Earnings release
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« DHT DHT Holdings , Inc. Second Quarter 2026 Results HAMILTON , BERMUDA , August 5 , 2026 – DHT Holdings , Inc. ( NYSE : DHT ) ( “ DHT " or the " Company " ) today announced : FINANCIAL HIGHLIGHTS : USD mill . ( except per share ) Shipping revenues Adjusted net revenues1 Adjusted EBITDA² Profit after tax EPS - basic EPS - diluted Dividend³ Interest bearing debt Cash and cash equivalents Net debt Exhibit 99.1 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 2025 2024 284.8 186.3 143.9 107.2 127.9 497.2 567.8 255.0 157.2 117.8 79.1 92.8 369.1 388.2 231.0 133.3 95.3 57.7 69.0 278.4 294.6 198.3 164.5 66.1 44.8 56.0 211.0 181.5 1.23 1.02 0.41 0.28 0.35 1.31 1.12 1.23 1.02 0.41 0.28 0.35 1.31 1.12 1.22 0.64 0.41 0.18 0.24 0.98 0.95 434.8 505.3 428.7 268.5 302.8 428.7 409.4 161.7 273.1 126.2 379.1 79.0 81.2 82.7 79.0 78.1 349.7 187.3 220.1 349.7 331.3 The second quarter of 2026 was the strongest quarter in the Company's history . Net profit for the quarter amounted to $ 198.3 million , reflecting exceptionally strong tanker market conditions and commercial performance . Furthermore , net profit for the first six months of 2026 exceeded the Company's previous record full - year result of $ 266.3 million achieved in 2020 , marking a new earnings milestone in DHT's history . QUARTERLY HIGHLIGHTS : • • • In the second quarter of 2026 , the Company achieved average combined time charter equivalent earnings of $ 126,700 per day , comprised of $ 162,600 per day for the Company's VLCCS operating in the spot market and $ 90,800 per day for the Company's VLCCs on time charter . Adjusted EBITDA for the second quarter of 2026 was $ 231.0 million . Net profit for the quarter was $ 198.3 million , equating to $ 1.23 per basic share . After adjusting for the non - cash fair value gain related to interest rate derivatives of $ 1.3 million , the Company had ordinary net income for the quarter of $ 197.0 million , equating to $ 1.22 per basic share . In May , the Company entered into two one - year time charter agreements for DHT Sundarbans , built in 2012 , and DHT Amazon , built in 2011 , at an average rate of $ 109,000 per day . In June 2026 , the Company entered into an agreement with Hanwha Ocean Co. , Ltd. for the construction of a VLCC . The vessel is scheduled for delivery in August 2028 and will be a sister of the two vessels the Company took delivery of in the first quarter of 2026 . 1
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● In June 2026, the Company entered into a new $250 million reducing revolving credit facility with its seven relationship banks. Thefacility has a seven-year tenor, pricing of SOFR plus 135 basis points, a 20-year repayment profile, final maturity in June 2033, andincludes a $250 million uncommitted accordion feature. ● For the second quarter of 2026, the Company declared a cash dividend of $1.22 per share of outstanding common stock, payable on August 24, 2026, to shareholders of record as of August 17, 2026. This marks the 66th consecutive quarterly cash dividend and is in linewith the Company’s capital allocation policy to pay out 100% of ordinary net income. The shares will trade ex-dividend from August 17,2026. OPERATIONAL HIGHLIGHTS: Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 2025 2024 Operating days4 2,093.0 2,034.5 1,979.6 1,961.2 2,030.2 8,055.1 8,784.0 Scheduled off hire days 75.3 25.0 23.3 - 24.1 47.3 93.1 Unscheduled off hire5 0.3% 0.1% 0.0% 0.2% 0.0% 0.1% 1.1% Revenue days6 2,012.3 1,994.1 1,955.5 1,951.2 2,003.4 7,987.0 8,594.9 Spot exposure5 48.4% 57.3% 53.5% 54.9% 60.1% 59.9 % 76.4 % VLCC time charter rate per day $ 90,800 $ 61,300 $ 49,400 $ 42,800 $ 42,800 $44,600 $38,900VLCC spot rate per day $ 162,600 $ 91,700 $ 69,500 $ 38,700 $ 48,700 $47,300 $47,200 Current Market Dynamics■ Geopolitical Friction and Risk Premiums: Hostilities in the Middle East are forcing longer trade routes, increasing ton-mile demand andreducing overall fleet efficiency. While most shipowners avoid high-risk zones, those venturing into the Persian Gulf are earningsubstantial risk premiums.■ Structural Supply Consolidation: The market structure remains tight following significant fleet consolidation by a private aggregatorearlier in the year, which reduced fragmented spot supply.■ Strong Asset Price Floor: A Middle Eastern national energy company is purchasing secondhand vessels at premium values,demonstrating strong institutional support for crude oil tanker asset values.■ China’s “Shock Absorber” Strategy: China has temporarily suppressed oil price spikes by drawing down its strategic and commercialcrude oil stockpiles and reducing refined product export quotas. Once these inventory draws reverses, China’s crude oil transportationdemand is expected to rebound sharply. Key Future Catalysts■ An operational mechanism of a US – Iran conflict resolution should normalize Iranian crude exports into legitimate, compliant tradechannels. This should in turn shift transport volumes away from the non-compliant “shadow fleet” to independent operators, expandingthe addressable market. However, if the conflict remains unresolved, we expect longer haul crude oil supply routes to persist with the“shadow fleet” possibly continuing to trade although with a potential need for replacements supporting valuations for aging ships andresulting in retirement of the oldest part of the fleet. ■ Global attention to energy security and inventory replenishment should result in rebuilding depleted commercial and national strategicreserves. This should in turn drive strong tanker transportation demand beyond baseline daily crude oil consumption. Strategic Positioning and Shareholder Value■ Securing High-Margin Fixed Income: We have capitalized on customer demand by securing term contracts across various tenors athighly profitable rates.■ Balanced Exposure Strategy: Retaining meaningful spot market upside to capture rate surges while selectively adding term coverage tostabilize cash flow visibility.■ Capital Allocation and Dividends: Maintaining our disciplined capital allocation framework aimed at converting market tailwinds into directshareholder returns via quarterly cash dividends. As of June 30, 2026, DHT had a fleet of 23 VLCCs in operation, with a total dwt of 7,164,430. For more details on the fleet, please refer tothe web site: https://www.dhtankers.com/fleetlist/. 2
