Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2025-12-31 | 2371600000 | usd |
| ifrs-full:Assets | 2024-12-31 | 2254800000 | usd |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2025-01-01 | 2025-12-31 | 3125700000 | usd |
| ifrs-full:Revenue | 2024-01-01 | 2024-12-31 | 4040100000 | usd |
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<mrv:CorporateGovernanceReport contextRef="ctx-1" id="f1__s9__7__5" xml:lang="en">CORPORATE GOVERNANCEAt NORDEN, our view is that responsible and transparent governance facilitates long-term value creation aligned with shareholder interest.NORDENâs governance principles and structure are designed to ensure alignment with long-term shareholder interests. They support prudent management of NORDEN in accordance with national and international regulations and applicable corporate governance recommendations. They also align with the risk framework specified by the Board of Directors. The ongoing management of NORDEN is guided by the Companyâs core values: flexibility, reliability, empathy, and ambition. It is also driven by the Companyâs purpose of enabling smarter global trade.Governance structure NORDEN has a two-tier governance structure consisting of a Board of Directors and an Executive Management team ensuring a clear sepa-ration and that no individuals are part of both management bodies. The shareholders have the ultimate authority over the Company and exercise their rights by passing resolutions at general meetings. Reso-lutions are adopted by a simple majority of votes, unless otherwise required by legislation or by NORDENâs articles of association.The Articles of Association are available on the Companyâs website. Generally, resolutions to amend the Articles of Association require a quorum of at least two-thirds of the voting share capital represented at a general meeting and a majority of at least two-thirds of the votes cast, as well as of the voting share capital represented at the general meeting. In addition, certain resolutions on changes of the share-holdersâ dividend or voting rights or the transferability of shares, as set out in the Danish Companies Act, require a special supermajority of at least 9/10 of the votes and of the capital represented.The Board of Directors determines and approves strategies, policies, overall goals and budgets for the Company. In addition, it sets out the risk management framework and supervises the work and procedures carried out by the day-to-day management. The Board of Directors appoints the Executive Management and determines its responsibilitiesand remuneration. Apart from the agreed remuneration, no transactionare conducted between related parties and the Board, and the Board does not operate with any form of incentive-based remuneration. The first level of management comprises the CEO, CFO and COO who make up the Executive Management. The Executive Management is responsible for the day-to-day management, organisation and devel-opment of NORDEN, for managing assets, liabilities and equity, for accounting and reporting, and for preparing and implementing the strategy. The day-to-day contact between the Board of Directors and the Executive Management is primarily handled by the Chair and the CEO. The Executive Management participates in board meetings and issupplemented by other managers in strategic meetings when relevant.The second management level includes employees with managerial responsibilities and refers directly to the Executive Management.Board workThe Board of Directors sets out an annual work schedule to ensure that all relevant issues are discussed during the year, through a combinationof regular board meetings and strategy seminars. In line with the focus on short and long-term activities, the Board of Directors is engaged Governance structureShareholdersBoard of DirectorsAuditRiskRemunerationNominationCommitteeCommitteeCommitteeCommitteeExecutive ManagementOrganisationin upholding NORDEN's purpose of enabling smarter global trade. This is, among other areas, reflected in the strategic discussions and priorities set by the Board of Directors and the Executive Management, in the regular updates provided by the Executive Management to the Board as well as in the remuneration targets set forth for Executive Management by the Board. In 2025, the Board of Directors held eight board meetings. The attendance rate was 100%. Board committees As part of the Board of Directorsâ work and structure, four subcommit-tees have been established to ensure dedicated focus and strength-ened oversight of recurring topics deemed of high importance for the governance of the Company. See overview of committees on page 43. Board qualifications and evaluation For the Board of Directors to perform its managerial and strategic tasks, while also acting as a sounding board to the Executive Manage-ment, the following skills are deemed particularly relevant:⢠Insight into shipping and trading ⢠Commodity trade ⢠General management ⢠Strategic development ⢠Risk management ⢠Investment, finance and accounting ⢠International experience ⢠ESG competencesThe Board of Directors and the Executive Management conducted a self-assessment of the composition, qualifications and dynamics of the Board of Directors in 2024 with assistance from a third-party adviser. The assessment concluded that the Board of Directors possesses rele-vant skills and has good working relationships and dynamics. A similar assessment is planned for 2026. Board composition and remuneration The Board of Directors is made up of nine members. Six are elected for a term of one year by the shareholders, while three members are elected for a term of four years by the employees. At the Annual General Meeting in March 2025, Klaus Nyborg, Johanne C. F. Riegels, Robert Hvide Macleod, Ian McIntosh and Vibeke Bak Solok were re-elected as board members. Jakob Groot was elected as new board member after Karsten Knudsen decided to step down.In 2024, new employee representatives for the Board were elected for a four-year period. Henrik Røjel was re-elected as employee-elected board member whereas Ruhi Hermansen and Sofie Schønherr were elected as new employee elected board members. Henrik Røjel has decided to leave the Company end of 2025 and therefore stepped down from his role as employee-elected board member. Effective 1 January 2026, his alternate, Anders Birk, assumed the position and joined the Board. The Board of Directors has set a target outlining that 40% of the shareholder-elected board members should be of the underrepre-sented gender by 2025, which in NORDENâs case refers to females. Currently, the percentage of shareholder-elected board members who are female is 33% and thus not yet meeting NORDEN's target. The company remains committed to progressing towards this objec-tive, and the search for qualified female candidates will continue with the ambition of achieving closer alignment with the target over the coming years. Further details on NORDENâs diversity are available in the sustainability statement and the Diversity, Equity & Inclusion policy can be found at https://norden.com/investor/governance/poli-cies-and-charters. Following eight years of unchanged remuneration, the Boardâs compensation was increased in 2024. The increase, approved at the AGM 2024, applied for nine months in 2024 and had a full-year effect in 2025, amounting to USD 1 million. Specific board remuneration can be found in the Remuneration Report 2025 at https://norden.com/about/governance/remuneration.Executive Management remuneration The remuneration of the Executive Management follows the principles set out in the Companyâs remuneration policy, and the specific remuneration components granted to the Executive Manage-ment are set out in the separate Remuneration Report 2025. Adherence to Danish corporate governance recommendations The Board of Directors has reviewed its adherence to each recommen-dation as provided by the Danish Committee on Corporate Govern-ance, following a âcomply or explainâ approach. NORDEN follows all recommendations from the Danish Committee on Corporate Governance, except for 3.4.2 that is related to the recommendation that the majority of the members of the board committees are independent. The Chair, Klaus Nyborg, has been a member of the Board of Directors for more than 12 years and can thus not be regarded as independent according to the criteria. As a result, NORDEN is no longer complying with the recommendation with respect to the Nomination Committee. The shareholder-elected Board has a majority of independent members and all committees, except the Nomination Committee, are in compliance with recommendations.NORDENâs position on each specific recommendation is summarised in the corporate governance statement available at: https://norden.com/about/governance/governance.Planned board activity for 2026The Board of Directors has planned eight board meetings for 2026. The Annual General Meeting will be held on 11 March 2026.BOARD COMMITTEESThe four subcommittees have been established to ensure dedicated focus on recurring topics deemed of high importance to the governance of NORDEN.Audit Committee The committee supervises financial reporting, transactions with closely related parties, auditing and sustainability-related matters. The terms of reference are published on NORDENâs website, where a statement of control and risk manage-ment in connection with financial reporting can also be found (in accordance with section 107b of the Danish Financial Statements Act). During the year, the committee held four meetings with 100% attendance.The Audit Committee consists of: ⢠Vibeke Bak Solok (Chair)⢠Jakob Groot⢠Klaus Nyborg⢠Johanne C. F. Riegels (observer)Risk CommitteeThe purpose of the committee is to assist the Board of Directors in its oversight of the Groupâs overall risk-taking tolerance and management of market, credit and liquidity risks. The committeeâs terms of reference are available on NORDENâs website. During the year, the committee held four meetings with 100% attendance.The Risk Committee consists of:⢠Ian McIntosh (Chair) ⢠Jakob Groot⢠Robert Hvide MacleodRemuneration CommitteeThe committee is responsible for supervising the implementation of the Groupâs remunera-tion policy, which specifies the remuneration of the Board of Directors and Executive Manage-ment. The Remuneration policy as well as the committeeâs terms of reference are available on NORDENâs website. During the year, the committee held four meetings with 100% attend-ance.The Remuneration Committee consists of:⢠Klaus Nyborg (Chair)⢠Jakob Groot⢠Robert Hvide Macleod⢠Ian McIntoshNomination CommitteeThe committee is responsible for describing the qualifications required for the Board of Directors and the Executive Management. 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<mrv:SustainabilityReport contextRef="ctx-1" id="f1__s9__7__8" xml:lang="en">ESG AT NORDENAs a global provider of ocean-based freight services and logistics solutions, NORDEN has a pivotal role in shaping a more sustainable future. Our ESG efforts emphasise our dedication to address the critical challenges and opportunities in environmental leadership, social responsibility and corporate governance. Environmental, Social and Governance (ESG) activities are embedded in NORDEN's overall business strategy and purpose of enabling smarter global trade. Based on our ESG efforts and ambi-tions, we have a unique opportunity to push forward the develop-ment and improvements of our industry. While we focus on all aspects of ESG, our most significant concern is our environmental impact due to the urgent global decarbonisation challenge. With shipping responsible for approximately 3% of global carbon emissions, our industry has a responsibility to act and reduce its climate impact.E: Delivering on the decarbonisation agenda On the environmental agenda, NORDENâs ambition is to reach net-zero emissions by 2050, supported by a medium term target to reduce energy intensity (EEOI) by 16% by 2030 from a 2022 baseline. With a 14% reduction achieved to date, we have already reached 88% of our 2030 target, underscoring strong execution and clear progress well ahead of plan.In the short term, NORDEN contributes to reducing environmental impact by offering low-emission freight products and services and providing transparency on emission outputs to our customers. During the year, we continued our focus on developing sustainable shipping solutions and investing in new vessels equipped with emission-reducing technologies, aiming to achieve our net-zero emissions target by 2050.2025 was the first year of FuelEU Maritime reporting, which requires a specific GHG reduction in energy used on EU-related voyages. NORDEN entered the year well prepared and have established strong cross-departmental collaboration to plan and execute biofuel voyages in compliance with the new regulation.In 2025, NORDEN completed a vessel trial of MASH Makesâ biofuel using a B20 blend on an auxiliary engine during a roundtrip voyage between Singapore and Brazil. The trial confirmed the fuelâs suit-ability for marine engines and marked an important step towards operational use. NORDEN acquired a minority stake in MASH Makes in 2023 and has since worked closely with the company to validate renewable fuels for maritime applications. The investment remains at an early stage, with ongoing preparation and trials to assess its potential for broader application.In October, the International Maritime Organisation was expected to vote for the adoption of the Net Zero Framework. The proposed global carbon levy was anticipated to drive significant industry change and provide strong regulatory momentum for sustainable fuels from 2028. However, the adoption vote was postponed by one year, increasing uncertainty around the future regulatory landscape. At NORDEN, we remain focused on developing lower-emission ship-ping solutions while maintaining our medium- and long-term decar-bonisation targets. We continue to work on reducing GHG emissions in a way that is both economically viable and sustainable.During the year, we saw increased interest in our carbon insetting solution, Book & Claim, where we managed to renew contracts with existing customers. Notably, Microsoft also partnered with NORDEN in 2025 to reduce emissions from its maritime supply chain through our biofuel voyages and innovative Book & Claim system. Our Book & Claim system tracks and allocates the associated carbon reduc-tions to the customer, allowing them to purchase and track the benefits of biofuel emissions reductions even when not available for their cargo's voyage.S: People are our most important resourceNORDEN is a people and value-driven company and continuously works on strengthening the position as an attractive workplace, offering an inclusive and engaging working environment in which all employees have equal opportunities for realising their potential.An inclusive, diverse and equal culture where people are encour-aged to be open about their viewpoints creates an organisation where people feel respected, included and motivated. By measuring engagement, turnover and retention rates, as well as the age and representation of the least represented gender across organisa-tional levels, we continuously gather insights on areas for improve-ment.In June 2025, NORDEN brought colleagues from across the organ-isation together in Copenhagen for the second NORDEN Days. The week was a focused investment in people and performance, strengthening collaboration across teams, functions and geog-raphies. Through interactive sessions and knowledge sharing, employees gained a deeper understanding of how individual contri-butions drive collective results, while customer participation from Shell, Viterra and Norra Timber added valuable external perspec-tives and reinforced key partnerships.A key priority for NORDEN is setting high standards for health and safety in our value chain. Operating at sea involves safety and security risks that must be managed carefully to safeguard the crew and external personnel. Outsourcing technical management and upholding a service that complies with NORDENâs stand-ards requires a close, continuous dialogue and a comprehensive reporting framework.Enhancing the health and well-being of seafarers directly corre-lates with improved performance on vessels and success in both recruiting and keeping talented workers. To maintain excellent working conditions, NORDEN has implemented a Technical Manager Code of Conduct and an HSEQ (Health, Safety, Environ-ment and Quality) framework to further guide our collaboration with third-party managers. This framework helps ensure that all our partnerships meet high standards within safety, well-being of employees, sustainability and environmental protection. G: Trust is a key component of our businessBeing a global company that operates in regions where concepts of integrity and good business ethics vary, it is critical for NORDEN to strive to uphold the highest standards for business conduct in our operations and ensure transparent and ethical business practices through a strong focus on anti-corruption and bribery, sustainable procurement and human rights. Corruption and bribery have severe consequences for sustainable development. It leads to weak institutions, hinders economic growth and potentially endangers the health and safety of employees. To maintain a strong zero-tolerance culture in regards to bribery and corruption, all employees are required to acknowledge and sign the Employee Code of Conduct and all suppliers are requested to sign the Supplier Code of Conduct, which outlines the ethical, social and environmental standards that all employees and suppliers are expected to follow. Furthermore, all employees are required to complete Anti-Corruption and Sanctions e-learning courses once a year. During the year, all eligible employees passed the courses. In 2025, NORDEN successfully implemented a tool for reporting unethical requests at port calls and water transits world-wide from all NORDEN owned and operated vessels and subsequently mapping NORDENâs specific corruption risk profile.In 2025, NORDEN continued defining areas of actions and took proactive measures to prevent human rights violations, using the findings from the 2024 Human Rights Impact Assessment (HRIA). NORDEN increased its supplier screenings, systematised and performed multiple audits, built an HSEQ dashboard as part of performance reporting, engaged in conversations regarding our suppliers' suppliers and their auditing processes, carried out its annual Speak Up Campaign and reviewed its Human Rights Policy.ESG initiatives for 2026Looking into 2026, we will continue our climate, decarbonisation and biofuel initiatives based on the commercial breakthrough with our low-emission contracts and Book & Claim offerings which have gained increased interest from customers across industries.Furthermore, we will continue to focus on developing an engaging and inclusive working environment and increasing the share of the underrepresented gender in all levels of the organisation. We will also focus on inspections of owned vessels, conducting office visits and attending crew seminars to support technical managers in developing high health and safety standards and avoiding accidents onboard owned vessels. NORDEN will in this context also work to ensure technical and asset integrity through a risk-based audit of selected key contractors and partners. In 2026, NORDEN will continue to define and prioritise areas for actions. A new Human Rights Impact Assessment will be carried out and its findings will be compared with those of 2024 to assess areas requiring further attention. Reporting standardsNORDENâs applicability under the Corporate Sustainability Reporting Directive (CSRD) was based on the 500-employee threshold. In the 2025 financial statements, the average number of employees remained below 500. Consequently, NORDEN was not subject to mandatory CSRD reporting for the year 2025.On 16 December 2025, the European Parliament approved the Omnibus in a final vote. Going forward, the revised scope now only includes companies with an employee threshold set at 1,000 and an annual turnover of EUR 450 million. Hence, we do not expect to become eligible for reporting under the CSRD in the future.Double materiality assessmentFollowing the double materiality process, we have identified sub-topics within the six topical standards of the ESRS to be material:⢠E1: Climate Change⢠E2: Pollution⢠E4: Biodiversity & Ecosystems⢠S1: Own Workforce⢠S2: Workers in the Value Chain ⢠G1: Business ConductWe provide a more detailed explanation of exclusion of topical standards in the DMA process description, which can be found in our accounting policies.NORDEN's material topics and monitoring indicatorsSustainability priorities ESRS section Material topics Monitoring indicators 2025 2024 2023 2022 AmbitionsEnvironmentalE1 Climate Change Efficient operation of TTW EEOI on all assets 8.5 (14%) 8.5 (14%) 9.0 (10%) 9.9 (NA) 2% improvement per annumEnabling our customers our vesselsto decarbonise their supply chainsTotal COe emissions from scopes 1 & 2 ('000 ton) ¹ 3,586 4,397 3,835 4,287 Reduce GHG emissions to net zero by 2050Decreasing value chain 2emissionsTotal COe emissions from scope 3 ('000 ton) 2,824 3,499 3,693 3,826 Reduce GHG emissions to net zero by 20502SocialS1 Own WorkforceOverall Engagement Score 81 84 84 83 > Index 80 by 2025Offering an inclusive, engaging, equal Diversity (share of lowest represented gender) 39% 39% 41% 40% Min. of 40% share of lowest represented genderand safe working Diversity, Equity environment& InclusionDiversity in Management (share of lowest 34% 38% 38% 37% Min. of 40% share of lowest represented genderrepresented gender)Retention Rate / Employee Turnover 89% / 18% 90% / 13% 94% / 15% 94% / 9% > 90% retention rateS2 Workers in ValueîChain Health & Safety LTIR 0.0 1.3 1.0 0.8 < 0.8 GovernanceG1 Business Conduct Sustainable Procurement Suppliers screened for ESG (%) 68% 68% 55% NAGalvanizing sustainable business conductStaff completed E-learning course 100% 100% 100% 99% 100% e-learning completedAnti-corruption and briberyThe total number incidents of corruption or bribery 0 0 0 0 0 all time¹ Market-based scope 2CASE STORYNORDEN Days â Investing in people, powering performanceIn June 2025, NORDEN brought colleagues from across the globe together in Copenhagen for the second edition of NORDEN Days â a week dedicated to strengthening excellence through people and performance. The event was designed as a strategic investment in employee development to build stronger connections across teams, functions and locations.Through interactive sessions focused on collaboration through the NORDEN value chain, employees deepened their understanding of how individual contributions drive collective results. Knowledge sharing and team-based activities helped break down silos and reinforced a culture of openness, trust and continuous improvement.The week was further enriched by valued customers including Shell, Viterra, and Norra Timber, who shared insights and perspectives that strengthened partnerships and challenged thinking. "NORDEN Days is a powerful example of how we invest in our people. By bringing everyone together to learn, connect and collaborate, we strengthen our shared culture and build the foundation for high performance."Pierre Berkmann, Chief People Officer, NORDENENVIRONMENTALMaritime shipping is the most carbon-efficient method for transporting goods, emitting significantly less CO per tonne-mile compared 2to trucks, trains or airplanes. However, shipping transports almost 90% of global trade and, given the vast size, the industry contributes to approximately 3% of global CO emissions. Hence, 2despite being the most sustainable choice for transportation, the industry still has a responsibility to continuously work on reducing its climate impact.NORDEN has an ambition to be on the frontier of this change, and we are dedicated to helping customers decarbonise their supply chains. Our commitment extends beyond our operations as we actively contribute to innovating solutions through collaborations in industry organisations and exploring opportunities within the upstream production of sustainable fuels.To concentrate our environmental efforts and maintain transparency and progression, we have identified two key topics within NORDENâs environmental agenda: the efficient operation of our vessels and the reduction of emissions on the vessels we operate. The strategies and goals within these topics are closely linked to our long-term target of reaching net-zero emissions by 2050 and our medium-term target of reaching a minimum 16% reduction in emissions by 2030.To reach these targets, we work proactively with developing more sustainable shipping solutions such as our carbon insetting solu-tion, Book & Claim, and offering voyages powered by low emission biofuels. Furthermore, we provide carbon emissions transparency through pre and post voyage emissions reports and pledge that, by 2030, all new vessel orders made by NORDEN will be capable of using alternative fuels.Our ambitions and goals are not just about meeting regulatory requirements or industry standards; they reflect NORDENâs commit-ment to environmental leadership and our proactive role in shaping a more sustainable future for global shipping. ESRS E1 Climate ChangeImpacts, risks and opportunitiesGovernanceOur governance model closely aligns executive remuneration with progress in reducing emissions and increasing efficiency, dedi-cating 15% of Executive Management's short-term incentive based compensation to sustainability objectives. This incentive structure is linked to critical metrics such as improving emission efficiency (EEOI), enhancing workforce engagement and promoting diversity. These KPIs support our strategic commitment to achieving net-zero emissions by 2050, fostering a transition to zero-carbon shipping and delivering on our strategic objective to decarbonise our customerâs value chain. NORDEN's transition plan is integrated into the overall business strategy and financial planning, focusing on enabling customers to meet their decarbonisation commitments. Management is responsible for upholding NORDENâs risk manage-ment policy and for overseeing and discussing strategic risks and opportunities. NORDENâs risk profile and exposure are reported to the Board of Directors regularly. Internally, our Risk Committee assists the Board of Directors with its oversight of the Groupâs overall risk-taking tolerance and management of market, credit and liquidity risks as well as climate-related risks. Our Decarbonisa-tion and Climate solutions team makes proposals as to how these opportunities and risks can be linked to the commercial business. Our Audit Committee identifies and manages risks related to finan-cial reporting and auditing, among others. The transition plan has received full approval from NORDEN's Board of Directors and is overseen by the ESG Executive Body, emphasising strong organi-sational commitment. In the reporting period, NORDEN's EEOI was unchanged.StrategyIn alignment with the 1.5°C target of the Paris Agreement, NORDEN has articulated a transition plan aimed at achieving net-zero emis-sions by 2050 and a 16% reduction in the Energy Efficiency Oper-ational Indicator (EEOI) by 2030, which is equivalent to an average short-term reduction in EEOI of 2% per annum. In the short-term, we are continuing our strong focus on operational efficiency which are impactful tools in reaching our climate goals:⢠Using the most energy-efficient vessels: Increasing usage of the 25% most energy-efficient vessels in the world, to improve fleet emissions performance.⢠Investing in fuel transparency: Conducting regular bunker surveys to ensure fuel quality and efficiency.