Financial Update - The company reported organic growth of 4.9% in Q3 2025 and 4.3% for the first nine months, driven by price increases, volume growth, and projects, despite net negative contract wins [5] - The operating margin and free cash flow met expectations due to operational improvements and effective management of wage and cost inflation [5] - The retention rate improved from 93% in H1 2025 to 94% in Q3 2025, with nine new contracts secured with key account customers, and 21 contracts extended [5] Business Update - The company announced three new partnerships in Q3, each valued over DKK 100 million, contributing to growth in 2026 [4] - Strategic initiatives are being successfully embedded in significant local markets, with acquisitions of Franye Group in Austria and Garbialdi in Spain expected to add approximately 0.2% and 0.6% to annual revenue, respectively [5] - The final oral hearing in the arbitration with Deutsche Telekom occurred in mid-July, with a ruling pending [5] Capital Distribution and Outlook - The corporate credit rating from Moody's was upgraded from Baa3 with a positive outlook to Baa2 with a stable outlook on 28 October 2025 [5] - The 2025 share buyback program's total value was increased by DKK 500 million to DKK 3.0 billion, with DKK 753 million worth of shares acquired by 31 October [5] - The outlook for organic growth for 2025 has been narrowed to 4-5%, with the operating margin expected to be above 5% and free cash flow above DKK 2.4 billion [5]

Strategy and Market Position - Höegh Autoliners' strategy focuses on anticipating market shifts, early positioning, and compounding returns over time[3] - The company is overweight cargo versus carrying capacity, using a normalized charter market to deliver value from long-term contracts[4] - The company has a historically strong contract backlog, with more cargo than it can carry[5] - In 2024, approximately 60% of the total spot volume was HH/BB share[9] Contractual Agreements - A significant 3-year contract renewal in a key trade lane was signed in August, valued above $100 million[10] - Contract share of volume transported increased by 5% from Q4 2024 to approximately 81%[10] - The average duration of the contract backlog is 3.3 years[10] - 80% of the 2025 lifting capacity is covered by contracts[6] Financial Stability and Debt Management - The company has no refinancing needs for the next 4 years[19] - More than 50% of Höegh Autoliners' committed financing has a 12-year duration at attractive terms[19] - The company has a $720 million credit facility secured by the modern part of the fleet[19] - The company has 21 debt-free vessels and approximately $200 million liquidity buffer through undrawn RCF[19] Carbon Intensity Reduction - Since 2008, the company has improved its carbon intensity by approximately 40%[16] - The company is aiming for zero emissions by 2040[16]