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SUBSEQUENT EVENTS HIGHLIGHTS: ● In July, the Company entered into a 3-year time charter agreement at $75,000 per day for the VLCC DHT Jaguar, built in 2015. Thecontract is expected to commence in September 2026 and has been concluded with a global energy company. ● On July 20, 2026, DHT Bauhinia, built in 2007, was delivered to its new owner. The vessel was debt free, and the sale generated netcash proceeds of $51.0 million. The Company expects to record a gain of $34.2 million on the sale. ● On July 24, 2026, the Company took delivery of DHT Impala, a VLCC newbuilding from Hyundai Samho Heavy Industries. The vesselentered into the spot market and represented the fourth and final vessel in a series of newbuildings delivered in 2026. OUTLOOK: EstimatedQ3 2026 Total term time charter days 1,020 Average term time charter rate ($/day)7 $ 75,900Total spot days for the quarter 1,029Spot days booked to date 600Average spot rate booked to date ($/day) $ 152,700 Spot P&L break-even for the quarter8 $ - ● Thus far in the third quarter of 2026, 58% of the available VLCC spot days have been booked at an average rate of $152,700 per day ona discharge-to-discharge basis. 79% of the available VLCC days, combined spot and time charter days, have been booked at anaverage rate of $104,400 per day. Footnotes:1Shipping revenues net of voyage expenses. 2See reconciliation under “Reconciliation of non-gaap financial measures”.3Per common share. 4Operating days are the aggregate number of calendar days in the period in which the vessels are owned by the Company or chartered bythe Company.5As % of total operating days in period. 6Revenue days are the aggregate number of calendar days in the period in which the vessels are owned by the Company or chartered bythe Company less days on which a vessel is off hire or repositioning days in connection with sale.7 The month of July includes estimated profit-sharing. The months of August and September assume only the base rate.8 Spot P&L break-even for the third quarter is less than zero as term time charter earnings are expected to exceed forecasted costs. 3
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SECOND QUARTER 2026 FINANCIALS The Company reported shipping revenues for the second quarter of 2026 of $284.8 million compared to shipping revenues of $127.9 millionin the second quarter of 2025. The increase from the 2025 period to the 2026 period includes $156.3 million attributable to higher revenueper day and $0.6 million attributable to an increase in total revenue days. Other revenues for the second quarter of 2026 were $0.2 million compared to $0.4 million in the second quarter of 2025 and relate totechnical management services provided. The decrease is due to a reduction in the fleet size for which the Company provides third-partytechnical management services. There was no gain on sale of vessels in the second quarter of 2026, compared to a gain of $17.5 million in the second quarter of 2025related to the sale of DHT Lotus. Voyage expenses for the second quarter of 2026 were $29.9 million, compared to voyage expenses of $35.1 million in the second quarter of2025. The decrease was primarily due to fewer vessels operating in the spot market during the quarter, resulting in lower voyage expenses.Specifically, bunker expenses decreased by $6.5 million and port expenses decreased by $2.0 million, partially offset by increases in brokercommissions of $1.8 million and other voyage-related costs of $1.4 million. Voyage expenses generally vary depending on trading patternsduring a quarter. Vessel operating expenses for the second quarter of 2026 were $18.6 million, compared to $19.6 million in the second quarter of 2025. Thedecrease was mainly due to lower other operating expenses of $1.8 million, partially offset by increases in insurance expenses of $0.5million and lube oil expenses of $0.2 million. Depreciation and amortization, including depreciation of capitalized survey expenses, was $27.8 million for the second quarter of 2026,compared to $26.1 million in the second quarter of 2025. The change was mainly due to higher vessel depreciation of $3.0 million followingthe delivery of three newbuildings during the first quarter of 2026, partially offset by a $1.4 million decrease in depreciation of exhaust gascleaning systems and lower depreciation resulting from the sale of vessels. General and administrative (“G&A”) expenses for the second quarter of 2026 were $5.6 million, consisting of $3.9 million cash and $1.7million non-cash charges, compared to $4.6 million in the second quarter of 2025, consisting of $3.4 million cash and $1.2 million non-cashcharges. The increase in non-cash G&A expenses from the second quarter of 2025 to the second quarter of 2026 resulted from sharesvested in the second quarter of 2026. Non-cash G&A expense includes accruals for social security taxes related to such awards. Net financial expenses for the second quarter of 2026 were $4.8 million compared to $4.3 million in the second quarter of 2025. Theincrease was mainly due to higher interest expenses of $2.3 million, resulting from higher debt following the delivery of three newbuildings, partially offset by a non-cash gain of $1.3 million related to interest rate derivatives. As a result of the foregoing, the Company had a net profit in the second quarter of 2026 of $198.3 million, or earnings of $1.23 per basicshare and $1.23 per diluted share, compared to a net profit in the second quarter of 2025 of $56.0 million, or earnings of $0.35 per basicshare and $0.35 per diluted share. The increase from the second quarter of 2025 to the second quarter of 2026 was mainly due to a $142.9million increase in operating income, partially offset by a $0.6 million increase in net financial expenses. Net cash provided by operating activities for the second quarter of 2026 was $219.5 million compared to $83.6 million for the second quarterof 2025. The increase was due to a net profit of $198.3 million in the second quarter of 2026 compared to a net profit of $56.0 million in thesecond quarter of 2025 and $19.4 million related to non-cash items included in net profit, partially offset by a $25.8 million change inoperating assets and liabilities. Net cash used in investing activities was $9.2 million in the second quarter of 2026, comprised of $7.2 million related to investment invessels, $1.3 million related to investment in vessels under construction, $0.5 million related to sale of vessel and $0.2 million related toinvestment in other property, plant and equipment. Net cash provided by investing activities was $11.1 million in the second quarter of 2025and was mainly related to proceeds from the sale of DHT Lotus of $50.9 million, partially offset by $38.7 million related to investment invessels under construction and $1.1 million related to investment in vessels. 4
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Net cash used in financing activities for the second quarter of 2026 was $174.9 million, comprised of $103.1 million related to cash dividendpaid, $56.0 million related to prepayment of long-term debt and $15.5 million related to scheduled repayment of long-term debt. Net cashused in financing activities for the second quarter of 2025 was $92.7 million, comprised of $65.9 million related to prepayment of long-termdebt, $25.5 million related to repayment of long-term debt in connection with refinancing, $24.1 million related to cash dividend paid, $14.0million related to scheduled repayment of long-term debt, $11.4 million related to repayment of long-term debt in connection with sale ofvessels, and $6.1 million related to acquisition of non-controlling interests, partially offset by $54.7 million related to issuance of long-termdebt. As of June 30, 2026, the cash balance was $161.7 million, compared to $79.0 million as of December 31, 2025. The Company monitors its covenant compliance on an ongoing basis. As of June 30, 2026, the Company was in compliance with itsfinancial covenants. As of June 30, 2026, the Company had 161,235,573 shares of common stock outstanding compared to 160,799,407 shares as of December31, 2025. The Company declared a cash dividend of $1.22 per common share for the second quarter of 2026 payable on August 24, 2026, forshareholders of record as of August 17, 2026. 5
