
USDm	2025				2024				2023
	Tanker segment	Marine Engineering segment	Inter- segment elimination	Total	Tanker segment	Marine Engineering segment	Inter- segment elimination	Total	Tanker segment	Marine Engineering segment	Inter- segment elimination	Total
Revenue	1,314.2	37.2	(11.9)	1,339.5	1,544.0	29.6	(14.4)	1,559.2	1,491.4	48.0	(19.0)	1,520.4
Port expenses, bunkers, and commissions	(404.5)	—	—	(404.5)	(409.2)	—	—	(409.2)	(407.6)	—	—	(407.6)
Other cost of goods and services sold	—	(24.6)	7.5	(17.1)	—	(18.5)	9.2	(9.3)	—	(36.6)	13.9	(22.7)
Operating expenses	(253.1)	—	0.7	(252.4)	(245.6)	—	0.5	(245.1)	(216.4)	—	0.4	(216.0)
Profit from sale of vessels	17.8	—	1.2	19.0	51.3	—	—	51.3	50.4	—	—	50.4
Administrative expenses	(106.5)	(7.3)	—	(113.8)	(87.9)	(7.7)	—	(95.6)	(76.5)	(6.4)	—	(82.9)
Other operating income and expenses	—	0.1	—	0.1	(0.6)	0.1	—	(0.5)	6.0	0.3	—	6.3
Depreciation and amortization	(213.5)	(1.0)	—	(214.5)	(191.2)	(0.8)	—	(192.0)	(148.2)	(1.1)	—	(149.3)

Operating profit (EBIT)	354.4	4.4	(2.5)	356.3	660.8	2.7	(4.7)	658.8	699.1	4.2	(4.7)	698.6

Financial income	13.1	0.2	—	13.3	24.7	0.1	—	24.8	14.3	—	—	14.3
Financial expenses	(74.2)	(0.2)	—	(74.4)	(73.9)	(0.2)	—	(74.1)	(60.5)	(0.4)	—	(60.9)

Profit before tax	293.3	4.4	(2.5)	295.2	611.6	2.6	(4.7)	609.5	652.9	3.8	(4.7)	652.0

Tax	(8.5)	(0.7)	—	(9.2)	2.5	(0.5)	—	2.0	(4.0)	—	—	(4.0)

Net profit for the year	284.8	3.7	(2.5)	286.0	614.1	2.1	(4.7)	611.5	648.9	3.8	(4.7)	648.0


USDm	2025				2024				2023
	Tanker segment	Marine Engineering segment	Inter- segment elimination	Total	Tanker segment	Marine Engineering segment	Inter- segment elimination	Total	Tanker segment	Marine Engineering segment	Inter- segment elimination	Total
ASSETS
Intangible assets
Goodwill	—	1.8	—	1.8	—	1.7	—	1.7	—	1.8	—	1.8
Other intangible assets	1.6	2.4	—	4.0	1.1	0.9	—	2.0	0.9	0.9	—	1.8
Total intangible assets	1.6	4.2	—	5.8	1.1	2.6	—	3.7	0.9	2.7	—	3.6
Tangible fixed assets
Land and buildings	7.7	2.0	—	9.7	8.1	—	—	8.1	4.9	0.6	—	5.5
Vessels and capitalized dry-docking	2,806.8	—	(14.6)	2,792.2	2,843.9	—	(17.2)	2,826.7	2,081.7	—	(11.5)	2,070.2
Prepayments on vessels	14.1	—	—	14.1	—	—	—	—	86.0	—	—	86.0
Other non-current assets under construction	—	3.4	—	3.4	—	4.8	(0.2)	4.6	—	4.5	(0.3)	4.2
Other plant and operating equipment	1.4	1.1	—	2.5	2.1	1.2	—	3.3	3.3	1.1	—	4.4
Total tangible fixed assets	2,830.0	6.5	(14.6)	2,821.9	2,854.1	6.0	(17.4)	2,842.7	2,175.9	6.2	(11.8)	2,170.3
Financial assets
Investments in joint ventures	—	—	—	—	0.1	—	—	0.1	0.1	—	—	0.1
Loan receivables	4.4	—	—	4.4	4.5	—	—	4.5	4.5	—	—	4.5
Deferred tax asset	0.3	—	—	0.3	3.1	—	—	3.1	0.4	—	—	0.4
Other investments	2.7	—	—	2.7	0.2	—	—	0.2	—	—	—	—
Total financial assets	7.4	—	—	7.4	7.9	—	—	7.9	5.0	—	—	5.0
Total non-current assets	2,839.0	10.7	(14.6)	2,835.1	2,863.1	8.6	(17.4)	2,854.3	2,181.8	8.9	(11.8)	2,178.9
Inventories	63.8	2.7	—	66.5	62.6	5.8	—	68.4	58.0	3.7	—	61.7
Trade receivables	209.8	4.9	—	214.7	179.1	4.8	—	183.9	206.2	5.0	(0.2)	211.0
Other receivables	16.9	6.8	—	23.7	54.7	4.9	—	59.6	58.8	1.7	—	60.5
Prepayments	38.4	0.7	—	39.1	11.6	0.6	—	12.2	10.7	4.5	—	15.2
Cash and cash equivalents incl. restricted cash	155.6	7.9	—	163.5	284.9	6.3	—	291.2	290.7	4.9	—	295.6
Current assets excluding assets held for sale	484.5	23.0	—	507.5	592.9	22.4	—	615.3	624.4	19.8	(0.2)	644.0
Assets held for sale	24.4	—	—	24.4	—	—	—	—	47.2	—	—	47.2
Total current assets	508.9	23.0	—	531.9	592.9	22.4	—	615.3	671.6	19.8	(0.2)	691.2
TOTAL ASSETS	3,347.9	33.7	(14.6)	3,367.0	3,456.0	31.0	(17.4)	3,469.6	2,853.4	28.7	(12.0)	2,870.1


