v3.26.1
Segment Reporting - Condensed Consolidated Income Statement
6 Months Ended
Jun. 30, 2026
Disclosure of operating segments [abstract]  
Segment Reporting – Condensed Consolidated Income Statement Segment Reporting – Condensed Consolidated Income Statement
Q2 2026
Q2 2025
USDm
Tanker
segment
Marine
Engineering 
segment
Inter-
segment
elimination
Total
Tanker
segment
Marine
Engineering
segment
Inter-
segment
elimination
Total
Revenue
658.8
6.9
-2.9
662.8
311.2
8.9
-4.9
315.2
Port expenses, bunkers and commissions
-146.8
—
—
-146.8
-103.0
—
—
-103.0
Other cost of goods and services sold
—
-4.9
1.7
-3.2
—
-5.2
3.3
-1.9
Operating expenses
-72.9
—
0.3
-72.6
-64.7
—
0.4
-64.3
Profit from sale of vessels
—
—
—
—
4.9
—
0.5
5.4
Administrative expenses
-22.2
-2.0
—
-24.2
-22.3
-2.2
—
-24.5
Other operating income and expenses
-0.5
0.1
—
-0.4
-0.1
—
—
-0.1
Depreciation and amortization
-60.2
-0.3
—
-60.5
-51.9
-0.3
—
-52.2
Operating profit (EBIT)
356.2
-0.2
-0.9
355.1
74.1
1.2
-0.7
74.6
Financial income
2.3
—
—
2.3
3.6
—
—
3.6
Financial expenses
-18.2
-0.1
—
-18.3
-17.8
—
—
-17.8
Profit before tax
340.3
-0.3
-0.9
339.1
59.9
1.2
-0.7
60.4
Tax
-0.9
0.1
—
-0.8
-1.6
-0.1
—
-1.7
Net profit for the period
339.4
-0.2
-0.9
338.3
58.3
1.1
-0.7
58.7
Segment Reporting – Condensed Consolidated Income Statement
Q1-Q2 2026
Q1-Q2 2025
FY 2025
USDm
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
1,054.6
15.0
-4.8
1,064.8
624.5
28.5
-8.7
644.3
1,314.2
37.2
-11.9
1,339.5
Port expenses, bunkers and
commissions
-256.5
—
—
-256.5
-202.3
—
—
-202.3
-404.5
—
—
-404.5
Other cost of goods and services sold
—
-10.8
2.8
-8.0
—
-18.7
5.7
-13.0
—
-24.6
7.5
-17.1
Operating expenses
-140.7
—
0.4
-140.3
-131.2
—
0.5
-130.7
-253.1
—
0.7
-252.4
Profit from sale of vessels
4.0
—
—
4.0
14.0
—
0.9
14.9
17.8
—
1.2
19.0
Administrative expenses
-43.3
-3.9
—
-47.2
-46.4
-4.1
—
-50.5
-106.5
-7.3
—
-113.8
Other operating income and expenses
-0.5
0.2
—
-0.3
-0.3
—
—
-0.3
—
0.1
—
0.1
Depreciation and amortization
-119.2
-0.9
—
-120.1
-104.9
-0.5
—
-105.4
-213.5
-1.0
—
-214.5
Operating profit (EBIT)
498.4
-0.4
-1.6
496.4
153.4
5.2
-1.6
157.0
354.4
4.4
-2.5
356.3
Financial income
3.9
—
—
3.9
7.4
0.1
—
7.5
13.1
0.2
—
13.3
Financial expenses
-37.1
-0.1
—
-37.2
-35.6
-0.1
—
-35.7
-74.2
-0.2
—
-74.4
Profit before tax
465.2
-0.5
-1.6
463.1
125.2
5.2
-1.6
128.8
293.3
4.4
-2.5
295.2
Tax
-2.6
0.2
—
-2.4
-6.5
-0.7
—
-7.2
-8.5
-0.7
—
-9.2
Net profit for the period
462.6
-0.3
-1.6
460.7
118.7
4.5
-1.6
121.6
284.8
3.7
-2.5
286.0
Segment Reporting – Condensed Consolidated Balance Sheet
30 June 2026
30 June 2025
31 December 2025
USDm
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
—
1.9
—
1.9
—
1.8
—
1.8
—
1.8
—
1.8
Other intangible assets
1.8
2.4
—
4.2
1.4
0.9
—
2.3
1.6
2.4
—
4.0
Total intangible assets
1.8
4.3
—
6.1
1.4
2.7
—
4.1
1.6
4.2
—
5.8
Tangible fixed assets