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FIRST HALF 2026 FINANCIALS The Company reported shipping revenues for the first half of 2026 of $471.1 million compared to $246.1 million in the first half of 2025. Theincrease from the 2025 period to the 2026 period includes $229.5 million attributable to higher revenue per day, partially offset by $4.5million attributable to a decrease in total revenue days. Other revenues for the first half of 2026 were $0.4 million compared to $0.8 million in the first half of 2025 and relate to technicalmanagement services provided. The decrease is due to a reduction in the fleet size for which the Company provides third-party technicalmanagement services. The Company recorded a gain of $60.0 million in the first half of 2026 related to the sale of DHT China and DHT Europe compared to a gainof $37.3 million in the first half of 2025 related to the sale of DHT Scandinavia and DHT Lotus. Voyage expenses for the first half of 2026 were $58.9 million compared to voyage expenses of $74.0 million in the first half of 2025. Thedecrease was primarily due to fewer vessels operating in the spot market during the first half of 2026, resulting in lower voyage expenses.Specifically, bunker expenses decreased by $17.3 million and port expenses decreased by $1.5 million, partially offset by increases inbroker commission of $2.8 million and other voyage-related costs of $0.9 million. Voyage expenses generally vary depending on tradingpatterns during the period. Vessel operating expenses for the first half of 2026 were $37.7 million compared to $37.4 million in the first half of 2025. The increase wasmainly related to a higher number of operating days resulting from an increase in the average number of vessels in the fleet. Depreciation and amortization, including depreciation of capitalized survey expenses, was $53.4 million for the first half of 2026, comparedto $53.4 million in the first half of 2025. An increase in vessel depreciation of $2.4 million was offset by lower depreciation of exhaust gascleaning systems of $2.0 million and lower amortization of drydocking costs of $0.4 million. G&A for the first half of 2026 was $10.5 million, consisting of $7.9 million cash and $2.6 million non-cash charge, compared to $10.1 million,consisting of $7.2 million cash and $2.9 million non-cash charge for the first half of 2025. The decrease in non-cash G&A expenses from thefirst half of 2025 to the first half of 2026 was attributable to the timing and valuation of shares that vested during the first quarter of 2025 andthe second quarter of 2026. Non-cash G&A expense includes accrual for social security taxes related to such awards. Net financial expenses for the first half of 2026 were $7.8 million, compared to $9.0 million in the first half of 2025. The decrease was mainlydue to a non-cash gain of $2.4 million related to interest rate derivatives, partially offset by higher interest expenses of $1.5 million, resulting from higher debt following the delivery of three newbuildings. As a result of the foregoing, the Company had net profit for the first half of 2026 of $362.9 million, or earnings of $2.25 per basic share and$2.25 per diluted share, compared to net profit of $100.1 million, or earnings of $0.62 per basic share and $0.62 per diluted share in the firsthalf of 2025. The increase was primarily attributable to a $261.7 million increase in operating income, reflecting stronger operatingperformance during the period, as well as a $1.2 million decrease in net financial expenses. Operating income in the first half of 2026included a $60.0 million gain on the sale of DHT China and DHT Europe, compared to a $37.3 million gain on the sale of DHT Scandinaviaand DHT Lotus in the first half of 2025. Net cash provided by operating activities for the first half of 2026 was $318.3 million compared to $142.8 million for the first half of 2025. The increase was due to net profit of $362.9 million in the first half of 2026, compared to net profit of $100.1 million in the first half of 2025,partially offset by a $62.4 million change in operating assets and liabilities and a $24.9 million decrease in non-cash items included in netincome. Net cash used in investing activities for the first half of 2026 was $71.1 million and was mainly related to investment in vessels underconstruction of $161.3 million and $10.1 million related to investment in vessels, partially offset by $100.5 million of proceeds from the salesof DHT China and DHT Europe. Net cash provided by investing activities for the first half of 2025 was $27.7 million and was mainly relatedto proceeds from the sales of DHT Scandinavia and DHT Lotus totaling $93.4 million, partially offset by $64.5 million related to investment invessels under construction and $1.1 million related to investment in vessels. 6
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Net cash used in financing activities for the first half of 2026 was $164.4 million comprised of $281.0 million related to prepayment of long-term debt, $169.1 million related to cash dividends paid, $24.5 million related to scheduled repayment of long-term debt and $5.6 millionrelated to repayment of long-term debt in connection with sale of vessels, partially offset by $316.4 million related to issuance of long-termdebt. Net cash used in financing activities for the first half of 2025 was $166.2 million comprised of $108.3 million related to prepayment oflong-term debt, $51.4 million related to cash dividends paid, $27.6 million related to scheduled repayment of long-term debt, $25.5 millionrelated to repayment of long-term debt in connection with refinancing, $11.4 million related to repayment of long-term debt in connection withsale of vessels and $6.1 million related to acquisition of non-controlling interests, partially offset by $64.7 million related to issuance of long-term debt. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES The Company assesses the financial performance of its business using a variety of measures. Certain of these measures are termed “non-GAAP measures” because they exclude amounts that are included in, or include amounts that are excluded from, the most directlycomparable measure calculated and presented in accordance with IFRS, or are calculated using financial measures that are not calculatedin accordance with IFRS. These non-GAAP measures include “Adjusted Net Revenue”, “Adjusted EBITDA” and “Adjusted spot time charterequivalent per day”. The Company believes that these non-GAAP measures provide useful supplemental information for its investors and,when considered together with the Company’s IFRS financial measures and the reconciliation to the most directly comparable IFRS financialmeasure, provide a more complete understanding of the factors and trends affecting the Company’s operations. In addition, DHT’smanagement measures the financial performance of the Company, in part, by using these non-GAAP measures, along with otherperformance metrics. The Company does not regard these non-GAAP measures as a substitute for, or as superior to, the equivalentmeasures calculated and presented in accordance with