USDm	2025				2024				2023
	Tanker segment	Marine Engineering segment	Inter- segment elimination	Total	Tanker segment	Marine Engineering segment	Inter- segment elimination	Total	Tanker segment	Marine Engineering segment	Inter- segment elimination	Total
EQUITY AND LIABILITIES
Total equity	2,196.5	18.4	(12.3)	2,202.6	2,072.9	11.7	(9.8)	2,074.8	1,661.3	9.9	(5.2)	1,666.0

Liabilities
NON-CURRENT LIABILITIES
Non-current tax liability related to held-over gains	45.2	—	—	45.2	45.2	—	—	45.2	45.2	—	—	45.2
Deferred tax liability	—	0.2	—	0.2	—	0.3	—	0.3	3.3	0.3	—	3.6
Borrowings	712.8	1.5	—	714.3	1,060.8	0.2	—	1,061.0	884.0	2.9	—	886.9
Other non-current liabilities	2.7	0.6	—	3.3	2.3	0.6	—	2.9	2.2	0.8	—	3.0
Total non-current liabilities	760.7	2.3	—	763.0	1,108.3	1.1	—	1,109.4	934.7	4.0	—	938.7
CURRENT LIABILITIES
Borrowings	285.2	3.6	—	288.8	163.5	1.8	—	165.3	169.7	3.0	—	172.7
Trade payables	38.8	2.2	—	41.0	46.2	3.8	—	50.0	39.6	3.4	—	43.0
Current tax liabilities	0.1	0.2	—	0.3	0.4	0.3	—	0.7	0.6	—	—	0.6
Other liabilities	66.6	1.7	—	68.3	60.7	0.6	—	61.3	44.8	0.5	(0.1)	45.2
Provisions	—	0.7	—	0.7	—	0.6	—	0.6	—	0.6	—	0.6
Prepayments from customers	—	4.6	(2.3)	2.3	4.0	11.1	(7.6)	7.5	2.7	7.3	(6.7)	3.3
Total current liabilities	390.7	13.0	(2.3)	401.4	274.8	18.2	(7.6)	285.4	257.4	14.8	(6.8)	265.4
Total liabilities	1,151.4	15.3	(2.3)	1,164.4	1,383.1	19.3	(7.6)	1,394.8	1,192.1	18.8	(6.8)	1,204.1
TOTAL EQUITY AND LIABILITIES	3,347.9	33.7	(14.6)	3,367.0	3,456.0	31.0	(17.4)	3,469.6	2,853.4	28.7	(12.0)	2,870.1
Non-current asset additions during the year:
Goodwill	—	—	—	—	—	—	—	—	—	—	—	—
Other intangible assets	0.9	1.7	—	2.6	0.5	0.5	—	1.0	0.6	—	—	0.6
Land and buildings	2.1	2.4	—	4.5	5.6	—	—	5.6	4.4	—	—	4.4
Vessels and capitalized dry-docking	297.0	—	1.4	298.4	798.5	—	(5.8)	792.7	520.4	—	(4.0)	516.4
Prepayments on vessels	17.5	—	—	17.5	111.5	—	—	111.5	86.0	—	—	86.0
Other non-current assets under construction	—	—	—	—	—	0.4	(0.2)	0.2	—	4.5	(0.3)	4.2
Other plant and operating equipment	0.8	0.2	—	1.0	0.7	0.6	—	1.3	1.1	0.2	—	1.3
Total non-current asset additions	318.3	4.3	1.4	324.0	916.8	1.5	(6.0)	912.3	612.5	4.7	(4.3)	612.9