• A large blue and white ship is traveling across the ocean. AI generated content Rectangle shipfinance.dk CVR NO. 27 49 26 49 Annual Report 2025
    EPS
  • 25 Outlook for 2026 63 Corporate governance 58 Capital, funding and liquidity 30 Sustainability 26 Credit risk from lending 20 Summary of performanc 11 Financial review by business area Financing the transition 09 Vision 07 The year in summary 06 Highlights 04 Letter to our stakeholders 03 Danish Ship Finance at a glance 126 Financial calendar for 202 121 Management and directorships 116 Independent auditor’s report 115 Statement by Management 75 Notes 74 Statement of changes in equity 73 Balance sheet Income statement Rectangle Management report 03 Danish Ship Finance at a glance 04 Letter to our stakeholders 06 Highlights 07 The year in summa... Table of contents Financial statements 72 Income statement 73 Balance sheet 74 Statement of changes in equity 75 Notes Statements 115 S...
    Polygon Polygon Polygon Polygon
    Polygon Polygon Polygon
    Management report
    GraphicLine GraphicLine GraphicLine
    2 Danish Ship Finance Annual Report 2025 Table of contents
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    Danish Ship Finance at a glance Danish Ship Finance is a highly specialised lender to the shipping industry, providing financing to reputable shipown... 1. The loan book comprises loans and guarantees (nominal debt). See note 17 for further details. Oval
    GraphicLine GraphicLine
    On average, our Senior Client Executives have 19 years of shipping industry experience We are domiciled in Copenhagen, and are able to tap into strong shipping competencies Our lean credit organisation enables quick decision making to the benefit of clients We have in house shipping research, as well as technical survey, marine legal and marine insurance expertise We have a loan book of DKK 23.6 billion1, collateralised by 538 vessels Management report
    GraphicLine GraphicLine GraphicLine
    3 Danish Ship Finance Annual Report 2025 Danish Ship Finance at a glance
    Polygon
    Polygon Polygon Polygon Polygon Polygon Polygon Polygon Polygon Polygon Polygon Polygon Polygon
    Polygon Polygon Polygon Polygon Polygon Polygon Polygon Polygon Polygon Polygon
    Polygon
    Polygon Polygon Polygon Polygon Polygon Polygon
    Polygon Polygon
  • Rectangle \“Danish Ship Finance delivered a net profit of DKK 324 million for 2025.\" Demand is influenced by shorter trade distances, weaker industrial momentum and the gradual normalisation of inventor... Danish Ship Finance (\“DSF\") completed several key milestones in 2025. Firstly, we welcomed Kristian Skovmand as our... Letter to our stakeholders details on DSF's earnings in 2025). As already mentioned in last year's Annual Report, our covered bonds were upgrade... strong cash flow of our clients and the resulting muted market financing demand. Loan volume measured in DKK was furt...
    Rectangle Rectangle Rectangle Rectangle Rectangle
    Management report
    GraphicLine GraphicLine GraphicLine
    Danish Ship Finance Annual Report 2024 4 Danish Ship Finance Annual Report 2025 Letter to our stakeholders Management report
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    30 basis points over the year. Shipowners’ balance sheets remain strong, and shipowners retain substantial buffers, w... A shareholders and a preferred dividend to the Danish Maritime Fund (“DMF”). We are very proud to have contributed mo... Kristian Skovmand CEO and global client relationships. Our priority remains making long term decisions for the benefit of our stakeholders,... Chairman of the Board Eivind Kolding will not seek re election at the Annual General Meeting. The rest of the board r... A man in a suit and tie is smiling for the camera. AI generated content A man wearing a suit and tie with glasses on his face. AI generated content Eivind Kolding Chairman Peter Nyegaard Vice Chairman Ahmed Omar Vice Chairman A man wearing glasses and a black jacket is smiling for the camera. AI generated content A man wearing a suit and tie is smiling for the camera. AI generated content Management report
    GraphicLine GraphicLine GraphicLine
    5 Danish Ship Finance Annual Report 2025 Letter to our stakeholders
  • Rectangle Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    Highlights During 2025 we: ,Welcomed our new CEO, Kristian Skovmand,,Welcomed seven new clients,,Completed the relocation to our new domicile at... A handshake between two people. AI generated content Rectangle Rectangle A white background with a nude figure. AI generated content A blue circle with a white cloud and the word “CO2" written in white. AI generated content
    A blue circle with a tall building inside of it. AI generated content A blue ocean with ripples and sunlight reflecting on the surface. AI generated content A blue circle with a white line going through it, representing a globe. AI generated content Management report
    GraphicLine GraphicLine GraphicLine
    6 Danish Ship Finance Annual Report 2025 Highlights
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    DSF’s business remained robust in a year of increased geopolitical uncertainty where markets were forced to continual... The year in summary DKK million,2025,2024,Lending,318,384,Funding,(87),(23),Investments²,441,260,Income,672,622 Income by business area1 that warrants close attention particularly if the Suez Canal fully re opens, shortening voyage distances. Shorter voy... Relatively modest funding requirements in 2025 meant that only a limited volume of new bonds were issued in 2025. Dur... satisfactory outcome though less than the very substantial reversals of DKK 147 million in 2024. The solid loan book ... 1) The link between income according to the income statement and income attribution to the business areas can be seen... Management report
    GraphicLine GraphicLine GraphicLine
    7 Danish Ship Finance Annual Report 2025 The year in summary 7
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    Three people are sitting around a table with a large screen in front of them. They are engaged in a discussion, possibly a business meeting. There are two chairs visible, one on the left and one on the right side of the table. A bottle and a cup are placed on the table, possibly containing drinks for the participants. AI generated content Reporting Standard for SMEs (VSME). Our reported Poseidon Principles portfolio alignment score this year was +6.3% ag... Rectangle Management report
    GraphicLine GraphicLine GraphicLine
    8 Danish Ship Finance Annual Report 2025 The year in summary 8