IFRS. Additionally, these non-GAAP measures may not be comparable to othersimilarly titled measures used by other companies and should not be considered in isolation or as a substitute for analysis of the Company’soperating results as reported under IFRS. USD in thousands except time charter equivalent per day Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 2025 2024Reconciliation of adjusted net revenue Shipping revenues 284,819 186,285 143,931 107,151 127,950 497,197 567,835Voyage expenses (29,856) (29,083) (26,081) (28,047) (35,131)(128,088)(179,623) Adjusted net revenues 254,963 157,203 117,850 79,104 92,819 369,109 388,212 Reconciliation of adjusted EBITDA Profit after tax 198,339 164,527 66,074 44,805 56,032 210,962 181,460Income tax expense 62 126 207 93 29 413 608Other financial expenses 728 485 544 520 885 2,396 2,088Net (gain)/loss on derivative instruments at fair value (1,290) (1,119) (185) 354 - 170 -Interest expense 6,400 4,424 2,290 2,586 4,186 14,169 30,399Interest income (1,006) (784) (590) (936) (820) (3,139) (3,918)Gain, sale of vessels - (59,994) - (15,688) (17,459) (52,943) -Reversal of previous impairment charges - - - - - - (27,909)Depreciation and amortization 27,752 25,647 26,991 25,969 26,139 106,370 111,884 Adjusted EBITDA 230,984 133,312 95,333 57,703 68,992 278,398 294,612 Reconciliation of adjusted spot time charter equivalent per day* Spot time charter equivalent per day 162,600 91,700 69,500 38,700 48,700 47,300 47,200IFRS 15 impact on spot time charter equivalent per day** (8,500) 14,300 6,000 3,000 (6,500) 800 (900) Adjusted spot time charter equivalent per day 154,100 106,000 75,500 41,700 42,200 48,100 46,300 * Per revenue days. Revenue days are the aggregate number of calendar days in the period in which the vessels are owned by theCompany or chartered by the Company less days on which a vessel is off hire.** For vessels operating on spot charters, voyage revenues are calculated on a discharge-to-discharge basis. Under IFRS 15, spot chartervoyage revenues are calculated on a load-to-discharge basis. IFRS 15 impact refers to the timing difference between discharge-to-discharge and load-to-discharge basis. 7
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EARNINGS CONFERENCE CALL AND WEBCAST INFORMATIONThe Company will host a conference call and webcast, which will include a slide presentation, at 8:00 a.m. ET/14:00 CET on Thursday,August 6, 2026, to discuss the results for the quarter. To access the conference call the participants are required to register using this link:https://register-conf.media-server.com/register/BI8970cede94b34b37ad427d81fe38972e Upon registering, each participant will be provided with the dial-in info and a unique PIN to join the call as well as an e-mail confirmation withthe details. Participants will need to use the conference access information provided in the e-mail received at the point of registering.Participants may also use the “Call Me” feature from an immediate callback from the system. The call will come from a US number. The webcast, which will include a slide presentation, will be available at the following link:https://edge.media-server.com/mmc/p/kxa28zzr and can also be accessed at http://www.dhtankers.com. A recording of the audio and slides presented will be available until August 13, 2026, at 14:00 CET. The recording can be accessed throughthe following link: https://edge.media-server.com/mmc/p/kxa28zzr ABOUT DHT HOLDINGS, INC.DHT is an independent crude oil tanker company. Our fleet trades internationally and consists of crude oil tankers in the VLCC segment. Weoperate through our integrated management companies in Monaco, Norway, Singapore, and India. You may recognize us by our renownedbusiness approach as an experienced organization with focus on first rate operations and customer service; our quality ships; our prudentcapital structure that promotes staying power through the business cycles; our combination of market exposure and fixed income contractsfor our fleet; our disciplined capital allocation strategy through cash dividends, investments in vessels, debt prepayments and sharebuybacks; and our transparent corporate structure maintaining a high level of integrity and corporate governance. For further informationplease visit http://www.dhtankers.com. FORWARD LOOKING STATEMENTSThis press release contains certain forward-looking statements and information relating to the Company that are based on beliefs of theCompany’s management as well as assumptions, expectations, projections, intentions and beliefs about future events. When used in thisdocument, 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 suchstatements. These statements reflect the Company’s current views with respect to future events and are based on assumptions and subjectto risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Theseforward-looking statements represent the Company’s estimates and assumptions only as of the date of this press release and are notintended 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 press release, whetheras 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 press release might not occur, and the Company’s actual results could differ materially fromthose anticipated in these forward-looking statements. CONTACT:Laila C. Halvorsen, CFOPhone: +1 441 295 1422 and +47 984 39 935E-mail: lch@dhtankers.com 8
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DHT HOLDINGS, INC. UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2026 9
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION($ in thousands) Note June 30, 2026 (Unaudited) December 31, 2025(Audited)ASSETS Current assets Cash and cash equivalents $ 161,683 79,034Accounts receivable and accrued revenues 7 87,059 53,338Capitalized voyage expenses 2,826 1,684Prepaid expenses 6,624 9,678Derivative financial assets 4 923 10Inventories 26,835 24,682Assets held for sale 5 16,777 40,488 Total current assets $ 302,728 208,915 Non-current assets Vessels 5 $ 1,433,693 1,083,891Vessels under construction 5 56,974 301,651Vessel upgrades 5 3,245 348Other property, plant and equipment 6,673 6,769Prepaid expenses 1,991 -Goodwill 1,356 1,356Derivative financial assets 4 1,317 19 Total non-current assets $ 1,505,249 1,394,034 TOTAL ASSETS $ 1,807,977 1,602,949 LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued expenses $ 24,077 22,761Derivative financial liabilities 4 - 68Current portion long-term debt 4 45,432 39,500Other current liabilities 1,224 994Deferred shipping revenues 8 12,376 11,397 Total current liabilities $ 83,109 74,720 Non-current liabilities Long-term debt 4 $ 389,372 389,244Derivative financial liabilities 4 - 131Other non-current liabilities 5,833 5,598 Total non-current liabilities $ 395,205 394,973 TOTAL LIABILITIES $ 478,314 469,693 Equity Common stock at par value 6 $ 1,612 1,608Additional paid-in capital 1,227,399 1,223,719Retained earnings / (accumulated deficit) 97,552 (96,216)Translation differences 523 498Other reserves 2,501 3,577 Total equity attributable to the Company 1,329,588 1,133,186Non-controlling interest 75 71 Total equity $ 1,329,663 1,133,257 TOTAL LIABILITIES AND EQUITY $ 1,807,977 1,602,949 The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements 10
