USD million Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Expenses related to short-term leases 457.5 284.9 1,249.9 839.0 1,166.5 Bunker oil 248.5 162.1 590.8 502.4 657.5 Voyage expenses, excluding bunker oil 205.8 120.9 544.1 413.8 555.6 Non-lease service component (lease accounting) 59.0 55.6 167.6 175.7 233.0 Operating expenses of owned vessels 11.7 11.6 33.1 36.4 47.7 Total 982.5 635.1 2,585.5 1,967.3 2,660.3 Overhead and administration expenses Amounts in USD million Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Wages and salaries 8.7 12.5 42.2 42.9 56.3 Pensions – defined contribution plans 1.1 1.0 3.2 2.8 4.1 Other social security costs 0.8 0.8 2.6 2.4 3.3 Share-based payment 1.6 1.3 4.7 3.8 4.8 Other external costs 6.2 6.8 20.6 21.6 31.0 Total 18.4 22.4 73.3 73.5 99.5 NORDEN Interim Financial ReportThird Quarter 2026 24
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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS Amounts in USD million 30/9 2026 30/9 2025 31/12 2025 As of 30 September 2026, outstanding hedging consists of: Bunker swap contracts Fair value at 1 January -12.0 -1.1 -1.1 Fair value adjustments 82.9 -7.4 -17.1 Realised contracts, transferred to revenue 115.6 2.8 0.5 Realised contracts, transferred to operating costs -145.7 1.8 5.7 Fair value at end of period 40.8 -3.9 -12.0 Forward freight agreements Fair value at 1 January -13.2 42.4 42.4 Fair value adjustments -62.5 -42.5 -53.2 Realised contracts, transferred to revenue 177.6 3.1 55.1 Realised contracts, transferred to operating costs -135.3 -20.8 -57.5 Fair value at end of period -33.4 -17.8 -13.2 Interest rate derivatives Fair value at 1 January 0.1 - - Fair value adjustments 0.5 -0.2 0.1 Fair value at end of period 0.6 -0.2 0.1 5. Financial income and expenses Amounts in USD million Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 FY 2025 Interest income 2.9 2.4 10.8 7.6 11.1 Fair value adjustment, derivatives 0.5 0.1 0.6 1.1 0.7 Exchange rate adjustments - 0.9 - 5.5 5.6 Total financial income 3.4 3.4 11.4 14.2 17.4 Interest expenses 0.5 0.6 1.7 2.2 2.7 Fair value adjustment, derivatives - - - - - Exchange rate adjustments -0.6 - 1.8 - - Interest expense on lease liabilities 11.2 8.3 32.3 23.3 34.3 Total financial expense 11.1 8.9 35.8 25.5 37.0 6. Fair value adjustment – hedging instruments Amounts in USD million 30/9 2026 30/9 2025 31/12 2025 Fair value of cash flow hedges Fair value adjustment at the beginning period -25.1 41.3 41.3 Fair value adjustment for the period, net 33.1 -63.2 -66.4 Fair value at end of period 8.0 -21.9 -25.1 The fair value of cash flow hedges for the period can be specified as follows: Bunker swap contracts 40.8 -3.9 -12.0 Forward freight agreements -33.4 -17.8 -13.2 Interest rate derivatives 0.6 -0.2 0.1 Fair value at end of period 8.0 -21.9 -25.1 The fair value measurement hierarchy of hedging is measured based upon significant observable inputs (level 2). NORDEN Interim Financial ReportThird Quarter 2026 25
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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 8. Vessels Amounts in USD million 30/9 2026 30/9 2025 31/12 2025 Cost at 1 January 943.9 801.7 801.7 Additions 214.1 115.7 149.1 Disposals -1.1 - -2.7 Transferred from prepayments on vessels and newbuildings 6.9 42.3 44.9 Transferred to tangible assets held for sale -174.0 -116.9 -49.1 Cost at end of period 989.8 842.8 943.9 Depreciation and impairment losses at 1 January -104.6 -107.6 -107.6 Depreciation -26.9 -24.2 -34.1 Impairment of assets - - - Reversal of impairment of assets - - - Disposals related to derecognised assets 1.1 - 2.7 Transferred to tangible assets held for sale 18.8 20.2 34.4 Depreciation and impairment losses at end of period -111.6 -111.6 -104.6 Carrying amount at end of period 878.2 731.2 839.3 7. Intangible assets Amounts in USD million 30/9 2026 30/9 2025 31/12 2025 Goodwill Cost at 1 January 44.6 44.6 44.6 Additions from business combinations - - - Disposals - - - Cost at end of period 44.6 44.6 44.6 Amortisation and impairment losses at 1 January - - - Amortisation - - - Disposals - - - Amortisation and impairment losses at end of period - - - Carrying amount at end of period 44.6 44.6 44.6 Other intangible assets Cost at 1 January 25.5 25.5 25.5 Additions from business combinations 2.9 - - Disposals - - - Cost at end of period 28.4 25.5 25.5 Amortisation and impairment losses at 1 January -18.8 -12.6 -12.6 Amortisation -3.2 -4.8 -6.2 Disposals - - - Amortisation and impairment losses at end of period -22.0 -17.4 -18.8 Carrying amount at end of period 6.4 8.1 6.7 NORDEN Interim Financial ReportThird Quarter 2026 26
