Interim report
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Hunter Group ASA Q2 2026 results 27 August 2026
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Disclaimer CERTAIN STATEMENTS INCLUDED IN THIS DOCUMENT CONTAIN FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS INCLUDE STATEMENTS CONCERNING PLANS, OBJECTIVES, GOALS, STRATEGIES, FUTURE EVENTS OR PERFORMANCE, AND UNDERLYING ASSUMPTIONS AND OTHER STATEMENTS, WHICH ARE OTHER THAN STATEMENTS OF HISTORICAL FACTS. THE WORDS “BELIEVE,” “ANTICIPATE,” “INTENDS,” “ESTIMATE,” “FORECAST,” “PROJECT,” “PLAN,” “POTENTIAL,” “MAY,” “SHOULD,” “EXPECT” “PENDING” AND SIMILAR EXPRESSIONS IDENTIFY FORWARD-LOOKING STATEMENTS. THE FORWARD-LOOKING STATEMENTS IN THIS DOCUMENT ARE BASED UPON VARIOUS ASSUMPTIONS, MANY OF WHICH ARE BASED, IN TURN, UPON FURTHER ASSUMPTIONS, INCLUDING WITHOUT LIMITATION, MANAGEMENT'S EXAMINATION OF HISTORICAL OPERATING TRENDS, DATA CONTAINED IN HUNTER GROUP’S RECORDS AND OTHER DATA AVAILABLE FROM THIRD PARTIES. ALTHOUGH HUNTER GROUP BELIEVES THAT THESE ASSUMPTIONS WERE REASONABLE WHEN MADE, BECAUSE THESE ASSUMPTIONS ARE INHERENTLY SUBJECT TO SIGNIFICANT UNCERTAINTIES AND CONTINGENCIES WHICH ARE DIFFICULT OR IMPOSSIBLE TO PREDICT AND ARE BEYOND HUNTER GROUP’S CONTROL, YOU CANNOT BE ASSURED THAT HUNTER GROUP WILL ACHIEVE OR ACCOMPLISH THESE EXPECTATIONS, BELIEFS OR PROJECTIONS. THE INFORMATION SET FORTH HEREIN SPEAKS ONLY AS OF THE DATES SPECIFIED AND HUNTER GROUP UNDERTAKES NO DUTY TO UPDATE ANY FORWARD-LOOKING STATEMENT TO CONFORM THE STATEMENT TO ACTUAL RESULTS OR CHANGES IN EXPECTATIONS OR CIRCUMSTANCES. IMPORTANT FACTORS THAT, IN HUNTER GROUP’S VIEW, COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE DISCUSSED IN THE FORWARD-LOOKING STATEMENTS INCLUDE, WITHOUT LIMITATION: THE STRENGTH OF WORLD ECONOMIES AND CURRENCIES, GENERAL MARKET CONDITIONS, INCLUDING FLUCTUATIONS IN CHARTERHIRE RATES AND VESSEL VALUES, CHANGES IN DEMAND IN THE TANKER MARKET, INCLUDING BUT NOT LIMITED TO CHANGES IN OPEC'S PETROLEUM PRODUCTION LEVELS AND WORLD WIDE OIL CONSUMPTION AND STORAGE, CHANGES IN HUNTER GROUP’S OPERATING EXPENSES, INCLUDING BUNKER PRICES, DRYDOCKING AND INSURANCE COSTS, THE MARKET FOR HUNTER GROUP’S VESSELS, AVAILABILITY OF FINANCING AND REFINANCING, ABILITY TO COMPLY WITH COVENANTS IN SUCH FINANCING ARRANGEMENTS, FAILURE OF COUNTERPARTIES TO FULLY PERFORM THEIR CONTRACTS WITH US, CHANGES IN GOVERNMENTAL RULES AND REGULATIONS OR ACTIONS TAKEN BY REGULATORY AUTHORITIES, POTENTIAL LIABILITY FROM PENDING OR FUTURE LITIGATION, GENERAL DOMESTIC AND INTERNATIONAL POLITICAL CONDITIONS, POTENTIAL DISRUPTION OF SHIPPING ROUTES DUE TO ACCIDENTS OR POLITICAL EVENTS, VESSEL BREAKDOWNS, INSTANCES OF OFF-HIRE AND OTHER IMPORTANT FACTORS. THIS PRESENTATION IS NOT AN OFFER TO PURCHASE OR SELL, OR A SOLICITATION OF AN OFFER TO PURCHASE OR SELL, ANY SECURITIES OR A SOLICITATION OF ANY VOTE OR APPROVAL. 2
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3 Q2 2026 results USD 47.0m Net profit Q2 2026 USD 46.0m Operating cash flow Q2 2026 USD 89.8m Equity 30 June 2026 Rates remain at high levels into Q3 2026, supporting continued strong cash generation Strongest cashflow on record EPS 2Q 2026 USD 0.35
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Financial highlights Q2 2026 Net TC result USD 73.0 m Unrealized non-cash TC position result USD (11.4) m Total operating expenses USD (1.7) m Net profit USD 47.0 m Avg. spot-linked TC-out rate USD 452,922 /d Avg. fixed TC-in rate USD 51,750/d Avg. TC-margin USD 401,172/d Operational days/Available days: 182 / 182 Cash and working capital USD 70.3 m Highlights 4 • Spot rates averaged USD 452,922 per day during Q2 2026. - Average fixed TC-in rate of USD 51,750 per day - Average TC margin (loss) of USD 401,172 per day - 100% utilization, operating all available days • 61% of Q3 2026 vessel days booked at average approx. USD 460,000 per day - August has so far averaged approx. USD 547,000 per day • The Company intends to maximize shareholder value by distributions to shareholders and other capital allocation opportunities to generate attractive returns. • The board proposes a dividend of NOK 1.50 per share subject EGM approval.