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CONSOLIDATED INCOME STATEMENT (UNAUDITED)($ in thousands, except shares and per share amounts) Q2 2026 Q2 2025 1H 2026 1H 2025 Note Apr. 1 - Jun. 30,2026 Apr. 1 - Jun. 30,2025 Jan. 1 - Jun. 30,2026 Jan. 1 - Jun. 30,2025 Shipping revenues $ 284,819 127,950 471,105 246,115 Other revenues 193 366 384 775 Total revenues 3 $ 285,012 128,316 471,489 246,890 Gain on sale of vessels 5 - 17,459 59,994 37,255 Operating expenses Voyage expenses (29,856) (35,131) (58,939) (73,959)Vessel operating expenses (18,579) (19,605) (37,704) (37,433)Depreciation and amortization 5 (27,752) (26,139) (53,399) (53,410)General and administrative expenses (5,594) (4,587) (10,551) (10,135) Total operating expenses $ (81,780) (85,463) (160,592) (174,937) Operating income $ 203,232 60,312 370,890 109,207 Interest income 1,006 820 1,790 1,613Interest expense (6,400) (4,186) (10,823) (9,293)Net gain on derivative instruments at fair value 4 1,290 - 2,410 -Other financial expense (728) (885) (1,213) (1,332) Profit before tax $ 198,401 56,061 363,054 100,196 Income tax expense (62) (29) (188) (113) Profit after tax $ 198,339 56,032 362,866 100,083 Attributable to owners of non-controlling interest 2 (67) 4 (138)Attributable to the owners of parent $ 198,337 56,099 362,862 100,221 Attributable to the owners of parent Basic earnings per share 1.23 0.35 2.25 0.62Diluted earnings per share 1.23 0.35 2.25 0.62 Weighted average number of shares (basic) 161,089,331 160,661,512 161,058,924 160,579,196Weighted average number of shares (diluted) 161,265,840 160,725,972 161,219,054 160,639,103 The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements 11
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)($ in thousands) Q2 2026 Q2 2025 1H 2026 1H 2025 Note Apr. 1 - Jun.30, 2026 Apr. 1 - Jun.30, 2025 Jan. 1 - Jun.30, 2026 Jan. 1 - Jun.30, 2025 Profit after tax $ 198,339 56,032 362,866 100,083 Other comprehensive income: Items that may be reclassified subsequently to income statement: Exchange gain on translation of foreign currency denominated subsidiary (8) 464 25 605 Total $ (8) 464 25 605 Other comprehensive income $ (8) 464 25 605 Total comprehensive income for the period $ 198,331 56,496 362,891 100,688 Attributable to owners of non-controlling interest $ 2 47 4 41Attributable to the owners of parent $ 198,329 56,449 362,887 100,647 The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements 12
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CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED)($ in thousands) Q2 2026 Q2 2025 1H 2026 1H 2025 Note Apr. 1 - Jun. 30,2026 Apr. 1 - Jun. 30,2025 Jan. 1 - Jun.30, 2026 Jan. 1 - Jun.30, 2025 CASH FLOW FROM OPERATING ACTIVITIES Profit after tax $ 198,339 56,032 362,866 100,083 Adjustments for: 28,481 9,042 (7,478) 17,443 Depreciation and amortization 5 27,752 26,139 53,399 53,410 Amortization of deferred debt issuance cost 1,039 816 1,620 1,417 Loss on disposal of property, plant and equipment 28 - 28 - Gain on sale of vessels 5 - (17,459) (59,994) (37,255) Capitalized interest 5 (665) (1,958) (2,835) (3,553) Net gain on derivative instruments at fair value (1,290) - (2,410) - Compensation related to options and restricted stock 1,620 1,208 2,609 3,058 Net foreign exchange differences (2) 296 106 366 Income adjusted for non-cash items $ 226,820 65,074 355,389 117,526 Changes in operating assets and liabilities (7,286) 18,503 (37,115) 25,263 Accounts receivable and accrued revenues (1,771) 10,655 (32,189) 13,172 Capitalized voyage expenses (1,124) 1,078 (1,142) 882 Prepaid expenses (2,115) 1,001 1,063 2,874 Accounts payable and accrued expenses (11,464) 2,952 (3,672) (499) Deferred shipping revenues 5,783 462 979 1,824 Inventories 3,406 2,354 (2,153) 7,009 Net cash provided by operating activities $ 219,535 83,577 318,274 142,789 CASH FLOW FROM INVESTING ACTIVITIES Investment in vessels (7,202) (1,146) (10,051) (1,146)Investment in vessels under construction (1,283) (38,714) (161,254) (64,523)Proceeds from sale of vessels (522) 50,942 100,487 93,431Investment in other property, plant and equipment (158) (18) (325) (22) Net cash provided by/(used in) investing activities $ (9,165) 11,064 (71,142) 27,739 CASH FLOW FROM FINANCING ACTIVITIES Cash dividends paid 6 (103,067) (24,091) (169,094) (51,378)Acquisition of non-controlling interests 6 - (6,131) - (6,131)Repayment principal element of lease liability (306) (351) (646) (705)Issuance of long-term debt 4 (22) 54,663 316,440 64,663Scheduled repayment of long-term debt (15,531) (14,008) (24,471) (27,562)Prepayment of long-term debt 4 (56,000) (65,875) (281,000) (108,275)Repayment of long-term debt refinancing 4 - (25,480) - (25,480)Repayment of long-term debt, sale of vessels 4 - (11,382) (5,625) (11,382) Net cash used in financing activities $ (174,926) (92,656) (164,397) (166,249) Net increase in cash and cash equivalents 35,444 1,985 82,735 4,279Net foreign exchange difference (7) 165 (87) 238Cash and cash equivalents at beginning of period 126,246 80,510 79,034 78,143 Cash and cash equivalents at end of period $ 161,683 82,660 161,683 82,660 Specification of items included in operating activities: Interest paid 6,290 6,149 11,941 11,981Interest received 1,666 1,323 2,081 1,478 The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements 13
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)($ in thousands, except shares) Paid-in Non- Additional Retained Translation Other Controlling Total Note Shares Stock Capital Earnings Differences Reserves Interest Equity Balance at January 1, 2025 159,983,104 $1,600 $1,217,651 $(186,321) $ 39 $ 5,273 $ 4,459 $1,042,701Profit/(loss) after tax 100,221 (138) 100,083Other comprehensive income/(loss) - 426 179 605 Total comprehensive income/(loss) 100,221 426 41 100,688 Cash dividends declared and paid (51,378) (51,378)Acquisition of non-controlling interests 6 (1,849) 156 (4,437) (6,131)Compensation related to options andrestricted stock 816,303 8 6,068 (3,018) 3,058 Balance at June 30, 2025 6 160,799,407 $1,608 $1,223,719 $(139,326) $ 621 $ 2,255 $ 63 $1,088,938 Balance at January 1, 2026 160,799,407 $1,608 $1,223,719 $ (96,216) $ 498 $ 3,577 $ 71 $1,133,257Profit/(loss) after tax 362,862 4 362,866Other comprehensive income/(loss) - 25 25 Total comprehensive income/(loss) 362,862 25 4 362,891 Cash dividends declared and paid (169,094) (169,094)Compensation related to options andrestricted stock 436,166 4 3,680 (1,076) 2,609 Balance at June 30, 2026 6 161,235,573 $1,612 $1,227,399 $ 97,552 $ 523 $ 2,501 $ 75 $1,329,663 The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements 14
