Dampskibsselskabet Ord

this webcast with a presentation of the Annual Report 2025 from NOAN that was published this morning. In the first part of the presentation, you'll be in a listen-only mode which will be followed by a Q&A session. During the Q&A session, if you have dialed in by phone, you'll be able to ask questions verbally by pressing pound or hashtag followed by five on your phone's keypad. If you're watching this webcast online through a browser, you can ask your questions in the chat below. Those questions will not be published, but the operator will read them aloud. With that, I'll hand over to CEO Jan Renbo and CFO Martin Balstedt from Norden. Please go ahead.

Thank you very much and a warm welcome to this annual report presentation and also welcome to the Center of Global Trade where Norden plays a major role as one of the largest operators of dry bulk ships and product tankers moving just under 130 million tons of essential raw materials across the globe. But let's dive into the financial figures for 2025. And we delivered a full year profit of $120 million, which was right in the middle of our latest announced guidance for the year, but significantly better than our guidance at the beginning of 2025. We have delivered a return on invested capital of 8.9% and the underlying net asset values in the portfolio were as of the 31st of December 379 Danish kroner per share. We are returning a significant part of the annual profit back to the shareholders through a combination of a dividend of 2 Danish kroner per share and a share buyback program that will run until the end of April. This year was busy on the asset transaction front. We had 48 transactions for the full year and an important part of our profit in 2025 was generated from vessel sales. where we sold 23 ships, of which 15 were from our purchase option portfolio. But we were not just selling vessels. We actually added even more ships. 25 came in through new leases and also the purchase of one vessel. And when you look at the purchase option portfolio, we actually finished the year with 90 vessels in the portfolio, which was a growth of 14% in the number of purchase options that we control. And of the 90 purchase options, 40 of them are in the money that can be declared in the next two years at values that are 18% below broker values. So still significant value in the portfolio, despite the fact that we have realized some of that during the year. With that, I'll hand over to you, Martin, to dive a little bit more into our NAV.

Thank you very much. As Jan said, our NAV at the end of the year was 379 kroners per share. That was actually a decline of about 11% since the beginning of the year, but all of that was driven by a weaker US dollar. So if you actually adjust for the FX change and the fact that we paid out dividends and share buybacks, there's actually a positive underlying development in US dollars per share. The current NAV, as you will see from the table here, is about two thirds exposed to dry cargo with 917 million of portfolio value and one third is tankers, $428 million. And when you look at the numbers just below there, you will see that there's actually very little leverage on the balance sheet. So a very, very strong financial position is baked into these numbers. On the right hand side, we show you the sensitivity of the NAV compared to changes, potential changes in the markets. So for instance, if both the dry and tanker market change plus 10%, then the NAV increases about 16% to 441 kroners per share. So a good exposure against rising markets. Now, if you have had time to look into the recently published annual report, you will see that we have now decided to show some of our numbers a little bit differently. We have six segments in Norden. That is the dry owner, tanker owner, and then the dry operator, large and small, tanker operator, and logistics. And up until now, we have allocated or we have made subtotals for these segments into asset management and into FST. That changes now, and instead we will group these segments by dry cargo and tankers, which we feel actually is probably more intuitive for most investors thinking about which exposure they are buying when they're buying a northern share. So going forward, we will be reporting the dry cargo business unit and the tanker business unit. But of course, nothing changes in the group figures and all the segment data will still be there. Looking then into dry cargo in this case, let's start with the market development. It's clear from this graph where the dark line shows spot rates for Supermax during 2025, that it was a year and two halves. So the first part of the year was actually fairly weak, whereas in the middle of the summer, the market suddenly actually took off and the second half was much stronger. That was to start with mainly a Cape size thing, but it actually impacted all the segments. I will say though that Norden had a fairly high coverage during the second half, so most of this has been impacting asset values and deferred periods. Looking then into the numbers for dry cargo you will see the four segments in the middle here and it's clear that the dry owner part really delivers the bulk of earnings with 67.7 million dollars for 2025. The other three combined of course produces a loss as is quite evident and I think the important thing to notice here is that they are actually all improving quite a lot compared to 2024. So the trajectory is good but the actual levels are of course not satisfactory. You are seeing that the trajectory on the graph on the right hand side where the red line indicates the total for 2024 and 2025 for the dry cargo business unit which has then increased from minus 56 to plus 29 million dollars for the full year 2025. So of course we hope to continue those improvements. On the tanker side, it was a little bit the same. The market in MR spot actually increased during the year and actually ended the second half of the year stronger than 2024. I think against many people's expectations. That of course impacts our tanker distance unit, because a lot of the exposure there is directly linked to the spot market. And looking into the tanker numbers, you will see that we made $116 million total between tanker owner and tanker operator. It is clearly tanker owner that delivers the bulk of these earnings. And the decline in tanker operator was very much expected because that is part of the business model. You can say that when the market is strong for a long period of time, the cost of tonnage goes up and it becomes harder and harder to make a good margin. But I will actually emphasize that we have been able to grow the pool part of our tank operator business, delivering good management fees for very low risk, which actually helps a lot in the measurement of return on invested capital. So with that, I will hand you back to Jan for a look at our guidance.