Slides
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www.hoeghautoliners.com Höegh Autoliners Company Presentation 07.01.2026 SEB Nordic Seminar
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SEB Nordic Seminar Highlights Leading RoRo operator with global presence, longstanding customer relationships and fully integrated organisation1 Strong market fundamentals and continuously strong operating results3 100% of cash generation after debt, CAPEX and payable taxes, distributed to shareholders via quarterly dividend according to policy4 Continuous commitment to net-zero shipping future including transformational green newbuilding program2 HAUTO has given total shareholder returns of roughly 800%1 since IPO5 1) Notes: Based on share price per 02.01.2026 2
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SEB Nordic Seminar Strong commerical position with long-standing relationships with leading OEMs 1) Spot commitments defined as rate agreements and other cargo commitments with contract duration of up to 1 year. Selected customers Cargo segments Factory New Light Vehicles Prev. Owned Vehicles High & Heavy Breakbulk 3
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SEB Nordic Seminar Global network with focus on deep-sea port to port service Europe to US and Oceania Europe to South Africa, Indian Ocean Islands and Oceania Middle East, India to Africa and Americas US to Middle East Europe to Middle East East Asia to Europe East Asia to Africa East Asia to US Overview of trade routes Key highlights 11 trade routes and 16 offices More than 2,000 annual port calls ~470 land-based employees. ~1,450 seafarers Market leading position on several trades Strong and long-standing OEM customer relationships (40+ years) 11 Trades Caribbean Shortsea services Americas to Europe 4
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2020 2021 2022 2023 2024 2025 Car carrier market cycle development Focus: Creating value for shareholders through the cycle 2020 2021 2022 2023 2024 2025 Selling vesselsRe-pricing freight Long on contracts Long on cargo Using open TC-market Fleet renewal programme ▪ Newbuilding and fleet renewal planning in a weak market ▪ Forceful re-pricing of all cargo and improved contractual terms ▪ Built duration and extended contract backlog to secure earnings through cycles. ▪ Actively divesting non-core vessels at elevated market values and returns ▪ Changed gears to be overweight cargo vs. carrying capacity ▪ Using a normalized charter market by taking short-term capacity to deliver value from long-term contracts Key highlights Our strategy has been built around anticipating shifts, positioning early, and compounding returns over time 5 SEB Nordic Seminar
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SEB Nordic Seminar6 Vessels for total value of $283m sold over last 2-year period Höegh Bangkok 6 500 CEU $63m Price Höegh Kobe 6 000 CEU $59m Price Höegh Chiba 6 000 CEU $61m Price Höegh New York 6 500 CEU $61m Price Vessels Höegh Beijing Size (CEU) 4 900 Price (USD millions) 43 Delivery September 2025
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SEB Nordic Seminar7 Earnings and ROIC maintained at high levels 1) *2025 based on Q1-Q3 annualised 2025 another great year, but heading into a more normal market EBITDA still at strong levels, despite reduced margin 947 1 270 1 446 1 371 1 423 203 447 736 692 634 21% 35% 51% 50% 45% 0% 10% 20% 30% 40% 50% 60% - 200 400 600 800 1 000 1 200 1 400 1 600 2021 2022 2023 2024 2025* Million USD Total revenues EBITDA EBITDA margin 1 510 1 685 1 919 1 975 2 023 125 299 590 620 480 11% 18% 32% 33% 25% 0% 5% 10% 15% 20% 25% 30% 35% - 500 1 000 1 500 2 000 2 500 2021 2022 2023 2024 2025* Million USD Invested capital (operating debt & equity) Profit for the period ROIC
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SEB Nordic Seminar9 Aurora 12 ships newbuilding program well on track – Vessel number 8 will be delivered soon Q3 2023 Option declared and contract signing Aurora vessels #9-12 Q3 2024 Q1 2025 Q2 & Q4 2025 Q1 2026 ... Aurora vessel #1&2 delivered Aurora vessel #3&4 delivered Aurora vessel #5-7 delivered Aurora vessel #8 will be delivered
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Market
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SEB Nordic Seminar11 China in 2024 No 1 market: 26m No 1 producer: 28.4m No 1 exporter: 5.5m
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~70% of US car deepsea import volumes from Japan and South Korea, remaining from EU. 15% tariff new baseline for these markets. Total US import/export 2025 (k units) 50%US import 37%US export 7.107 1.467 Canada Export to US Import from US Land 953 760 China Export to US Import from US Deep sea83 67 S.Korea Export to US Import from US Deep Sea 1.300 42 Mexico 18% Exports to US Import from US LandDeep sea* 2.603 160 Europe Export to US Import from US Deep Sea 865 194 Japan Export to US Import from US Deep sea 1.267 16 FNLV All numbers in thousand units (2025) Source: S&P Global Mobility – Jan 2026 forecast Land Deep sea SEB Nordic Seminar12
