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"f1__s9__7__133": {
"value": "1.1 Basis of preparationThis note provides a list of accounting policies adopted in the preparation of the consolidated financial statements and the financial statements of the parent company to the extent they have not been disclosed in the respective notes below. These policies have been consistently applied to all the years presented, unless otherwise stated.Dampskibsselskabet NORDEN A/S, along with its subsidiaries, is one of Denmark\u2019s oldest internationally operating shipping companies. NORDENoperates in dry cargo and tankers worldwide.Dampskibsselskabet NORDEN A/S is a public limited company incorpo-rated in Denmark and listed on Nasdaq Copenhagen.Principal accounting policiesThe Annual Report for the period 1 January - 31 December 2025 with comparative figures comprises the consolidated financial statements of Dampskibsselskabet NORDEN A/S (the parent company) and its subsidi-aries (the Group) and the financial statements of the parent company.The consolidated financial statements of the Group have been prepared on a going concern basis and in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act applying to enterprises of reporting class D.The financial statements of the parent company, Dampskibsselskabet NORDEN A/S, have been prepared in accordance with the Danish Financial Statements Act applying to enterprises of reporting class D.Measurement basisThe consolidated financial statements and the financial statements of the parent company have been prepared based on the historical cost prin-ciple, with the exception of the following assets and liabilities:\u2022 Derivative financial instruments, which are measured at fair value.\u2022 Investments, which are measured at fair value.\u2022 Contingent considerations, which are measured at fair value.\u2022 Non-current assets and groups of assets held for sale, which are meas-ured at the lower of carrying amount before the changed classification and fair value less selling costs.USD is the functional currency of the Group as well as the parent companyIn the annual report, the presentation currency is USD, and amounts are presented in million USD with one decimal rounded, except when other-wise stated.Applying materiality The financial statements are a result of processing a large number of transactions and aggregating those transactions into classes according totheir nature. When aggregated, the transactions are presented in classes of similar items in the financial statements. If a line item is not individually material, it is aggregated with other items of a similar nature in the finan-cial statements or in the notes.There are substantial disclosure requirements throughout IFRS. Manage-ment provides specific disclosures required by IFRS unless the informatiois considered immaterial to the economic decision-making of the users of these financial statements or not applicable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__134": {
"value": "Principal accounting policiesThe Annual Report for the period 1 January - 31 December 2025 with comparative figures comprises the consolidated financial statements of Dampskibsselskabet NORDEN A/S (the parent company) and its subsidi-aries (the Group) and the financial statements of the parent company.The consolidated financial statements of the Group have been prepared on a going concern basis and in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act applying to enterprises of reporting class D.The financial statements of the parent company, Dampskibsselskabet NORDEN A/S, have been prepared in accordance with the Danish Financial Statements Act applying to enterprises of reporting class D.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__136": {
"value": "1.2 Basis of consolidationConsolidation principlesThe consolidated financial statements comprise the parent company, Dampskibsselskabet NORDEN A/S, and subsidiaries. An investment is classified as a subsidiary when the below conditions are met:\u2022 Dampskibsselskabet NORDEN A/S has control over the company.\u2022 Dampskibsselskabet NORDEN A/S is exposed to variability in return on the investment.\u2022 The control over the company can be used to affect the return on the investment.At consolidation, intra-group income and expenses, shareholdings, dividends and accounts as well as unrealised intra-group gains or losses on transactions between the consolidated enterprises are eliminated.The financial statements used in the consolidation are prepared in accord-ance with the Group\u2019s accounting policies. The consolidated financial state-ments are prepared on the basis of the financial statements of the parent company and the subsidiaries by aggregating items of a uniform nature.Newly acquired or newly established enterprises are recognised in the consoli-dated financial statements from the date of acquisition applying the acquisition method. Enterprises divested or wound up are included in the consolidated income statement until the date of disposal. Comparative figures are not restated to reflect acquisitions or companies wound up.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__126-1": {
"value": "1.3 General accounting policiesOther operating incomeCommercial management income is recognised when the services are received in accordance with the agreements concluded. Furthermore, the item includes income from speculative trading of derivatives. Foreign currency translationA functional currency is determined for each of the reporting entities of the Group. The functional currency is the currency in the primary economic envi-ronment in which the reporting entity operates. Transactions in currencies other than the functional currency are transactions in foreign currencies.Transactions in foreign currencies during the year are translated at the exchange rates at the transaction date. Gains or losses arising between the exchange rate at the transaction date and the exchange rate at the date of payment are recognised in the income statement as \u201cFinancial income\u201d or \u201cFinancial expenses\u201d.Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the reporting date are translated at the exchange rates at the reporting date. Differences between the exchange rates at the transaction date and the exchange rate at the reporting date are recognised in the income statement as \u201cFinancial income\u201d or \u201cFinancial expenses\u201d.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated applying the exchange rates at the dates of the initial transactions. Non-monetary assets and liabilities in foreign currency that are subsequently revalued at fair value are translated at the exchange rates at the date of revaluation. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item.In determining the spot exchange rate used on initial recognition of the related asset, expense, or income on the derecognition of a non-monetary asset or non-monetary liability relating to advance consideration, the date of the transaction is the date on which the Group initially recognises the non-mone-tary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of advance consideration.Non-IFRS financial measures In the annual report, the Group discloses certain financial measures of the Group\u2019s financial performance, financial position and cash flows that reflect adjustments to the most directly comparable measures calculated and presented in accordance with IFRS. These non-IFRS financial measures may not be defined and calculated by other companies in the same manner and may thus not be comparable. For more information, see page 172.Financial ratiosDefinitions of key figures and financial ratios are shown on page 173.Accounting policiesFor impairment testing, assets are grouped into the smallest identifiable group of assets (cash-generating units, CGUs) that generate cash inflows fromcontinuing use that are largely independent of the cash inflows of other assetsor CGUs.Goodwill arising from business combinations is allocated to the CGUs, or groups of CGUs, expected to benefit from the combination's synergies. Goodwill is tested for impairment annually and whenever an indication of impairment arises.For CGUs without allocated goodwill, an impairment test is performed only when there is an indication that the carrying amount may exceed the recover-able amount.If the carrying amount of a CGU exceeds its recoverable amount, an impair-ment loss is recognised. Impairment losses are first allocated to reduce the carrying amount of any goodwill, and thereafter to the other assets of the CGU on a pro-rata basis based on their carrying amounts.Impairment losses on goodwill are not reversed. For other assets, an impair-ment loss is reversed only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised, after deducting depreciation.Accounting policiesGoodwillGoodwill is initially recognised in the statement of financial position as the difference between the fair value of net assets acquired and the consideration transferred. Subsequently, goodwill is measured at this value less accumulated impairment losses and is not amortised. The carrying amount of goodwill is allocated to each of NORDEN\u2019s CGUs expected to benefit from the synergies of the combination. Goodwill is tested at least annually for impairment, together with the other assets of the CGU to which goodwill has been allocated. For further information on impairment of intangible assets, refer to note 3.2 \"Impairment of intangible and tangible assets\". Other intangible assetsCustomer relationships and similar intangible assets with a limited useful life acquired from third parties, either separately or as part of a business combination, are capitalised and amortised over the average life of the customer relationship ranging between four to five years.Accounting policiesTangible assets are measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price and costs directly related to the acquisition up until the time when the asset is ready for use.Borrowing costs concerning either specific or general borrowing directly related to assets with an extended construction period are included in cost over the period of construction.Depreciation is based on the straight-line method over the estimated useful lives of the assets. Depreciation is calculated based on the following esti-mated useful lives: \u2022 Buildings 50 years \u2022 Land Not depreciated \u2022 Logistics assets 5-25 years \u2022 Vessels 25 years \u2022 Fixtures, fittings and equipment 3-10 yearsUseful lives of the assets and residual values are reviewed and adjusted at each balance sheet date, if appropriate.VesselsDry docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry docking. The scrap value of vessels is determined based on the market price per light-weight tonne for scrapping of the vessel.The depreciation period for second-hand vessels is determined on the basis of the condition and age of the vessels at the time of acquisition, but the depreci-ation period does not exceed 25 years from delivery from the shipyard.Prepayments on newbuildings are recognised in assets as vessels under construction as payments are made. At the delivery of the vessel, it is reclassi-fied to the item \u201cVessels\u201d.Financing transactionsThe Group has entered into arrangements involving the sale of vessels to third parties and their subsequent leaseback under long-term lease agreements that include repurchase options. In accordance with IFRS 16, these transac-tions do not result in the transfer of control of the underlying assets to the buyers. Accordingly, the transactions do not qualify as sale and leaseback transactions and are accounted for as financing transactions.The vessels continue to be recognised as vessels in the Group\u2019s statement of financial position. Proceeds received from counterparties are recognised as financial liabilities under borrowings.Accounting policiesAt inception of a new contract, NORDEN assesses whether a contract is a lease or contains a lease according to IFRS 16. This involves exercise of judge-ment as to whether:\u2022 The contract depends on the use of a specific asset\u2022 NORDEN obtains substantially all the economic benefits from the use of the asset \u2022 NORDEN has the right to direct the use of the assetNORDEN recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost less any accumulated depreciation, impairment losses and adjusted for any remeasurement of lease liabilities.The cost of right-of-use assets includes the amount of lease liabilities recog-nised and lease payments made before the commencement date. Unless NORDEN is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term.Impairment of right-of-use assetsSimilar to owned assets, right-of-use assets are subject to testing for impair-ment if there is an indication of impairment. Refer to note 3.2 \"Impairment of intangible and tangible assets\" for further information. Short-term leases and leases of low-value assetsNORDEN applies the lease recognition exemptions related to short-term leases (lease terms of 12 months or less) and leases of low-value assets. Lease payments on short-term leases and leases of low-value assets are recognised in the income statement as an expense on a straight-line basis over the lease term.Sale and leasebackFor sale and leaseback transactions, if there is a transfer of control within the meaning of IFRS 15, NORDEN as the seller-lessee measures the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right of use retained.Any gain or loss that relates to the rights transferred to the buyer-lessor is recognised in profit or loss. If there is no transfer of control, the seller-lessee recognises the transaction as a financing transaction. While the transaction is legally subject to a lease contract, it is not accounted for as a lease and the underlying asset is not derecognised.Accounting policiesNORDEN enters into arrangements to sublease an underlying asset to a third party, while NORDEN retains the primary obligation under the original lease. In such arrangements, NORDEN acts as both the lessee and lessor of the same underlying asset.If a leased vessel is subleased under terms transferring substantially all remaining risks and rewards under the head lease to the lessee in the sublease (finance lease), the right-of-use asset is derecognised, and a lease receivable is recog-nised. Gains or losses on the derecognised right-of-use asset are recognised in the income statement as revenue.During the term of the sublease, NORDEN recognises both finance income on the sublease (as revenue) and interest expense on the head lease (as financial expenses).If the sublease is classified as an operating lease, NORDEN continues to account for the lease liability and right-of-use asset on the head lease like any other lease.Cash flowsCash payments received on sublease receivables are classified within oper-ating activities.Accounting policiesUpon acquisition of new subsidiaries or activities, the acquired assets, liabil-ities and contingent liabilities are measured at fair value at the date when control is obtained applying the acquisition method. Identifiable intangible assets are recognised if they arise from contractual rights or can otherwise be separately identified. The difference between the fair value of the acquisition consideration and the fair value of acquired identifiable net assets is recognised as goodwill. Contin-gent consideration is measured at fair value and any subsequent changes to contingent consideration are recognised as financial income or financial expense in the income statement.Transaction costs are recognised as operating costs as they are incurred.Investments in unlisted sharesThe Group holds a strategic equity investment in an unlisted company, which is classified as fair value through other comprehensive income (FVOCI). This investment is intended to be held for the medium to long-term and supports the Group's broader sustainability and innovation objectives.The investee focuses on the development of sustainable bio-oil solutions and continues to advance its production capabilities. During the year, the company remained engaged in discussions with potential investors and stra-tegic partners with the objective of securing additional funding to support the scaling of production and the commercial introduction of biofuel products. The Group made an additional equity investment of USD 2.5 million in the company in 2025. Due to the absence of an active market for the unlisted shares and insufficient observable inputs to reliably determine fair value, Management has assessed that the transaction prices from the initial invest-ment and the subsequent investment represent the best estimates of fair value at the respective investment dates.As no events or changes in circumstances have been identified that would indicate a material change in fair value since the latest transaction, Manage-ment has concluded that the carrying amount represents a reasonable esti-mate of fair value at 31 December 2025. Accordingly, the investment is carried at USD 15.2 million (USD 12.7 million).Accounting policiesOn initial recognition, investments in unlisted shares are measured at fair value. Subsequently, they are measured at fair value through profit or loss (FVTPL) unless classified as fair value through other comprehensive income (FVOCI) according to an individual decision for each equity investment. This election is made on an investment-by-investment basis.Gains or losses on equity instruments classified as FVOCI are never recycled to profit or loss. Dividends are recognised in the income statement unless the dividends clearly represent a recovery of part of the cost of investment. Other net gains or losses are recognised in other comprehensive income.Accounting policiesIn the Group\u2019s income statement, the Group\u2019s share of joint ventures' profit/loss after tax is included in the item \u201cProfit/loss from investments in joint ventures\u201d.Companies which are contractually operated jointly with one or more other enterprises, and which are thus jointly controlled, are recognised in the consolidated financial statements according to the equity method.In the Group\u2019s statement of financial position, the Group\u2019s share of the net asset value of joint ventures is included in the item \"Investments\", calculated on the basis of the Group\u2019s accounting policies after deduction or addition of the Group\u2019s share of any unrealised intra-group gains or losses. Joint ventures with negative net asset value are measured at nil value. If the Group has a legal or constructive obligation to cover the enterprises\u2019 negativebalance, such obligation is recognised by writing down any receivable from the joint venture or under provisions.Accounting policiesPool arrangements are considered joint operations. Accordingly, for vessels operating in pools, the proportionate share of income and costs is presentedas gross amounts in the income statement.NORDEN's share of revenue in pools is recognised in \u201cRevenue\u201d, while the proportionate share of costs in pools, such as direct voyage costs (e.g., bunker oil, commissions and port charges) and charter hire for chartered pool tonnage, is recognised in \u201cVessel operating costs\u201d. Similarly, NORDEN\u2019s share of assets and liabilities in pools are recognised, and its share of other liabilities, etc., is included in the table above.Accounting policiesCash and cash equivalents, as presented in the statement of financial position, are measured at their nominal value and comprise cash on hand, demand deposits and other highly liquid investments with original maturities of three months or less. Cash and cash equivalents also include cash held as collateral in connection with derivative activities, provided that any restrictions are of a short-term nature and the cash is expected to be available for use within 12 months.Term deposits with original maturities above three months are presented separately within current assets.Accounting policiesAssets classified as held for sale include vessels for which a binding sales agreement is in place, with the transfer to the buyer anticipated within 12 months of the reporting date. In the case of a newbuilding being sold, this period extends to 12 months following the delivery of the vessel from the yard.Newbuild vessels and prepayments on vessels held for sale are measured at the lower of carrying amount before classification as held for sale and fair value less selling costs and are recognised under current assets. Assets held for sale are not depreciated. Assets and directly related liabilities associated with assets held for sale are recognised in separate items in the statement of financial position. Gains or losses are included in the income statement in the item \"Profit/loss from sale of vessels, etc.\u201d. Gains are recognised upon delivery, while losses are recog-nised when the assets are classified as \"held for sale\u201d.Profit/loss from sale of vessels is stated as the difference between the sales price less selling costs and the carrying amount of the vessel in question at the time of delivery. Furthermore, impairment of assets held for sale and any gains or losses upon repayment of related loans are included.Accounting policiesDividendsDividends are recognised as a liability when approved by the shareholders at the Annual General Meeting. Dividends proposed by Management for the year, but not yet approved, are presented in equity until adoption. Dividends are presented net of amounts relating to treasury shares.Treasury sharesTreasury shares are acquired to meet obligations under share-based payment programmes and in connection with share buy-back programmes. Treasury shares are recognised at cost as a deduction from equity. Any gains or losses on the purchase, sale or cancellation of treasury shares, as well as dividends attributable to treasury shares, are recognised directly in retained earnings.Share buy-back programmesShare buy-back programmes are carried out under authorisations granted by the Board of Directors. Under this mandate, the Company may acquire treasury shares up to a total nominal amount of 15% of the share capital, with a permissible deviation of up to 10%. Shares repurchased under these programmes are recognised as treasury shares and deducted from equity at cost.Earnings per share (EPS)Earnings per share are presented as both basic and diluted EPS. Basic EPS is calculated as profit for the year divided by the weighted average number of ordinary shares outstanding, excluding treasury shares.Diluted EPS is calculated as profit for the year divided by the weighted average number of ordinary shares outstanding, adjusted for the dilutive effect of restricted share units. Only instruments that have a dilutive effect areincluded in diluted EPS.Accounting policiesBorrowings consist of bank loans, credit-facility drawdowns and financing lease debt from sale and leaseback arrangements. They are initially recog-nised at the proceeds received less transaction costs and subsequently meas-ured at amortised cost using the effective interest method.Fees paid to establish credit facilities are treated as transaction costs if the facility is expected to be utilised; otherwise, they are amortised over the term of the facility.Lease liabilitiesAt the commencement of a lease, NORDEN recognises a lease liability meas-ured at the present value of lease payments over the lease term. The lease term includes the non-cancellable period plus extension or purchase options when NORDEN is reasonably certain to exercise them. Lease payments include fixed amounts, amounts linked to an index or rate and the exercise price of purchase options expected to be used.Lease payments are split between principal and finance costs, with the finance cost recognised over the lease term using a constant interest rate. The present value is calculated using NORDEN\u2019s incremental borrowing rate at the commencement date, typically between 4\u20137% depending on maturity.Lease liabilities are remeasured if there are changes to the lease term, fixed payments or purchase option assessments, or if the contract is modified.Cash flowsIn the statement of cash flows, cash payments for the principal portion of the lease liabilities and related cash payments for the interest portion are classi-fied within the financing activities. For short-term leases or leases of low-value assets, the lease payments are classified within operating activities.Accounting policiesFinancial income and expenses comprise interest income and expenses, real-ised and unrealised gains or losses on transactions denominated in foreign currencies, amortisation of borrowing costs and securities and subsequent changes to contingent acquisition costs.Accounting policiesInitial recognition and measurement Derivative financial instruments are initially recognised at fair value on the date the contract is entered into and are subsequently remeasured to fair value at each reporting date. Derivatives are classified as financial assets within \"Other receivables\" when fair value is positive and as financial liabilities within \"Other payables\" when fair value is negative.Certain exchange-cleared derivatives are subject to daily margin settlements. For these contracts, the changes in fair value are settled in cash on a daily basis through margin accounts. Consequently, the carrying amount recog-nised in the statement of financial position reflects the fair value net of these daily cash settlements.Hedge accountingAt the inception of a hedge relationship, the Group formally designates and documents the relationship, the risk management objective and the strategy for undertaking the hedge. For derivatives designated as cash flow hedges:\u2022 Equity recognition: the effective portion of changes in fair value is recog-nised in other comprehensive income (FVOCI) and accumulated in the \"Reserve for cash flow hedges\" within equity.\u2022 Recycling to profit or loss: amounts deferred in equity are reclassified to the income statement in the same period during which the hedged transaction affects earnings (e.g. as part of revenue or operating costs).\u2022 Ineffectiveness: any ineffective portion of the hedge is recognised immedi-ately in the income statement.Economic hedgesDerivative financial instruments that are held for economic hedging purposes but do not meet the strict criteria for hedge accounting under IFRS 9 - or are held for trading - are measured at fair value through profit or loss (FVTPL). Changes in the fair value of these instruments are recognised immediately in the income statement under \"Other operating income\".Accounting policiesContingent assets are recognised when it is virtually certain that the claim will have a positive outcome for the Group. A contingent liability is recognised if it is likely that the claim will have a negative outcome and when the amount can be estimated. Rulings in connection with such matters may in future accounting periods produce realised gains or losses which may differ consid-erably from the recognised amounts or information.Accounting policiesThe Group operates equity-settled share-based incentive programmes for selected employees and members of Management in the form of Restricted Share Units (RSUs). RSUs entitle the holder to receive shares in the Company, subject only to continued service over the vesting period.Dividend Equivalent Units (DEUs) are granted on outstanding, unvested RSUs when dividends are declared. DEUs provide additional shares equivalent to the dividends paid during the vesting period and vest together with the underlying RSUs. DEUs are forfeited if the related RSUs do not vest.In accordance with IFRS 2 Share-based Payment, employee services are measured indirectly by reference to the fair value of the equity instruments granted. The fair value of RSUs is determined at the grant date and corre-sponds to the market price of the Company\u2019s shares. This grant-date fair value is recognised as an employee benefit expense over the vesting period, with a corresponding increase in equity, and is not subsequently remeasured.The number of RSUs expected to vest is reassessed at each reporting date and adjusted for actual outcomes. No expense is recognised for awards that do not vest due to failure to satisfy the service condition.DEUs are measured at fair value on the dividend declaration date and recog-nised as a share-based payment expense over the remaining vesting period of the underlying RSUs, with a corresponding increase in equity.For disclosure purposes, a share-based payment expense is allocated to employee categories based on roles at the reporting date. Employees who have resigned are classified within \u201cOthers\u201d.Accounting policiesThe Group\u2019s current tax primarily consists of tax payable according to the regulations of the Danish and Singaporean Tonnage Tax Act for shipping activities and according to general tax regulations for net financial income and other activities.Other activities primarily consist of commercial management income. Ship-ping activities in Denmark and Singapore are taxed based on the vessel net tonnage at disposal.Based on the planned use of vessels and recovery of reversed depreciation, respectively, the Danish and Singaporean tonnage tax regimes do not result in a liability, hence, it does not result in any deferred tax in the statement of financial position. The tax liability is merely a contingent liability.Other activities of the Group and the parent company are not subject to deferred tax either.The Group has included additional tax related to Pillar Two only in connection with vessels sold in 2025. Beyond this, the Group applies the exception to recognising and disclosing information about deferred tax associated with Pillar Two income taxes.As the predominant aspect of the Group's business activities falls under the tonnage tax regime, the forthcoming regulations associated with Pillar Two are anticipated to exert minimal influence on the overall tax structure of the Group. Notably, the primary regions that may be subject to the regulatory impact are Africa and the Americas. However, it is important to highlight that these regions currently contribute insignificantly to the overall profit of the Group.Accounting policiesRelated parties include the Board of Directors and the Executive Manage-ment as well as their close relatives. Related parties also include companies in which the above persons have significant interests as well as companies and foundations which have direct or indirect significant influence through shareholdings.In addition, related parties include joint ventures; refer to note 3.7 \"Invest-ments and activities\".Free cash flow is the cash generated after taking into consideration cash outflows that support our operations and maintain our capital assets.Accounting policiesThe statement of cash flows shows the Group\u2019s cash flows for the year distributed on operating, investing and financing activities, net changes for the year in cash and cash equivalents at the beginning and end of the year. Positive amounts indicate inflows, whereas negative amounts indi-cate outflows.Cash flow from operating activities is stated as the profit/loss for the year adjusted for non-cash operating items such as depreciation, profit/loss from sale of vessels, etc., changes in working capital plus or minus corporation tax paid or received. Working capital includes current assets less current liabilities, excluding the items included in cash and cash equivalents and assets held for sale.Cash flow from investing activities comprises cash flow from the acquisition and sale of non-current assets as well as interest income received. Cash flow from financing activities comprises cash flows from the raising and repayment of borrow-ings and bonds, instalments on lease liabilities, proceeds from sale and leaseback transactions that do not qualify as sales under IFRS 15 (financing lease borrowings), as well as payments to and from shareholders and interest expenses paid.",
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"value": "Foreign currency translationA functional currency is determined for each of the reporting entities of the Group. The functional currency is the currency in the primary economic envi-ronment in which the reporting entity operates. Transactions in currencies other than the functional currency are transactions in foreign currencies.Transactions in foreign currencies during the year are translated at the exchange rates at the transaction date. Gains or losses arising between the exchange rate at the transaction date and the exchange rate at the date of payment are recognised in the income statement as \u201cFinancial income\u201d or \u201cFinancial expenses\u201d.Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the reporting date are translated at the exchange rates at the reporting date. Differences between the exchange rates at the transaction date and the exchange rate at the reporting date are recognised in the income statement as \u201cFinancial income\u201d or \u201cFinancial expenses\u201d.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated applying the exchange rates at the dates of the initial transactions. Non-monetary assets and liabilities in foreign currency that are subsequently revalued at fair value are translated at the exchange rates at the date of revaluation. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item.In determining the spot exchange rate used on initial recognition of the related asset, expense, or income on the derecognition of a non-monetary asset or non-monetary liability relating to advance consideration, the date of the transaction is the date on which the Group initially recognises the non-mone-tary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of advance consideration.",
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"value": "Foreign currency translationA functional currency is determined for each of the reporting entities of the Group. The functional currency is the currency in the primary economic envi-ronment in which the reporting entity operates. Transactions in currencies other than the functional currency are transactions in foreign currencies.Transactions in foreign currencies during the year are translated at the exchange rates at the transaction date. Gains or losses arising between the exchange rate at the transaction date and the exchange rate at the date of payment are recognised in the income statement as \u201cFinancial income\u201d or \u201cFinancial expenses\u201d.Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the reporting date are translated at the exchange rates at the reporting date. Differences between the exchange rates at the transaction date and the exchange rate at the reporting date are recognised in the income statement as \u201cFinancial income\u201d or \u201cFinancial expenses\u201d.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated applying the exchange rates at the dates of the initial transactions. Non-monetary assets and liabilities in foreign currency that are subsequently revalued at fair value are translated at the exchange rates at the date of revaluation. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item.In determining the spot exchange rate used on initial recognition of the related asset, expense, or income on the derecognition of a non-monetary asset or non-monetary liability relating to advance consideration, the date of the transaction is the date on which the Group initially recognises the non-mone-tary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of advance consideration.",