Land and buildings
6.5
1.8
—
8.3
8.1
0.2
—
8.3
7.7
2.0
—
9.7
Vessels and capitalized dry-docking
2,934.6
—
-15.8
2,918.8
2,706.3
—
-14.6
2,691.7
2,806.8
—
-14.6
2,792.2
Prepayments on vessels
29.3
—
—
29.3
—
—
—
—
14.1
—
—
14.1
Other non-current assets under
construction
—
4.5
—
4.5
—
2.2
—
2.2
—
3.4
—
3.4
Other plant and operating equipment
1.1
0.8
—
1.9
1.4
1.2
—
2.6
1.4
1.1
—
2.5
Total tangible fixed assets
2,971.5
7.1
-15.8
2,962.8
2,715.8
3.6
-14.6
2,704.8
2,830.0
6.5
-14.6
2,821.9
Financial assets
Investments in joint ventures
—
—
—
—
0.1
—
—
0.1
—
—
—
—
Loan receivables
4.4
—
—
4.4
4.5
—
—
4.5
4.4
—
—
4.4
Deferred tax asset
0.3
—
—
0.3
0.3
—
—
0.3
0.3
—
—
0.3
Other investments
3.0
—
—
3.0
0.1
—
—
0.1
2.7
—
—
2.7
Total financial assets
7.7
—
—
7.7
5.0
—
—
5.0
7.4
—
—
7.4
Total non-current assets
2,981.0
11.4
-15.8
2,976.6
2,722.2
6.3
-14.6
2,713.9
2,839.0
10.7
-14.6
2,835.1
Inventories
108.6
3.2
—
111.8
66.9
2.6
—
69.5
63.8
2.7
—
66.5
Trade receivables
315.7
6.8
-0.1
322.4
166.6
4.6
-0.3
170.9
209.8
4.9
—
214.7
Other receivables
19.8
8.3
—
28.1
26.0
4.9
—
30.9
16.9
6.8
—
23.7
Prepayments
14.9
1.2
—
16.1
10.3
0.3
—
10.6
38.4
0.7
—
39.1
Cash and cash equivalents incl.
restricted cash
361.8
6.4
—
368.2
361.5
8.3
—
369.8
155.6
7.9
—
163.5
Current assets excl. assets held for sale
820.8
25.9
-0.1
846.6
631.3
20.7
-0.3
651.7
484.5
23.0
—
507.5
Assets held for sale
—
—
—
—
31.4
—
-0.3
31.1
24.4
—
—
24.4
Total current assets
820.8
25.9
-0.1
846.6
662.7
20.7
-0.6
682.8
508.9
23.0
—
531.9
TOTAL ASSETS
3,801.8
37.3
-15.9
3,823.2
3,384.9
27.0
-15.2
3,396.7
3,347.9
33.7
-14.6
3,367.0
Segment Reporting – Condensed Consolidated Balance Sheet
30 June 2026
30 June 2025
31 December 2025
USDm
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
2,546.2
18.0
-13.9
2,550.3
2,102.9
15.8
-11.4
2,107.3
2,196.5
18.4
-12.3
2,202.6
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
1.8
0.2
—
2.0
—
0.3
—
0.3
—
0.2
—
0.2
Borrowings
837.7
1.5
—
839.2
969.1
0.7
—
969.8
712.8
1.5
—
714.3
Other non-current liabilities
13.3
0.5
—
13.8
7.4
0.6
—
8.0
2.7
0.6
—
3.3
Total non-current liabilities
898.0
2.2
—
900.2
1,021.7
1.6
—
1,023.3
760.7
2.3
—
763.0
Borrowings
233.1
3.9
—
237.0
154.3
1.9
—
156.2
285.2
3.6
—
288.8
Trade payables
78.2
3.6
—
81.8
43.4
1.8
—
45.2
38.8
2.2
—
41.0
Current tax liabilities
0.1
—
—
0.1
1.1
0.2
—
1.3
0.1
0.2
—
0.3
Other liabilities
46.2
0.7
-0.1
46.8
56.7
0.7
-0.3
57.1
66.6
1.7
—
68.3
Provisions
—
0.4
—
0.4
—
0.7
—
0.7
—
0.7
—
0.7
Prepayments from customers
—
8.5
-1.9
6.6
4.8
4.3
-3.5
5.6
—
4.6
-2.3
2.3
Total current liabilities
357.6
17.1
-2.0
372.7
260.3
9.6
-3.8
266.1
390.7
13.0
-2.3
401.4
Total liabilities
1,255.6
19.3
-2.0
1,272.9
1,282.0
11.2
-3.8
1,289.4
1,151.4
15.3
-2.3
1,164.4
TOTAL EQUITY AND LIABILITIES
3,801.8
37.3
-15.9
3,823.2
3,384.9
27.0
-15.2
3,396.7
3,347.9
33.7
-14.6
3,367.0