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DHT SECOND QUARTER 2026 RESULTS August 6 , 2026 DHT ADDAX
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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 19, 2026. 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 August 6, 2026
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P&L HIGHLIGHTS 3August 6, 2026 Q2’26 Financials Average TCE Q2 2026 ▪ $126,700/d Fleet average ▪ $162,600/d Spot ▪ $90,800/d Time-charter $ Thousands, except per share Q2'26 Revenues on TCE basis $ 254,963 Vessel operating expenses $ (18,579) G&A $ (5,594) Adj. EBITDA $ 230,984 Interest expenses $ (6,400) Net Income / (loss) after tax $ 198,339 EPS $ 1.23 Adj. EPS $ 1.22
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P&L HIGHLIGHTS 4August 6, 2026 Q2’26 Financials Average TCE Q2 2026 ▪ $126,700/d Fleet average ▪ $162,600/d Spot ▪ $90,800/d Time-charter Average TCE H1 2026 ▪ $102,900/d Fleet average ▪ $124,700/d Spot ▪ $77,300/d Time-charter $ Thousands, except per share Q2'26 Revenues on TCE basis $ 254,963 Vessel operating expenses $ (18,579) G&A $ (5,594) Adj. EBITDA $ 230,984 Interest expenses $ (6,400) Net Income / (loss) after tax $ 198,339 EPS $ 1.23 Adj. EPS $ 1.22 H1’26 $ 412,166 $ (37,704) $ (10,551) $ 364,295 $ (10,823) $ 362,866 $ 2.25 $ 1.87
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BALANCE SHEET HIGHLIGHTS Total liquidity of $569.2 million ▪ Cash $161.7 million ▪ RCF availability $407.5 million Interest bearing debt to total assets ▪ Marked to market: 14.1% Net debt per vessel as of 30.06.2026 ▪ $11.9 million 5August 6, 2026 *Include assets held for sale at carrying value and vessel upgrades Q2’26 Financials $ Thousands As per 30.06.2026 Cash $ 161,683 Other current assets $ 124,267 Vessels* $ 1,453,715 Advances for vessels under construction $ 56,974 Other assets $ 11,337 Total assets $ 1,807,977 Current portion of long-term debt $ 45,432 Other liabilities $ 43,510 Long-term debt $ 389,372 Equity $ 1,329,663 Total equity and liabilities $ 1,807,977
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Q2 2026 CASH FLOW HIGHLIGHTS 6 Cash Bridge Q2 2026 Q2’26 Financials August 6, 2026 126.2 126.2 341.7 337.1 336.6 233.5 177.5 170.3 169.0 161.7 161.7 231.0 -15.5 -4.6 -0.5 -103.1 -56.0 -7.2 -1.3 -7.3 0 25 50 75 100 125 150 175 200 225 250 275 300 325 350 375 400 31/03/26 Cash Balance EBITDA Debt repayment Cash interest Proceeds from sale of vessels Dividend Prepayment of long-term debt Investment in vessels Investment in vessels under construction Change in working capital 30/06/26 Cash Balance $m
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QUARTERLY HIGHLIGHTS Record-breaking Q2 2026 performance: ▪ Highest quarterly net profit in DHT’s history: $198.3 million ▪ Strong tanker market conditions and commercial execution ▪ First-half 2026 net profit of $362.9 million surpassed the previous full-year net profit record of $266.3 million, set in 2020 Time charter contracts: ▪ DHT Sundarbans, built in 2012, and DHT Amazon, built in 2011, both on one-year time charters, average rate at $109,000 Newbuilding contract Hanwha Ocean ▪ Sister of the two vessels delivered in Q1 2026 ▪ Early delivery scheduled for August 2028 ▪ Vessel to be named DHT Oryx New $250 million reducing revolving credit facility ▪ Seven-year tenor at SOFR plus 135 basis points ▪ 20-year repayment profile maturing in 2033 ▪ $250 million uncommitted accordion feature August 6, 2026 7 Business Update
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SUBSEQUENT EVENTS New time charter contract ▪ DHT Jaguar, built 2015 ▪ 3-year time charter at $75,000 per day ▪ Delivery September 2026 DHT Bauhinia, built 2007, sold and delivered to its new owners in July 2026 ▪ Cash proceeds of $51M and a total capital gain of $34.2M Newbuilding delivery ▪ DHT Impala delivered on July 24, 2026 ▪ Fourth and final vessel in the 2026 newbuilding program ▪ Vessel entered the spot market August 6, 2026 8 Business Update
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$29,700 $- $22,600 $- $- $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 $1.22 per share ▪ Equals capital allocation policy: 100% of ordinary net income ▪ The 66th consecutive quarterly cash dividend ▪ The shares will trade ex-dividend August 17 ▪ Payable August 24 to shareholders of record August 17 9 Q2’26 Financials August 6, 2026 P&L and cash breakeven Q3–Q4 2026, estimated discretionary cash flow per vessel per day $7,100 Both Spot P&L and Cash Break- even levels for Q3-Q4 2026 are less than zero as term time charter earnings are expected to exceed forecasted costs.
