CONTRACTUAL OBLIGATIONS AND RIGHTS (Tables)

12 Months Ended

Dec. 31, 2025

December 31, 2025.


USDm	2026	2027	2028	2029	2030	Thereafter	Total
Borrowings ¹⁾	291.8	100.3	94.7	385.6	78.8	65.1	1,016.3
Interest payments related to scheduled interest fixing	38.8	34.5	30.5	20.0	4.0	0.7	128.5
Estimated variable interest payments ²⁾	5.5	4.4	5.3	2.7	1.2	1.5	20.6
Committed scrubber installations ³⁾	10.0	2.0	1.9	1.6	—	—	15.5
Trade payables and other obligations	86.7	—	—	—	—	3.0	89.7
Total	558.8	141.2	132.4	409.9	84.0	70.3	1,396.6

The following table summarizes the Group's contractual obligations as of December 31, 2024.


USDm	2025	2026	2027	2028	2029	Thereafter	Total
Borrowings ¹⁾	167.9	166.2	132.8	118.1	488.2	170.1	1,243.3
Interest payments related to scheduled interest fixing	51.1	46.5	43.7	39.8	26.0	5.3	212.4
Estimated variable interest payments ²⁾	9.9	8.8	8.4	8.5	5.7	4.7	46.0
Committed scrubber installations ³⁾	11.9	1.1	7.9	2.1	—	—	23.0
Trade payables and other obligations	92.0	—	—	—	—	2.7	94.7
Total	332.8	222.6	192.8	168.5	519.9	182.8	1,619.4

The following table summarizes the Group's contractual rights as of December 31, 2023


USDm	2024	2025	2026	2027	2028	Thereafter	Total
Borrowings ¹⁾	174.9	148.0	148.4	112.0	120.0	370.2	1,073.5
Interest payments related to scheduled interest fixing	41.0	32.5	26.7	24.5	19.5	18.4	162.6
Estimated variable interest payments ²⁾	6.3	5.3	6.1	6.2	7.5	8.9	40.3
Secondhand vessel commitments	190.4	—	—	—	—	—	190.4
Committed scrubber installations ³⁾	23.6	—	2.0	8.1	2.0	—	35.7
Trade payables and other obligations	85.0	—	—	—	—	2.7	87.7
Total	521.2	185.8	183.2	150.8	149.0	400.2	1,590.2

1) The presented amounts to be repaid do not include directly related borrowing costs arising from the issuing of the loans of $13.2m

(2024: $17.0m. 2023: $13.9m), which are amortized over the term of the loans. Borrowing costs capitalized during the year amount to

$6.8m (2024: $7.3m, 2023: $9.0m).

2) Variable interest payments are estimated based on the forward rates for each interest period including hedging instruments

3) Commitments for pollution reduction installations

December 31, 2025


USDm	2026	2027	2028	2029	2030	Thereafter	Total
Contractual rights - as lessor:
Charter hire income for vessels ⁵⁾	53.9	31.2	9.2	—	—	—	94.4
Total	53.9	31.2	9.2	—	—	—	94.4

The following table summarizes the Group's contractual rights as of December 31, 2024


USDm	2025	2026	2027	2028	2029	Thereafter	Total
Contractual rights - as lessor:
Charter hire income for vessels ⁵⁾	67.8	26.2	11.9	—	—	—	105.9
Total	67.8	26.2	11.9	—	—	—	105.9

The following table summarizes the Group's contractual rights as of December 31, 2023


USDm	2024	2025	2026	2027	2028	Thereafter	Total
Contractual rights - as lessor:
Charter hire income for vessels ⁵⁾	37.8	24.1	—	—	—	—	61.9
Total	37.8	24.1	—	—	—	—	61.9

5) Charter hire income for vessels on time charter is recognized under "Revenue". During the years revenue from time charter

amounted to $129.3m (2024: $145.6m, 2023: $43.8m)