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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 10. Prepayments on vessels and newbuildings Amounts in USD million 30/9 2026 30/9 2025 31/12 2025 Prepayment on vessels Cost at 1 January - - - Additions 19.2 44.9 44.9 Transferred to vessels -6.9 -42.3 -44.9 Transferred to tangible assets held for sale - - - Cost at end of period 12.3 2.6 - Impairment - - - Carrying amount at end of period 12.3 2.6 - Amounts in USD million 30/9 2026 30/9 2025 31/12 2025 Prepayment on newbuildings Cost at 1 January 42.1 58.8 58.8 Additions 36.6 21.3 21.3 Transferred to vessels - - - Transferred to tangible assets held for sale - -38.0 -38.0 Cost at end of period 78.7 42.1 42.1 Impairment - - - Carrying amount at end of period 78.7 42.1 42.1 9. Leases – lessee Amounts in USD million 30/9 2026 30/9 2025 31/12 2025 Right-of-use assets Cost at 1 January 1,077.9 1,078.5 1,078.5 Additions 146.2 111.9 177.5 Remeasurements 99.9 144.6 152.2 Disposals -242.1 -268.3 -330.3 Cost at end of period 1,081.9 1,066.7 1,077.9 Depreciation at 1 January -695.0 -757.9 -757.9 Depreciation -179.2 -187.2 -253.5 Disposals 242.1 259.7 316.4 Depreciation at end of period -632.1 -685.4 -695.0 Carrying amount 449.8 381.3 382.9 Lease Liabilities Lease liabilities at 1 January 458.5 421.1 421.1 Additions 199.2 133.6 200.2 Remeasurements 113.5 159.8 167.5 Instalments made -212.7 -229.5 -306.4 Disposals -0.1 -18.5 -23.9 Lease liabilities at end of period 558.4 466.5 458.5 NORDEN Interim Financial ReportThird Quarter 2026 27
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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 11. Assets held for sale Amounts in USD million 30/9 2026 30/9 2025 31/12 2025 Cost at 1 January 26.8 70.0 70.0 Additions 117.9 301.6 411.2 Transferred from vessels 155.2 96.7 14.7 Transferred from prepayments on vessels and newbuildings - 38.0 38.0 Disposals -274.6 -449.0 -507.1 Carrying amount at end of period 25.3 57.3 26.8 Liabilities relating to assets held for sale Prepayments received on newbuildings and vessels sold 11.4 17.2 4.4 Carrying amount at end of period 11.4 17.2 4.4 Gains from sale of vessels during the period 65.7 67.6 70.6 Losses from sale of vessels during the period - - -0.3 Profit/loss from sale of vessels 65.7 67.6 70.3 During the first nine months of 2026, NORDEN delivered one Capesize, three Panamax, two Supramax, one logistics vessel, and three MR tankers to their new owners. 12. Related party disclosure No significant changes have occurred to related parties or types and scale of transactions with these parties other than what is disclosed in the consolidated annual report for 2025. 13. Contingent assets and liabilities Since the end of 2025, no significant changes have occurred to contingent assets and liabilities other than those referred to in this interim report. NORDEN Interim Financial ReportThird Quarter 2026 28
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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 14. Overview of deliveries of owned vessels and CapEx Deliveries of owned vessels Number of vessels 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 Total Handysize/MPP 1 2 - - - - - 2 - 1 - - - - 6 Supramax 2 - - - - - - - - - - - - - 2 Panamax 2 - - - - - - - - - - - - - 2 Capesize - 2 1 - - - - - - - - - - - 3 MR 1 - - - - - - - - - - - - - 1 Cash flows from CapEx and sale of vessels Amounts in USD million 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 Total Investment in newbuildings and secondhand vessels -180.0 -150.0 -42.0 - - -3.4 -13.5 -42.0 -6.6 -19.9 - - - - -457.4 Proceeds from sale of vessels and newbuildings 63.0 27.1 - - - - - - - - - - - - 90.1 Other CapEx -1.9 -2.2 - -1.5 -3.0 - -3.1 -1.6 -2.6 - -7.1 -3.4 -3.0 - -29.4 Net cash flows -118.9 -125.1 -42.0 -1.5 -3.0 -3.4 -16.6 -43.6 -9.2 -19.9 -7.1 -3.4 -3.0 - -396.7 Other CapEx includes ordinary docking as well as acquisition and installation of scrubbers and energy saving devices. Timing and amounts may vary between periods due to deposits, part payments or other contractual agreements. 15. Events after the reporting date No events have occurred after the balance sheet date which are expected to have a material impact on the interim consolidated financial statements. NORDEN Interim Financial ReportThird Quarter 2026 29