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Market: Continued strong monthly TC results Key TC figures So far in Q3 20261 Avg. floating index TC- out: USD xxx,xxx/d Avg. fixed rate TC-in: USD 51,750/d TC days: 114 / 182 (62%) TC end dates (+/- 30 days) Dec ’26 / Mar ’27 Hunter Group ASA average monthly TC results • The VLCC spot market has remained strong in Q2 and into Q3 2026 , driven by the conflict in the Middle-East Gulf region. • Spot average TCE rate for Hunter is currently at approx. USD 666,000 per day • Forward market (FFA) and 1-year TC rates are firm, indicating a strong underlying market - Last done 1-year TC rate is at about USD 121,000 per day for modern scrubber-fitted VLCC. - FFAs are pricing TD3C Modern Scrubber September 2026 / Q4 2026 at USD 712,000 / USD589,100 per day. 5 1) As of 25 August 2026 Key TC Figures So Far in Q3 20261 Avg. Floating index TC-out: USD 460,000/d Avg. Fixed rate TC-in: USD 51,750/d TC days: 112/184 (61%) TC end dates (+/- 30 days): Dec’ 26 / Mar’ 27 0 100 000 200 000 300 000 400 000 500 000 600 000 700 000 800 000 sep.25 okt.25 nov.25 des.25 jan.26 feb.26 mar.26 apr.26 mai.26 jun.26 jul.26 Current spot USD / d Index TC (out): Fixed rate TC (in):
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6 Strong increase in TD3C continues into 3Q 2026 0 100000 200000 300000 400000 500000 600000 700000 TD3C in USD per day
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7 Hunter Net TC earnings 2026 in USDM - 5 10 15 20 25 Jan Feb Mar Apr May Jun Jul
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8 Market outlook: Strong fundamentals • The conflict in the Middle-East and Strait of Hormuz has proven difficult to resolve • Long forward market (FFA’s) and medium to long Time Charter (TC) fixtures are at historic high levels • The strong VLCC market is expected to continue even when the Middle-East conflict is resolved • The conflict has been escalated into new areas, lifting ton–mile demand
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Financial statements – Q2 2026 Income statement – Q2 2026 Balance sheet – Q2 2026 9 Year to date (Unaudited figures in USD 1 000) Q2 2026 Q2 2025 Note 30.06.2026 30.06.2025 31.12.2025 Revenues Net realized time chartering result 73 013 -1 058 7, 8 105 608 -2 563 8 597 Unrealized change in fair value of time charters -11 376 5 007 7 18 518 5 537 6 490 Other income 0 32 13 34 161 Total revenues 61 637 3 980 124 139 3 009 15 248 Operating expenses Depreciation and amortisation expense 18 17 35 34 69 Other operating expenses 824 84 7 1 243 162 464 General and administrative expenses 868 351 1 340 663 1 295 Total operating expenses 1 710 452 2 619 859 1 827 Operating profit (loss) 59 926 3 529 121 520 2 150 13 420 Net financial income (loss) 260 44 341 117 629 Profit (loss) before taxes 60 186 3 573 121 861 2 267 14 050 Tax on ordinary result -13 192 0 8 -21 901 0 0 Net profit (loss) 46 995 3 573 99 960 2 267 14 050 Earnings per share 0,35 0,03 0,74 0,02 0,10 Earnings per share diluted 0,35 0,03 0,74 0,02 0,10 (Unaudited figures in USD 1 000) Q2 2026 Q2 2025 30.06.2026 30.06.2025 31.12.2025 Net profit (loss) 46 995 3 573 99 960 2 267 14 050 Other comprehensive income, items to be reclassified to profit & loss Translation differences 0 0 0 0 -27 Comprehensive income for the period 46 995 3 573 99 960 2 267 14 023 Total comprehensive income attributable to: Equity holders of the parent 46 995 3 573 99 960 2 267 14 