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"value": "1.4 Significant accounting estimates and judgementsThe preparation of the consolidated financial statements of the Group and the financial statements of the parent company requires Management to make estimates and judgements. These are the basis for recognition and measurement of the Group\u2019s and parent company\u2019s income, expenses, assets and liabilities.The applied estimates are based on historical experience and other factors that Management considers appropriate under the given circumstances, but which are inherently uncertain. Actual results may differ from these estimates.During 2025, the Group operated in a macroeconomic and geopolitical environment characterised by elevated uncertainty. Ongoing geopolitical tensions, sanctions and trade restrictions continued to affect global trade flows, freight demand patterns and cost structures, contributing to increased volatility in the freight market. These conditions have required Management to apply judgement when preparing estimates, in particular in relation to, but not limited to, impairment assessments, expected credit losses, and assump-tions used in forecasting future cash flows.Estimates are continuously reviewed and revised where necessary as a result of changes in underlying assumptions, new information or subsequent events that affect the current as well as future reporting periods.The accounting policies are described in the notes to the financial statements, which also include further information on the specific accounting estimates and judgements considered significant to the preparation of the financial statements.Level of potential Significant accounting estimates and judgements NoteimpactImpairment of intangible and tangible assets 3.2 \u2022\u2022\u2022Non-lease component for leases 3.5 \u2022\u2022The accounting policies are described in each of the specific notes to the financial statements, which also include additional descriptions of accounting estimates and judgements.Accounting judgements and estimatesRevenue recognition under the load-to-discharge method requires the use of judgement and estimates to determine the stage of completion at the reporting date.For voyages in progress at the end of the reporting period, additional uncer-tainty arises as the final duration and conditions of the voyage may differ from initial expectations. The assessment is based on expected voyage durations, historical performance and vessel schedules, and is also affected by external factors such as weather conditions, port congestion and changes to destina-tion ports. These factors may result in adjustments to recognised revenue as new information becomes available.Recognition of demurrage revenue also involves judgement, particularly in assessing time spent in port relative to contractual terms. Initial recognition of demurrage claims is based on historical recovery experience and is adjusted where necessary for expected counterclaims or disputes arising from port delays.Management reviews these estimates and judgements on an ongoing basis to ensure that they remain appropriate, reflect operational realities and provide a reliable basis for revenue recognition.Accounting judgements and estimatesVoyage expenses, which include costs such as bunker fuel, port fees, canal tolls and other operating costs, are estimated using judgement and may fluc-tuate due to changes in prices or operational conditions. Detailed information regarding the definition and measurement of non-lease service component under lease accounting can be found in note 3.5 \"Right-of-use assets\".Overhead and administration expenses Amounts in USD million 2025 2024Wages and salaries 56.3 39.3Pensions - defined contribution plans 4.1 3.4Other social security costs 3.3 3.1Share-based payment, cf. note 5.1 4.8 1.7Other external costs 31.0 26.9Total 99.5 74.4The average number of employees was 473 in 2025, compared to 457 in 2024. Remuneration of Executive Management and the Board of DirectorsAmounts in USD million 2025 2024Wages and salaries 3.1 2.6Share-based payment, cf. note 5.1 1.1 0.5Remuneration of Executive Management 4.2 3.1Remuneration of the Board of Directors 1.0 0.9Accounting judgements and estimatesProvisions for receivables are determined using the lifetime expected credit loss, which includes factors such as internal rating, historical information about payment patterns, collateral received as well as prevailing economic conditions. Estimates made are updated if the customer\u2019s ability to pay changes. It is estimated that the provisions are sufficient to cover any bad debt.Significant accounting judgements and estimatesCash-generating unitsCash-generating units are determined by the smallest group of assets that gene-rate largely independent cash inflows and by the level at which Management monitors performance. This differs from Operating Segments under IFRS 8.Management has assessed the degree of interdependency between the Group\u2019s activities and concluded that cash inflows are not largely independent across certain operating businesses. Accordingly, vessels and related assets are allo-cated to three CGUs for impairment testing purposes: Dry cargo, Tankers, and Projects & Parcelling.Impairment indicatorsThe assessment of impairment indicators involves significant and subjec-tive judgements by Management. These indicators are reviewed to assess whether there are any indications that the carrying amount of a CGU may not be recoverable.\u2022 Financial performance of NORDEN\u2019s share price, assets and the relevant CGU.\u2022 Developments in spot and time-charter freight rates.\u2022 Developments in vessel values, including second-hand and newbuildingprices, and evidence of physical damage or obsolescence of assets.\u2022 Changes in the cost of equity, cost of debt and the Group\u2019s WACC.\u2022 Significant adverse effects from changes in the technological, economic, environmental, climate, geopolitical or regulatory environment.The assessment of impairment indicators for intangible assets, owned vessels, right-of-use assets and prepayments on newbuildings is performed at the level of the relevant CGU and considered on a portfolio basis.When considering vessel values, two independent broker valuations are obtained. The assessment of newbuilding prices considers market data, inclu-ding known transactions, potential newbuilding prices and broker analysis.Assessment and calculation inputsIf impairment indicators exist, the recoverability of the carrying amount of intangible and tangible assets is assessed at the level of the relevant CGU.The recoverable amount is determined as the higher of value-in-use and fair value less costs to sell. The calculation of value-in-use involves significant estimation uncertainty as it is based on expected future cash flows and an appropriate discount rate. Key assumptions include long-term freight and time-charter rates, vessel utilisation, operating costs and capital expenditure.In the value-in-use calculation, the economic lifespan of owned vessels is assumed to be 25 years for both Dry cargo and Tankers, while the duration of long-term and short-term chartered-in vessels is based on contractually agreed periods. The discount rate applied is generally based on the Group\u2019s WACC.Prevailing macroeconomic, geopolitical and market conditions influence the assessment. While uncertainties remain regarding the long-term transition to zero-emission technologies, Management does not currently consider that climate change has a material impact on the estimates and judgements applied in the impairment assessment.Accounting judgements and estimatesFor further details, refer to accounting judgements and estimates in note 3.2 \"Impairment of intangible and tangible assets\".Accounting judgements and estimatesUseful lives of vessels are estimated based on past experience. Management periodically reviews and revises the estimates for individual vessels or groups of vessels with similar characteristics, taking into account factors such as maintenance standards, repair practices, technological advancements and environmental regulations.Residual values are challenging to estimate due to the long operational lives of vessels, uncertainties of future economic conditions and steel price fluc-tuations, which are key determinants of scrap value. Management adopts a long-term perspective to minimise the impact of temporary and potentially significant market fluctuations on residual value estimates.Significant accounting judgements and estimatesNORDEN has elected to separate lease and non-lease components for leases of time charter contracts on vessels. For these contracts, the estimated non-lease component (daily running costs) is excluded from the right-of-use assets. Assessing the consideration attributable to the non-lease component includes a significant accounting judgement, where Management uses market data from an independent service provider. The market data consists of benchmarking reports and allows NORDEN to benchmark vessels' operating costs against a global sample. The measurement of the non-lease component takes several factors into consideration such as operating costs, ageing of the vessels, vessel types, etc.In this regard, Management assesses the service provider\u2019s independence, objectivity and qualifications and whether the market data are appropriate for the purpose, for example based on sufficient market data.Accounting judgements and estimatesManagement\u2019s assessment of whether leases on vessels should be classi-fied as finance or operating leases is based on an overall evaluation of the remaining risks and rewards of each lease.Accounting judgements and estimatesAssessment of control in shared ownershipThe classification of jointly owned arrangements requires judgement. In assessing joint control, an analysis has been made to determine which decisions require unanimity and whether these relate to relevant activities, meaning activities that significantly affect the return.Joint operationsNORDEN engages in jointly controlled arrangements, which include joint ventures and joint operations. In joint ventures, the parties do not have a direct share in assets and liabilities, etc., but solely a share in the net profit or loss and equity. On the other hand, joint operations provide the parties with direct rights to the assets and direct obligations for the liabilities. Each joint operator recognises its part of assets, liabilities, income and costs.NORDEN\u2019s shipping activities are to some extent conducted through pool arrangements. In pools, revenue and related costs are recognised according to criteria corresponding to the pool agreements.For vessels operating in pools, the pools' profit is allocated to the pool part-ners based on an agreed principle. The agreed principle may differ from pooto pool. Generally, the pool's profit is allocated to the participants according to the number of days the vessels have been at the pool\u2019s disposal but weighted for the capacity and characteristics of the individual vessels. As the pool operator for NORDEN Tanker Pools, NORDEN earns commercial management income to cover the associated operational costs. This income is calculated as a fixed percentage of the charter or freight income generated by each individual agreement. Commercial management income is recognised in the income statement under the item \u201cOther operating income\u201d in line with therecognition of the underlying charter or freight agreement.The following is an overview of NORDEN\u2019s total liabilities and coverage in respect of jointly controlled operations in the event that the other pool part-ners are unable to meet their obligations.Amounts in USD million 2025 2024Unrecognised liabilities for which the pool partners are jointly and severally liable 23.6 25.6Cash and cash equivalents liable to the pool partners 15.7 13.8NORDEN's share of \"NORDEN tanker pools\" 29.0% 31.4%Accounting judgements and estimatesManagement assesses provisions and contingencies on an ongoing basis, as well as the likely outcome of pending or potential legal proceedings, etc. The assessments are made on the basis of legal opinions of the signed agree-ments, which in considerable claims also include assessments obtained from external advisers, including external legal advisers, among others.Accounting judgements and estimatesThe Danish group entities have entered into the Danish tonnage tax regime for a binding ten-year period from 2021. The Singaporean group entity has entered into the Singaporean tonnage tax regime for a binding ten-year period from 2019. In addition, tax regulation becomes complex when a company has activities that are partly covered by the tonnage tax regime and partly by corporate taxation. In calculation of the taxable income, estimates are made which in a later assessment by the Danish or Singaporean tax authorities may result in correc-tions to previous estimates of recognised tax assets and liabilities in the state-ment of financial position.",
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"f1__s9__7__141-1": {
"value": "1.5 Climate changeAs a global provider of ocean-based freight services and logistics solutions, NORDEN plays a pivotal role in supporting the transition towards more sustai-nable global trade.On the environmental agenda, NORDEN\u2019s ambition is to reach net-zero emissions by 2050, supported by a medium-term target to reduce the Energy Efficiency Operational Indicator (EEOI) by 16% by 2030 from a 2022 baseline. In the short term, NORDEN contributes to reducing environmental impact by offering low-emission freight products and services and by providing trans-parency on emissions to customers. During the year, the Group continued to focus on developing sustainable shipping solutions and investing in new vessels equipped with emission-reducing technologies.In 2025, FuelEU Maritime reporting requirements entered into force, intro-ducing specific greenhouse gas intensity requirements for energy used on EU-related voyages. The Group has assessed its compliance position and recognised the related impacts in the consolidated financial statements. The overall effect for 2025 is assessed to be limited. In October, the International Maritime Organisation (IMO) postponed the adoption of the proposed Net Zero Framework by one year. The framework, including a potential carbon levy, is expected to influence the future regula-tory landscape and the development of sustainable fuels. The delay increases uncertainty regarding the timing and design of future regulation. However, NORDEN remains focused on executing its medium and long-term decarbo-nisation strategy.NORDEN\u2019s business model is exposed to risks and opportunities associated with climate change. Compliance with changes in laws and regulations may increase operating and maintenance costs, require investments in emission control technologies and the acquisition of carbon allowances. In addition, the transition towards a more sustainable global trade system could affect the resale value or useful lives of vessels and potentially lead to impairment charges. NORDEN\u2019s asset-light fleet strategy materially mitigates these risks.In preparing the Consolidated Financial Statements for 2025, Management has considered the impact of climate change, particularly in the context of the Group\u2019s sustainability targets, the industry transition and compliance with FuelEU Maritime and EU ETS regulations. These factors are reflected in the Group\u2019s financial forecasts and accounting estimates to the extent possible. Based on Management\u2019s current assessment, the related impacts are not considered material to the Group\u2019s financial position or performance, notwithstanding inherent estimation uncertainty.The long-term prospects for optimal zero-emission technologies for dry cargo and tanker shipping remain uncertain. Management has assessed the potential impact on impairment testing, residual values and useful lives of owned vessels and currently considers these to be unchanged compared to last year.Except for the estimates described above, Management does not consider climate change to have a material impact on the accounting estimates and judgements applied in the preparation of the 2025 consolidated and parent company financial statements.1.6 Reporting under the ESEF RegulationNORDEN is required to prepare and file the annual report in the European Single Electronic Format (ESEF), and the annual report for 2025 is therefore prepared in the XHTML format which can be displayed in a standard browser. The consolidated financial statements are tagged applying inline eXtensible Business Reporting Language (iXBRL). The iXBRL tags comply with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. Where a financial statement line item is not defined in the ESEF taxonomy, an extension to the taxonomy has been created. Extensions are anchored to elements in the ESEF taxonomy, except for extensions that are subtotals. The annual report submitted to the Danish Financial Supervisory Authority consists of the XHTML document together with certain technical files, all included in a file named \"norden-2025-12-31-en.zip\".Standards issued but not yet effectiveIFRS 18 Presentation and Disclosure in Financial Statements, which will replace IAS 1, is effective for annual reporting periods beginning on or after 1 January 2027 and has not been early adopted by the Group. IFRS 18 will be applied retrospectively.The standard introduces new requirements for the presentation and disclo-sure in the consolidated financial statements, including the categorisation of income and expenses into operating, investing and financing activities, and specified totals and subtotals. The standard also requires the presentation of management-defined perfor-mance measures (MPMs). In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operating activities to \"operating profit or loss\". The Group is currently assessing the full impact of IFRS 18 on the primary financial statements and notes. Based on the initial assessment, the expected impacts include presenting foreign exchange gains or losses in the cate-gory in which the related income or expense from the underlying item is recognised, new requirements for subtotals in the income statement and the introduction of a separate note for the disclosure of management-defined performance measures (MPMs).Other standards, amendments and interpretations issued but not yet effec-tive are not expected to have a material impact on the Group\u2019s financial statements.",
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"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__7__146-1": {
"value": "1.7 Changes in accounting policies and disclosuresThe Group has adopted standards and interpretations effective as of 1 January 2025. The Group has not early adopted any standards, interpreta-tions or amendments that have been issued but are not yet effective.Adoption of new or amended IFRSsDuring the year, the Group implemented amendments to existing standards that were effective in the 2025 financial year. The amendments did not result in any changes to the recognition or measurement of items in the financial statements and did not have a material impact on the Group\u2019s financial posi-tion, performance or cash flows.Change of segment reportingEffective from 1 January 2025, NORDEN updated its reportable segments in accordance with IFRS 8 Operating Segments. The change reflects the way in which the Company\u2019s Chief Operating Decision Maker (CODM), being Executive Management, monitors and manages the business and allocates resources across the Group.The updated segmentation followed a review of the Group\u2019s internal manage-ment structure and performance evaluation processes. As a result, the Group reorganised its activities into more operationally distinct components to better reflect differences in commercial focus, capital allocation and strategic oversight. Under the revised structure, the Freight Services & Trading (FS&T) unit was split into three reportable segments:\u2022 Dry operator \u2013 large vessels.\u2022 Dry operator \u2013 small vessels.\u2022 Tanker operator.In addition, the former Assets & Logistics segment was split into three report-able segments:\u2022 Dry owner.\u2022 Tanker owner.\u2022 Logistics.As such, NORDEN reports on a total of six reportable segments. Each segment is monitored individually by the CODM for the purposes of perfor-mance evaluation and resource allocation.At year-end, the six reportable segments are grouped and presented exter-nally under two business units, Dry cargo and Tankers, reflecting the primary freight markets in which the Group operates. This presentation enhances transparency and stakeholder understanding while maintaining disclosure of each reportable segment in accordance with IFRS 8.The changes in segment reporting have no impact on the Group\u2019s consoli-dated financial statements for 2024 or 2025. Comparative information has been restated accordingly. Additional segment information is disclosed in Note 2.1.",
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},
"f1__s9__7__145-1": {
"value": "1.7 Changes in accounting policies and disclosuresThe Group has adopted standards and interpretations effective as of 1 January 2025. The Group has not early adopted any standards, interpreta-tions or amendments that have been issued but are not yet effective.Adoption of new or amended IFRSsDuring the year, the Group implemented amendments to existing standards that were effective in the 2025 financial year. The amendments did not result in any changes to the recognition or measurement of items in the financial statements and did not have a material impact on the Group\u2019s financial posi-tion, performance or cash flows.Change of segment reportingEffective from 1 January 2025, NORDEN updated its reportable segments in accordance with IFRS 8 Operating Segments. The change reflects the way in which the Company\u2019s Chief Operating Decision Maker (CODM), being Executive Management, monitors and manages the business and allocates resources across the Group.The updated segmentation followed a review of the Group\u2019s internal manage-ment structure and performance evaluation processes. As a result, the Group reorganised its activities into more operationally distinct components to better reflect differences in commercial focus, capital allocation and strategic oversight. Under the revised structure, the Freight Services & Trading (FS&T) unit was split into three reportable segments:\u2022 Dry operator \u2013 large vessels.\u2022 Dry operator \u2013 small vessels.\u2022 Tanker operator.In addition, the former Assets & Logistics segment was split into three report-able segments:\u2022 Dry owner.\u2022 Tanker owner.\u2022 Logistics.As such, NORDEN reports on a total of six reportable segments. Each segment is monitored individually by the CODM for the purposes of perfor-mance evaluation and resource allocation.At year-end, the six reportable segments are grouped and presented exter-nally under two business units, Dry cargo and Tankers, reflecting the primary freight markets in which the Group operates. This presentation enhances transparency and stakeholder understanding while maintaining disclosure of each reportable segment in accordance with IFRS 8.The changes in segment reporting have no impact on the Group\u2019s consoli-dated financial statements for 2024 or 2025. Comparative information has been restated accordingly. Additional segment information is disclosed in Note 2.1.",
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"value": "Change in presentationAs of 2025, the Group has changed the presentation of gains from the sale of vessels in the consolidated income statement. Previously, these gains were presented below \"profit before depreciation, amortisation and impairment losses, etc.\" (EBITDA). Starting from 2025, they are presented as part of EBITDA. The change reflects Management\u2019s assessment that the active trading of vessels is a core element of NORDEN\u2019s operational business. As such, vessel sales are considered a recurring and integrated part of the operating activi-ties. Comparative figures have been restated accordingly to ensure consist-ency and comparability. As a result, EBITDA increased by USD 70.3 million (USD 82.0 million) from USD 384.0 million (USD 432.2 million) to USD 454.3 million (USD 514.2 million) in 2025. Net profit and earnings per share are not impacted by the change of presentation.",
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},
"f1__s9__7__155-1": {
"value": "2.1 Segment informationDry operator Dry operator Total before - large - small Total Dry Tanker Tanker Total lease Lease Amounts in USD millionvesselsvessels Dry owner Logistics Eliminationscargooperatorowner EliminationsTankersaccountingaccounting Group Total2025Revenue - services rendered, external 1,587.6 1,002.8 38.9 24.6 - 2,653.9 197.8 348.3 - 546.1 3,200.0 -89.0 3,111.0Revenue - services rendered, internal 5.3 -0.1 251.1 0.1 -256.4 - - 9.7 -9.7 - - - -Revenue - sublease financial income and gains - - - - - - - - - - - 14.7 14.7Voyage costs* -676.7 - 417.1 -15.3 -2.4 15.2 -1,096.3 -53.1 -63.7 - -116.8 -1,213.1 - -1,213.1T/C equivalent revenue 916.2 585.6 274.7 22.3 -241.2 1, 557.6 144.7 294.3 -9.7 429.3 1,986.9 -74.3 1,912.6Other operating income -1.7 0.1 - - - -1.6 24.4 -4.7 - 19.7 18.1 - 18.1Charter hire and OpEx element* -922.7 -552.6 -199.8 - 241.2 -1,433.9 -150.2 -168.6 9.7 -309.1 -1,743.0 343.5 -1,399.5Operating costs, owned vessels* - - -14.9 -11.9 - -26.8 - -20.9 - -20.9 - 47.7 - - 47.7Contribution margin -8.2 33.1 60.0 10.4 - 95.3 18.9 100.1 - 119.0 214.3 269.2 483.5Profit/loss from sale of vessels, etc. - - 38.3 -0.1 - 38.2 - 34.0 - 34.0 72.2 -1.9 70.3Overhead and administration costs -24.7 -30.7 -12.9 -5.8 - -74.1 -14.1 -12.7 - -26.8 -100.9 1.4 -99.5Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) -32.9 2.4 85.4 4.5 - 59.4 4.8 121.4 - 126.2 185.6 268.7 454.3Depreciation, amortisation and impairment losses -2.0 -6.3 -17.6 -4.7 - -30.6 -1.3 -9.3 - -10.6 -41.2 -254.6 -295.8Share of profit/loss of joint ventures - - -0.1 - - - 0.1 - - - - - 0.1 - -0.1Profit/loss from operations (EBIT) -34.9 -3.9 67.7 -0.2 - 28.7 3.5 112.1 - 115.6 144.3 14.1 158.42024Revenue - services rendered, external 2,175.7 1,192.6 59.1 26.7 - 3,454.1 441.1 204.6 - 645.7 4,099.8 -131.5 3,968.3Revenue - services rendered, internal -0.4 - 238.2 - -237.8 - 0.4 98.5 -98.9 - - - -Revenue - sublease financial income and gains - - - - - - - - - - - 71.8 71.8Voyage costs* -869.5 -511.2 -15.8 -27.3 10.8 -1,413.0 -76.8 -25.4 -2.5 -104.7 -1, 517.7 - -1, 517.7T/C equivalent revenue 1,305.8 681.4 281.5 -0.6 -227.0 2,041.1 364.7 277.7 -101.4 541.0 2,582.1 -59.7 2,522.4Other operating income -2.7 - - - - -2.7 21.0 -1.8 - 19.2 16.5 - 16.5Charter hire and OpEx element* -1,394.0 -658.8 -186.0 -0.6 227.0 -2,012.4 -301.0 -142.1 101.4 -341.7 -2, 354.1 376.6 -1,977. 5Operating costs, owned vessels* - - -23.4 -10.6 - -34.0 - -20.8 - -20.8 -54.8 - -54.8Contribution margin -90.9 22.6 72.1 -11. 8 - -8.0 84.7 113.0 - 197.7 189.7 316.9 506.6Profit/loss from sale of vessels, etc. - - 41.8 -0.2 - 41.6 - 44.1 - 44.1 85.7 -3.7 82.0Overhead and administration costs -19.7 -22.3 -7.2 -8.0 - -57.2 -10.0 -7. 2 - -17. 2 -74.4 - -74.4Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) -110.6 0.3 106.7 -20.0 - -23.6 74.7149.9 - 224.6 201.0 313.2 514.2Depreciation, amortisation and impairment losses -0.4 -8.3 -20.0 -3.6 - -32.3 0.5 -10.2 - -9.7 -42.0 -270.0 -312.0Share of profit/loss of joint ventures - - -0.1 - - - 0.1 - - - - - 0.1 - -0.1Profit/loss from operations (EBIT) -111.0 -8.0 86.6 -23.6 - -56.0 75.2 139.7 - 214.9 158.9 43.2 202.1Geographical distribution of revenueExternal revenue Non-current assetsAmounts in USD million 2025 2024 2025 2024Denmark 42.8 61.0 864.7 734.1People's Republic of China 518.4 763.6 10.6 34.2United States of America 222.8 279.7 19.5 21.2Singapore 172.0 307.0 41.6 44.0India 137.6 166.5 - -The Philippines 123.1 125.4 - -Japan 116.9 169.7 102.6 94.9Mexico 102.3 142.7 - -Germany 90.6 48.2 16.8 -Australia 83.0 83.9 0.1 -United Kingdom 75.5 77.0 - -Other 1,440.7 1,815.4 258.4 196.4Total 3,125.7 4,040.1 1,314.3 1,124.8Revenue is allocated to geographical areas based on the port of discharge for operated vessels, including both owned vessels and vessels leased under time charter-in arrangements. Revenue from vessels leased out under time char-ter-out agreements is allocated based on the customer\u2019s location. The geographical location of non-current assets is determined by the legal ownership of those assets. Prepayments on newbuildings are allocated geographically based on the location of the shipyard until delivery. For second-hand vessels, the geographical location is determined by the seller\u2019s location until delivery. The geographical location of right-of-use assets is determined by the location of the counterparty to the lease.Revenue by vessel segment and service typeAmounts in USD million 2025 2024Dry bulk 2,647.0 3,429.2Tankers 478.7 610.9Total 3,125.7 4,040.1Voyage charter 2,650.9 3,251.5Time charter-out 474.8 788.6Total 3,125.7 4,040.1In general, voyage charters have a duration of less than 12 months, with the exception of COAs. Accordingly, the Group applies the practical exemption not to disclose unsatisfied performance obligations.Future revenue from contracts of affreightmentAmounts in USD million 2025 2024<1 year 295.4 241.41-2 years 55.5 50.42-3 years 22.3 22.43-4 years 13.9 14.44-5 years 11.8 8.3>5 years 26.2 32.4Total 425.1 369.3In accordance with IFRS 15, the table presents the Group\u2019s remaining perfor-mance obligations relating to contracts of affreightment and the timing of revenue expected to be recognised.Revenue from contracts of affreightment is recognised over time as trans-portation services are provided. Transaction prices are generally fixed on a per-tonne basis and allocated to each voyage performed. Future revenue from time charter agreementsTime Finance 2025 charterlease Net Amounts in USD million revenuerevenuerevenue<1 year 218.2 -63.3 154.91-2 years 129.6 -46.8 82.82-3 years 57.0 -33.5 23.53-4 years 11.4 -11.0 0.44-5 years - - ->5 years - - -Total 416.2 -154.6 261.6Time Finance 2024 charterlease Net Amounts in USD million revenuerevenuerevenue<1 year 208.0 -101.2 106.81-2 years 79.6 - 47.7 31.92-3 years 57.8 -31.2 26.63-4 years 29.5 -25.1 4.44-5 years 11.4 -11.0 0.4>5 years - - -Total 386.3 -216.2 170.1The Group operates a number of vessels under time charter agreements where it acts as lessor. Under these arrangements, customers pay either fixed or variable daily hire rates for a specified charter period.Under the time charter arrangements, customers have the right, within contractual limits, to determine cargo types and quantities as well as loading and discharge ports, and they bear all voyage-related expenses. For owned vessels, the Group incurs costs relating to crew and technical management. For chartered-in vessels, the Group pays hire to the vessel owner while the vessels are deployed under time charter agreements.In some cases, where substantially all risks and rewards incidental to owner-ship are transferred to the lessee, time charter contracts are accounted for as finance leases; refer to note 3.6 \u201cSubleases.\u201dThe items presented in the table are defined as follows:\u2022 Time charter revenue represents the contractual revenue from time charteragreements over their remaining terms (when the contract is classified as an operating lease). \u2022 Finance lease revenue reflects an adjustment for contracts that are accounted for as finance leases as such revenue is recognised upfront and therefore does not form part of future revenue.Accounting policiesNORDEN has a diversified customer portfolio, and revenue from no single external customer exceeds 10% of total revenue.Revenue comprises the present value of services rendered together with income generated from subleases, net of discounts. Services rendered primarily consist of freight income and time charter income.Revenue from most activities is recognised over time and presented in the income statement for the financial year as earned. Freight income and related voyage costs are recognised applying a percentage-of-completion method as the transportation services are performed. Under this method, freight income and related costs are recognised in the income statement in accordance with the applicable charter parties from the vessel\u2019s load date to completion of discharge. This approach is applied to all spot transports and voyages performed under contracts of affreightment.Costs directly attributable to repositioning a vessel to the load port under a specific contract are capitalised to the extent that they are expected to be recoverable.Charter parties specify agreed periods for loading and unloading. Where delays occur outside the Group\u2019s control, demurrage is earned and recognised in accordance with the contractual terms when such amounts are verifiable. Following completion of a voyage, actual port time is compared with contrac-tual allowances and demurrage claims may be submitted. Such claims are frequently subject to counterclaims arising from differing interpretations of contractual provisions or disputes regarding additional time.Accounting judgements and estimatesRevenue recognition under the load-to-discharge method requires the use of judgement and estimates to determine the stage of completion at the reporting date.For voyages in progress at the end of the reporting period, additional uncer-tainty arises as the final duration and conditions of the voyage may differ from initial expectations. The assessment is based on expected voyage durations, historical performance and vessel schedules, and is also affected by external factors such as weather conditions, port congestion and changes to destina-tion ports. These factors may result in adjustments to recognised revenue as new information becomes available.Recognition of demurrage revenue also involves judgement, particularly in assessing time spent in port relative to contractual terms. Initial recognition of demurrage claims is based on historical recovery experience and is adjusted where necessary for expected counterclaims or disputes arising from port delays.Management reviews these estimates and judgements on an ongoing basis to ensure that they remain appropriate, reflect operational realities and provide a reliable basis for revenue recognition.2.5 Contract assets and liabilitiesAmounts in USD million 2025 2024Contract assetsAccrued income from voyages commenced at the balance sheet date 59.5 72.8Costs to fulfil contracts 100.3 114.2Total 159.8 187.0Contract liabilitiesDeferred income 69.1 68.9Total 69.1 68.9Contract balances arise primarily from the Group\u2019s shipping activities, which involve transporting cargo under voyage and time charter agreements. In these arrangements, revenue recognition and cash flows often occur at different times, resulting in assets or liabilities until the related performance obligations are satisfied. As the contract balances primarily relate to voyages of a short duration, contract balances are generally recognised in profit or loss within one year. No material voyages are longer than one year.Accounting policiesThe Group recognises contract assets and liabilities in accordance with IFRS 15.Contract assets are recognised when the Group has performed a service but does not yet have an unconditional right to payment, and if voyage-related expenses have been incurred in advance of fulfilling a contract. Contract liabilities are recognised when the Group receives consideration from customers before fulfilling its contractual performance obligations. Contract assetsAccrued income from commenced voyagesWhen a vessel departs its load port, the performance obligation to transport cargo begins. Under some contracts, customers are only invoiced upon delivery of cargo at the discharge port. During the voyage, revenue is partially recognised together with an equivalent accrued income as a contract asset as obligations are performed for which the Group does not yet have an uncondi-tional right to payment.2.5 Contract assets and liabilities \u2013 continuedDemurrage incomeDemurrage income, which represents compensation for delays beyond the agreed laytime, is also included in accrued income. Demurrage is recognised as additional freight revenue once the delay period is confirmed and can be reliably measured. Until invoiced, both voyage-related accrued income and demurrage are recorded as contract assets. Once the voyage is completed or the performance obligation is met (e.g., cargo delivered), the accrued income portion of contract assets is reclassified as trade receivables. At that stage, the Group's right to consideration becomes unconditional.Costs to fulfil contractsCertain voyage-related expenses (e.g. port and canal fees or other directly attributable costs) may be incurred before or during the voyage. The Group capitalises these costs as contract assets when they fulfil the below capitalisa-tion requirements:\u2022 Relate directly to a specific voyage or charter agreement.\u2022 Help generate or enhance resources used to satisfy our performance obligations.\u2022 And are expected to be recoverable through future revenue.These costs are then amortised in line with the progression of the voyage, matching the pattern of revenue recognition in the contract.Contract liabilitiesDeferred incomeUnder some contracts, the Group receives payment (e.g. freight or time charter hire) in advance of performing the underlying services. These amounts are recorded as contract liabilities (deferred income) because the Group has an obligation to provide future services for which it has been prepaid. Prepayments related to freight services are recognised as revenue over time from the time of cargo load and until the performance obligation is fulfilled, and prepayments related to time charter agreements are recognised as revenue over the duration of the time charter agreement.",
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"f1__s9__7__153-1": {
"value": "2.1 Segment informationDry operator Dry operator Total before - large - small Total Dry Tanker Tanker Total lease Lease Amounts in USD millionvesselsvessels Dry owner Logistics Eliminationscargooperatorowner EliminationsTankersaccountingaccounting Group Total2025Revenue - services rendered, external 1,587.6 1,002.8 38.9 24.6 - 2,653.9 197.8 348.3 - 546.1 3,200.0 -89.0 3,111.0Revenue - services rendered, internal 5.3 -0.1 251.1 0.1 -256.4 - - 9.7 -9.7 - - - -Revenue - sublease financial income and gains - - - - - - - - - - - 14.7 14.7Voyage costs* -676.7 - 417.1 -15.3 -2.4 15.2 -1,096.3 -53.1 -63.7 - -116.8 -1,213.1 - -1,213.1T/C equivalent revenue 916.2 585.6 274.7 22.3 -241.2 1, 557.6 144.7 294.3 -9.7 429.3 1,986.9 -74.3 1,912.6Other operating income -1.7 0.1 - - - -1.6 24.4 -4.7 - 19.7 18.1 - 18.1Charter hire and OpEx element* -922.7 -552.6 -199.8 - 241.2 -1,433.9 -150.2 -168.6 9.7 -309.1 -1,743.0 343.5 -1,399.5Operating costs, owned vessels* - - -14.9 -11.9 - -26.8 - -20.9 - -20.9 - 47.7 - - 47.7Contribution margin -8.2 33.1 60.0 10.4 - 95.3 18.9 100.1 - 119.0 214.3 269.2 483.5Profit/loss from sale of vessels, etc. - - 38.3 -0.1 - 38.2 - 34.0 - 34.0 72.2 -1.9 70.3Overhead and administration costs -24.7 -30.7 -12.9 -5.8 - -74.1 -14.1 -12.7 - -26.8 -100.9 1.4 -99.5Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) -32.9 2.4 85.4 4.5 - 59.4 4.8 121.4 - 126.2 185.6 268.7 454.3Depreciation, amortisation and impairment losses -2.0 -6.3 -17.6 -4.7 - -30.6 -1.3 -9.3 - -10.6 -41.2 -254.6 -295.8Share of profit/loss of joint ventures - - -0.1 - - - 0.1 - - - - - 0.1 - -0.1Profit/loss from operations (EBIT) -34.9 -3.9 67.7 -0.2 - 28.7 3.5 112.1 - 115.6 144.3 14.1 158.42024Revenue - services rendered, external 2,175.7 1,192.6 59.1 26.7 - 3,454.1 441.1 204.6 - 645.7 4,099.8 -131.5 3,968.3Revenue - services rendered, internal -0.4 - 238.2 - -237.8 - 0.4 98.5 -98.9 - - - -Revenue - sublease financial income and gains - - - - - - - - - - - 71.8 71.8Voyage costs* -869.5 -511.2 -15.8 -27.3 10.8 -1,413.0 -76.8 -25.4 -2.5 -104.7 -1, 517.7 - -1, 517.7T/C equivalent revenue 1,305.8 681.4 281.5 -0.6 -227.0 2,041.1 364.7 277.7 -101.4 541.0 2,582.1 -59.7 2,522.4Other operating income -2.7 - - - - -2.7 21.0 -1.8 - 19.2 16.5 - 16.5Charter hire and OpEx element* -1,394.0 -658.8 -186.0 -0.6 227.0 -2,012.4 -301.0 -142.1 101.4 -341.7 -2, 354.1 376.6 -1,977. 5Operating costs, owned vessels* - - -23.4 -10.6 - -34.0 - -20.8 - -20.8 -54.8 - -54.8Contribution margin -90.9 22.6 72.1 -11. 8 - -8.0 84.7 113.0 - 197.7 189.7 316.9 506.6Profit/loss from sale of vessels, etc. - - 41.8 -0.2 - 41.6 - 44.1 - 44.1 85.7 -3.7 82.0Overhead and administration costs -19.7 -22.3 -7.2 -8.0 - -57.2 -10.0 -7. 2 - -17. 2 -74.4 - -74.4Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) -110.6 0.3 106.7 -20.0 - -23.6 74.7149.9 - 224.6 201.0 313.2 514.2Depreciation, amortisation and impairment losses -0.4 -8.3 -20.0 -3.6 - -32.3 0.5 -10.2 - -9.7 -42.0 -270.0 -312.0Share of profit/loss of joint ventures - - -0.1 - - - 0.1 - - - - - 0.1 - -0.1Profit/loss from operations (EBIT) -111.0 -8.0 86.6 -23.6 - -56.0 75.2 139.7 - 214.9 158.9 43.2 202.1* Included in the item \u201cVessel operating costs\u201d in the income statement.Specification of impact from lease accounting per segmentDry operator Dry operator Total Tanker Total Group Amounts in USD million- large vessels- small vessels Dry owner LogisticsDry cargooperator Tanker ownerTankersTotal2025Revenue - services rendered, external -0.7 -5.8 -3.7 - -10.2 -27.1 -51.7 -78.8 -89.0Revenue - sublease financial income and gains 0.9 2.3 0.1 - 3.3 -2.8 14.2 11. 4 14.7T/C equivalent revenue 0.2 -3.5 -3.6 - -6.9 -29.9 -37.5 - 67. 4 -74.3Charter hire and OpEx element 57.3 25.8 110.3 - 193.4 60.4 89.7 150.1 343.5Contribution margin 57. 5 22.3 106.7 - 186.5 30.5 52.2 82.7 269.2Profit/loss from sale of vessels, etc. - - -1.9 - -1.9 - - - -1.9Overhead and administration costs 0.9 0.4 - 0.1 1.4 - - - 1.4Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 58.4 22.7 104.8 0.1 186.0 30.5 52.2 82.7 268.7Depreciation, amortisation and impairment losses -55.6 -21.5 -91.8 -0.1 -169.0 -31.9 -53.7 -85.6 -254.6Profit/loss from operations (EBIT) 2.8 1.2 13.0 - 17.0 -1.4 -1.5 -2.9 14.12024Revenue - services rendered, external -2.7 - -24.5 - -27. 2 -50.3 -54.0 -104.3 -131.5Revenue - sublease financial income and gains 0.4 - 1.9 - 2.3 6.1 63.4 69.5 71.8T/C equivalent revenue -2.3 - -22.6 - -24.9 -44.2 9.4 -34.8 -59.7Charter hire and OpEx element 67.4 37.0 108.7 - 213.1 82.3 81.2 163.5 376.6Contribution margin 65.1 37.0 86.1 - 188.2 38.1 90.6 128.7 316.9Profit/loss from sale of vessels, etc. - - -3.7 - -3.7 - - - -3.7Overhead and administration costs - - - - - - - - -Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 65.1 37.0 82.4 - 184.5 38.1 90.6 128.7 313.2Depreciation, amortisation and impairment losses -64.4 -35.9 -76.1 - -176.4 -45.8 -47.8 -93.6 -270.0Profit/loss from operations (EBIT) 0.7 1.1 6.3 - 8.1 -7.7 42.8 35.1 43.2Segment performance is assessed by Management excluding the effects of lease accounting under IFRS 16. For transparency, the impact of IFRS 16 on each operating segment is disclosed separately as a specification, reconciling segment results to the consolidated financial statements.Geographical distribution of revenueExternal revenue Non-current assetsAmounts in USD million 2025 2024 2025 2024Denmark 42.8 61.0 864.7 734.1People's Republic of China 518.4 763.6 10.6 34.2United States of America 222.8 279.7 19.5 21.2Singapore 172.0 307.0 41.6 44.0India 137.6 166.5 - -The Philippines 123.1 125.4 - -Japan 116.9 169.7 102.6 94.9Mexico 102.3 142.7 - -Germany 90.6 48.2 16.8 -Australia 83.0 83.9 0.1 -United Kingdom 75.5 77.0 - -Other 1,440.7 1,815.4 258.4 196.4Total 3,125.7 4,040.1 1,314.3 1,124.8Revenue is allocated to geographical areas based on the port of discharge for operated vessels, including both owned vessels and vessels leased under time charter-in arrangements. Revenue from vessels leased out under time char-ter-out agreements is allocated based on the customer\u2019s location. The geographical location of non-current assets is determined by the legal ownership of those assets. Prepayments on newbuildings are allocated geographically based on the location of the shipyard until delivery. For second-hand vessels, the geographical location is determined by the seller\u2019s location until delivery. The geographical location of right-of-use assets is determined by the location of the counterparty to the lease.Revenue by vessel segment and service typeAmounts in USD million 2025 2024Dry bulk 2,647.0 3,429.2Tankers 478.7 610.9Total 3,125.7 4,040.1Voyage charter 2,650.9 3,251.5Time charter-out 474.8 788.6Total 3,125.7 4,040.1In general, voyage charters have a duration of less than 12 months, with the exception of COAs. Accordingly, the Group applies the practical exemption not to disclose unsatisfied performance obligations.Future revenue from contracts of affreightmentAmounts in USD million 2025 2024<1 year 295.4 241.41-2 years 55.5 50.42-3 years 22.3 22.43-4 years 13.9 14.44-5 years 11.8 8.3>5 years 26.2 32.4Total 425.1 369.3In accordance with IFRS 15, the table presents the Group\u2019s remaining perfor-mance obligations relating to contracts of affreightment and the timing of revenue expected to be recognised.Revenue from contracts of affreightment is recognised over time as trans-portation services are provided. Transaction prices are generally fixed on a per-tonne basis and allocated to each voyage performed. Future revenue from time charter agreementsTime Finance 2025 charterlease Net Amounts in USD million revenuerevenuerevenue<1 year 218.2 -63.3 154.91-2 years 129.6 -46.8 82.82-3 years 57.0 -33.5 23.53-4 years 11.4 -11.0 0.44-5 years - - ->5 years - - -Total 416.2 -154.6 261.6Time Finance 2024 charterlease Net Amounts in USD million revenuerevenuerevenue<1 year 208.0 -101.2 106.81-2 years 79.6 - 47.7 31.92-3 years 57.8 -31.2 26.63-4 years 29.5 -25.1 4.44-5 years 11.4 -11.0 0.4>5 years - - -Total 386.3 -216.2 170.1The Group operates a number of vessels under time charter agreements where it acts as lessor. Under these arrangements, customers pay either fixed or variable daily hire rates for a specified charter period.Under the time charter arrangements, customers have the right, within contractual limits, to determine cargo types and quantities as well as loading and discharge ports, and they bear all voyage-related expenses. For owned vessels, the Group incurs costs relating to crew and technical management. For chartered-in vessels, the Group pays hire to the vessel owner while the vessels are deployed under time charter agreements.In some cases, where substantially all risks and rewards incidental to owner-ship are transferred to the lessee, time charter contracts are accounted for as finance leases; refer to note 3.6 \u201cSubleases.\u201dThe items presented in the table are defined as follows:\u2022 Time charter revenue represents the contractual revenue from time charteragreements over their remaining terms (when the contract is classified as an operating lease). \u2022 Finance lease revenue reflects an adjustment for contracts that are accounted for as finance leases as such revenue is recognised upfront and therefore does not form part of future revenue.Accounting policiesNORDEN has a diversified customer portfolio, and revenue from no single external customer exceeds 10% of total revenue.Revenue comprises the present value of services rendered together with income generated from subleases, net of discounts. Services rendered primarily consist of freight income and time charter income.Revenue from most activities is recognised over time and presented in the income statement for the financial year as earned. Freight income and related voyage costs are recognised applying a percentage-of-completion method as the transportation services are performed. Under this method, freight income and related costs are recognised in the income statement in accordance with the applicable charter parties from the vessel\u2019s load date to completion of discharge. This approach is applied to all spot transports and voyages performed under contracts of affreightment.Costs directly attributable to repositioning a vessel to the load port under a specific contract are capitalised to the extent that they are expected to be recoverable.Charter parties specify agreed periods for loading and unloading. Where delays occur outside the Group\u2019s control, demurrage is earned and recognised in accordance with the contractual terms when such amounts are verifiable. Following completion of a voyage, actual port time is compared with contrac-tual allowances and demurrage claims may be submitted. Such claims are frequently subject to counterclaims arising from differing interpretations of contractual provisions or disputes regarding additional time.Accounting judgements and estimatesRevenue recognition under the load-to-discharge method requires the use of judgement and estimates to determine the stage of completion at the reporting date.For voyages in progress at the end of the reporting period, additional uncer-tainty arises as the final duration and conditions of the voyage may differ from initial expectations. The assessment is based on expected voyage durations, historical performance and vessel schedules, and is also affected by external factors such as weather conditions, port congestion and changes to destina-tion ports. These factors may result in adjustments to recognised revenue as new information becomes available.Recognition of demurrage revenue also involves judgement, particularly in assessing time spent in port relative to contractual terms. Initial recognition of demurrage claims is based on historical recovery experience and is adjusted where necessary for expected counterclaims or disputes arising from port delays.Management reviews these estimates and judgements on an ongoing basis to ensure that they remain appropriate, reflect operational realities and provide a reliable basis for revenue recognition.",