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NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTSFOR THE PERIOD ENDED JUNE 30, 2026 Note 1 – General information DHT Holdings, Inc. (“DHT” or the “Company”) is a company incorporated under the laws of the Marshall Islands whose shares are listed onthe New York Stock Exchange. The Company’s principal executive office is located at Clarendon House, 2 Church Street, Hamilton HM 11,Bermuda. The Company is engaged in the ownership and operation of a fleet of crude oil carriers. The unaudited interim condensed consolidated financial statements were approved by the Company’s Board of Directors (the “Board”) onAugust 4, 2026, and authorized for issue on August 5, 2026. Note 2 – General accounting principles The interim condensed consolidated financial statements do not include all information and disclosures required in the annual financialstatements and should be read in conjunction with DHT’s audited consolidated financial statements included in its Annual Report on Form20-F for 2025. The interim results are not necessarily indicative of the results for the entire year or for any future periods. The interim condensed consolidated financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting” asissued by the International Accounting Standards Board (“IASB”). The interim condensed consolidated financial statements have been prepared on a historical cost basis. The accounting policies applied inthese condensed consolidated interim financial statements are consistent with those presented in the 2025 audited consolidated financialstatements. These interim condensed consolidated financial statements have been prepared on a going concern basis. Note 3 – Revenue and major customers DHT’s primary business is operating a fleet of crude oil tankers, with a secondary activity of providing technical management services. TheCompany is organized and managed as one segment based on the nature and financial effects of the business activities in which it engagesand the economic environment in which it operates. The consolidated operating results are regularly reviewed by the Company’s chiefoperating decision maker, the President & Chief Executive Officer, and the Company does not monitor performance by geographical areas. The table below details the Company’s total revenues: $ in thousands Q2 2026 Q2 2025 1H 2026 1H 2025 Time charter revenues1 92,185 35,539 144,482 62,233 Voyage charter revenues2 192,635 92,411 326,623 183,882 Shipping revenues 284,819 127,950 471,105 246,115 Other revenues3 193 366 384 775 Total revenues 285,012 128,316 471,489 246,890 Revenues relating to IFRS 15 202,705 100,344 345,201 197,990 1The majority of time charter revenues are recognized in accordance with IFRS 16 Leases, while the portion of time charter revenuesrelated to technical management services, equaling $9,878 thousand in the second quarter of 2026, $7,567 thousand in the second quarterof 2025, $18,193 thousand in the first half of 2026 and $13,334 thousand in the first half of 2025, is recognized in accordance with IFRS 15Revenue from Contracts with Customers.2Voyage charter revenues are related to revenue from spot charters and are recognized in accordance with IFRS 15. 3Other revenues mainly relate to technical management services provided and are recognized in accordance with IFRS 15. 15
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As of June 30, 2026, the Company had 24 vessels, consisting of 23 vessels in operation, of which 12 were on time charters and 11 wereoperating in the spot market, and one vessel under construction. Information about major customers:For the period from April 1, 2026, to June 30, 2026, five customers represented $49.8 million, $34.9 million, $34.4 million, $28.9 million, and$21.5 million, respectively, of the Company’s total shipping revenues. In aggregate, these five customers represented $169.4 million, equalto 59 percent, of total shipping revenues of $284.8 million. For the period from January 1, 2026, to June 30, 2026, five customers represented $68.3 million, $62.3 million, $45.3 million, $35.9 million,and $34.8 million, respectively, of the Company’s total shipping revenues. In aggregate, these five customers represented $246.6 million,equal to 52 percent, of total shipping revenues of $471.1 million. For the period from April 1, 2025, to June 30, 2025, five customers represented $29.3 million, $26.3 million, $18.9 million, $14.0 million, and$13.6 million, respectively, of the Company’s total shipping revenues. In aggregate, these five customers represented $102.2 million, equalto 80 percent, of total shipping revenues of $127.9 million. For the period from January 1, 2025, to June 30, 2025, five customers represented $64.7 million, $55.1 million, $26.4 million, $26.1 million,and $20.9 million, respectively, of the Company’s total shipping revenues. In aggregate, these five customers represented $193.1 million,equal to 78 percent, of total shipping revenues of $246.1 million. Note 4 – Interest bearing debt As of June 30, 2026, DHT had interest bearing debt totaling $434.8 million. Scheduled debt repayments Interest Q3 Q4 $ in thousands rate Maturity 2026 2026 2027 2028Thereafter Total Credit Agricole Credit Facility SOFR +2.05% 2028 625 625 2,500 25,000 - 28,750 ING Credit Facility 1 SOFR +1.90% 2029 5,625 5,625 22,500 22,500 5,625 61,875ING Credit Facility SOFR +1.80% 2029 750 750 3,000 3,000 29,250 36,750DHT Jaguar - Nordea Reducing Revolving Credit Facility SOFR +1.75% 2031 710 710 2,840 2,840 20,060 27,160DHT Nokota - Nordea Reducing Revolving Credit Facility SOFR +1.50% 2032 1,231 1,231 4,923 4,923 48,000 60,308ING and Nordea Export Facility SOFR +1.32% 2038 2,891 2,891 11,565 11,565 199,496228,409 Nordea Reducing Revolving Credit Facility 2 SOFR +1.35% 2033 - - - - - - Total 11,832 11,832 47,328 69,828 302,431443,251 Unamortized upfront fees bank loans (8,447) Total interest bearing debt 434,804 1 $157.5 mill. undrawn as of June 30, 2026 2 $250.0 mill. undrawn as of June 30, 2026 Credit Agricole Credit FacilityThe credit facility is repayable in quarterly installments of $0.6 million with final payment of $22.5 million in addition to the last installment inDecember 2028. ING Credit FacilityIn January 2023, the Company entered into a new $405 million secured credit facility, including a $100 million uncommitted incrementalfacility, with ING, Nordea, ABN AMRO, Credit Agricole, Danish Ship Finance and SEB, as lenders, ten wholly owned special-purpose vessel-owning subsidiaries as borrowers, and DHT Holdings, Inc., as guarantor. Borrowings bear interest at a rate equal to SOFR plus a marginof 1.90% and are repayable in quarterly installments of $5.6 million with maturity in January 2029. In the first quarter of 2025, the Company prepaid $42.4 million under the revolving credit facility and drew down $10 million for corporatepurposes. In the second quarter of 2025, the Company prepaid $25.0 million under the revolving credit facility and drew down $10 millionand $15 million, respectively, for corporate purposes. In December 2025, the Company drew $50 million under the revolving credit facility. InJanuary 2026, the Company prepaid $5.6 million of the outstanding balance in connection with the sale of DHT China. In the first quarter of2026, the Company drew $90 million and prepaid a total of $225 million in connection with the delivery of the three newbuildings. 16
