Interim report
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Interim report Q2 2026
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BLUEYIELD AB – INTERIM REPORT Q2 2026 1 BlueYield AB (“BlueYield” or “t he Company”) hereby reports its financial results for Q2 2026. The Company was formed on November 6, 2024 but was dormant until its subsidiary BlueYield AS was acquired on June 17, 2025, hence the comparison period is shortened. Numbers within brackets represent the corresponding period 2025. Q2 APRIL 1, 2026 – JUNE 30, 2026 - The net asset value (NAV) as per 30 June 2026 amounted to SEK 326.2 million (292.3), equivalent to SEK 101.93 per share (91.35). This represents an increase of 11.6% compared Q2 2025 and an increase of 19.6% adjusted for currency effects and distributed dividend of 9.5 SEK/share - During the quarter, vessel investments amounting to SEK 30.8 million (0) were made, and shares in vessels were sold for SEK 32.3 million (0) - BlueYield’s operating profit amounted to SEK 17.8 million (-10.4) - BlueYield’s profit for the period amounted to SEK 17.5 million (-12.0), equivalent to SEK 5.50 per share (-3.73) HALF-YEAR (H1) JANUARY 1, 2026 – JUNE 30, 2026 - During the period, vessel investments amounting to SEK 44.6 million (0) were made, and shares in vessels were sold for SEK 57.0 million (0) - BlueYield’s operating profit amounted to SEK 37.6 million (-10.4) - BlueYield’s profit for the period amounted to SEK 38.7 million (-12.0), equivalent to SEK 12.10 per share (-3.73) CEO'S COMMENTS ON THE SECOND QUARTER 2026 The second quarter of 2026 was marked by ongoing geopolitical uncertainty, with conflicting signals on the navigability of the Strait of Hormuz sustaining volatility across shipping markets. The US–Iran ceasefire agreement reached in mid-June provided some relief towards quarter- end, while amendments to US tariffs on steel, aluminium and copper added further complexity to global commodity trade flows. Tanker markets remained well supported during the quarter, though earnings moderated from the elevated levels seen in early 2026 as Middle East tensions eased. Fundamental supply-side dynamics, including constrained effective fleet capacity and ongoing shadow fleet dislocation, continued to underpin asset values and freight earnings across the segment. Dry bulk markets delivered a resilient performance, with freight rates holding comfortably above year-prior levels across all major segments, supported by a strong global grain trade and sustained coal flows. The container shipping segment continued to perform strongly, with charter rates firming through the quarter and freight rates on many trades reaching their highest levels since 2024, supported by ongoing Hormuz and Red Sea disruptions that sustained elevated ton-mile demand and kept available tonnage extremely tight. The offshore and PSV sector maintained solid activity, driven by continued oil company exploration and production programmes. Investments and divestments During Q2, we executed a significant rotation of the portfolio, deploying capital into positions offering attractive risk-adjusted returns at current valuations. Our most substantial new commitment was in the offshore and MPP segment, and we also built a position in larger dry bulkers which all offers compelling value. On the divestment side, we concluded the sale of dry bulkers, container ships and tankers. During the quarter, BlueYield distributed a dividend of SEK 30.4 million to shareholders. Financial Position The portfolio's overall loan-to-value ratio remains conservative, reflecting disciplined capital management. The active investment and divestment programme during the quarter has reshaped the portfolio's composition, and despite the significant dividend distribution, the Company maintains a solid liquidity position with continued flexibility to pursue new opportunities as they arise. In light of the portfolio's strong performance and the Company's solid liquidity position, the Board intends to propose an extraordinary dividend of at least SEK 5.50 per share at an Extraordinary General Meeting to be convened before year-end. Further information will be published in due course. SIGNIFICANT EVENTS DURING THE PERIOD On 28 February 2026, military strikes by the United States and Israel against Iran triggered a broader regional conflict that significantly disrupted shipping markets in the Middle East. The subsequent escalation, including the closure of the Strait of Hor muz, has materially affected global energy markets and international trade by restricting key shipping routes, increasing operational complexity for maritime transportation and driving higher freight rates. S IGNIFICANT EVENTS AFTER THE END OF THE PERIOD No significant events occurred after the end of the period.