023 Total comprehensive income 46 995 3 573 99 960 2 267 14 023 Quarters Quarters Year to date Half-year Assets (Unaudited figures in USD 1 000) Note 30.06.2026 31.03.2026 30.06.2025 31.12.2025 NON-CURRENT ASSETS Other intangible assets 7 8 11 9 Total intangible assets 7 8 11 9 Other tangible assets 5 93 110 159 127 Investment in shares 0 0 0 0 Other long-term financial assets 6 0 0 4 693 2 681 TOTAL NON-CURRENT ASSETS 101 118 4 863 2 817 CURRENT ASSETS Trade and other receivables 7 32 902 0 0 43 Back-to-back time charters 7 24 949 36 326 5 487 6 431 Other short-term assets 5, 9 23 598 30 000 89 6 768 Cash and cash equivalents 48 798 10 941 3 402 5 049 TOTAL CURRENT ASSETS 130 248 77 267 8 978 18 292 TOTAL ASSETS 130 348 77 385 13 841 21 109 Equity and Liabilities EQUITY Share capital (134,825,243 shares) 2 508 508 508 508 Share premium 2 0 0 15 960 11 968 Other equity 2 89 307 59 656 -3 486 8 270 TOTAL EQUITY 89 815 60 164 12 981 20 746 LIABILITIES Deferred tax liability 8 5 489 7 992 0 0 Interest-bearing debt 27 44 94 61 Total non-current liabilities 5 516 8 036 94 61 Trade payables 30 0 11 25 Accrued public charges and indirect taxes 0 17 116 73 Taxes payable 8 16 412 717 0 0 Dividend payable 16 978 8 019 0 0 Current portion of interest-bearing debt 67 66 63 65 Other current liabilities 1 531 366 575 139 Total current liabilities 35 017 9 185 765 302 TOTAL LIABILITIES 40 533 17 221 860 363 TOTAL EQUITY AND LIABILITIES 130 348 77 385 13 841 21 109
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Financial statements – Q2 2026 Cash flow statement – Q2 2026 Changes to equity – Q2 2026 10 * Change in working capital items in 2Q YTD 2026 mainly relates to increase in the receivable for invoiced back-to-back charterparties as per 30 June 2026 compared to 31 December 2025. Year to date (Unaudited figures in USD 1 000) Q2 2026 Q2 2025 Note 30.06.2026 30.06.2025 31.12.2025 Profit (loss) before tax 68 895 3 573 121 861 2 267 14 050 Depreciation 18 17 35 34 69 Financial income -266 -38 -354 -90 -590 Financial expenses 6 2 13 5 9 Change in accounts receivables and accounts payables -32 873 -200 -32 855 -1 621 -1 650 Change in fair value of the three-year back-to-back charterparty 11 376 -5 007 -18 518 -5 537 -6 490 Change in working capital items * -1 136 274 -12 806 -5 470 -4 136 Net cash flow from operating activities 46 020 -1 380 57 376 -10 412 1 262 Investments in PP & E 0 0 0 0 0 Interest received 239 38 321 90 359 Sale of other financial investments 0 0 0 429 429 Investments in other financial investments 0 0 0 0 -731 Net cash flow to investment activities 239 38 321 519 56 Interest paid -2 -2 -3 -5 -9 Installment leasing-debt (IFRS 16) -16 -15 -33 -31 -63 Dividend paid -8 385 0 Eq. -13 913 0 -3 992 Net cash flow from financing activities -8 403 -18 -13 949 -36 -4 063 Total net changes in cash flow 37 856 -1 359 43 748 -9 929 -2 745 Currency effect on cash 0 0 0 0 0 Cash and cash equivalents beginning of period 10 941 4 761 5 049 7 794 7 794 Cash and cash equivalents end of period 48 798 3 402 48 798 -2 135 5 049 Quarters Half-year Share Own Share Currency Retained Total (Unaudited figures in USD 1 000) Note Capital Shares premium translation earnings equity Equity as of 01.01.2025 508 0 15 960 -2 289 -3 464 10 715 Net profit first half 2025 2 267 2 267 Other comprehensive income 0 0 Total comprehensive income first half 2025 2 267 2 267 Equity as of 30.06.2025 508 0 15 960 -2 289 -1 197 12 981 Net profit second half 2025 0 11 783 11 783 Translation adjustments -27 0 -27 Total comprehensive income second half 2025 -27 11 783 11 756 Dividend paid -3 992 0 0 -3 992 Equity as of 31.12.2025 508 0 11 968 -2 316 10 586 20 746 Net profit first half 2026 0 99 960 99 960 Other comprehensive income 0 0 0 Total comprehensive income first half 2026 0 99 960 99 960 Dividend paid in March 2026 -5 528 0 0 -5 528 Dividend paid in April 2026 -6 440 0 -1 945 -8 385 Dividend payable 0 0 -16 978 -16 978 Equity as of 30.06.2026 508 0 0 -2 316 91 623 89 815