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    We strive to be the obvious choice in ship finance and remain fully committed to serving our clients. This can only b... We are committed to shipping for the long run, and our unique competitive position is built on consistent application... Vision Clients Supporting reputable shipowners across shipping cycles Employees Retaining, attracting and developing talented employees in a learning organisation Owners Leveraging our unique business model to provide attractive financial returns to our owners Society Working with the shipping industry in its environmental and digital transition Investors Utilising our strong shipping expertise to create a stable investment for bondholders
    Oval The obvious choice in ship finance Rectangle
    Polygon Polygon Polygon Polygon Polygon Rectangle Management report
    GraphicLine GraphicLine GraphicLine
    9 Danish Ship Finance Annual Report 2025 Vision
  • Financing the transition Our strategy is built on the twin pillars of generating attractive returns to shareholders from our core business of ... Polygon Financing the transition actively engaged in the sustainable transition; • More than 10% of the investment portfolio must comprise sustainable...
    Rectangle Rectangle Rectangle Rectangle
    Sustainable finance targets 2026 • New loans only to clients who are actively engaged in the sustainable transition •... Our own impact targets 2026 • Reduce the climate footprint from our own operations by 5% annually compared to a 2023 ... 1) FuelEU Maritime aims to drive the adoption of low and zero carbon fuels in shipping by setting stricter emissions ... Rectangle The obvious choice in ship finance Generating attractive shareholder returns Supporting the transition to a net zero shipping industry GraphicLine Management report 10 Danish Ship Finance Annual Report 2025
    GraphicLine GraphicLine GraphicLine
    Financing the transition
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    Photo taken in Chon Buri, Thailand Management Report Financial review by business area
    GraphicLine GraphicLine GraphicLine
    Danish Ship Finance Annual Report 2025
  • Lending Our key value driver of being a long term player and specialist in the ship finance market will remain the most impor... 2025 in brief The first half of 2025 was another period with increased uncertainty. The introduction of new trade tar... DKK million,2025,2024,Net interest income,300,364,Net fees and commission,18,21,Net income,318,384 Income, lending Rectangle
    Rectangle Rectangle Rectangle Rectangle
    OUR business model is focused and transparent Our areas of activity are as follows: Conservatively investing our own funds Lending to our shipowning clients Issuing bonds and hedging financial risks Rectangle Rectangle Rectangle
    GraphicLine GraphicLine GraphicLine
    Danish Ship Finance Annual Report 2025 12 Management report Financial review by business area
  • 23.6 27.4 DKK billion DKK billion 2025 2024 Polygon Polygon Loan book development at year end tivities. There were no loan defaults in 2025. At year end 2025, the weighted average loan to value ratio after ECL c... ,2025,2024,Loan impairment charges as % of average loan book (Annual loan impairment ratio),(0.1),(0.5),Net write off... Key ratios, lending newbuildings or becoming more active in the secondhand market. The volume of loans disbursed in 2025 amounted to DKK ... Management report
    GraphicLine GraphicLine GraphicLine
    13 Danish Ship Finance Annual Report 2025 Financial review by business area
  • Rectangle Rectangle Rectangle Rectangle
    Rectangle Two men in suits are standing on a wooden deck overlooking a city. AI generated content the highly competitive environment for vessel financing has occasionally led some market participants to relax certai... petite and the lingering effects of restrictive monetary policy have weighed on activity. The US remains the stronges... Management report
    GraphicLine GraphicLine GraphicLine
    14 Danish Ship Finance Annual Report 2025 Financial review by business area
  • and extended voyage distances. Shipping markets have delivered a strong overall performance since 2020, underscoring ... TextFrame Timecharter rates USD PER DAY Ship prices by segment USD MILLION USuusf A graph shows the prices of different items over time. AI generated content A graph shows the time-chart rates of a product tank. AI generated content Management report
    GraphicLine GraphicLine GraphicLine
    15 Danish Ship Finance Annual Report 2025 Financial review by business area
  • Rectangle Rectangle Rectangle Rectangle Rectangle
    Dry bulk The seaborne Dry Bulk market firmed during 2025, but the structural balance between vessel demand and effect... Oil tankers The Oil Tanker market remained stable in 2025, though momentum eased across both Crude and Product Tanker... Polygon Polygon
    Polygon Polygon Polygon Polygon Polygon
    Polygon Polygon Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Polygon Polygon
    Container The Container market showed contrasting trends in 2025. Box rates weakened significantly following the spri... Polygon
    Polygon Polygon Polygon Polygon Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Polygon Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Polygon Polygon Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle Polygon
    Gas carriers The Gas Carrier freight rate market trended higher during 2025. Still, the annual recap of the two main ... Polygon
    Polygon Polygon Polygon Polygon Rectangle Polygon Polygon
    Management report
    GraphicLine GraphicLine GraphicLine
    16 Danish Ship Finance Annual Report 2025 Financial review by business area
  • Rectangle Rectangle Rectangle Rectangle Rectangle Ro ro/ferries A lack of available tonnage in the Ro Ro market continued to keep earnings and secondhand prices high d... Polygon
    Polygon Polygon Polygon Polygon
    Car carriers Although freight rates in the Car Carrier market have fallen by nearly 70% from the extraordinary highs ... Polygon
    Polygon Rectangle Polygon Polygon Polygon Polygon
    Offshore The market for Offshore Vessels stabilised at elevated levels during 2025, with day rates across most vessel... Polygon A blue and white boat is shown in a silhouette, with a large white bow and a smaller white bow on the back. AI generated content Management report
    GraphicLine GraphicLine GraphicLine
    17 Danish Ship Finance Annual Report 2025 Financial review by business area
  • Funding Our funding model entails regular issuance of ship mortgage bonds and ship covered bonds. We maintain ongoing access ...
