FINANCIAL ITEMS (Tables)

12 Months Ended

Dec. 31, 2025

Analysis of income and expense [abstract]

Schedule of Finance Income (Costs)


USDm		2025		2024		2023
Financial income
Interest income from cash and cash equivalents, including restricted cash ¹⁾		11.1		24.5		14.2
Exchange rate adjustments, including gain from forward exchange rate contracts		0.3		—		—
Other financial income		1.9		0.3		0.1
Total		13.3		24.8		14.3

Financial expenses
Interest expenses on borrowings ¹⁾		68.3		69.7		55.6
Financial expenses arising from lease liabilities regarding right-of-use assets		0.8		0.6		0.5
Exchange rate adjustments, including loss from forward exchange rate contracts		—		0.7		0.4
Commitment fee		3.3		1.9		1.3
Amortization of interest rate swaps		1.3		1.7		2.2
Ineffectiveness on interest rate swaps		(0.8)		(1.5)		(2.4)
Other financial expenses		1.5		1.0		3.3
Total		74.4		74.1		60.9

Total financial items		(61.1)		(49.3)		(46.6)

1) Interest for financial assets and liabilities not at fair value through profit and loss.