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Notes to the financial statements – Q2 2026 11 1. Accounting principles These condensed interim financial statements of Hunter Group were authorized for issue by the Board of Directors on 26 August 2026. The interim condensed consolidated financial statements for the three and six months ending 30 June 2026 have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s annual consolidated financial statements as of 31 December 2025. The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 2025. 2. Equity The Company's share capital is NOK 5,155,285.33, divided into 134,825,243 shares, each with a nominal value of NOK 0.038 (rounded). Included in other equity is fair value reserve of USD 19.5 millions (post tax), which is a non-distributable reserve. 3. Segment information The Group operates 1 segment that focuses on the administration of back-to-back charterparties for VLCCs based on floating index-linked charter-out rates less fixed charter-in rates. 4. Transactions with related parties Hunter Group ASA has on 28 April 2026 entered into a Management Services Agreement with Storm Norge AS, pursuant to which Storm Norge AS will provide CFO and administrative services to the Company, effective 29 April 2026. The agreement is based on a fixed fee, invoiced monthly, reflecting a cost-based model for the services provided by Storm Norge AS. The transaction constitutes a related-party transaction, as Storm Norge AS is the family office of Morten E. Astrup, Chairman of the Board of Hunter Group ASA, and is indirectly wholly owned by him. The agreement has been approved by the Company's independent board members, Kristin Hellebust and Bertel Steen. The following table provides the total amount of transactions with related parties controlled by the members of the executive management of Hunter Group. All related party transactions have been entered into on an arm’s length basis. 5. Property, plant & equipment Transactions with related parties 30.06.2026 31.12.2025 Purchased services in USD 1 000 56 0 (Unaudited figures in USD 1 000) Per 30 June 2026 Right of use assets Other tan- gible assets Other intangible assets Total Cost at 1 January 2026 200 22 12 234 Additions 0 0 0 0 Sales 0 0 0 0 Cost at 30 June 2026 200 22 12 234 Accumulated depreciations at 30 June 2026 -106 -22 -5 -133 Book value at 30 June 2026 93 0 7 100 This periods's depreciation 31 1 3 35
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Notes to the financial statements – Q2 2026 12 6. Other short-term assets and Other current liabilities In connection with the TC contracts, the Company has provided a security deposit of USD 2.5 million in an account at Mercuria, and a security deposit of USD 2.5 million in an account at Trafigura. The security deposits is earning interests and is restricted until the end of the charter parties. In connection with the change to a new CEO, the former CEO has filed a lawsuit against the company. The company has assessed that no provisions are necessary. 7. Revenues and other income Financial assets at fair value through profit or loss consist of two three-year back-to-back charterparty on an eco- design and scrubber fitted VLCCs, with internationally renowned counterparties. The Company charters in the vessels on average fixed rates of USD 51,750 per day, while chartering the vessels out on floating index-linked spot rates. The vessels were delivered in December 2023 and March 2024. The back-to-back charterparties will end within 12 months. There exist significant uncertainties related to the development of the floating rates within the next 12 months due