    DKK million,2025,2024,Funding costs not covered 1 ,(80),(13),Warehousing,(37),(74),Non business activities,30,64,Net ... Income, funding
    tility reflected announcements of increased public debt issuance alongside heightened geopolitical and trade related ... During the year, we issued new bonds, effectively extending both programmes to 2031 maturities, while also buying bac... 1) Funding costs not covered comprise the actual incurred costs of external funding less funding costs charged to the... invested in liquid AAA rated government and covered bonds. Given the elevated volume and the conservative risk profil... Management report
    GraphicLine GraphicLine GraphicLine
    18 Danish Ship Finance Annual Report 2025 Financial review by business area
  • The investment activities consist of our own funds, invested in high grade fixed income instruments. These instrument...
    DKK million,2025,2024,Net interest income,233,244,Market value adjustments,208,151,Tier 2 interest expense, ,(135),Ne... Income, investments
    contributing to periodic volatility in spreads. Equity markets were supported by resilient economic growth in the US ... Investments Management report
    GraphicLine GraphicLine GraphicLine
    19 Danish Ship Finance Annual Report 2025 Financial review by business area
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    A large crane is seen next to a ship in the water. AI generated content Management Report Summary of performance
    GraphicLine GraphicLine GraphicLine
    Danish Ship Finance Annual Report 2025
  • Financial trends Key figures, DKK million,2025,2024,2023,2022,2021,Net interest income from lending1 ,218,351,415,562,529,Net interest... Financial highlights 1) The link between income in the income statement and the business areas can be seen note 3 2) The link between loan... TextFrame Management report
    GraphicLine GraphicLine GraphicLine
    21 Danish Ship Finance Annual Report 2025 Summary of performance
  • For definitions of key ratios, see note 2. Key ratios,2025,2024,2023,2022,2021,Return on equity after tax (%) ,3.5,4.7,7.7,6.8,1.4,Return on investment activiti... Financial highlights 1) The key ratio annual loan impairment ratio (%) (avg.) is shown as a negative figure, reflecting loan impairment ch... Management report
    GraphicLine GraphicLine GraphicLine
    22 Danish Ship Finance Annual Report 2025 Summary of performance
  • Income Net interest income from lending amounted to DKK 218 million in 2025, excluding fee income of DKK 18 million, ... largely similar to the previous year. We completed the relocation to our new domicile at Langebrogade 5 in September ... Tax Tax expenses for the year were DKK 113 million, compared to DKK 139 million in 2024. This translated into an effe... DSF had no supplementary capital instruments. Hence, the total capital ratio equalled the CET1 capital ratio. Uncerta... Management report
    GraphicLine GraphicLine GraphicLine
    23 Danish Ship Finance Annual Report 2025 Summary of performance
  • one year ago. The drivers of our 2025 financial result were income from the lending business and the income contribut... to allow resources to be deployed in the most productive way in support of the business. Those efforts are not comple... A substantial volume of vessel deliveries is scheduled for 2026. This is expected to expand effective fleet capacity ... cient trade patterns. Beyond these immediate disruptions, there is a broader structural concern: the rules governing ... Management report
    GraphicLine GraphicLine GraphicLine
    24 Danish Ship Finance Annual Report 2025 Summary of performance
  • Signs of a normalisation of shipping markets are beginning to emerge. We expect greater divergence of performance ac... Excellence initiatives to underpin growth in the lending business and digitalise core processes. Even in weaker shipp... TextFrame Outlook for 2026 Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    MARKET VIEW Market fundamentals have been overshadowed by successive waves of temporary disruption since 2020. Widesp... Management report
    GraphicLine GraphicLine GraphicLine
    25 Danish Ship Finance Annual Report 2025 Outlook for 2026
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    A large ship is docked next to a smaller boat in a harbor filled with other ships. AI generated content Management Report Credit risk from lending
    GraphicLine GraphicLine GraphicLine
    Danish Ship Finance Annual Report 2025
