Automatic translation: Originally published in Danish 28/10/2026, 19:36 GMT. Give feedback here.

NORDEN released its Q3 2026 financial report this evening, showing a doubled profit driven by strong markets and good operational performance in both dry cargo and tankers. At the same time, the shipping company is once again upgrading its guidance for the full year 2026.

NORDEN reported a Q3 profit of USD 53.9 million vs. USD 26.0 million a year earlier. For the first 9 months of the year, the profit thus stands at USD 165.9 million vs. USD 110.5 million in the same period last year.

EBITDA landed at USD 124.8 million in Q3 2026 vs. USD 107.8 million in Q3 2025, while EBIT rose to USD 51.2 million (37.9). This was despite vessel sales gains contributing only USD 4.9 million vs. USD 26.5 million last year – meaning the improvement was driven by underlying operations. Operating cash flow rose to USD 150.0 million (95.8), and return on invested capital (ROIC) rose to 11.8% (10.4%) LTM.

Dry cargo continues its turnaround with an EBIT of USD 16.5 million compared to USD 7.5 million in Q2 and a loss of USD 45.0 million in Q1 2026 (Q3 2025: -1.2), supported by higher activity, firm rates across segments, and successful regional positioning of the fleet. At the same time, the logistics segment returned to a small profit after previous operational challenges in Guinea were resolved. In the tanker segment, EBIT landed at USD 34.5 million (39.1), where rates remain at a high level due to disruptions in global oil flows following the conflict in the Persian Gulf.

The shipping company's intrinsic value (NAV) has risen 38% since the beginning of the year to DKK 523 per share (DKK 466 per share after Q2), driven by significantly higher vessel values – including a 25% y/y increase for 5-year-old Capesize vessels.

NORDEN is upgrading its 2026 net profit guidance to USD 200–250 million vs. the previous USD 180–230 million. By comparison, the initial guidance at the start of the year was a profit of USD 30–100 million. The guidance continues to include vessel sales gains of USD 79 million. With USD 165.9 million in the bag after 9 months, the guidance implies a Q4 profit of USD 34–84 million. However, NORDEN emphasizes that geopolitical uncertainty remains high and that the timing of voyages could mean some earnings are pushed into 2027. At the end of October, the shipping company had 1,800 open dry cargo days and 300 open tanker days for the remainder of the year.

NORDEN is once again paying out a quarterly dividend of DKK 2 per share, while the company is launching a new share buyback program of USD 15 million – bringing total profit-sharing to USD 24 million.

You can read NORDEN's full financial report here: https://www.inderes.dk/releases/norden-rapporterer-staerkt-kvartalsresultat-og-opjusterer-forventningerne-til-aret

NORDEN is hosting a webcast with management tomorrow at 10:30 AM. Register here: https://www.inderes.dk/videos/norden-presentation-of-q3-2026

Disclaimer: HC Andersen Capital receives payment from NORDEN for a Digital IR subscription agreement. /Rasmus Køjborg, CFA at 8:35 PM on October 28, 2026.