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"value": "2.1 Segment informationDry operator Dry operator Total before - large - small Total Dry Tanker Tanker Total lease Lease Amounts in USD millionvesselsvessels Dry owner Logistics Eliminationscargooperatorowner EliminationsTankersaccountingaccounting Group Total2025Revenue - services rendered, external 1,587.6 1,002.8 38.9 24.6 - 2,653.9 197.8 348.3 - 546.1 3,200.0 -89.0 3,111.0Revenue - services rendered, internal 5.3 -0.1 251.1 0.1 -256.4 - - 9.7 -9.7 - - - -Revenue - sublease financial income and gains - - - - - - - - - - - 14.7 14.7Voyage costs* -676.7 - 417.1 -15.3 -2.4 15.2 -1,096.3 -53.1 -63.7 - -116.8 -1,213.1 - -1,213.1T/C equivalent revenue 916.2 585.6 274.7 22.3 -241.2 1, 557.6 144.7 294.3 -9.7 429.3 1,986.9 -74.3 1,912.6Other operating income -1.7 0.1 - - - -1.6 24.4 -4.7 - 19.7 18.1 - 18.1Charter hire and OpEx element* -922.7 -552.6 -199.8 - 241.2 -1,433.9 -150.2 -168.6 9.7 -309.1 -1,743.0 343.5 -1,399.5Operating costs, owned vessels* - - -14.9 -11.9 - -26.8 - -20.9 - -20.9 - 47.7 - - 47.7Contribution margin -8.2 33.1 60.0 10.4 - 95.3 18.9 100.1 - 119.0 214.3 269.2 483.5Profit/loss from sale of vessels, etc. - - 38.3 -0.1 - 38.2 - 34.0 - 34.0 72.2 -1.9 70.3Overhead and administration costs -24.7 -30.7 -12.9 -5.8 - -74.1 -14.1 -12.7 - -26.8 -100.9 1.4 -99.5Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) -32.9 2.4 85.4 4.5 - 59.4 4.8 121.4 - 126.2 185.6 268.7 454.3Depreciation, amortisation and impairment losses -2.0 -6.3 -17.6 -4.7 - -30.6 -1.3 -9.3 - -10.6 -41.2 -254.6 -295.8Share of profit/loss of joint ventures - - -0.1 - - - 0.1 - - - - - 0.1 - -0.1Profit/loss from operations (EBIT) -34.9 -3.9 67.7 -0.2 - 28.7 3.5 112.1 - 115.6 144.3 14.1 158.42024Revenue - services rendered, external 2,175.7 1,192.6 59.1 26.7 - 3,454.1 441.1 204.6 - 645.7 4,099.8 -131.5 3,968.3Revenue - services rendered, internal -0.4 - 238.2 - -237.8 - 0.4 98.5 -98.9 - - - -Revenue - sublease financial income and gains - - - - - - - - - - - 71.8 71.8Voyage costs* -869.5 -511.2 -15.8 -27.3 10.8 -1,413.0 -76.8 -25.4 -2.5 -104.7 -1, 517.7 - -1, 517.7T/C equivalent revenue 1,305.8 681.4 281.5 -0.6 -227.0 2,041.1 364.7 277.7 -101.4 541.0 2,582.1 -59.7 2,522.4Other operating income -2.7 - - - - -2.7 21.0 -1.8 - 19.2 16.5 - 16.5Charter hire and OpEx element* -1,394.0 -658.8 -186.0 -0.6 227.0 -2,012.4 -301.0 -142.1 101.4 -341.7 -2, 354.1 376.6 -1,977. 5Operating costs, owned vessels* - - -23.4 -10.6 - -34.0 - -20.8 - -20.8 -54.8 - -54.8Contribution margin -90.9 22.6 72.1 -11. 8 - -8.0 84.7 113.0 - 197.7 189.7 316.9 506.6Profit/loss from sale of vessels, etc. - - 41.8 -0.2 - 41.6 - 44.1 - 44.1 85.7 -3.7 82.0Overhead and administration costs -19.7 -22.3 -7.2 -8.0 - -57.2 -10.0 -7. 2 - -17. 2 -74.4 - -74.4Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) -110.6 0.3 106.7 -20.0 - -23.6 74.7149.9 - 224.6 201.0 313.2 514.2Depreciation, amortisation and impairment losses -0.4 -8.3 -20.0 -3.6 - -32.3 0.5 -10.2 - -9.7 -42.0 -270.0 -312.0Share of profit/loss of joint ventures - - -0.1 - - - 0.1 - - - - - 0.1 - -0.1Profit/loss from operations (EBIT) -111.0 -8.0 86.6 -23.6 - -56.0 75.2 139.7 - 214.9 158.9 43.2 202.1* Included in the item \u201cVessel operating costs\u201d in the income statement.Specification of impact from lease accounting per segmentDry operator Dry operator Total Tanker Total Group Amounts in USD million- large vessels- small vessels Dry owner LogisticsDry cargooperator Tanker ownerTankersTotal2025Revenue - services rendered, external -0.7 -5.8 -3.7 - -10.2 -27.1 -51.7 -78.8 -89.0Revenue - sublease financial income and gains 0.9 2.3 0.1 - 3.3 -2.8 14.2 11. 4 14.7T/C equivalent revenue 0.2 -3.5 -3.6 - -6.9 -29.9 -37.5 - 67. 4 -74.3Charter hire and OpEx element 57.3 25.8 110.3 - 193.4 60.4 89.7 150.1 343.5Contribution margin 57. 5 22.3 106.7 - 186.5 30.5 52.2 82.7 269.2Profit/loss from sale of vessels, etc. - - -1.9 - -1.9 - - - -1.9Overhead and administration costs 0.9 0.4 - 0.1 1.4 - - - 1.4Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 58.4 22.7 104.8 0.1 186.0 30.5 52.2 82.7 268.7Depreciation, amortisation and impairment losses -55.6 -21.5 -91.8 -0.1 -169.0 -31.9 -53.7 -85.6 -254.6Profit/loss from operations (EBIT) 2.8 1.2 13.0 - 17.0 -1.4 -1.5 -2.9 14.12024Revenue - services rendered, external -2.7 - -24.5 - -27. 2 -50.3 -54.0 -104.3 -131.5Revenue - sublease financial income and gains 0.4 - 1.9 - 2.3 6.1 63.4 69.5 71.8T/C equivalent revenue -2.3 - -22.6 - -24.9 -44.2 9.4 -34.8 -59.7Charter hire and OpEx element 67.4 37.0 108.7 - 213.1 82.3 81.2 163.5 376.6Contribution margin 65.1 37.0 86.1 - 188.2 38.1 90.6 128.7 316.9Profit/loss from sale of vessels, etc. - - -3.7 - -3.7 - - - -3.7Overhead and administration costs - - - - - - - - -Profit before depreciation, amortisation and impairment losses, etc. (EBITDA) 65.1 37.0 82.4 - 184.5 38.1 90.6 128.7 313.2Depreciation, amortisation and impairment losses -64.4 -35.9 -76.1 - -176.4 -45.8 -47.8 -93.6 -270.0Profit/loss from operations (EBIT) 0.7 1.1 6.3 - 8.1 -7.7 42.8 35.1 43.2Segment performance is assessed by Management excluding the effects of lease accounting under IFRS 16. For transparency, the impact of IFRS 16 on each operating segment is disclosed separately as a specification, reconciling segment results to the consolidated financial statements.Business unit informationFrom 2025, NORDEN presents its activities under two business units: Dry cargo and Tankers. This grouping reflects the fundamental commercial, operational, and risk characteristics that shape the Group\u2019s performance and strategic prior-ities.The Dry cargo business unit includes activities related to the ownership and operation of dry bulk and specialised project cargo vessels, including logistics and port solutions. The Tankers business unit includes activities associated with the ownership and operation of tanker vessels as well as commercial manage-ment for NORDEN's Commercial Tanker Pools. The purpose of this new business unit structure is to provide greater clarity and transparency for investors, analysts and other stakeholders by aligning the presentation of results with the underlying market dynamics that drive perfor-mance. Since Dry cargo and Tankers are influenced by different freight markets, supply-demand fundamentals and risk factors, the separation into these two business units provides a clearer view of the Group\u2019s earnings drivers. This structure also supports more meaningful analysis of performance insight and facilitates clearer comparison across the Group\u2019s core activities. While results are still reported at a more detailed operating segment level, the Dry cargo and Tankers business units provide a more intuitive and market-aligned framework for understanding NORDEN\u2019s overall business.Operating segmentsNORDEN\u2019s operating segments are defined in accordance with IFRS 8 Oper-ating Segments based on how Executive Management, as the Chief Operating Decision Maker (CODM), monitors performance, allocates resources and makes strategic decisions.From 2025, the Group reports six operating segments: Dry operator - large vessels, Dry operator - small vessels, Dry owner, Logistics, Tanker operator and Tanker owner. These segments reflect the Group\u2019s internal management structure and represent distinct commercial activities with different operational focus, capital intensity and risk profiles.While the six operating segments remain the primary basis for performance measurement and internal decision-making, they are also grouped within the two business units Dry cargo and Tankers to enhance transparency and stake-holder understanding. This change in presentation does not affect the level of detail in reporting; each operating segment continues to be disclosed individ-ually.Segment performance is assessed on an EBIT basis, excluding the effects of lease accounting, consistent with internal reporting to the CODM. Geographical distribution of revenueExternal revenue Non-current assetsAmounts in USD million 2025 2024 2025 2024Denmark 42.8 61.0 864.7 734.1People's Republic of China 518.4 763.6 10.6 34.2United States of America 222.8 279.7 19.5 21.2Singapore 172.0 307.0 41.6 44.0India 137.6 166.5 - -The Philippines 123.1 125.4 - -Japan 116.9 169.7 102.6 94.9Mexico 102.3 142.7 - -Germany 90.6 48.2 16.8 -Australia 83.0 83.9 0.1 -United Kingdom 75.5 77.0 - -Other 1,440.7 1,815.4 258.4 196.4Total 3,125.7 4,040.1 1,314.3 1,124.8Revenue is allocated to geographical areas based on the port of discharge for operated vessels, including both owned vessels and vessels leased under time charter-in arrangements. Revenue from vessels leased out under time char-ter-out agreements is allocated based on the customer\u2019s location. The geographical location of non-current assets is determined by the legal ownership of those assets. Prepayments on newbuildings are allocated geographically based on the location of the shipyard until delivery. For second-hand vessels, the geographical location is determined by the seller\u2019s location until delivery. The geographical location of right-of-use assets is determined by the location of the counterparty to the lease.Revenue by vessel segment and service typeAmounts in USD million 2025 2024Dry bulk 2,647.0 3,429.2Tankers 478.7 610.9Total 3,125.7 4,040.1Voyage charter 2,650.9 3,251.5Time charter-out 474.8 788.6Total 3,125.7 4,040.1In general, voyage charters have a duration of less than 12 months, with the exception of COAs. Accordingly, the Group applies the practical exemption not to disclose unsatisfied performance obligations.Future revenue from contracts of affreightmentAmounts in USD million 2025 2024<1 year 295.4 241.41-2 years 55.5 50.42-3 years 22.3 22.43-4 years 13.9 14.44-5 years 11.8 8.3>5 years 26.2 32.4Total 425.1 369.3In accordance with IFRS 15, the table presents the Group\u2019s remaining perfor-mance obligations relating to contracts of affreightment and the timing of revenue expected to be recognised.Revenue from contracts of affreightment is recognised over time as trans-portation services are provided. Transaction prices are generally fixed on a per-tonne basis and allocated to each voyage performed. Future revenue from time charter agreementsTime Finance 2025 charterlease Net Amounts in USD million revenuerevenuerevenue<1 year 218.2 -63.3 154.91-2 years 129.6 -46.8 82.82-3 years 57.0 -33.5 23.53-4 years 11.4 -11.0 0.44-5 years - - ->5 years - - -Total 416.2 -154.6 261.6Time Finance 2024 charterlease Net Amounts in USD million revenuerevenuerevenue<1 year 208.0 -101.2 106.81-2 years 79.6 - 47.7 31.92-3 years 57.8 -31.2 26.63-4 years 29.5 -25.1 4.44-5 years 11.4 -11.0 0.4>5 years - - -Total 386.3 -216.2 170.1The Group operates a number of vessels under time charter agreements where it acts as lessor. Under these arrangements, customers pay either fixed or variable daily hire rates for a specified charter period.Under the time charter arrangements, customers have the right, within contractual limits, to determine cargo types and quantities as well as loading and discharge ports, and they bear all voyage-related expenses. For owned vessels, the Group incurs costs relating to crew and technical management. For chartered-in vessels, the Group pays hire to the vessel owner while the vessels are deployed under time charter agreements.In some cases, where substantially all risks and rewards incidental to owner-ship are transferred to the lessee, time charter contracts are accounted for as finance leases; refer to note 3.6 \u201cSubleases.\u201dThe items presented in the table are defined as follows:\u2022 Time charter revenue represents the contractual revenue from time charteragreements over their remaining terms (when the contract is classified as an operating lease). \u2022 Finance lease revenue reflects an adjustment for contracts that are accounted for as finance leases as such revenue is recognised upfront and therefore does not form part of future revenue.Accounting policiesNORDEN has a diversified customer portfolio, and revenue from no single external customer exceeds 10% of total revenue.Revenue comprises the present value of services rendered together with income generated from subleases, net of discounts. Services rendered primarily consist of freight income and time charter income.Revenue from most activities is recognised over time and presented in the income statement for the financial year as earned. Freight income and related voyage costs are recognised applying a percentage-of-completion method as the transportation services are performed. Under this method, freight income and related costs are recognised in the income statement in accordance with the applicable charter parties from the vessel\u2019s load date to completion of discharge. This approach is applied to all spot transports and voyages performed under contracts of affreightment.Costs directly attributable to repositioning a vessel to the load port under a specific contract are capitalised to the extent that they are expected to be recoverable.Charter parties specify agreed periods for loading and unloading. Where delays occur outside the Group\u2019s control, demurrage is earned and recognised in accordance with the contractual terms when such amounts are verifiable. Following completion of a voyage, actual port time is compared with contrac-tual allowances and demurrage claims may be submitted. Such claims are frequently subject to counterclaims arising from differing interpretations of contractual provisions or disputes regarding additional time.Accounting judgements and estimatesRevenue recognition under the load-to-discharge method requires the use of judgement and estimates to determine the stage of completion at the reporting date.For voyages in progress at the end of the reporting period, additional uncer-tainty arises as the final duration and conditions of the voyage may differ from initial expectations. The assessment is based on expected voyage durations, historical performance and vessel schedules, and is also affected by external factors such as weather conditions, port congestion and changes to destina-tion ports. These factors may result in adjustments to recognised revenue as new information becomes available.Recognition of demurrage revenue also involves judgement, particularly in assessing time spent in port relative to contractual terms. Initial recognition of demurrage claims is based on historical recovery experience and is adjusted where necessary for expected counterclaims or disputes arising from port delays.Management reviews these estimates and judgements on an ongoing basis to ensure that they remain appropriate, reflect operational realities and provide a reliable basis for revenue recognition.",
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"value": "Accounting policiesNORDEN has a diversified customer portfolio, and revenue from no single external customer exceeds 10% of total revenue.Revenue comprises the present value of services rendered together with income generated from subleases, net of discounts. Services rendered primarily consist of freight income and time charter income.Revenue from most activities is recognised over time and presented in the income statement for the financial year as earned. Freight income and related voyage costs are recognised applying a percentage-of-completion method as the transportation services are performed. Under this method, freight income and related costs are recognised in the income statement in accordance with the applicable charter parties from the vessel\u2019s load date to completion of discharge. This approach is applied to all spot transports and voyages performed under contracts of affreightment.Costs directly attributable to repositioning a vessel to the load port under a specific contract are capitalised to the extent that they are expected to be recoverable.Charter parties specify agreed periods for loading and unloading. Where delays occur outside the Group\u2019s control, demurrage is earned and recognised in accordance with the contractual terms when such amounts are verifiable. Following completion of a voyage, actual port time is compared with contrac-tual allowances and demurrage claims may be submitted. Such claims are frequently subject to counterclaims arising from differing interpretations of contractual provisions or disputes regarding additional time.",
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"value": "Accounting policiesNORDEN has a diversified customer portfolio, and revenue from no single external customer exceeds 10% of total revenue.Revenue comprises the present value of services rendered together with income generated from subleases, net of discounts. Services rendered primarily consist of freight income and time charter income.Revenue from most activities is recognised over time and presented in the income statement for the financial year as earned. Freight income and related voyage costs are recognised applying a percentage-of-completion method as the transportation services are performed. Under this method, freight income and related costs are recognised in the income statement in accordance with the applicable charter parties from the vessel\u2019s load date to completion of discharge. This approach is applied to all spot transports and voyages performed under contracts of affreightment.Costs directly attributable to repositioning a vessel to the load port under a specific contract are capitalised to the extent that they are expected to be recoverable.Charter parties specify agreed periods for loading and unloading. Where delays occur outside the Group\u2019s control, demurrage is earned and recognised in accordance with the contractual terms when such amounts are verifiable. Following completion of a voyage, actual port time is compared with contrac-tual allowances and demurrage claims may be submitted. Such claims are frequently subject to counterclaims arising from differing interpretations of contractual provisions or disputes regarding additional time.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s9__7__161-1": {
"value": "2.2 Operating expensesVessel operating expensesAmounts in USD million 2025 2024Expenses related to short-term leases 1,166.5 1,726.9Bunker oil 657.5 900.1Voyage expenses, excluding bunker oil 555.6 617.6Non-lease service component (lease accounting) 233.0 250.6Operating expenses of owned vessels 47.7 54.8Total 2,660.3 3,550.0Operating expenses can be split by nature to disclose information about the expenses arising from the main inputs utilised to accomplish the Group's activities.Accounting policiesVessel operating expenses represent costs directly attributable to the operation of vessels. These include charter hire, bunker fuel consumption, voyage-related expenses such as commissions and port charges, repair and maintenance costs, insurance expenses, crew wages and other operating expenses.Once a voyage charter contract is entered into, costs directly attributable to transporting to the loading port are capitalised and amortised over the trans-portation period.Vessel operating expenses other than those capitalised are recognised when the services are received in accordance with the charter concluded by the parties.Accounting judgements and estimatesVoyage expenses, which include costs such as bunker fuel, port fees, canal tolls and other operating costs, are estimated using judgement and may fluc-tuate due to changes in prices or operational conditions. Detailed information regarding the definition and measurement of non-lease service component under lease accounting can be found in note 3.5 \"Right-of-use assets\".Overhead and administration expenses Amounts in USD million 2025 2024Wages and salaries 56.3 39.3Pensions - defined contribution plans 4.1 3.4Other social security costs 3.3 3.1Share-based payment, cf. note 5.1 4.8 1.7Other external costs 31.0 26.9Total 99.5 74.4The average number of employees was 473 in 2025, compared to 457 in 2024. Remuneration of Executive Management and the Board of DirectorsAmounts in USD million 2025 2024Wages and salaries 3.1 2.6Share-based payment, cf. note 5.1 1.1 0.5Remuneration of Executive Management 4.2 3.1Remuneration of the Board of Directors 1.0 0.9Accounting policiesStaff costs and remuneration comprise expenses related to wages, salaries, bonuses, pension contributions, social security contributions, annual leave, sick leave, etc. Expenses are recognised in the year in which the associated services are rendered by employees of the Group.The employment contracts of Executive Management entitle them to 12 months' remuneration in cases where they terminate their employment within four weeks of any change of control of the company.Refer to \u201cRemuneration Report 2025\u201c published on NORDEN\u2019s website: www.norden.com/investor/governance/remuneration for further details.Amounts recognised in the income statementAmounts in USD million 2025 2024Depreciation of right-of-use assets 253.5 269.1Interest expenses related to lease liabilities 34.3 31.5Expenses related to the service component 233.0 250.6Expenses related to short-term leases 1,166.5 1,726.9Gains on sale and leaseback 8.3 14.6Short-term lease commitmentsShort-term lease commitments vary during the year based on operational needs and strategy; therefore, year-end commitments may differ from the active leases during the period. Future payments within 12 months amount to USD 327.3 million (USD 331.9 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s9__7__160": {
"value": "2.2 Operating expensesVessel operating expensesAmounts in USD million 2025 2024Expenses related to short-term leases 1,166.5 1,726.9Bunker oil 657.5 900.1Voyage expenses, excluding bunker oil 555.6 617.6Non-lease service component (lease accounting) 233.0 250.6Operating expenses of owned vessels 47.7 54.8Total 2,660.3 3,550.0Operating expenses can be split by nature to disclose information about the expenses arising from the main inputs utilised to accomplish the Group's activities.Accounting policiesVessel operating expenses represent costs directly attributable to the operation of vessels. These include charter hire, bunker fuel consumption, voyage-related expenses such as commissions and port charges, repair and maintenance costs, insurance expenses, crew wages and other operating expenses.Once a voyage charter contract is entered into, costs directly attributable to transporting to the loading port are capitalised and amortised over the trans-portation period.Vessel operating expenses other than those capitalised are recognised when the services are received in accordance with the charter concluded by the parties.Accounting judgements and estimatesVoyage expenses, which include costs such as bunker fuel, port fees, canal tolls and other operating costs, are estimated using judgement and may fluc-tuate due to changes in prices or operational conditions. Detailed information regarding the definition and measurement of non-lease service component under lease accounting can be found in note 3.5 \"Right-of-use assets\".Overhead and administration expenses Amounts in USD million 2025 2024Wages and salaries 56.3 39.3Pensions - defined contribution plans 4.1 3.4Other social security costs 3.3 3.1Share-based payment, cf. note 5.1 4.8 1.7Other external costs 31.0 26.9Total 99.5 74.4The average number of employees was 473 in 2025, compared to 457 in 2024. Remuneration of Executive Management and the Board of DirectorsAmounts in USD million 2025 2024Wages and salaries 3.1 2.6Share-based payment, cf. note 5.1 1.1 0.5Remuneration of Executive Management 4.2 3.1Remuneration of the Board of Directors 1.0 0.9Accounting policiesStaff costs and remuneration comprise expenses related to wages, salaries, bonuses, pension contributions, social security contributions, annual leave, sick leave, etc. Expenses are recognised in the year in which the associated services are rendered by employees of the Group.The employment contracts of Executive Management entitle them to 12 months' remuneration in cases where they terminate their employment within four weeks of any change of control of the company.Refer to \u201cRemuneration Report 2025\u201c published on NORDEN\u2019s website: www.norden.com/investor/governance/remuneration for further details.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s9__7__165-1": {
"value": "Accounting policiesVessel operating expenses represent costs directly attributable to the operation of vessels. These include charter hire, bunker fuel consumption, voyage-related expenses such as commissions and port charges, repair and maintenance costs, insurance expenses, crew wages and other operating expenses.Once a voyage charter contract is entered into, costs directly attributable to transporting to the loading port are capitalised and amortised over the trans-portation period.Vessel operating expenses other than those capitalised are recognised when the services are received in accordance with the charter concluded by the parties.Accounting policiesStaff costs and remuneration comprise expenses related to wages, salaries, bonuses, pension contributions, social security contributions, annual leave, sick leave, etc. Expenses are recognised in the year in which the associated services are rendered by employees of the Group.The employment contracts of Executive Management entitle them to 12 months' remuneration in cases where they terminate their employment within four weeks of any change of control of the company.Refer to \u201cRemuneration Report 2025\u201c published on NORDEN\u2019s website: www.norden.com/investor/governance/remuneration for further details.",
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"f1__s9__7__163": {
"value": "Overhead and administration expenses Amounts in USD million 2025 2024Wages and salaries 56.3 39.3Pensions - defined contribution plans 4.1 3.4Other social security costs 3.3 3.1Share-based payment, cf. note 5.1 4.8 1.7Other external costs 31.0 26.9Total 99.5 74.4The average number of employees was 473 in 2025, compared to 457 in 2024. Remuneration of Executive Management and the Board of DirectorsAmounts in USD million 2025 2024Wages and salaries 3.1 2.6Share-based payment, cf. note 5.1 1.1 0.5Remuneration of Executive Management 4.2 3.1Remuneration of the Board of Directors 1.0 0.9Accounting policiesStaff costs and remuneration comprise expenses related to wages, salaries, bonuses, pension contributions, social security contributions, annual leave, sick leave, etc. Expenses are recognised in the year in which the associated services are rendered by employees of the Group.The employment contracts of Executive Management entitle them to 12 months' remuneration in cases where they terminate their employment within four weeks of any change of control of the company.Refer to \u201cRemuneration Report 2025\u201c published on NORDEN\u2019s website: www.norden.com/investor/governance/remuneration for further details.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s9__7__162": {
"value": "Overhead and administration expenses Amounts in USD million 2025 2024Wages and salaries 56.3 39.3Pensions - defined contribution plans 4.1 3.4Other social security costs 3.3 3.1Share-based payment, cf. note 5.1 4.8 1.7Other external costs 31.0 26.9Total 99.5 74.4The average number of employees was 473 in 2025, compared to 457 in 2024. Remuneration of Executive Management and the Board of DirectorsAmounts in USD million 2025 2024Wages and salaries 3.1 2.6Share-based payment, cf. note 5.1 1.1 0.5Remuneration of Executive Management 4.2 3.1Remuneration of the Board of Directors 1.0 0.9Accounting policiesStaff costs and remuneration comprise expenses related to wages, salaries, bonuses, pension contributions, social security contributions, annual leave, sick leave, etc. Expenses are recognised in the year in which the associated services are rendered by employees of the Group.The employment contracts of Executive Management entitle them to 12 months' remuneration in cases where they terminate their employment within four weeks of any change of control of the company.Refer to \u201cRemuneration Report 2025\u201c published on NORDEN\u2019s website: www.norden.com/investor/governance/remuneration for further details.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__7__164-1": {
"value": "Remuneration of Executive Management and the Board of DirectorsAmounts in USD million 2025 2024Wages and salaries 3.1 2.6Share-based payment, cf. note 5.1 1.1 0.5Remuneration of Executive Management 4.2 3.1Remuneration of the Board of Directors 1.0 0.9Accounting policiesStaff costs and remuneration comprise expenses related to wages, salaries, bonuses, pension contributions, social security contributions, annual leave, sick leave, etc. Expenses are recognised in the year in which the associated services are rendered by employees of the Group.The employment contracts of Executive Management entitle them to 12 months' remuneration in cases where they terminate their employment within four weeks of any change of control of the company.Refer to \u201cRemuneration Report 2025\u201c published on NORDEN\u2019s website: www.norden.com/investor/governance/remuneration for further details.5.1 Share-based paymentNumber of shares 2025 2024Restricted shares outstanding at 1 January 140,747 185,797Granted during the period 219,587 56,310Exercised during the period -66,625 -80,105Lapsed during the period -21,252 -21,255Restricted shares outstanding at 31 December 272,457 140,747Restricted share programmeThe overall purpose of the restricted share and share option programmes is to align employees\u2019 and Management\u2019s interests with those of share-holders and to reward long-term, dedicated performance that contributes to NORDEN\u2019s value creation.Restricted shares are granted free of charge and remain subject to transfer restrictions during a three-year vesting period. Vesting is generally condi-tional upon continued employment.The programme includes two vesting structures:Cliff vesting: All shares vest after three years of continuous service.Graded vesting: One-third of the award vests each year over the three-year period, subject to continued employment.Upon vesting, the employee receives one share of nominally DKK 1 for each restricted share vested. The grant of restricted shares is determined annu-ally by the Board of Directors. Special terms apply in the event of death or long-term illness.Active restricted share programmes Programme 2025 2024 2023Share value at launch (DKK) 219.70 359.80 396.08Fair value at grant (USD thousand) 6,348 2,808 2,012Allocated to recipients Jan. 2026 Jan. & Jan. & & 2027 & May 2027Jun. 20262028Vesting period 2025 to 2024 to 2023 to 202820272026Vesting terms Graded Cliff CliffAmortisation period 3 years 3 years 3 yearsOriginally granted shares 209,869 53,540 34,858Outstanding restricted shares:Executive Management 35,531 24,154 8,262Other executives 20,546 2,517 2,097Others 145,710 19,845 13,795Total 201,787 46,516 24,154Expense for the year, all programmes (USD thousand) 4,814 1,737 1,888The RSU plans carry no performance conditions and vest solely based on continued service. Awards lapse in full if the recipient resigns before the end of the vesting period. Programmes are expected to be settled using the Company\u2019s treasury shares.Accounting policiesThe Group operates equity-settled share-based incentive programmes for selected employees and members of Management in the form of Restricted Share Units (RSUs). RSUs entitle the holder to receive shares in the Company, subject only to continued service over the vesting period.Dividend Equivalent Units (DEUs) are granted on outstanding, unvested RSUs when dividends are declared. DEUs provide additional shares equivalent to the dividends paid during the vesting period and vest together with the underlying RSUs. DEUs are forfeited if the related RSUs do not vest.In accordance with IFRS 2 Share-based Payment, employee services are measured indirectly by reference to the fair value of the equity instruments granted. The fair value of RSUs is determined at the grant date and corre-sponds to the market price of the Company\u2019s shares. This grant-date fair value is recognised as an employee benefit expense over the vesting period, with a corresponding increase in equity, and is not subsequently remeasured.The number of RSUs expected to vest is reassessed at each reporting date and adjusted for actual outcomes. No expense is recognised for awards that do not vest due to failure to satisfy the service condition.DEUs are measured at fair value on the dividend declaration date and recog-nised as a share-based payment expense over the remaining vesting period of the underlying RSUs, with a corresponding increase in equity.For disclosure purposes, a share-based payment expense is allocated to employee categories based on roles at the reporting date. Employees who have resigned are classified within \u201cOthers\u201d.5.4 Related party disclosures Amounts in USD million 2025 2024Income statementSale of goods and services, joint ventures 5.7 10.2Purchase of goods and services, joint ventures 2.3 4.9Shareholders with significant influenceA/S Motortramp- Dividends paid to shareholder 11.5 23.5A/S Motortramp participates on a pro-rata basis in the shares purchased under the company\u2019s share buy-back programmes.The Group has no related parties controlling NORDEN. Detailed information regarding the remuneration and share-based compen-sation for both the Board of Directors and the Executive Management can be found in note 2.2 \"Operating expenses\" and note 5.1 \"Share-based payment\".Accounts with joint ventures are related to operations, unsecured and carry standard market interest rates. Guarantees to joint ventures are disclosed in note 3.7 \"Investments and activities\". No other financial transactions occurred throughout the year involving the Board of Directors, the Executive Management, significant shareholders or any other related parties.Accounting policiesRelated parties include the Board of Directors and the Executive Manage-ment as well as their close relatives. Related parties also include companies in which the above persons have significant interests as well as companies and foundations which have direct or indirect significant influence through shareholdings.In addition, related parties include joint ventures; refer to note 3.7 \"Invest-ments and activities\".",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s9__7__169": {
"value": "2.3 Cash flow from operating activitiesCash flow specificationsAmounts in USD million 2025 2024Reversal of items from the income statementDepreciation, amortisation and impairment losses, net 295.8 312.0Financial items, net 19.6 28.5Profit/loss from sale of vessels, etc. -70.3 -82.0Share of profit/loss of joint ventures 0.1 0.1Other reversed non-cash operating items 14.7 -51.7Total 259.9 206.9Change in trade working capitalInventories 31.7 -25.3Trade receivables 34.8 -21.9Trade payables -75.9 -3.1Contract assets 27. 2 35.5Contract liabilities 0.2 -33.0Liabilities related to assets held for sale -12.4 -8.4Var. margin deposits related to cash flow hedges -66.4 76.6Other trade working capital movements -3.1 1.9Total -63.9 22.3Change in non-trade working capitalOther receivables -1.0 7.0Other payables -13.5 -91.8Other working capital movements 5.3 -6.2Total -9.2 -91.0Change in working capital -73.1 -68.7The Group has implemented mutually beneficial supplier financing arrange-ments with various supplier groups. Under these arrangements, suppliers havethe option to receive early payment, facilitated by a financial institution, basedon invoices that have been approved by the Group.From the Group\u2019s perspective, the liabilities are recognised as trade payables unless the option to extend payment terms is exercised. Amounts outstandingbeyond the original contractual due date are reclassified as borrowings. Undethe extended payment arrangements with financial institutions, payment termrange from 60-90 days, compared to standard supplier payment terms of 0-30 days when settled outside these arrangements. As at the reporting date, the option to extend payment terms had not been exercised by the Group for any outstanding invoices.Given the scale of these supplier financing arrangements, a sudden termina-tion of the arrangements would not pose a material risk to the Group\u2019s liquidityAmounts in USD million 2025 2024Carrying amount of trade payables subject to supplier financing arrangements 8.0 3.7- of which suppliers have received early payment 6.1 3.7",
