DHT : Q1 2024 DHT Holdings, Inc Earnings Conference Call

May 15, 2024

DISCLAIMER

Forward Looking Statements

This presentation contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company's management as well as assumptions, expectations, projections, intentions and beliefs about future events, in particular regarding dividends (including our dividend plans, timing and the amount and growth of any dividends), daily charter rates, vessel utilization, the future number of newbuilding deliveries, oil prices and seasonal fluctuations in vessel supply and demand. When used in this document, words such as "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "will," "may," "should" and "expect" and similar expressions are intended to identify forward- looking statements but are not the exclusive means of identifying such statements. These statements reflect the Company's current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent the Company's estimates and assumptions only as of the date of this presentation and are not intended to give any assurance as to future results. For a detailed discussion of the risk factors that might cause future results to differ, please refer to the Company's Annual Report on Form 20-F, filed with the Securities and Exchange Commission on March 20, 2024.

The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this presentation might not occur, and the Company's actual results could differ materially from those anticipated in these forward-looking statements.

May 15, 2024

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Q1'24 Financials

BALANCE SHEET HIGHLIGHTS

$ Thousands								As per 31.03.2024
	Cash										$	73,076
	Other current assets				$	130,321
	Vessels*								$	1,261,591
	Other assets							$	7,342
Total assets						$	1,472,330
	Current portion of long-term debt			$	36,161
	Other liabilities						$	30,490
	Long-term debt					$	361,619
	Equity									$	1,044,059
Total equity and liabilities			$	1,472,330

Total liquidity of $289 million

	Cash	$ 73.1 million
	RCF availability	$ 216.3 million

Interest bearing debt to total assets

• Marked to market: 17.8%

Net debt per vessel as of 31.03.2024

• $13.5 million

May 15, 2024

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Q1'24 Financials

P&L HIGHLIGHTS

										Q1 2024
$ Thousands, except per share
Revenues on TCE basis				$	106,339
	Vessel operating expenses			$	(19,172)
	G&A					$	(4,664)
EBITDA				$	83,666
	Interest expenses			$	(8,775)
Net Income / (loss) after tax		$	47,072
EPS		$	0.29

Average TCE Q1 2024

• $54,000/d Spot
• $39,500/d Time-charter
• $50,900/d Fleet average

May 15, 2024

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Q1'24 Financials

Q1 2024 CASH FLOW HIGHLIGHTS

Cash Bridge Q1 2024

$m 200

175

150

125

100

75

50

25

0

		83.7	-7.6	-7.4
				-35.5
						-3.9	-24.0
								-7.2	0.2
			150.8	143.4
	74.7	74.7		107.9	104.0	80.0	72.9	72.9	73.1

31/12/23 Cash	EBITDA	Debt repayment Cash interest	Dividend	Maintenance	Prepayment of	Change in	Net Other	31/03/24 Cash
Balance				CapEx	debt	working capital		Balance

May 15, 2024

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Q1'24 Financials

CAPITAL ALLOCATION

Cash dividend of $0.29 per share

• Equals capital allocation policy: 100% of ordinary net income
• The 57th consecutive quarterly cash dividend
• The shares will trade ex-dividend May 23, 2024
• Cash dividend since dividend policy update from Q3 2022: $1.70 per share

P&L and cash breakeven 2024,		Cash dividend per share since updated dividend policy
estimated discretionary cash flow

$/d
$30,000
$25,000				$9,200
$20,000
$15,000	$27,500	$25,500
$10,000
		$18,300
			$13,900
$5,000
$-	P&L BE	P&L BE Spot	Cash BE	Cash BE Spot
				May 15, 2024	6

Business Update

ROBUST SPOT EARNINGS

DHT average spot earnings

$/d $70,000

$64,800

$60,000

																																		$54,000				$51,000
$50,000
													$44,700							$43,600
$40,000
				$40,300															$40,500							$40,700
$30,000
$20,000															$23,400
$10,000
			Apr-23		May-23	Jun-23		Jul-23		Aug-23		Sep-23		Oct-23			Nov-23	Dec-23		Jan-24		Feb-24	Mar-24		Apr-24		May-24		Jun-24
																DHT avg. spot rate				DHT spot booked Q2TD 2024				TD3c

Q2 2023 - Q1 2024: DHT spot average = $51,200 vs. TD3c average = $36,300

Source: SIN Clarksons

May 15, 2024

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Business Update

PEER SPOT EARNINGS COMPARISON

Achieved VLCC spot rates LTM*

$/d $70,000

$65,000 $64,800 $64,000

$60,000

$55,000	$55,000					$54,000
$52,300
$50,000
$44,700			$43,600		$44,700
$45,000
$42,200	$42,500		$42,300	$43,000
		$41,700
			$41,000		$41,700

$40,000

$35,000

$30,000

Q2'23

Q3'23

Q4'23

Q1'24

DHT Peer A Peer B Peer C

*At the time of this presentation, Peer B has not reported Q1 2024 numbers.

May 15, 2024

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Business Update

Q2 OUTLOOK

Estimated Q2 2024

Total term time-charter days

Average term time-charter rate ($/day)*

Total spot days for the quarter

Spot days booked to date / % of total spot days Average spot rate booked to date ($/day)

Spot P&L break-even for the quarter ($/day)

455

$36,300

1,660

1,200 / 72% $51,000

$25,300

*The months of April includes profit-sharing. The months of May and June assume only the base rate.

May 15, 2024

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Market Update

RAPIDLY AGING FLEET

Number of VLCCs Global Fleet*

#VLCCs

1,000

900

800

700

600

500

400

2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025e	2026e	2027e
					VLCCs 0-19 years		VLCCs 20-24 yrs		VLCCs 25+ yrs

Source: SIN Clarksons

May 15, 2024

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