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13 USTR port fees update Initial USTR draft (February 21st) USTR proposal (April 17th) USTR Annex III 1st revision (June 6th) USTR Annex III 2nd revision (October 10th) Key cost drivers ▪ Number of US port calls ▪ Operator, vessel and fleet Chinese affiliation or origin (cumulative impact) ▪ Vessel CEU capacity ▪ Number of voyages with US port calls ▪ Vessel Net tonnage ▪ Number of voyages with US port calls ▪ Vessel Net tonnage ▪ Number of voyages with US port calls Impacted vessels ▪ Chinese built vessels ▪ Chinese operated vessels ▪ Vessel in fleet with Chinese vessels ▪ Vessel in fleet with Chinese orders All RoRo vessel except a) US built vessels (currently 1) b) Vessel with operators having similar size vessel built at US yard (currently none) All RoRo vessel except a) US built vessels (currently 1) b) Vessel with operators having similar size vessel built at US yard (currently none) c) MSP vessels (~20) d) US gov. vessels (0) e) US gov. cargo All RoRo vehicle carriers* except a) US built vessels (currently 1) b) Vessel with operators having similar size vessel built at US yard (currently none) c) U.S.-owned or U.S.-flagged vessels enrolled in the Maritime Security Program d) U.S. Government vessels e) U.S.-flag vessels of up to 10,000 DWT Implementation period Not stated ~180 days with implementation October 14th Implementation October 14 th (100 days lead-time) Implementation October 14 th (4 days lead-time) Illustrative financial impact per US port rotation $1.0-3.5m per port call $3m – 6m, dependent on number of ports and vessel Chinese affiliation $150 per CEU capacity ~$1m-1,4m, depending on vessel size $14 per vessel net ton ~$0,3m-0,5m, depending on vessel size $46 per vessel net ton ~$0,9m-1,5m, depending on vessel size (Charged up to five times per calendar year, per vessel) Timeline China USA EU IMO Tariffs Port fees Port fees Iran Russi a Israel Suez Trade barriersRegulation Carbon tax Shipping industry has increasingly become a bargaining chip for overarching geopolitics between US, China and the EU with increasing tension about tariffs, IMO NZF and China-US port fees. After the 3.3x increase in fees from 10 October, the USTR port fee is currently suspended for 1 year commencing from 10 November 2025. SEB Nordic Seminar
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Global FNLV sale forecast Source: S&P Global Mobility:* Oct 2025 revised forecast Shipments from Asia continue to expand on the back of continued strong export growth from China to global markets Source: JAMA, KAMA, CAAM Highlights ▪ Global estimated light vehicle sales remained resilient in Q3 2025 expanding 4% Y-o-Y to 22.3 million units. Latest 2025 sales forecast has been upgraded from 1.6% to 2.4% Y-o-Y growth ▪ Asia's global export expansion continued in the 8 months of 2025 with an average shipments’ growth of 5.6% Y-o-Y ▪ China’s YTD Aug BEV and Hybrids exports reached 2.2 million units – up 53% Y-o-Y with Hybrids exports up 146% in the period Million units Million units Source: S&P Global Trade Atlas Oct 2025 FNLV exports from Asia BEV and Hybrids exports from China 2023 2024 2025F 2026F 2027F 86.7 88.7 90.8 91.2 93.0 +2% 349 397 90 859 462 306 Total BEV export Total Hybrids export BEV to W/C Europe Hybrids to W/C Europe 1.116 1.385 +24% +146% +16% +240% Actual Forecast SEB Nordic Seminar Thousand units Jan-Aug 2024 Jan-Aug 2025 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Q1 2021 Q2 2025China S Korea Japan 14
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▪ Time Charter Rates (1Y) SEB Nordic Seminar15 Opportunistic approach in a normalizing charter hire market 1) Net Fleet Growth (PCTC) Thousands CEUs Highlights ▪ 22x 7,000-9,500 CEU vessels were delivered during Q3 2025 ▪ The orderbook consists of 158 vessels with delivery up to 2030, equivalent to approx. 25.5% of the existing fleet ▪ Continued normalization of the 1Y time-charter hire index, still elevated relative to its historical range, as charter-capacity balance remains tight Thousand USD/day Normalizing charter hire market Elevated net fleet growth through 2027 Source: Clarksons October 2025 -200 -100 0 100 200 300 400 500 600 2014 3% 2015 0% 2016 2% 2017 1% 2018 -1% 2019 -1% 2020 1% 2021 0% 2% 2023 8% 2024 12% 2025 8% 2026 6% 2027 2% 2028 -2% 2029 -2% 2022 2030 3% Net fleet growth Actual deliveries Estimated deliveries Actual recycling Estimated recycling 0 20 40 60 80 100 120 2014 2015 2016 2017 2018 2019 2020 33,4 19,4 2021 2022 2023 2024 2025 42,52026 PCTC 6,500 CEU 1Y time-charter index Avg. L25Y Avg. 2010-20
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Summary
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17 Contract backlog "fully booked" for 2026 Cargo and contract backlog 12% 10% 9% 21% 47% 2025 12% 4% 5% 6% 23% 55% 2026 Rate Agreement cargo Contract renewal Contracts started in 2022 or before Contracts started in 2023 Contracts started in 2024 Contracts started in 2025 2025 lifting capacity 80% contract coverage Contracts ▪ Signed 15-year renewal of significant contract in key trade lane during September, value above USD 100 million ▪ Contract share of volume transported up remains at around 81% ▪ Average duration of contract backlog ~3 years Rate Agreements ▪ Typically one-year non-committed agreements but with fixed pricing ▪ Clients typically forwarders and used vehicle shippers ▪ Long-standing relationships and barriers of entry reduces rate pressure Spot ▪ In 2024 the HH/BB share was ~60% of total spot volume SEB Nordic Seminar
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Uncertain geopolitical and macroeconomic outlook, but HAUTO well positioned Historically strong contract backlog providing earnings visibility ✓ No refinancing before 2030 and newbuilds fully financed✓ 21 debt free vessels providing financial and operational flexibility✓ Capacity cost reduced by ~40% compared to pre-covid levels ✓ Proven track record in returning value to shareholders✓ 15 20 44 60 67 70 360 109 127 245 90 158 137 30 Sep.22 Nov.22 Feb.23 May.23 Aug.23 Nov.23 Feb.24 Apr.24 Aug.24 Dec.24 Mar.25 May.25 Sep.25 Nov-25 Dividend distributed (USD mill) Total dividend paid out: USD 1.5 billion SEB Nordic Seminar18
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www.hoeghautoliners.com Thank you!