Dampskibsselskabet Ord

Good morning and welcome everyone to this webcast with a presentation of the Q3 2026 report 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 and 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 written 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 Those questions will not be published, but the operator will read them aloud.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 Rindbo and CSO Martin Badsted from Norden. Please go ahead.

Thank you very much and a warm welcome from my side also. And thank you for joining our Q3 webcast. I'll start with just a quick reminder of who we are and how our model works before we turn to this quarter's results. So Norden enables smarter global trade by combining customer-led shipping solutions with flexible fleet access and disciplined capital allocation. We transport all the raw, essential raw materials for energy, food, manufacturing, construction. And as one of the world's largest carriers, we operate just under 500 vessels and move around 130 million tons of cargo annually. And our scale gives us a deep market insight, strong customer access and the flexibility to optimize our fleet across regions and vessel segments. And this model helps us to manage shipping cycles while retaining upside. And it has assisted us in delivering an average return on invested capital of 25% over the last five years. So on the following slide, let me explain how the business model behind these results work. So Norden is more than just a vessel owner. We combine three connected capabilities, commercial operations, exposure management, and asset allocation. We connect customer cargo with vessel capacity and optimize voyages, trading patterns, and fleet utilization. And we use a mix of owned, leased, and short-term capacity so that we can adjust the fleet in accordance with markets and customer demands. We invest across vessels, leases and purchase options and ultimately we seek attractive risk-adjusted returns while keeping the flexibility to recycle capital. And this model becomes particularly valuable when trade flows are complex and customers place a premium on reliability. And that brings me to the next slide, a bit on sort of the industry backdrop. The supply outlook is supportive, I would say, especially for dry cargo, where the global fleet is aging and the order book remains modest. And at the same time, geopolitical disruption, strain supply chains are making trade routes longer, less predictable, and more complex to operate. And this supports vessel demand, and it makes flexibility, scale, and execution more important. And with just under 500 vessels, a global commercial network, and a customer-centric approach, we help customers secure capacity and manage complex logistics across markets. And this position is important to benefit not only through freight market exposure, but by helping our customers managing this sort of increasing complexity that we see. And with that, I will hand you over to Martin, who will take you through how this has translated into our quarterly results.

Thank you. So in terms of operational and financial performance, Q3 was a good quarter for Norden. As you can see in the middle of the slide, we made a group net profit of 54 million dollars. And in the graph to the left hand side, you will see that that is actually about double the net profit that we made in the same period of last year. Actually, also when comparing to the latest quarter, it was only a little bit down when you adjust the 101 million in the last bar there for 42 million dollars of sales gains included last quarter. The net profit corresponds to a return on invested capital of 12%, and based on this performance, we have decided to continue distributing cash to our shareholders. In this case, 24 million dollars in the form of both 2 kroner per share dividend and 15 million dollars in a share buyback running during the next quarter. You will also see that the net asset value went up to 523 kroners per share, and I will get back to that in more detail a little bit later. So, in addition to strong operational performance, we also, of course, had some tailwinds from the market. You will see here, especially on the left-hand side, that the supermax spot rates were up 25%, cape size asset values were also up 25%, and in general, it was a firm picture across dry cargo. This was not actually driven by strong volumes. It was much more driven by inefficiencies in the form of longer distances, more ballast time and slower speeds. This is the nature of the game in these periods. On the right-hand side, we have similar indices for tankers. And here you can see that the market was actually even more extreme, especially visible in the almost vertical blue line in the top right graph. So during the quarter, the MR rates actually rose 48%, and you had historical high volatility. And asset values tagged along, also increasing about 23% year on year. The earnings mix were a little bit more balanced in this quarter. You can see from this graph that over the last couple of courses, it has been mainly a tanker story. And what happened in Q3 here was actually the tankers continued to do quite well with $35 million of EBIT, but dry cargo improved quite a lot to $17 million. So now actually contributing one third of profits during the quarter. As I said before, current markets have actually been quite erratic and extremely volatile. And in environments like this, which makes the market super unpredictable and erratic, we feel that it's a good portfolio management to take some risk off the table and cash in on some of the already high rates. This we have done during the quarter and also in the year-to-date period. And you will see that from the cover figures at the bottom left, where dry cargo has increased cover to 66%, and in tankers we've increased it to 87%. This, of course, protects downside and it also actually adds visibility of earnings going forward. You may say that it also eliminates upside. And of course, there's some truth to that. But you have to bear in mind that we are actually still reinvesting into our dry cargo fleet, into the smaller vessel types like MPP and handy size. where we are now up to an order book in our fleet of 26 units in both our own and TC capacity. In addition to that upside, we have of course all the options that are mentioned here on the right hand side where we have 89 purchase options still to come and the equivalent of 221 one year extension options on our portfolio. Some of them are already in the money and we are actually just waiting for opportune times to cash in on some of them. In terms of the upside or the sensitivity effect of what we are doing, you will see first of all here that the NAV in the quarter went up to 523 kroners per share. But also on the right hand side, we show you the sensitivities to changes in the market environment. So, for instance, if you have a 30% simultaneous decline in both rates and in asset values, the NAV would decline some 40% down to 314. But interestingly also, if you have the 30% upside scenario, it increases actually by 50% up to 786 kroner per share. So even though we have taken cover, there is still a lot of upside left in the book for future periods. And with that, I will give you back to Jan.