to the development in the Strait of Hormuz. The fair value of the TC contracts is calculated as the net present value of the 6 and 12 months TC market rates, less fixed rates adjusted for 1 % commission. The value of USD 24.9 is considered Management’s best estimate as of 30 June 2026. Q2 YTD 2026 Q1 2026 2025 Q2 YTD 2025 Realized floating index-linked spot rates 124 341 41 910 46 375 16 171 Paid fixed rates -18 734 -9 315 -37 778 -18 734 Broker commision (1 % of realized floating index-linked spot rates) -1 243 -419 -464 -162 Net realized result from lease-leaseback 104 364 32 176 8 133 -2 724 Change in fair value of the three-year back-to-back charterparty 18 518 29 894 6 490 5 537 Financial assets/-liabilities as per period end (at fair value through profit or loss) 30.06.2026 31.03.2026 31.12.2025 30.06.2025 Three-year back-to-back charterparty eco-designed and scrubber fitted VLCC 24 949 36 326 6 431 5 487 Hunter Group ASA announced on 15 April 2026 that a long-term contractual counterparty has paid USD 8.3 million less than the amount due for March 2026. Furthermore, Hunter Group ASA announced on 18 May 2026 that the counterparty continues to dispute its contractual obligation and has paid approximately USD 9.2 million less than the amount due for April 2026, and on 9 June 2026 it was announced that the counterparty has paid approximately USD 10.4 less than the amount due for May 2026. This increases the total disputed amount to approximately USD 28.2 million, plus accrued interest as per 31 May 2026. The Company and its legal advisors remain confident that the counterparty has no merit for the reduced payments. The Company considers the counterparty to be in continued breach of contract and will continue to take all necessary steps to protect its contractual rights. Further updates will be provided as appropriate. 8. Tax As per Note 13 in the annual report of 2025 Hunter Group ASA had a loss carried forward of USD 27.8 million per 31 December 2025. Net taxable profit before tax is estimated to USD 75.0 as per 2Q YTD 2026, resulting in an estimated tax payable of USD 16.5 million as per 30 June 2026. Furthermore, the Company has a deferred tax liability of USD 5.5 million related to the fair value of the back-to-back charterparties as per 30 June 2026. 9. Subsequent events Hunter Group ASA announced on 21 July 2026 that one of their counterparties continues to dispute its contractual obligation and has paid approximately USD 7.9 million less than the amount due for June 2026. Hunter Group ASA announced on 10 August 2026 that one of their counterparties continues to dispute its contractual obligation and has paid approximately USD 7.2 million less than the amount due for July 2026.
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13 Responsibility Statement The Board of Directors and the CEO confirm that to the best of our knowledge the condensed set of financial statements (unaudited) as of 30 June 2026 and the first half year of 2026, which have been prepared in accordance with IAS 34 – Interim Financial Reporting, gives a true and fair view on the Group’s consolidated assets, liabilities, financial position and results of the operation for the period, and that the interim management report includes a fair review of the information required under the requirements in the Norwegian Securities Trading Act. Oslo, 26 August 2026 The board of directors and Chief Executive Officer Hunter Group ASA Morten Eivindssøn Astrup Chaiman of the board Bertel Otto Bryde Steen Board member Kristin Hellebust Board member Erik Mogens Mathiesen CEO Anders Åkerstrøm Board member Hege Hellström Henriksen Board member
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Hunter Group ASA Org. nr. 985 955 107 Haakon VII’s gate 6 0116 Oslo, Norway +47 468 20 659 Info (a) huntergroup.no