  • We provide financing to large, reputable shipowners in Denmark and internationally. We offer our clients ship financi... Credit risk from lending (DKK million),2025,2024,Five largest credit exposures,5,161,6,941,Loan book,23,637,27,388 Movements in the five largest credit exposures Loan book broken down by mortgaged vessel type as of 31.12.2025 DKK 23,637 million Ongoing credit risk monitoring A central part of managing our credit risk is monitoring all credit exposures on an on... Diversification The composition of the loan book adheres to a set of diversification requirements. The purpose of the... as financial statements, interim reports and budgets, as well as the current market valuations of the financed vessel... A pie chart showing the percentage of cars in different categories. AI generated content Management report
    GraphicLine GraphicLine GraphicLine
    27 Danish Ship Finance Annual Report 2025 Credit risk from lending
  • A graph showing the percentage of naked women in a dataset. AI generated content This entails the following: • Semi annual updating of the market values of all financed vessels and verifying complia... assessing the collateral value of mortgaged vessels (after haircuts) as part of our semi annual loan impairment revie... Loan impairment charges and write offs We review all credit exposures on a semi annual basis, with the purpose of cal... Net LTV vs price index for all vessel types Note 17 provides more detailed information. The credit quality of the loan book remained solid throughout the year, w... Management report
    GraphicLine GraphicLine GraphicLine
    28 Danish Ship Finance Annual Report 2025 Credit risk from lending
  • lays) were included in the total ECL allowance account of DKK 585 million to address elevated geopolitical and macroe... Stage,Recognition,ECL,Stage 1,No increase in credit risk since initial recognition,12 month PD,Stage 2,The credit ris... Stages of credit exposure Loans subject to forbearance measures We focus on having a credit risk management framework that ensures consistency ... The Risk & Capital Management Report 2025 provides more detailed information on our credit risk management. Non perfo... TextFrame Management report
    GraphicLine GraphicLine GraphicLine
    29 Danish Ship Finance Annual Report 2025 Credit risk from lending
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    A large orange boat with a red top is docked in the water. AI generated content Management Report Sustainability
    GraphicLine GraphicLine GraphicLine
    Danish Ship Finance Annual Report 2025
  • The shipping industry’s decarbonisation journey Structural challenges remain Significant abatement potential exists across the global fleet, but investment horizons ... TextFrame Rectangle Rectangle Rectangle Rectangle Rectangle The International Maritime Organisation (IMO) has set ambitious targets to reduce greenhouse gas (GHG) emissions from... Overview of IMO legislation Continued progress amid increasing complexity As the global shipping industry enters 2026, it continues to make stead... Management report
    GraphicLine GraphicLine GraphicLine
    31 Danish Ship Finance Annual Report 2025 The shipping industry’s decarbonisation journey
  • Sustainability in Danish Ship Finance Sustainability is integral to our work Sustainability continues to be a central pillar of our strategy and a key busi... and other regional requirements. We continue to support our value chain by sharing knowledge, participating as stakeh... work. In applying both modules, the relevance of disclosures foreseen by the standards has been assessed in light of ... Rectangle Rectangle Rectangle Rectangle Rectangle Rectangle ABOUT THIS SUSTAINABILITY SECTION We present our sustainability targets and progress and provide an overview of how s... Management report
    GraphicLine GraphicLine GraphicLine
    32 Danish Ship Finance Annual Report 2025 Sustainability in Danish Ship Finance
  • A large ship is docked at a pier with several other ships in the background. The scene also includes a crane and a truck nearby. AI generated content
    Rectangle Rectangle Rectangle Rectangle
    Double Materiality Assessment The Double Materiality Assessment covers environmental, social and governance topics relevant to ship finance. We def... tion and bribery (incl. money laundering/terror financing and sanction non compliance) in the value chain and interac... Management report
    GraphicLine GraphicLine GraphicLine
    33 Danish Ship Finance Annual Report 2025 Sustainability in Danish Ship Finance
  • .