⢠CO-based hull cleanings: Scheduling consistent hull cleanings 2decreases resistance and enhances fuel economy.Additionally, NORDEN offers tailored low emission freight solutions to our customers and we have in 2025 seen increased demand from our customers. Depending on a customerâs needs, NORDEN can develop freight solutions enabling emission reduction of up to 85% by a well-to-wake approach.In the short- to medium term, we consider our Book & Claim solu-tion, the strategic partnership with the Mærsk McKinney Møller Center for Zero Carbon Shipping and the investment in Mash Makes as key levers for our ambition to reduce EEOI by 16% by 2030. Book & Claim is a carbon insetting system that enables direct reduction of GHG emissions within the industry in which they are generated. Achievements & initiatives 2025⢠Reduced our emission efficiency (EEOI) by 14% since 2022, meaning we have reached 88% of our 2030 target. ⢠During 2025, Microsoft partnered with NORDEN to reduce emis-sions from its maritime supply chain through our biofuel voyages and innovative Book & Claim system.⢠Signed agreements to assist several customers in lowering their emissions through NORDENâs emissions reduction solution, Book & Claim.⢠Together with MASH Makes we have performed a successful vessel trial of a B20 pyrolysis oil blended with fuel oil. The trial was conducted on an auxiliary engine onboard a NORDEN owned vessel, where members of the Decarbonisation team led the study of combustion properties as well as longer term use of the fuel. This trial confirmed previous on shore studies, that the pyrolysis oil is suitable as a drop-in alternative in marine engines.⢠Australiaâs largest grain exporter, CBH Group, has advanced its decarbonisation strategy through an Australian-first biofuel insetting pilot in collaboration with NORDEN to reduce maritime emissions.⢠2025 was the first year of FuelEU Maritime reporting, which requires a specific GHG reduction in energy used on EU related voyages. Given our many years of experience with biofuels, NORDEN entered the year well prepared and have established strong cross-departmental collaboration to plan and execute biofuel voyages in compliance with the new regulation.Carbon insets supports demand for low-carbon fuel and thus contributes to financing and accelerating the decarbonisation of the industry. Book & Claim addresses this challenge by providing a mechanism allowing us to disconnect the physical consumption of biofuel onboard our vessel from the customer purchasing and claiming the associated emissions reductions. Through this mech-anism, carriers such as NORDEN can operate on low-emission fuel where possible in the fleet and offer an emission reduction solu-tion to all our customers at a competitive price, regardless of their trading routes and other constraints that would prevent them from being serviced directly on low GHG emissions fuels. Currently, the supply of low-carbon fuels such as biofuel is limited both in terms of production and geographical availability. This means that it is not possible to offer biofuels on the same conditions to all our customers looking to reduce maritime emissions within their supply chains. Therefore, Book & Claim chains of custody are a vital compo-nent of delivering emission reduction in the short and medium term. In the long term, NORDEN will be exploring the use of alternative biofuels like ammonia or methanol to eventually provide COe near-2zero emissions freight services, highlighting our commitment to pioneering sustainable shipping solutions.Risks and opportunitiesNORDEN's process for identifying and assessing climate-related physical and transitional risks is conducted by an in-house team of commercial and environmental specialists. This team thoroughly evaluates potential transitional and acute risks associated with climate-related scenarios, specifically, the RCP 1.9 and RCP 8.5 path-ways. These scenarios reflect a spectrum of possible future climate outcomes, from more optimistic low greenhouse gas concentration trajectories to high-emission scenarios. Based on the risk analysis, the team formulates mitigation actions to manage identified risks and leverages opportunities to enhance the company's resilience. This includes incorporating weather routing systems, diversifying business activities, and investing in low-emission technology. The team also explores opportunities arising from the transition to a low-carbon economy, such as the development of new low-emission products or services, or improvements in operational efficiency.The Company recognises that while its agile operator model typically shields it from significant impacts of physical climate risks, under the RCP 8.5 scenario, the increased frequency and intensity of extreme weather events could lead to higher risks of damage to vessels and cargo, potentially eroding margins. To mitigate these risks, NORDEN is relying on extensive use of weather routing systems for pricing, securing comprehensive insurance coverage, and carefully assessing freight contracts for chronic risks.As the maritime industry evolves rapidly with technological innova-tions, particularly in fuel sources and vessel efficiency, there is an inherent risk of our assets declining in value. This devaluation is a direct consequence of the transition towards low-emission technolo-gies and could potentially lead to assets becoming stranded before the end of their useful life. NORDEN operates an asset-light fleet strategy, which mitigates this risk. This approach enhances our agility and flexibility, allowing us to adapt more readily to technological advancements and market shifts without incurring significant losses on asset value. By being an operator of assets, we mitigate the finan-cial risk of declining asset prices that are tied to older, less efficient technologies.In the table overview on page 61, we list key transitional and physical risks for NORDEN alongside mitigation actions and opportunities arising from these risks based on our analysis.Climate change mitigation policyIn 2024, NORDEN adopted a climate change mitigation policy. The climate change mitigation policy articulates our approach to miti-gating the risks of climate change by reducing EEOI by 16% by 2030 and being net zero by 2050.Metrics & targetsDecreasing value chain emissionsAs part of our ambition to decarbonise our customersâ supply chains, NORDEN aims to be carbon neutral by 2050. This is aligned with the climate ambitions outlined by the Danish governmentâs climate part-nership with the Danish maritime sector of achieving carbon neutrality by 2050. Providing transparency is the first step towards decreasing value chain emissions, mapping the full extent of our GHG emissions and focusing on the ones on which NORDEN has a material impact.We apply a materiality threshold to our scope 3 categories to ensure focus on material sustainability topics. If any category is estimated to contribute less than 1% to the total scope 3 emissions, it falls below our materiality threshold and is deemed immaterial for external reporting purposes. In line with this approach, although relevant, the following GHG Scope 3 categories have been determined to be âmaterialâ, ârelevant, but not materialâ and ânot relevant or materialâ:Transitional risks Mitigating risks OpportunitiesPolicy & Legal ⢠Implementation of new regulation which impacts NORDEN ⢠Decreasing residual value risk by shifting exposure to operator ⢠Asset-light operator model and ablility to quickly shift market more negatively than competitors. activities and being less dependent on the owned fleet.exposure and navigate new legislation. ⢠Failure to comply with reporting and compliance regulations ⢠Monitoring policy, legal and regulatory sustainability ⢠Offering regulatory and carbon tax services to third parties in (ESRS, EU Taxonomy & CII).landscapes.the NORDEN tanker pool.Technology ⢠Accelerated decline in value of existing assets due to ⢠Actively testing and operating zero-emission ships, investing ⢠Agile model allowing NORDEN to perform relatively well technological innovation, e.g. fuel sources and vessel efficiency.in R&D related to low-carbon fuels and, from 2030, only order compared to our peers.ships with zero-emission technology. ⢠Offering innovative and sustainable freight solutions to our ⢠Investing in data analytics to keep developing market-leading customers.operational systems.Market ⢠Declining demand for seaborne transportation services driven ⢠Diversification of business activities.⢠Increasing market share through stronger branding and by lower demand for fossil fuel products and higher marginal ⢠Providing low emission freight options by working with our superior offering.costs (fuel costs, carbon tax, capital costs). partners to co-create sustainable shipping solutions. ⢠Empowering our customers to reduce their COe emissions by 2⢠Premature investments in low emission freight products not ⢠Securing long-term alternative fuel supply contracts.offering low-emission alternatives competitive with the price of aligned with market demands.carbon. ⢠Increasing funding cost and/or potential lack of funding ⢠Providing logistic solutions supporting a circular economy. availability for activities not aligned with sustainable investment ⢠Book-and-claim offering.de man ds (e.g. t he EU Taxo no my, Po se id on p ri nc ip le s a nd S BT i). ⢠Insufficient supply of alternative fuel sources.Reputation ⢠External stakeholdersâ perception of NORDENâs climate ⢠Support industr-wide research within new forms of propulsion, ⢠Delivering net-zero emissions from our operations by 2050.footprint and initiatives. low-emission fuels and eFuels with Mærsk McKinney Møller ⢠Becoming an industry leader in helping customers decarbonise ⢠Unable to attract and retain talented employees with high Center for Zero Carbon Shipping. their supply chains.decarbonisation ambitions.⢠New and ambitious climate strategy.⢠Improving transparency of emissions reporting.Physical risksAcute ⢠Margin erosion due to more frequent extreme weather events⢠Extensive use of weather routing systems when pricing and ⢠Leveraging our use of data to improve predictions and ⢠(e.g. drought or storm).assessing the risk of freight contracts.decision-making.Chronic ⢠Scarcity of water, impacting trade patterns and volumes. ⢠Including the impact of chronicle risks when evaluating business ⢠Expansion of logistics offerings to non-core activities via Assets ⢠Rising sea levels, impacting port operations and trade patterns.opportunities.& Logistics business unit.CASE STORYNORDEN and Microsoft â Leading the next wave of maritime decarbonisationNORDEN is positioning itself at the forefront of maritime decar-bonisation, and our new pilot project with Microsoft demon-strates how our early investments in low-carbon solutions are translating into strong commercial traction with global industry leaders.During 2025, Microsoft partnered with NORDEN to reduce emissions from its maritime supply chain through our biofuel voyages and innovative Book & Claim system. Our Book & Claim solution allows customers of marine transportation across the globe to take advantage of emissions reductions from biofuels, even when biofuels are not physically available to be bunkered on a specific trading route or voyage. NORDEN operates voyages using certified waste-based biofuels, achieving 80â90% lifecycle emissions reductions compared to fossil fuels. These verified reductions are converted into certifi-cates that customers can claim, regardless of where their cargo is transported. Through the pilot, Microsoft is expected to reduce its maritime scope 3 emissions by nearly 10,000 tonnes of COe over three years. 2This partnership shows that demand for decarbonised mari-time logistics is accelerating and that NORDEN is uniquely positioned to lead and scale this transition.We are pleased to work with a like-minded partner in Microsoft, sharing our ambition to scale the use of low-carbon fuels to reduce emissions in the maritime industry. With the addition of Microsoft to our portfolio of customers, we are demonstrating that NORDEN can help any company that is dependent on maritime transportation in reducing its supply chain emissions in the here and now, while we as a carrier overcome the challenges of limited geographic availability of low-carbon fuels.Anne Jensen , COO, NORDEN EU TaxonomyNORDEN has decided to report in accordance with the EU Taxonomy, which is intended to provide transparency on what is considered eligible and aligned with environmentally sustainable activities. Taxonomy eligibility and alignment are expressed through three KPIs:NORDEN has Taxonomy- eligible activities within the 'Sea and Coastal Freight Water Transport, Vessels For Port Operations, and Auxiliary Activities' category, based on the Companyâs turnover, CapEx and OpEx. NORDEN has aligned activities within turnover and CapEx, but not within the OpEx KPIs. The EU Taxonomy tables for all KPIs are found on page 96. Please refer to the ESG accounting policies related to the EU Taxonomy for the methodology behind our eligibility alignment assessment.Turnover:Taxonomy- eligible revenue is 89% for 2025, while Taxonomy- aligned revenue is 0% (rounded) for 2025.Capital expenditures: Taxonomy- eligible CapEx is calculated to be 100% for 2025, while Taxonomy- aligned CapEx is 0% for 2025. NORDEN does not have any technically aligned CapEx plan, but this is to be considered within the coming years.Operating expenditures:Taxonomy- eligible OpEx is 69% for 2025, while Taxonomy- aligned OpEx is 0% for 2025.GHG scope 3 categoriesGHG numberMaterialPurchased goods and services 1Capital goods 2Fuel- and energy-related activities 3Upstream transportation and distribution 4Downstream leased assets 13Relevant, but not materialWaste generated in operations 5Business travel 6Employee commuting 7Investments 15Not relevant or materialUpstream leased assets (reported in scope 1) 8Downstream transportation and distribution 9Processing of sold products 10Use of sold products 11End of life treatment of sold products 12Franchises 14Our total GHG scope 1, 2 and 3 CO -equivalent emissions were 6.4m 2tonnes â an decrease of 1.5m tonnes compared to 2024. Scope 1 COe emissions decreased by 18% year-on-year, while scope 3 COe 22emissions decreased by 19% year-on-year, reflecting the reduction in the number of vessel days and lower overall activity levels. Given our target of net-zero by 2050, we must reduce emissions by 3.7% on an annual basis from 2022 levels to realise this ambition.During the year, NORDEN purchased Energy Attribute Certificates (EACs) to cover energy consumptions for our regional offices. This means that NORDEN have almost achieved net-zero emissions on our scope 2 with only energy from heating consumption lacking. Certificates to cover our energy consumption from district heating are currently not available but we are looking into purchasing when possible to achieve net-zero scope 2.Total GHG COe emissions2('000 tonnes) 2025 2024 2023 %Scope 1 GHG emissions 3,586 4,397 3,835 -18%Scope 2 GHG emissions ¹ 0.0 0.5 0.4 -99%Scope 3 GHG emissions 2,824 3,499 3,693 -19%- GHG 1: purchased goods and services 135 147 187 -8%- GHG 2: capital goods 44 5 18 867%- GHG 3: fuel and energy-related activities 765 900 823 -15%- GHG 13: downstream leased assets 1,880 2,447 2,665 -23%Total GHG emissions 6,410 7, 896 7,528 -19%¹ Market-basedEfficient operation of our vesselsEfficient operation of vessels is an integral part of NORDENâs oper-ator business model. We monitor the fuel efficiency of vessels using the EEOI measure. On NORDENâs owned and operated vessels, we continuously monitor fuel efficiency, determining optimal speeds and route planning. By distinguishing between operated and chartered-out voyages, we can identify the impact of our efforts, while still taking responsibility for all tonnage that we deliver to our customers by reporting EEOI based on all assets.During 2025, the tank-to-wake (TTW) EEOI on all assets decreased was unchanged of 8.5 grams CO/tonne-mile. After adjusting for 2Actual EEOI and EEOI trajectoryCO/tonne-mile210.09.59.0 Actual EEOI 8.5 Trajectory Baseline8.02022 2023 2024 2025 20302027 2028 20292026 YearBreakdown of EEOI by vessel and type2025 2024% TTW all TTW TTWassetsSmall Bulk Carrier 25.9 27.6 -6.0%Handysize 9.6 9.8 -2.4%Supramax 7.0 7.2 -2.6%Panamax 6.9 7.3 -5.8%Capesize 4.8 4.7 0.6%Dry cargo 7.5 7.7 -3.2%Fleet-adjusted 7.5 7.7 -3.4%Handysize T 29.3 22.8 28.6%MR 13.7 14.1 -2.6%LR2 7.1 6.5 8.7%Tankers 13.6 14.0 -3.1%Fleet-adjusted 13.6 13.8 -2.4%Total 8.5 8.5 -0.3%Fleet-adjusted 8.5 8.7 -3.2%changes to fleet composition, the EEOI has decreased from 8.7 to 8.5 corresponding to a decrease of 3% driven by higher share of biofuel on our voyages and increasing the average size of the fleet.The decrease on a like-for-like basis is mainly driven by a higher share of renewables, while being offset by lower laden utilisation and cargo utilisation.In the table below, we have summarised performance from 2024 to 2025 of the key metrics that drive the development in EEOI:Key metrics 2025 2024 Chg. Y/YTTW EEOI (g CO/tonne-mile) 8.5 8.5 0%2WTW EEOI (g COe/tonne-mile) 9.8 9.9 -1%2Cargo hold utilisation 82.1% 82.3% -0.2%pLaden utilisation 74.6% 74.8% -0.2%pAvg. speed (kts) 11.4 11.3 1%Avg. fleet (dwt) 76,325 73,501 4%Renewable fuel share 0.5% 0.3% 0.2%pEnergy consumption and mixPerceiving energy consumption as a material sustainability impact, NORDEN reports on development in fuel consumption from crude oil and petroleum products, fuel consumption for renewable sources and energy intensity. By monitoring these metrics, NORDEN aims to create transparency on the share of fuel consumption from renew-able sources, allowing stakeholders to see progress on a medium and long-term basis. Furthermore, it allows stakeholders to distinguish between reduc-tions being created by operational decisions such as reduced speeds or customers being willing to pay for low emission freight solutions, which is seen in an increasing share of renewable fuel consumption. Finally, we report on the share of heavy fuel oil (HFO) in our fuel consumption to provide transparency on whether reductions in air pollutants are driven by a lower share of HFO, having high-emission factors for pollutants such as SO and PM2.5, further outlined in the XESRS index on page 95. NORDENâs EEOI frameworkNORDEN uses the EEOI metric as a performance indicator for fuel efficiency. EEOI measures the relationship between CO emissions from bunker fuel consumption and transport work (tonne-2nautical miles).NORDEN has divided EEOI into the main drivers that affect performance as this allows NORDEN to follow developments in the indicator on a more granular level. CO emission 2drivers are split into speed and bunker type, while transport work drivers are determined by cargo utilisation, laden utili-sation and fleet composition. The relationship between EEOI and the drivers listed is described as:⢠Speed: EEOI is positively correlated with speed.⢠Bunker type: EEOI is impacted by the WTT and TTW COe 2emissions related to the bunker type. Increasing the share of biofuel would decrease emissions and thereby EEOI.⢠Cargo utilisation: Measures the utilisation of cargo capacity during a voyage. Cargo hold utilisation is a number between zero and one. Higher cargo utilisation would increase transport work and fuel consumption as more energy is required for propulsion at a given speed with more cargo. The effect of increasing cargo utilisation is a decreasing EEOI.⢠Laden utilisation: Measures the relationship between laden and total miles. Laden miles are miles, where the vessel carries cargo. Transport work is calculated as the product of nautical miles and cargo carried. Holding everything else constant, higher laden utilisation would increase transport work and decrease EEOI.⢠Fleet composition: EEOI is highly impacted by fleet compo-sition. To make EEOI more comparable, NORDEN reports performance across vessel types and outlines the fleet-ad-justed EEOI, enabling a more transparent explanation of variations in the performance indicator year-on-year.NORDENâs fuel consumption from renewable sources increased from 42,140 MWh in 2024 to 64,681 MWh in 2025. This corresponds to 0.5% of NORDENâs fuel consumption on our operated vessels.Additionally, we are experiencing good traction on our carbon insetting solution to support the decarbonisation of our customersâ supply chains by bridging emission reductions made on NORDENâs biofuel voyages with customers looking to reduce emissions. Since the supply of low-carbon fuels such as biofuel is limited both in terms of production and geographic availability, the system provides an option for customers willing to pay to reduce emissions, who have previously been limited by trading routes. Being able to offer this solution to our customers, we are expecting an increasing share of renewable fuel consumption in the short to medium term.Metric 2025 2024Fuel consumption from crude oil and petroleum products 12,896,090 15,844,670Fuel consumption for renewable sources 64,681 42,140Energy intensity 240 254ESRS E2 PollutionImpacts, risks and opportunitiesMaritime shipping, while efficient in terms of CO emissions relative 2to the distance and weight of goods transported, presents multi-faceted environmental challenges. The varied nature of vessels, their cargo, fuels and materials renders them complex entities with a broad environmental footprint that spans both air and water ecosystems. In terms of pollutants, vessels, through combustion and energy transformation for propulsion and power, emit a mix of air pollutants. The primary ones include sulfur oxides (SO), nitrogen Xoxides (NO) and particulate matter (PM). In addition, although less Xprevalent, vessels emit non-methane volatile organic compounds (NMVOCs) and heavy metals (HM) into the air. These emissions are particularly concerning in high-traffic maritime areas and can travel great distances, affecting communities and regions far from the source. Efforts to regulate and reduce such emissions have led to a sustainability trade-off. The implementation of scrubbers to cut SO emissions, for example, has resulted in an increased release of Xpollutants into the sea through wash water from scrubbers. While striving to curb high sulfur bunker fuel use without scrubbers, these regulatory developments illustrate the complex interplay between reducing atmospheric pollution and protecting water quality.Another complexity is related to our ambition to improve fuel effi-ciency and reduce the EEOI by applying anti-fouling paint. This is a special coating applied to the hull and, in some cases, to the propeller of a vessel to slow the growth and facilitate detachment of subaquatic organisms, commonly known as fouling, which attach to the hull and have a substantial impact on the vessel's hydrody-namic performance. Specifically, it will result in increased resist-ance through the water due to elevated friction resulting from the considerably rougher hull surface caused by the fouling. As a direct consequence, fuel consumption is expected to rise significantly. While improving fuel efficiency and hence reducing the relative COe emissions from vessel operation, there is an increased risk of 2water pollution related to the biocide effect of persistent anti-fouling components. The industry started to have more focus on this topic, and new biocide-free coatings are already in the market, but the effectiveness in preventing fouling growth has yet to be proven.Pollution policyNORDEN is following the industry standard enforced by the IMO. This approach ensures that we remain aligned with the best avail-able practices while we await regulation from policymakers. Not complying with the regulation of the IMO may lead to financial penalties, while potentially hurting business relationships by not demonstrating commitment to environmental compliance. Both are considered material financial risks.Material topics, metrics and targetsPollution to airConsidering air pollution to be material, NORDEN monitors and reports on emissions of nitrogen oxides (NO), sulfur oxides (SO), XXparticulate matter (PM2.5/PM10), NMVOC and HM in air, which are significant air pollutants associated with maritime transport. These emissions largely originate from the combustion processes within vessel engines and are a direct consequence of the fuels used. A breakdown of the development by air pollutant types can be found in the table below:Development by air pollutant typeMetric 2025 2024NO94,364 115,290XSO9,092 11,284XPM2.5 4,165 5,239NVMOC 3,871 4,751HM 57 76Pollution to waterNORDEN reports the emissions of HM and polycyclic aromatic hydrocarbons (PAHs) into the water. These pollutants stem from the operation of vessels having installed open-looped scrubbers. Scrub-bers are systems installed on vessels to reduce the sulfur content in exhaust gases by spraying seawater into the exhaust stream. In the reporting period, 23% of the transport work performed was with vessels having open-looped scrubbers, up from 18% last year. Heavy metals in water have increased from 62 metric tons in 2024 to 75 metric tons in 2025, while PAHs have increased from 2.0 metric tons in 2024 to 2.4 metric tons in 2025. The change is driven by a larger share of vessels with open-looped scrubbers while being offset by lower activity.Development in pollutants in waterMetric 2025 2024HM 75 62PAH 2 2In addition to the pollutants above, NORDEN tracks the ecological impact of our operations through the performance indicators from the SASB Marine Transportation Standard, including spills. Development in performance indicators can be found in the SASB table on page 82.ESRS E4 Biodiversity & ecosystemsImpacts, risks and opportunitiesOur operations impacts biodiversity and ecosystems directly by poten-tially introducing non-indigenous species (NIS), contributing to under-water noise and sailing through marine-protected areas, and indirectly by emitting GHG emissions leading to changes of ecosystems. While being aware of the impacts of our operations, it remains challenging to fully identify, assess and quantify the severity of the impacts. We have identified the risk of introducing NIS as a material topic due to the scale of the impact. NORDEN does not have any policies, metrics or targets for the topic, but we are focused on reducing the likelihood of the impact by performing regular hull cleanings and applying best-in-class anti-fouling paint on owned vessels and on some key partner vessels. Additionally, NORDEN reports on the number of vessel days in Marine Protected Areas (MPA) in the SASB Marine Transportation Index. We do not have any policies or targets for this metric.Biodiversity policyNORDEN is following the industry standard enforced by the IMO. This approach ensures that we remain aligned with regulations and the best available industry practices. Not complying with the regu-lation of the IMO may lead to financial penalties, while potentially hurting business relationships by not demonstrating commitment to environmental compliance. Both are considered material financial risks.CASE STORYDeveloping local talent and opportunity in GabonSince establishing our first African office in Abidjan, Côte dâIvoire in 2019, and later expanding to Gabon in 2021, NORDEN has been committed to creating a positive and lasting impact in the communities where we operate. This commitment is reflected in a series of people-focused initiatives aimed at attracting, developing and empowering local talent while creating both direct and indirect employment opportunities.As part of this regional approach, NORDEN, in partnership with Orientâs Fond, has sponsored 12 cadets at the Regional Academy of Marine Sciences and Technologies (ARSTM). The programme currently includes participants from Côte dâIvoire and Gabon, and since 2024 also from Burkina Faso, as we continue to widen access for young people across West Africa. To date, four cadets have successfully completed their first voyages aboard NORDEN vessels, marking an important step in their professional development.