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"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s9__7__171": {
"value": "2.4 InventoriesAmounts in USD million 2025 2024Bunkers 89.6 128.2Carbon allowances 14.2 8.5Emission reduction certificates and FuelEU compli-ance inventory 1.9 0.7Total 105.7 137. 4Inventories primarily consist of bunker oil kept onboard vessels as well as emissions-related allowances and certificates.The inventory of carbon allowances totals 159,976 allowances, of which 6,874 are held on behalf of Norden Tanker Pools. Furthermore, 62,180 allowances with settlement dates in 2024 and 2025 have not yet been transferred as settlement instructions from counterparties have not been received. These allowances represent obligations to third parties and are presented in trade payables.Accounting policiesBunkersBunkers are measured at the lower of either cost according to the FIFO method or net realisable value. Cost of bunkers includes expenditure incurred in acquiring them, including delivery costs, net of discounts. Carbon allowancesThe Group participates in the EU Emissions Trading Scheme (EU ETS), a regulatory cap-and-trade system for greenhouse gas emissions. Under this scheme, companies must surrender EU Allowances (EUAs) to cover emissions for voyages within the EU (intra-EU), 50% of the emissions from voyages starting or ending outside of the EU (extra-EU voyages) and all emissions that occur when vessels are at berth in EU ports. In the shipping sector, no free allocation of EUAs is provided.The Group uses the \"Gross method\" when accounting for the inventory and liabilities of EUAs. Purchased EUAs are recognised as inventory in accordance with IAS 2. The EUAs are initially recognised at cost and measured subsequently at the lower of cost and net realisable value. The cost of EUAs transferred or surren-dered is determined applying the weighted average method. The inventory of allowances is maintained strictly for operational purposes and not intended for trading activities.Liabilities for used allowances are recognised under trade payables, repre-senting the obligation to surrender EUAs. The liability is calculated applying the market price of EUAs at the time of consumption on each voyage. If the inventory of allowances is insufficient to cover the liability, a liability equal to the deficit of allowances is re-evaluated at the market price at the period end. For chartered-out vessels, the Group recognises a receivable from the char-terer for allowances required to cover emissions according to the contractual terms agreed. Book & Claim emissions reduction certificatesThe Group holds emissions reduction certificates as part of its Book & Claim solution, supporting the decarbonisation of maritime freight. These certif-icates represent verified lifecycle emission reductions achieved through the use of biofuels, with a typical reduction potential of between 80\u201390% compared to conventional fossil fuels. The emissions reductions are allocated to third-party customers through certified chain-of-custody systems.Biofuel-related emissions reduction certificates held for sale are recognised as inventory and measured at cost. At the reporting date, inventories are assessed for net realisable value to ensure that carrying amounts do not exceed expected recoverable values. Upon sale, the certificates are derecog-nised and the corresponding revenue is recognised.FuelEU compliance inventoryFrom 2025, the European Union has introduced the FuelEU Maritime regula-tion, which aims to reduce greenhouse gas emissions by requiring a gradual transition from conventional fuels to low-carbon alternatives, such as biofuels, for vessels operating in regulated EU zones. Responsibility for compliance within the regulation may be contractually agreed between the vessel owner and the vessel operator, and pooling arrangements may be used to manage compliance across multiple vessels.Compliance obligations arise when vessels consume conventional fuels within regulated zones. In case the Group does not hold pooling rights for a vessel, a liability is recognised based on the applicable penalty rates. If the Group holds the pooling rights, the liability is measured based on the Group\u2019s estimated cost of achieving compliance through the use of low-carbon fuels, within the pooling arrangement. When biofuel is consumed within regulated zones, the incremental cost compared to conventional fuel is recognised as the purchase cost of FuelEU compliance inventory. Purchase of compliance units from external parties are recognised at cost. Upon approval of compliance by the European Union, the FuelEU compliance inventory is applied to offset recognised FuelEU liabilities, based on compliance units, for vessels covered by pooling arrangements.",
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"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s9__7__172": {
"value": "Accounting policiesBunkersBunkers are measured at the lower of either cost according to the FIFO method or net realisable value. Cost of bunkers includes expenditure incurred in acquiring them, including delivery costs, net of discounts. Carbon allowancesThe Group participates in the EU Emissions Trading Scheme (EU ETS), a regulatory cap-and-trade system for greenhouse gas emissions. Under this scheme, companies must surrender EU Allowances (EUAs) to cover emissions for voyages within the EU (intra-EU), 50% of the emissions from voyages starting or ending outside of the EU (extra-EU voyages) and all emissions that occur when vessels are at berth in EU ports. In the shipping sector, no free allocation of EUAs is provided.The Group uses the \"Gross method\" when accounting for the inventory and liabilities of EUAs. Purchased EUAs are recognised as inventory in accordance with IAS 2. The EUAs are initially recognised at cost and measured subsequently at the lower of cost and net realisable value. The cost of EUAs transferred or surren-dered is determined applying the weighted average method. The inventory of allowances is maintained strictly for operational purposes and not intended for trading activities.Liabilities for used allowances are recognised under trade payables, repre-senting the obligation to surrender EUAs. The liability is calculated applying the market price of EUAs at the time of consumption on each voyage. If the inventory of allowances is insufficient to cover the liability, a liability equal to the deficit of allowances is re-evaluated at the market price at the period end. For chartered-out vessels, the Group recognises a receivable from the char-terer for allowances required to cover emissions according to the contractual terms agreed. Book & Claim emissions reduction certificatesThe Group holds emissions reduction certificates as part of its Book & Claim solution, supporting the decarbonisation of maritime freight. These certif-icates represent verified lifecycle emission reductions achieved through the use of biofuels, with a typical reduction potential of between 80\u201390% compared to conventional fossil fuels. The emissions reductions are allocated to third-party customers through certified chain-of-custody systems.Biofuel-related emissions reduction certificates held for sale are recognised as inventory and measured at cost. At the reporting date, inventories are assessed for net realisable value to ensure that carrying amounts do not exceed expected recoverable values. Upon sale, the certificates are derecog-nised and the corresponding revenue is recognised.FuelEU compliance inventoryFrom 2025, the European Union has introduced the FuelEU Maritime regula-tion, which aims to reduce greenhouse gas emissions by requiring a gradual transition from conventional fuels to low-carbon alternatives, such as biofuels, for vessels operating in regulated EU zones. Responsibility for compliance within the regulation may be contractually agreed between the vessel owner and the vessel operator, and pooling arrangements may be used to manage compliance across multiple vessels.Compliance obligations arise when vessels consume conventional fuels within regulated zones. In case the Group does not hold pooling rights for a vessel, a liability is recognised based on the applicable penalty rates. If the Group holds the pooling rights, the liability is measured based on the Group\u2019s estimated cost of achieving compliance through the use of low-carbon fuels, within the pooling arrangement. When biofuel is consumed within regulated zones, the incremental cost compared to conventional fuel is recognised as the purchase cost of FuelEU compliance inventory. Purchase of compliance units from external parties are recognised at cost. Upon approval of compliance by the European Union, the FuelEU compliance inventory is applied to offset recognised FuelEU liabilities, based on compliance units, for vessels covered by pooling arrangements.",
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"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s9__7__176-1": {
"value": "2.6 Operating receivablesAmounts in USD million 2025 2024Not past due 140.7 203.0Overdue <30 days 58.8 30.5Overdue 31-90 days 17.5 20.4Overdue >90 days 36.2 58.2Operating receivables, gross 253.2 312.1Writedown regarding demurrage, claims, etc. -19.3 -30.1Operating receivables, net 233.9 282.0Trade receivables 174.4 209.2Accrued income from voyages commenced at the balance date 59.5 72.8Carrying amount at 31 December 233.9 282.0Operating receivables are predominantly denominated in USD as other currencies accounted for less than 1% in both 2025 and 2024. The Group usually has the opportunity to use the related cargo as security for operating receivables.Accounting policiesReceivables are measured at amortised cost less allowances for impair-ment losses. For operating receivables, impairment losses are based on the expected lifetime loss of these receivables.Accounting judgements and estimatesProvisions for receivables are determined using the lifetime expected credit loss, which includes factors such as internal rating, historical information about payment patterns, collateral received as well as prevailing economic conditions. Estimates made are updated if the customer\u2019s ability to pay changes. It is estimated that the provisions are sufficient to cover any bad debt.3.6 SubleasesThis note provides information on leases where the Group is the intermediate lessor in a sublease arrangement classified as a finance lease.Amounts in USD million 2025 2024Amounts recognised in the income statementRevenue from sublease financial income 7.4 8.2Gains on sublease recognition 7.3 63.6* Sublease financial income and gains14.7 71.8Amounts recognised in the statement of cash flowsInstalments on sublease receivables 81.6 123.6Receivables from subleasesReceivables from subleases at 1 January 143.3 94.6Additions 30.5 169.1Remeasurements 7.7 3.2Payments received -81.6 -123.6Receivables from subleases at 31 December 99.9 143.3* Included in revenueAccounting policiesNORDEN enters into arrangements to sublease an underlying asset to a third party, while NORDEN retains the primary obligation under the original lease. In such arrangements, NORDEN acts as both the lessee and lessor of the same underlying asset.If a leased vessel is subleased under terms transferring substantially all remaining risks and rewards under the head lease to the lessee in the sublease (finance lease), the right-of-use asset is derecognised, and a lease receivable is recog-nised. Gains or losses on the derecognised right-of-use asset are recognised in the income statement as revenue.During the term of the sublease, NORDEN recognises both finance income on the sublease (as revenue) and interest expense on the head lease (as financial expenses).If the sublease is classified as an operating lease, NORDEN continues to account for the lease liability and right-of-use asset on the head lease like any other lease.Cash flowsCash payments received on sublease receivables are classified within oper-ating activities.Accounting judgements and estimatesManagement\u2019s assessment of whether leases on vessels should be classi-fied as finance or operating leases is based on an overall evaluation of the remaining risks and rewards of each lease.",
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"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__7__177": {
"value": "Accounting policiesReceivables are measured at amortised cost less allowances for impair-ment losses. For operating receivables, impairment losses are based on the expected lifetime loss of these receivables.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
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"f1__s9__7__179-1": {
"value": "3.1 Return on invested capitalAmounts in USD million 2025 2024EBIT 158.4 202.1Operational tax -15.4 -12.2Net operating profit after tax 143.0 189.9Inventories 105.7 137.4Contract assets 159.8 187.0Trade receivables 174.4 209.2Trade payables -191.3 -270.3Contract liabilities -69.1 -68.9Liabilities related to assets held for sale -4.4 -16.8Var. margin deposits related to cash flow hedges 25.1 -41.3Trade working capital 200.2 136.3Other receivables 37.3 32.4Other payables -43.9 -58.0Other non-trade working capital -12.7 -2.9Non-trade working capital -19.3 -28.5Goodwill 44.6 44.6Other intangible assets 6.7 12.9Tangible assets and assets held for sale 958.2 874.2Right-of-use assets 382.9 320.6Loan receivables 4.8 12.7Other invested capital 81.3 188.0Invested capital 1,659.4 1,560.8Return on invested capital 8.9% 13.6%Net operating profit after tax (NOPAT)NOPAT is a measure of profit that excludes both the costs and the tax benefits associated with debt financing. It reflects earnings before interest and tax, adjusted for operational tax.Trade working capitalThe amount of trade working capital represents capital required to maintain our ongoing operations. Trade working capital can be used to assess our effi-ciency in utilising current assets and short-term liquidity and forms an integralpart of our management strategy for cash and debt.Invested capitalInvested capital consists of trade and non-trade working capital, intangible assets, tangible assets, assets held for sale, right-of-use assets, loan receiva-bles and other invested capital.Other invested capital comprises our financial assets and short-term receiv-ables from subleases, deducted tax payables, variation margin deposits related to hedges (reserve for hedges) and other non-trade working capital. Return on invested capital after tax (ROIC)ROIC can be used to measure the value creation from our investments. Management believes ROIC is a useful measure providing investors with infor-mation regarding our performance as well as our operational profitability and efficiency of business.Our target is to achieve an average ROIC of at least 12% per year based on a five-year rolling average.ROIC is defined as NOPAT divided by average invested capital.4.1 Share capital, dividends and earnings per share DividendsAmounts in USD million 2025 2024Interim dividend Q1: DKK 2 per share (DKK 2) 8.9 8.8Interim dividend Q2: DKK 2 per share (DKK 2) 9.1 9.0Interim dividend Q3: DKK 2 per share (DKK 2) 8.9 8.9Final dividend to be distributed pending approval at the AGM: DKK 2 per share (DKK 2) 9.0 8.4Total dividends for the year 35.9 35.1Dividend per share, DKK 8.0 8.0Payout ratio 29.8% 21.6%The amounts exclude dividends declared on treasury shares.Treasury sharesNo. of treasury shares 2025 2024Holding at 1 January 2,050,478 2,432,412Purchases 1,369,920 1,690,742Transfers -58,899 -72,676Cancellations -1,000,000 -2,000,000Holding at 31 December 2,361,499 2,050,478Market value of treasury shares in USD million 93.7 61.0Treasury shares % 7.62% 6.41%Share buy-back programmesNumber of Total cost of Avg. share Amounts in DKKsharesshares price1 Nov. 2024 \u2013 22 Jan. 2025 35,600 7,863,131 2217 Feb. 2025 \u2013 24 Apr. 2025 690,180 128,113,065 1862 May 2025 \u2013 7 Aug. 2025 218,640 46,065,557 21115 Aug. 2025 \u2013 23 Oct. 2025 271,000 63,842,108 23631 Oct. 2025 \u2013 29 Jan. 2026 154,500 38,538,435 2491,369,920 284,422,296 208The figures in the table above include only shares acquired through share buy-back programmes in 2025. Earnings per share (EPS)2025 2024Profit for the year 120.3 162.7Weighted average number of ordinary shares 31,304,109 32,387,978Weighted average number of treasury shares 2,101,088 1,812,196Weighted average number of shares 29,203,021 30,575,782Dilutive effect of restricted share units 133,988 116,317Weighted average number of shares, diluted 29,337,009 30,692,099Earnings per share, EPS (USD) 4.1 5.3Earnings per share, diluted, EPS-D (USD) 4.1 5.3The net cash distributions to shareholders in the form of dividends and share repurchases amounted to USD 78.1 million, compared to a free cash flow of USD 170.4 million.Accounting policiesDividendsDividends are recognised as a liability when approved by the shareholders at the Annual General Meeting. Dividends proposed by Management for the year, but not yet approved, are presented in equity until adoption. Dividends are presented net of amounts relating to treasury shares.Treasury sharesTreasury shares are acquired to meet obligations under share-based payment programmes and in connection with share buy-back programmes. Treasury shares are recognised at cost as a deduction from equity. Any gains or losses on the purchase, sale or cancellation of treasury shares, as well as dividends attributable to treasury shares, are recognised directly in retained earnings.Share buy-back programmesShare buy-back programmes are carried out under authorisations granted by the Board of Directors. Under this mandate, the Company may acquire treasury shares up to a total nominal amount of 15% of the share capital, with a permissible deviation of up to 10%. Shares repurchased under these programmes are recognised as treasury shares and deducted from equity at cost.Earnings per share (EPS)Earnings per share are presented as both basic and diluted EPS. Basic EPS is calculated as profit for the year divided by the weighted average number of ordinary shares outstanding, excluding treasury shares.Diluted EPS is calculated as profit for the year divided by the weighted average number of ordinary shares outstanding, adjusted for the dilutive effect of restricted share units. Only instruments that have a dilutive effect areincluded in diluted EPS.",
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"value": "3.2 Impairment of intangible and tangible assets Management continuously monitors the carrying amounts of our intangible and tangible assets to determine whether there are indications of impairment beyond normal depreciation or whether any previously recognised impair-ment losses should be reversed. This assessment is based on an analysis and review of key internal and external indicators that contribute to Management\u2019s view on the market\u2019s short-term and long-term development.The latest value-in-use tests for the CGUs Tankers, Dry cargo and Projects & Parcelling were performed in Q3 2022, Q4 2024 and Q4 2025, respectively, showing no impairment.Impairment assessmentProjects & ParcellingAs from Q1 2025, NORDEN separated its Projects & Parcelling cargo activities into a dedicated operating segment, and in Q2 2025, integrated the Handy-size business into the same segment, now called Dry operator \u2013 small vessels.Although Dry Operator \u2013 Small Vessels (Handysize and Projects & Parcelling) is reported as one operating segment, Projects & Parcelling is assessed as a separate CGU for impairment testing. This reflects the level at which Management monitors performance, including the carrying amount of related assets and goodwill. The CGU generates largely independent cash inflows and primarily relates to acquisitions in the Projects & Parcelling business, for which goodwill is allocated and monitored separately. A value-in-use test was performed in Q4 2025.The recoverable amount of the cash-generating unit was determined applying a value-in-use calculation based on cash flow projections prepared by Management. This requires significant estimates and judgements, including assumptions on freight rates and corresponding trading margins within Projects & Parcelling, vessel utilisation, operating costs, capital expenditure, discount rates and growth rate.The impairment assessment resulted in headroom of USD 13.4 million over the carrying amount of USD 59.9 million, and therefore, no impairment was recognised. The discount rate applied was a WACC of 7.9%. The value-in-use calculation is sensitive to changes in key assumptions. A reduction in trading margins of USD 100 per day would decrease the value-in-use by approximately USD 8.3 million. A 1% increase in the WACC would reduce the value-in-use by approximately USD 2.0 million. To eliminate the headroom, trading margin would need to decrease by USD 160 per day, or the WACC would need to increase by 7.6%. During 2025, the CGU comprised leased vessels and intangible assets, including goodwill related to acquisitions.Dry cargoSince Q4 2024, the Dry cargo CGU has experienced improving spot and forward freight market conditions, despite volatility earlier in 2025. Market indicators show that freight rates strengthened through the second half of 2025 compared to the first half, while newbuilding prices remained broadly stable over the year.Fleet broker valuations continue to exceed carrying amounts of owned vessels, supporting Management\u2019s view of long-term freight rate expec-tations for the CGU. The CGU has continued to de-risk its asset portfolio through vessel sales, thereby reducing its sensitivity to long-term freight rate and asset-value volatility.Based on Management\u2019s assessment of impairment indicators, no indications of impairment were identified for the Dry cargo CGU in 2025. Accordingly, no new impairment test was performed.During 2025, the CGU consisted of owned vessels, vessels under construc-tion, and leased vessels, with no goodwill allocated.TankersAt the beginning of 2025, the MR tanker market softened compared to the prior year, with MR earnings declining year-on-year due to easing tonne-mile demand and increased vessel deliveries in the product tanker segment, while short-term regional disruptions continued to drive volatility in spot freight rates. During the latter part of the year, freight rates improved.Newbuilding prices for MR tankers remained above the levels observed at thetime of the last value-in-use test and were relatively flat during 2025. Long-term freight rate expectations (three-year forward rates) remained stable.Based on Management\u2019s assessment of impairment indicators, no indications of impairment were identified for the Tankers CGU in 2025. Accordingly, no new impairment test was performed.During 2025, the CGU consisted of owned vessels, vessels under constructionand leased vessels, with no goodwill allocated.Accounting policiesFor impairment testing, assets are grouped into the smallest identifiable group of assets (cash-generating units, CGUs) that generate cash inflows fromcontinuing use that are largely independent of the cash inflows of other assetsor CGUs.Goodwill arising from business combinations is allocated to the CGUs, or groups of CGUs, expected to benefit from the combination's synergies. Goodwill is tested for impairment annually and whenever an indication of impairment arises.For CGUs without allocated goodwill, an impairment test is performed only when there is an indication that the carrying amount may exceed the recover-able amount.If the carrying amount of a CGU exceeds its recoverable amount, an impair-ment loss is recognised. Impairment losses are first allocated to reduce the carrying amount of any goodwill, and thereafter to the other assets of the CGU on a pro-rata basis based on their carrying amounts.Impairment losses on goodwill are not reversed. For other assets, an impair-ment loss is reversed only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised, after deducting depreciation.Significant accounting judgements and estimatesCash-generating unitsCash-generating units are determined by the smallest group of assets that gene-rate largely independent cash inflows and by the level at which Management monitors performance. This differs from Operating Segments under IFRS 8.Management has assessed the degree of interdependency between the Group\u2019s activities and concluded that cash inflows are not largely independent across certain operating businesses. Accordingly, vessels and related assets are allo-cated to three CGUs for impairment testing purposes: Dry cargo, Tankers, and Projects & Parcelling.Impairment indicatorsThe assessment of impairment indicators involves significant and subjec-tive judgements by Management. These indicators are reviewed to assess whether there are any indications that the carrying amount of a CGU may not be recoverable.\u2022 Financial performance of NORDEN\u2019s share price, assets and the relevant CGU.\u2022 Developments in spot and time-charter freight rates.\u2022 Developments in vessel values, including second-hand and newbuildingprices, and evidence of physical damage or obsolescence of assets.\u2022 Changes in the cost of equity, cost of debt and the Group\u2019s WACC.\u2022 Significant adverse effects from changes in the technological, economic, environmental, climate, geopolitical or regulatory environment.The assessment of impairment indicators for intangible assets, owned vessels, right-of-use assets and prepayments on newbuildings is performed at the level of the relevant CGU and considered on a portfolio basis.When considering vessel values, two independent broker valuations are obtained. The assessment of newbuilding prices considers market data, inclu-ding known transactions, potential newbuilding prices and broker analysis.Assessment and calculation inputsIf impairment indicators exist, the recoverability of the carrying amount of intangible and tangible assets is assessed at the level of the relevant CGU.The recoverable amount is determined as the higher of value-in-use and fair value less costs to sell. The calculation of value-in-use involves significant estimation uncertainty as it is based on expected future cash flows and an appropriate discount rate. Key assumptions include long-term freight and time-charter rates, vessel utilisation, operating costs and capital expenditure.In the value-in-use calculation, the economic lifespan of owned vessels is assumed to be 25 years for both Dry cargo and Tankers, while the duration of long-term and short-term chartered-in vessels is based on contractually agreed periods. The discount rate applied is generally based on the Group\u2019s WACC.Prevailing macroeconomic, geopolitical and market conditions influence the assessment. While uncertainties remain regarding the long-term transition to zero-emission technologies, Management does not currently consider that climate change has a material impact on the estimates and judgements applied in the impairment assessment.Impairment of right-of-use assetsSimilar to owned assets, right-of-use assets are subject to testing for impair-ment if there is an indication of impairment. Refer to note 3.2 \"Impairment of intangible and tangible assets\" for further information.",
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"f1__s9__7__182-1": {
"value": "Accounting policiesFor impairment testing, assets are grouped into the smallest identifiable group of assets (cash-generating units, CGUs) that generate cash inflows fromcontinuing use that are largely independent of the cash inflows of other assetsor CGUs.Goodwill arising from business combinations is allocated to the CGUs, or groups of CGUs, expected to benefit from the combination's synergies. Goodwill is tested for impairment annually and whenever an indication of impairment arises.For CGUs without allocated goodwill, an impairment test is performed only when there is an indication that the carrying amount may exceed the recover-able amount.If the carrying amount of a CGU exceeds its recoverable amount, an impair-ment loss is recognised. Impairment losses are first allocated to reduce the carrying amount of any goodwill, and thereafter to the other assets of the CGU on a pro-rata basis based on their carrying amounts.Impairment losses on goodwill are not reversed. For other assets, an impair-ment loss is reversed only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised, after deducting depreciation.Impairment of right-of-use assetsSimilar to owned assets, right-of-use assets are subject to testing for impair-ment if there is an indication of impairment. Refer to note 3.2 \"Impairment of intangible and tangible assets\" for further information.",
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"f1__s9__7__187-1": {
"value": "3.3 Intangible assetsOther intangible Amounts in USD million Goodwillassets Total2025Cost at 1 January 44.6 25.5 70.1Additions from business combinations - - -Disposals - - -Cost at 31 December 44.6 25.5 70.1Amortisation and impairment losses at 1 January - -12.6 -12.6Amortisation - -6.2 -6.2Disposals - - -Amortisation and impairment losses at 31 December - -18.8 -18.8Carrying amount at 31 December 44.6 6.7 51.3Other intangible Amounts in USD million Goodwillassets Total2024Cost at 1 January 35.3 21.6 56.9Additions from business combinations 9.3 5.7 15.0Disposals - -1.8 -1.8Cost at 31 December 44.6 25.5 70.1Amortisation and impairment losses at 1 January - -6.4 -6.4Amortisation - -8.0 -8.0Disposals - 1.8 1.8Amortisation and impairment losses at 31 December - -12.6 -12.6Carrying amount at 31 December 44.6 12.9 57. 5The Group's intangible assets consist of goodwill and customer relationships acquired in connection with the acquisition of subsidiaries and business activities.Goodwill arises when the consideration transferred in a business combina-tion exceeds the fair value of the identifiable net assets acquired. This excess primarily reflects expected synergies, growth opportunities, market position and the value of the assembled workforce and employee expertise. The Group recognised goodwill of USD 9.3 million from the acquisition of Norlat Shipping in 2024 and USD 35.3 million from the acquisition of Thorco Projects in 2023.During 2025, there were no additions or disposals of intangible assets. Accounting policiesGoodwillGoodwill is initially recognised in the statement of financial position as the difference between the fair value of net assets acquired and the consideration transferred. Subsequently, goodwill is measured at this value less accumulated impairment losses and is not amortised. The carrying amount of goodwill is allocated to each of NORDEN\u2019s CGUs expected to benefit from the synergies of the combination. Goodwill is tested at least annually for impairment, together with the other assets of the CGU to which goodwill has been allocated. For further information on impairment of intangible assets, refer to note 3.2 \"Impairment of intangible and tangible assets\". Other intangible assetsCustomer relationships and similar intangible assets with a limited useful life acquired from third parties, either separately or as part of a business combination, are capitalised and amortised over the average life of the customer relationship ranging between four to five years.Accounting judgements and estimatesFor further details, refer to accounting judgements and estimates in note 3.2 \"Impairment of intangible and tangible assets\".3.4 Tangible assetsPrepayments Property and Prepayments on new- Amounts in USD million Vesselsequipmenton vesselsbuildings Total2025Cost at 1 January 801.7 60.2 - 58.8 920.7Additions 149.1 0.7 44.9 21.3 216.0Disposals -2.7 -0.2 - - -2.9Transferred from prepayments on vessels and newbuildings 44.9 - -44.9 - -Transferred to tangible assets held for sale -49.1 - - -38.0 -87.1Cost at 31 December 943.9 60.7 - 42.1 1,046.7Depreciation and impairment losses at 1 January -107.6 -8.9 - - -116.5Depreciation -34.1 -2.0 - - -36.1Impairment of assets - - - - -Reversal of impairment of assets - - - - -Disposals related to derecognised assets 2.7 0.2 - - 2.9Transferred to assets held for sale 34.4 - - - 34.4Depreciation and impairment losses at 31 December -104.6 -10.7 - - -115.3Carrying amount at 31 December 839.3 50.0 - 42.1 931.4Capital commitmentsThe Group has entered into agreements for future delivery of vessels and other capital investments. Amounts in USD million <1 year 1-3 years >3 years TotalInvestment in newbuildings and secondhand vessels 58.1 133.4 - 191.5Other CapEx 4.2 12.8 - 17.0Total capital commitments 62.3 146.2 - 208.5Timing and amounts may vary between periods due to deposits, part payments or other contractual agreements. Refer to note 3.9 \"Assets held for sale\" for specification of future cash-flows from vessels sold.Prepayments Property and Prepayments on new - Amounts in USD million Vesselsequipmenton vesselsbuildings Total2024Cost at 1 January 595.7 57. 2 - 37.0 689.9Additions 283.8 3.3 94.8 36.2 418.1Disposals - -0.3 - - -0.3Transferred from prepayments on vessels and newbuildings 106.8 - -92.4 -14.4 -Transferred to tangible assets held for sale -184.6 - -2.4 - -187.0Cost at 31 December 801.7 60.2 - 58.8 920.7Depreciation and impairment losses at 1 January -92.2 -7.6 - - -99.8Depreciation -34.6 -1.6 - - -36.2Impairment of assets -0.2 - - - -0.2Reversal of impairment of assets 1.5 - - - 1.5Disposals related to derecognised assets - 0.3 - - 0.3Transferred to assets held for sale 17.9 - - - 17.9Depreciation and impairment losses at 31 December -107.6 -8.9 - - -116.5Carrying amount at 31 December 694.1 51.3 - 58.8 804.2Capital commitmentsThe Group has entered into agreements for future delivery of vessels and other capital investments. Amounts in USD million <1 year 1-3 years >3 years TotalInvestment in newbuildings and secondhand vessels 332.2 168.6 - 500.8Other CapEx 6.4 16.6 - 23.0Total capital commitments 338.6 185.2 - 523.8Accounting policiesTangible assets are measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price and costs directly related to the acquisition up until the time when the asset is ready for use.Borrowing costs concerning either specific or general borrowing directly related to assets with an extended construction period are included in cost over the period of construction.Depreciation is based on the straight-line method over the estimated useful lives of the assets. Depreciation is calculated based on the following esti-mated useful lives: \u2022 Buildings 50 years \u2022 Land Not depreciated \u2022 Logistics assets 5-25 years \u2022 Vessels 25 years \u2022 Fixtures, fittings and equipment 3-10 yearsUseful lives of the assets and residual values are reviewed and adjusted at each balance sheet date, if appropriate.VesselsDry docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry docking. The scrap value of vessels is determined based on the market price per light-weight tonne for scrapping of the vessel.The depreciation period for second-hand vessels is determined on the basis of the condition and age of the vessels at the time of acquisition, but the depreci-ation period does not exceed 25 years from delivery from the shipyard.Prepayments on newbuildings are recognised in assets as vessels under construction as payments are made. At the delivery of the vessel, it is reclassi-fied to the item \u201cVessels\u201d.Financing transactionsThe Group has entered into arrangements involving the sale of vessels to third parties and their subsequent leaseback under long-term lease agreements that include repurchase options. In accordance with IFRS 16, these transac-tions do not result in the transfer of control of the underlying assets to the buyers. Accordingly, the transactions do not qualify as sale and leaseback transactions and are accounted for as financing transactions.The vessels continue to be recognised as vessels in the Group\u2019s statement of financial position. Proceeds received from counterparties are recognised as financial liabilities under borrowings.Accounting judgements and estimatesUseful lives of vessels are estimated based on past experience. Management periodically reviews and revises the estimates for individual vessels or groups of vessels with similar characteristics, taking into account factors such as maintenance standards, repair practices, technological advancements and environmental regulations.Residual values are challenging to estimate due to the long operational lives of vessels, uncertainties of future economic conditions and steel price fluc-tuations, which are key determinants of scrap value. Management adopts a long-term perspective to minimise the impact of temporary and potentially significant market fluctuations on residual value estimates.3.5 Right-of-use assetsThe nature of leasing activitiesThe majority of lease contracts are time charter contracts on vessels, while a minor part is the lease of office space and other equipment from external parties under non-cancellable lease agreements. Leases have varying terms, including options to extend and options to purchase.2025 2024Number of right-of-use assets leased 101 121- of which index leases 14 18Range of remaining term of leases, in years 0-5 0-6Average remaining term of leases, in years 1.6 1.4Number of leases with extension options 68 63Number of leases with purchase options 53 58Amounts recognised in the statement of financial positionAmounts in USD million 2025 2024Right-of-use assetsCost at 1 January 1,078.5 1,030.4Additions 177.5 134.6Remeasurements 152.2 92.0Disposals -330.3 -178.5Cost at 31 December 1,077.9 1,078.5Depreciation at 1 January -757.9 -675.4Depreciation -253.5 -269.1Disposals 316.4 186.6Depreciation at 31 December -695.0 -757.9Carrying amount at 31 December 382.9 320.6Amounts recognised in the income statementAmounts in USD million 2025 2024Depreciation of right-of-use assets 253.5 269.1Interest expenses related to lease liabilities 34.3 31.5Expenses related to the service component 233.0 250.6Expenses related to short-term leases 1,166.5 1,726.9Gains on sale and leaseback 8.3 14.6Short-term lease commitmentsShort-term lease commitments vary during the year based on operational needs and strategy; therefore, year-end commitments may differ from the active leases during the period. Future payments within 12 months amount to USD 327.3 million (USD 331.9 million).Leases with future commencement dateThe Group has entered into lease agreements (+12 months) with future commencement dates, which will affect the statement of financial position as shown below, when the time-chartered vessels are delivered, at which point the Group obtains the right to direct the use of the asset. Daily running costsThe Group has elected to separate lease and non-lease components. For these contracts, the consideration is allocated based on the relative stand-alone prices between the lease and non-lease component. For time charter contracts, the non-lease component is the technical management services provided to operate the vessel. The future effect in the income statement related to the non-lease component (daily running costs) is shown in the following table.Extension optionsSome leases include an option to be extended for one additional year at a time. Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable only by the Group and not by the lessors. At the lease commencement date, the Group assesses whether it is reason-ably certain that the extension option will be exercised. If significant events orchanges in circumstances within its control occur, the Group reassesses this certainty. If all available extension options at year-end were exercised at the first date they become exercisable, the right-of-use asset and corresponding lease liability would increase by the following amounts in each future year (undiscounted and excluding the non-lease component).Dry cargo Tankers GroupAmounts in USD million <1 year 1-5 years >5 years Total <1 year 1-5 years >5 years Total Total2025Leases with future commencement date 151.3 268.7 - 420.0 28.9 - - 28.9 448.9Extension options 31.7 190.6 240.8 463.1 13.3 198.5 - 211.8 674.9Daily running costs 106.3 287.7 95.1 489.1 62.5 111.7 0.5 174.7 663.82024Leases with future commencement date 92.1 163.2 - 255.3 53.4 22.3 - 75.7 331.0Extension options 54.2 175.4 103.2 332.8 15.0 193.0 16.9 224.9 557.7Daily running costs 119.0 228.4 32.8 380.2 78.1 102.6 - 180.7 560.9Accounting policiesAt inception of a new contract, NORDEN assesses whether a contract is a lease or contains a lease according to IFRS 16. This involves exercise of judge-ment as to whether:\u2022 The contract depends on the use of a specific asset\u2022 NORDEN obtains substantially all the economic benefits from the use of the asset \u2022 NORDEN has the right to direct the use of the assetNORDEN recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost less any accumulated depreciation, impairment losses and adjusted for any remeasurement of lease liabilities.The cost of right-of-use assets includes the amount of lease liabilities recog-nised and lease payments made before the commencement date. Unless NORDEN is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term.Impairment of right-of-use assetsSimilar to owned assets, right-of-use assets are subject to testing for impair-ment if there is an indication of impairment. Refer to note 3.2 \"Impairment of intangible and tangible assets\" for further information. Short-term leases and leases of low-value assetsNORDEN applies the lease recognition exemptions related to short-term leases (lease terms of 12 months or less) and leases of low-value assets. Lease payments on short-term leases and leases of low-value assets are recognised in the income statement as an expense on a straight-line basis over the lease term.Sale and leasebackFor sale and leaseback transactions, if there is a transfer of control within the meaning of IFRS 15, NORDEN as the seller-lessee measures the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right of use retained.Any gain or loss that relates to the rights transferred to the buyer-lessor is recognised in profit or loss. If there is no transfer of control, the seller-lessee recognises the transaction as a financing transaction. While the transaction is legally subject to a lease contract, it is not accounted for as a lease and the underlying asset is not derecognised.Significant accounting judgements and estimatesNORDEN has elected to separate lease and non-lease components for leases of time charter contracts on vessels. For these contracts, the estimated non-lease component (daily running costs) is excluded from the right-of-use assets. Assessing the consideration attributable to the non-lease component includes a significant accounting judgement, where Management uses market data from an independent service provider. The market data consists of benchmarking reports and allows NORDEN to benchmark vessels' operating costs against a global sample. The measurement of the non-lease component takes several factors into consideration such as operating costs, ageing of the vessels, vessel types, etc.In this regard, Management assesses the service provider\u2019s independence, objectivity and qualifications and whether the market data are appropriate for the purpose, for example based on sufficient market data.",