    Rectangle Rectangle Rectangle Rectangle Rectangle
    Categories,Own operations/Value chain,Impact material,,Energy,Value chain,Air pollution,Value chain,Resource inflows,... Rectangle A green chart with four sections labeled impact, financial, materiality, and non-materiality. AI generated content DSF Double Materiality Assessment Management report
    GraphicLine GraphicLine GraphicLine
    34 Danish Ship Finance Annual Report 2025 Sustainability in Danish Ship Finance
  • In 2025, we continued to advance our environmental ambitions, focusing on improving data quality, reducing our operat... Key actions and planned activities Rectangle
    Rectangle Rectangle Rectangle Rectangle
    KEY Actions in 2025 Actions taken in 2025 to address our environmental impacts are outlined throughout this section. ... PLANNED ACTIVITIES FOR 2026 • Expand our sustainable finance offering and further integrate environmental performance... Management report
    GraphicLine GraphicLine GraphicLine
    35 Danish Ship Finance Annual Report 2025 Sustainability in Danish Ship Finance
  • Before establishing new client relationships, we take great care to safeguard our reputation and longstanding track r... be granted to clients with a sustainability rating of 9 or better. A new ESG rating model In 2025, we finalised the d... Polygon
    Polygon Polygon Polygon
    In person meetings with management teams Requirements for flag state and class society Know your customer controls Internal sustainability ratings Technical inspections of vessels Track record of management Prudent governance structures Energy efficiency and design specification of vessels Assessment of clients Polygon
    Polygon
    Polygon
    Polygon Polygon Polygon Polygon
    Polygon
    Polygon
    Polygon
    Polygon
    Polygon
    Polygon Polygon Polygon Polygon
    Polygon
    Polygon Rectangle Rectangle Polygon Rectangle Rectangle
    Polygon
    Polygon Polygon Polygon
    Polygon
    Rectangle Rectangle Rectangle Polygon
    Sustainability and Clients Management report
    GraphicLine GraphicLine GraphicLine
    36 Danish Ship Finance Annual Report 2025 Sustainability in Danish Ship Finance
  • Client sustainability profile We are currently developing a sustainability profile for each of our clients. These pro... TextFrame TextFrame Three people are standing around a counter, smiling and posing for a picture. They are all dressed in white shirts and one of them is holding a cup. AI generated content Management report
    GraphicLine GraphicLine GraphicLine
    37 Danish Ship Finance Annual Report 2025 Sustainability in Danish Ship Finance
  • . Achieve a net zero loan book Status: We are working towards achieving a net zero loan book by supporting our clients ... Status on our SUstainable Finance targets We are committed to supporting the shipping industry in its sustainable tra... New loans only to clients who are actively engaged in the sustainable transition Status: In 2025, we continued to pro... More than 35% of our loan book must have sustainability incentives Status: In 2025, 32% of our loan book was linked t...
    Rectangle Rectangle Rectangle Rectangle Rectangle
    GraphicLine GraphicLine 2050 2025 2025 2025 2025 The environmental performance of the loan book must align with the Poseidon Principles trajectories Status: In 2025,... More than 10% of the investment portfolio must consist of sustainable bonds Status: We are proud to have reached our ... Environment Management report
    GraphicLine GraphicLine GraphicLine
    38 Danish Ship Finance Annual Report 2025 Environment
  • Ship recycling Recycling of ships is an important sustainability consideration for Danish Ship Finance and forms an i... portfolio was allocated to sustainable bonds, reflecting our commitment to embedding sustainability into our core inv... We maintained our commitment to renewable energy by purchasing electricity with Guarantees of Origin since September ... TextFrame Management report
    GraphicLine GraphicLine GraphicLine
    39 Danish Ship Finance Annual Report 2025 Environment
  • .
    Rectangle Rectangle Rectangle Rectangle Rectangle
    Emissions from financed vessels account for the vast majority of the climate impact associated with our activities. W... Financed emissions from lending Financed emissions from lending Reporting year,2025,2024,2023,2022,2021,Absolute financed emissions (million tonnes),2.2,2.9,3.2,4.1,5.3, Capital Cen... lines for CO2 disclosures, since the Partnership for Carbon Accounting Financials (“PCAF”) does not currently include... \“The emissions intensity of our lending activities decreased by 11%, from 94 tonnes CO2e per DKK million in 2024 to ... conditions and external factors. This means that financed emissions results for any single year can be significantly ... Management report
    GraphicLine GraphicLine GraphicLine
    40 Danish Ship Finance Annual Report 2025 Environment
  • .
    Rectangle Rectangle Rectangle Rectangle Rectangle
    In 2019, we became one of the founding signatories of the Poseidon Principles, a global framework for responsible shi... A graph shows the relationship between the number of hours spent on a task and the result. AI generated content Poseidon Principles portfolio climate alignment results ries: vessels above 100,000 cbm (primarily LNG Carriers) and vessels below 100,000 cbm (primarily LPG Carriers), each... environmental performance of our shipping portfolio. These insights have strengthened our internal sustainability ass... Poseidon Principles \“Our 2024 climate alignment scores came in at 6.3% and 12.8%, respectively. These figures represent a significant im... Management report
    GraphicLine GraphicLine GraphicLine
    41 Danish Ship Finance Annual Report 2025 Environment
  • .
    Rectangle Rectangle Rectangle Rectangle Rectangle
    Minimum 40% of leadership positions to be held by the underrepresented gender Status: 33% of leadership positions wer... 12.5% of Board members must be of the underrepresented gender Status: In 2025, we did not reach this target. The targ... Reduce the climate footprint from our own operations by 5% annually compared to a 2023 baseline. Status: We are proud... 2025 2025 2025 Our own impact Status on our targets We are committed to being a responsible employer with a diverse and inclusive culture and a str... Management report
    GraphicLine GraphicLine GraphicLine
    42 Our own impact Danish Ship Finance Annual Report 2025
  • Human rights, health and safety Human rights, as well as health and safety, are vital priorities for Danish Ship Fina... tions code of conduct. This framework guides our engagement with business partners. It includes our commitment to adh... Social Rectangle Rectangle Rectangle Rectangle Rectangle We formally acknowledge our commitment to upholding human rights across our supply chain. We believe everyone deserve... Human Rights Commitment Management report
    GraphicLine GraphicLine GraphicLine
    43 Danish Ship Finance Annual Report 2025 Social
  • Employment conditions and workplace standards We firmly believe that our employees constitute the foundation of our s... tal aspect of employment at Danish Ship Finance. A bright future in new surroundings In 2025, we successfully relocat...
