Norden Reports Strong Quarterly Results in International Shipping News 07/05/2026 Group results •Net profit for the Group amounted to USD 11.2 million (USD 32.5 million) driven by strong Tanker performance, offset by weak results in Dry cargo. •Net asset value (NAV) increased 11% since year-end to DKK 422 per share, driven by a significant appreciation in asset values. •Operational cash flow of USD 171.7 million in the first quarter (USD 112.7 million). •Return on invested capital (ROIC) in the last twelve months (LTM) was 7.8% (10.5%). •First quarter distribution of USD 35 million through an interim dividend of DKK 2 per share and a new share buy-back programme of USD 25 million. Business highlights •Losses in Dry cargo were driven by regional positioning as well as the Persian Gulf conflict, which directly impacted earnings through the closure of the Strait of Hormuz and one-off regional bunker premiums. •Strong Tanker performance was driven by surging spot rates, captured through disciplined execution and fleet repositioning. •Seven vessels sold YTD, of which four were from declared purchase options. •In line with our strategy to build more resilient earnings, we have YTD added 11 vessels to our core fleet in the Handysize and MPP segments, including two ice-class newbuildings to service a new long-term COA with Swedish mining company LKAB. •Additionally, we have also concluded eight TC-out fixtures to take long-term cover and lock in earnings on vessels exposed to high market volatility. Guidance •The 2026 full-year guidance that was upgraded on April 28 to a net profit of USD 70-140 million is maintained (previously USD 30-100 million). This includes vessel sales gains of USD 64 million (previously USD 20 million). •Looking into 2026, results are expected to be supported by a strong tanker market in the second quarter, before easing in the second half of the year. •In the Dry cargo estimate, we cautiously assume that costs related to vessels stuck in the Persian Gulf will continue through year-end. The full-year estimate therefore includes additional costs of USD 30 million. •In Dry cargo, the benefits from positioning investments should however start to materialise and are expected to generate value in Q2, leading to a continued gradual improvement over the coming quarters. GROUP FINANCIAL REVIEW Earnings The time charter equivalent revenue (TCE) in the first quarter 2026 amounted to USD 517.4 million (USD 483.3 million), driven by lower voyage costs combined with higher sublease gains. Compared to the first quarter 2025, the contribution margin for the first quarter decreased by 27% to USD 98.9 million (USD 136.4 million), as a result of higher charter hire and OPEX. Group EBIT amounted to USD 22.5 million in Q1 2026 compared to USD 38.4 million in Q1 2025, reflecting a margin of 4.3% compared to 7.9% in the same quarter last year. Sale of vessels contributed with USD 18.9 million in Q1 2026, compared to USD 3.3 million in Q1 2025. Net profit amounted to USD 11.2 million in Q1 2026, compared to USD 32.5 million in Q1 2025. The decline was a result of regional positioning and elevated cost pressures in Dry cargo, partly offset by vessel sales gains and a stronger tanker market. Cash flow statement Strong operating cash flow of USD 171.7 million (USD 112.7 million), mainly driven by the decrease in working capital compared to the first quarter 2025. Cash flow from investing activities was USD -122.4 million in the first quarter of