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},
"f1__s9__7__186": {
"value": "3.3 Intangible assetsOther intangible Amounts in USD million Goodwillassets Total2025Cost at 1 January 44.6 25.5 70.1Additions from business combinations - - -Disposals - - -Cost at 31 December 44.6 25.5 70.1Amortisation and impairment losses at 1 January - -12.6 -12.6Amortisation - -6.2 -6.2Disposals - - -Amortisation and impairment losses at 31 December - -18.8 -18.8Carrying amount at 31 December 44.6 6.7 51.3Other intangible Amounts in USD million Goodwillassets Total2024Cost at 1 January 35.3 21.6 56.9Additions from business combinations 9.3 5.7 15.0Disposals - -1.8 -1.8Cost at 31 December 44.6 25.5 70.1Amortisation and impairment losses at 1 January - -6.4 -6.4Amortisation - -8.0 -8.0Disposals - 1.8 1.8Amortisation and impairment losses at 31 December - -12.6 -12.6Carrying amount at 31 December 44.6 12.9 57. 5The Group's intangible assets consist of goodwill and customer relationships acquired in connection with the acquisition of subsidiaries and business activities.Goodwill arises when the consideration transferred in a business combina-tion exceeds the fair value of the identifiable net assets acquired. This excess primarily reflects expected synergies, growth opportunities, market position and the value of the assembled workforce and employee expertise. The Group recognised goodwill of USD 9.3 million from the acquisition of Norlat Shipping in 2024 and USD 35.3 million from the acquisition of Thorco Projects in 2023.During 2025, there were no additions or disposals of intangible assets. Accounting policiesGoodwillGoodwill is initially recognised in the statement of financial position as the difference between the fair value of net assets acquired and the consideration transferred. Subsequently, goodwill is measured at this value less accumulated impairment losses and is not amortised. The carrying amount of goodwill is allocated to each of NORDEN\u2019s CGUs expected to benefit from the synergies of the combination. Goodwill is tested at least annually for impairment, together with the other assets of the CGU to which goodwill has been allocated. For further information on impairment of intangible assets, refer to note 3.2 \"Impairment of intangible and tangible assets\". Other intangible assetsCustomer relationships and similar intangible assets with a limited useful life acquired from third parties, either separately or as part of a business combination, are capitalised and amortised over the average life of the customer relationship ranging between four to five years.Accounting judgements and estimatesFor further details, refer to accounting judgements and estimates in note 3.2 \"Impairment of intangible and tangible assets\".",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__185": {
"value": "3.3 Intangible assetsOther intangible Amounts in USD million Goodwillassets Total2025Cost at 1 January 44.6 25.5 70.1Additions from business combinations - - -Disposals - - -Cost at 31 December 44.6 25.5 70.1Amortisation and impairment losses at 1 January - -12.6 -12.6Amortisation - -6.2 -6.2Disposals - - -Amortisation and impairment losses at 31 December - -18.8 -18.8Carrying amount at 31 December 44.6 6.7 51.3Other intangible Amounts in USD million Goodwillassets Total2024Cost at 1 January 35.3 21.6 56.9Additions from business combinations 9.3 5.7 15.0Disposals - -1.8 -1.8Cost at 31 December 44.6 25.5 70.1Amortisation and impairment losses at 1 January - -6.4 -6.4Amortisation - -8.0 -8.0Disposals - 1.8 1.8Amortisation and impairment losses at 31 December - -12.6 -12.6Carrying amount at 31 December 44.6 12.9 57. 5The Group's intangible assets consist of goodwill and customer relationships acquired in connection with the acquisition of subsidiaries and business activities.Goodwill arises when the consideration transferred in a business combina-tion exceeds the fair value of the identifiable net assets acquired. This excess primarily reflects expected synergies, growth opportunities, market position and the value of the assembled workforce and employee expertise. The Group recognised goodwill of USD 9.3 million from the acquisition of Norlat Shipping in 2024 and USD 35.3 million from the acquisition of Thorco Projects in 2023.During 2025, there were no additions or disposals of intangible assets. Accounting policiesGoodwillGoodwill is initially recognised in the statement of financial position as the difference between the fair value of net assets acquired and the consideration transferred. Subsequently, goodwill is measured at this value less accumulated impairment losses and is not amortised. The carrying amount of goodwill is allocated to each of NORDEN\u2019s CGUs expected to benefit from the synergies of the combination. Goodwill is tested at least annually for impairment, together with the other assets of the CGU to which goodwill has been allocated. For further information on impairment of intangible assets, refer to note 3.2 \"Impairment of intangible and tangible assets\". Other intangible assetsCustomer relationships and similar intangible assets with a limited useful life acquired from third parties, either separately or as part of a business combination, are capitalised and amortised over the average life of the customer relationship ranging between four to five years.Accounting judgements and estimatesFor further details, refer to accounting judgements and estimates in note 3.2 \"Impairment of intangible and tangible assets\".",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__184-1": {
"value": "3.3 Intangible assetsOther intangible Amounts in USD million Goodwillassets Total2025Cost at 1 January 44.6 25.5 70.1Additions from business combinations - - -Disposals - - -Cost at 31 December 44.6 25.5 70.1Amortisation and impairment losses at 1 January - -12.6 -12.6Amortisation - -6.2 -6.2Disposals - - -Amortisation and impairment losses at 31 December - -18.8 -18.8Carrying amount at 31 December 44.6 6.7 51.3Other intangible Amounts in USD million Goodwillassets Total2024Cost at 1 January 35.3 21.6 56.9Additions from business combinations 9.3 5.7 15.0Disposals - -1.8 -1.8Cost at 31 December 44.6 25.5 70.1Amortisation and impairment losses at 1 January - -6.4 -6.4Amortisation - -8.0 -8.0Disposals - 1.8 1.8Amortisation and impairment losses at 31 December - -12.6 -12.6Carrying amount at 31 December 44.6 12.9 57. 5The Group's intangible assets consist of goodwill and customer relationships acquired in connection with the acquisition of subsidiaries and business activities.Goodwill arises when the consideration transferred in a business combina-tion exceeds the fair value of the identifiable net assets acquired. This excess primarily reflects expected synergies, growth opportunities, market position and the value of the assembled workforce and employee expertise. The Group recognised goodwill of USD 9.3 million from the acquisition of Norlat Shipping in 2024 and USD 35.3 million from the acquisition of Thorco Projects in 2023.During 2025, there were no additions or disposals of intangible assets.Accounting policiesGoodwillGoodwill is initially recognised in the statement of financial position as the difference between the fair value of net assets acquired and the consideration transferred. Subsequently, goodwill is measured at this value less accumulated impairment losses and is not amortised. The carrying amount of goodwill is allocated to each of NORDEN\u2019s CGUs expected to benefit from the synergies of the combination. Goodwill is tested at least annually for impairment, together with the other assets of the CGU to which goodwill has been allocated. For further information on impairment of intangible assets, refer to note 3.2 \"Impairment of intangible and tangible assets\".Accounting judgements and estimatesFor further details, refer to accounting judgements and estimates in note 3.2 \"Impairment of intangible and tangible assets\".",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__190": {
"value": "Accounting policiesGoodwillGoodwill is initially recognised in the statement of financial position as the difference between the fair value of net assets acquired and the consideration transferred. Subsequently, goodwill is measured at this value less accumulated impairment losses and is not amortised. The carrying amount of goodwill is allocated to each of NORDEN\u2019s CGUs expected to benefit from the synergies of the combination. Goodwill is tested at least annually for impairment, together with the other assets of the CGU to which goodwill has been allocated. For further information on impairment of intangible assets, refer to note 3.2 \"Impairment of intangible and tangible assets\". Other intangible assetsCustomer relationships and similar intangible assets with a limited useful life acquired from third parties, either separately or as part of a business combination, are capitalised and amortised over the average life of the customer relationship ranging between four to five years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__188": {
"value": "Accounting policiesGoodwillGoodwill is initially recognised in the statement of financial position as the difference between the fair value of net assets acquired and the consideration transferred. Subsequently, goodwill is measured at this value less accumulated impairment losses and is not amortised. The carrying amount of goodwill is allocated to each of NORDEN\u2019s CGUs expected to benefit from the synergies of the combination. Goodwill is tested at least annually for impairment, together with the other assets of the CGU to which goodwill has been allocated. For further information on impairment of intangible assets, refer to note 3.2 \"Impairment of intangible and tangible assets\".",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__194": {
"value": "3.4 Tangible assetsPrepayments Property and Prepayments on new- Amounts in USD million Vesselsequipmenton vesselsbuildings Total2025Cost at 1 January 801.7 60.2 - 58.8 920.7Additions 149.1 0.7 44.9 21.3 216.0Disposals -2.7 -0.2 - - -2.9Transferred from prepayments on vessels and newbuildings 44.9 - -44.9 - -Transferred to tangible assets held for sale -49.1 - - -38.0 -87.1Cost at 31 December 943.9 60.7 - 42.1 1,046.7Depreciation and impairment losses at 1 January -107.6 -8.9 - - -116.5Depreciation -34.1 -2.0 - - -36.1Impairment of assets - - - - -Reversal of impairment of assets - - - - -Disposals related to derecognised assets 2.7 0.2 - - 2.9Transferred to assets held for sale 34.4 - - - 34.4Depreciation and impairment losses at 31 December -104.6 -10.7 - - -115.3Carrying amount at 31 December 839.3 50.0 - 42.1 931.4Capital commitmentsThe Group has entered into agreements for future delivery of vessels and other capital investments. Amounts in USD million <1 year 1-3 years >3 years TotalInvestment in newbuildings and secondhand vessels 58.1 133.4 - 191.5Other CapEx 4.2 12.8 - 17.0Total capital commitments 62.3 146.2 - 208.5Timing and amounts may vary between periods due to deposits, part payments or other contractual agreements. Refer to note 3.9 \"Assets held for sale\" for specification of future cash-flows from vessels sold.Prepayments Property and Prepayments on new - Amounts in USD million Vesselsequipmenton vesselsbuildings Total2024Cost at 1 January 595.7 57. 2 - 37.0 689.9Additions 283.8 3.3 94.8 36.2 418.1Disposals - -0.3 - - -0.3Transferred from prepayments on vessels and newbuildings 106.8 - -92.4 -14.4 -Transferred to tangible assets held for sale -184.6 - -2.4 - -187.0Cost at 31 December 801.7 60.2 - 58.8 920.7Depreciation and impairment losses at 1 January -92.2 -7.6 - - -99.8Depreciation -34.6 -1.6 - - -36.2Impairment of assets -0.2 - - - -0.2Reversal of impairment of assets 1.5 - - - 1.5Disposals related to derecognised assets - 0.3 - - 0.3Transferred to assets held for sale 17.9 - - - 17.9Depreciation and impairment losses at 31 December -107.6 -8.9 - - -116.5Carrying amount at 31 December 694.1 51.3 - 58.8 804.2Capital commitmentsThe Group has entered into agreements for future delivery of vessels and other capital investments. Amounts in USD million <1 year 1-3 years >3 years TotalInvestment in newbuildings and secondhand vessels 332.2 168.6 - 500.8Other CapEx 6.4 16.6 - 23.0Total capital commitments 338.6 185.2 - 523.8Accounting policiesTangible assets are measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price and costs directly related to the acquisition up until the time when the asset is ready for use.Borrowing costs concerning either specific or general borrowing directly related to assets with an extended construction period are included in cost over the period of construction.Depreciation is based on the straight-line method over the estimated useful lives of the assets. Depreciation is calculated based on the following esti-mated useful lives: \u2022 Buildings 50 years \u2022 Land Not depreciated \u2022 Logistics assets 5-25 years \u2022 Vessels 25 years \u2022 Fixtures, fittings and equipment 3-10 yearsUseful lives of the assets and residual values are reviewed and adjusted at each balance sheet date, if appropriate.VesselsDry docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry docking. The scrap value of vessels is determined based on the market price per light-weight tonne for scrapping of the vessel.The depreciation period for second-hand vessels is determined on the basis of the condition and age of the vessels at the time of acquisition, but the depreci-ation period does not exceed 25 years from delivery from the shipyard.Prepayments on newbuildings are recognised in assets as vessels under construction as payments are made. At the delivery of the vessel, it is reclassi-fied to the item \u201cVessels\u201d.Financing transactionsThe Group has entered into arrangements involving the sale of vessels to third parties and their subsequent leaseback under long-term lease agreements that include repurchase options. In accordance with IFRS 16, these transac-tions do not result in the transfer of control of the underlying assets to the buyers. Accordingly, the transactions do not qualify as sale and leaseback transactions and are accounted for as financing transactions.The vessels continue to be recognised as vessels in the Group\u2019s statement of financial position. Proceeds received from counterparties are recognised as financial liabilities under borrowings.Accounting judgements and estimatesUseful lives of vessels are estimated based on past experience. Management periodically reviews and revises the estimates for individual vessels or groups of vessels with similar characteristics, taking into account factors such as maintenance standards, repair practices, technological advancements and environmental regulations.Residual values are challenging to estimate due to the long operational lives of vessels, uncertainties of future economic conditions and steel price fluc-tuations, which are key determinants of scrap value. Management adopts a long-term perspective to minimise the impact of temporary and potentially significant market fluctuations on residual value estimates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__193": {
"value": "3.4 Tangible assetsPrepayments Property and Prepayments on new- Amounts in USD million Vesselsequipmenton vesselsbuildings Total2025Cost at 1 January 801.7 60.2 - 58.8 920.7Additions 149.1 0.7 44.9 21.3 216.0Disposals -2.7 -0.2 - - -2.9Transferred from prepayments on vessels and newbuildings 44.9 - -44.9 - -Transferred to tangible assets held for sale -49.1 - - -38.0 -87.1Cost at 31 December 943.9 60.7 - 42.1 1,046.7Depreciation and impairment losses at 1 January -107.6 -8.9 - - -116.5Depreciation -34.1 -2.0 - - -36.1Impairment of assets - - - - -Reversal of impairment of assets - - - - -Disposals related to derecognised assets 2.7 0.2 - - 2.9Transferred to assets held for sale 34.4 - - - 34.4Depreciation and impairment losses at 31 December -104.6 -10.7 - - -115.3Carrying amount at 31 December 839.3 50.0 - 42.1 931.4Capital commitmentsThe Group has entered into agreements for future delivery of vessels and other capital investments. Amounts in USD million <1 year 1-3 years >3 years TotalInvestment in newbuildings and secondhand vessels 58.1 133.4 - 191.5Other CapEx 4.2 12.8 - 17.0Total capital commitments 62.3 146.2 - 208.5Timing and amounts may vary between periods due to deposits, part payments or other contractual agreements. Refer to note 3.9 \"Assets held for sale\" for specification of future cash-flows from vessels sold.Prepayments Property and Prepayments on new - Amounts in USD million Vesselsequipmenton vesselsbuildings Total2024Cost at 1 January 595.7 57. 2 - 37.0 689.9Additions 283.8 3.3 94.8 36.2 418.1Disposals - -0.3 - - -0.3Transferred from prepayments on vessels and newbuildings 106.8 - -92.4 -14.4 -Transferred to tangible assets held for sale -184.6 - -2.4 - -187.0Cost at 31 December 801.7 60.2 - 58.8 920.7Depreciation and impairment losses at 1 January -92.2 -7.6 - - -99.8Depreciation -34.6 -1.6 - - -36.2Impairment of assets -0.2 - - - -0.2Reversal of impairment of assets 1.5 - - - 1.5Disposals related to derecognised assets - 0.3 - - 0.3Transferred to assets held for sale 17.9 - - - 17.9Depreciation and impairment losses at 31 December -107.6 -8.9 - - -116.5Carrying amount at 31 December 694.1 51.3 - 58.8 804.2Capital commitmentsThe Group has entered into agreements for future delivery of vessels and other capital investments. Amounts in USD million <1 year 1-3 years >3 years TotalInvestment in newbuildings and secondhand vessels 332.2 168.6 - 500.8Other CapEx 6.4 16.6 - 23.0Total capital commitments 338.6 185.2 - 523.8Accounting policiesTangible assets are measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price and costs directly related to the acquisition up until the time when the asset is ready for use.Borrowing costs concerning either specific or general borrowing directly related to assets with an extended construction period are included in cost over the period of construction.Depreciation is based on the straight-line method over the estimated useful lives of the assets. Depreciation is calculated based on the following esti-mated useful lives: \u2022 Buildings 50 years \u2022 Land Not depreciated \u2022 Logistics assets 5-25 years \u2022 Vessels 25 years \u2022 Fixtures, fittings and equipment 3-10 yearsUseful lives of the assets and residual values are reviewed and adjusted at each balance sheet date, if appropriate.VesselsDry docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry docking. The scrap value of vessels is determined based on the market price per light-weight tonne for scrapping of the vessel.The depreciation period for second-hand vessels is determined on the basis of the condition and age of the vessels at the time of acquisition, but the depreci-ation period does not exceed 25 years from delivery from the shipyard.Prepayments on newbuildings are recognised in assets as vessels under construction as payments are made. At the delivery of the vessel, it is reclassi-fied to the item \u201cVessels\u201d.Financing transactionsThe Group has entered into arrangements involving the sale of vessels to third parties and their subsequent leaseback under long-term lease agreements that include repurchase options. In accordance with IFRS 16, these transac-tions do not result in the transfer of control of the underlying assets to the buyers. Accordingly, the transactions do not qualify as sale and leaseback transactions and are accounted for as financing transactions.The vessels continue to be recognised as vessels in the Group\u2019s statement of financial position. Proceeds received from counterparties are recognised as financial liabilities under borrowings.Accounting judgements and estimatesUseful lives of vessels are estimated based on past experience. Management periodically reviews and revises the estimates for individual vessels or groups of vessels with similar characteristics, taking into account factors such as maintenance standards, repair practices, technological advancements and environmental regulations.Residual values are challenging to estimate due to the long operational lives of vessels, uncertainties of future economic conditions and steel price fluc-tuations, which are key determinants of scrap value. Management adopts a long-term perspective to minimise the impact of temporary and potentially significant market fluctuations on residual value estimates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__196-1": {
"value": "Capital commitmentsThe Group has entered into agreements for future delivery of vessels and other capital investments. Amounts in USD million <1 year 1-3 years >3 years TotalInvestment in newbuildings and secondhand vessels 58.1 133.4 - 191.5Other CapEx 4.2 12.8 - 17.0Total capital commitments 62.3 146.2 - 208.5Timing and amounts may vary between periods due to deposits, part payments or other contractual agreements. Refer to note 3.9 \"Assets held for sale\" for specification of future cash-flows from vessels sold.Capital commitmentsThe Group has entered into agreements for future delivery of vessels and other capital investments. Amounts in USD million <1 year 1-3 years >3 years TotalInvestment in newbuildings and secondhand vessels 332.2 168.6 - 500.8Other CapEx 6.4 16.6 - 23.0Total capital commitments 338.6 185.2 - 523.8Prepayments on newbuildings are recognised in assets as vessels under construction as payments are made. At the delivery of the vessel, it is reclassi-fied to the item \u201cVessels\u201d.Financing transactionsThe Group has entered into arrangements involving the sale of vessels to third parties and their subsequent leaseback under long-term lease agreements that include repurchase options. In accordance with IFRS 16, these transac-tions do not result in the transfer of control of the underlying assets to the buyers. Accordingly, the transactions do not qualify as sale and leaseback transactions and are accounted for as financing transactions.The vessels continue to be recognised as vessels in the Group\u2019s statement of financial position. Proceeds received from counterparties are recognised as financial liabilities under borrowings.4.7 Unrecognised contingent assets and liabilities Claims have been made against the Group, primarily concerning discharge responsibility and broker fees, etc. The Group and its legal advisers consider the claims unjustified, and it is Management\u2019s opinion that the claims will not have any material impact on the Group\u2019s financial position, results of opera-tions and cash flows.NORDEN has deposited USD 0.8 million in a collateral account as security for a performance guarantee issued by the bank on behalf of one of NORDEN's customers.Accounting policiesContingent assets are recognised when it is virtually certain that the claim will have a positive outcome for the Group. A contingent liability is recognised if it is likely that the claim will have a negative outcome and when the amount can be estimated. Rulings in connection with such matters may in future accounting periods produce realised gains or losses which may differ consid-erably from the recognised amounts or information.Accounting judgements and estimatesManagement assesses provisions and contingencies on an ongoing basis, as well as the likely outcome of pending or potential legal proceedings, etc. The assessments are made on the basis of legal opinions of the signed agree-ments, which in considerable claims also include assessments obtained from external advisers, including external legal advisers, among others.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__195-1": {
"value": "Capital commitmentsThe Group has entered into agreements for future delivery of vessels and other capital investments. Amounts in USD million <1 year 1-3 years >3 years TotalInvestment in newbuildings and secondhand vessels 58.1 133.4 - 191.5Other CapEx 4.2 12.8 - 17.0Total capital commitments 62.3 146.2 - 208.5Timing and amounts may vary between periods due to deposits, part payments or other contractual agreements. Refer to note 3.9 \"Assets held for sale\" for specification of future cash-flows from vessels sold.Capital commitmentsThe Group has entered into agreements for future delivery of vessels and other capital investments. Amounts in USD million <1 year 1-3 years >3 years TotalInvestment in newbuildings and secondhand vessels 332.2 168.6 - 500.8Other CapEx 6.4 16.6 - 23.0Total capital commitments 338.6 185.2 - 523.8Prepayments on newbuildings are recognised in assets as vessels under construction as payments are made. At the delivery of the vessel, it is reclassi-fied to the item \u201cVessels\u201d.Financing transactionsThe Group has entered into arrangements involving the sale of vessels to third parties and their subsequent leaseback under long-term lease agreements that include repurchase options. In accordance with IFRS 16, these transac-tions do not result in the transfer of control of the underlying assets to the buyers. Accordingly, the transactions do not qualify as sale and leaseback transactions and are accounted for as financing transactions.The vessels continue to be recognised as vessels in the Group\u2019s statement of financial position. Proceeds received from counterparties are recognised as financial liabilities under borrowings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__203": {
"value": "Accounting policiesTangible assets are measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price and costs directly related to the acquisition up until the time when the asset is ready for use.Borrowing costs concerning either specific or general borrowing directly related to assets with an extended construction period are included in cost over the period of construction.Depreciation is based on the straight-line method over the estimated useful lives of the assets. Depreciation is calculated based on the following esti-mated useful lives: \u2022 Buildings 50 years \u2022 Land Not depreciated \u2022 Logistics assets 5-25 years \u2022 Vessels 25 years \u2022 Fixtures, fittings and equipment 3-10 yearsUseful lives of the assets and residual values are reviewed and adjusted at each balance sheet date, if appropriate.VesselsDry docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry docking. The scrap value of vessels is determined based on the market price per light-weight tonne for scrapping of the vessel.The depreciation period for second-hand vessels is determined on the basis of the condition and age of the vessels at the time of acquisition, but the depreci-ation period does not exceed 25 years from delivery from the shipyard.Prepayments on newbuildings are recognised in assets as vessels under construction as payments are made. At the delivery of the vessel, it is reclassi-fied to the item \u201cVessels\u201d.Financing transactionsThe Group has entered into arrangements involving the sale of vessels to third parties and their subsequent leaseback under long-term lease agreements that include repurchase options. In accordance with IFRS 16, these transac-tions do not result in the transfer of control of the underlying assets to the buyers. Accordingly, the transactions do not qualify as sale and leaseback transactions and are accounted for as financing transactions.The vessels continue to be recognised as vessels in the Group\u2019s statement of financial position. Proceeds received from counterparties are recognised as financial liabilities under borrowings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__202": {
"value": "Accounting policiesTangible assets are measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price and costs directly related to the acquisition up until the time when the asset is ready for use.Borrowing costs concerning either specific or general borrowing directly related to assets with an extended construction period are included in cost over the period of construction.Depreciation is based on the straight-line method over the estimated useful lives of the assets. Depreciation is calculated based on the following esti-mated useful lives: \u2022 Buildings 50 years \u2022 Land Not depreciated \u2022 Logistics assets 5-25 years \u2022 Vessels 25 years \u2022 Fixtures, fittings and equipment 3-10 yearsUseful lives of the assets and residual values are reviewed and adjusted at each balance sheet date, if appropriate.VesselsDry docking costs are recognised in the carrying amount of vessels when incurred and depreciated over the period until the next dry docking. The scrap value of vessels is determined based on the market price per light-weight tonne for scrapping of the vessel.The depreciation period for second-hand vessels is determined on the basis of the condition and age of the vessels at the time of acquisition, but the depreci-ation period does not exceed 25 years from delivery from the shipyard.Prepayments on newbuildings are recognised in assets as vessels under construction as payments are made. At the delivery of the vessel, it is reclassi-fied to the item \u201cVessels\u201d.Financing transactionsThe Group has entered into arrangements involving the sale of vessels to third parties and their subsequent leaseback under long-term lease agreements that include repurchase options. In accordance with IFRS 16, these transac-tions do not result in the transfer of control of the underlying assets to the buyers. Accordingly, the transactions do not qualify as sale and leaseback transactions and are accounted for as financing transactions.The vessels continue to be recognised as vessels in the Group\u2019s statement of financial position. Proceeds received from counterparties are recognised as financial liabilities under borrowings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__205-1": {
"value": "3.5 Right-of-use assetsThe nature of leasing activitiesThe majority of lease contracts are time charter contracts on vessels, while a minor part is the lease of office space and other equipment from external parties under non-cancellable lease agreements. Leases have varying terms, including options to extend and options to purchase.2025 2024Number of right-of-use assets leased 101 121- of which index leases 14 18Range of remaining term of leases, in years 0-5 0-6Average remaining term of leases, in years 1.6 1.4Number of leases with extension options 68 63Number of leases with purchase options 53 58Amounts recognised in the statement of financial positionAmounts in USD million 2025 2024Right-of-use assetsCost at 1 January 1,078.5 1,030.4Additions 177.5 134.6Remeasurements 152.2 92.0Disposals -330.3 -178.5Cost at 31 December 1,077.9 1,078.5Depreciation at 1 January -757.9 -675.4Depreciation -253.5 -269.1Disposals 316.4 186.6Depreciation at 31 December -695.0 -757.9Carrying amount at 31 December 382.9 320.6Amounts recognised in the income statementAmounts in USD million 2025 2024Depreciation of right-of-use assets 253.5 269.1Interest expenses related to lease liabilities 34.3 31.5Expenses related to the service component 233.0 250.6Expenses related to short-term leases 1,166.5 1,726.9Gains on sale and leaseback 8.3 14.6Short-term lease commitmentsShort-term lease commitments vary during the year based on operational needs and strategy; therefore, year-end commitments may differ from the active leases during the period. Future payments within 12 months amount to USD 327.3 million (USD 331.9 million).Leases with future commencement dateThe Group has entered into lease agreements (+12 months) with future commencement dates, which will affect the statement of financial position as shown below, when the time-chartered vessels are delivered, at which point the Group obtains the right to direct the use of the asset. Daily running costsThe Group has elected to separate lease and non-lease components. For these contracts, the consideration is allocated based on the relative stand-alone prices between the lease and non-lease component. For time charter contracts, the non-lease component is the technical management services provided to operate the vessel. The future effect in the income statement related to the non-lease component (daily running costs) is shown in the following table.Extension optionsSome leases include an option to be extended for one additional year at a time. Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable only by the Group and not by the lessors. At the lease commencement date, the Group assesses whether it is reason-ably certain that the extension option will be exercised. If significant events orchanges in circumstances within its control occur, the Group reassesses this certainty. If all available extension options at year-end were exercised at the first date they become exercisable, the right-of-use asset and corresponding lease liability would increase by the following amounts in each future year (undiscounted and excluding the non-lease component).Dry cargo Tankers GroupAmounts in USD million <1 year 1-5 years >5 years Total <1 year 1-5 years >5 years Total Total2025Leases with future commencement date 151.3 268.7 - 420.0 28.9 - - 28.9 448.9Extension options 31.7 190.6 240.8 463.1 13.3 198.5 - 211.8 674.9Daily running costs 106.3 287.7 95.1 489.1 62.5 111.7 0.5 174.7 663.82024Leases with future commencement date 92.1 163.2 - 255.3 53.4 22.3 - 75.7 331.0Extension options 54.2 175.4 103.2 332.8 15.0 193.0 16.9 224.9 557.7Daily running costs 119.0 228.4 32.8 380.2 78.1 102.6 - 180.7 560.9Accounting policiesAt inception of a new contract, NORDEN assesses whether a contract is a lease or contains a lease according to IFRS 16. This involves exercise of judge-ment as to whether:\u2022 The contract depends on the use of a specific asset\u2022 NORDEN obtains substantially all the economic benefits from the use of the asset \u2022 NORDEN has the right to direct the use of the assetNORDEN recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost less any accumulated depreciation, impairment losses and adjusted for any remeasurement of lease liabilities.The cost of right-of-use assets includes the amount of lease liabilities recog-nised and lease payments made before the commencement date. Unless NORDEN is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term.Impairment of right-of-use assetsSimilar to owned assets, right-of-use assets are subject to testing for impair-ment if there is an indication of impairment. Refer to note 3.2 \"Impairment of intangible and tangible assets\" for further information. Short-term leases and leases of low-value assetsNORDEN applies the lease recognition exemptions related to short-term leases (lease terms of 12 months or less) and leases of low-value assets. Lease payments on short-term leases and leases of low-value assets are recognised in the income statement as an expense on a straight-line basis over the lease term.Sale and leasebackFor sale and leaseback transactions, if there is a transfer of control within the meaning of IFRS 15, NORDEN as the seller-lessee measures the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right of use retained.Any gain or loss that relates to the rights transferred to the buyer-lessor is recognised in profit or loss. If there is no transfer of control, the seller-lessee recognises the transaction as a financing transaction. While the transaction is legally subject to a lease contract, it is not accounted for as a lease and the underlying asset is not derecognised.Significant accounting judgements and estimatesNORDEN has elected to separate lease and non-lease components for leases of time charter contracts on vessels. For these contracts, the estimated non-lease component (daily running costs) is excluded from the right-of-use assets. Assessing the consideration attributable to the non-lease component includes a significant accounting judgement, where Management uses market data from an independent service provider. The market data consists of benchmarking reports and allows NORDEN to benchmark vessels' operating costs against a global sample. The measurement of the non-lease component takes several factors into consideration such as operating costs, ageing of the vessels, vessel types, etc.In this regard, Management assesses the service provider\u2019s independence, objectivity and qualifications and whether the market data are appropriate for the purpose, for example based on sufficient market data.3.6 SubleasesThis note provides information on leases where the Group is the intermediate lessor in a sublease arrangement classified as a finance lease.Amounts in USD million 2025 2024Amounts recognised in the income statementRevenue from sublease financial income 7.4 8.2Gains on sublease recognition 7.3 63.6* Sublease financial income and gains14.7 71.8Amounts recognised in the statement of cash flowsInstalments on sublease receivables 81.6 123.6Receivables from subleasesReceivables from subleases at 1 January 143.3 94.6Additions 30.5 169.1Remeasurements 7.7 3.2Payments received -81.6 -123.6Receivables from subleases at 31 December 99.9 143.3* Included in revenueAccounting policiesNORDEN enters into arrangements to sublease an underlying asset to a third party, while NORDEN retains the primary obligation under the original lease. In such arrangements, NORDEN acts as both the lessee and lessor of the same underlying asset.If a leased vessel is subleased under terms transferring substantially all remaining risks and rewards under the head lease to the lessee in the sublease (finance lease), the right-of-use asset is derecognised, and a lease receivable is recog-nised. Gains or losses on the derecognised right-of-use asset are recognised in the income statement as revenue.During the term of the sublease, NORDEN recognises both finance income on the sublease (as revenue) and interest expense on the head lease (as financial expenses).If the sublease is classified as an operating lease, NORDEN continues to account for the lease liability and right-of-use asset on the head lease like any other lease.Cash flowsCash payments received on sublease receivables are classified within oper-ating activities.Accounting judgements and estimatesManagement\u2019s assessment of whether leases on vessels should be classi-fied as finance or operating leases is based on an overall evaluation of the remaining risks and rewards of each lease.4.2 Borrowings, bonds and lease liabilitiesLeaseAmounts in USD million Borrowings Bondsliabilities Total2025Interest-bearing liabilities at 1 January 109.2 - 421.1 530.3Proceeds/additions 26.8 - 200.2 227.0Proceeds/additions from financing lease borrowings 177.0 - - 177.0Exchange rate adjustments 2.6 - - 2.6Remeasurements - - 167.5 167.5Repayments/instalments -10.3 - -306.4 -316.7Other adjustments/disposals - - -23.9 -23.9Interest-bearing liabilities at 31 December 305.3 - 458.5 763.8Current liabilities 50.1 - 205.5 255.6Non-current liabilities 255.2 - 253.0 508.2Total 305.3 - 458.5 763.8Fixed-rate 276.5 - 458.5 735.0Floating-rate 28.8 - - 28.8Commission - - - -Total 305.3 - 458.5 763.8Mortgages and securitiesSecurity for liabilities 28.8 - - 28.8\u2013 number of vessels pledged 5 - - 5\u2013 number of buildings pledged 2 - - 2\u2013 carrying amount 275.7 - - 275.7\u2013 mortgaged amount 313.7 - - 313.7Amount insured on vessels 334.8 - - 334.8LeaseAmounts in USD million Borrowings Bondsliabilities Total2024Interest-bearing liabilities at 1 January 112.0 71.3 418.5 601.8Proceeds/additions 625.0 - 242.7 867.7Proceeds/additions from financing lease borrowings - - - -Exchange rate adjustments - - - -Remeasurements - - 106.4 106.4Repayments/instalments -627.8 -71.3 -344.0 -1,043.1Other adjustments/disposals - - -2.5 -2.5Interest-bearing liabilities at 31 December 109.2 - 421.1 530.3Current liabilities 2.3 - 244.5 246.8Non-current liabilities 106.9 - 176.6 283.5Total 109.2 - 421.1 530.3Fixed-rate 102.3 - 421.1 523.4Floating-rate 7.0 - - 7.0Commission -0.1 - - -0.1Total 109.2 - 421.1 530.3Mortgages and securitiesSecurity for liabilities 6.9 - - 6.9\u2013 number of vessels pledged 7 - - 7\u2013 number of buildings pledged 2 - - 2\u2013 carrying amount 289.1 - - 289.1\u2013 mortgaged amount 323.0 - - 323.0Amount insured on vessels 405.6 - - 405.6Lease liabilitiesAt the commencement of a lease, NORDEN recognises a lease liability meas-ured at the present value of lease payments over the lease term. The lease term includes the non-cancellable period plus extension or purchase options when NORDEN is reasonably certain to exercise them. Lease payments include fixed amounts, amounts linked to an index or rate and the exercise price of purchase options expected to be used.Lease payments are split between principal and finance costs, with the finance cost recognised over the lease term using a constant interest rate. The present value is calculated using NORDEN\u2019s incremental borrowing rate at the commencement date, typically between 4\u20137% depending on maturity.Lease liabilities are remeasured if there are changes to the lease term, fixed payments or purchase option assessments, or if the contract is modified.Cash flowsIn the statement of cash flows, cash payments for the principal portion of the lease liabilities and related cash payments for the interest portion are classi-fied within the financing activities. For short-term leases or leases of low-value assets, the lease payments are classified within operating activities.",