    A graph shows the distribution of age by gender. AI generated content Age distribution by gender
    Seniority A bar graph shows the percentage of senior citizens in a population. AI generated content
    Management report
    GraphicLine GraphicLine GraphicLine
    44 Danish Ship Finance Annual Report 2025 Social
  • CEO, may have caused temporary disruption. The coming year, we will prioritise clarity, cohesion, and well being thro... fessionalism, with an average seniority of 9 years. This reflects a strong blend of loyalty, experience and renewal. ... Targets and policies for the underrepresented gender and diversity in management We continue to view diversity as a d...
    ,,2025,2024,2023,2022,2021,Board of Directors (only AGM elected members) ,AGM elected members of the Board of Directo... Targets and policies for the underrepresented gender and diversity in management website Further details are available in our policy “Targets and policies for the underrepresented gender and diversity in m...
    Well being and engagement In 2025, we remained focused on supporting the well being and engagement of our employees t... Management report
    GraphicLine GraphicLine GraphicLine
    45 Danish Ship Finance Annual Report 2025 Social
  • website website • Members of the Board of Directors: 11 • Members of the Executive Board: 2 • Other material risk takers: 11 The prin... A large body of water with several boats and a bridge in the distance. AI generated content the Executive Board and employees whose activities have a material impact on the company’s risk profile is provided i... Management report
    GraphicLine GraphicLine GraphicLine
    46 Danish Ship Finance Annual Report 2025 Social
  • Our governance framework comprises the policies and mechanisms that uphold transparency and integrity across our oper... Governance Rectangle
    Rectangle Rectangle Rectangle Rectangle
    sation pathway. We expect all stakeholders to comply, at a minimum, with the laws and regulations applicable in their... Management report
    GraphicLine GraphicLine GraphicLine
    47 Danish Ship Finance Annual Report 2025 Governance
  • Corporate governance Risk & Capital Management Report 202 Rectangle Rectangle Rectangle Rectangle Rectangle Sustainability policy The sustainability policy delineates DSF’s commitment to ESG issues, encompassing the company’s... relevant policies DSF's code of conduct for its own workforce Subject,DSF code of conduct covers,Confirmed incidents*, Child labour,Yes,No, Forced labour,Yes,No, Human trafficking... * In own workforce Management report
    GraphicLine GraphicLine GraphicLine
    48 Danish Ship Finance Annual Report 2025 Governance
  • Sustainability trends
    ESG key figures Sustainable finance,Unit,2025,2024,2023,2022,2021,Definition,Loans with sustainability incentives as a share of new l...
    Management report
    GraphicLine GraphicLine GraphicLine
    49 Danish Ship Finance Annual Report 2025 Sustainability trends
  • ESG key figures continued Social data,Unit,2025,,2024,2023,2022,2021,Definition,Employees,FTEs,80,,78,81,80,75,Total FTEs employed at year end ...
    Management report
    GraphicLine GraphicLine GraphicLine
    50 Danish Ship Finance Annual Report 2025 Sustainability trends
  • Reporting principles Enhancing our reporting and ESG data management was a key focus in 2025. We concentrated on stre... Rectangle Rectangle Rectangle Rectangle Rectangle Restatement of previous years’ published data and additions Sustainable finance We have restated financed emissions f... monetary units. As per the GHG Protocol, we report two figures for our Scope 2 emissions, using the location based an... Two women are standing on a balcony, talking to each other. AI generated content Management report
    GraphicLine GraphicLine GraphicLine
    51 Danish Ship Finance Annual Report 2025 Sustainability trends
  • VSME disclosure The Voluntary Sustainability Reporting Standard for SMEs (VSME) has been developed to support consistent and transpar... VSME disclosure Basic Module General information,,References,Page,B1 Basis for preperation,,Sustainability in Danish Ship Finance Sustainabilty tr... Management report
    GraphicLine GraphicLine GraphicLine
    52 Danish Ship Finance Annual Report 2025 VSME disclosure
  • VSME disclosure, cont. VSME disclosure Comprehensive Module General information,,References,Page C1 – Strategy: Business model and sustainability – related initiatives ,,Danish Ship Finance at a glance Financing th... Management report
    GraphicLine GraphicLine GraphicLine
    53 Danish Ship Finance Annual Report 2025 VSME disclosure
  • Non reported VSME disclosures Non reported VSME disclosures Disclosure,,Paragraph,Explanations,B4 Pollution of air, water and soil,,32,This disclosure have been deemed not mater... The table below identifies the disclosures set out in the VSME that are not addressed in this Annual Report and provi... Management report
    GraphicLine GraphicLine GraphicLine
    54 Danish Ship Finance Annual Report 2025 VSME disclosure
  • Task force on Climate related Financial Disclosures The Task Force on Climate related Financial Disclosures (“TCFD”) has been established by the Financial Stability Boar... Task Force on Climate related Financial Disclosures Governance,,References,Page,a. Describe the Board’s oversight of climate related risks and opportunities ,,Letter to ... Management report
    GraphicLine GraphicLine GraphicLine
    55 Danish Ship Finance Annual Report 2025 Task force on Climate related Financial Disclosures
  • Task Force on Climate related Financial Disclosures, continued ,,,,Risk Management,,,,a. Describe the organisation’s processes for identifying and assessing climate related risks,,... Management report
    GraphicLine GraphicLine GraphicLine
    56 Danish Ship Finance Annual Report 2025 Task force on Climate related Financial Disclosures
  • Rectangle Rectangle Rectangle Rectangle Rectangle
    A large cargo ship is traveling on the water, passing by a dock with several cranes. AI generated content Capital, funding and liquidity Management Report
    GraphicLine GraphicLine GraphicLine
    Danish Ship Finance Annual Report 2025
  • Capital, funding and liquidity DKK million / %,2025,2024,Own funds after deductions,8,986,8,914,Total risk exposure amount,33,684,37,840,Total capit... Calculation of total capital ratio Own funds, total capital ratio and capital requirements Regulatory own funds after deductions amounted to DKK 8,986 m... The own funds requirement (also referred to as the Pillar 1 requirement) is a total capital ratio of 8%, equivalent t... mortgage bonds held, interest rate risk and foreign exchange rate risk. Additionally, a pillar 2 add on of DKK 66 mil...