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BLUEYIELD AB – INTERIM REPORT Q2 2026 2 16% 5% 20% 24% 24% 11% Tanker Container Dry Bulk MPP PSV Subsea/Offshore KEY RATIOS, GROUP Amounts in SEK thousand unless otherwise stated June 30 2026 June 30 2025 Net asset value per share, SEK 101.94 91.35 Share price at the end of the period, SEK 92.9 100.00 Net asset value 326,223 292,320 Market capitalization 297,280 320,000 H1 2026 Q2 2026 Q2 20251 Operating profit/loss 37,758 17,456 -10,437 Profit/loss for the period 38,706 17,594 -11,950 Earnings per share, SEK 12.10 5.50 -3.73 1 The Company was formed November 6, 2024, but dormant until its subsidiary was acquired on June 17, 2025, hence the comparison period is shortened OUR INVESTMENTS BlueYield offers investors exposure to a highly diversified fleet of vessels across the tanker, container, dry bulk, multi-purpose (MPP), platform supply vessel (PSV), and subsea/offshore segments. Through minority ownership positions in project companies, BlueYield aims to deliver an attractive risk-adjusted return profile with stable cash flows and asset-backed downside protection. As per June 30, 2026, BlueYield held positions in 25 project companies, owning shares in 36 vessels. PORTFOLIO ALLOCATION KEY FIGURES, PORTFOLIO 1 Segment Average age LTV Discount to new build parity EBITDA/Vessel value Utilization rate Tankers 13,1 42,8% -7% 16,9% 96,0% Container 17,0 17,2% -14% 12,3% 89,2% Dry bulk 14,1 34,7% 5% 10,0% 75,0% MPP 18,3 17,0% 16% 9,7% 85,5% PSV 19,7 4,3% 27% 11,1% 77,0% Subsea/ Offshore 14,4 56,1% 18% 6,4% 82,5% Portfolio total 16,1 31,4% 7% 11,8% 84,6% 1For definitions see page 10
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BLUEYIELD AB – INTERIM REPORT Q2 2026 3 DEVELOPMENT OF PORTFOLIO VALUE INCLUDING CASH AND CASH EQUIVALENTS During the H1, the fair value of the portfolio, including investments and divestments made during the period, and including cash and cash equivalents, increased by 8.4 % compared to the fair value at the end of last year. Adjusted for currency effects and distributed dividend of 9.50 SEK/share, the fair value of the portfolio, including cash and cash equivalents, was up by 10.1 %. BLUEYIELD AB IN BRIEF BlueYield AB (reg.no 559503-6467) is an investment company with a focus on acquiring, holding and strategically divesting maritime assets while capturing income and dividends. The portfolio of vessels is diversified by segment, geography, employment structure and counterparty and offers a unique opportunity to access the returns of global shipping. The Company's shares are traded on Nordic SME since 18 June 2025. FINANCIAL PERFORMANCE Profit for the period amounted to SEK 38.7 million, mainly due to positive fair value adjustments of SEK 27.0 million and dividend received of SEK 12.7 million. For the second quarter the profit amounted to SEK 17.6 million, mainly due to positive fair value adjustments of SEK 10.8 million and dividend received of SEK 7.5 million. VALUATION The item Financial assets measured at fair value in the balance sheet includes long-term unlisted securities holdings in maritime assets. The portfolio is primarily valued on the basis of Market-Based Broker Valuation and secondarily on the basis of Depreciation-Based Valuation. Market-Based Broker Valuation The valuations are sourced from two to three independent shipbrokers and reflect the charter-free market value of each vessel on a willing buyer–willing seller basis. Key valuation inputs include current market rates, vessel specifications, expected cash flow, and, where applicable, the financial stability of charterers. Valuations may also be adjusted to reflect the premium or discount implied by existing charter contracts, taking into account the difference between contract rates and prevailing market rates. Depreciation-Based Valuation This approach assumes that a vessel’s value declines linearly over time from its original or historical newbuilding cost to its residual or recycling value at the end of its economic life. While not used as the primary valuation method, it provides a useful reference point for assessing long-term asset depreciation and newbuilding parity. The valuations are received quarterly or bi-annually through project reports released by the project houses that manage the portfolio companies. THE SHARE AND THE OWNERS At the end of the period, the Company had 449 shareholders (190) and 3,200,000 outstanding shares. OTHER INFORMATION Employees The Group has had one employee during the period, the CEO. The Group is managed by Pareto Business Management AB (“PBM AB”). Related party transactions The Company has had transactions with PBM AB, Pareto Securities AB and Pareto Business Management AS. PBM AB constitutes a related party to BlueYield AB, according to IAS 24, by providing services under a management agreement. Pareto Securities AB and Pareto Business Management AS, companies related to Pareto Business Management AB, have provided corporate advisory services to BlueYield AB. An internal management fee has been paid between BlueYield AB and its subsidiaries. Otherwise, no related party transactions have taken place.