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"f1__s9__7__206-1": {
"value": "Amounts recognised in the income statementAmounts in USD million 2025 2024Depreciation of right-of-use assets 253.5 269.1Interest expenses related to lease liabilities 34.3 31.5Expenses related to the service component 233.0 250.6Expenses related to short-term leases 1,166.5 1,726.9Gains on sale and leaseback 8.3 14.64.3 Financial income and expensesAmounts in USD million 2025 2024Interest income 11.1 18.0Fair value adjustment, derivatives 0.7 0.5Exchange rate adjustments 5.6 -Total financial income 17. 4 18.5Interest expenses 2.7 10.3Fair value adjustment, derivatives - 0.8Exchange rate adjustments - 4.4Interest expenses on lease liabilities 34.3 31.5Total financial expenses 37.0 47.0Accounting policiesFinancial income and expenses comprise interest income and expenses, real-ised and unrealised gains or losses on transactions denominated in foreign currencies, amortisation of borrowing costs and securities and subsequent changes to contingent acquisition costs.",
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"f1__s9__7__211-1": {
"value": "Accounting policiesAt inception of a new contract, NORDEN assesses whether a contract is a lease or contains a lease according to IFRS 16. This involves exercise of judge-ment as to whether:\u2022 The contract depends on the use of a specific asset\u2022 NORDEN obtains substantially all the economic benefits from the use of the asset \u2022 NORDEN has the right to direct the use of the assetNORDEN recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost less any accumulated depreciation, impairment losses and adjusted for any remeasurement of lease liabilities.The cost of right-of-use assets includes the amount of lease liabilities recog-nised and lease payments made before the commencement date. Unless NORDEN is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term.Impairment of right-of-use assetsSimilar to owned assets, right-of-use assets are subject to testing for impair-ment if there is an indication of impairment. Refer to note 3.2 \"Impairment of intangible and tangible assets\" for further information. Short-term leases and leases of low-value assetsNORDEN applies the lease recognition exemptions related to short-term leases (lease terms of 12 months or less) and leases of low-value assets. Lease payments on short-term leases and leases of low-value assets are recognised in the income statement as an expense on a straight-line basis over the lease term.Sale and leasebackFor sale and leaseback transactions, if there is a transfer of control within the meaning of IFRS 15, NORDEN as the seller-lessee measures the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right of use retained.Any gain or loss that relates to the rights transferred to the buyer-lessor is recognised in profit or loss. If there is no transfer of control, the seller-lessee recognises the transaction as a financing transaction. While the transaction is legally subject to a lease contract, it is not accounted for as a lease and the underlying asset is not derecognised.Accounting policiesNORDEN enters into arrangements to sublease an underlying asset to a third party, while NORDEN retains the primary obligation under the original lease. In such arrangements, NORDEN acts as both the lessee and lessor of the same underlying asset.If a leased vessel is subleased under terms transferring substantially all remaining risks and rewards under the head lease to the lessee in the sublease (finance lease), the right-of-use asset is derecognised, and a lease receivable is recog-nised. Gains or losses on the derecognised right-of-use asset are recognised in the income statement as revenue.During the term of the sublease, NORDEN recognises both finance income on the sublease (as revenue) and interest expense on the head lease (as financial expenses).If the sublease is classified as an operating lease, NORDEN continues to account for the lease liability and right-of-use asset on the head lease like any other lease.Cash flowsCash payments received on sublease receivables are classified within oper-ating activities.Lease liabilitiesAt the commencement of a lease, NORDEN recognises a lease liability meas-ured at the present value of lease payments over the lease term. The lease term includes the non-cancellable period plus extension or purchase options when NORDEN is reasonably certain to exercise them. Lease payments include fixed amounts, amounts linked to an index or rate and the exercise price of purchase options expected to be used.Lease payments are split between principal and finance costs, with the finance cost recognised over the lease term using a constant interest rate. The present value is calculated using NORDEN\u2019s incremental borrowing rate at the commencement date, typically between 4\u20137% depending on maturity.Lease liabilities are remeasured if there are changes to the lease term, fixed payments or purchase option assessments, or if the contract is modified.Cash flowsIn the statement of cash flows, cash payments for the principal portion of the lease liabilities and related cash payments for the interest portion are classi-fied within the financing activities. For short-term leases or leases of low-value assets, the lease payments are classified within operating activities.",
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"f1__s9__7__217-1": {
"value": "3.7 Investments and activitiesThis note includes the acquisition of subsidiaries and activities, signifying our entry into new market areas.Additionally, this note covers investments in unlisted shares, joint ventures and joint operations. Acquisition of subsidiaries and activitiesDuring 2025, the Group completed a minor acquisition in South Africa with a total purchase price of less than USD 1 million. Management assessed the acquisition to be immaterial to the Group, and therefore no purchase price allocation has been disclosed.In 2024, NORDEN acquired 100% of the shares in the Norwegian dry bulk operator, Norlat Shipping. Norlat Shipping specialises in the shipment of forest products and other bulk commodities, primarily trading from Northern Europe to North Africa and North America. The purchase price was USD 18.1 million, resulting in goodwill of USD 9.3 million. In 2025, a minor purchase price adjustment of approximately USD -0.4 million was recognised.Accounting policiesUpon acquisition of new subsidiaries or activities, the acquired assets, liabil-ities and contingent liabilities are measured at fair value at the date when control is obtained applying the acquisition method. Identifiable intangible assets are recognised if they arise from contractual rights or can otherwise be separately identified. The difference between the fair value of the acquisition consideration and the fair value of acquired identifiable net assets is recognised as goodwill. Contin-gent consideration is measured at fair value and any subsequent changes to contingent consideration are recognised as financial income or financial expense in the income statement.Transaction costs are recognised as operating costs as they are incurred.Investments in unlisted sharesThe Group holds a strategic equity investment in an unlisted company, which is classified as fair value through other comprehensive income (FVOCI). This investment is intended to be held for the medium to long-term and supports the Group's broader sustainability and innovation objectives.The investee focuses on the development of sustainable bio-oil solutions and continues to advance its production capabilities. During the year, the company remained engaged in discussions with potential investors and stra-tegic partners with the objective of securing additional funding to support the scaling of production and the commercial introduction of biofuel products. The Group made an additional equity investment of USD 2.5 million in the company in 2025. Due to the absence of an active market for the unlisted shares and insufficient observable inputs to reliably determine fair value, Management has assessed that the transaction prices from the initial invest-ment and the subsequent investment represent the best estimates of fair value at the respective investment dates.As no events or changes in circumstances have been identified that would indicate a material change in fair value since the latest transaction, Manage-ment has concluded that the carrying amount represents a reasonable esti-mate of fair value at 31 December 2025. Accordingly, the investment is carried at USD 15.2 million (USD 12.7 million).Accounting policiesOn initial recognition, investments in unlisted shares are measured at fair value. Subsequently, they are measured at fair value through profit or loss (FVTPL) unless classified as fair value through other comprehensive income (FVOCI) according to an individual decision for each equity investment. This election is made on an investment-by-investment basis.Gains or losses on equity instruments classified as FVOCI are never recycled to profit or loss. Dividends are recognised in the income statement unless the dividends clearly represent a recovery of part of the cost of investment. Other net gains or losses are recognised in other comprehensive income.Investments in joint venturesAmounts in USD million 2025 2024Key figures (100%)Revenue and other income 6.6 9.3Costs -6.8 -9.5Total profit/loss -0.2 -0.2Current assets - 2.1- of which cash and cash equivalents - 2.1Non-current liabilities, debt - 0.3Current liabilities - -Total - 2.4Investments Owner- Share of profit/loss compriseshipof joint ventures Carrying amount2025 2024 2025 2024Polar Navigation Pte. Ltd., Singapore 50% -0.1 -0.1 - 1.2Total -0.1 -0.1 - 1.2Polar Navigation Pte. Ltd., Singapore is in the process of liquidation. During 2025, the joint venture\u2019s operations were fully wound down, its assets realised and the final liquidation dividend distributed to the shareholders. Accord-ingly, the carrying amount of the investment was zero at 31 December 2025. While the legal liquidation process has not yet been formally completed, no further assets, liabilities, income or expenses are expected to arise.Accounting policiesIn the Group\u2019s income statement, the Group\u2019s share of joint ventures' profit/loss after tax is included in the item \u201cProfit/loss from investments in joint ventures\u201d.Companies which are contractually operated jointly with one or more other enterprises, and which are thus jointly controlled, are recognised in the consolidated financial statements according to the equity method.In the Group\u2019s statement of financial position, the Group\u2019s share of the net asset value of joint ventures is included in the item \"Investments\", calculated on the basis of the Group\u2019s accounting policies after deduction or addition of the Group\u2019s share of any unrealised intra-group gains or losses. Joint ventures with negative net asset value are measured at nil value. If the Group has a legal or constructive obligation to cover the enterprises\u2019 negativebalance, such obligation is recognised by writing down any receivable from the joint venture or under provisions. Accounting judgements and estimatesAssessment of control in shared ownershipThe classification of jointly owned arrangements requires judgement. In assessing joint control, an analysis has been made to determine which decisions require unanimity and whether these relate to relevant activities, meaning activities that significantly affect the return.",
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"f1__s9__7__218-1": {
"value": "Accounting policiesUpon acquisition of new subsidiaries or activities, the acquired assets, liabil-ities and contingent liabilities are measured at fair value at the date when control is obtained applying the acquisition method. Identifiable intangible assets are recognised if they arise from contractual rights or can otherwise be separately identified. The difference between the fair value of the acquisition consideration and the fair value of acquired identifiable net assets is recognised as goodwill. Contin-gent consideration is measured at fair value and any subsequent changes to contingent consideration are recognised as financial income or financial expense in the income statement.Transaction costs are recognised as operating costs as they are incurred.On initial recognition, investments in unlisted shares are measured at fair value. Subsequently, they are measured at fair value through profit or loss (FVTPL) unless classified as fair value through other comprehensive income (FVOCI) according to an individual decision for each equity investment. This election is made on an investment-by-investment basis.Gains or losses on equity instruments classified as FVOCI are never recycled to profit or loss. Dividends are recognised in the income statement unless the dividends clearly represent a recovery of part of the cost of investment. Other net gains or losses are recognised in other comprehensive income.Accounting policiesIn the Group\u2019s income statement, the Group\u2019s share of joint ventures' profit/loss after tax is included in the item \u201cProfit/loss from investments in joint ventures\u201d.Companies which are contractually operated jointly with one or more other enterprises, and which are thus jointly controlled, are recognised in the consolidated financial statements according to the equity method.In the Group\u2019s statement of financial position, the Group\u2019s share of the net asset value of joint ventures is included in the item \"Investments\", calculated on the basis of the Group\u2019s accounting policies after deduction or addition of the Group\u2019s share of any unrealised intra-group gains or losses. Joint ventures with negative net asset value are measured at nil value. If the Group has a legal or constructive obligation to cover the enterprises\u2019 negativebalance, such obligation is recognised by writing down any receivable from the joint venture or under provisions.",
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"f1__s9__7__221": {
"value": "Accounting policiesIn the Group\u2019s income statement, the Group\u2019s share of joint ventures' profit/loss after tax is included in the item \u201cProfit/loss from investments in joint ventures\u201d.Companies which are contractually operated jointly with one or more other enterprises, and which are thus jointly controlled, are recognised in the consolidated financial statements according to the equity method.In the Group\u2019s statement of financial position, the Group\u2019s share of the net asset value of joint ventures is included in the item \"Investments\", calculated on the basis of the Group\u2019s accounting policies after deduction or addition of the Group\u2019s share of any unrealised intra-group gains or losses. Joint ventures with negative net asset value are measured at nil value. If the Group has a legal or constructive obligation to cover the enterprises\u2019 negativebalance, such obligation is recognised by writing down any receivable from the joint venture or under provisions.",
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"f1__s9__7__222": {
"value": "Joint operationsNORDEN engages in jointly controlled arrangements, which include joint ventures and joint operations. In joint ventures, the parties do not have a direct share in assets and liabilities, etc., but solely a share in the net profit or loss and equity. On the other hand, joint operations provide the parties with direct rights to the assets and direct obligations for the liabilities. Each joint operator recognises its part of assets, liabilities, income and costs.NORDEN\u2019s shipping activities are to some extent conducted through pool arrangements. In pools, revenue and related costs are recognised according to criteria corresponding to the pool agreements.For vessels operating in pools, the pools' profit is allocated to the pool part-ners based on an agreed principle. The agreed principle may differ from pooto pool. Generally, the pool's profit is allocated to the participants according to the number of days the vessels have been at the pool\u2019s disposal but weighted for the capacity and characteristics of the individual vessels. As the pool operator for NORDEN Tanker Pools, NORDEN earns commercial management income to cover the associated operational costs. This income is calculated as a fixed percentage of the charter or freight income generated by each individual agreement. Commercial management income is recognised in the income statement under the item \u201cOther operating income\u201d in line with therecognition of the underlying charter or freight agreement.The following is an overview of NORDEN\u2019s total liabilities and coverage in respect of jointly controlled operations in the event that the other pool part-ners are unable to meet their obligations.Amounts in USD million 2025 2024Unrecognised liabilities for which the pool partners are jointly and severally liable 23.6 25.6Cash and cash equivalents liable to the pool partners 15.7 13.8NORDEN's share of \"NORDEN tanker pools\" 29.0% 31.4%Accounting policiesPool arrangements are considered joint operations. Accordingly, for vessels operating in pools, the proportionate share of income and costs is presentedas gross amounts in the income statement.NORDEN's share of revenue in pools is recognised in \u201cRevenue\u201d, while the proportionate share of costs in pools, such as direct voyage costs (e.g., bunker oil, commissions and port charges) and charter hire for chartered pool tonnage, is recognised in \u201cVessel operating costs\u201d. Similarly, NORDEN\u2019s share of assets and liabilities in pools are recognised, and its share of other liabilities, etc., is included in the table above.Accounting judgements and estimatesAssessment of control in shared ownership - pool arrangements The classification of activities and enterprises that are, in part, jointly owned with other companies, as well as their treatment in the consolidated financial statements, is partly based on judgements regarding formal and substantive conditions.In connection with the assessment of control, an analysis of the operator role in NORDEN\u2019s agreements on pool arrangements has been made. The oper-ator is responsible for the day-to-day management of activities carried out within a jointly established framework. Since the operators are not exposed to, and are not entitled to, a return apart from the participating share and the fact that they can be replaced by mutual agreement, the operators are considered to be agents as defined in IFRS 10. In the assessment of joint control, an analysis has been made as to which deci-sions require unanimity and whether these relate to relevant activities, which are activities that significantly affect the return of the pool arrangement. It is assessed that joint control by default exists when business plans and budgets must be adopted unanimously.For NORDEN\u2019s pool arrangements, unanimity is required on decisions relating to relevant activities. It has also been established that the pool part-ners have direct and unlimited rights and obligations with regard to the assets and liabilities of the arrangements, and as the pool arrangements have not been structured into separate legal units, these are treated and classified as joint operations.",
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"f1__s9__7__224": {
"value": "3.8 Cash, cash equivalents and depositsAmounts in USD million 2025 2024Term deposits with original maturities of 3 months or less 263.2 109.0Cash at bank and on hand 104.0 124.7Cash held for collateral and derivative activities 14.9 32.9Cash and cash equivalents 382 .1 266.6Term deposits with original maturities above 3 months - -Total cash, cash equivalents and deposits 382.1 266.6Average effective interest rate on term deposits for the year 4.1% 5.8%Average remaining maturity of term deposits at year-end 37 days 22 daysNORDEN holds margin accounts with Macquarie Bank Europe DAC as collat-eral for derivative positions. The lower interest rates were driven by two main factors. Firstly, an attrac-tive deposit margin environment in prior periods, particularly due to a high premium on duration. Secondly, increasing liquidity, fewer investment opportunities and generally tight margins - also reflected in lending. During 2025, no premiums for duration were observed, and as a result the deposit margins were highly limited and largely aligned with common benchmark rates affecting deposit pricing for the year.Accounting policiesCash and cash equivalents, as presented in the statement of financial position, are measured at their nominal value and comprise cash on hand, demand deposits and other highly liquid investments with original maturities of three months or less. Cash and cash equivalents also include cash held as collateral in connection with derivative activities, provided that any restrictions are of a short-term nature and the cash is expected to be available for use within 12 months.Term deposits with original maturities above three months are presented separately within current assets.",
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"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__226": {
"value": "3.9 Assets held for sale Amounts in USD million 2025 2024Cost at 1 January 70.0 133.6Additions 411.2 56.9Transferred from vessels 14.7 166.7Transferred from prepayments on vessels and newbuildings 38.0 2.4Disposals -507.1 -289.6Carrying amount at 31 December 26.8 70.0Liabilities relating to assets held for salePrepayments received on newbuildings and vessels sold 4.4 16.8Carrying amount at 31 December 4.4 16.8Future cash flow from vessels sold but not yet delivered<1 year 61.1 91.01-3 years - 3.8>3 years - -Total 61.1 94.8Gains from sale of vessels during the year 70.6 82.0Losses from sale of vessels during the year -0.3 -Profit/loss from sale of vessels 70.3 82.0During 2025, the Group completed the sale of 24 vessels, comprising 11 Supramax vessels, six MR tankers, two Panamax vessels, three Handysize vessels and two Capesize vessels, generating a total gain on sale of USD 70.3 million (USD 82.0 million). The majority of these transactions related to vesselssubject to purchase options that were declared and sold to third parties at, or shortly after, declaration, as well as newbuild vessels sold prior to delivery from the yard. Accordingly, the vessels were not taken into the Group\u2019s ownedfleet. Balances classified as assets held for sale at 31 December 2025 mainly consist of one MR vessel and two logistics assets.Accounting policiesAssets classified as held for sale include vessels for which a binding sales agreement is in place, with the transfer to the buyer anticipated within 12 months of the reporting date. In the case of a newbuilding being sold, this period extends to 12 months following the delivery of the vessel from the yard.Newbuild vessels and prepayments on vessels held for sale are measured at the lower of carrying amount before classification as held for sale and fair value less selling costs and are recognised under current assets. Assets held for sale are not depreciated. Assets and directly related liabilities associated with assets held for sale are recognised in separate items in the statement of financial position. Gains or losses are included in the income statement in the item \"Profit/loss from sale of vessels, etc.\u201d. Gains are recognised upon delivery, while losses are recog-nised when the assets are classified as \"held for sale\u201d.Profit/loss from sale of vessels is stated as the difference between the sales price less selling costs and the carrying amount of the vessel in question at the time of delivery. Furthermore, impairment of assets held for sale and any gains or losses upon repayment of related loans are included.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__227": {
"value": "Accounting policiesAssets classified as held for sale include vessels for which a binding sales agreement is in place, with the transfer to the buyer anticipated within 12 months of the reporting date. In the case of a newbuilding being sold, this period extends to 12 months following the delivery of the vessel from the yard.Newbuild vessels and prepayments on vessels held for sale are measured at the lower of carrying amount before classification as held for sale and fair value less selling costs and are recognised under current assets. Assets held for sale are not depreciated. Assets and directly related liabilities associated with assets held for sale are recognised in separate items in the statement of financial position. Gains or losses are included in the income statement in the item \"Profit/loss from sale of vessels, etc.\u201d. Gains are recognised upon delivery, while losses are recog-nised when the assets are classified as \"held for sale\u201d.Profit/loss from sale of vessels is stated as the difference between the sales price less selling costs and the carrying amount of the vessel in question at the time of delivery. Furthermore, impairment of assets held for sale and any gains or losses upon repayment of related loans are included.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__230-1": {
"value": "4.1 Share capital, dividends and earnings per share DividendsAmounts in USD million 2025 2024Interim dividend Q1: DKK 2 per share (DKK 2) 8.9 8.8Interim dividend Q2: DKK 2 per share (DKK 2) 9.1 9.0Interim dividend Q3: DKK 2 per share (DKK 2) 8.9 8.9Final dividend to be distributed pending approval at the AGM: DKK 2 per share (DKK 2) 9.0 8.4Total dividends for the year 35.9 35.1Dividend per share, DKK 8.0 8.0Payout ratio 29.8% 21.6%The amounts exclude dividends declared on treasury shares.The net cash distributions to shareholders in the form of dividends and share repurchases amounted to USD 78.1 million, compared to a free cash flow of USD 170.4 million.Accounting policiesDividendsDividends are recognised as a liability when approved by the shareholders at the Annual General Meeting. Dividends proposed by Management for the year, but not yet approved, are presented in equity until adoption. Dividends are presented net of amounts relating to treasury shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__231-1": {
"value": "Treasury sharesNo. of treasury shares 2025 2024Holding at 1 January 2,050,478 2,432,412Purchases 1,369,920 1,690,742Transfers -58,899 -72,676Cancellations -1,000,000 -2,000,000Holding at 31 December 2,361,499 2,050,478Market value of treasury shares in USD million 93.7 61.0Treasury shares % 7.62% 6.41%Treasury sharesTreasury shares are acquired to meet obligations under share-based payment programmes and in connection with share buy-back programmes. Treasury shares are recognised at cost as a deduction from equity. Any gains or losses on the purchase, sale or cancellation of treasury shares, as well as dividends attributable to treasury shares, are recognised directly in retained earnings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__232-1": {
"value": "Earnings per share (EPS)2025 2024Profit for the year 120.3 162.7Weighted average number of ordinary shares 31,304,109 32,387,978Weighted average number of treasury shares 2,101,088 1,812,196Weighted average number of shares 29,203,021 30,575,782Dilutive effect of restricted share units 133,988 116,317Weighted average number of shares, diluted 29,337,009 30,692,099Earnings per share, EPS (USD) 4.1 5.3Earnings per share, diluted, EPS-D (USD) 4.1 5.3The net cash distributions to shareholders in the form of dividends and share repurchases amounted to USD 78.1 million, compared to a free cash flow of USD 170.4 million.Earnings per share (EPS)Earnings per share are presented as both basic and diluted EPS. Basic EPS is calculated as profit for the year divided by the weighted average number of ordinary shares outstanding, excluding treasury shares.Diluted EPS is calculated as profit for the year divided by the weighted average number of ordinary shares outstanding, adjusted for the dilutive effect of restricted share units. Only instruments that have a dilutive effect areincluded in diluted EPS.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__236": {
"value": "Accounting policiesDividendsDividends are recognised as a liability when approved by the shareholders at the Annual General Meeting. Dividends proposed by Management for the year, but not yet approved, are presented in equity until adoption. Dividends are presented net of amounts relating to treasury shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__238": {
"value": "Earnings per share (EPS)Earnings per share are presented as both basic and diluted EPS. Basic EPS is calculated as profit for the year divided by the weighted average number of ordinary shares outstanding, excluding treasury shares.Diluted EPS is calculated as profit for the year divided by the weighted average number of ordinary shares outstanding, adjusted for the dilutive effect of restricted share units. Only instruments that have a dilutive effect areincluded in diluted EPS.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__241": {
"value": "4.2 Borrowings, bonds and lease liabilitiesLeaseAmounts in USD million Borrowings Bondsliabilities Total2025Interest-bearing liabilities at 1 January 109.2 - 421.1 530.3Proceeds/additions 26.8 - 200.2 227.0Proceeds/additions from financing lease borrowings 177.0 - - 177.0Exchange rate adjustments 2.6 - - 2.6Remeasurements - - 167.5 167.5Repayments/instalments -10.3 - -306.4 -316.7Other adjustments/disposals - - -23.9 -23.9Interest-bearing liabilities at 31 December 305.3 - 458.5 763.8Current liabilities 50.1 - 205.5 255.6Non-current liabilities 255.2 - 253.0 508.2Total 305.3 - 458.5 763.8Fixed-rate 276.5 - 458.5 735.0Floating-rate 28.8 - - 28.8Commission - - - -Total 305.3 - 458.5 763.8Mortgages and securitiesSecurity for liabilities 28.8 - - 28.8\u2013 number of vessels pledged 5 - - 5\u2013 number of buildings pledged 2 - - 2\u2013 carrying amount 275.7 - - 275.7\u2013 mortgaged amount 313.7 - - 313.7Amount insured on vessels 334.8 - - 334.8LeaseAmounts in USD million Borrowings Bondsliabilities Total2024Interest-bearing liabilities at 1 January 112.0 71.3 418.5 601.8Proceeds/additions 625.0 - 242.7 867.7Proceeds/additions from financing lease borrowings - - - -Exchange rate adjustments - - - -Remeasurements - - 106.4 106.4Repayments/instalments -627.8 -71.3 -344.0 -1,043.1Other adjustments/disposals - - -2.5 -2.5Interest-bearing liabilities at 31 December 109.2 - 421.1 530.3Current liabilities 2.3 - 244.5 246.8Non-current liabilities 106.9 - 176.6 283.5Total 109.2 - 421.1 530.3Fixed-rate 102.3 - 421.1 523.4Floating-rate 7.0 - - 7.0Commission -0.1 - - -0.1Total 109.2 - 421.1 530.3Mortgages and securitiesSecurity for liabilities 6.9 - - 6.9\u2013 number of vessels pledged 7 - - 7\u2013 number of buildings pledged 2 - - 2\u2013 carrying amount 289.1 - - 289.1\u2013 mortgaged amount 323.0 - - 323.0Amount insured on vessels 405.6 - - 405.6Some mortgages are registered with amounts that secure potential future drawings under a USD 150 million revolving credit facility, of which no amount has been drawn. The Group\u2019s borrowing agreements generally contain a customary change-of-control clause, allowing lenders to terminate the facility if majority control of the Group changes.Refer to note 4.5 \"Financial instruments by category\" for a description of the fair value hierarchy.Net interest-bearing debtAmounts in USD million 2025 2024Bank and other interest-bearing borrowings 28.8 6.9Financing lease borrowings 276.5 102.3Lease liabilities 458.5 421.1Cash and cash equivalents -382.1 -266.6Total 381.7 263.7Net interest-bearing debt, 2025USD million37-11517438222264Cash anddebt 2024borrowingsdebt 2025Financing leaseLease liabilitiescash equivalentsNet interest-bearingNet interest-bearingbearing borrowingsBank and other interest-Accounting policiesBorrowings consist of bank loans, credit-facility drawdowns and financing lease debt from sale and leaseback arrangements. They are initially recog-nised at the proceeds received less transaction costs and subsequently meas-ured at amortised cost using the effective interest method.Fees paid to establish credit facilities are treated as transaction costs if the facility is expected to be utilised; otherwise, they are amortised over the term of the facility.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__245": {
"value": "Accounting policiesBorrowings consist of bank loans, credit-facility drawdowns and financing lease debt from sale and leaseback arrangements. They are initially recog-nised at the proceeds received less transaction costs and subsequently meas-ured at amortised cost using the effective interest method.Fees paid to establish credit facilities are treated as transaction costs if the facility is expected to be utilised; otherwise, they are amortised over the term of the facility.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__242": {
"value": "Accounting policiesBorrowings consist of bank loans, credit-facility drawdowns and financing lease debt from sale and leaseback arrangements. They are initially recog-nised at the proceeds received less transaction costs and subsequently meas-ured at amortised cost using the effective interest method.Fees paid to establish credit facilities are treated as transaction costs if the facility is expected to be utilised; otherwise, they are amortised over the term of the facility.Lease liabilitiesAt the commencement of a lease, NORDEN recognises a lease liability meas-ured at the present value of lease payments over the lease term. The lease term includes the non-cancellable period plus extension or purchase options when NORDEN is reasonably certain to exercise them. Lease payments include fixed amounts, amounts linked to an index or rate and the exercise price of purchase options expected to be used.Lease payments are split between principal and finance costs, with the finance cost recognised over the lease term using a constant interest rate. The present value is calculated using NORDEN\u2019s incremental borrowing rate at the commencement date, typically between 4\u20137% depending on maturity.Lease liabilities are remeasured if there are changes to the lease term, fixed payments or purchase option assessments, or if the contract is modified.Cash flowsIn the statement of cash flows, cash payments for the principal portion of the lease liabilities and related cash payments for the interest portion are classi-fied within the financing activities. For short-term leases or leases of low-value assets, the lease payments are classified within operating activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__250": {
"value": "4.3 Financial income and expensesAmounts in USD million 2025 2024Interest income 11.1 18.0Fair value adjustment, derivatives 0.7 0.5Exchange rate adjustments 5.6 -Total financial income 17. 4 18.5Interest expenses 2.7 10.3Fair value adjustment, derivatives - 0.8Exchange rate adjustments - 4.4Interest expenses on lease liabilities 34.3 31.5Total financial expenses 37.0 47.0Accounting policiesFinancial income and expenses comprise interest income and expenses, real-ised and unrealised gains or losses on transactions denominated in foreign currencies, amortisation of borrowing costs and securities and subsequent changes to contingent acquisition costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__249": {
"value": "4.3 Financial income and expensesAmounts in USD million 2025 2024Interest income 11.1 18.0Fair value adjustment, derivatives 0.7 0.5Exchange rate adjustments 5.6 -Total financial income 17. 4 18.5Interest expenses 2.7 10.3Fair value adjustment, derivatives - 0.8Exchange rate adjustments - 4.4Interest expenses on lease liabilities 34.3 31.5Total financial expenses 37.0 47.0Accounting policiesFinancial income and expenses comprise interest income and expenses, real-ised and unrealised gains or losses on transactions denominated in foreign currencies, amortisation of borrowing costs and securities and subsequent changes to contingent acquisition costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__248": {
"value": "4.3 Financial income and expensesAmounts in USD million 2025 2024Interest income 11.1 18.0Fair value adjustment, derivatives 0.7 0.5Exchange rate adjustments 5.6 -Total financial income 17. 4 18.5Interest expenses 2.7 10.3Fair value adjustment, derivatives - 0.8Exchange rate adjustments - 4.4Interest expenses on lease liabilities 34.3 31.5Total financial expenses 37.0 47.0Accounting policiesFinancial income and expenses comprise interest income and expenses, real-ised and unrealised gains or losses on transactions denominated in foreign currencies, amortisation of borrowing costs and securities and subsequent changes to contingent acquisition costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__252": {
"value": "Accounting policiesFinancial income and expenses comprise interest income and expenses, real-ised and unrealised gains or losses on transactions denominated in foreign currencies, amortisation of borrowing costs and securities and subsequent changes to contingent acquisition costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__251": {
