DHT Holdings, Inc.

Good day and thank you for standing by. Welcome to the Q4 2025 DHT Holdings Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 and 1 again. Please be advised today's conference is being recorded. I'd now like to hand the conference over to your first speaker today, Leila Halvorsen, CFO. Please go ahead.

Thank you. Good morning and good afternoon, everyone. Welcome and thank you for joining DHD Holdings' fourth quarter 2025 earnings call. I'm joined by DHD's President and CEO, Ryan Moxnes-Hartfield. As usual, we will go through financials and some highlights before we open up for your questions. A link to this slide deck can be found on our website, dhtankers.com. Before we get started with today's call, I would like to make the following remarks. A replay of this conference call will be available on our website, dhtankers.com, until February 12th. In addition, our earnings press release will be available on our website and on the SSE Edgar system as an exhibit to our Form 6K. As a reminder, on this conference call, we will discuss matters that are forward-looking in nature. These forward-looking statements are based on our current expectations about future events as detailed in our financial report. Actual results may differ materially from the expectations reflected in these forward-looking statements. We urge you to read our periodic report available on our website and on the SSE Edgar system. including the risk factors in these reports, for more information regarding risks that we face. As usual, we will start the presentation with some financial highlights. In the fourth quarter of 2025, we achieved revenues on TCE basis of 118 million and adjusted EBITDA of 95 million. Net income came in at 66 million, equal to 41 cents per share. Vessel operating expenses for the quarter were $17.1 million, and G&A for the quarter was $5.6 million, which included approximately $0.6 million in non-recurring project costs. In terms of market performance, our vessels trading in the spot market earned an average of $69,500 per day, while the vessels on time charters achieved $49,400 per day. The average combined CC for the fleet in the quarter was $60,300 per day. For the full year of 2025, we achieved revenues on CC basis of $369 million and adjusted EBITDA of $278 million. Net income for 2025 was $211 million, equal to $1.31 per share. Adjusted for the gains related to sale of vessels, adjusted net income was 158 million, equal to 99 cents per share, marking another strong year for DHT. We have a rock-solid balance sheet with low leverage and strong liquidity. At the end of the fourth quarter, total liquidity was 189 million, consisting of 79 million in cash and 110.5 million available under two of our revolving credit facilities. In December, we drew on this RCS capacity to fund the final installment for our first new building, which was delivered on January 2nd. This drawdown was repaid in January when we drew on the new building facility. Following these transactions, currently available Availability under our RCF stands at 171.9 million. At quarter end, financial leverage was 17.6% based on market values for the fleet, and net debt was just under 16 million per vessel, which is well below estimated residual values. Looking at our cash flow, we began the quarter with 81 million in cash. From operations, we generated 95.3 million in EBITDA. Ordinary debt repayment and cash interest totaled 13.2 million, and 28.9 million was distributed to shareholders through a cash dividend. 97.6 million was deployed towards vessels during the quarter. which included the delivery of DHT Nakota, our 2018 built second-hand acquisition. We also issued $169.4 million in long-term debt associated with the delivery of DHT Nakota and the delivery of our first new building, DHT Antlop. In addition, we invested $107.8 million in our new building program. Changes in working capital and other items amounted to 19.3 million, and the quarter ended with 79 million in cash. With that, I will turn the call over to Svein.

Thank you, Laila. I will now go through our quarterly highlights. We entered into an agreement in June last year to acquire a large-quality VCC built in 2018 at Jundheim. We took delivery of the vessel in November and excellent timing as the freight market was roaring. She's named DSG Nokota and trades in the spot markets. As we have alluded to in numerous communications, our plan has been to divest our three older ships built in 2007. One of the considerations was timely fleet modernization, selling the oldest vessels in a strong market and replace these vessels with our new building program of four new vessels entering our fleet during the first half of this year. This new building program was contracted some two years ago when the order book was about 2% of total capacity. We entered into agreement to sell DHT China and DHT Europe during the quarter for a combined price of 101.6 million. The Europe was delivered the last day of January, and we expect to deliver the DHT China later this quarter. We expect to book a combined gain of about $60 million during the first quarter. Cash proceeds should come in about $95 million. The following events took place subsequently to the quarter end. We took delivery of the first of our four new buildings on January 2nd. She's named DST Antelope, setting the tone for this new series called the Antelope Class. She is demonstrating excellent fuel economics during her maiden voyage, so far exceeding our expectations. The remaining three ships will deliver with two in March and one in June. This is a fully funded project, and no new shares will be issued in this connection. We extended a time charter for DSG Harrier with a five-year contract at 47,500 per day. The new rate commenced at the end of January. The customer has the option to extend for two individual additional years at $49,000 and $50,000 respectively. Lastly, we entered into agreement to sell the DSG Bohemia, our last vessel built in 2007. The price is $51.5 million, and the vessel is debt-free. We expect to deliver her to our new owners in June-July this year, and expect to record a gain of $34.2 million from the sale. Back to you, Leila.