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BLUEYIELD AB – INTERIM REPORT Q2 2026 4 Material risks and uncertainties Maintaining responsible ownership in companies and subsequent possible divestments in the same companies entails commercial risks. Such risks may include, for example, having a high exposure in a certain segment or an individual holding, changing market conditions for finding interesting investment objects or difficulties in divesting at the chosen time. To manage and control the investment company's various business risks, BlueYield works with diversification in its investment commitment. The primary operational risk lies within the portfolio companies and the market in which they operate, which is characterized by significant volatility in freight rates. The risks relate to the investment process, as well as the corporate governance and ongoing oversight of these companies. Financial risk Defined as investment, liquidity and currency risk. BlueYield evaluates these risks on an ongoing basis. Liquidity risk BlueYield relies on cash flows generated by its portfolio companies as its primary source of funds necessary to meet its obligations and generate income and positive cash flow. BlueYield’s ability to access cash from its subsidiaries may be constrained by contractual provisions, legal restrictions, the financial situation of its portfolio companies, and their respective debt obligations. These factors collectively pose a risk to the group's ability to access sufficient funds to cover expenses and pay dividends. Investment risk Investments in unlisted entities carry inherent risks due to the lack of a public trading market, which can lead to challenges in accurately valuing these investments. The absence of market liquidity may result in difficulties in selling or exiting these investments, potentially affecting the Company's financial flexibility. Additionally, price risk is heightened as the valuation of unlisted investments can be subject to significant fluctuations based on market conditions, investor sentiment, and the performance of the underlying assets. These factors can impact the Company's financial results and the value of its investment portfolio. Currency risk BlueYield’s reporting currency is Swedish kronor (SEK) and its share is trading in SEK on the Swedish exchange Nordic SME. The majority of BlueYield’s transactions, assets and inflowing cashflow are denominated in US dollars. BlueYield’s dividends and the majority of expenses are denominated in SEK. BlueYield has not entered into forward contracts for either transactions or translation risks. Accordingly, there is a risk that currency fluctuations could have an adverse effect on BlueYield's cash flows, and financial results.
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BLUEYIELD AB – INTERIM REPORT Q2 2026 5 CONSOLIDATED INCOME STATEMENT Amounts in SEK thousand H1 2026 Q2 2026 Q2 20251 Changes in the fair value of financial investments 26,976 10,765 -11,783 Dividends 12,708 7,510 1,801 Operating income 39,684 18,275 -9,982 Administrative expenses -1,926 -818 -455 Operating profit/loss 37,758 17,456 -10,437 Financial items Interest income and similar income items 634 174 - Currency exchange gains/losses, net 457 156 -1,513 Profit/loss after financial items 38,850 17,786 -11,950 Tax on profit for the period -144 -192 - Profit/loss for the period 38,706 17,594 -11,950 Earnings per share, SEK 12.10 5.50 -3.73 Average number of shares, thousand 3,200 3,200 3,200 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Amounts in SEK thousand H1 2026 Q2 2026 Q2 20251 Profit/loss for the period 38,706 17,594 -11,950 Translation differences of foreign operations 17,058 6,218 1,505 Total comprehensive income 55,763 23,812 -10,445 1 The Company was formed November 6, 2024, but dormant until its subsidiary was acquired on June 17, 2025, hence a shortened comparison period