"value": "Accounting policiesFinancial income and expenses comprise interest income and expenses, real-ised and unrealised gains or losses on transactions denominated in foreign currencies, amortisation of borrowing costs and securities and subsequent changes to contingent acquisition costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__254": {
"value": "4.4 Financial instruments and risksThe Group is exposed to a variety of risks from its operations in shipping markets.The Board of Directors is advised by the Risk Committee in matters related to the management of these risks, with Risk Management being responsible for ensuring development and implementation of robust risk frameworks that appropriately identify and measure risks.Based on advice from the Risk Committee, the Board of Directors reviews and agrees on policies for managing each of the risks which are described below.Credit risks The Group is exposed to credit risk related to trade receivables, sublease receivables, contract assets and agreed future COAs, its prepayments to shipyards and ship owners, its cash deposits with financial institutions, money market investments and potential initial margins and intraday volatility market values in relation to derivative instruments.Credit risk is reduced by systematic credit assessment of counterparties and regular monitoring of their creditworthiness. For this purpose, own analyses are applied based on external credit rating agencies and publicly available information. Each analysis results in an internal rating, which is subsequently used for determining the allowed scope of the commitment.The internal ratings are based both on a financial and a non-financial assess-ment of the counterparty profile, where each category ranges between A to D, with A being the highest achievable score.Loan receivables credit risksThe credit rating of counterparties is assessed on an ongoing basis through systematic credit assessment and regular monitoring of creditworthiness.Customer credit risksThe total Group credit exposure was USD 1,027.0 million (USD 1,183.3 million) at the end of 2025, with USD 626.7 million (USD 723.3 million) in Dry cargo and USD 400.3 million (USD 460.0 million) in Tankers. The gross carrying amount was USD 185.5 million at the end of 2025 (USD 222.8 million).While concentration risk is mitigated by distributing exposure between many counterparties, it is still a few counterparties that account for a large part of the exposure.In Dry cargo, the exposure involves 569 (415) counterparties, where the five largest counterparties accounted for 28% (26%) of the covered revenue in the segment.In Tankers, the exposure involves 132 (95) counterparties, where the five largest accounted for 67% (67%) of the covered revenue in the segment. It is assessed that most of the counterparties referred to above are solid, and the Group stays updated on the performance and activities of these companies on a regular basis.Credit risks related to trade receivables differ somewhat for time charters and voyage charters. For time charters, revenues are in general paid in advance for the next two to four weeks, while for voyage charters, substantially all revenue is paid before discharge in Dry cargo and within two to five days after discharge in Tankers.Due to the nature of the counterparties as described above and the system-atic and regular monitoring of their creditworthiness, the customer credit risk is determined to be limited.Cash deposits credit risksThe majority of the Group's liquidity is placed with financial institutions that have a rating of at least A-.Derivatives credit risksNORDEN uses derivative instruments to hedge freight risk, bunker risk and currency risk. The credit risk related to these instruments is deemed to be low,since cleared and OTC contracts are subject to daily margin payments.At year-end, a total positive market value of USD 57.7 million (USD 79.6 million)and a total negative market value of USD 82.1 million (USD 37.7 million) had been cleared and settled through NORDEN's margin account with Macquarie Bank Europe DAC.Freight rate risksPurchasing and chartering vessels, and cargo contracts, imply a risk as the Group assumes financial liability in expectation of generating earnings which are dependent on the freight market.The Group uses FFAs to hedge cash flow risk to the extent Management finds it attractive, refer to note 4.6 \"Derivative financial instruments\".Bunker price risksA large part of the variable revenues and expenses are related to bunker prices, which impact the Group's result. The Group uses bunker swaps to hedge the bunker price risk to the extent possible, refer to note 4.6 \"Deriva-tive financial instruments\".Note that for vessels that are scrubber-fitted, the Group has a bunker price risk related to the spread between high-sulphur fuel oil and a combination of high-sulphur fuel oil and very-low-sulphur fuel oil and gas oil, respectively. As the available hedging tools are not very liquid, only parts of this risk are hedged.Interest rate risks The Group's DKK denominated loan obligations are paying interest on CIBOR6 (Copenhagen Interbank Offered Rate for 6-month). Given that a significant portion of the Group's cash balance is held in banks, this ensures a positive exposure to interest rate developments by the end of 2025. There is no signifi-cant refinancing risk related to loans.The Group uses interest rate derivatives to hedge cash flow risk to the extent Management finds it attractive, refer to note 4.6 \"Derivative financial instru-ments\".At year-end, the Group had a net exposure of USD 367.7 million (USD 259.6 million). As of the reporting date, a 1% increase in interest rates would affect the Group\u2019s net profit by an estimated impact of approximately USD 3.4 million (USD 2.5 million) on earnings before tax.Currency risks At year-end, the Group had a total foreign currency exposure of USD 94.4 million (USD 72.2 million, relating to DKK and NOK), in respect of movements against the euro (EUR). Any exposure to currencies other than EUR was assessed as insignificant. A 10% appreciation of the EUR would affect the Group\u2019s net profit. The estimated impact would be approximately USD 10.2 million (USD 0 million) on earnings before tax.The Group\u2019s functional currency is USD. However, certain operating cash outflows, including administrative expenses, loan repayments and dividend distributions, are denominated in other currencies, primarily Danish kroner (DKK). This gives rise to foreign exchange risk. To mitigate this exposure, the Group maintains a position in EUR as an economic hedge against the underlying currency risk. This strategy reflects Denmark\u2019s fixed exchange rate regime, under which the DKK is closely pegged to the EUR. As a result, the EUR is considered an effective proxy for managing fluctuations between DKK and USD.Payments for newbuildings are denominated in USD. Where payments are required in other currencies, such exposures are hedged on a case-by-case basis when considered material.Certain purchase options held by the Group have strike prices denominated in Japanese yen (JPY). In accordance with the Group\u2019s risk management policy, such exposures are not hedged prior to declaration/exercise. Currencyrisk is only hedged at the time the option is declared/exercised and the expo-sure becomes certain.Liquidity risks The Group ensures adequate liquidity to manage short-term cash flow fluctuations while maintaining compliance with bank covenants. The Group has access to USD 150 million in committed revolving credit facilities (RCFs) and a USD 30 million overdraft facility for general operational purposes. Of the USD 150 million in RCFs, USD 100 million matures in May 2027, but may be extended until May 2029, while the remaining USD 50 million matures in December 2028.The RCFs are subject to covenants requiring the Group to maintain a minimum cash and cash equivalents balance of USD 75 million and a minimumequity ratio of 25%. Compliance with these covenants is reviewed on a quarterly basis to ensure adherence. In 2025, the financial covenants were not breached, and based on current expectations, no breach is anticipated.Most of the Group's derivatives contracts, including but not limited to bunker swaps and FFAs, are cleared and the variation margins are settled-to-market. The derivatives contracts can also be traded OTC, but in this case always supported by a credit support annex (CSA) from the International Swaps and Derivatives Association (ISDA). This implies a liquidity risk as changes in market value of the financial contracts must be backed by collateral on a daily basis.The Group actively monitors and manages this risk using cash flow at risk (CFaR) to ensure sufficient liquidity is available to handle severe stress of current market conditions.The terms to maturity of financial assets and liabilities are disclosed by cate-gory and class distributed on maturity periods in this note as well as in note 4.5 \"Financial instruments by category\". All interest payments and repay-ments of financial assets and liabilities are based on contractual agreements.Capital management risksThe Group\u2019s formal external capital requirement is limited to the contributed capital of the parent company and the subsidiaries, which is significantly lower than the Group\u2019s equity.The Group\u2019s equity ratio was 53.9% (57.5%) at the end of 2025. This significantequity ratio should be considered relative to the Group\u2019s future payment obli-gations in the form of short-term lease liabilities (T/C contracts) and paymentsfor newbuildings not recognised in the statement of financial position.The table below summarises the maturity profile of the Group\u2019s financial assets and liabilities based on contractual undiscounted payments:MaturitiesCarrying Amounts in USD millionamount <1 year 1-3 years >3 years Total2025Derivative financial instrumentsDerivatives with positive values, not designated in hedging 0.3 0.2 0.1 - 0.3Derivatives with negative values, not designated in hedging -0.6 -0.6 - - -0.6Derivatives with positive values, designated in cash flow hedge - - - - -Derivatives with negative values, designated in cash flow hedge - - - - -Financial assets measured at amortised costReceivables from subleasing 99.9 44.6 56.3 7.7 108.6Loan receivables 4.8 5.0 - - 5.0Trade receivables 174.4 174.4 - - 174.4Other receivables 37.0 37.0 - - 37.0Cash and cash equivalents 382.1 382.1 - - 382.1Total 698.2 643.1 56.3 7.7 707.1Financial liabilities measured at amortised costBorrowings -305.3 - 67.8 -89.4 -223.4 -380.6Lease liabilities, current and non-current -458.5 -224.4 -209.2 -61.2 -494.8Lease liabilities, future commencement date - -25.1 -136.4 -341.4 -502.9Trade and other payables -244.0 -239.0 -5.0 - -244.0Total -1,007. 8 -556.3 -440.0 -626.0 -1,622.3Refer to note 4.6 \u201cDerivative financial instruments\u201d for further information.MaturitiesCarrying Amounts in USD millionamount <1 year 1-3 years >3 years Total2024Derivative financial instrumentsDerivatives with positive values, not designated in hedging 0.2 - 0.2 - 0.2Derivatives with negative values, not designated in hedging -0.9 -0.9 - - -0.9Derivatives with positive values, designated in cash flow hedge - - - - -Derivatives with negative values, designated in cash flow hedge -0.1 -0.1 - - -0.1Financial assets measured at amortised costReceivables from subleasing 143.3 74.4 56.9 25.1 156.4Loan receivables 12.7 8.4 5.4 - 13.8Trade receivables 209.2 209.2 - - 209.2Other receivables 32.2 32.2 - - 32.2Cash and cash equivalents 266.6 266.6 - - 266.6Total 664.0 590.8 62.3 25.1 678.2Financial liabilities measured at amortised costBorrowings -109.2 -9.5 -109.7 -6.2 -125.4Lease liabilities, current and non-current -421.1 -261.9 -151.8 -42.4 -456.1Lease liabilities, future commencement date - -34.4 -187.2 -379.9 -601.5Trade and other payables -349.1 -344.1 -5.0 - -349.1Total -879.4 -649.9 -453.7 -428.5 -1,532.1",
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"f1__s9__7__255-1": {
"value": "Credit risks The Group is exposed to credit risk related to trade receivables, sublease receivables, contract assets and agreed future COAs, its prepayments to shipyards and ship owners, its cash deposits with financial institutions, money market investments and potential initial margins and intraday volatility market values in relation to derivative instruments.Credit risk is reduced by systematic credit assessment of counterparties and regular monitoring of their creditworthiness. For this purpose, own analyses are applied based on external credit rating agencies and publicly available information. Each analysis results in an internal rating, which is subsequently used for determining the allowed scope of the commitment.The internal ratings are based both on a financial and a non-financial assess-ment of the counterparty profile, where each category ranges between A to D, with A being the highest achievable score.Loan receivables credit risksThe credit rating of counterparties is assessed on an ongoing basis through systematic credit assessment and regular monitoring of creditworthiness.Customer credit risksThe total Group credit exposure was USD 1,027.0 million (USD 1,183.3 million) at the end of 2025, with USD 626.7 million (USD 723.3 million) in Dry cargo and USD 400.3 million (USD 460.0 million) in Tankers. The gross carrying amount was USD 185.5 million at the end of 2025 (USD 222.8 million).While concentration risk is mitigated by distributing exposure between many counterparties, it is still a few counterparties that account for a large part of the exposure.In Dry cargo, the exposure involves 569 (415) counterparties, where the five largest counterparties accounted for 28% (26%) of the covered revenue in the segment.In Tankers, the exposure involves 132 (95) counterparties, where the five largest accounted for 67% (67%) of the covered revenue in the segment. It is assessed that most of the counterparties referred to above are solid, and the Group stays updated on the performance and activities of these companies on a regular basis.Credit risks related to trade receivables differ somewhat for time charters and voyage charters. For time charters, revenues are in general paid in advance for the next two to four weeks, while for voyage charters, substantially all revenue is paid before discharge in Dry cargo and within two to five days after discharge in Tankers.Due to the nature of the counterparties as described above and the system-atic and regular monitoring of their creditworthiness, the customer credit risk is determined to be limited.Cash deposits credit risksThe majority of the Group's liquidity is placed with financial institutions that have a rating of at least A-.Capital management risksThe Group\u2019s formal external capital requirement is limited to the contributed capital of the parent company and the subsidiaries, which is significantly lower than the Group\u2019s equity.The Group\u2019s equity ratio was 53.9% (57.5%) at the end of 2025. This significantequity ratio should be considered relative to the Group\u2019s future payment obli-gations in the form of short-term lease liabilities (T/C contracts) and paymentsfor newbuildings not recognised in the statement of financial position.",
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"value": "Derivatives credit risksNORDEN uses derivative instruments to hedge freight risk, bunker risk and currency risk. The credit risk related to these instruments is deemed to be low,since cleared and OTC contracts are subject to daily margin payments.At year-end, a total positive market value of USD 57.7 million (USD 79.6 million)and a total negative market value of USD 82.1 million (USD 37.7 million) had been cleared and settled through NORDEN's margin account with Macquarie Bank Europe DAC.4.6 Derivative financial instruments Risk management and use of derivativesThe Group\u2019s international shipping operations require managing market risks arising from volatility in interest rates, bunker fuel prices, foreign exchange rates and freight rates. To mitigate the impact of these fluctuations on future cash flows, earnings and costs, the Group uses a variety of derivative financial instruments, including interest rate swaps, bunker swaps, forward foreign exchange contracts and forward freight agreements (FFAs).Hedge accountingIn accordance with IFRS 9, derivatives are classified based on their intended use and designation:\u2022 Cash flow hedges: Where derivatives hedge highly probable forecast trans-actions, they are designated as cash flow hedges. The effective portion of changes in fair value is recognised in other comprehensive income (FVOCI) and accumulated in the hedging reserve. These amounts are reclassified to profit or loss in the period during which the hedged item affects the income statement.\u2022 Economic hedges: Instruments that are not designated for hedge accounting, or do not meet the strict criteria for it, are measured at fair valuethrough profit or loss (FVTPL). While held for economic risk management purposes, changes in their fair value are recognised immediately in the income statement.Fair value measurement and hierarchyAll derivative instruments are remeasured to fair value at each reporting date. The Group applies the IFRS 13 fair value hierarchy to categorise these instru-ments based on the observability of valuation inputs:Fair value Derivative typelevel Valuation basisBunker swap contracts Level 1 Quoted prices (EEX, SGX, ICE)Forward freight agreements Level 1 Quoted prices (EEX, SGX, ICE)Forward foreign exchange Level 2 Observable forward exchange ratescontractsInterest rate derivatives Level 2 Observable interest rate yield curvesReconciliation of derivative positionsThe following table reconciles the opening and closing balances of the cash flow hedge reserve, reflecting the net changes in fair value throughout the year.Amounts in USD million 2025 2024Cash flow hedge reserve developmentBalance at 1 January 41.3 -35.3Change in fair value recognised during the year -66.4 76.6Balance at 31 December -25.1 41.3Cash flow hedge reserveAmounts in USD million 2025 2024Bunker swap contracts -11.0 -1.0Forward freight agreements -13.2 42.4Interest rate derivatives 0.1 \u2013-24.1 41.4Transferred due to ineffectiveness -1.0 -0.1Total -25.1 41.3The tables below present the fair values, categorised by whether the contracts are cleared through margin accounts. Amounts in USD million 2025 2024Cash flow hedges cleared through margin accountsBunker swap contracts -12.0 -1.0Forward freight agreements -13.2 42.4Cash flow hedges not cleared through margin accountsBunker swap contracts - -0.1Interest rate derivatives 0.1 -Total -25.1 41.3This table presents gross fair values by hedge designation and maturity, before daily margin settlements. Carrying amounts represent these fair values adjusted for cash settlements at the reporting date.202520252024 2024Amounts in USD millionPositiveNegativePositiveNegativeNon-current (Cash flow hedge)Bunker swap contracts 1.5 3.1 0.7 1.1Forward freight agreements 3.7 0.2 3.8 0.9Interest rate derivatives 0.1 - - -Non-current (Economic hedge)Forward freight agreements - - 0.1 1.0Total 5.3 3.3 4.6 3.0Current (Cash flow hedge)Bunker swap contracts 22.3 31.7 10.1 10.8Forward freight agreements 20.8 37.5 50.1 10.6Current (Economic hedge)Forward freight agreements 8.9 9.1 14.6 13.2Forward foreign exchange contracts - - 0.2 0.9Total 52.0 78.3 75.0 35.5Bunker swap contracts (cash flow hedges)Exposure management and strategyThe Group is exposed to market price risk arising from fluctuations in bunker fuel prices, driven by consumption associated with voyage operations, cargo commitments and redelivery obligations under charter arrangements. To manage this volatility, the Group utilises bunker swap contracts within a framework of defined Value at Risk (VaR) limits.The Group identifies bunker prices as a separate and identifiable component of freight pricing. In accordance with IFRS 9, these swaps are designated as hedging instruments for the bunker price component embedded in highly probable freight-related cash flows:\u2022 Hedged revenue/commitments (sold swaps): the Group sells bunker swaps to hedge the price component embedded in expected, highly probable cargoes. This includes managing exposure from bunkers currently on board vessels and redelivery obligations.\u2022 Hedged expenses (purchased swaps): the Group purchases bunker swaps to fix the costs associated with planned, highly probable future bunker fuel purchases.Pricing basis and market benchmarksBunker swap contracts are priced based on published Platts prices for the relevant products and bunkering hubs. To ensure high hedge effectiveness, the Group aligns its derivatives with its geographical footprint:\u2022 West of Suez: hedged using bunker swaps with Rotterdam price references.\u2022 East of Suez: hedged using bunker swaps with Singapore price references.Hedge effectiveness and ineffectivenessThe Group applies a 1:1 portfolio hedging methodology, and ineffectiveness may arise primarily from:\u2022 Timing differences: discrepancies between the settlement date of the swap and the date of the underlying physical cash flow.\u2022 Basis risk: potential changes in the correlation between the quoted Platts bunker prices in the major hubs and the actual prices paid at various bunkering locations.The following table reconciles the movements in the cash flow hedge reserve:Amounts in USD million 2025 2024Balance at 1 January -1.1 -1.9Fair value adjustment -17.1 12.8Settled contracts, transferred to revenue 0.5 4.4Settled contracts, transferred to operating costs 5.7 -16.4Balance at 31 December -12.0 -1.1The remaining contractual maturity profile and average secured prices of outstanding contracts are specified below:2025202520242024Amounts in metric tonnesPurchaseSellPurchaseSell< 1 year 1,049,293 823,697 730,079 617,6611\u20132 years 77,011 41,937 44,063 38,0632\u20133 years 13,795 7,559 15,039 5,039> 3 years 7,559 - - -Total 1,147, 658 873,193 789,181 660,763Avg. price (USD/day) 432.7 424.5 504.3 499.5Amounts in USD millionPositive market value 0.2 23.6 8.1 2.7Negative market value -34.6 -0.2 -4.9 -7.0Notional values 496.6 370.7 398.0 330.0As of the reporting date, a 10% change in bunker prices would impact other comprehensive income from outstanding contracts by approximately USD 11.5 million (USD -6.7 million). This analysis assumes that all other variables remain constant and that the price increases and decreases are symmetric.Forward freight agreements (cash flow hedges)Exposure management and strategy The Group\u2019s primary revenue stream is susceptible to fluctuations in freight rates, particularly for vessels employed in spot markets and short-term char-ters. Forward freight agreements (FFAs) are utilised to stabilise future cash flows arising from these activities.Similar to bunker pricing, the Group considers freight rates to represent a separate and identifiable component of the cash flows arising from voyage and chartering activities. FFAs are designated as cash flow hedges under the following strategies:\u2022 Hedged revenue (sold contracts): used to fix freight revenue from expected, highly probable cargoes and to mitigate spot exposure arising from \"open vessel days\".\u2022 Hedged expenses (purchased contracts): used to hedge freight expenses for expected, highly probable vessels to be time chartered-in.Pricing basis and market benchmarksBoth sold and purchased contracts are priced in alignment with the Baltic Exchange freight indices for the relevant vessel classes and routes. The Group maintains a 1:1 hedging ratio, supported by historical data showing a high correlation between actual freight earnings and the relevant Baltic indices.Hedge effectiveness and ineffectiveness The Group applies a 1:1 portfolio hedging methodology, and ineffectiveness may arise primarily from:\u2022 Basis risk: differences between the relevant Baltic Exchange indices and the actual realised freight rates.\u2022 Volume and duration variance: discrepancies between forecast and actual exposure volumes, including variations in the number of operating days.The following table reconciles the movements in the cash flow hedge reserve:Amounts in USD million 2025 2024Balance at 1 January 42.4 -34.0Fair value adjustment -53.2 39.3Settled contracts, transferred to revenue 55.1 52.7Settled contracts, transferred to operating costs -57.5 -15.6Balance at 31 December -13.2 42.4The remaining contractual maturity profile and average secured prices of outstanding contracts are specified below:2025202520242024Amounts in daysPurchaseSellPurchaseSell<1 year 11,825 16,865 8,034 21,9851\u20132 years 4,620 180 660 1,0802\u20133 years 120 60 120 ->3 years - - 60 -Total 16,565 17,105 8,874 23,065Avg. price (USD \u2018000/day) 12.8 13.7 13.7 15.8Amounts in USD millionPositive market value 22.1 2.5 4.9 49.0Negative market value -5.9 -31.8 -10.6 -0.9Notional values 211.6 236.1 122.3 364.1As of the reporting date, a 10% change in freight prices would impact other comprehensive income from outstanding contracts by approximately USD 3.8 million (USD 20.0 million).No material amounts have been recycled from the hedging reserve recog-nised in other income as ineffectiveness.Forward foreign exchange contracts (cash flow hedges)Exposure management and strategyThe Group is exposed to foreign currency risk arising from purchases and sales denominated in currencies other than the functional currency (USD). To mitigate this risk, the Group enters into forward foreign exchange contracts to hedge highly probable forecast operating cash flows, such as freight contracts (COA) and cargo-related payments.Pricing basis and market benchmarks Forward contracts are priced based on observable forward exchange rates for the relevant currency pairs (e.g., GBP/USD and AUD/USD) at the reporting date. These rates reflect the spot rate adjusted for interest rate differentials between the two currencies.Hedge effectiveness and ineffectiveness The Group applies a 1:1 portfolio hedging methodology, and ineffectiveness may arise primarily from:\u2022 Timing differences: variations between the expected timing of the forecast cash flows and the actual settlement of the forward contracts.\u2022 Volume variance: differences between the forecast notional amount and the actual realised transaction volume.Specification of foreign exchange contractsGBP Average rate: 1.36 (Start: 02 Jan 20 | Maturity: 02 Jan 25) Notional: GBP 77.0 million | Fair value: -AUD Average rate: 1.49 (Start: 17 Mar 23 | Maturity: 21 Mar 26) Notional: AUD 9.0 million | Fair value: -During the year, settled contracts amounted to USD 2.8 million (USD 10.8 million).As of the reporting date, a 10% appreciation of the AUD would impact other comprehensive income by approximately USD 0.1 million (USD 0.4 million).No material amounts have been recycled from the hedging reserve recog-nised in other income as ineffectiveness.Interest rate derivatives (cash flow hedges)Exposure management and strategy The Group's primary interest rate risk arises from floating-rate debt obliga-tions. Centrally managed by Treasury, the objective is to mitigate the varia-bility of future cash flows by converting floating-rate interest payments into fixed-rate obligations.The Group has designated specific interest rate swap as cash flow hedges of the variability in cash flows arising from changes in the CIBOR 6M benchmark rate on the Group\u2019s office building loan.Pricing basis and market benchmarks Interest rate swaps are priced by reference to observable market yield curves. The Group receives a floating leg based on the CIBOR 6M benchmark and pays a fixed interest rate of 2.94%, effectively locking the interest cash flow (and expense) for the duration of the loan.Hedge effectiveness and ineffectiveness The Group applies a 1:1 portfolio hedging methodology, and ineffectiveness may arise primarily from:\u2022 Credit risk: changes in the credit risk of the Group or the derivative counter-party (CVA/DVA).Specification of interest rate derivativeCIBOR 6M Fixed: 2.94% (Start: 30 Dec 25 | Maturity: 29 Dec 34) Notional: DKK 90.9 million | Fair value: USD 0.1 millionAs of the reporting date, a 50-basis point increase in interest rates would impact other comprehensive income by approximately USD 0.1 million (USD 0 million).Forward freight agreements (economic hedges)Exposure management and strategy The Group enters into certain forward freight agreements (FFAs) for economic hedging or trading purposes that do not meet the specific criteria for hedge accounting under IFRS 9. While these instruments are part of the Group\u2019s broader risk management strategy to stabilise freight exposure, they are classified as fair value through profit or loss (FVTPL).Changes in the fair value of these derivatives are recognised in the income statement within the period they arise. For the current year, settled contracts amounted to USD 0.7 million (USD 3.6 million). These results, alongside the year-end fair value of outstanding contracts, are recognised under \"Other operating income\".Pricing basis and market benchmarks Similar to designated hedges, these FFAs are priced in alignment with the Baltic Exchange freight indices and cleared through major exchanges (EEX, SGX). They are categorised as Level 1 in the fair value hierarchy as they are measured based on unadjusted quoted prices in active markets. The table below presents the remaining contractual maturity profile of outstanding contracts as of the reporting date.2025202520242024Amounts in daysPurchaseSellPurchaseSell<1 year 5,415 5,454 7,455 8,1761\u20132 years - - 420 602\u20133 years - - - ->3 years - - - -Total 5,415 5,454 7,875 8,236Avg. price (USD/day) 14.1 14.2 18.4 16.1Amounts in USD millionPositive market value 6.9 2.0 1.6 13.1Negative market value -1.9 -7.1 -12.8 -1.4Notional values 76.4 77.3 145.3 132.5As of the reporting date, a 10% change in freight prices would affect the Group\u2019s net profit. The estimated impact would be approximately USD 0.1 million (USD -13.5 million) on earnings before tax.Forward foreign exchange contracts (economic hedges)Exposure management and strategy The Group is exposed to foreign currency risk arising from local currency requirements. To manage this exposure, the Group enters into forward foreign exchange contracts that are not formally designated for hedge accounting. These are classified as fair value through profit or loss (FVTPL).Pricing basis and market benchmarks These instruments are measured applying observable forward exchange rates for the relevant currency pairs at the reporting date. They are classified as Level 2 in the fair value hierarchy.Specification of foreign exchange contractsNOK/USD Average rate: 10.50 (Start: 30 Aug 24 | Maturity: 03 Sep 27) Notional: NOK 55.0 million | Fair value: USD 0.1 millionNOK/EUR Average rate: 11.81 (Start: 03 Dec 25 | Maturity: 05 Mar 26) Notional: NOK 593.9 million | Fair value: USD 0.2 millionNOK/USD Average rate: 10.19 (Start: 19 Dec 25 | Maturity: 23 Mar 26) Notional: NOK 257.3 million | Fair value: USD -0.3 millionNOK/USD Average rate: 11.99 (Start: 19 Dec 25 | Maturity: 23 Mar 26) Notional: NOK 301.3 million | Fair value: USD -0.3 millionAs of the reporting date, a 10% appreciation of the NOK against the USD and EUR would affect the Group\u2019s net profit. The estimated impact would be approximately USD -12.1 million (USD 0.6 million) on earnings before tax.Accounting policiesInitial recognition and measurement Derivative financial instruments are initially recognised at fair value on the date the contract is entered into and are subsequently remeasured to fair value at each reporting date. Derivatives are classified as financial assets within \"Other receivables\" when fair value is positive and as financial liabilities within \"Other payables\" when fair value is negative.Certain exchange-cleared derivatives are subject to daily margin settlements. For these contracts, the changes in fair value are settled in cash on a daily basis through margin accounts. Consequently, the carrying amount recog-nised in the statement of financial position reflects the fair value net of these daily cash settlements.Hedge accountingAt the inception of a hedge relationship, the Group formally designates and documents the relationship, the risk management objective and the strategy for undertaking the hedge. For derivatives designated as cash flow hedges:\u2022 Equity recognition: the effective portion of changes in fair value is recog-nised in other comprehensive income (FVOCI) and accumulated in the \"Reserve for cash flow hedges\" within equity.\u2022 Recycling to profit or loss: amounts deferred in equity are reclassified to the income statement in the same period during which the hedged transaction affects earnings (e.g. as part of revenue or operating costs).\u2022 Ineffectiveness: any ineffective portion of the hedge is recognised immedi-ately in the income statement.Economic hedgesDerivative financial instruments that are held for economic hedging purposes but do not meet the strict criteria for hedge accounting under IFRS 9 - or are held for trading - are measured at fair value through profit or loss (FVTPL). Changes in the fair value of these instruments are recognised immediately in the income statement under \"Other operating income\".",
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"value": "Freight rate risksPurchasing and chartering vessels, and cargo contracts, imply a risk as the Group assumes financial liability in expectation of generating earnings which are dependent on the freight market.The Group uses FFAs to hedge cash flow risk to the extent Management finds it attractive, refer to note 4.6 \"Derivative financial instruments\".Bunker price risksA large part of the variable revenues and expenses are related to bunker prices, which impact the Group's result. The Group uses bunker swaps to hedge the bunker price risk to the extent possible, refer to note 4.6 \"Deriva-tive financial instruments\".Note that for vessels that are scrubber-fitted, the Group has a bunker price risk related to the spread between high-sulphur fuel oil and a combination of high-sulphur fuel oil and very-low-sulphur fuel oil and gas oil, respectively. As the available hedging tools are not very liquid, only parts of this risk are hedged.Interest rate risks The Group's DKK denominated loan obligations are paying interest on CIBOR6 (Copenhagen Interbank Offered Rate for 6-month). Given that a significant portion of the Group's cash balance is held in banks, this ensures a positive exposure to interest rate developments by the end of 2025. There is no signifi-cant refinancing risk related to loans.The Group uses interest rate derivatives to hedge cash flow risk to the extent Management finds it attractive, refer to note 4.6 \"Derivative financial instru-ments\".At year-end, the Group had a net exposure of USD 367.7 million (USD 259.6 million). As of the reporting date, a 1% increase in interest rates would affect the Group\u2019s net profit by an estimated impact of approximately USD 3.4 million (USD 2.5 million) on earnings before tax.Currency risks At year-end, the Group had a total foreign currency exposure of USD 94.4 million (USD 72.2 million, relating to DKK and NOK), in respect of movements against the euro (EUR). Any exposure to currencies other than EUR was assessed as insignificant. A 10% appreciation of the EUR would affect the Group\u2019s net profit. The estimated impact would be approximately USD 10.2 million (USD 0 million) on earnings before tax.The Group\u2019s functional currency is USD. However, certain operating cash outflows, including administrative expenses, loan repayments and dividend distributions, are denominated in other currencies, primarily Danish kroner (DKK). This gives rise to foreign exchange risk. To mitigate this exposure, the Group maintains a position in EUR as an economic hedge against the underlying currency risk. This strategy reflects Denmark\u2019s fixed exchange rate regime, under which the DKK is closely pegged to the EUR. As a result, the EUR is considered an effective proxy for managing fluctuations between DKK and USD.Payments for newbuildings are denominated in USD. Where payments are required in other currencies, such exposures are hedged on a case-by-case basis when considered material.Certain purchase options held by the Group have strike prices denominated in Japanese yen (JPY). In accordance with the Group\u2019s risk management policy, such exposures are not hedged prior to declaration/exercise. Currencyrisk is only hedged at the time the option is declared/exercised and the expo-sure becomes certain.The table below summarises the maturity profile of the Group\u2019s financial assets and liabilities based on contractual undiscounted payments:MaturitiesCarrying Amounts in USD millionamount <1 year 1-3 years >3 years Total2025Derivative financial instrumentsDerivatives with positive values, not designated in hedging 0.3 0.2 0.1 - 0.3Derivatives with negative values, not designated in hedging -0.6 -0.6 - - -0.6Derivatives with positive values, designated in cash flow hedge - - - - -Derivatives with negative values, designated in cash flow hedge - - - - -Financial assets measured at amortised costReceivables from subleasing 99.9 44.6 56.3 7.7 108.6Loan receivables 4.8 5.0 - - 5.0Trade receivables 174.4 174.4 - - 174.4Other receivables 37.0 37.0 - - 37.0Cash and cash equivalents 382.1 382.1 - - 382.1Total 698.2 643.1 56.3 7.7 707.1Financial liabilities measured at amortised costBorrowings -305.3 - 67.8 -89.4 -223.4 -380.6Lease liabilities, current and non-current -458.5 -224.4 -209.2 -61.2 -494.8Lease liabilities, future commencement date - -25.1 -136.4 -341.4 -502.9Trade and other payables -244.0 -239.0 -5.0 - -244.0Total -1,007. 8 -556.3 -440.0 -626.0 -1,622.3Refer to note 4.6 \u201cDerivative financial instruments\u201d for further information.",
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},
"f1__s9__7__258-1": {
"value": "Liquidity risks The Group ensures adequate liquidity to manage short-term cash flow fluctuations while maintaining compliance with bank covenants. The Group has access to USD 150 million in committed revolving credit facilities (RCFs) and a USD 30 million overdraft facility for general operational purposes. Of the USD 150 million in RCFs, USD 100 million matures in May 2027, but may be extended until May 2029, while the remaining USD 50 million matures in December 2028.The RCFs are subject to covenants requiring the Group to maintain a minimum cash and cash equivalents balance of USD 75 million and a minimumequity ratio of 25%. Compliance with these covenants is reviewed on a quarterly basis to ensure adherence. In 2025, the financial covenants were not breached, and based on current expectations, no breach is anticipated.Most of the Group's derivatives contracts, including but not limited to bunker swaps and FFAs, are cleared and the variation margins are settled-to-market. The derivatives contracts can also be traded OTC, but in this case always supported by a credit support annex (CSA) from the International Swaps and Derivatives Association (ISDA). This implies a liquidity risk as changes in market value of the financial contracts must be backed by collateral on a daily basis.The Group actively monitors and manages this risk using cash flow at risk (CFaR) to ensure sufficient liquidity is available to handle severe stress of current market conditions.The terms to maturity of financial assets and liabilities are disclosed by cate-gory and class distributed on maturity periods in this note as well as in note 4.5 \"Financial instruments by category\". All interest payments and repay-ments of financial assets and liabilities are based on contractual agreements.The table below summarises the maturity profile of the Group\u2019s financial assets and liabilities based on contractual undiscounted payments:MaturitiesCarrying Amounts in USD millionamount <1 year 1-3 years >3 years Total2025Derivative financial instrumentsDerivatives with positive values, not designated in hedging 0.3 0.2 0.1 - 0.3Derivatives with negative values, not designated in hedging -0.6 -0.6 - - -0.6Derivatives with positive values, designated in cash flow hedge - - - - -Derivatives with negative values, designated in cash flow hedge - - - - -Financial assets measured at amortised costReceivables from subleasing 99.9 44.6 56.3 7.7 108.6Loan receivables 4.8 5.0 - - 5.0Trade receivables 174.4 174.4 - - 174.4Other receivables 37.0 37.0 - - 37.0Cash and cash equivalents 382.1 382.1 - - 382.1Total 698.2 643.1 56.3 7.7 707.1Financial liabilities measured at amortised costBorrowings -305.3 - 67.8 -89.4 -223.4 -380.6Lease liabilities, current and non-current -458.5 -224.4 -209.2 -61.2 -494.8Lease liabilities, future commencement date - -25.1 -136.4 -341.4 -502.9Trade and other payables -244.0 -239.0 -5.0 - -244.0Total -1,007. 8 -556.3 -440.0 -626.0 -1,622.3Refer to note 4.6 \u201cDerivative financial instruments\u201d for further information.MaturitiesCarrying Amounts in USD millionamount <1 year 1-3 years >3 years Total2024Derivative financial instrumentsDerivatives with positive values, not designated in hedging 0.2 - 0.2 - 0.2Derivatives with negative values, not designated in hedging -0.9 -0.9 - - -0.9Derivatives with positive values, designated in cash flow hedge - - - - -Derivatives with negative values, designated in cash flow hedge -0.1 -0.1 - - -0.1Financial assets measured at amortised costReceivables from subleasing 143.3 74.4 56.9 25.1 156.4Loan receivables 12.7 8.4 5.4 - 13.8Trade receivables 209.2 209.2 - - 209.2Other receivables 32.2 32.2 - - 32.2Cash and cash equivalents 266.6 266.6 - - 266.6Total 664.0 590.8 62.3 25.1 678.2Financial liabilities measured at amortised costBorrowings -109.2 -9.5 -109.7 -6.2 -125.4Lease liabilities, current and non-current -421.1 -261.9 -151.8 -42.4 -456.1Lease liabilities, future commencement date - -34.4 -187.2 -379.9 -601.5Trade and other payables -349.1 -344.1 -5.0 - -349.1Total -879.4 -649.9 -453.7 -428.5 -1,532.1",