âThis programme demonstrates NORDENâs long-term commitment to strengthening local communities through education and skills development, while fostering the next generation of maritime professionals in West Africa â a region where NORDEN is actively engaged.âPatrick Assie, Head of Dry Cargo West Africa, NORDENSOCIALNORDEN is a people and value-driven organisation guided by our purpose of enabling smarter global trade. We continuously work to strengthen our position as an attractive workplace through promoting a diverse, inclusive, engaging, healthy and safe working environment, in which all employees have equal opportunities to realise their full potential. As a people-driven business, we are focused on fostering an inclu-sive culture that values everyoneâs contributions, promotes equality and diminishes safety risks. To create a foundation for such a culture, we are proactively working with pivotal aspects such as Diversity, Equity & Inclusion (DE&I) within our offices and Health & Safety across our value chain.ESRS S1 Own workforceImpacts, risks and opportunitiesNORDEN has identified the promotion of DE&I as a key area of importance within our own workforce. Embracing DE&I is not just about fairness and ethical responsibility; it is business critical. In this context, the shipping industry's historical male dominance presents both a challenge and an opportunity for NORDEN as we consider that driving the diversity agenda is a missed opportunity in our industry today. Diverse teams and an inclusive culture with equal opportunities bring varied perspectives, experiences and ideas, which are critical in a dynamic and globally interconnected industry. By improving DE&I figures, we are not only setting a progressive example but also enhancing our potential problem-solving abilities and overall performance. It is vital to safeguard our strong, value-driven culture where we strive to retain and develop our employees, maintain a high level of well-being and engagement and attract a diverse range of new employees. Sustaining a work environment where employees continue to thrive, have equal career development possibilities and are motivated is essential for maintaining long-term success.We carry out ongoing social impact discussions through our ESG Executive Body in collaboration with in-house topic specialists. Our ambition is to improve engagement, diversity and retention metrics, since it, in our view, is a clear link between improving DE&I and organisational performance and attracting and retaining high-per-forming employees. By investing in these areas, we aim to not only mitigate risks but also to create a resilient and agile organisation capable of adapting to changing market demands and sustaining a competitive edge in the maritime industry. By promoting a sustain-able culture, NORDEN is likely to maintain the position of an attrac-tive workplace for new talent and strengthen our ability to retain and develop employees, reducing the costs of hiring and integrating replacements. NORDENâs workforce is crucial to our success. A lack of diversity, inclusiveness and equality among employees may significantly impact their satisfaction. To address these risks, we regularly monitor workforce metrics, encourage open communication and implement policies that foster a sustainable culture. NORDEN has articulated several policies to address and mitigate the risks related to the material topics, some of which are listed here: https://norden.com/about/governance/policies-and-charters. All relevant policies are described on page 92.Diversity, Equity & InclusionNORDEN considers diversity a strength and we actively work to ensure DE&I in our organisation. We aim for an organisation where DE&I accelerates our purpose of enabling smarter global trade through diversity of gender, nationality, age, work experience, educational background amongst other attributes. We want to achieve this by harnessing all employeesâ unique contributions into our operational foundation through opening for different viewpoints and ways of thinking. NORDEN employees represented 50 different nationalities in 2025 and the percentage of non-Danish employees has stayed the same as in 2024, at 59%. Cross-cultural understanding and respect are crucial in a multicultural environment, which is why we in 2025 further enhanced awareness and training sessions on how to foster a strong feedback culture, effective collaboration and unlock the potential of psychological safety for all employees and managers.At NORDEN, we aim to create a diverse management portfolio ranging from managers to the Board of Directors. The members of NORDENâs Board of Directors cover a wide range of competencies and experiences within international shipping, finance, investment, strategy, digitalisation and risk management, from both Danish and international businesses. This combination ensures a broad approach to tasks and contributes to ensuring qualified governance of NORDENâs strategic direction. Likewise, gender balance across managerial levels is pursued on an ongoing basis at NORDEN, as part of ensuring a diverse range of management skillsets and composition, while promoting equal opportunity across NORDENâs organisation. Our structured recruitment process empowers managers to promote equality and broaden opportunities for both candidates and existing employees. This includes seeking managerial candi-dates with diverse backgrounds beyond shipping and actively mitigating potential biases in the hiring process. This ensures that NORDEN recruits based on qualifications, potential to develop and ability to deliver on our strategy. Additionally, NORDEN has consist-Achievements & initiatives 2025⢠Screened for DE&I imbalances in our organisation through our Engagement and Harassment Survey with the purpose of evaluating the perception of DE&I across age groups, gender, locations and levels. ⢠Finalised and implemented a three-day leadership development programme, Leadership Essentials, whereby we trained all people managers at NORDEN with the aim to develop manager skills crucial for successful leadership at NORDEN. ⢠Expanded our Trainee programme and welcomed 10 Trainees across 5 locations, in collaboration with Danish Shipping, ensuring an ongoing strengthening of our talent pipeline. ⢠Used the Womenâs Empowerment Principlesâ Gender Gap Anal-ysis Tool to outline opportunities for improving performance on gender-related topics and received a higher score than in 2024. In addition, NORDEN used the Non-Discrimination and Equality Tool and Living Wage Analysis Tool for the first time, with similar goals of outlining opportunities, mitigating blind spots and continuously improving performance and standards. ⢠Held the second instalment of NORDEN Days; a four-day compa-ny-wide event at our Copenhagen office for all employees across all locations, for a week of learning, team bonding, knowledge sharing and inspirational talks.⢠Following the development and implementation of NORDENâs HSEQ Framework & Life-Saving Rules, these principles have become an integral part of our daily operations as well as our long-term strategy, creating a safer workplace and better welfare and quality of life on board our vessels.⢠Achieved zero Lost Time Injuries year to date in 2025. This accom-plishment is not merely a statistic, but a testament to our teamwork and shared dedication to safety.⢠The practical application of Control of Work in the day-to-day operation has become a visible force as part of our efforts towards incident-free and greater safety capacity at our worksites. ently worked on increasing awareness of including candidates of underrepresented genders in the recruiting process and has assessed our promotion process to strengthen equal opportunities for all employee groups. In addition to our strategic work on diversity across Management, we established a leadership development programme, piloted in 2024, called Leadership Essentials, which aimed to define what good leadership looks like in NORDEN. All managers across levels and locations were trained in 2025 over multiple days. The programme is designed to strengthen an inclusive leadership community and develop manager traits crucial for successful leadership at NORDEN, giving managers hands-on training in translating the Leadership Essentials into everyday behaviour and decision-making. Additional Leadership Essentials training sessions will be carried out in 2026 for newly hired and promoted managers that were unable to attend the training in 2025.Furthermore, NORDEN expanded its trainee programme. Our two-year programme, developed in collaboration with Danish Shipping Education, provides hands-on experience across multiple NORDEN locations. The offices participating in the programme may vary from year to year based on business needs. In 2025, we welcomed 10 trainees across our offices in Copenhagen, Singa-pore, Annapolis, Vancouver and Dubai. This approach strengthens diversity in educational backgrounds and age groups while ensuring a continuous talent pipeline for the next generation of shipping professionals at NORDEN, as well as highlights NORDENâs commit-ment to supporting the development and long term sustainability of education within shipping. We plan to continue this programme in the coming years, adapting locations to align with demand. Throughout the recruitment process, we maintain a strong focus on diversity of background, gender, age and nationality. To support this, we use diverse recruitment panels, predefined criteria, a bias-awareness guide and a semi-structured interview process. On an industry level, NORDEN aims to empower the diversity agenda through Women in Shipping (WIS), a professional network with the aim of achieving more diversity and equality within the industry. NORDEN is represented by CEO Jan Rindbo as an Advisory Network member and Sofie Schønherr as Board Member. Moreover, in June of 2025, NORDEN carried out its second instal-ment of NORDEN Days: a week-long company-wide event gathering all employees from all locations at our headquarters in Copenhagen, for a week of learning, team bonding, knowledge sharing and inspirational talks. Sessions focused on collaboration, feedback, NORDEN's value chain, connectivity, and high performance. This event was a strong representation and anchoring of NORDEN's values and strengthened the shared culture.Metrics and targetsGender Balance ActAs from 1st of January 2025 , NORDEN is subject to reporting requirements under the Gender Balance Act. The below statement on gender balance has been written and provided in accordance with sections 107d and 107f of the Danish Financial Statements Act (Ã
RL)As of the balance sheet date, NORDENâs Board of Directors (share-holder-elected) comprised six members, with the underrepresented gender representing 33% (2 of 6), meeting the gender balance target. The employee-elected members comprised three members, with the underrepresented gender representing 33% (1 of 3), which also meets the target. Executive Management comprised three members, with the underrepresented gender representing 33% (1 of 3), also aligning with the balanced gender target.Across other management levels, consisting of Executive Manage-ment as well as employees with employee responsibilities reporting to the Executive Management team, the underrepresented gender represented 17% (4 of 23). NORDEN does not expect to meet the statutory target by 30 June 2026 due to limited turnover and the small size of the relevant management population. NORDEN has therefore set an interim target of reaching 22% (5 of 23) by 30 June 2026 and long-term target of 40% by 2030.To achieve this target, NORDEN has implemented iniatives such as screening for DE&I imbalances through our Engagement and Harassment survey, conducting leadership training designed to develop essential manager traits, offering attractive parental leave packages as well as implementing processes to reduce bias in our performance review process. Engagement score by category vs global benchmark8179818276747775DevelopmentEngagementWorking FeedbackEnvironment NORDEN score Global benchmarkTo support progress, NORDEN will further strengthen non-biased recruitment practices through bias training and guidelines for hiring managers and increase retention effors through development and succession planning, mentoring and regular follow-up on promotion and attrition data for the underrepresented genderDiversity in Management (Gender Balance Act)Management level Metric 2025 2024Shareholder- Total number of members 6elected Percentage of underrepresented gender 33%board Target figures as a percentage 33%membersYear of achievement of target figure 2025Employee- Total number of members 3elected Percentage of underrepresented gender 33%board Target figures as a percentage 33%membersYear of achievement of target figure 2025Other levels Total number of members 23of manage-Percentage of underrepresented gender 17%mentTarget figures as a percentage 40%Year of achievement of target figure 2030 NORDEN tracks performance within DE&I as a material topic through four indicators: engagement score, diversity, turnover rate and retention rate. Additionally, we measure supporting indicators such as new hires and job level share of the least represented gender. Engagement score NORDENâs overall employee engagement score was 81 in 2025, with a maintained response rate of 98%. The score is above our ambi-tion of 80 and exceeds the global benchmark provided by Ennova, which benchmarks against all industries for each of the four indica-tors. Results showed that NORDEN performs the highest within the sub-categories âjob content', âDE&Iâ and âcollaborationâ. Our survey indicated lowest performance in questions related to giving and receiving feedback amongst colleagues. While the responses on feedback have a higher average score than our bench-marks, NORDEN still actively works towards increasing its perfor-mance and has subsequently prioritised creating a workplace with more constructive feedback. This focus has been visible in multiple initiatives throughout the year, notably through feedback awareness building and training during NORDEN Days, implementing a dedi-cated 'feedback week' and by broadening the scope of feedback stakeholders in the employee performance review process. Gender representation The share of the underrepresented gender among employees was 39% in 2025, unchanged from 2024 and almost reaching our target of 40%. Among Management and Senior Management, the share of the underrepresented gender was 34% and 19%, respectively, in 2025, compared to 38% and 29% in 2024. The change in Senior Management can be explained by an internal restructuring within management levels, whereby Senior Management gained one member and subsequently Executive Management one too, which increased the percentage of underrepresented gender in Executive Management but decreased the percentage of the underrepre-sented gender in Senior Management. Going forward, NORDEN will continue to increase efforts in order to reach its diversity targets.Diversity across employee groups2025 2024Share of underrepresented gender in sharehold-er-elected members of the Board of Directors 33% 33%Share of underrepresented gender in Executive Management 27% 0%Share of underrepresented gender in Senior management 19% 29%Share of underrepresented gender in managerial positions 34% 38%Share of underrepresented gender among employees 39% 39%Share of underrepresented gender among employees in commercial roles 27% 23% Gender distribution in Senior ManagementGender 2025 2024Female 1 2Male 5 5Total 6 7Commercial roles represent an employee group to which we have, historically, had the most difficulty attracting and retaining females. Since 2020, the share of women in commercial roles has increased from 17% to 27% in 2025, a 4% increase since last year. In the years to come, NORDEN will continue its effort to maintain this upward trend and reach its target.In 2025, NORDEN hired 85 employees with an average age of 33 years and of whom 40% were women. The average age of the 84 leavers was approximately 39 years, whereby women represented 41% of leavers in 2025. Retention and turnover rates The overall retention rate was 89% in 2025, decreasing from 90% in 2024. The performance is below our ambition of 90% in retention among permanent, full-time employees. We track retention rates across locations, age groups and gender. While differences are currently considered immaterial, we continue to track retention trends across these categories to identify and address any poten-tial imbalances, such as those arising from a lack of inclusivity. The turnover rate among full-time employees was 18% in 2025, with the highest turnover among employees younger than 30 years old.Retention rate across age groupsGender < 30 30 - 50 >50 TotalFemale 77% 93% 97% 91%Male 79% 87% 96% 87%Total 78% 89% 96% 89%Turnover rate across age groupsGender < 30 30 - 50 >50 TotalFemale 32% 16% 13% 18%Male 21% 20% 10% 19%Total 26% 19% 11% 18%Total employee turnover, number of employeesGender TotalFemale 31Male 53Total 84 Distribution of employees across age groupsYear < 30 30 - 50 >50 Total2024 16% 66% 18% 100%2025 19% 63% 17% 100%Looking ahead During 2026, NORDEN will focus on continuously increasing the share of the underrepresented gender throughout the organisation.To continue the development of a strong and engaging culture, NORDEN will carry out additional Leadership Essentials trainings for newly hired and promoted managers, with the purpose of strength-ening the leadership community and our leadership culture.NORDEN will also continue to develop and carry out its unique New@NORDEN onboarding programme, mandatory for all employees from student assistants to Executive Management, ensuring new employees are well introduced to NORDENâs culture, have a strong start in their new roles and are able to create networks within the organisation.Building on the work carried out during NORDEN Days and its take-aways, in 2026, we will continue working on NORDEN Collaboration and the value chain, to create a better shared understanding of how all departments, competencies and roles play into the everyday work and strategies of NORDEN.Furthermore, NORDEN will in 2026 actively work on and implement the EU Pay Transparency Directive to ensure full compliance with the new legal requirements.ESRS S2 Workers in the value chainImpacts, risks and opportunitiesManaging and maintaining excellent working conditions is busi-ness critical to NORDEN, both when it comes to its own workforce and workers in the value chain. NORDEN's approach to managing the relationship between material risks and opportunities related to impacts towards workers in the value chain and dependencies is centred on proactive engagement. Our ambition is not only to ensure compliance with international legislation but also to set higher standards. Having outsourced the technical management of owned vessels, we classify our seafarers as workers in the value chain in conformity with the ESRS, making Health & Safety for workers in the value chain a material topic for us. Operating at sea involves safety and security risks that must always be managed carefully to safeguard the crew and external personnel. Outsourcing technical management and upholding a service that complies with interna-tional law and NORDENâs standards requires a close, continuous dialogue and a comprehensive reporting framework, to ensure trust in the technical managerâs operation. There are consequences associated with outsourcing services such as technical management, as physical distances and differences in corporate culture pose the risk of failing to notice incidents or an undesirable culture, both of which could lead to inferior working conditions, injuries and a negative effect on NORDENâs reputation. NORDENâs responsibility is to investigate and manage these salient risks and therefore, under its Human Rights Impact Assessment (further detailed on page 80), risks associated with outsourcing tech-nical management are covered. We regularly monitor and review metrics associated with workers in the value chain, while fostering open communication channels for feedback. Furthermore, NORDEN has implemented a Technical Manager Code of Conduct that supports a work environment with a sustainable culture and a strong focus on health and safety, which is updated annually. In our view, enhancing the rights and well-being of seafarers corre-lates directly with improved performance on vessels and success in both recruiting and keeping talented workers. Furthermore, this commitment to seafarers' welfare aligns NORDEN with customers and partners who share similar values, fostering stronger business relationships.NORDEN has articulated several policies to address and mitigate the risks related to the material topics, some of which are listed here: https://norden.com/about/governance/policies-and-charters. All relevant policies are described on page 92.Material topics, metrics and targetsHealth & SafetyThe NORDEN HSEQ framework has provided a solid foundation for continued progress in 2025, with a particular emphasis on four key priority areas: Life-Saving Rules, STOP Work Authority, Reporting and Behaviour-Based Safety and Living Quality onboard NORDEN assets. These principles serve as the cornerstone of our enhanced safety capacity, complementing and reinforcing one another to foster a sustainable, safe, healthy and inclusive working environ-ment.This culture not only drives improvements but also empowers crews to take ownership of their workplace, contributing to a safer, healthier and better work environment.As of 2025, NORDEN has achieved zero Lost Time Injuries (LTIs) in more than three million exposure hours. Sustaining this level of performance is an ongoing journey and NORDEN remains fully committed to maintaining and further advancing these standards.In the years to come, NORDEN will continue to raise the bar of high standards for safety and optimal working conditions onboard vessels as we do onshore. We continuously ensure that our technical managers and third-party contractors meet these standards. Looking ahead During 2026, NORDEN will focus on inspections of owned vessels, conducting office visits and attending crew seminars to support technical managers in developing high health and safety standards and avoiding accidents onboard owned vessels. NORDEN will in this context also work to ensure technical and asset integrity through a risk-based audit of selected key contractors and partners. NORDEN is committed to upholding, maintaining and raising the barof health and safety standards and preventing accidents onboard owned vessels. Focus will be on learning and investigating whether new preventive measures should be taken to decrease LTIR and evaluating all technical managers through the Dun & Bradstreet assessment tool.GOVERNANCEOur governance framework is designed to align with the enduring interests of our stakeholders and to manage NORDEN's operations in adherence to all relevant local and international laws and regulations. We are committed to maintaining the highest ethical standards within our business practices. Operating internationally, we are aware that standards of integrity and proper business conduct may differ across regions, presenting unique challenges for conducting business. Recognising the consequences of non-compliance, including legal action and reputational damage, we prioritise robust governance to prevent corruption and define clear expectations for ethical behaviour in all our markets. Our unwa-vering commitment to combatting corruption is for us a key compo-nent of enabling smarter global trade. ESRS G1 Business Conduct Impacts, risks and opportunities NORDEN's governance structure is designed to integrate sustain-ability targets with strategic business objectives. The Board of Directors oversees ESG governance, while the ESG Executive Body, comprising of representatives from Senior Management and special-ists from core operational areas, formalises NORDENâs strategy and policies. ESG accountability resides at board level, with ESG owners within business functions driving initiatives to meet our targets. Governance structureBoard of DirectorsEndorses the ESG strategy and KPls as part of NORDEN's annual strategy review. Provides external perspectiveESG Executive BodyDefines ESG strategy and oversees performance and implementationESG OwnerInitiates change and actively advocates sustainabilityESG LeadFinance LeadDrives strategic initiatives Responsible for and partnerships as well ESG reporting, as supports ESG business accounting and ownerscompliancePerformance is measured against key performance indicators and is reported quarterly to the Board, ensuring continuous alignment with our ESG goals. Our Board members possess collective expertise in global shipping management, strategy, financial oversight and risk management, ensuring informed guidance in relation to business conduct matters. This expertise underpins our commitment to ethical business practices and supports our ability to navigate the complexi-ties of international trade and sustainability. NORDEN actively promotes a corporate culture rooted in compli-ance and ethical integrity which aims to mitigate reputational risks and clarify behavioural expectations for all employees, including the Board of Directors. Our CFO oversees the ownership and enforce-ment of our Anti-Corruption Compliance Programme and the overall governance of the Company. Our corporate values and expectations are outlined in the Employee Code of Conduct, accessible on the Intranet and disseminated to new hires during onboarding. We require annual acknowledgement of the Code by all employees to ensure comprehension of any updates and continuous awareness. Whistleblower scheme Since 2011, we have maintained an independent whistleblower scheme to empower employees and external partners to report any operational or workplace concerns, ensuring the confidentiality and anonymity of the reporting party. Concerns can be raised directly with direct managers, the HR department or through the whistleblower scheme. Reports received are handled by the Chair and Vice Chair of the Board of Directors, along with the Head of Group Legal, ensuring a thorough and impartial investigation. Achievements & initiatives 2025⢠Contributed to the elimination of all forms of maritime corruption on a more systemic level through our active engagement with MACN, which serves as a strong collective voice against corruption. ⢠Implemented a tool for reporting unethical requests at port calls and water transits world-wide from all NORDEN owned and operated vessels and subsequently mapping NORDENâs specific corruption risk profile.⢠Renewed our EcoVadis certification and have been recognised by EcoVadis as being in the worldâs top 15% sustainable companies within the shipping industry, achieving a silver score. The frame-work ensures NORDEN is measured against the latest sustainability criteria.