    Rectangle Rectangle Rectangle Rectangle Rectangle
    It has been proposed that the A shareholders receive a dividend of DKK 197 million and that the B shareholder, the Da... Dividend pOLICY Rectangle Management report
    GraphicLine GraphicLine GraphicLine
    58 Danish Ship Finance Annual Report 2025 Capital, funding and liquidity
  • website The combined capital buffer requirement The combined capital buffer requirement consists of the following elements fo... DKK million,2025,2024,Total risk exposure amount,33,684,37,840,Pillar 1 requirement (8% of total risk exposure amount... Adequate own funds and internal capital adequacy requirement • Belgium: 1.00% • Chile: 0.50% • Denmark: 2.50% • Faroe Islands: 1.00% • Germany: 0.75% • Great Britain: 2.00% • Hon... Management report
    GraphicLine GraphicLine GraphicLine
    59 Danish Ship Finance Annual Report 2025 Capital, funding and liquidity
  • Credit rating As at 31 December 2025, our covered bonds were assigned a rating of AA by S&P Global Ratings, with a St... and positions. In addition to regulatory requirements, our policies define stricter requirements for permitted liquid... Additional capital charge Loans exceeding 70% of the value of the vessel(s) may be granted subject to an additional c... Issuing EUR ship covered bonds is a strategic priority for us in order to maintain a diversified investor base For th...
    Rectangle Rectangle Rectangle Rectangle Rectangle
    The rules governing bond issuance are described in the Act on a ship finance institute and the Executive Order on a s... Management report
    GraphicLine GraphicLine GraphicLine
    60 Danish Ship Finance Annual Report 2025 Capital, funding and liquidity
  • Rectangle Bail in able senior debt and senior unsecured debt No senior resolution notes (“SRN”) or any other senior bail in abl... Liquidity risk comprises two key components: funding liquidity risk, which is the risk of being unable to meet financ...
    Issued bonds by type A bar graph shows the percentage of bonds by type and the percentage of bonds before 2025. AI generated content
    funding costs for new loans. The average maturity of our issued bonds (DKK issuances) exceeds the average maturity of... “The liquidity coverage ratio (LCR) as at 31 December 2025 was 460%, well above the regulatory requirement” Our securities portfolio represents a significant part of our assets. The securities portfolio consists primarily of...