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"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s9__7__259": {
"value": "Capital management risksThe Group\u2019s formal external capital requirement is limited to the contributed capital of the parent company and the subsidiaries, which is significantly lower than the Group\u2019s equity.The Group\u2019s equity ratio was 53.9% (57.5%) at the end of 2025. This significantequity ratio should be considered relative to the Group\u2019s future payment obli-gations in the form of short-term lease liabilities (T/C contracts) and paymentsfor newbuildings not recognised in the statement of financial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s9__7__265": {
"value": "4.5 Financial instruments by categoryThe following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities:2025 Carrying Amortised Fair value Amounts in USD millionamountcost FVOCI FVTPLhierarchyFinancial assetsOther investments, unlisted shares 15.2 - 15.2 - Level 31)Receivables from subleasing 99.9 99.9 - - -2)Trade receivables 174.4 174.4 - - -1)Loan receivables 4.8 4.8 - - -2)Other receivables 37.0 37.0 - - -Other receivables, derivatives 0.3 - - 0.3 Level 22)Cash and cash equivalents 382.1 382.1 - - -Total 713.7 698.2 15.2 0.3 -Financial liabilities1)Borrowings -305.3 -305.3 - - -1)Lease liabilities -458.5 -458.5 - - -2)Trade and other payables -244.0 -244.0 - - -Other payables, derivatives -0.6 - - -0.6 Level 2Total -1,008.4 -1,0 07.8 - -0.6 -1) The carrying amount is approximately equal to the fair value.2) Due to their short-term nature, the carrying amount is assumed to approximate the fair value.3) Due to their short-term nature, the carrying amount is assumed to approximate the fair value. Additionally, the small portion classified as non-current is also considered to approximate fair value as the amortised cost reflects the effective interest rate, which aligns with market rates over this time horizon.The Group measures financial instruments such as derivatives at fair value at each balance sheet date. The fair value of an asset or a liability is measured by applying the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. In measuring the fair value of unlisted derivative financial instruments and other financial instruments for which there is no active market, fair value is deter-mined applying generally accepted valuation techniques.The fair value of receivables and debt with a maturity of less than one year is assumed to approximate their face values less any estimated credit adjustments. The fair value of bank debt is calculated as the present value of expected future repayments and interest payments. As the discount rate in the calculation of present value, a zero-coupon rate with similar maturities adjusted for the Group\u2019s interest margin has been used.2024 Carrying Amortised Fair value Amounts in USD millionamountcost FVOCI FVTPLhierarchyFinancial assetsOther investments, unlisted shares 12.7 - 12.7 - Level 31)Receivables from subleasing 143.3 143.3 - - -2)Trade receivables 209.2 209.2 - - -1)Loan receivables 12.7 12.7 - - -2)Other receivables 32.2 32.2 - - -Other receivables, derivatives 0.2 - - 0.2 Level 22)Cash and cash equivalents 266.6 266.6 - - -Total 676.9 664.0 12.7 0.2 -Financial liabilities1)Borrowings -109.2 -109.2 - - -1)Lease liabilities -421.1 -421.1 - - -3)Trade and other payables -349.1 -349.1 - - -Other payables, derivatives -1.0 - - -1.0 Level 2Total -880.4 -879.4 - -1.0 -The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. Financial instruments for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as following the accounting hierarchy:Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.NORDEN's other financial instruments are considered for fair value measurement at level two as the fair value can be determined on the basis of observable inputs.Refer to note 4.6 \"Derivative financial instruments\" for additional information on the fair value hierarchy applied to derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__264": {
"value": "4.5 Financial instruments by categoryThe following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities:2025 Carrying Amortised Fair value Amounts in USD millionamountcost FVOCI FVTPLhierarchyFinancial assetsOther investments, unlisted shares 15.2 - 15.2 - Level 31)Receivables from subleasing 99.9 99.9 - - -2)Trade receivables 174.4 174.4 - - -1)Loan receivables 4.8 4.8 - - -2)Other receivables 37.0 37.0 - - -Other receivables, derivatives 0.3 - - 0.3 Level 22)Cash and cash equivalents 382.1 382.1 - - -Total 713.7 698.2 15.2 0.3 -Financial liabilities1)Borrowings -305.3 -305.3 - - -1)Lease liabilities -458.5 -458.5 - - -2)Trade and other payables -244.0 -244.0 - - -Other payables, derivatives -0.6 - - -0.6 Level 2Total -1,008.4 -1,0 07.8 - -0.6 -1) The carrying amount is approximately equal to the fair value.2) Due to their short-term nature, the carrying amount is assumed to approximate the fair value.3) Due to their short-term nature, the carrying amount is assumed to approximate the fair value. Additionally, the small portion classified as non-current is also considered to approximate fair value as the amortised cost reflects the effective interest rate, which aligns with market rates over this time horizon.The Group measures financial instruments such as derivatives at fair value at each balance sheet date. The fair value of an asset or a liability is measured by applying the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. In measuring the fair value of unlisted derivative financial instruments and other financial instruments for which there is no active market, fair value is deter-mined applying generally accepted valuation techniques.The fair value of receivables and debt with a maturity of less than one year is assumed to approximate their face values less any estimated credit adjustments. The fair value of bank debt is calculated as the present value of expected future repayments and interest payments. As the discount rate in the calculation of present value, a zero-coupon rate with similar maturities adjusted for the Group\u2019s interest margin has been used.2024 Carrying Amortised Fair value Amounts in USD millionamountcost FVOCI FVTPLhierarchyFinancial assetsOther investments, unlisted shares 12.7 - 12.7 - Level 31)Receivables from subleasing 143.3 143.3 - - -2)Trade receivables 209.2 209.2 - - -1)Loan receivables 12.7 12.7 - - -2)Other receivables 32.2 32.2 - - -Other receivables, derivatives 0.2 - - 0.2 Level 22)Cash and cash equivalents 266.6 266.6 - - -Total 676.9 664.0 12.7 0.2 -Financial liabilities1)Borrowings -109.2 -109.2 - - -1)Lease liabilities -421.1 -421.1 - - -3)Trade and other payables -349.1 -349.1 - - -Other payables, derivatives -1.0 - - -1.0 Level 2Total -880.4 -879.4 - -1.0 -The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. Financial instruments for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as following the accounting hierarchy:Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.NORDEN's other financial instruments are considered for fair value measurement at level two as the fair value can be determined on the basis of observable inputs.Refer to note 4.6 \"Derivative financial instruments\" for additional information on the fair value hierarchy applied to derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__269": {
"value": "Accounting policiesInitial recognition and measurement Derivative financial instruments are initially recognised at fair value on the date the contract is entered into and are subsequently remeasured to fair value at each reporting date. Derivatives are classified as financial assets within \"Other receivables\" when fair value is positive and as financial liabilities within \"Other payables\" when fair value is negative.Certain exchange-cleared derivatives are subject to daily margin settlements. For these contracts, the changes in fair value are settled in cash on a daily basis through margin accounts. Consequently, the carrying amount recog-nised in the statement of financial position reflects the fair value net of these daily cash settlements.Hedge accountingAt the inception of a hedge relationship, the Group formally designates and documents the relationship, the risk management objective and the strategy for undertaking the hedge. For derivatives designated as cash flow hedges:\u2022 Equity recognition: the effective portion of changes in fair value is recog-nised in other comprehensive income (FVOCI) and accumulated in the \"Reserve for cash flow hedges\" within equity.\u2022 Recycling to profit or loss: amounts deferred in equity are reclassified to the income statement in the same period during which the hedged transaction affects earnings (e.g. as part of revenue or operating costs).\u2022 Ineffectiveness: any ineffective portion of the hedge is recognised immedi-ately in the income statement.Economic hedgesDerivative financial instruments that are held for economic hedging purposes but do not meet the strict criteria for hedge accounting under IFRS 9 - or are held for trading - are measured at fair value through profit or loss (FVTPL). Changes in the fair value of these instruments are recognised immediately in the income statement under \"Other operating income\".",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__268": {
"value": "Accounting policiesInitial recognition and measurement Derivative financial instruments are initially recognised at fair value on the date the contract is entered into and are subsequently remeasured to fair value at each reporting date. Derivatives are classified as financial assets within \"Other receivables\" when fair value is positive and as financial liabilities within \"Other payables\" when fair value is negative.Certain exchange-cleared derivatives are subject to daily margin settlements. For these contracts, the changes in fair value are settled in cash on a daily basis through margin accounts. Consequently, the carrying amount recog-nised in the statement of financial position reflects the fair value net of these daily cash settlements.Hedge accountingAt the inception of a hedge relationship, the Group formally designates and documents the relationship, the risk management objective and the strategy for undertaking the hedge. For derivatives designated as cash flow hedges:\u2022 Equity recognition: the effective portion of changes in fair value is recog-nised in other comprehensive income (FVOCI) and accumulated in the \"Reserve for cash flow hedges\" within equity.\u2022 Recycling to profit or loss: amounts deferred in equity are reclassified to the income statement in the same period during which the hedged transaction affects earnings (e.g. as part of revenue or operating costs).\u2022 Ineffectiveness: any ineffective portion of the hedge is recognised immedi-ately in the income statement.Economic hedgesDerivative financial instruments that are held for economic hedging purposes but do not meet the strict criteria for hedge accounting under IFRS 9 - or are held for trading - are measured at fair value through profit or loss (FVTPL). Changes in the fair value of these instruments are recognised immediately in the income statement under \"Other operating income\".",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__273": {
"value": "4.7 Unrecognised contingent assets and liabilities Claims have been made against the Group, primarily concerning discharge responsibility and broker fees, etc. The Group and its legal advisers consider the claims unjustified, and it is Management\u2019s opinion that the claims will not have any material impact on the Group\u2019s financial position, results of opera-tions and cash flows.NORDEN has deposited USD 0.8 million in a collateral account as security for a performance guarantee issued by the bank on behalf of one of NORDEN's customers.Accounting policiesContingent assets are recognised when it is virtually certain that the claim will have a positive outcome for the Group. A contingent liability is recognised if it is likely that the claim will have a negative outcome and when the amount can be estimated. Rulings in connection with such matters may in future accounting periods produce realised gains or losses which may differ consid-erably from the recognised amounts or information.Accounting judgements and estimatesManagement assesses provisions and contingencies on an ongoing basis, as well as the likely outcome of pending or potential legal proceedings, etc. The assessments are made on the basis of legal opinions of the signed agree-ments, which in considerable claims also include assessments obtained from external advisers, including external legal advisers, among others.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__272": {
"value": "4.7 Unrecognised contingent assets and liabilities Claims have been made against the Group, primarily concerning discharge responsibility and broker fees, etc. The Group and its legal advisers consider the claims unjustified, and it is Management\u2019s opinion that the claims will not have any material impact on the Group\u2019s financial position, results of opera-tions and cash flows.NORDEN has deposited USD 0.8 million in a collateral account as security for a performance guarantee issued by the bank on behalf of one of NORDEN's customers.Accounting policiesContingent assets are recognised when it is virtually certain that the claim will have a positive outcome for the Group. A contingent liability is recognised if it is likely that the claim will have a negative outcome and when the amount can be estimated. Rulings in connection with such matters may in future accounting periods produce realised gains or losses which may differ consid-erably from the recognised amounts or information.Accounting judgements and estimatesManagement assesses provisions and contingencies on an ongoing basis, as well as the likely outcome of pending or potential legal proceedings, etc. The assessments are made on the basis of legal opinions of the signed agree-ments, which in considerable claims also include assessments obtained from external advisers, including external legal advisers, among others.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__275": {
"value": "Accounting policiesContingent assets are recognised when it is virtually certain that the claim will have a positive outcome for the Group. A contingent liability is recognised if it is likely that the claim will have a negative outcome and when the amount can be estimated. Rulings in connection with such matters may in future accounting periods produce realised gains or losses which may differ consid-erably from the recognised amounts or information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__274": {
"value": "Accounting policiesContingent assets are recognised when it is virtually certain that the claim will have a positive outcome for the Group. A contingent liability is recognised if it is likely that the claim will have a negative outcome and when the amount can be estimated. Rulings in connection with such matters may in future accounting periods produce realised gains or losses which may differ consid-erably from the recognised amounts or information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__279-1": {
"value": "5.1 Share-based paymentNumber of shares 2025 2024Restricted shares outstanding at 1 January 140,747 185,797Granted during the period 219,587 56,310Exercised during the period -66,625 -80,105Lapsed during the period -21,252 -21,255Restricted shares outstanding at 31 December 272,457 140,747Restricted share programmeThe overall purpose of the restricted share and share option programmes is to align employees\u2019 and Management\u2019s interests with those of share-holders and to reward long-term, dedicated performance that contributes to NORDEN\u2019s value creation.Restricted shares are granted free of charge and remain subject to transfer restrictions during a three-year vesting period. Vesting is generally condi-tional upon continued employment.The programme includes two vesting structures:Cliff vesting: All shares vest after three years of continuous service.Graded vesting: One-third of the award vests each year over the three-year period, subject to continued employment.Upon vesting, the employee receives one share of nominally DKK 1 for each restricted share vested. The grant of restricted shares is determined annu-ally by the Board of Directors. Special terms apply in the event of death or long-term illness.Active restricted share programmes Programme 2025 2024 2023Share value at launch (DKK) 219.70 359.80 396.08Fair value at grant (USD thousand) 6,348 2,808 2,012Allocated to recipients Jan. 2026 Jan. & Jan. & & 2027 & May 2027Jun. 20262028Vesting period 2025 to 2024 to 2023 to 202820272026Vesting terms Graded Cliff CliffAmortisation period 3 years 3 years 3 yearsOriginally granted shares 209,869 53,540 34,858Outstanding restricted shares:Executive Management 35,531 24,154 8,262Other executives 20,546 2,517 2,097Others 145,710 19,845 13,795Total 201,787 46,516 24,154Expense for the year, all programmes (USD thousand) 4,814 1,737 1,888The RSU plans carry no performance conditions and vest solely based on continued service. Awards lapse in full if the recipient resigns before the end of the vesting period. Programmes are expected to be settled using the Company\u2019s treasury shares.Accounting policiesThe Group operates equity-settled share-based incentive programmes for selected employees and members of Management in the form of Restricted Share Units (RSUs). RSUs entitle the holder to receive shares in the Company, subject only to continued service over the vesting period.Dividend Equivalent Units (DEUs) are granted on outstanding, unvested RSUs when dividends are declared. DEUs provide additional shares equivalent to the dividends paid during the vesting period and vest together with the underlying RSUs. DEUs are forfeited if the related RSUs do not vest.In accordance with IFRS 2 Share-based Payment, employee services are measured indirectly by reference to the fair value of the equity instruments granted. The fair value of RSUs is determined at the grant date and corre-sponds to the market price of the Company\u2019s shares. This grant-date fair value is recognised as an employee benefit expense over the vesting period, with a corresponding increase in equity, and is not subsequently remeasured.The number of RSUs expected to vest is reassessed at each reporting date and adjusted for actual outcomes. No expense is recognised for awards that do not vest due to failure to satisfy the service condition.DEUs are measured at fair value on the dividend declaration date and recog-nised as a share-based payment expense over the remaining vesting period of the underlying RSUs, with a corresponding increase in equity.For disclosure purposes, a share-based payment expense is allocated to employee categories based on roles at the reporting date. Employees who have resigned are classified within \u201cOthers\u201d.5.4 Related party disclosures Amounts in USD million 2025 2024Income statementSale of goods and services, joint ventures 5.7 10.2Purchase of goods and services, joint ventures 2.3 4.9Shareholders with significant influenceA/S Motortramp- Dividends paid to shareholder 11.5 23.5A/S Motortramp participates on a pro-rata basis in the shares purchased under the company\u2019s share buy-back programmes.The Group has no related parties controlling NORDEN. Detailed information regarding the remuneration and share-based compen-sation for both the Board of Directors and the Executive Management can be found in note 2.2 \"Operating expenses\" and note 5.1 \"Share-based payment\".Accounts with joint ventures are related to operations, unsecured and carry standard market interest rates. Guarantees to joint ventures are disclosed in note 3.7 \"Investments and activities\". No other financial transactions occurred throughout the year involving the Board of Directors, the Executive Management, significant shareholders or any other related parties.Accounting policiesRelated parties include the Board of Directors and the Executive Manage-ment as well as their close relatives. Related parties also include companies in which the above persons have significant interests as well as companies and foundations which have direct or indirect significant influence through shareholdings.In addition, related parties include joint ventures; refer to note 3.7 \"Invest-ments and activities\".",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__278": {
"value": "5.1 Share-based paymentNumber of shares 2025 2024Restricted shares outstanding at 1 January 140,747 185,797Granted during the period 219,587 56,310Exercised during the period -66,625 -80,105Lapsed during the period -21,252 -21,255Restricted shares outstanding at 31 December 272,457 140,747Restricted share programmeThe overall purpose of the restricted share and share option programmes is to align employees\u2019 and Management\u2019s interests with those of share-holders and to reward long-term, dedicated performance that contributes to NORDEN\u2019s value creation.Restricted shares are granted free of charge and remain subject to transfer restrictions during a three-year vesting period. Vesting is generally condi-tional upon continued employment.The programme includes two vesting structures:Cliff vesting: All shares vest after three years of continuous service.Graded vesting: One-third of the award vests each year over the three-year period, subject to continued employment.Upon vesting, the employee receives one share of nominally DKK 1 for each restricted share vested. The grant of restricted shares is determined annu-ally by the Board of Directors. Special terms apply in the event of death or long-term illness.Active restricted share programmes Programme 2025 2024 2023Share value at launch (DKK) 219.70 359.80 396.08Fair value at grant (USD thousand) 6,348 2,808 2,012Allocated to recipients Jan. 2026 Jan. & Jan. & & 2027 & May 2027Jun. 20262028Vesting period 2025 to 2024 to 2023 to 202820272026Vesting terms Graded Cliff CliffAmortisation period 3 years 3 years 3 yearsOriginally granted shares 209,869 53,540 34,858Outstanding restricted shares:Executive Management 35,531 24,154 8,262Other executives 20,546 2,517 2,097Others 145,710 19,845 13,795Total 201,787 46,516 24,154Expense for the year, all programmes (USD thousand) 4,814 1,737 1,888The RSU plans carry no performance conditions and vest solely based on continued service. Awards lapse in full if the recipient resigns before the end of the vesting period. Programmes are expected to be settled using the Company\u2019s treasury shares.Accounting policiesThe Group operates equity-settled share-based incentive programmes for selected employees and members of Management in the form of Restricted Share Units (RSUs). RSUs entitle the holder to receive shares in the Company, subject only to continued service over the vesting period.Dividend Equivalent Units (DEUs) are granted on outstanding, unvested RSUs when dividends are declared. DEUs provide additional shares equivalent to the dividends paid during the vesting period and vest together with the underlying RSUs. DEUs are forfeited if the related RSUs do not vest.In accordance with IFRS 2 Share-based Payment, employee services are measured indirectly by reference to the fair value of the equity instruments granted. The fair value of RSUs is determined at the grant date and corre-sponds to the market price of the Company\u2019s shares. This grant-date fair value is recognised as an employee benefit expense over the vesting period, with a corresponding increase in equity, and is not subsequently remeasured.The number of RSUs expected to vest is reassessed at each reporting date and adjusted for actual outcomes. No expense is recognised for awards that do not vest due to failure to satisfy the service condition.DEUs are measured at fair value on the dividend declaration date and recog-nised as a share-based payment expense over the remaining vesting period of the underlying RSUs, with a corresponding increase in equity.For disclosure purposes, a share-based payment expense is allocated to employee categories based on roles at the reporting date. Employees who have resigned are classified within \u201cOthers\u201d.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__280": {
"value": "Accounting policiesThe Group operates equity-settled share-based incentive programmes for selected employees and members of Management in the form of Restricted Share Units (RSUs). RSUs entitle the holder to receive shares in the Company, subject only to continued service over the vesting period.Dividend Equivalent Units (DEUs) are granted on outstanding, unvested RSUs when dividends are declared. DEUs provide additional shares equivalent to the dividends paid during the vesting period and vest together with the underlying RSUs. DEUs are forfeited if the related RSUs do not vest.In accordance with IFRS 2 Share-based Payment, employee services are measured indirectly by reference to the fair value of the equity instruments granted. The fair value of RSUs is determined at the grant date and corre-sponds to the market price of the Company\u2019s shares. This grant-date fair value is recognised as an employee benefit expense over the vesting period, with a corresponding increase in equity, and is not subsequently remeasured.The number of RSUs expected to vest is reassessed at each reporting date and adjusted for actual outcomes. No expense is recognised for awards that do not vest due to failure to satisfy the service condition.DEUs are measured at fair value on the dividend declaration date and recog-nised as a share-based payment expense over the remaining vesting period of the underlying RSUs, with a corresponding increase in equity.For disclosure purposes, a share-based payment expense is allocated to employee categories based on roles at the reporting date. Employees who have resigned are classified within \u201cOthers\u201d.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__285": {
"value": "Accounting policiesThe Group\u2019s current tax primarily consists of tax payable according to the regulations of the Danish and Singaporean Tonnage Tax Act for shipping activities and according to general tax regulations for net financial income and other activities.Other activities primarily consist of commercial management income. Ship-ping activities in Denmark and Singapore are taxed based on the vessel net tonnage at disposal.Based on the planned use of vessels and recovery of reversed depreciation, respectively, the Danish and Singaporean tonnage tax regimes do not result in a liability, hence, it does not result in any deferred tax in the statement of financial position. The tax liability is merely a contingent liability.Other activities of the Group and the parent company are not subject to deferred tax either.The Group has included additional tax related to Pillar Two only in connection with vessels sold in 2025. Beyond this, the Group applies the exception to recognising and disclosing information about deferred tax associated with Pillar Two income taxes.As the predominant aspect of the Group's business activities falls under the tonnage tax regime, the forthcoming regulations associated with Pillar Two are anticipated to exert minimal influence on the overall tax structure of the Group. Notably, the primary regions that may be subject to the regulatory impact are Africa and the Americas. However, it is important to highlight that these regions currently contribute insignificantly to the overall profit of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__284": {
"value": "Accounting policiesThe Group\u2019s current tax primarily consists of tax payable according to the regulations of the Danish and Singaporean Tonnage Tax Act for shipping activities and according to general tax regulations for net financial income and other activities.Other activities primarily consist of commercial management income. Ship-ping activities in Denmark and Singapore are taxed based on the vessel net tonnage at disposal.Based on the planned use of vessels and recovery of reversed depreciation, respectively, the Danish and Singaporean tonnage tax regimes do not result in a liability, hence, it does not result in any deferred tax in the statement of financial position. The tax liability is merely a contingent liability.Other activities of the Group and the parent company are not subject to deferred tax either.The Group has included additional tax related to Pillar Two only in connection with vessels sold in 2025. Beyond this, the Group applies the exception to recognising and disclosing information about deferred tax associated with Pillar Two income taxes.As the predominant aspect of the Group's business activities falls under the tonnage tax regime, the forthcoming regulations associated with Pillar Two are anticipated to exert minimal influence on the overall tax structure of the Group. Notably, the primary regions that may be subject to the regulatory impact are Africa and the Americas. However, it is important to highlight that these regions currently contribute insignificantly to the overall profit of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__283": {
"value": "5.2 Income tax Amounts in USD million 2025 2024Tax on profit from operations (EBIT) 15.4 12.2Tax on other items 3.0 -Adjustment of tax regarding previous years 0.1 -1.3Total 18.5 10.9Can be broken down as follows:Profit/loss before tax 138.8 173.6- of which results from tonnage activity -116.8 -139.1Profit/loss from non-tonnage activity 22.0 34.5Tax calculated using the Danish corporation tax rate of 22% 4.8 7.6Additional tax due to OECD Pillar Two 7.8 2.6Tax rate deviations in foreign jurisdictions 0.4 -4.6Adjustment of tax regarding previous years 0.1 -1.3Total income tax 13.1 4.3Tonnage tax 5.4 6.6Total tax for the year 18.5 10.9Effective tax rate 13.3% 6.2%Contingent tax under the tonnage tax scheme 16.3 16.3Contingent tax is calculated equalling the tax rate for 2025 and going forward 22.0% 22.0%The contingent tax could become payable as current tax if the tonnage tax regime is discontinued, if there is a significant decrease in net investments in vessels by Danish group entities, or if these entities are liquidated. Therefore, the business plans of the Group are an important basis for this tax estimate.Accounting policiesThe Group\u2019s current tax primarily consists of tax payable according to the regulations of the Danish and Singaporean Tonnage Tax Act for shipping activities and according to general tax regulations for net financial income and other activities.Other activities primarily consist of commercial management income. Ship-ping activities in Denmark and Singapore are taxed based on the vessel net tonnage at disposal.Based on the planned use of vessels and recovery of reversed depreciation, respectively, the Danish and Singaporean tonnage tax regimes do not result in a liability, hence, it does not result in any deferred tax in the statement of financial position. The tax liability is merely a contingent liability.Other activities of the Group and the parent company are not subject to deferred tax either.The Group has included additional tax related to Pillar Two only in connection with vessels sold in 2025. Beyond this, the Group applies the exception to recognising and disclosing information about deferred tax associated with Pillar Two income taxes.As the predominant aspect of the Group's business activities falls under the tonnage tax regime, the forthcoming regulations associated with Pillar Two are anticipated to exert minimal influence on the overall tax structure of the Group. Notably, the primary regions that may be subject to the regulatory impact are Africa and the Americas. However, it is important to highlight that these regions currently contribute insignificantly to the overall profit of the Group.Accounting judgements and estimatesThe Danish group entities have entered into the Danish tonnage tax regime for a binding ten-year period from 2021. The Singaporean group entity has entered into the Singaporean tonnage tax regime for a binding ten-year period from 2019. In addition, tax regulation becomes complex when a company has activities that are partly covered by the tonnage tax regime and partly by corporate taxation. In calculation of the taxable income, estimates are made which in a later assessment by the Danish or Singaporean tax authorities may result in correc-tions to previous estimates of recognised tax assets and liabilities in the state-ment of financial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__282": {
"value": "5.2 Income tax Amounts in USD million 2025 2024Tax on profit from operations (EBIT) 15.4 12.2Tax on other items 3.0 -Adjustment of tax regarding previous years 0.1 -1.3Total 18.5 10.9Can be broken down as follows:Profit/loss before tax 138.8 173.6- of which results from tonnage activity -116.8 -139.1Profit/loss from non-tonnage activity 22.0 34.5Tax calculated using the Danish corporation tax rate of 22% 4.8 7.6Additional tax due to OECD Pillar Two 7.8 2.6Tax rate deviations in foreign jurisdictions 0.4 -4.6Adjustment of tax regarding previous years 0.1 -1.3Total income tax 13.1 4.3Tonnage tax 5.4 6.6Total tax for the year 18.5 10.9Effective tax rate 13.3% 6.2%Contingent tax under the tonnage tax scheme 16.3 16.3Contingent tax is calculated equalling the tax rate for 2025 and going forward 22.0% 22.0%The contingent tax could become payable as current tax if the tonnage tax regime is discontinued, if there is a significant decrease in net investments in vessels by Danish group entities, or if these entities are liquidated. Therefore, the business plans of the Group are an important basis for this tax estimate.Accounting policiesThe Group\u2019s current tax primarily consists of tax payable according to the regulations of the Danish and Singaporean Tonnage Tax Act for shipping activities and according to general tax regulations for net financial income and other activities.Other activities primarily consist of commercial management income. Ship-ping activities in Denmark and Singapore are taxed based on the vessel net tonnage at disposal.Based on the planned use of vessels and recovery of reversed depreciation, respectively, the Danish and Singaporean tonnage tax regimes do not result in a liability, hence, it does not result in any deferred tax in the statement of financial position. The tax liability is merely a contingent liability.Other activities of the Group and the parent company are not subject to deferred tax either.The Group has included additional tax related to Pillar Two only in connection with vessels sold in 2025. Beyond this, the Group applies the exception to recognising and disclosing information about deferred tax associated with Pillar Two income taxes.As the predominant aspect of the Group's business activities falls under the tonnage tax regime, the forthcoming regulations associated with Pillar Two are anticipated to exert minimal influence on the overall tax structure of the Group. Notably, the primary regions that may be subject to the regulatory impact are Africa and the Americas. However, it is important to highlight that these regions currently contribute insignificantly to the overall profit of the Group.Accounting judgements and estimatesThe Danish group entities have entered into the Danish tonnage tax regime for a binding ten-year period from 2021. The Singaporean group entity has entered into the Singaporean tonnage tax regime for a binding ten-year period from 2019. In addition, tax regulation becomes complex when a company has activities that are partly covered by the tonnage tax regime and partly by corporate taxation. In calculation of the taxable income, estimates are made which in a later assessment by the Danish or Singaporean tax authorities may result in correc-tions to previous estimates of recognised tax assets and liabilities in the state-ment of financial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__287": {
"value": "5.3 Fees to auditor appointed at the general meeting Amounts in USD million 2025 2024\"Other external costs\" cf. note 2.2 include the following fees paid to the independent auditor:Statutory audit 0.5 0.5Other assurance services 0.1 0.1Tax consultancy - 0.1Other services - -Total 0.6 0.7Fees for services other than the statutory audit of the financial statements provided by EY Godkendt Revisionspartnerselskab Denmark amounted to USD 0.1 million including other assurance opinions and other services.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__291": {
"value": "Accounting policiesRelated parties include the Board of Directors and the Executive Manage-ment as well as their close relatives. Related parties also include companies in which the above persons have significant interests as well as companies and foundations which have direct or indirect significant influence through shareholdings.In addition, related parties include joint ventures; refer to note 3.7 \"Invest-ments and activities\".",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__293": {
"value": "5.5 Events after the reporting date There are no material subsequent events. Refer to page 13 of the Manage-ment review.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__295": {
"value": "5.6 Group structureNORDEN Tankers & Bulkers Chile SpANORDEN Shipping (Singapore) Pte. Ltd.Chile, 100%China, branchNORDEN Shipping (Singapore) Pte. Ltd.Polar Navigation Pte. Ltd.Singapore, 100%Singapore, 50%NORDEN Shipping (USA) LLCNORDEN Shipping (Australia) Pty. LtdUSA, 100%Australia, 100%NORDEN Shipping (Brazil) LtdaNord Goodwill LLC Brazil, 100%USA, 100%NORDEN Shipping (Cyprus) Ltd.NORDEN Shipping (Singapore) Pte. Ltd.Cyprus, 100%Australia, branchNORDEN Asset Management A/SDenmark, 100%Dampskibsselskabet NORDEN A/S NORDEN Shipping Abidjan SARLUDenmarkIvory Coast, 100%Dampskibsselskabet NORDEN A/SCanada, branchNORDEN Shipping Middle East DMCCUAE, 100%NORDEN Gabon A/SNORDEN Transhipment Services GabonDenmark, 100%Gabon, branchNORDEN Japan K.K.Japan, 100%Dampskibsselskabet NORDEN A/SGermany, branchNorlat Shipping Ltd ASNorlat Shipping ABNorlat Logistics ABNorway, 100%Sweden, 100%Sweden, 100%NORDEN Agency Management ApSNORDEN Shipping (South Africa) Pty. LtdDenmark, 100%South Africa, 100%NORDEN Shipping (Greece) P/SDenmark, 100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__112": {
"value": "Dampskibsselskabet NORDEN A/S",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__113": {
"value": "A/S",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__114": {
"value": "52 Strandvejen2900 Hellerup",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__299": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__298": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__297": {
"value": "Since 1871, NORDEN has built a reputation for providing stability in an industry defined by volatility. We leverage the intelligence we have gathered, acquired and developed to deliver solutions that are tailored to the realities of the marketplace \u2013 delivering results our customers and investors can rely on.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
}
}
}