⢠Successfully renewed our Tcertification (TRACE). To achieve a Tcertification, companies must undergo a heavily benchmarked and comprehensive due diligence review, analysis and approval process. This certification ensures that a company has been thoroughly vetted and trained.In 2025, a total of three whistleblower reports were received, down from five in 2024. One case concerned a personal injury incident that occurred in 2024, another concerned supplier governance and the last employee behaviour. Upon completion of investigation, cases are classified as either substantiated or unsubstantiated. All cases were investigated and actions to address the complaints were carried out when required. Of the cases closed in 2025, 67% were classified substantiated. Whistleblower cases are taken very seriously. NORDEN continuously enhances the awareness of good business conduct through educa-tion and campaigns for both greater awareness of our whistleblower scheme and the strengthening of our Speak Up culture with the aim of minimising possible future cases. NORDEN has a strict non-retaliation policy vital to ensuring that employees feel safe raising concerns.Responsible tax As a company with global reach, NORDEN operates in multiple juris-dictions with different tax rules and regulations. NORDEN complies with the current tax legislation in the countries in which we operate, and we comply with all applicable transparency rules, including coun-try-by-country reporting. NORDEN does not use so-called tax havens according to the European Union tax haven blacklist. Sanctions Due to the global nature of the shipping industry and the constantly evolving geopolitical landscape, navigating sanctions requires an agile and comprehensive approach to compliance, continuously assessing risks and adapting strategies to align with evolving inter-national laws and regulations. At NORDEN, sanctions compliance is embedded in all parts of our organisation as it is part of our day-to-day operations, conducting business in almost all countries in the world. Sanctions compliance is implemented by having a robust sanctions compliance framework, a specialist sanctions team and formal processes and procedures in place to handle sanctions. To uphold strong compliance, NORDEN performs regular sanc-tions onboarding of new and existing employees and requires all employees to take a sanctions e-learning course once a year. All eligible employees (excluding employees on leave, long-time sick-ness, etc.) passed the course in 2025.Impacts and risk Following the double materiality assessment conducted during the reporting period, NORDEN identified anti-corruption and bribery along with sustainable procurement and contributing to human rights as our key material impacts in the governance area.The maritime industry is inherently international, making anti-cor-ruption and bribery efforts critically important. For a company like NORDEN, with a vast operational reach, the ability to ensure trans-parent and ethical business practices across various legal and cultural landscapes is not just a regulatory requirement but a fundamental aspect of maintaining our licence to operate and safeguarding our reputation. Therefore, the risk of non-compliance in this area is considered material, as it may have significant legal consequences and undermine stakeholder trust. Sustainable procurement and upholding the highest standards of human rights are other topics of material significance. Our procurement practices directly impact our environmental footprint and social responsibility. It also influences our resilience against supply chain disruptions, which has become increasingly relevant in the face of global challenges. The material risks here include potential environmental damage and the reper-cussions of associating with suppliers who may not adhere to our sustainability and human rights criteria, which could have far-reaching consequences for our business and the communities we engage in.Material topics, metrics and targets Anti-corruption and briberyCorruption is a major obstacle to sustainable development. Corrup-tion leads to weak institutions, insecurity, destroys justice and fairness and deprives people of basic needs such as health care, educa-tion, clean water, sanitation for health and housing. It also hinders economic growth, threatens environmental resources and destroys innovation, making our world even more turbulent.NORDEN calls numerous ports all over the world every single day. Occasionally, NORDEN faces challenges, particularly in countries presenting a high risk of corruption. In this business context, making the right choice becomes more complex, yet increasingly impor-tant, as non-compliance may entail legal and reputational risks and damage our licence to operate. Corruption escalates costs and endangers the safety and well-being of the workers in our value chain. Therefore, NORDEN takes firm measures to prevent any form of corruption as part of its ambition to enable smarter global trade. In 2025, NORDEN had 8,777 port calls across 123 countries.Following the SASB Marine Transportation standard, NORDEN reports on the number of port calls in the world's 20 most corrupt countries, applying the Transparency Internationalâs Corruption Perception Index (CPI). The result indicates a decrease in port calls with a high risk of corruption from 2024 to 2025. No changes to the current set-up were deemed necessary due to the decrease. NORDEN conducts risk assessments at country level and job function level applying both the CPI and Maritime Anti-Corruption Network (MACN) Incident Data. The assessment makes it possible for us to conduct an integrity risk assessment resulting in a corruption risk UN Global CompactNORDENâs CEO, Jan Rindbo, comments: "NORDEN remains committed to upholding the principles of the UN Global Compact (UNGC) and supports the worldwide movement to accelerate and scale the collective impact of responsible and sustainable business." In May 2025 NORDEN submitted its 2025 Communication on Progress (COP) in line with the requirements.NORDEN has remained an active participant of the UNGC since 2009 and adheres to the following UN Sustainable Development Goals (SDGs), which are mapped to each of the E, S and G-re-lated activities that we consider relevant to our core business: Environment:⢠13.1: Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters in all countries. ⢠17.16: Enhance the global partnership for sustainable devel-opment, complemented by multi-stakeholder partnerships that mobilise and share knowledge, expertise, technology and financial resources, to support the achievement of the sustainable development goals in all countries, in particular developing countries. Social: ⢠5.5: Ensure womenâs full and effective participation and equal opportunities for leadership at all levels of decision-making in political, economic and public life. ⢠5.C: Adopt and strengthen sound policies and enforceable legislation for the promotion of gender equality and the empowerment of all women and girls at all levels. ⢠8.5: By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value. ⢠8.7: Take immediate and effective measures to eradicate forced labour, end modern slavery and human trafficking and secure the prohibition and elimination of the worst forms of child labour, including recruitment and use of child soldiers and by 2025 end child labour in all its forms. ⢠8.8: Protect labour rights and promote safe and secure working environments for all workers. ⢠10.2: By 2030, empower and promote the social, economic and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status.⢠10.3: Ensure equal opportunity and reduce inequalities of outcome, including by eliminating discriminatory laws, poli-cies and practices and promoting appropriate legislation, policies and action in this regard.Governance:⢠16.5: Substantially reduce corruption and bribery in all their forms.⢠17.16: Enhance the global partnership for sustainable develop-ment complemented by multi-stakeholder partnerships that mobilise and share knowledge, expertise, technologies and financial resources to support the achievement of sustainable development goals in all countries, particularly developing countries.map from which we can devise a possible action plan. To address the appropriate compliance training requirements for employees, identification of specific risks linked to departments and job functions has been undertaken and resulted in a categorisation where different roles require different training. This assessment enables NORDEN to identify risks and trends ensuring that necessary training is provided. Furthermore, NORDEN uses third-party due diligence tools to assess potential corruption risks when engaging with external partners, suppliers and contractors through MACN and Tcertification (TRACE). Based on these analyses, NORDEN reviews the Anti-Corruption Compliance Programme at least every second year and has done so again in 2025.NORDEN has an anti-corruption working group consisting of anti-cor-ruption specialists. The group meets monthly to analyse and discuss risks and actions. NORDEN takes a systematic approach to assessing corruption and bribery risks, particularly in countries deemed high risk. The specialists are dedicating time to conduct country risk assessments and engage with masters and operators guiding on the specific challenges for the port of call.Furthermore, NORDEN conducts due diligence investigations of busi-ness relations as an integrated part of its business conduct, ensuring compliance with legal requirements and stakeholdersâ expectations, improving internal decision-making, raising risk awareness and protecting NORDENâs reputation. NORDEN has a complex third-party landscape and currently has different due diligence procedures in place for various third-party groups. The main third-party groups in NORDEN are agents, brokers and suppliers. All NORDENâs third-party contacts are screened daily on several potential risk factor issues, including sanctions lists, global law enforcement lists, vessel information and politically exposed persons. NORDEN has zero tolerance towards bribery and our Anti-Corruption Policy clearly outlines the refusal of all types of facilitation payments. To ensure a culture of exemplary conduct with strong procedures, NORDEN has an Anti-Corruption Compliance Programme in place. The programme helps ensure that corruption and bribery risks are identified, that concerns are reported and that measures are taken to mitigate any identified risks throughout the organisation. Moreover, this programme covers third-party responsibility, gifts and entertain-ment, commissions, conflicts of interest, sponsorships and political and charitable contributions as topics within the broader compliance agenda. In 2025, NORDEN implemented a system to obtain live data which illustrates NORDENâs specific corruption risk profile in all countries, ports and water transits that our owned and operated vessels call. Through our MOEPS system, automated emails are sent to captains asking if the vessel experienced any unethical demands. The answers are recorded and illustrated through Power BI, which maps trends and NORDENâs highest risk areas. Going forward, focus will be on lever-aging the data and perform analyses and further implement proactive anti-corruption mitigation measures.NORDENâs Anti-Corruption Programme is incorporated into NORDENâs Employee Code of Conduct which is provided to new hires during onboarding and must be acknowledged annually by all employees to ensure comprehension of any updates and continuous awareness. To ensure compliance with the programme, a compliance manager has been appointed. The role of the compliance manager is to ensure that relevant policies and procedures are followed and that risk assessments, due diligence and monitoring are conducted regularly. NORDENâs compliance manager reports to the CEO if any issues arise that need to be addressed immediately or discussed. The compliance manager provides regular updates to the ESG Executive Body. All relevant policies are described on page 92.NORDEN continues to be an active member of the MACN, a network working to eliminate all forms of corruption in the maritime industry and enabling fair trade to the benefit of society at large. MACN has grown to include more than 215 companies representing the maritime supply chain, emerging as a leading example of collective action against corruption. MACN and its members work with raising aware-ness of the challenges faced, implementing anti-corruption principles, co-developing and sharing best practices, collaborating with govern-ments, non-governmental organisations and civil society to identify and mitigate the root causes of corruption and creating a culture of integrity within the maritime community. In high-risk areas where MACN has introduced collective actions, the reported corruption requests have dropped. On behalf of NORDEN, our external technical managers carry out anti-corruption training for the workers in our value chain to ensure alignment with legislation and NORDENâs Anti-Corruption Compli-ance Programme. NORDEN requires its technical managers to be members of MACN and promotes awareness internally and externally regarding MACN tools and helpdesks. For chartered vessels, an anti-corruption instruction is sent to captains and agents. NORDEN tracks performance through two indicators; eligible employees trained in NORDENâs anti-corruption course in the current year as well as number of confirmed bribery cases. NORDEN requires all employees to take an e-learning course annually on anti-corruption. All eligible employees (excluding employees on leave, long-time sickness, etc.) passed the course in 2025. The anti-corruption course focuses on the complexity of corruption and trains employees to identify and assess situations in which corrup-tion can occur. Additionally, employees are trained in the severity of corruption and potential consequences. The course covers topics such as anti-corruption practices, bribery and facilitation payments, gifts and entertainment, conflicts of interest, indirect bribery via commissions, fraud, third-party procedures and NORDENâs whistle-blower scheme. This year, the course has been updated to ensure it aligns with the review and changes implemented in our Anti-Corrup-tion Compliance Programme, as well as follows best practice stand-ards and remains as relevant and educational and possible.In 2025, NORDEN had zero bribery cases in line with our ambitions. In 2026, NORDEN will implement steps to further improve the effec-tiveness of the Anti-Corruption Compliance Programme, leverage the NORDEN specific corruption risk data obtained from the Anti-Corrup-tion system implemented this year, and engage further with MACN on systematic challenges and risks.Sustainable procurement As a globally operating company, we interact with hundreds of suppliers around the world and it is a priority for NORDEN to ensure sustainable procurement in our supply chain. NORDEN actively seeks to enable sustainable procurement by executing supplier due dili-gence in the sourcing process and as ongoing risk monitoring of the supplier portfolio.When the sustainable procurement project was launched in 2023, the focus was to assess the potential risk of our strategic suppliers through the EcoVadis sustainability assessment platform. During 2025 we established a project in Procurement to investigate how to manage the risk of all suppliers; broadening the scope of suppliers and making the process more efficient. The prime objective of the project was to have a more rounded risk picture of all suppliers, with a focus on sustainable procurement and the ESG elements.For the new scope, Dun & Bradstreet (D&B) was chosen as the assess-ment tool. This solution will enable immediate screening and due diligence of supplier sustainability in the sourcing process. Once suppliers are added to the NORDEN portfolio they are automatically monitored for any changes to ESG scoring, with the Procurement team being alerted if certain thresholds change.This new solution and supplier risk management processes were implemented in Q4 2025 and will be operational in Q1 2026.The future KPI for supplier ESG monitoring in 2026 will be that at least70% of all suppliers have been screened for ESG criteria in the D&B platform. Looking ahead, we will operate a broader supplier risk management framework, with a focus on securing the necessary ESG criteria where it is required. This may include audits and improvement plans. NORDEN is committed to maintaining its high standards and abiding by local and international laws and regulations, while remaining agile and proactive in a global context where legislation on sustainable procurement is dynamic.Working with human rights As a global company, NORDEN is dedicated to implementing due diligence and mitigation measures to respect human rights. Every second year, NORDEN conducts a Human Rights Impact Assessment (HRIA) which leads to added insight into, and an understanding of, our potential and actual human rights risks across the organisation and value chain. NORDEN continuously strives to abide by policies and grievance mechanisms all compliant with, and upholding to, the highest international regulations, standards and best practice recommendations, as stated in the International Bill of Human Rights, the International Labour Organisation's Declaration on Fundamental Principles and Rights at Work, the United Nations Guiding Principles for Business and Human Rights (UNGPs), Danish Shipping and the Danish Institute for Human Rights.NORDEN has a responsibility to consider any human right violations it might cause, contribute to, or be directly linked to. Based on a thor-ough risk assessment of NORDENâs various areas of operations and value chain, a Human Rights Impact Assessment is carried out every two years. The latest version was carried out in 2024. For this process, NORDEN utilises a mixed-method approach combining qualitative and quantitative data, including surveys, key informant interviews with employees, managers and external stakeholders as well as on-site inspections, ensuring an in-depth understanding of the potential risks and that diverse perspectives are considered and respected. A thor-ough assessment methodology was designed to better quantify and classify the risks in terms of severity and likelihood of impact. After each HRIA, the results along with proposed preventive and mitigation actions are reviewed and approved by the responsible ESG Executive Body representatives.Moreover, NORDEN has established easily accessible channels for employees and external stakeholders to report human rights griev-ances and ensuring timely and effective responses to grievances, with clear accountability and remediation processes, ensuring responsive-ness free of retaliation to any concerns raised either internally or in the value chain. To ensure policy commitment, employees are trained in the respec-tive requirements of the policies through our Employee Code of Conduct and must provide annual acknowledgement as a condition of employment to ensure awareness and understanding of any revi-sions. The HRIA serves as a foundational tool for continuously refining and improving our human rights policies and procedures and main-taining an ongoing active dialogue with all stakeholders.2025 milestones In 2025, NORDEN continued defining areas of actions and took proactive measures to prevent human rights violations, using the findings from the 2024 HRIA. NORDEN increased its supplier screen-ings, systematised and performed multiple audits, built an HSEQ dashboard as part of performance reporting, engaged in conversa-tions regarding our suppliers' suppliers and their auditing processes, carried out its annual Speak Up Campaign and reviewed its Human Rights Policy.Looking ahead In 2026, NORDEN will continue to define and prioritise areas for actions. A new Human Rights Impact Assessment will be carried out and its findings will be compared with those of 2024 to assess areas requiring further attention. ESG ACCOUNTING POLICIESThe reporting boundariesThe ESG report comprises activities in the parent company and all subsidiaries. The accounting policies are applicable for the reporting period: 1 January â 31 December 2025. ESG metrics follow the below boundaries unless otherwise speci-fied:⢠Owned and leased vessels (excl. time chartered-out ('TCO') and third-party pool-managed vessels).⢠Employees onshore (scoped as own workforce).⢠Crew on board vessels (scoped as workers in the value chain).⢠All NORDEN offices across the world.Statement on carbon insetting The greenhouse gas emissions intensity information presented in the report reflects calculations that account for the allocation of low-emission transport activity to selected customers. The emission intensity presented is therefore not appropriate for use in custom-er-specific greenhouse gas emissions calculations. Changes to accounting policy ⢠Change in scope 2 calculation method: NORDEN estimates the emissions related to offices by taking the MWh consumption figures per FTE from the Hellerup office and multiplying this factor by the number of FTEs at each office. Subsequently, we multiply by a national emission factor to compute the emissions. We apply a discount factor of 0.9 to the MWh since the HQ has higher energy intensity compared to regional offices. Data quality and data collectionThe reporting principles of balance, clarity, accuracy, reliability, timeliness and comparability are applied when collecting informa-tion and data that form the basis for NORDENâs ESG performance. NORDEN has built and implemented models for reporting environ-mental KPIs based on data from our Integrated Maritime Operations System (IMOS) and Spinergie for logistics operations in Gabon. Besides providing more insights into the development of key indica-tors for fuel efficiency, the models allow for checking and reporting extreme observations and enable NORDEN to identify potential errors on an ongoing basis. This ensures the accuracy and reliability of data points reported for internal and external stakeholders. The HR department enters HR data into our HR system, Fairsail. Post data entry, HR personnel can immediately review, analyse, and visualise the impact of their data entry in our HR visualisation tool. This tool allows for an instantaneous check, ensuring that the data aligns with actual HR metrics and facilitating any necessary correc-tions or updates in real time. Subsequently, numbers are checked and validated by our finance department before being shared with internal and external stakeholders. Other social KPIs stem from our technical managers. Numbers are reported monthly and validated by our internal technical department and finance department. Having implemented the SASB Marine Transportation standard in 2022, NORDEN reports values for the previous two years allowing for comparability. All accounting policies following the accounting standards from the SASB Marine Transportation reporting standard are marked by 'TR-MT'. The SASB reporting standard can be found at https://www.sasb.org/standards/download/?lang=en-us During the reporting year, NORDEN has continued the process of complying with the upcoming ESRS requirements. All metrics calcu-lated in conformity with the ESRS are listed in the ESRS Index table, which can be found on page 95.The development in company-specific material ESG performance indicators can be found in the ESG Materiality Matrix in the introduc-tion section, while supporting indicators are disclosed in the rele-vant sections of the ESG report. Accounting metrics from the SASB Marine Transportation standard can be found on page 94.NORDEN applies a 5% threshold for changes to previously reported emission figures in the ESG statements. The threshold is based on the percentage change in the respective GHG scopes. Differences below the selected threshold will be accounted for in the current reporting period. Changes to previously reported figures are moni-tored continuously in our internal controls and reporting tools. For inclusion of GHG categories, NORDEN applies a 1% materiality threshold of total scope 3 emissions to ensure focus on our main impacts. Although it is not part of external reporting, NORDEN esti-mates and tracks development in all relevant GHG categories and will include GHGs, when they exceed the 1% materiality threshold. Environmental performanceEnergy consumptionTotal energy consumed (TJ): Calculated by adding up tonnes of fuel and electricity usage, applying their higher heating values (HHV) of 40.2MJ/kg for heavy fuel oil, 42.7MJ/kg for distillate fuel oil, 41.7MJ/ kg for very low sulphur residuals, 37 MJ/kg for biofuel, and 0.0036 MWh/TJ for electricity. Following TR-MT-110a.3., but NORDEN reports on total energy consumed in TJ instead of GJ. Total energy consumption from fossil sources (MWh): Following ESRS E1-5. Since NORDEN is in one of the high climate impact sectors as defined in the ESRS, we must disaggregate into fossil sources. However, only the fuel consumption from crude oil and petroleum products is relevant to NORDEN. Calculated by adding up tonnes of fuel and electricity usage, applying their higher heating values (HHV) of 40.2MJ/kg for heavy fuel oil, 42.7MJ/kg for distillate fuel oil, 41.7MJ/kg for very low sulphur residuals. Total energy consumption from renewable sources (MWh): Following ESRS E1-5. Includes fuel consumption on operated voyages for renewable sources, including biomass (also comprising industrial and municipal waste of biological origin), biofuels, biogas, and hydrogen from renewable sources. Calculated by adding up tonnes of fuel and electricity usage, applying the higher heating values of 37 MJ/kg for biofuel. Energy intensity (MWh/USD): Following ESRS E1-5. Calculated as the total energy consumption (MWh) per net revenue (USD). Heavy fuel oil as a % of total energy consumed: Following TR-MT110a.3. Calculated as the heavy fuel oil consumption multi-plied by 40.2MJ/kg and divided by the total energy consumed from bunker consumption on owned or operated voyages. Renewables as a % of total energy consumed: Following TR-MT110a.3. Calculated as the biofuel consumption multiplied by 37MJ/ kg and divided by the total energy consumed from bunker consumption on owned or operated voyages. Energy efficiency operational indicator (gCO /cargo-nauti-2cal-mile): The energy efficiency operational indicator (EEOI) is a measurement of energy efficiency defined as the amount of CO2emitted per tonne of cargo transported 1 nautical mile. Transport work expresses the mass of cargo transported over distance, as registered in the Integrated Maritime Operations System (IMOS).Greenhouse gas emissions CO equivalent emissions (1,000 tonnes): All emissions are reported 2as CO equivalents calculated by the 100-year time horizon GWP 2values from IPCC (6th assessment report) in conformity with the ESRS E1-6 and using emission factors from FUEL EU.Gross Scope 1 GHG Emissions: Direct emissions from NORDENâs consumption of fuel from owned and chartered-in vessels. Consumption is allocated across reporting periods based on contract service performance criteria. The pool's allocation of emis-sions is based on the poolâs distribution model. Including bunker consumption on ballast leg prior to voyage operation by NORDEN, which could be considered part of GHG #4: Upstream transportation and distribution. NORDEN includes these emissions in our Gross Scope 1 GHG Emissions as we consider the emissions to be part of our own operation. Gross Scope 2 GHG Emissions: Indirect emissions from purchased electricity and district heating. Electricity and heating usage of NORDEN based on actual data from our Hellerup office and estima-tion of the remaining offices' usage. Emissions from these offices are based on the average MWh per FTE derived from the office having actual consumption data multiplied by the number of FTEs at the respective office and then multiplied by the location-based emission factor.⢠Location-based: Not considering renewable energy certificates (RECs) or power purchase agreements (PPAs). Simply using loca-tion-based grid average emission factors from carbon footprint (2024).