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BLUEYIELD AB – INTERIM REPORT Q2 2026 6 CONSOLIDATED BALANCE SHEET Amounts in SEK thousand June 30 2026 Dec 31 2025 ASSETS Financial assets measured at fair value 289,636 259,270 Total non-current assets 289,636 259,270 Other current receivables 166 227 Deferred expenses and prepaid income 1,822 487 Cash and cash equivalents 37,772 42,671 Total current assets 39,761 43,384 TOTAL ASSETS 329,397 302,655 EQUITY AND LIABILITIES Share capital 3,200 3,200 Retained earnings including profit for the period 323,023 297,659 Total equity 326,223 300,859 Accounts payable 660 15 Other current liabilities 27 193 Tax payable 973 776 Accrued expenses and prepaid income 1,514 811 Total current liabilities 3,174 1,795 Total liabilities 3,174 1,795 TOTAL EQUITY AND LIABILITIES 329,397 302,655
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BLUEYIELD AB – INTERIM REPORT Q2 2026 7 CONSOLIDATED REPORT ON CHANGES IN EQUITY Amounts in SEK thousand Share capital Other capital contributed Reserves Retained earnings incl. profit for the period Total equity Opening equity November 6, 2024 - - - - - Comprehensive income Profit for the period - - - 6,975 6,975 Translation differences of foreign operations - - -8,976 - -8,976 Total income - - -8,976 6,975 -2,001 Transactions with shareholders Formation of the company 500 - - - 500 Reduction of share capital -500 - - - -500 New issue 3,200 319,547 - - 322,747 Issue costs - -23,111 - - -23,111 Warrant program - 3,224 - - 3,224 Closing equity December 31, 2025 3,200 299,660 -8,976 6,975 300,859 Opening equity January 1, 2026 3,200 299,660 -8,976 6,975 300,859 Comprehensive income Profit for the period - - - 38,706 38,706 Translation differences of foreign operations - - 17,058 - 17,058 Total income - - 17,058 38,706 55,764 Transactions with shareholders Dividend - - - -30,400 -30,400 Closing equity June 30, 2026 3,200 299,660 8,082 15,281 326,223
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BLUEYIELD AB – INTERIM REPORT Q2 2026 8 CONSOLIDATED CASH FLOW REPORT Amounts in SEK thousand H1 2026 Q2 2026 Q2 20251 Operating profit/loss 37,758 7,276 -10,437 of which dividends received 12,708 7,510 1,801 Non-cash items -26,180 -550 11,783 Financial items - - -1,513 Cash flow from operating activities before changes in working capital 11,578 6,725 -167 Cash flow from changes in working capital Changes in other current receivables -1,241 -1,057 -970 Changes in accounts payable 645 33 -26,342 Changes in other current liabilities 151 527 865 Cash flow from operating activities 11,133 6,228 26,070 Investing activities Acquisition of financial assets -44,597 -30,786 -264,757 Disposal of financial assets 57,047 32,276 - Cash flow from investing activities 12,450 1,490 -264,757 Financing activities Formation of the company - - 500 Impairment of share capital - - -500 Share issue - - 322,747 Issue expenses - - -23,111 Warrant program - - 3,224 Dividend -30,400 -30,400 - Cash flow from financing activities -30,400 -30,400 302,860 Cash flow for the period -6,817 -22,682 64,173 Cash and cash equivalents at the beginning of the period 42,671 60,511 - Exchange rate difference in cash and cash equivalents 1,918 -57 1,806 Cash and cash equivalents at the end of the period 37,772 37,772 62,367 1 The Company was formed November 6, 2024, but dormant until its subsidiary was acquired on June 17, 2025, hence a shortened comparison period
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BLUEYIELD AB – INTERIM REPORT Q2 2026 9 PARENT COMPANY'S INCOME STATEMENT Amounts in SEK thousand H1 2026 Q2 2026 Q2 2025 Operating income 141 70 11 Administrative expenses -1,474 -996 -445 Operating profit/loss -1,333 -926 -434 Net financial items 30,511 30,209 -1,513 Profit/loss after financial items 29,178 29,283 -1,947 Tax - - - Profit for the period 29,178 29,289 -1,947 SUMMARY OF THE PARENT COMPANY'S BALANCE SHEET Amounts in SEK thousand June 30, 2026 Dec 31, 2025 ASSETS Shares in subsidiaries 288,105 288,105 Total non-current assets 288,105 288,105 Current receivables from group companies 6,815 6,441 Other current receivables 167 199 Deferred expenses and accrued income 1,155 487 Cash and cash equivalents 3,391 4,345 Total current assets 11,528 11,472 TOTAL ASSETS 299,633 299,577 EQUITY AND LIABILITIES Share capital 3,200 3,200 Unrestricted shareholders’ equity 294,421 295,642 Total equity 297,621 298,842 Accounts payable 661 4 Other current liabilities 27 193 Accrued expenses and prepaid income 1,324 537 Total liabilities 2,012 735 TOTAL EQUITY AND LIABILITIES 299,633 299,577
