Norden : AGM 2024 presentation

WELCOME TO THE

ANNUAL GENERAL MEETING 2024

Copenhagen, 12 March 2024, Copenhagen

WELCOME AND ELECTION OF CHAIR OF MEETING

BY THE CHAIR OF

THE BOARD OF DIRECTORS

KLAUS NYBORG

2 NORDEN ANNUAL GENERAL MEETING 2024 - 12 MARCH 2024

WELCOME

• Welcome to the Annual General Meeting
• Fully virtual Annual General Meeting
• Invitation to physical shareholder event 21 March at NORDEN HQ
• NORDEN management and board represented by:
• • CEO, Jan Rindbo
  • CFO, Martin Badsted
  • Vice Chair, Johanne Riegels Østergaard
  • Chair, Klaus Nyborg

LEGALITY OF THE GENERAL MEETING

BY CHAIR,

HENNING AASMUL-OLSEN, LAWYER

4 NORDEN ANNUAL GENERAL MEETING 2024 - 12 MARCH 2024

AGENDA

1. The Board of Directors' report on the activities of the Company during the past year
2. Resolution for adoption of the audited Annual Report
3. Proposed appropriation of profits or cover of loss in accordance with the adopted Annual Report
4. Election of members for the Board of Directors
5. Appointment of state authorised public accountant
6. Proposals from the Board of Directors for:
7. 1. Remuneration Report 2023 for indicative ballot
   2. Authorisation to purchase treasury shares
   3. Amendments for the Articles of Association.
   4. 1. Addition of trading name - NORDEN Tanker Pool A/S (article 1.2)
      2. Reduction of the share capital (article 4.1)
      3. Update of agenda item (article 8.1)
      4. Update of NORDEN's obligation to ask shareholders registered by name for their e-mail address (article 12.3)
   5. Remuneration Policy for approval including update of provision on extraordinary bonus for management in exceptional circumstances and on indemnification of board and management
   6. Adjustments of board remuneration
8. Any other business

CHAIR'S REVIEW

BY THE CHAIR OF THE BOARD OF DIRECTORS, KLAUS NYBORG

6 NORDEN ANNUAL GENERAL MEETING 2024 - 12 MARCH 2024

THE YEAR 2023

ANOTHER GREAT YEAR

• Despite a volatile market with decreasing freight rates
• Fifth best result in company history
• • Result for 2023 on USD 400 million (DKK 3 billion)
• Return on invested capital (ROIC) of 32%
• A strong year on the strategic execution
• • Aquiring projects and parcelling activities
  • Establishments of Capesize activities
  • Introduced first low emission solutions
• Strong and flexible business model
• Changed exposure
• • Increased future exposure in dry cargo
  • Reduced exposure in tank

THE YEAR 2023

PROPOSED DIVIDEND

Dividend for 2023 in DKK per share

DKK

THE YEAR 2023

GROUP RESULTS

• Result for the year of USD 400 million (DKK 3 billion)
• Cash flow from operating activities was USD 671 million
• • Free cash flow after investments was USD 265 million
• Strong financial position with USD 557 million in liquidity and securities
• • Net-interest-bearingdebt incl. leasing liabilities of USD 45 million
• Strong balance and capital structure
• • Equity of USD 1.2 billion
  • Solvency ratio/equity share of 51%
• Return on invested capital (ROIC) of 32%
• NORDEN well-positioned to invest in continued growth
• • As well as continuously return capital to shareholders

9 NORDEN ANNUAL GENERAL MEETING 2024 - 12 MARCH 2024

EBIDTA

EBIT

Net profit

THE YEAR 2023

MARKET DEVELOPMENTS

• Increased volatility across dry cargo and tanker markets
• • Combined with declining freight rates compared to 2022
• Increased TC rates and vessel values driven by
• • Low yard capacity
  • Increased inflation
  • Fewer newbuilds
  • Low orderbook
• Positive expectations for dry cargo market through 2024 and coming years
• • Increased dry cargo exposure in coming years
• Expectations of volatile product tanker market with attractive rates
• • Possibility impacted by geopolitical situation and sanctions
  • Reduced exposure during the year through increased coverage
• Agile business model made it possible to utilise the shifting markets

10 NORDEN ANNUAL GENERAL MEETING 2024 - 12 MARCH 2024

Spot rates in 2023

USD thousand / day 60

50

40

30

20

10

0

Capesize MR Supramax

1 year TC rate

USD thousand / day

Supramax MR Capesize