⢠Market-based: Reflects the GHG emissions from the electricity that NORDEN has purposefully chosen (or the lack of a choice). In 2025, NORDEN has electricity purchase agreement for all NORDEN offices. We are working on purchasing certificates to cover the emissions related to heating in Hellerup but have not been able to find any. Gross Scope 3 GHG Emissions: Indirect upstream and downstream emissions from third-party activities and operational management services. Based on our materiality threshold of 1%, below the GHG recommendation of 5%, NORDEN includes the following scope 3 GHG categories in our external reporting framework:⢠Purchased goods and services (GHG #1): Overhead, administra-tion and port costs as classified in the NORDEN chart of accounts are converted into emissions based on the U.S. EPA (2023) catego-risation of costs.⢠Capital goods (GHG #2): Capital expenditures (CapEx) such as investments in vessel newbuildings, scrubbers or dry docking of vessels are converted into emissions based on costs and the CEDA Group categorisation: Shipbuilding and repairing. The USD aligns with the âtransferred from prepayments during the yearâ in the financial statement notes related to tangible assets and addi-tional CapEx investments related to dry docking, scrubbers and similar. Thus, the emissions related to investments in newbuildings are accounted for at the vessel's delivery. Follows cash usage and is not allocated over the depreciation schedule of the asset or upgrade.⢠Fuel and energy-related activities (GHG #3): Upstream emis-sions related to direct bunker consumption using CO equivalent 2emission factors from FUEL EU based on fuel types on owned or operated voyages using data from IMOS and Spinergie. The upstream emission factor on biofuel is based on actual emission factors provided by the supplier.⢠Upstream transportation & distribution (GHG #4): Upstream transportation emissions on our purchased goods and services based on CEDA Group categorisation of costs. Since upstream transportation and distribution are part of the emission factors applied by a third-party provider, GHG #4 is included despite being below our 1% threshold and reported as part of purchased goods and services in the reported figures.⢠Downstream leased assets (GHG #13): â Emissions from TCO voyages are included based on contract service performance in the reporting period. NORDENâs share of TCO emissions in the NORDEN Tanker Pool is allocated based on the distribution model. The residual between total emissions generated by TCO voyages in the NORDEN Tanker Pool and NORDENâs share of these is not part of NORDENâs scope of emis-sions.â Emissions related to operating third-party vessels generating management fees in the NORDEN Tanker Pool. Estimated as the difference between the total emissions from operated vessels and the NORDEN share of these based on the distribution model. The residual is accounted for as emissions related to the operational management of pool vessels.GHG categories 5, 6, 7 and 15 are considered relevant for NORDEN but fall below our materiality threshold of 1% of total scope 3 emis-sions. NORDEN continues to monitor development in the GHG categories internally, but these will not be part of our externally reported ESG metrics subject to the emissions exceeding our selected threshold. GHG emissions intensity: Following ESRS E1-6. Calculated as total GHG emissions (COe) per net revenue (USD). 2EEDI (gCO /cargo-capacity-mile): Following TR-MT-110a.4. The 2calculations follow methodologies outlined in IMO MEPC 66/21/ Add.1, Annex 5, 2014. The average EEDI is a simple average of the EEDI value of all new ships added to NORDENâs fleet during the reporting period. Only including owned vessels at the end of the reporting period.GHG removals and storage projects in the value chain (metric tonnes): Total amount of GHG removals and storage in metric tonnes of COe disaggregated and separately disclosed for the amount 2related to our operations and our upstream and downstream value chain and broken down by removal activity. GHG emission reductions or removals by the purchase of carbon credits (metric tonnes): The total amount of carbon credits outside our value chain in metric tonnes of COe that are cancelled in the 2reporting period or planned to be cancelled in the future. Air qualityNO (metric tonnes): Following TR-MT-120a.1. Nitrogen oxide Xemissions from combustion of fuels from operated vessels. NO2 emissions from the energy produced by the main engine are multi-plied by the Tier 1 NO limit (17 g/kWh) or Tier 2 NO limit (14.4 g/XXkWh) in accordance with the 4th IMO GHG study. Calculated basis bunker consumption on operated voyages based on data from IMOS and Spinergie. NORDEN assumes distribution of fuel consumption between ME and AE of 90%/10%. SO (metric tonnes): Following TR-MT-120a.1 and the IMO 4th XGHG study. Sulphur oxide emissions mainly stem from burning the sulphur compound in the fuel from operated vessels. SO2 emis-sions are calculated from the fuel quantity consumed during the year multiplied by the average sulphur content in the bunker fuel purchased by NORDENâs Bunker department. Calculated basis bunker consumption on operated voyages based on data from IMOS and Spinergie. PM10 (metric tonnes): Following the TR-MT-120a and the IMO 4th GHG study. PM10 emissions are influenced by engine type and fuel sulphur content. NORDEN uses the same average sulphur content used in the SO calculation and assumes 175/195 g/kwh in engine Xoutput (SFOC) based on the engine efficiency of the main/auxiliary engine. Calculated based on bunker consumption from operated vessel voyages based on data from IMOS and Spinergie. PM2.5 (metric tonnes): Following ESRS E2-4 and the IMO 4th GHG study. PM2.5 emissions are influenced by engine type and fuel sulphur content. NORDEN uses the same average sulphur content used in the SO calculation and assumes 175/195 g/kwh in engine Xoutput (SFOC) based on the engine efficiency of the main/auxiliary engine. Calculated based on bunker consumption from operated vessel voyages based on data from IMOS and Spinergie. Estimated to be 92% of the PM10. NMVOC (metric tonnes): Following ESRS E2-4 and the IMO 4th GHG study. NMVOC emissions are influenced by engine type. NORDEN assumes 175/195 g/kwh in engine output (SFOC) based on the engine efficiency of the main/auxiliary engine. Calculated based on bunker consumption from operated vessel voyages based on data from IMOS and Spinergie. HM (metric tonnes): Following ESRS E2-4 and the IMO 4th GHG study. ESRS E2-4 requires the reporting company to report HM emissions to water and air. NORDEN uses the conversion factors reported by the US EPA for HM air pollution. Calculated based on bunker consumption from operated vessel voyages based on data from IMOS and Spinergie. Water pollutionHM (metric tonnes): Following ESRS E2-4. HM in water stems from scrubber-fitted vessels. We estimate the water pollution using values from the ICCT. Emissions into water are only relevant for open-looped scrubbers since pollutants stem from the wash water. PAH (metric tonnes): Following ESRS E2-4. The concentration of PAHs in the discharged wash water is assumed to comply with IMO guidelines as described in the Resolution MEPC.340(77) of 50 µg/l (2.25 g/MWh). Emissions into water are only relevant for open-looped scrubbers since pollutants stem from the wash water.Ecological impactsShipping duration in marine-protected areas or areas of protected conservation status (days): Following TR-MT-160a.1, but NORDEN reports only on days in emission control areas (ECA) based on a materiality assessment. Total ECA days are calculated as the sum of sea and port days in ECA zones on owned or operated voyages based on data from IMOS and Spinergie.Percentage of fleet implementing ballast water exchange (%): Following TR-MT-160a.2, reporting only on owned vessels by NORDEN in the reporting period. Calculated as the residual between vessels having implemented a ballast water treatment system and the total number of owned vessels. Does not include the tugs used for the Gabon project. Percentage of fleet implementing ballast water treatment (%): Following TR-MT-160a.2, calculated as the percentage of NORDEN's vessels having implemented ballast water treatment divided by the number of owned vessels. Reported by the internal technical depart-ment on NORDENâs owned vessels. Does not include the tugs used for the Gabon project. The number of spills and releases to the environment: Following TR-MT-160a.3, NORDEN reports on all spills that significantly harm the environment from owned vessels. Reported by vessel technical manager on NORDENâs owned vessels. The aggregate volume of spills and releases to the environment 3(m): Following TR-MT-160a.3, NORDEN reports on all spills that significantly harm the environment from owned vessels. Reported by vessel technical manager on NORDENâs owned vessels.Activity measuresNumber of shipboard employees: Following TR-MT-000.A. Ship-board employees are those employees who work aboard the enti-tyâs vessels during the reporting period. Reported as the average number of employees. Total distance travelled by vessels: Following TR-MT-000.B. Reported as the sum of nautical miles travelled on owned or oper-ated voyages during the reporting period. Does not include the tugs used for the Gabon project.Operating days: Following TR-MT-000.C. Operating days are calcu-lated as the number of available days in a reporting period minus the aggregate number of days that the vessels are off-hire due to unfore-seen circumstances. Including internal voyages.Deadweight tonnage: Following TR-MT-000.D. Deadweight tonnage is the sum, for all owned vessels at the end of the reporting period, of the difference in displacement in deadweight tons between the light displacement and the loaded displacement. Does not include the tugs used for the Gabon project.Number of vessels in the total shipping fleet: Following TR-MT000.E. Reported as the number of owned vessels at the end of the reporting period. Does not include the tugs used for the Gabon project.Number of vessel port calls: Following TR-MT-000.F. Reported as the number of vessel port calls in the reporting period for owned or operated voyages.Twenty-foot equivalent unit (TEU) capacity: NORDEN does not report on this metric in the SASB Marine Transportation standard as it is considered out of scope.Social performanceOwn workforceGeneral statement of scope and boundaries: Scope for the full-time workforce, accounted for as full-time equivalent (FTE) onshore, includes permanent and time-limited employees (fixed-term jobs, student jobs and temporary hires) in NORDENâs offices, except for the indicators âRetentionâ and âTurnoverâ, in which the scope includes average FTE number onshore relating to permanent and full-time employees. All social KPIs are based on NORDENâs HR system, Fairsail.NORDENâs own workforce includes primarily employees and to a limited extent non-employees who are either self-employed or provided by companies that primarily perform employment activi-ties. Given the limited extent of non-employee workers, NORDEN is not considering the disclosure requirement (DR) S1.7: Characteristics of non-employee workers in the undertakingâs own workforce, to be material and will therefore not report on the DR. Employees (FTE): Average full-time equivalent number of employees onshore as defined in NORDENâs HR system. Nationalities represented (of the total workforce): Number of nationalities in the total workforce based on NORDENâs HR system. New hires: Calculated as the sum of headcounts being hired during the reporting period.The gender distribution in number at top management: Top management is defined as the senior management in the Corpo-rate Governance section. The number of each gender is based on NORDENâs HR system and aligns with the ESRS 1-9: Diversity Indica-tors. The gender distribution in percentage at top management: Top management is defined as the senior management in the Corporate Governance section. The number of each gender divided by total top management headcount based on NORDENâs HR system and aligning with the ESRS 1-9: Diversity Indicators. Total number of turnover: The number of leavers (all leavers) in the reporting period based on NORDENâs HR system aligning with the ESRS S1-6: Characteristics of the undertakingâs employees. Turnover rate: The number of leavers (all leavers) in the reporting period divided by the number of employees at the beginning of the reporting period based on NORDENâs HR system as per the ISO 30414 standard and GRI 401-01 b with age data from HR system birth dates. Retention rate: One minus the number of resignations (voluntary leavers) in the reporting period divided by the number of employees at the beginning of the reporting period based on NORDENâs HR system based on GRI 401-01 b with age data from HR system birth dates. Engagement score: Provided by a third-party supplier of the Engagement and Harassment Survey. The score is standardised to per cent, with 100% representing maximum engagement. The survey recurs on an annual basis. All of NORDENâs own employees are part of the engagement survey. A third party provides bench-mark scores with NORDENâs knowledge of calculations and weights of benchmark categories. Lowest represented gender among own workforce (%): The percentage of the average number of the gender with the lowest represented FTE out of the total average number of FTEs during the year based on NORDENâs HR system. Lowest represented gender among managers (%): Average number of the gender with the lowest represented FTE in manager positions out of a total average number of FTEs. A manager position is defined as a person responsible for a team of at least one other FTE as defined in the HR system. Lowest represented gender among commercial roles (%): The percentage of the average number of the gender with the lowest represented FTE out of the total average number of FTEs in commer-cial roles during the year based on NORDENâs HR system. Commer-cial roles include the CEO, ship operators, charterers, FFA traders, commercial and portfolio managers. The remaining are considered support roles.Workers in the value chainGeneral statement of scope and boundaries: NORDEN defines workers in the value chain as all non-employee workers whose work and/or workplace is controlled by the undertaking but are not included in the 'own workforce' scope. Based on the materiality assessment of NORDENâs social impacts, the scope of workers in the value chain includes our seafearers on our owned vessels, who are employed by technical managers.Lost time incident rate (LTIR): Following TR-MT-320a.1. Calculated based on the number of registered work-related accidents which cause a seafarer to be unable to work for more than 24 hours per 1 million working hours due to work-related injury. Numbers are reported by vessel technical managers on NORDENâs owned vessels.Rest hour violations intensity: Calculated as the number of rest hour violation hours divided by the working hours in the reporting period by shipboard employees. Numbers are reported by vessel technical managers on NORDENâs owned vessels. The calculation of ship-board employees follows the TR-MT-000.A. In 2023, the numbers exclude the logistics operation in Gabon.Accident & safety management The number of marine casualties and percentage classified as very serious: Marine casualties are calculated as the number of fatalities. The percentage classified as very serious includes LTIs and fatalities, with fatalities considered very serious. Reported on owned vessels by the vessel technical manager.The number of conditions of class or recommendations: Following TR-MT-540a.2 and reported on owned vessels by the vessel tech-nical manager.The number of port state control (1) deficiencies and (2) detentions: Following TR-MT-540a.3 and reported on owned vessels by the vessel technical manager.Governance performanceSustainable procurementStrategic suppliers screened for ESG (%): Based on a list of stra-tegic suppliers from 2022, NORDEN reports on the number of these having been screened for ESG-related risks divided by the total strategic suppliers to NORDEN. Strategic suppliers to NORDEN are defined based on three critical metrics; spending, materiality for NORDEN and whether the vendor is in a high-risk country. The metric is accumulative from 2022 and forward.Business conductThe number of calls at ports in countries that have the 20 lowest rankings in Transparency Internationalâs Corruption Perception Index: Following TR-MT-510a.1. Calculated as the number of port calls (see definition of port calls under activity measures) being in the 20 lowest rankings in the Transparency Internationalâs Corrup-tion Perception Index.The total amount of monetary losses because of legal proceedings associated with bribery or corruption / The total amount of fines for violation of anti-corruption and anti-bribery laws (USD): Following TR-MT-510a.2 and ESRS G1-4. Reported by the Head of Group Legal and validated against spending in the audited accounts.The number of convictions and the amount of fines for violation of anti-corruption and anti-bribery laws: Following the ESRS G1-4. Reported by the Head of Group Legal.Staff completed E-learning course: Share of eligible employees having passed NORDEN's Anti-Corruption course. Eligible employees are full-time employees on a permanent contract who have worked with NORDEN the entire reporting year. Employees on maternity or sickness leave are considered non-eligible. Retrieved from our external provider of anti-corruption courses and HR system. BoardGender with lowest representation share on Board of Directors (%): Percentage of shareholder-elected gender with lowest representa-tion on the Board of Directors out of the total number of sharehold-er-elected board members at year end.Double materiality assessmentThis section describes NORDEN's materiality assessment process and complies with the disclosure requirement IRO-1: description of the process to identify and assess material impacts, risks and oppor-tunities. The section should allow readers to fully understand the process for determining which disclosure requirements to include in our sustainability statement.The DMA follows a structured governance process, with clearly defined roles and responsibilities to ensure the accuracy and relevance of the DMA and the selection of DPs for inclusion in the sustainability statement. The Board of Directors bears the ultimate responsibility for reviewing the DMA, ensuring that all relevant IROs have been captured. Before being presented to the Board of Direc-tors, the DMA is up for review and approval by the ESG Body and Audit Committee.To the extent possible, we seek to base all our rankings on objective criteria, however, we do see several IROs needing to be evaluated based on judgement using internal stakeholders with expertise in the areas. Our DMA has followed three steps inspired by the published implementation guidance from EFRAG:Step 1: Understanding the context of our operations.⢠Mapping of our activities, products/services and geographic loca-tions of these activities. ⢠Mapping of business relationships and upstream/downstream value chain. ⢠Mapping of affected stakeholders across our activities and busi-ness relationships. Step 2: Identifying the actual and potential IRO related to sustainability matters.⢠Creating a, to the extent possible, complete list of IROs for further assessment and analysis. In addition to the sub-topic list provided by the ESRS following AR 16, which serves as a guide for topics to be considered in the assessment, NORDEN leverages IMO, SASB, GRI and MSCI sustainability reporting frameworks for the identifi-cation of sector/entity-specific matters.Step 3: Assessing and determining the material IROs related to sustainability matters.⢠Applying objective criteria using appropriate quantitative and/or qualitative thresholds to assess the materiality of current and potential impacts. Materiality is based on severity and, for poten-tial impacts, likelihood. All IROs are assessed on a gross basis.⢠The criteria are scale, scope and irremediable character of the impact, for actual negative impacts. For potential and actual positive impacts, we will include an estimate of the likelihood of occurrence.⢠Financial materiality to be assessed based on objective thresholds for likelihood and magnitude. We are evaluating whether the IROs have a material impact on financial position, cash flows or access to capital/impact on the cost of capital.Our primary focus has been on conducting in-depth internal ana- lyses and leveraging established industry frameworks and regula-tory guidelines (such as IMO, SASB, and MSCI) to identify and assess the impacts, risks, and opportunities (IROs) related to the DMA. This strategic emphasis ensured that our internal processes were thor-oughly developed and robust before initiating deeper stakeholder engagement.Waiting on the sector-specific disclosure requirements under the ESRS, NORDEN has initially identified relevant sustainability matters leveraging existing sector-specific sustainability reporting stand-ards such as the SASB Marine Transportation and the MSCI ESG materiality map. Additionally, we have used regulations enforced by the IMO for guidance (e.g. guidelines of biofouling), arguing that IMO regulation is centred around mitigating the key impacts of the shipping industry.Impact materiality The impact materiality assessment is based on the three criteria for severity: scale, scope and irremediability as well as likelihood. Scores are considered continuous within their ranges from 0-5. Scores for each IRO were averaged between severity and likelihood to generate a final impact materiality score. Financial materiality Risk and opportunities are rated based on the principles for financial materiality. The assessment is based on two criteria: the likelihood of occurrence and the potential magnitude of financial effects in the short, medium and long term. Size of impact is based on the expected impact on net profit. The overall score is based on the average between likelihood and size.DMA process and resultsAfter developing the framework for evaluating materiality, we organised three dedicated workshops focusing on Environmental, Social and Governance topics. The primary goal of these workshops was to assess the materiality of each identified IRO by leveraging the expertise of topic owners and in-house specialists.Prior to the workshops, participants were provided with briefing documents that included a full list of IROs, detailed scoring criteria, and summaries of relevant research findings. This preparation ensured that all attendees had a clear understanding of the assess-ment framework and were ready to contribute effectively to the discussions.During the workshop, each IRO was presented along with any avail-able data and supporting research. Participants engaged in struc-tured discussions, sharing insights based on their areas of expertise. For topics with clear and established research on the impacts of the industry (mainly climate change, air pollution and invasive species), materiality was recognised based on existing literature and industry consensus, aligning with the EFRAG guidelines. No further internal analysis was conducted of these topics, as their significance was already well-documented.For other topics with less clarity regarding their impacts, the team performed qualitative assessments. They relied on their professional judgement, supported by existing reporting frameworks, studies within specific sub-topics, and comparisons with industry peers. This approach allowed us to evaluate the severity and likelihood of each IRO in the absence of extensive quantitative data.Scores were assigned through participant consensus, ensuring that diverse perspectives were considered and that the evaluations were balanced and objective. The workshops resulted in a list of material IROs for each ESG dimension. All IROs are categorised as short, medium or long term. NORDEN defines short term as current reporting period, mid term as within a time frame of five years and long-term as a time frame exceeding 5 years.As a result of the double materiality process, we identified the following six topical standards of the ESRS as material:⢠Climate change⢠Pollution⢠Biodiversity & ecosystems⢠Own workforce⢠Workers in the value chain⢠Business conductWhile these topics are considered material and are included in our Sustainability Statement, we have assessed other topics from the ESRS and determined that E3, E5, S3, and S4 are non-material for NORDEN. Below, we provide detailed reasoning for their exclusion:E3 Water and Marine Resources: NORDEN's operations involve maritime transportation, which primarily occurs on international waters and within port facilities. Our vessels do not engage in signifi-cant water withdrawal activities from freshwater sources. Water used on board is minimal and primarily for domestic purposes, sourced from port facilities where it is already treated and regulated.E5 Resource Use and Circular Economy: Waste generated includes operational waste (e.g., packaging, maintenance waste) and domestic waste from crew activities. The primary materials consumed in our operations are fuels, which are addressed under E1: Climate Change and E2: Pollution. Other material consumption, such as lubricants, paints, and maintenance supplies, is minimal in quantity. Generally, shipping is not a very waste-intensive industry making the topic less relevant for us. S3 Affected Communities: NORDENâs operations are primarily conducted offshore and within established port facilities, which are industrial areas with existing infrastructure and regulations. Our interactions with local communities are limited. We do see some interaction with local communities in our upstream value chain from shipyards and in our logistics project in Gabon. However, the scale and scope of those operations do not justify an inclusion in our external reporting. S3 is a topical standard that could become mate-rial if we scale our logistics business significantly. S4 Consumers and End-users: NORDEN does not produce consumer goods or products that are consumed or used by end-users in the traditional sense. Our services facilitate the trans-portation of goods owned by our customers. Hence, the topical standard is not relevant for us. We keep monitoring these areas and will reassess their materiality annually or if circumstances change. Should any of these topics become more relevant due to operational changes, stakeholder concerns or emerging risks, we will update our materiality assess-ment accordingly.Limitations and areas for further clarification While NORDEN has undertaken a comprehensive DMA, there are several areas where the impacts of our operations remain challenging to fully identify, assess, or quantify. These limitations primarily arise due to the following factors:We are aware that our operations, particularly maritime transport, contribute to noise pollution, which can have adverse effects on marine life and nearby communities. However, at present, we do not have sufficient data to evaluate the scope or scale of this impact accurately. In the absence of concrete data, we have applied a best guess approach in our assessment, acknowledging the limitations of this method. We are open to adopting new research and method-ologies as they emerge, and we plan to reevaluate this impact once more robust data or assessment tools become available.Certain sustainability matters, such as biodiversity impacts, are areas where scientific understanding and industry best practices are still evolving. While we recognise the potential significance of these issues, the long-term impacts, especially in relation to specific ecosystems, are not yet fully understood or quantifiable.NORDEN will perform a yearly reassessment of the DMA to ensure that our materiality assessments remain current and reflective of both internal and external changes. Key triggers for reassessment will include the availability of new research and data, mergers and acquisitions (M&A) activity, or the initiation of new logistics projects. These events may introduce new IROs or shift the scale and scope of existing impacts, requiring a fresh evaluation of our sustainability matters.EU Taxonomy Turnover NORDENâs revenue-generating activities are generally consid-ered eligible. Revenue from time chartered-out vessels (TCO) and subleases as well as income earned from the administration of pool arrangements are not considered eligible. The latter is reported as part of Other operating income in the consolidated financial state-ments. The reported turnover corresponds to Revenue - services rendered, external, which can be found in note 2.1 "Segment infor-mation". Aligned turnover decreased from USD 14 million in 2024 to USD 0 million in 2025 (0%).Capital expendituresCapEx as defined in the Taxonomy is considered equivalent to the 'additions' and 'prepayments on vessels and newbuildings', as set out in note 3.4 to the Consolidated Financial Statements, and addi-tions to 'Right-of-use assets' as set out in note 3.5 to the Consoli-dated Financial Statements. CapEx incurred is generally considered eligible, except if CapEx is incurred directly relating to chartering out vessels. 