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In September 2023, the Company entered into a $45 million senior secured credit facility under the incremental facility, with ING, Nordea,ABN AMRO, Danish Ship Finance and SEB, as lenders, one wholly owned special-purpose vessel-owning subsidiary as borrower, and DHTHoldings, Inc., as guarantor. Borrowings bear interest at a rate equal to SOFR plus a margin of 1.80% and are repayable in quarterlyinstallments of $0.75 million with maturity in January 2029. Nordea Credit FacilityThe credit facility bore interest at a rate equal to SOFR plus CAS plus a margin of 1.90%. In the third quarter of 2025, the Companyvoluntarily prepaid $22.1 million under the Nordea Credit Facility, covering all scheduled installments for Q4 2025 and the entirety of 2026. Inthe fourth quarter of 2025, the Company drew $120 million under the revolving credit facility and repaid $64 million in connection with thenew facility for DHT Nokota. During the second quarter of 2026, the Company repaid all remaining outstanding under the Nordea CreditFacility in connection with the establishment of the Company’s new $250.0 million Nordea Reducing Revolving Credit Facility. Following therepayment, the Nordea Credit Facility was terminated and as of June 30, 2026, no amounts were outstanding under the facility. DHT Jaguar – Nordea Reducing Revolving Credit FacilityIn April 2025, the Company entered into a $30 million reducing revolving credit facility agreement with Nordea as lender, DHT JaguarLimited as borrower and DHT Holdings, Inc., as guarantor. The credit facility is repayable or reduced in quarterly installments of $0.7 millionwith a final payment of $13.7 million in April 2031. The credit facility bears an interest rate equal to SOFR plus a margin of 1.75%. DHT Nokota – Nordea Reducing Revolving Credit FacilityIn September 2025, the Company entered into a $64 million reducing revolving credit facility agreement with Nordea as lender, DHT Nokota,Inc. as borrower and DHT Holdings, Inc., as guarantor. The facility was drawn on November 21, 2025, and is repayable or reduced inquarterly installments of $1.2 million with a final payment of $30.8 million in September 2032. The credit facility bears interest at a rate equalto SOFR plus a margin of 1.50%. ING and Nordea – Export FacilityIn July 2025, the Company entered into a $308.4 million senior secured credit facility for the post-delivery financing of the Company’s fournewbuildings with DHT Antelope, Inc., DHT Addax, Inc., DHT Gazelle, Inc., and DHT Impala, Inc. as borrowers and DHT Holdings, Inc., asguarantor (the “ING and Nordea Export Facility”). The facility was co-arranged by ING and Nordea, with ING acting as Coordinator, FacilityAgent, Security Agent and ECA Agent. Each tranche under the facility becomes repayable in 48 equal quarterly installments, commencing three months after its respectiveutilization date. Once all four vessels have been delivered, the aggregate quarterly installments will total approximately $3.9 million, with afinal balloon payment of $123.4 million due in 2038. The facility bears interest at a rate equal to SOFR plus a weighted average margin of1.32%, and each tranche matures 12 years from the respective vessel’s delivery date. During the first quarter of 2026, three of the four newbuildings were delivered, and the Company drew $77.1 million under the facility inconnection with the delivery of each vessel. Nordea Reducing Revolving Credit FacilityIn June 2026, the Company entered into a $250.0 million reducing revolving credit facility, including a $250 million uncommitted incrementalfacility, with Nordea, ING, DNB, ABN AMRO, Credit Agricole, Danish Ship Finance and SEB, as lenders, six wholly owned special-purposevessel-owning subsidiaries as borrowers, and DHT Holdings, Inc., as guarantor. Borrowings bear interest at a rate equal to SOFR plus amargin of 1.35%. The facility amortizes through scheduled quarterly reductions, with total commitment reducing from $250.0 million atinception to approximately $79.0 million by maturity in June 2033. Quarterly reductions are $6.8 million through the second quarter of 2028,followed by lower scheduled reductions thereafter, with a final reduction of $3.5 million at maturity. As of June 30, 2026, the Company hadnot drawn any amounts under the facility. 17
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Interest rate swapsDerivatives are classified and measured at fair value in the statement of financial position. Fair value measurement is based on Level 2 inthe fair value hierarchy as defined in IFRS 13 Fair Value Measurement. Such measurement is based on techniques for which all inputs thathave a significant effect on the recorded fair value are observable. Future cash flows are estimated based on forward interest rates (fromobservable yield curves at the end of the reporting period) and contract interest rates, discounted at a rate that reflects the credit risk ofvarious counterparties. As of June 30, 2026, the Company had eight amortizing interest rate swaps totaling $190.2 million with maturity in the fourth quarter of 2028.The average fixed interest rate is 3.32%. As of June 30, 2026, the fair value of the derivative financial assets related to the swaps amountedto $2,240 thousand. Derivative financial assets Notional amount Current assetsNon-current assets Fair value$ in thousands Expires Q2 2026 Q2 2026 Q2 2026 Q2 2026 Swap pays 3.2840%, receive floating Dec. 8, 2028 16,875 85 122 207Swap pays 3.2840%, receive floating Dec. 8, 2028 16,875 85 122 207Swap pays 3.3200%, receive floating Dec. 8, 2028 6,875 23 34 57Swap pays 3.2790%, receive floating Dec. 8, 2028 21,875 116 167 282Swap pays 3.3110%, receive floating Oct. 30, 2028 27,160 140 187 328Swap pays 3.3536%, receive floating Dec. 8, 2028 31,875 151 217 368Swap pays 3.3536%, receive floating Dec. 8, 2028 31,875 151 217 368Swap pays 3.3536%, receive floating Dec. 8, 2028 36,750 173 250 423 Total carrying amount 190,160 923 1,317 2,240 Covenant compliance The Company’s financial covenants as of June 30, 2026, are summarized as follows:(Applicable to all credit facilities) Covenants RequirementCharter free market value of vessels that secure facility must be no less than 135% of borrowingsValue adjusted* tangible net worth $300 million and 25% of value adjusted total assets Unencumbered cash of at least Higher of $30 million or 6% of gross interest bearingdebtGuarantor DHT Holdings, Inc. *Value adjusted is defined as an adjustment to reflect the difference between the carrying amount and the market valuations of theCompany’s vessels (as determined quarterly by a broker approved by the financial institution). Facility Vessels Pledged as SecurityCredit Agricole Credit Facility 1 VLCCING Credit Facility 10 VLCCsNordea Reducing Revolving Credit Facility 6 VLCCsDHT Jaguar - Nordea Reducing Revolving Credit Facility 1 VLCCDHT Nokota - Nordea Reducing Revolving Credit Facility 1 VLCCING and Nordea - Export Facility 3 VLCCs As of June 30, 2026, the Company was in compliance with its financial covenants, with significant headroom. Note 5 – Vessels A vessel’s recoverable amount is the higher of the vessel’s fair value less cost of disposal and its value in use. The carrying amounts ofvessels held and used by us are reviewed for potential impairment whenever events or changes in circumstances indicate that the carryingamount of a particular vessel may not accurately reflect the recoverable amount of a particular vessel. Each of the Company’s vessels havebeen viewed as a separate CGU as the vessels have cash inflows that are largely independent of the cash inflows from other assets. Ininstances where a vessel is considered impaired, it is written down to its recoverable amount. For the quarter ending June 30, 2026, theCompany performed an assessment using both internal and external sources of information and concluded that there were no indicators ofimpairment. 18
