FY 2024: Net profit of USD 163 million and NAV of DKK 425 per share

ANNOUNCEMENT NO. 19 - 6 FEBRUARY 2025

HELLERUP, Denmark, Feb. 6, 2025 /PRNewswire/ -- Despite continued geopolitical uncertainties and a market impacted by challenging market conditions,NORDEN delivered a solid result with a net profit of USD 163 million (DKK ~1.2 bn) and a return on invested capital of 14% in 2024. NORDEN's net profit for Q4 2024 was USD 30 million.

It was a challenging year for our Freight Services & Trading business, where we saw a net loss of USD -74 million for the full year. Throughout the year, our focus has been on steering the dry operator activities back towards profitability and the unit is now demonstrating a marked improvement.

Assets & Logistics delivered a strong performance in 2024 with a net profit of USD 236 million, driven by high earnings coverage and realised strong market values through the sale of vessels. The continued high asset prices supported the value of NORDEN's owned and leased fleet with purchase options and the estimated Net Asset Value of Assets & Logistics was DKK 425 per share by end 2024.

We propose to distribute USD 27 million to shareholders for the fourth quarter through a dividend and a new share buy-back program, bringing the total distribution for 2024 to USD 100 million.

NORDEN CEO, Jan Rindbo, comments:

"Geopolitical uncertainty combined with fluctuating supply and demand patterns have underscored the complexity of our operating environment. However, we have demonstrated our ability to adapt, leveraging our diversified portfolio and operational excellence to deliver good returns. Overall, we reported a net profit of USD 163 million and a ROIC of 14%."

Based on the current market outlook and also as a result of lower sales gains from already signed transactions, profitability is expected to be lower compared to 2024 with a full-year 2025 guidance of a net profit in the range of USD 20-100 million. The guidance for 2025 includes gains from sale of vessels from already signed and agreed transactions of USD 16 million.

Kind regards,
Dampskibsselskabet NORDEN A/S
Klaus Nyborg
Chair

Dividend will be paid through VP Securities based on shareholdings registered in VP Securities on 14 March 2025 after close of trading on Nasdaq Copenhagen. In the systems of Nasdaq Copenhagen, NORDEN shares will tradecuminterim dividendup to and including the trading day of 12 March 2025. Shares traded in the systems of Nasdaq Copenhagen from and including the trading day of 13 March 2025 will be tradedexinterim dividend. Dividend will expectedly be available in the shareholders' accounts on 17 March 2025.

For further information:
Therese Mllevinge, Head of Investor Relations, tel.: +45 41 37 16 38, e-mail: [emailprotected]
Isabella Zaugg Hansen, Investor Relations Manager, tel.: +45 27 62 90 96, e-mail: [emailprotected]

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SOURCE NORDEN