0% of CapEx was aligned in 2025, unchanged from the 2024 level. Operating expenditures OpEx as defined in the Taxonomy covers expenditures directly related to chartering, maintaining and operating vessels, and is equivalent to 'Vessel operating costs' as presented in the "income statement" in the Consolidated Financial Statements less operating costs for owned vessels and daily running costs for leased vessels (expenses related to the service component in note 3.5). OpEx incurred is generally considered to be eligible under the Taxonomy, except if relating to owned vessel OpEx or vessels chartered out. NORDEN includes costs related to the bunker, as these are considered crucial for the effective functioning of the asset (time-chartered vessels on short-term leases). Review of alignment To align with the EU Taxonomy, eligible economic activities must a) contribute to one or more of six environmental objectives, b) do no significant harm (DNSH) to the remaining objectives and c) meet the minimum social safeguards. The six environmental objectives outlined in the EU Taxonomy are climate change mitigation, climate change adaptation, sustainable use of water & marine sources, circular economy, pollution prevention and a healthy ecosystem. Following the identification of eligible activities, NORDEN has applied the technical screening criteria under the EU Taxonomy to evaluate whether our activities are aligned with one of the EU objec-tives, do no significant harm to other Taxonomy objectives and are aligned with the minimum social safeguards criteria. All NORDENâs activities fall under activity number 6.10: 'Sea and coastal freight water transport, vessels for port operations, and auxiliary activities'. In the section below, we describe the process of screening our activities for the technical criteria in the Taxonomy of each activity in NORDEN. Activity number 6.10: Sea and coastal freight water transport, vessels for port operations, and auxiliary activities'Our assessment of alignment is based on the technical criteria from substantial contribution to climate change mitigation. Following the technical criteria, alignment forbids vessels from being dedi-cated to the transport of fossil fuels. Therefore, tanker vessels are excluded from the alignment criteria, despite the ability of tanker vessels to transport soft oils. This trade is considered immaterial for the consideration of including some share of product tanker activ-ities as eligible and potentially aligned. Dry cargo vessels are only subject to potential taxonomy alignment if the EEDI is 10% below the requirement applicable on 1 April 2022, and if the vessels can run based on zero-direct CO emission fuels or on fuels from renewable 2sources. The latter includes vessels eligible for running on biofuel (ref: activity number 4.13). Currently, NORDEN only has EEDI scores on owned vessels, where the building contract was placed on or after 1 January 2013, or the vessel was delivered on or after 1 July 2015. The EEDI scores are collected from our technical managers. As of 2025, the required EEDI for bulk vessels is calculated using the IMO reference line equation and subtracting 30%. Alignment with the screening EEDI criteria requires that a vesselâs EEDI is 10% below the required EEDI, i.e. 10% below the IMO EEDI requirement. During the financial year 2025, NORDEN operated no vessels aligned with the EEDI criteria. All of these are eligible for running on biofuel as per certification from the Danish Maritime Authorities (Søfartsstyrelsen) to run at a 100% biofuel capacity. Therefore, solely vessels under the Danish Interna-tional Ship Register (DIS) are subject to alignment, as certification for 100% biofuel consumption has not been obtained by other flag authorities. NORDEN notes that all its vessels can run at 30% biofuel capacity without pre-certification from any flag state. Having secured alignment with the technical criteria under the objec-tive of climate mitigation, we assess whether the activity does harm to any of the remaining environmental objectives, i.e., live up to all the DNSH criteria. Below is a review of NORDENâs alignment with the remaining five objectives:Climate adaptation Activity number 6.10 is expected to be affected by changing temper-atures, leading to more frequent extreme weather events (e.g. drought or storms) and scarcity of water, impacting trade patterns and volumes. NORDEN does not consider physical climate risks to have a material impact on its economic activity. This is due to our agile operator model, allowing us to comply with and adapt to changing trade patterns. NORDEN intends to leverage its use of data to improve predictions and decision-making, mitigating the impact on its business relative to its peers. In addition, we intend to expand our logistics offering beyond tramp shipping via the Assets & Logistics business unit. The IPCC has five major climate scenarios: RCP 1.9, 2.6, 4.5, 6 and 8.5. RCP 1.9 would impose limited climate risks, but heavy transi-tional risks for NORDEN (following the Paris agreement), while RCP 8.5 would increase the physical climate risks as the frequency and intensity of extreme weather would surge. This could potentially lead to margin erosion as the risks of damage to ships and cargo increase. NORDEN intends to mitigate the risks related to climate change by extensive use of weather routing systems when pricing, securing appropriate insurance coverage and assessing the risk of freight contracts as well as including chronicle risks when evaluating business opportunities. Based on the assessment above, we believe NORDEN is aligned with the generic climate adaptation criteria for DNSH. Water NORDEN is monitoring and assessing the impact of our operation on marine life. As part of our adaption of the SASB Marine Transpor-tation reporting standard, we report on the share of owned vessels having implemented ballast water treatment systems (BWTS), voyage duration in marine-protected areas and oil spills. These are all considered relevant issues to NORDEN. Having a high percentage of our vessels with BWTS, we avoid the risk of invasive species. We reduce water pollution using best management practices/policies aligned with the Directive 2000/60/EC stating that companies should take measures to prevent, reduce and control water pollu-tion. NORDEN follows IMO standards for all its operations and considers IMOâs regulation on water regulation to be adequate in terms of doing no significant harm to the waters in which we sail. Based on the review above, we believe NORDEN is aligned with the generic water criteria for DNSH. Circular economy Aligned with Regulation (EU) No 1257/2013, NORDEN has imple-mented waste management plans and uses the best techniques available to reduce the environmental impact of waste management. NORDEN keeps track of the waste generated on board vessels and the disposal of such via the onboard logbooks, which are reported to the technical managers. NORDENâs business model involves operating a modern fleet of vessels, selling and redelivering vessels long before vessel end-of-life. Should NORDEN face situations in which recycling of a vessel is relevant, NORDEN has a Responsible Ship Recycling Policy meaning we have measures in place to manage waste at the end-of-life of the vessel. NORDEN complies with Annex V. This requires ships to take meas-ures to prevent accidental loss of garbage and to have equipment on board to collect and store garbage, as well as procedures to ensure that it is disposed of properly. Annex V is enforced by the IMO and is thus a standard in the shipping industry.Pollution prevention All technical criteria under the objective are considered IMO stand-ards. Thus, NORDEN is required to comply. Based on the review above, we believe NORDEN is aligned with the generic pollution prevention criteria for DNSH. Biodiversity All technical criteria under the objective are considered IMO stand-ards. Thus, NORDEN is required to comply. Based on the review above, we believe NORDEN is aligned with the generic biodiversity criteria for DNSH.Minimum safeguards The OECD Guidelines are considered a standard for responsible business conduct. The guidelines cover a wide range of issues, including labour rights, bribery and corruption, environmental protection and human rights. NORDEN has human rights policies aligning with the OECD and UN Guidelines and is deeply involved in securing an anti-corruption foundation for shipping with its activities involving MACN and focusing on educating its employees in anti-bribery via e-learning courses. Mash Makes works continuously to ensure that employees enjoy safe, healthy and fair working condi-tions. In line with these commitments, NORDEN has implemented a rigorous due diligence process to identify and address salient human rights risks in its operations. This process involved conducting multiple interviews with employees and managers, providing an in-depth understanding of the potential risks related to NORDEN's activities. The findings from these interviews, along with proposed preventive and mitigating actions, were thoroughly reviewed and approved by NORDEN's ESG owner. Based on such argumentation, we believe NORDEN is aligned with the minimum safeguards criteria that enable EU Taxonomy-aligned activities reporting under both activity numbers 4.13 and 6.10.POLICIESAnti-Corruption Compliance Programme: The purpose is to ensure compliance with key anti-corruption legislation, mitigate NORDENâs reputational risks and guide employees in what is expected when working for NORDEN. The policy applies to all employees and the Board of Directors. Ownership and enforcement of the programme rest with the Head of Asset Management, and the programme is acces-sible on the Intranet and described in the Employee Code of Conduct. Anti-Harassment Policy: NORDEN is committed to ensuring all employees are treated equally and with respect, safeguarded from harassment, abuse and violence in the workplace, regardless of their background or characteristics. This applies to all forms of harass-ment, whether physical, verbal, sexual or psychological, and includes all NORDEN employees and contractors. The policy, overseen by the Head of People & Sustainability, extends to any work-related setting and is integral to our corporate culture. It is detailed on our website, Intranet and in the Employee Code of Conduct.Climate Mitigation Policy: The policy states our commitment to achieving net-zero emissions by 2050 across all GHG scopes, describing how we measure and reduce emissions through initia-tives such as lower vessel speeds, regular hull cleanings, and the use of biofuels. Ownership and enforcement of the policy rest with the COO of Assets and Logistics, and it is available on our website.Data Ethics Policy: The policy states our data ethics principles, describing how we collect, store, process and protect data for the benefit of our employees, customers, business partners and other stakeholders. This Data Ethics Policy applies to all employees and has been prepared in accordance with GDPR requirements and section 99 d of the Danish Financial Statements Act. Ownership and enforce-ment of the policy rest with the CFO, and it is available on our website https://norden.com/investor/governance/policies-and-chartersDiversity, Equity & Inclusion Policy: NORDEN is committed to respecting and promoting diversity, offering equal opportunities and ensuring fair treatment for all employees. We strictly oppose any form of discrimination, whether based on race, gender identity, religion, political views or any other distinguishing characteristics. Our employment practices, including hiring, remuneration, training and advancement, are governed by relevant and objective criteria. The policy, overseen by the Head of People & Sustainability, applies to every NORDEN employee and is detailed on our website, Intranet and in the Employee Code of Conduct. In compliance with Ã
RL 107d and 107f.Employee Code of Conduct: NORDEN's Employee Code of Conduct outlines the ethical, social and environmental standards all employees are expected to follow. It serves as a guide for deci-sion-making and maintaining high standards of business conduct. The Code encompasses policies that reinforce NORDEN's commit-ment to sustainability and supersedes less stringent laws or regula-tions. Ownership and enforcement of the Code rest with the Head of People & Sustainability. It is accessible on the Intranet, provided to new hires during onboarding and must be acknowledged annually to ensure comprehension of any updates.Flexible Woking Policy: NORDEN values flexibility, offering remote work and flexible hours to foster work-life balance and inclusivity. This policy, suited to all employees, balances flexibility with maintaining connectivity, innovation and performance. Office presence may be required for certain roles and situations. The policy is approved by the Head of People & Sustainability and is available on our Intranet. Health and Safety Policy: NORDEN prioritises a safe and healthy workplace, addressing physical, emotional, mental and spiritual well-being. We aim to exceed legal standards and align with ILO principles on workplace health and safety. This policy, overseen by the Head of People & Sustainability, applies to all employees and is detailed on our website, Intranet and in our Employee Code of Conduct.Human Rights Policy: NORDEN is committed to upholding human and labour rights as outlined in the International Bill of Human Rights and the International Labour Organisation's Declaration. This encompasses rights related to compensation, labour practices, privacy, association, religion and work hours. The Head of People & Sustainability ensures these principles are integrated into our culture and practices. The policy is detailed on our website, Intranet and in our Employee Code of Conduct. We expect all employees and business partners to adhere to these standards, reinforced through our Responsible Supply Chain Management process, Supplier Code of Conduct and Technical Manager Code of Conduct.Modern Slavery Act: Conducting business in a legal, ethical and socially responsible manner is core to NORDEN and in line with our values. We are committed to ensuring that modern slavery or human trafficking does not occur in any part of our business or supply chain. NORDENâs framework for respecting human and labour rights is operationalised by the UN Guiding Principles on Business and Human Rights (UNGP), which draws on the International Bill of Human Rights, the International Labour Organisationâs Declaration of Fundamental Principle and Rights at Work and the Rio Declaration on Environment and Development. Ownership and enforcement rest with the Head of People & Sustainability, and the policy is available on NORDENâs website, Intranet and described in our Employee Code of Conduct.Procurement Policy: This policy sets out the principles and proce-dures around supplier procurement activities, ensuring that every purchase is handled with transparency, compliance and efficiency. The policy provides a structured framework for the supplier sourcing process, risk management and contract governance, helping NORDEN to achieve our strategic objectives while maintaining focus on cost, value and supplier risk.Sanctions Compliance Programme: NORDEN's Sanctions Compliance Programme is implemented to ensure that NORDEN, its affiliated companies and employees do not engage in any transactions in breach of the sanctions policy. The sanctions policy is defined by the Board of Directors, and it is the responsibility of the Head of Risk Management to ensure the Sanctions Compliance Programme is followed and the sanctions policy is implemented and available on our Intranet.Supplier Code of Conduct: The Supplier Code of Conduct supports NORDEN in building a sustainable practice by establishing systems and processes to manage our adverse impacts on human and labour rights, environment and anti-corruption through our purchasing practices. NORDEN expects all our suppliers, at any time, to be able to declare in writing their stage of implementation. Ownership and enforcement of the Code rest with the Head of Procurement and is part of the contractual agreement. The Supplier Code of Conduct is available on our website https://norden.com/investor/governance/policies-and-charters Tax Policy: The purpose of the Tax Policy is to define the global management of taxes, including governance and structuring. As part of NORDENâs responsible approach to tax, NORDEN aims to increase sustainable growth and value creation for society and our stakeholders through reliable and effective tax management. NORDEN uses the arm's length principle of pricing in line with OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administration and applies this consistently across our businesses. The Board of Directors of NORDEN approves general tax principles and exercises governance over corporate tax affairs through regular updates on our tax positions. Ownership and enforcement of the policy rest with the CFO and the policy is available on our website.Technical Manager Code of Conduct: NORDEN's Technical Manager Code of Conduct outlines the ethical, social and envi-ronmental standards which all NORDENâs technical managers are expected to follow. It serves as a guide for maintaining high stand-ards of business conduct. The Code encompasses policies that reinforce NORDEN's commitment to sustainability and supersedes less stringent laws or regulations. Ownership and enforcement of the Code rest with the Head of Technical Management, and it is part of the basis for the contract between the parties and must be acknowledged by the technical managers annually to ensure comprehension of any updates.Whistleblower scheme: NORDEN promotes a speak-up culture where employees are encouraged to report misconduct without fear of retal-iation. This applies to everyone associated with NORDEN, including workers in our value chain and external partners. Reports can be made anonymously and are managed by the Head of Group Legal and the Board of Directors. The whistleblower scheme is detailed on our website, Intranet and in our Employee Code of Conduct.ESG PERFORMANCE DATASASB Marine transportation indexTopic Metric Unit Code 2025 2024 2023Greenhouse Gas Emissions Scope 1 bunker emissions Metric tonnes (t) COe TR-MT-110a.1 3,586,063 4,396,938 3,834,4372Total energy consumed (TJ) Terajoules (TJ) TR-MT-110a.3 46,659 57,193 49,901Percentage heavy fuel oil Percentage (%) TR-MT-110a.3 16.4% 11.2% 5.9%Percentage renewable Percentage (%) TR-MT-110a.3 0.5% 0.3% 0.1%Average Energy Efficiency Design Index (EEDI) for new vessels CO per capacity-nm TR-MT-110a.4 3.8 2.1 4.32Air Quality NOMetric tonnes (t) TR-MT-120a.1 94,364 115,290 101,678XSOMetric tonnes (t) TR-MT-120a.1 9,092 11,284 9,894XPM10 Metric tonnes (t) TR-MT-120a.1 4,527 5,694 4,941Ecological Impacts Shipping duration in marine-protected areas or areas of protected conservation status Number of travel days TR-MT-160a.1 27,655 22,203 21,458Percentage of fleet implementing ballast water treatment Percentage (%) TR-MT-160a.2 100% 100% 100%Percentage of fleet implementing ballast water exchange Percentage (%) TR-MT-160a.2 0% 0% 0%Number of spills and releases to the environment Number TR-MT-160a.3 0 0 0Aggregate volume of spills and releases to the environment Number, cubic metres TR-MT-160a.3 0 0 0Health & Safety Lost Time Incident Rate (LTIR) Rate TR-MT-320a.1 0.0 1.3 1.0Business Ethics Number of calls at ports in countries that have the 20 lowest rankings in Transparency Internationalâs Corruption Perception Index Number TR-MT-510a.1 57 43 58The total amount of monetary losses as a result of legal proceedings associated with bribery or corruption Reporting currency TR-MT-510a.2 0 0 0Accident & Safety Management Number of marine casualties Number TR-MT-540a.1 0 0 0Percentage classified as very serious (very serious = the total loss of the ship, a death, or severe damage to the environment) Percentage (%) TR-MT-540a.1 0% 0% 0%Number of Conditions of Class or Recommendations Number TR-MT-540a.2 4 29 15Number of port state control deficiencies Number TR-MT-540a.3 27 38 26Number of port state control detentions Number TR-MT-540a.3 0 1 0Number of shipboard employees Number TR-MT-000.A 377 431 461Total distance travelled by vessels Nautical miles (nm) TR-MT-000.B 13,042,465 15,867,410 13,989,053Operating days Days TR-MT-000.C 169,730 200,557 196,388Deadweight tonnage Thousand DWT TR-MT-000.D 1,402 1,725 1,573Number of vessels in total shipping fleet Number TR-MT-000.E 12 14 19Number of vessel port calls Number TR-MT-000.F 8,777 9,738 9,496Twenty-foot equivalent unit (TEU) capacity TEU TR-MT-000.G NA NA NAESRS indexDisclosure Section Sub Section Metric Unitrequirement 2025 2024 2023E1 - Climate change Energy consumption and mix Fuel consumption from crude oil and petroleum products MWh ESRS E1-5 12,896,090 15,844,670 13,861,565Fuel consumption for renewable sources MWh ESRS E1-5 64,681 42,140 19,790Energy intensity USD / MWh ESRS E1-5 241 254 266Gross scopes 1, 2, 3 and total GHG emissions Gross Scope 1 GHG Emissions Metric tonnes (t) CO eq ESRS E1-6 3,586,063 4,396,938 3,834,4372Gross Scope 2 GHG EmissionsLocation based Metric tonnes (t) CO eq ESRS E1-6 451 522 4182Market based Metric tonnes (t) CO eq ESRS E1-6 6 427 3482Gross Scope 3 GHG Emissions Metric tonnes (t) CO eq ESRS E1-6 2,823,679 3,499,026 3,693,3832Total Gross GHG EmissionsLocation based Metric tonnes (t) CO eq ESRS E1-6 6,410,194 7,896,487 7,528,2382Market based Metric tonnes (t) CO eq ESRS E1-6 6,409,748 7,896, 392 7,528,1682GHG emissions intensityLocation based USD/Metric tonnes (t) CO eq ESRS E1-6 488 512 4902Market based USD/Metric tonnes (t) CO eq ESRS E1-6 488 512 4902E2 - Pollution Pollution of air, water and soil NOMetric tonnes (t) ESRS E2-4 94,364 115,290 101,678XSOMetric tonnes (t) ESRS E2-4 9,092 11,284 9,894XPM2.5 Metric tonnes (t) ESRS E2-4 4,165 5,239 4,546NVMOC Metric tonnes (t) ESRS E2-4 3,871 4,751 4,147Heavy metals in air Metric tonnes (t) ESRS E2-4 57 76 70Heavy metals in water Metric tonnes (t) ESRS E2-4 75 62 29PAHs Metric tonnes (t) ESRS E2-4 2 2 1G1 - Business conduct Confirmed incidents of corruption or bribery The total number and nature of confirmed incidents of corruption or bribery # ESRS G1-4 0 0 0The number of convictions and the amount of fines for violation of anti-corruption and antibribery laws ESRS G1-4 0 0 0EU TaxonomyDNSH criteria Turnover Substantial contribution criteria("Does Not Significantly Harm")Economic Activities (1)USDm % Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E TA. TAXONOMY-ELIGIBLE ACTIVITIES (A.1. + A.2.)A.1. Environmentally sustainable activities (Taxonomy-aligned) (A.1)Sea and coastal freight water transport CCM 6.10 0 0% Y N N N N N Y Y Y Y Y Y Y 0% E -Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1) 0 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0%Of which enabling 0 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0% EOf which transitional 0 0% 0% 0% TA.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)Sea and coastal freight water transport CCM 6.10 2,782 89% EL 79%Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 2,782 89% 89% 0% 0% 0% 0% 0% 79%Total turnover of Taxonomy-elgible activities (A.1 + A.2) 2,782 89% 79%B. TAXONOMY-NON-ELIGIBLE ACTIVITIESTurnover of Taxonomy non-eligible activities 329 11%Total (A+B) 3,111 100%DNSH criteria CapEx Substantial contribution criteria("Does Not Significantly Harm")Economic Activities (1)USDm % Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E TA. TAXONOMY-ELIGIBLE ACTIVITIES (A.1. + A.2.)A.1. Environmentally sustainable activities (Taxonomy-aligned) (A.1)Sea and coastal freight water transport CCM 6.10 0 0% Y N N N N N Y Y Y Y Y Y Y 0% E -Manufacture of biogas and biofuels for use in transport and of bioliquids CCM 4.13 0 0% Y N N N N N Y Y Y Y Y Y Y 0% E -CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) 0 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0%Of which enabling 0 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0% EOf which transitional 0 0% 0% 0% TA.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)Sea and coastal freight water transport CCM 6.10 438 100% EL 100%CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 438 100% 100% 0% 0% 0% 0% 0% 100%Total turnover of Taxonomy-eligible activities (A.1 + A.2) 438 100% 100%B. TAXONOMY-NON-ELIGIBLE ACTIVITIESCapEx of Taxonomy non-eligible activities 0 0%Total (A+B) 438 100%DNSH criteria OpEx Substantial contribution criteria("Does Not Significantly Harm")Economic Activities (1)USDm % Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E TA. TAXONOMY-ELIGIBLE ACTIVITIES (A.1. + A.2.)A.1. Environmentally sustainable activities (Taxonomy-aligned) (A.1)Sea and coastal freight water transport CCM 6.10 0 0% Y N N N N N Y Y Y Y Y Y Y 0% EOpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) 0 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0%Of which enabling 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0% EOf which transitional 0% 0% 0% TA.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)Sea and coastal freight water transport CCM 6.10 1,650 69% EL 75%OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 1,650 69% 75% 0% 0% 0% 0% 0% 75%Total turnover of Taxonomy-eligible activities (A.1 + A.2) 1,650 69% 75%B. TAXONOMY-NON-ELIGIBLE ACTIVITIESOpEx of Taxonomy non-eligible activities 729 31%Total (A+B) 2,380 100%Template 1 in Annex XII under the Complementary Delegated ActNuclear energy-related activities1. The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from Nonuclear processes with minimal waste from the fuel cycle.2. The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes Noof district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.3. The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district Noheating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.Fossil gas-related activities4. The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. No5. The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. No6. The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. No</mrv:SustainabilityReport>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx-1" id="f1__s9__7__7" xml:lang="en">Reporting standardsNORDENâs applicability under the Corporate Sustainability Reporting Directive (CSRD) was based on the 500-employee threshold. In the 2025 financial statements, the average number of employees remained below 500. Consequently, NORDEN was not subject to mandatory CSRD reporting for the year 2025.On 16 December 2025, the European Parliament approved the Omnibus in a final vote. Going forward, the revised scope now only includes companies with an employee threshold set at 1,000 and an annual turnover of EUR 450 million. Hence, we do not expect to become eligible for reporting under the CSRD in the future.Double materiality assessmentFollowing the double materiality process, we have identified sub-topics within the six topical standards of the ESRS to be material:⢠E1: Climate Change⢠E2: Pollution⢠E4: Biodiversity & Ecosystems⢠S1: Own Workforce⢠S2: Workers in the Value Chain ⢠G1: Business ConductWe provide a more detailed explanation of exclusion of topical standards in the DMA process description, which can be found in our accounting policies.</mrv:StatementOfCorporateSocialResponsibility>