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Vessels Cost of Vessels $ in thousands At January 1, 2026 1,812,535Additions 805Transferred from vessels under construction 408,021Transferred from vessels upgrades 10,301Transferred to asset held for sale (48,016) Retirement 1 (7,584) At June 30, 2026 2,176,062 Depreciation and amortization $ in thousands At January 1, 2026 728,644 Depreciation and amortization 2 52,548Transferred to asset held for sale (31,239) Retirement 1 (7,584) At June 30, 2026 742,369 Carrying Amount $ in thousands At January 1, 2026 1,083,891 At June 30, 2026 1,433,693 1 Relates to completed depreciation of drydocking for DHT Amazon, DHT Lion, DHT Osprey, and DHT Puma.2 Relates solely to depreciation of vessels, drydocking, and EGCS. Depreciation of office leases and other property, plant, and equipmentrepresents and additional $851 thousand, which combined with the depreciation of vessels, drydocking, and EGCS comprises $53,399thousand in depreciation and amortization. Gain on sale of vesselsIn the fourth quarter of 2025, the Company entered into agreements to sell DHT Europe and DHT China, each built in 2007, for anaggregate consideration of $101.6 million. DHT Europe was delivered to its new owner on January 30, 2026, and DHT China was deliveredon March 30, 2026. Following the repayment of existing debt associated with one of the vessels in the amount of $5.6 million, the Companyreceived net cash proceeds of approximately $95.0 million. The Company recognized a gain of $60.0 million in the first half of 2026 inconnection with the sales. In the first half of 2025, the Company recognized a gain of $37.3 million related to the sales of DHT Scandinavia and DHT Lotus. Vessel upgradesCost of vessel upgrades relates to prepaid drydocking. Cost of vessel upgrades $ in thousands At January 1, 2026 348Additions 13,197Transferred to vessels (10,301) At June 30, 2026 3,245 Vessels under constructionIn 2024 the Company entered into agreements to build four large VLCCs, fitted with exhaust gas cleaning systems, two at Hyundai SamhoHeavy Industries Co., Ltd. (“HHI”) and two at Hanwha Ocean Co., Ltd. (“Hanwha”) in South Korea. The average price for the four ships is$130.3 million, adjusted for change orders. As of June 30, 2026, the Company has paid $444.2 million related to the installments under thisnewbuild program. Total capitalized borrowing costs related to the financing of the vessels under construction amounted to $15.4 million, atan average interest rate of 6.2% per annum, and total other directly attributable expenses amounted to $5.3 million. The newbuild programis funded in part through a $308.4 million post-delivery senior secured credit facility. The Company took delivery of the first VLCCnewbuilding on January 2, 2026. The second and third newbuildings were delivered on March 6, 2026, and March 30, 2026, respectively,and the fourth newbuilding was delivered on July 24, 2026. 19
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In June 2026, the Company entered into an agreement with Hanwha for the construction of a VLCC. The vessel has large carrying capacity,will be fitted with an exhaust gas cleaning system and is scheduled to be delivered in August 2028. As of June 30, 2026, the Company hasnot capitalized any costs relating to the vessel. Cost of vessels under construction $ in thousands At January 1, 2026 301,651Additions 163,344Transferred to vessels (408,021) At June 30, 2026 56,974 The following table represents future expected payments related to the vessels under construction as of June 30, 2026: Vessels under construction $ in thousands Within the next 12 months 104,833From one to two years 106,200 At June 30, 2026* 211,033 *These are estimates only and are subject to change as construction progresses. Assets held for saleIn January 2026, the Company entered into an agreement to sell DHT Bauhinia, built in 2007, for a sales price of $51.5 million. The vesselwas delivered to its new owner in July 2026 and was classified as held for sale as of June 30, 2026. The vessel was debt-free at the time ofsale. The Company expects to recognize a gain of approximately $34.2 million in the third quarter of 2026 in connection with the transaction. Note 6 – Stockholders’ equity and dividend payments Common stock Issued at June 30, 2026 161,235,573Numbers of shares authorized for issue at June 30, 2026 250,000,000Par value $ 0.01 Common stockEach outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders. Stock repurchasesNo stock repurchases were made during the first two quarters of 2026 or during the year ended December 31, 2025. Dividend payments Dividend payment made year-to date as of June 30, 2026: Payment date Total payment Per common share$ in thousands, except per common share May 28, 2026 $ 103,067 $ 0.64February 26, 2026 $ 66,027 $ 0.41 Total payments made year-to-date as of June 30, 2026 $ 169,094 $ 1.05 20
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Dividend payment made during 2025: Payment date Total payment Per common share$ in thousands, except per common share November 19, 2025 $ 28,944 $ 0.18August 25, 2025 $ 38,592 $ 0.24May 28, 2025 $ 24,091 $ 0.15February 25, 2025 $ 27,286 $ 0.17 Total payments made during 2025 $ 118,913 $ 0.74 Note 7 – Accounts receivable and accrued revenues As of June 30, 2026, $87.1 million, consisting mainly of accounts receivable with no material amounts overdue, was recognized as accountsreceivable and accrued revenues in the interim consolidated statement of financial position, compared to $53.3 million as of December 31,2025. Note 8 – Deferred shipping revenues Deferred shipping revenues relate to charter hire payments paid in advance. As of June 30, 2026, $12.4 million was recognized as deferredshipping revenues in the interim consolidated statement of financial position, compared to $11.4 million as of December 31, 2025. Note 9 - Financial risk management, objectives, and policies Note 9 of the consolidated financial statements included in the 2025 Annual Report on Form 20-F provides details of financial riskmanagement objectives and policies. The Company’s principal financial liability consists of long-term debt with the main purpose being to partly finance the Company’s assets andoperations. The Company’s financial assets mainly comprise cash. The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the management ofthese risks. Note 10 – Subsequent events On August 4, 2026, the Board approved a dividend of $1.22 per common share related to the second quarter of 2026 to be paid on August24, 2026, for shareholders of record as of August 17, 2026. In July, the Company entered into a 3-year time charter agreement at $75,000 per day for the VLCC DHT Jaguar, built in 2015. The contractis expected to commence in September 2026 and has been concluded with a global energy company. On July 20, 2026, DHT Bauhinia, built in 2007, was delivered to its new owner. The vessel was debt free, and the sale generated net cashproceeds of $51.0 million. The Company expects to record a gain of $34.2 million on the sale. On July 24, 2026, the Company took delivery of DHT Impala, a VLCC newbuilding from Hyundai Samho Heavy Industries. The vesselentered into the spot market and represented the fourth and final vessel in a series of newbuildings delivered in 2026. 21