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Q3 OUTLOOK 10 Business Update Estimated Q3 2026 Total term time-charter days 1,020 Average term time-charter rate ($/day)* $75,900 Total spot days for the quarter 1,029 Spot days booked to date / % of total spot days 600 / 58% Average spot rate booked to date ($/d) $152,700 Spot P&L break-even for the quarter ($/day)** $- *The month of July includes profit-sharing. The months of August and September assume only the base rate. August 6, 2026 ** Spot P&L break-even for the third quarter is less than zero as term time charter earnings are expected to exceed forecasted costs.
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2026 DRYDOCK SCHEDULE 11 Business Update August 6, 2026 7 vessels scheduled for drydock during 2026 ▪ Completed to date: • DHT Lion, DHT Osprey, DHT Panther and DHT Puma, 2nd SS/DD • DHT Amazon, 3rd SS/DD ▪ Remaining scheduled • DHT Harrier, 2nd SS/DD • DHT Redwood, 3rd SS/DD
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CURRENT MARKET DYNAMICS Continuing constructive market supported by the following primary drivers: ▪ Geopolitical Friction and Risk Premiums: • Longer trade routes due to hostilities • High-risk premiums for owners venturing into the Persian Gulf ▪ Structural Supply Consolidation: • Tight structure and reduced spot market fragmentation due to consolidation by private aggregator ▪ Strong Asset Price Floor: • Middle Eastern national energy company making vessel purchases at premium values • Demonstrating institutional support for crude oil tanker values ▪ China’s “Shock Absorber” Strategy: • Draws of crude oil from strategic reserves and commercial stockpiles in combination with reduced refined export quotas temporarily suppressed oil price spikes • Eventual reversal will see Chinese crude oil transportation demand rebound sharply August 6, 2026 12 Market Outlook
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KEY FUTURE CATALYSTS Several emerging trends warrant specific attention - expected to provide tailwinds: ▪ Conflict Resolution and Trade Normalization: • A resolution to the US-Iran conflict would likely transition Iranian volumes from the "shadow fleet" to compliant, independent operators, increasing the addressable market for our vessels • An extended conflict may result in potential need for the “shadow fleet” to replace vessels supporting asset prices ▪ Energy Security & Inventory Replenishment: • Heightened focus on energy security can trigger long-term crude oil inventory building, expected to drive demand for transportation beyond immediate consumption requirements August 6, 2026 13 Market Outlook
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STRATEGIC POSITIONING Balanced risk vs reward approach: ➢ Secured High-Margin Fixed Income: ➢ Term contracts across various tenors at highly profitable rates. ➢ Balanced Exposure Strategy: ➢ Meaningful spot market exposure remains to capture rate surges ✓ Disciplined capital allocation policy remains a priority, ensuring shareholders are rewarded for the positive market developments through quarterly cash dividends August 6, 2026 14 Market Outlook
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Q&A August 6, 2026 15