<mrv:DescriptionofTheTaxonomyRegulation contextRef="ctx-1" id="f1__s9__7__10-1" xml:lang="en">Key metrics 2025 2024 Chg. Y/YTTW EEOI (g CO/tonne-mile) 8.5 8.5 0%2WTW EEOI (g COe/tonne-mile) 9.8 9.9 -1%2Cargo hold utilisation 82.1% 82.3% -0.2%pLaden utilisation 74.6% 74.8% -0.2%pAvg. speed (kts) 11.4 11.3 1%Avg. fleet (dwt) 76,325 73,501 4%Renewable fuel share 0.5% 0.3% 0.2%pBreakdown of EEOI by vessel and type2025 2024% TTW all TTW TTWassetsSmall Bulk Carrier 25.9 27.6 -6.0%Handysize 9.6 9.8 -2.4%Supramax 7.0 7.2 -2.6%Panamax 6.9 7.3 -5.8%Capesize 4.8 4.7 0.6%Dry cargo 7.5 7.7 -3.2%Fleet-adjusted 7.5 7.7 -3.4%Handysize T 29.3 22.8 28.6%MR 13.7 14.1 -2.6%LR2 7.1 6.5 8.7%Tankers 13.6 14.0 -3.1%Fleet-adjusted 13.6 13.8 -2.4%Total 8.5 8.5 -0.3%Fleet-adjusted 8.5 8.7 -3.2%changes to fleet composition, the EEOI has decreased from 8.7 to 8.5 corresponding to a decrease of 3% driven by higher share of biofuel on our voyages and increasing the average size of the fleet.The decrease on a like-for-like basis is mainly driven by a higher share of renewables, while being offset by lower laden utilisation and cargo utilisation.In the table below, we have summarised performance from 2024 to 2025 of the key metrics that drive the development in EEOI:Energy consumption and mixPerceiving energy consumption as a material sustainability impact, NORDEN reports on development in fuel consumption from crude oil and petroleum products, fuel consumption for renewable sources and energy intensity. By monitoring these metrics, NORDEN aims to create transparency on the share of fuel consumption from renew-able sources, allowing stakeholders to see progress on a medium and long-term basis. Furthermore, it allows stakeholders to distinguish between reduc-tions being created by operational decisions such as reduced speeds or customers being willing to pay for low emission freight solutions, which is seen in an increasing share of renewable fuel consumption. Finally, we report on the share of heavy fuel oil (HFO) in our fuel consumption to provide transparency on whether reductions in air pollutants are driven by a lower share of HFO, having high-emission factors for pollutants such as SO and PM2.5, further outlined in the XESRS index on page 95. NORDENâs EEOI frameworkNORDEN uses the EEOI metric as a performance indicator for fuel efficiency. EEOI measures the relationship between CO emissions from bunker fuel consumption and transport work (tonne-2nautical miles).NORDEN has divided EEOI into the main drivers that affect performance as this allows NORDEN to follow developments in the indicator on a more granular level. CO emission 2drivers are split into speed and bunker type, while transport work drivers are determined by cargo utilisation, laden utili-sation and fleet composition. The relationship between EEOI and the drivers listed is described as:⢠Speed: EEOI is positively correlated with speed.⢠Bunker type: EEOI is impacted by the WTT and TTW COe 2emissions related to the bunker type. Increasing the share of biofuel would decrease emissions and thereby EEOI.⢠Cargo utilisation: Measures the utilisation of cargo capacity during a voyage. Cargo hold utilisation is a number between zero and one. Higher cargo utilisation would increase transport work and fuel consumption as more energy is required for propulsion at a given speed with more cargo. The effect of increasing cargo utilisation is a decreasing EEOI.⢠Laden utilisation: Measures the relationship between laden and total miles. Laden miles are miles, where the vessel carries cargo. Transport work is calculated as the product of nautical miles and cargo carried. Holding everything else constant, higher laden utilisation would increase transport work and decrease EEOI.⢠Fleet composition: EEOI is highly impacted by fleet compo-sition. To make EEOI more comparable, NORDEN reports performance across vessel types and outlines the fleet-ad-justed EEOI, enabling a more transparent explanation of variations in the performance indicator year-on-year.NORDENâs fuel consumption from renewable sources increased from 42,140 MWh in 2024 to 64,681 MWh in 2025. This corresponds to 0.5% of NORDENâs fuel consumption on our operated vessels.Additionally, we are experiencing good traction on our carbon insetting solution to support the decarbonisation of our customersâ supply chains by bridging emission reductions made on NORDENâs biofuel voyages with customers looking to reduce emissions. Since the supply of low-carbon fuels such as biofuel is limited both in terms of production and geographic availability, the system provides an option for customers willing to pay to reduce emissions, who have previously been limited by trading routes. Being able to offer this solution to our customers, we are expecting an increasing share of renewable fuel consumption in the short to medium term.Metric 2025 2024Fuel consumption from crude oil and petroleum products 12,896,090 15,844,670Fuel consumption for renewable sources 64,681 42,140Energy intensity 240 254ESRS E2 PollutionImpacts, risks and opportunitiesMaritime shipping, while efficient in terms of CO emissions relative 2to the distance and weight of goods transported, presents multi-faceted environmental challenges. The varied nature of vessels, their cargo, fuels and materials renders them complex entities with a broad environmental footprint that spans both air and water ecosystems. In terms of pollutants, vessels, through combustion and energy transformation for propulsion and power, emit a mix of air pollutants. The primary ones include sulfur oxides (SO), nitrogen Xoxides (NO) and particulate matter (PM). In addition, although less Xprevalent, vessels emit non-methane volatile organic compounds (NMVOCs) and heavy metals (HM) into the air. These emissions are particularly concerning in high-traffic maritime areas and can travel great distances, affecting communities and regions far from the source. Efforts to regulate and reduce such emissions have led to a sustainability trade-off. The implementation of scrubbers to cut SO emissions, for example, has resulted in an increased release of Xpollutants into the sea through wash water from scrubbers. While striving to curb high sulfur bunker fuel use without scrubbers, these regulatory developments illustrate the complex interplay between reducing atmospheric pollution and protecting water quality.Another complexity is related to our ambition to improve fuel effi-ciency and reduce the EEOI by applying anti-fouling paint. This is a special coating applied to the hull and, in some cases, to the propeller of a vessel to slow the growth and facilitate detachment of subaquatic organisms, commonly known as fouling, which attach to the hull and have a substantial impact on the vessel's hydrody-namic performance. Specifically, it will result in increased resist-ance through the water due to elevated friction resulting from the considerably rougher hull surface caused by the fouling. As a direct consequence, fuel consumption is expected to rise significantly. While improving fuel efficiency and hence reducing the relative COe emissions from vessel operation, there is an increased risk of 2water pollution related to the biocide effect of persistent anti-fouling components. The industry started to have more focus on this topic, and new biocide-free coatings are already in the market, but the effectiveness in preventing fouling growth has yet to be proven.Pollution policyNORDEN is following the industry standard enforced by the IMO. This approach ensures that we remain aligned with the best avail-able practices while we await regulation from policymakers. Not complying with the regulation of the IMO may lead to financial penalties, while potentially hurting business relationships by not demonstrating commitment to environmental compliance. Both are considered material financial risks.Development by air pollutant typeMetric 2025 2024NO94,364 115,290XSO9,092 11,284XPM2.5 4,165 5,239NVMOC 3,871 4,751HM 57 76Development in pollutants in waterMetric 2025 2024HM 75 62PAH 2 2EU Taxonomy Turnover NORDENâs revenue-generating activities are generally consid-ered eligible. Revenue from time chartered-out vessels (TCO) and subleases as well as income earned from the administration of pool arrangements are not considered eligible. The latter is reported as part of Other operating income in the consolidated financial state-ments. The reported turnover corresponds to Revenue - services rendered, external, which can be found in note 2.1 "Segment infor-mation". Aligned turnover decreased from USD 14 million in 2024 to USD 0 million in 2025 (0%).Capital expendituresCapEx as defined in the Taxonomy is considered equivalent to the 'additions' and 'prepayments on vessels and newbuildings', as set out in note 3.4 to the Consolidated Financial Statements, and addi-tions to 'Right-of-use assets' as set out in note 3.5 to the Consoli-dated Financial Statements. CapEx incurred is generally considered eligible, except if CapEx is incurred directly relating to chartering out vessels. 0% of CapEx was aligned in 2025, unchanged from the 2024 level. Operating expenditures OpEx as defined in the Taxonomy covers expenditures directly related to chartering, maintaining and operating vessels, and is equivalent to 'Vessel operating costs' as presented in the "income statement" in the Consolidated Financial Statements less operating costs for owned vessels and daily running costs for leased vessels (expenses related to the service component in note 3.5). OpEx incurred is generally considered to be eligible under the Taxonomy, except if relating to owned vessel OpEx or vessels chartered out. NORDEN includes costs related to the bunker, as these are considered crucial for the effective functioning of the asset (time-chartered vessels on short-term leases). Review of alignment To align with the EU Taxonomy, eligible economic activities must a) contribute to one or more of six environmental objectives, b) do no significant harm (DNSH) to the remaining objectives and c) meet the minimum social safeguards. The six environmental objectives outlined in the EU Taxonomy are climate change mitigation, climate change adaptation, sustainable use of water & marine sources, circular economy, pollution prevention and a healthy ecosystem. Following the identification of eligible activities, NORDEN has applied the technical screening criteria under the EU Taxonomy to evaluate whether our activities are aligned with one of the EU objec-tives, do no significant harm to other Taxonomy objectives and are aligned with the minimum social safeguards criteria. All NORDENâs activities fall under activity number 6.10: 'Sea and coastal freight water transport, vessels for port operations, and auxiliary activities'. In the section below, we describe the process of screening our activities for the technical criteria in the Taxonomy of each activity in NORDEN. Activity number 6.10: Sea and coastal freight water transport, vessels for port operations, and auxiliary activities'Our assessment of alignment is based on the technical criteria from substantial contribution to climate change mitigation. Following the technical criteria, alignment forbids vessels from being dedi-cated to the transport of fossil fuels. Therefore, tanker vessels are excluded from the alignment criteria, despite the ability of tanker vessels to transport soft oils. This trade is considered immaterial for the consideration of including some share of product tanker activ-ities as eligible and potentially aligned. Dry cargo vessels are only subject to potential taxonomy alignment if the EEDI is 10% below the requirement applicable on 1 April 2022, and if the vessels can run based on zero-direct CO emission fuels or on fuels from renewable 2sources. The latter includes vessels eligible for running on biofuel (ref: activity number 4.13). Currently, NORDEN only has EEDI scores on owned vessels, where the building contract was placed on or after 1 January 2013, or the vessel was delivered on or after 1 July 2015. The EEDI scores are collected from our technical managers. As of 2025, the required EEDI for bulk vessels is calculated using the IMO reference line equation and subtracting 30%. Alignment with the screening EEDI criteria requires that a vesselâs EEDI is 10% below the required EEDI, i.e. 10% below the IMO EEDI requirement. During the financial year 2025, NORDEN operated no vessels aligned with the EEDI criteria. All of these are eligible for running on biofuel as per certification from the Danish Maritime Authorities (Søfartsstyrelsen) to run at a 100% biofuel capacity. Therefore, solely vessels under the Danish Interna-tional Ship Register (DIS) are subject to alignment, as certification for 100% biofuel consumption has not been obtained by other flag authorities. NORDEN notes that all its vessels can run at 30% biofuel capacity without pre-certification from any flag state. Having secured alignment with the technical criteria under the objec-tive of climate mitigation, we assess whether the activity does harm to any of the remaining environmental objectives, i.e., live up to all the DNSH criteria. Below is a review of NORDENâs alignment with the remaining five objectives:Climate adaptation Activity number 6.10 is expected to be affected by changing temper-atures, leading to more frequent extreme weather events (e.g. drought or storms) and scarcity of water, impacting trade patterns and volumes. NORDEN does not consider physical climate risks to have a material impact on its economic activity. This is due to our agile operator model, allowing us to comply with and adapt to changing trade patterns. NORDEN intends to leverage its use of data to improve predictions and decision-making, mitigating the impact on its business relative to its peers. In addition, we intend to expand our logistics offering beyond tramp shipping via the Assets & Logistics business unit. The IPCC has five major climate scenarios: RCP 1.9, 2.6, 4.5, 6 and 8.5. RCP 1.9 would impose limited climate risks, but heavy transi-tional risks for NORDEN (following the Paris agreement), while RCP 8.5 would increase the physical climate risks as the frequency and intensity of extreme weather would surge. This could potentially lead to margin erosion as the risks of damage to ships and cargo increase. NORDEN intends to mitigate the risks related to climate change by extensive use of weather routing systems when pricing, securing appropriate insurance coverage and assessing the risk of freight contracts as well as including chronicle risks when evaluating business opportunities. Based on the assessment above, we believe NORDEN is aligned with the generic climate adaptation criteria for DNSH. Water NORDEN is monitoring and assessing the impact of our operation on marine life. As part of our adaption of the SASB Marine Transpor-tation reporting standard, we report on the share of owned vessels having implemented ballast water treatment systems (BWTS), voyage duration in marine-protected areas and oil spills. These are all considered relevant issues to NORDEN. Having a high percentage of our vessels with BWTS, we avoid the risk of invasive species. We reduce water pollution using best management practices/policies aligned with the Directive 2000/60/EC stating that companies should take measures to prevent, reduce and control water pollu-tion. NORDEN follows IMO standards for all its operations and considers IMOâs regulation on water regulation to be adequate in terms of doing no significant harm to the waters in which we sail. Based on the review above, we believe NORDEN is aligned with the generic water criteria for DNSH. Circular economy Aligned with Regulation (EU) No 1257/2013, NORDEN has imple-mented waste management plans and uses the best techniques available to reduce the environmental impact of waste management. NORDEN keeps track of the waste generated on board vessels and the disposal of such via the onboard logbooks, which are reported to the technical managers. NORDENâs business model involves operating a modern fleet of vessels, selling and redelivering vessels long before vessel end-of-life. Should NORDEN face situations in which recycling of a vessel is relevant, NORDEN has a Responsible Ship Recycling Policy meaning we have measures in place to manage waste at the end-of-life of the vessel. NORDEN complies with Annex V. This requires ships to take meas-ures to prevent accidental loss of garbage and to have equipment on board to collect and store garbage, as well as procedures to ensure that it is disposed of properly. Annex V is enforced by the IMO and is thus a standard in the shipping industry.Pollution prevention All technical criteria under the objective are considered IMO stand-ards. Thus, NORDEN is required to comply. Based on the review above, we believe NORDEN is aligned with the generic pollution prevention criteria for DNSH. Biodiversity All technical criteria under the objective are considered IMO stand-ards. Thus, NORDEN is required to comply. Based on the review above, we believe NORDEN is aligned with the generic biodiversity criteria for DNSH.Minimum safeguards The OECD Guidelines are considered a standard for responsible business conduct. The guidelines cover a wide range of issues, including labour rights, bribery and corruption, environmental protection and human rights. NORDEN has human rights policies aligning with the OECD and UN Guidelines and is deeply involved in securing an anti-corruption foundation for shipping with its activities involving MACN and focusing on educating its employees in anti-bribery via e-learning courses. Mash Makes works continuously to ensure that employees enjoy safe, healthy and fair working condi-tions. In line with these commitments, NORDEN has implemented a rigorous due diligence process to identify and address salient human rights risks in its operations. This process involved conducting multiple interviews with employees and managers, providing an in-depth understanding of the potential risks related to NORDEN's activities. The findings from these interviews, along with proposed preventive and mitigating actions, were thoroughly reviewed and approved by NORDEN's ESG owner. Based on such argumentation, we believe NORDEN is aligned with the minimum safeguards criteria that enable EU Taxonomy-aligned activities reporting under both activity numbers 4.13 and 6.10.ESG PERFORMANCE DATASASB Marine transportation indexTopic Metric Unit Code 2025 2024 2023Greenhouse Gas Emissions Scope 1 bunker emissions Metric tonnes (t) COe TR-MT-110a.1 3,586,063 4,396,938 3,834,4372Total energy consumed (TJ) Terajoules (TJ) TR-MT-110a.3 46,659 57,193 49,901Percentage heavy fuel oil Percentage (%) TR-MT-110a.3 16.4% 11.2% 5.9%Percentage renewable Percentage (%) TR-MT-110a.3 0.5% 0.3% 0.1%Average Energy Efficiency Design Index (EEDI) for new vessels CO per capacity-nm TR-MT-110a.4 3.8 2.1 4.32Air Quality NOMetric tonnes (t) TR-MT-120a.1 94,364 115,290 101,678XSOMetric tonnes (t) TR-MT-120a.1 9,092 11,284 9,894XPM10 Metric tonnes (t) TR-MT-120a.1 4,527 5,694 4,941Ecological Impacts Shipping duration in marine-protected areas or areas of protected conservation status Number of travel days TR-MT-160a.1 27,655 22,203 21,458Percentage of fleet implementing ballast water treatment Percentage (%) TR-MT-160a.2 100% 100% 100%Percentage of fleet implementing ballast water exchange Percentage (%) TR-MT-160a.2 0% 0% 0%Number of spills and releases to the environment Number TR-MT-160a.3 0 0 0Aggregate volume of spills and releases to the environment Number, cubic metres TR-MT-160a.3 0 0 0Health & Safety Lost Time Incident Rate (LTIR) Rate TR-MT-320a.1 0.0 1.3 1.0Business Ethics Number of calls at ports in countries that have the 20 lowest rankings in Transparency Internationalâs Corruption Perception Index Number TR-MT-510a.1 57 43 58The total amount of monetary losses as a result of legal proceedings associated with bribery or corruption Reporting currency TR-MT-510a.2 0 0 0Accident & Safety Management Number of marine casualties Number TR-MT-540a.1 0 0 0Percentage classified as very serious (very serious = the total loss of the ship, a death, or severe damage to the environment) Percentage (%) TR-MT-540a.1 0% 0% 0%Number of Conditions of Class or Recommendations Number TR-MT-540a.2 4 29 15Number of port state control deficiencies Number TR-MT-540a.3 27 38 26Number of port state control detentions Number TR-MT-540a.3 0 1 0Number of shipboard employees Number TR-MT-000.A 377 431 461Total distance travelled by vessels Nautical miles (nm) TR-MT-000.B 13,042,465 15,867,410 13,989,053Operating days Days TR-MT-000.C 169,730 200,557 196,388Deadweight tonnage Thousand DWT TR-MT-000.D 1,402 1,725 1,573Number of vessels in total shipping fleet Number TR-MT-000.E 12 14 19Number of vessel port calls Number TR-MT-000.F 8,777 9,738 9,496Twenty-foot equivalent unit (TEU) capacity TEU TR-MT-000.G NA NA NAESRS indexDisclosure Section Sub Section Metric Unitrequirement 2025 2024 2023E1 - Climate change Energy consumption and mix Fuel consumption from crude oil and petroleum products MWh ESRS E1-5 12,896,090 15,844,670 13,861,565Fuel consumption for renewable sources MWh ESRS E1-5 64,681 42,140 19,790Energy intensity USD / MWh ESRS E1-5 241 254 266Gross scopes 1, 2, 3 and total GHG emissions Gross Scope 1 GHG Emissions Metric tonnes (t) CO eq ESRS E1-6 3,586,063 4,396,938 3,834,4372Gross Scope 2 GHG EmissionsLocation based Metric tonnes (t) CO eq ESRS E1-6 451 522 4182Market based Metric tonnes (t) CO eq ESRS E1-6 6 427 3482Gross Scope 3 GHG Emissions Metric tonnes (t) CO eq ESRS E1-6 2,823,679 3,499,026 3,693,3832Total Gross GHG EmissionsLocation based Metric tonnes (t) CO eq ESRS E1-6 6,410,194 7,896,487 7,528,2382Market based Metric tonnes (t) CO eq ESRS E1-6 6,409,748 7,896, 392 7,528,1682GHG emissions intensityLocation based USD/Metric tonnes (t) CO eq ESRS E1-6 488 512 4902Market based USD/Metric tonnes (t) CO eq ESRS E1-6 488 512 4902E2 - Pollution Pollution of air, water and soil NOMetric tonnes (t) ESRS E2-4 94,364 115,290 101,678XSOMetric tonnes (t) ESRS E2-4 9,092 11,284 9,894XPM2.5 Metric tonnes (t) ESRS E2-4 4,165 5,239 4,546NVMOC Metric tonnes (t) ESRS E2-4 3,871 4,751 4,147Heavy metals in air Metric tonnes (t) ESRS E2-4 57 76 70Heavy metals in water Metric tonnes (t) ESRS E2-4 75 62 29PAHs Metric tonnes (t) ESRS E2-4 2 2 1G1 - Business conduct Confirmed incidents of corruption or bribery The total number and nature of confirmed incidents of corruption or bribery # ESRS G1-4 0 0 0The number of convictions and the amount of fines for violation of anti-corruption and antibribery laws ESRS G1-4 0 0 0EU TaxonomyDNSH criteria Turnover Substantial contribution criteria("Does Not Significantly Harm")Economic Activities (1)USDm % Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E TA. TAXONOMY-ELIGIBLE ACTIVITIES (A.1. + A.2.)A.1. Environmentally sustainable activities (Taxonomy-aligned) (A.1)Sea and coastal freight water transport CCM 6.10 0 0% Y N N N N N Y Y Y Y Y Y Y 0% E -Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1) 0 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0%Of which enabling 0 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0% EOf which transitional 0 0% 0% 0% TA.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)Sea and coastal freight water transport CCM 6.10 2,782 89% EL 79%Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 2,782 89% 89% 0% 0% 0% 0% 0% 79%Total turnover of Taxonomy-elgible activities (A.1 + A.2) 2,782 89% 79%B. TAXONOMY-NON-ELIGIBLE ACTIVITIESTurnover of Taxonomy non-eligible activities 329 11%Total (A+B) 3,111 100%DNSH criteria CapEx Substantial contribution criteria("Does Not Significantly Harm")Economic Activities (1)USDm % Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E TA. TAXONOMY-ELIGIBLE ACTIVITIES (A.1. + A.2.)A.1. Environmentally sustainable activities (Taxonomy-aligned) (A.1)Sea and coastal freight water transport CCM 6.10 0 0% Y N N N N N Y Y Y Y Y Y Y 0% E -Manufacture of biogas and biofuels for use in transport and of bioliquids CCM 4.13 0 0% Y N N N N N Y Y Y Y Y Y Y 0% E -CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) 0 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0%Of which enabling 0 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0% EOf which transitional 0 0% 0% 0% TA.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)Sea and coastal freight water transport CCM 6.10 438 100% EL 100%CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 438 100% 100% 0% 0% 0% 0% 0% 100%Total turnover of Taxonomy-eligible activities (A.1 + A.2) 438 100% 100%B. TAXONOMY-NON-ELIGIBLE ACTIVITIESCapEx of Taxonomy non-eligible activities 0 0%Total (A+B) 438 100%DNSH criteria OpEx Substantial contribution criteria("Does Not Significantly Harm")Economic Activities (1)USDm % Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E TA. TAXONOMY-ELIGIBLE ACTIVITIES (A.1. + A.2.)A.1. Environmentally sustainable activities (Taxonomy-aligned) (A.1)Sea and coastal freight water transport CCM 6.10 0 0% Y N N N N N Y Y Y Y Y Y Y 0% EOpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) 0 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0%Of which enabling 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0% EOf which transitional 0% 0% 0% TA.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)Sea and coastal freight water transport CCM 6.10 1,650 69% EL 75%OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 1,650 69% 75% 0% 0% 0% 0% 0% 75%Total turnover of Taxonomy-eligible activities (A.1 + A.2) 1,650 69% 75%B. TAXONOMY-NON-ELIGIBLE ACTIVITIESOpEx of Taxonomy non-eligible activities 729 31%Total (A+B) 2,380 100%</mrv:DescriptionofTheTaxonomyRegulation>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="f1__s9__7__42" xml:lang="en">The Board of Directors and the Executive Management have today consid-ered and adopted the Annual Report of Dampskibsselskabet NORDEN A/S for the financial year 1 January - 31 December 2025. The consolidated financial statements are prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements stated in the Danish Financial Statements Act. The parent company financial Statements are prepared in accordance with the Danish Financial Statements Act. The Managementâs Review is also prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position at 31 December 2025 of the Group and the Parent Company and of the results of the Groupâs and the Parent Companyâs operations and the Groupâs consoli-dated cash flows for the financial year 2025. In our opinion, the Managementâs Review provides a fair review of the devel-opment in the operations and financial circumstances of the Group and the Parent Company, of the results for the year and of the financial position of the Group and the Parent Company as well as a description of the most significant risks and elements of uncertainty, which the Group and the Parent Company are facing. In our opinion, the Sustainability statement on pages 52 - 81 is presented in accordance with the accounting policies stated on pages 82 - 91 and provides a fair and balanced view of the Groupâs sustainability performance and social responsibility for the financial year 2025. In our opinion, the Annual Report of Dampskibsselskabet NORDEN A/S for the financial year 1 January - 31 December 2025 with the file name "norden-2025-12-31-en.zip" is prepared, in all material respects, in compliance with the ESEF Regulation. We recommend that the Annual Report be adopted at the annual general meeting on 11 March 2026.</sob:StatementByExecutiveAndSupervisoryBoards>
<sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="f1__s9__7__43" xml:lang="en">Copenhagen</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="f1__s9__7__44">2026-02-04</sob:DateOfApprovalOfAnnualReport>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-22" id="f1__s9__7__45" xml:lang="en">Jan Rindbo</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-23" id="f1__s9__7__47" xml:lang="en">Martin Badsted</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-24" id="f1__s9__7__49" xml:lang="en">Anne Heidi Jensen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-22" id="f1__s9__7__46" xml:lang="en">CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-23" id="f1__s9__7__48" xml:lang="en">CFO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-24" id="f1__s9__7__50" xml:lang="en">COO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-25" id="f1__s9__7__51" xml:lang="en">Klaus Nyborg</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-26" id="f1__s9__7__53" xml:lang="en">Johanne C. F. Riegels</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-27" id="f1__s9__7__55" xml:lang="en">Jakob Groot</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-28" id="f1__s9__7__56" xml:lang="en">Robert Hvide Macleod</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-29" id="f1__s9__7__57" xml:lang="en">Ian McIntosh</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-30" id="f1__s9__7__58" xml:lang="en">Vibeke Bak Solok</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-25" id="f1__s9__7__52" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-26" id="f1__s9__7__54" xml:lang="en">Vice Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-31" id="f1__s9__7__59" xml:lang="en">Anders Birk</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-32" id="f1__s9__7__61" xml:lang="en">Ruhi Hermansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-33" id="f1__s9__7__63" xml:lang="en">Sofie Schønherr</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-31" id="f1__s9__7__60" xml:lang="en">employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-32" id="f1__s9__7__62" xml:lang="en">employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-33" id="f1__s9__7__64" xml:lang="en">employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s9__7__66" xml:lang="en">To the shareholders of Dampskibsselskabet NORDEN A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s9__7__67" xml:lang="en">OpinionWe have audited the consolidated financial statements and the parent company financial statements of Dampskibsselskabet NORDEN A/S for the financial year 1 January â 31 December 2025, which comprise income state-ment, statement of financial position, statement of changes in equity and notes, including material accounting policy information, for the Group and the Parent Company, and a consolidated statement of comprehensive income and a consolidated statement of cash flows. The consolidated financial statements are prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act, and the parent company financial statements are prepared in accordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements give a true and fair view of the financial position of the Group at 31 December 2025 and of the results of the Group's operations and cash flows for the financial year 1 January â 31 December 2025 in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.Further, in our opinion the parent company financial statements give a true and fair view of the financial position of the Parent Company at 31 December 2025 and of the results of the Parent Company's operations for the financial year 1 January â 31 December 2025 in accordance with the Danish Financial Statements Act.Our opinion is consistent with our long-form audit report to the Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="f1__s9__7__68" xml:lang="en">Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial statements" (here-inafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code), as applicable to audits of financial statements of public interest entities, and the additional ethical requirements applicable in Denmark to audits of financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. To the best of our knowledge, we have not provided any prohibited non-auditservices as described in article 5(1) of Regulation (EU) no. 537/2014.Appointment of auditorWe were initially appointed as auditor of Dampskibsselskabet NORDEN A/S on 9 March 2023 for the financial year 2023. We have been reappointed annually by resolution of the general meeting for a total consecutive period of3 years up until the financial year 2025.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx-1" id="f1__s9__7__69" xml:lang="en">Key audit mattersKey audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements for the financial year 2025. These matters were addressed during our audit of the financial statements as a whole and in forming our opinion thereon. We do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.We have fulfilled our responsibilities described in the "Auditor's responsibil-ities for the audit of the financial statements" section, including in relation to the key audit matters below. Accordingly, our audit included the design and performance of procedures to respond to our assessment of the risks of mate-rial misstatement of the financial statements. The results of our audit proce-dures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the financial statements.Key audit matter Valuation of intangible and tangible assets.Intangible and tangible assets amount to USD million 1,366 on 31 December 2025 as specified by Management in notes 3.3, 3.4 and 3.5 to the consoli-dated financial statements. This area is significant to our audit due to the carrying value of intangible and tangible assets as well as the management judgements and assump-tions involved in impairment testing of these.Management monitors continuously the carrying value of intangible and tangible assets to determine, whether there are any indications of impair-ment. The assessment of impairment indicators is performed on a portfolio basis on the three cash-generating units (CGUs); Tankers, Dry Cargo and Projects & Parcelling. The indications assessed by Management comprises, among other, vessel values, newbuilding prices and expectations to future development in short- and long-term freight and time charter rates. Management performs an impairment test if any indication of impairment exists and at least once a year for CGUs to which goodwill has been allo-cated. CGU Projects & Parcelling is the only CGU containing goodwill.The impairment test is performed by comparing the carrying amount of intangible and tangible assets with their recoverable amount. The recover-able amount of the assets is determined as the higher of the net selling price and the value-in-use.If the carrying amount, exceeds the recoverable amount, as assessed by the impairment testing, the assets are written down to the lower recoverable amount. For details on the impairment tests performed by Management, reference is made to note 3.2 to the consolidated financial statements.How our audit addressed the key audit matterWe discussed with Management and evaluated the methodology by which indications of impairment of intangible and tangible assets are monitored, including the identification of CGUs. CGU Projects & Parcelling contains goodwill, and Management performed animpairment test in Q4 2025 by comparing the carrying amount of intangible and tangible assets with their recoverable amount. Our audit procedures to test Managementâs assessment of the recoverable amount included, among others:⢠Testing of the value-in-use model and the valuation methodology preparedby Management.⢠Testing of the mathematical accuracy of the model and the reliability of datused in the calculation. ⢠Testing the reasonableness of key assumptions and input data on basis of oknowledge of the business and industry together with supporting evidencesuch as budgets and externally observable market data related to expectedshort- and long-term freight and time charter rates, peer group informationinterest rates etc.For CGU Tankers and CGU Dry Cargo, Management did not identify any impament indicators. Our audit procedures to test Managementâs assessment of impairment indicators included, among others: ⢠Assessment of the conclusions from Managementâs assessment of whether any indications of impairment exist. ⢠Testing the reasonableness of Managementâs assessment by comparing key assumptions and input data to supporting evidence such as exter-nally observable market data related to short, and long-term freight and time charter rates, pricing of newbuilding of vessels and vessel valuations prepared by external and independent ship valuation experts. We examined the adequacy of disclosures about key assumptions and sensi-tivity in note 3.2 to the consolidated financial statements.</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s9__7__70" xml:lang="en">Statement on the Management's reviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements, or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required by relevant law and regulations. Based on our procedures, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accord-ance with the requirements of relevant law and regulations. We did not identify any material misstatement of the Management's review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="f1__s9__7__71" xml:lang="en">Management's responsibilities for the financial statementsManagement is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act and for the preparation of parent company financial statements that give a true and fair view in accordance with the Danish Finan-cial Statements Act.Moreover, Management is responsible for such internal control as Manage-ment determines is necessary to enable the preparation of financial state-ments that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial state-ments unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="f1__s9__7__72" xml:lang="en">Auditor's responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to whether the finan-cial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if, indi-vidually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.As part of an audit conducted in accordance with ISAs and additional require-ments applicable in Denmark, we exercise professional judgement and main-tain professional scepticism throughout the audit. We also:⢠Identify and assess the risks of material misstatement of the financial state-ments, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control.⢠Evaluate the appropriateness of accounting policies used and the reasona-bleness of accounting estimates and related disclosures made by Manage-ment.⢠Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause thGroup and the Parent Company to cease to continue as a going concern.⢠Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.⢠Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business unwithin the group as a basis for forming an opinion on the group financial statements and the parent company financial statements. We are respon-sible for the direction, supervision and review of the audit work performefor purposes of the group audit. We remain solely responsible for our audiopinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audfindings, including any significant deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence,and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable,actions taken to eliminate threats or safeguards applied.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements and the parent company financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="f1__s9__7__78" xml:lang="en">Report on compliance with the ESEF Regulation As part of our audit of the Consolidated Financial Statements and Parent Company Financial Statements of Dampskibsselskabet NORDEN A/S, we performed procedures to express an opinion on whether the annual report of Dampskibsselskabet NORDEN A/S for the financial year 1 January â 31 December 2025 with the file name "norden-2025-12-31-en.zip" is prepared, in all material respects, in compliance with the Commission Delegated Regu-lation (EU) 2019/815 on the European Single Electronic Format (ESEF Regu-lation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial Statements including notes. Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes: ⢠The preparing of the annual report in XHTML format; ⢠The selection and application of appropriate iXBRL tags, including exten-sions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all financial information required to be tagged using judge-ment where necessary; ⢠Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human readable format; and ⢠For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regula-tion. Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regu-lation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditorâs judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include: ⢠Testing whether the annual report is prepared in XHTML format; ⢠Obtaining an understanding of the companyâs iXBRL tagging process and of internal control over the tagging process; ⢠Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements including notes; ⢠Evaluating the appropriateness of the companyâs use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; ⢠Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and ⢠Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements.In our opinion, the annual report of Dampskibsselskabet NORDEN A/S for the financial year 1 January â 31 December 2025 with the file name "norden-2025-12-31-en.zip" is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="f1__s9__7__79" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx-1" id="f1__s9__7__80">2026-02-04</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="ctx-35" id="f1__s9__7__82" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
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<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-34" id="f1__s9__7__83">30700228</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-35" id="f1__s9__7__84">30700228</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-34" id="f1__s9__7__85" xml:lang="en">Mikkel Sthyr</cmn:NameAndSurnameOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx-35" id="f1__s9__7__88" xml:lang="en">Morten Weinreich Larsen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-34" id="f1__s9__7__86" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx-35" id="f1__s9__7__89" xml:lang="en">State AuthorisedPublic Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-34" id="f1__s9__7__87">mne26693</cmn:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx-35" id="f1__s9__7__90">mne42791</cmn:IdentificationNumberOfAuditor>
<arr:AuditorsReportOnSubstainabilityReport contextRef="ctx-1" id="f1__s9__7__92" xml:lang="en">INDEPENDENT AUDITOR'S LIMITED ASSURANCE REPORT ON SELECTED DISCLOSURES IN THE SUSTAINABILITY STATEMENTTo the stakeholders of Dampskibsselskabet NORDEN A/SLimited assurance conclusionWe have conducted a limited assurance engagement on the selected disclo-sures identified in the tables "NORDENâs material topics and monitoring indicators", "Total COe emissions", "Breakdown of EEOI by vessel and type", 2"SASB Marine transportation index", "ESRS index" on pages 55, 63, 64 and 94 - 95 ("the selected disclosures") in the Sustainability statement of the Annual Report 2025 of Dampskibsselskabet NORDEN A/S (the Group) for the finan-cial year 1 January - 31 December 2025.Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the selected disclosures identified in the tables "NORDENâs material topics and monitoring indicators", "Total COe emissions", "Breakdown of EEOI by vessel 2and type", "SASB Marine transportation index", "ESRS index" on pages 55, 63, 64 and 94 - 95 in the Sustainability statement is not prepared, in all material respects, in accordance with applied ESG accounting policies as described on pages 82 - 87. Basis for conclusion We conducted our limited assurance engagement in accordance with Interna-tional Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial informa-tion ("ISAE 3000 (Revised)") and the additional requirements applicable in Denmark. The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engage-ment is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our responsibilities under this standard are further described in the Auditor's responsibilities for the assurance engagement section of our report. Our independence and quality managementWe have complied with the independence and other ethical requirements of the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code), which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour as well as ethical require-ments applicable in Denmark.EY Godkendt Revisionspartnerselskab applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.Other matterThe comparative information for the selected disclosures included in the Sustainability statement of the group for the financial year 1 January - 31 December 2022 was not subject to an assurance engagement. Our conclu-sion is not modified in respect of this matter.Management's responsibilities for the sustainability statementManagement of the group is responsible for: ⢠Identifying the information to be reported in the sustainability statement as described in the ESG accounting policies practice applied on pages 82 - 87;⢠The preparation of the sustainability statement in accordance with ESG accounting policies applied; ⢠Designing, implementing and maintaining such internal control that management determines is necessary to enable the preparation of the sustainability report, in accordance with ESG accounting policies applied that is free from material misstatement, whether due to fraud or error; and⢠The selection and application of appropriate sustainability reporting methods and making assumptions and estimates that are reasonable in the circumstances.Auditor's responsibilities for the assurance engagementOur objectives are to plan and perform the assurance engagement to obtain limited assurance about whether the selected disclosure in the Sustainability statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstate-ments can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the selected disclosure in the Sustainability statement. As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement. Our responsibilities in respect of the sustainability report include: ⢠Identification of disclosures where material misstatements are likely to arise, whether due to fraud or error; and⢠Designing and performing procedures responsive to assessed risks of material misstatement at the disclosures level. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Summary of the work performedA limited assurance engagement involves performing procedures to obtain evidence about the selected disclosure in the Sustainability statement. The nature, timing and extent of procedures selected depend on profes-sional judgement, including the identification of disclosures where material misstatements are likely to arise, whether due to fraud or error, in the Sustain-ability statement.In conducting our limited assurance engagement, we: ⢠Obtained an understanding of the group's reporting processes relevant to the preparation of the selected disclosure in its Sustainability statement by obtaining an understanding of the group's control environment, processes and information systems relevant to the preparation of the selected disclosure in the Sustainability statement but not evaluating the design of particular control activities, obtaining evidence about their implementationor testing their operating effectiveness;⢠Performed inquiries of relevant personnel and analytical procedures on selected disclosure in the Sustainability statement;⢠Performed substantive assurance procedures on selected disclosure in the Sustainability statement.Copenhagen, 4 February 2026EY Godkendt RevisionspartnerselskabCVR no. 30 70 02 28Mikkel Sthyr State Authorised Public Accountant mne26693Lars FermannState AuthorisedPublic Accountantmne45879</arr:AuditorsReportOnSubstainabilityReport>
<arr:AddresseeOfAuditorsReportOnSubstainabilityReports contextRef="ctx-1" id="f1__s9__7__93" xml:lang="en">To the stakeholders of Dampskibsselskabet NORDEN A/S</arr:AddresseeOfAuditorsReportOnSubstainabilityReports>
<arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport contextRef="ctx-1" id="f1__s9__7__94" xml:lang="en">Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the selected disclosures identified in the tables "NORDENâs material topics and monitoring indicators", "Total COe emissions", "Breakdown of EEOI by vessel 2and type", "SASB Marine transportation index", "ESRS index" on pages 55, 63, 64 and 94 - 95 in the Sustainability statement is not prepared, in all material respects, in accordance with applied ESG accounting policies as described on pages 82 - 87.</arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport>
<arr:StatementOfAuditorsResponsibilitySubstainabilityReport contextRef="ctx-1" id="f1__s9__7__95" xml:lang="en">Auditor's responsibilities for the assurance engagement section of our report. Our independence and quality managementWe have complied with the independence and other ethical requirements of the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code), which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour as well as ethical require-ments applicable in Denmark.EY Godkendt Revisionspartnerselskab applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.Other matterThe comparative information for the selected disclosures included in the Sustainability statement of the group for the financial year 1 January - 31 December 2022 was not subject to an assurance engagement. Our conclu-sion is not modified in respect of this matter.Management's responsibilities for the sustainability statementManagement of the group is responsible for: ⢠Identifying the information to be reported in the sustainability statement as described in the ESG accounting policies practice applied on pages 82 - 87;⢠The preparation of the sustainability statement in accordance with ESG accounting policies applied; ⢠Designing, implementing and maintaining such internal control that management determines is necessary to enable the preparation of the sustainability report, in accordance with ESG accounting policies applied that is free from material misstatement, whether due to fraud or error; and⢠The selection and application of appropriate sustainability reporting methods and making assumptions and estimates that are reasonable in the circumstances.Auditor's responsibilities for the assurance engagementOur objectives are to plan and perform the assurance engagement to obtain limited assurance about whether the selected disclosure in the Sustainability statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstate-ments can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the selected disclosure in the Sustainability statement. As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement. Our responsibilities in respect of the sustainability report include: ⢠Identification of disclosures where material misstatements are likely to arise, whether due to fraud or error; and⢠Designing and performing procedures responsive to assessed risks of material misstatement at the disclosures level. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</arr:StatementOfAuditorsResponsibilitySubstainabilityReport>
<arr:SignatureOfSubstainabilityAuditorsPlace contextRef="ctx-1" id="f1__s9__7__99" xml:lang="en">Copenhagen</arr:SignatureOfSubstainabilityAuditorsPlace>
<arr:SignatureOfSubstainabilityAuditorsDate contextRef="ctx-1" id="f1__s9__7__100">2026-02-04</arr:SignatureOfSubstainabilityAuditorsDate>
<cmn:NameOfAuditFirmSubstainability contextRef="ctx-37" id="f1__s9__7__102" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirmSubstainability>
<cmn:NameOfAuditFirmSubstainability contextRef="ctx-36" id="f1__s9__7__101" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirmSubstainability>
<cmn:IdentificationNumberCvrOfAuditFirmSubstainability contextRef="ctx-36" id="f1__s9__7__103">30700228</cmn:IdentificationNumberCvrOfAuditFirmSubstainability>
<cmn:IdentificationNumberCvrOfAuditFirmSubstainability contextRef="ctx-37" id="f1__s9__7__104">30700228</cmn:IdentificationNumberCvrOfAuditFirmSubstainability>
<cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-36" id="f1__s9__7__105" xml:lang="en">Mikkel Sthyr</cmn:NameAndSurnameOfSubstainabilityAuditor>
<cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx-36" id="f1__s9__7__106" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfSubstainabilityAuditor>
<cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx-36" id="f1__s9__7__107">mne26693</cmn:fIdentificationNumberOfSubstainabilityAuditor>
<cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-37" id="f1__s9__7__108" xml:lang="en">Lars Fermann</cmn:NameAndSurnameOfSubstainabilityAuditor>
<cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx-37" id="f1__s9__7__109" xml:lang="en">State AuthorisedPublic Accountant</cmn:DescriptionOfSubstainabilityAuditor>
<cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx-37" id="f1__s9__7__110">mne45879</cmn:fIdentificationNumberOfSubstainabilityAuditor>
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<gsd:NameOfSubmittingEnterprise contextRef="ctx-1" id="f1__s9__7__121" xml:lang="en">Dampskibsselskabet NORDEN A/S</gsd:NameOfSubmittingEnterprise>
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<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx-1" id="f1__s9__7__123" xml:lang="en">2900 Hellerup</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
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<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx-1" id="f1__s9__7__124">67758919</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-1" id="f1__s1__72__15">Annual report</gsd:InformationOnTypeOfSubmittedReport>
<cmn:TypeOfAuditorAssistance contextRef="ctx-1" id="f1__s1__72__16">Auditor's report on audited financial statements</cmn:TypeOfAuditorAssistance>
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<gsd:ReportingPeriodStartDate contextRef="ctx-1" id="f1__s1__72__20">2025-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx-1" id="f1__s1__72__21">2025-12-31</gsd:ReportingPeriodEndDate>
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<arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="ctx-1" id="f1__s1__72__47">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements>
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