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BLUEYIELD AB – INTERIM REPORT Q2 2026 10 GENERAL INFORMATION BlueYield AB, with corporate identity number 559503 - 6467, is a public limited liability company registered in Sweden with its registered office in Stockholm. The address of the head office is Berzelii Park 9, Box 7415, 103 91 Stockholm. The Company and its subsidiaries (together the "Group") is an investment company with a focus on acquiring, holding and strategically divesting maritime assets while capturing income and dividends. The portfolio of vessels is diversified by segment, geography, employment structure and counterparty and offers a unique opportunity to access the returns of global shipping. ACCOUNTING PRINCIPLES BlueYield AB applies International Financial Reporting Standards (IFRS) as adopted by the EU. This Full Year report has been prepared in accordance with IAS 34 Interim Financial Reporting. The parent company's accounts have been prepared in accordance with RFR 2, Accounting for Legal Entities and the Annual Accounts Act. The accounting and valuation policies applied in this report correspond to those set out in the annual reports. The Company publishes five reports annually; year-end report, annual report and three interim reports. AUDIT This report has not been reviewed by the Company's auditor. DEFINITIONS Definitions for key figures in BlueYield: Earnings per share Profit for the period divided by average number of shares outstanding Market capitalization Number of shares outstanding multiplied by the closing share price at the end of the period Net asset value The financial assets measured at fair value and the value of and cash and cash equivalents and other current net assets less current liabilities at the end of the period Net asset value per share Net asset value divided by the number of shares outstanding Definitions for key figures in underlying assets in BlueYield: Loan-to-value (LTV) 1 Total liabilities divided by total assets in the underlying SPVs which are part-owned by BlueYield. Vessel value 1 The fair value of the vessel, for further explanation see page 3 New build parity value 1 Newbuild price for a vessel of equivalent specification deducted by scrap value times remaining life divided by expected total life Discount to new build parity 1 The difference between the vessel value and the new build parity value divided by the new build parity value EBITDA/Vessel value 1 EBITDA on a twelve month basis current reporting year divided by the vessel value Utilization rate 1 Number of on-hire days on a twelve month basis current reporting year divided by 365 Portfolio value 1 Financial assets measured at fair value 1Refers to the key figures on page 2 which is based on the underlying SPVs owned by BlueYield Net asset value, SEK thousand June 30 2026 The financial assets measured at fair value 289,636 Cash and cash equivalents 37,772 Current net assets less current liabilities -1,186 326,223 Net asset value per share Net asset value 326,223 Number of shares outstanding, thousands 3,200 SEK 101.94
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BLUEYIELD AB – INTERIM REPORT Q2 2026 11 BOARD OF DIRECTORS' CERTIFICATION The Board of Directors and the CEO assure that t his report provides a fair overview of t he Company and the Group's operations, position and results and describes the material risks and uncertainties faced by t he C ompany and its subsidiaries. This report was approved by the Board of Directors on August 27, 2026. Stockholm, August 27, 2026 BlueYield AB Reg.no: 559503-6467 Ulrika Laurin Lars Grotmol Chair of the board Board member Jonas Andreasson Jonas Kamstedt Board member CEO and board member INFORMATION ABOUT MAR The information in this report is information that BlueYield AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person, on August 27, 2026. FINANCIAL CALENDAR November 26, 2026 Interim report Q3 2026 February 19, 2027 Year-end report 2026 FOR FURTHER INFORMATION, PLEASE CONTACT Jonas Kamstedt, CEO jonas.kamstedt@blueyield.se + 46 (0) 73 055 07 56 Oskar Wigsén, CFO and IR-contact oskar.wigsen@blueyield.se +46 (0) 70 207 74 11 BlueYield AB c/o Pareto Business Management AB Box 7415 103 91 Stockholm, Sweden Corporate identification number: 559503-6467 www.blueyield.se