Slides
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February 5, 2026
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DISCLAIMER 2 This presentation contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company's management as well as assumptions, expectations, projections, intentions and beliefs about future events, in particular regarding dividends (including our dividend plans, timing and the amount and growth of any dividends), daily charter rates, vessel utilization, the future number of newbuilding deliveries, oil prices and seasonal fluctuations in vessel supply and demand. When used in this document, words such as "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "will," "may," "should" and "expect" and similar expressions are intended to identify forward- looking statements but are not the exclusive means of identifying such statements. These statements reflect the Company's current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent the Company's estimates and assumptions only as of the date of this presentation and are not intended to give any assurance as to future results. For a detailed discussion of the risk factors that might cause future results to differ, please refer to the Company's Annual Report on Form 20-F, filed with the Securities and Exchange Commission on March 20, 2025. The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this presentation might not occur, and the Company's actual results could differ materially from those anticipated in these forward-looking statements. Forward Looking Statements February 5, 2025
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P&L HIGHLIGHTS 3February 5, 2025 Q4’25 Financials $ Thousands, except per share Q4'25 Revenues on TCE basis $ 117,850 Vessel operating expenses $ (17,126) G&A $ (5,623) Adj. EBITDA $ 95,333 Interest expenses $ (2,290) Gain/(loss) sale of vessel $ - Net Income / (loss) after tax $ 66,074 EPS $ 0.41 Adj. EPS $ 0.41 Average TCE Q4 2025 $60,300/d Fleet average $69,500/d Spot $49,400/d Time-charter
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P&L HIGHLIGHTS 4February 5, 2025 Q4’25 Financials $ Thousands, except per share Q4'25 Revenues on TCE basis $ 117,850 Vessel operating expenses $ (17,126) G&A $ (5,623) Adj. EBITDA $ 95,333 Interest expenses $ (2,290) Gain/(loss) sale of vessel $ - Net Income / (loss) after tax $ 66,074 EPS $ 0.41 Adj. EPS $ 0.41 2025 $ 369,109 $ (72,994) $ (19,890) $ 278,398 $ (14,169) $ 52,943 $ 210,962 $ 1.31 $ 0.99
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BALANCE SHEET HIGHLIGHTS Total liquidity of $189 million Cash $79.0 million RCF availability $110.5 million • Currently available RCF $171.9 million Interest bearing debt to total assets Marked to market: 17.6% Net debt per vessel as of 31.12.2025 $15.9 million 5February 5, 2025 *Include assets held for sale at carrying value $ Thousands As per 31.12.2025 Cash $ 79,034 Other current assets $ 89,392 Vessels* $ 1,124,379 Advances for vessels under construction $ 302,364 Other assets $ 8,492 Total assets $ 1,603,662 Current portion of long-term debt $ 39,500 Other liabilities $ 41,662 Long-term debt $ 389,244 Equity $ 1,133,257 Total equity and liabilities $ 1,603,662 Q4’25 Financials
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Q4 2025 CASH FLOW HIGHLIGHTS 6 Cash Bridge Q4 2025 Q4’25 Financials February 5, 2025 81.2 81.2 167.0 163.4 134.4 36.8 36.8 98.3 77.2 77.2 79.0 95.3 -9.6 -3.6 -28.9 -97.6 169.4 -107.8 -21.1 1.8 0 25 50 75 100 125 150 175 200 225 250 30/09/25 Cash Balance EBITDA Debt repayment Cash interest Dividend Investment in vessels Issuance of long-term debt* Investment in vessels under construction* Change in working capital Net Other 31/12/25 Cash Balance $m *Includes final installment and issuance of long-term debt for the newbuilding DHT Antelope delivered January 2, 2026
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QUARTERLY HIGHLIGHTS Delivery of secondhand acquisition, DHT Nokota, built 2018, in November 2025 DHT China and DHT Europe, built 2007, sold • Sold for $101.6 million • Cash proceeds after debt repayment estimated to $95.0 million • Expected to book a gain of $30.4 million and $29.6 million in Q1 2026 • DHT Europe was delivered January 30, 2026, and DHT China is expected to deliver during the first quarter Subsequent events: Delivery of first newbuilding, DHT Antelope, January 2, 2026 DHT Harrier, built 2016, extended existing timecharter • Global energy company • 5-years with two optional extension periods for one year each • $47,500 p/d, $49,000 p/d for first optional year, $50,000 for second optional period • New rate from end of January 2026 DHT Bauhinia, built 2007, sold • Sold for $51.5 million, vessel is debt free • Delivery in June/July 2026 • Expected to book a gain of $34.2 million when delivered February 5, 2025 7 Business Update
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$29,200 $26,500 $22,500 $17,500 $- $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 P&L BE P&L BE Spot Cash BE Cash BE Spot $/d CAPITAL ALLOCATION Cash dividend of $0.41 per share Equals capital allocation policy: 100% of ordinary net income The 64th consecutive quarterly cash dividend The shares will trade ex-dividend February 19, 2026 Payable February 26 to shareholders of record February 19 Cash dividend since dividend policy update from Q3 2022: $3.34 per share 8 Q4’25 Financials Cash dividend per share since updated dividend policy P&L and cash breakeven 2026, estimated discretionary cash flow February 5, 2025 $0.04 $0.38 $0.23 $0.35 $0.19 $0.22 $0.29 $0.27 $0.22 $0.17 $0.15 $0.24 $0.18 $0.41 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $6,700
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Q1 OUTLOOK 9 Business Update Estimated Q1 2026 Total term time-charter days 797 Average term time-charter rate ($/day)* $43,300 Total spot days for the quarter 1,195 Spot days booked to date / % of total spot days 905 / 76% Average spot rate booked to date ($/d) $78,900 Spot P&L break-even for the quarter ($/day) $18,300 *The month of January includes profit-sharing. The months of February and March assume only the base rate February 5, 2025
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897 427 199 151 35 62 58 18 171 528 303 0 100 200 300 400 500 600 700 800 900 1,000 Trading VLCCs VLCCs 15+ years end-26 VLCCs 20+ years end-26 Sanctioned VLCCs #VLCCs 2026e #VLCCs 2027e #VLCCs 2028e #VLCCs 2029e Current total VLCC orderbook VLCCs 15+ years end-29 VLCCs 20+ years end-29 #VLCCs VLCC FLEET February 5, 2025 10 Market Update Assumes no scrapping Source: SIN Clarksons Percentage numbers compared to trading VLCCs 46% 20% 17% 19% 49% 28%
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FLEET CONSOLIDATION Private initiative to consolidate the VLCC market Fleet demographics, industry fragmentation and age profile creates opportunity Aggregators soon to control 25% of compliant tramping fleet – critical size Currently controlling about 120-130 ships in the water February 5, 2025 11 Market Update
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53% 57% 54% 52% 54% 54% 55% 57% 59% 61% 65% 70% 74% 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 45% 50% 55% 60% 65% 70% 75% 80% Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 $/d FLEET EMPLOYMENT February 5, 2025 12 Business Update *Source: SIN Clarksons
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SUMMARY February 5, 2025 13 Perfect storm: Strong and tightening market Robust crude oil transport demand + geopolitical risk premiums Aging fleet Fleet consolidation soon to reach >25% of the compliant spot fleet Our position: Excellent fleet in the water 4 state-of-the-art VLCC newbuildings delivering into strong market Increasing market exposure Earnings will translate directly to quarterly cash dividends Summary
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Q&A February 5, 2025 14