    LCR = ≥ 100% HQLA Net liquidity outflow over a 30 days stress period Polygon
    Management report
    GraphicLine GraphicLine GraphicLine
    61 Danish Ship Finance Annual Report 2025 Capital, funding and liquidity
  • Capital Centre A: developments in issued bonds relative to loans A graph shows a decrease in the amount of debt over time. AI generated content
    A graph shows the decline of a company's debt from 2005 to 2013. AI generated content Capital Centre Institute in General: developments in issued bonds relative to loans
    A graph shows the relationship between the LCR ratio and the minimum LCR requirement. AI generated content The LCR fluctuates above the 100% requirement
    Distribution of securities portfolio A pie chart shows that 72% of securities are covered by bonds. AI generated content
    Management report
    GraphicLine GraphicLine GraphicLine
    62 Danish Ship Finance Annual Report 2025 Capital, funding and liquidity
  • Rectangle Rectangle Rectangle Rectangle Rectangle
    A view of the ocean through a round window, with waves visible in the distance. AI generated content Corporate governance Management Report
    GraphicLine GraphicLine GraphicLine
    Danish Ship Finance Annual Report 2025
  • Rectangle Rectangle Rectangle Rectangle
    A large red ship is floating on the water. AI generated content website As our shares are not listed for trading on Nasdaq Copenhagen, we are not subject to the corporate governance guideli... Corporate governance
    GraphicLine GraphicLine GraphicLine
    Danish Ship Finance Annual Report 2023 Management report 64 Corporate governance
  • Rectangle Share capital Our ambition is to deliver an absolute and risk weighted return that is satisfactory to our shareholder... Ownership Magellan Capital Holdings PLC directly holds 75.42% of the shares in DSF. A member of the previous ownership consorti... According to the Danish Companies Act, shareholders must notify the company if the voting rights of their shares repr... The Danish Maritime Fund 10.00% AX IV HoldCO A/S* 14.49% Danish Ship Finance A/S Minority shareholders 0.09% Polygon GraphicLine The following shareholders hold at least 5% of the total voting rights or own at least 5% of the shares in DSF. • Mag... Ownership structure Magellan Capital Holdings PLC 75.42% GraphicLine GraphicLine * Magellan Capital Holdings PLC owns 85% of Axcel IV HoldCo A/S Management report
    GraphicLine GraphicLine GraphicLine
    65 Danish Ship Finance Annual Report 2025 Corporate governance
  • Read more about DMF here
    Rectangle Rectangle Rectangle Rectangle Rectangle
    The danish maritime fund A black and white image of a maritime scene with the name Den Danske Maritime Fond written in white. AI generated content Through our contribution of 15% of our annual net profit to the DMF, we finance initiatives promoting the development... The objectives stated in the Fund charter are: • to ensure the perpetual existence of a ship finance institution in D... Management report
    GraphicLine GraphicLine GraphicLine
    66 Danish Ship Finance Annual Report 2025 Corporate governance
  • website General meeting Our highest decision making authority is the general meeting. Our articles of association are availab... Organisation and responsibilities are Vice Chairmen. The Board of Directors defines our overall strategy, policies and guidelines. Each year, the Board... The competency profile is as follows: • Banking and mortgage lending • Financial derivatives • International maritime... tasks. The results of the latest evaluation were good overall and showed good alignment within the Board of Directors... Management report
    GraphicLine GraphicLine GraphicLine
    67 Danish Ship Finance Annual Report 2025 Corporate governance
  • website selecting and recommending new auditors. In 2025, the Audit Committee held three ordinary meetings, two of which took... Rectangle Additional information on the Remuneration Committee is available on our website. The Executive Board and senior mana... Two people standing on a deck, one of them wearing a pink shirt. AI generated content Management report
    GraphicLine GraphicLine GraphicLine
    68 Danish Ship Finance Annual Report 2025 Corporate governance
  • The primary responsibility for risk management and internal controls in relation to the financial reporting process r... Internal control and risk management “The key component of our control environment is an appropriate organisation, including adequate segregation of funct... Overall control environment The key component of our control environment is an appropriate organisation, including ad... controls, segregation of functions, IT usage and IT security, including measures taken to reduce cyber risk. As part ... The purpose of the control activities is to prevent, detect and correct any errors or omissions. In the context of ou... Management report
    GraphicLine GraphicLine GraphicLine
    69 Danish Ship Finance Annual Report 2025 Corporate governance
  • Rectangle Rectangle Rectangle Rectangle Rectangle bles employees to report any instance of non compliance with financial legislation, economic crime, suspected corrupt... purpose is to protect the rights of individuals and define guidelines on how employees treat personal data with integ... Management report
    GraphicLine GraphicLine GraphicLine
    70 Danish Ship Finance Annual Report 2025 Corporate governance
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    A large cargo ship with a pink hull is docked at a pier. AI generated content Rectangle Financial statements
    GraphicLine GraphicLine GraphicLine
    Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    NOTE,1 January 31 December DKK million,2025,2024,4,Interest income,6,442,8,284,5,Interest expenses,(5,990),(7,824),6,... ,1 January 31 December DKK million,2025,2024,,,,,,AMOUNT AVAILABLE FOR DISTRIBUTION,,,,,,,,Distributable reserves,305... Income statement Financial statements
    GraphicLine GraphicLine GraphicLine
    72 Danish Ship Finance Annual Report 2025 Income statement
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    NOTE,At 31 December DKK million,2025,2024,,,,,,ASSETS,,,,,,,12,Due from credit institutions and central banks,5,055,4... NOTE,At 31 December DKK million,2025,2024,,,,,,Provisions,,,28,Provisions for deferred tax,56,20,,Other provisions,70... Balance sheet Financial statements
    GraphicLine GraphicLine GraphicLine
    73 Danish Ship Finance Annual Report 2025 Balance sheet
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    Statement of changes in equity ,,,,,, Rectangle 1) In 2025, the revaluation reserve was released in connection with the disposal of the former domicile property and... The tied up reserve capital of Danish Ship Finance A/S was established in connection with the conversion from a foun... Financial statements
    GraphicLine GraphicLine GraphicLine
    74 Danish Ship Finance Annual Report 2025 Statement of changes in equity
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    1,Accounting policies,2,Key figures,3,Reconciliation of business areas,4,Interest income,5,Interest expenses,6,Net in... List of notes 22,Land and buildings,23,Other tangible assets,24,Other assets,25,Due to credit institutions and central banks,26,Iss... Financial statements
    GraphicLine GraphicLine GraphicLine
    75 Danish Ship Finance Annual Report 2025 List of notes
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ACCOUNTING POLICIES General The Annual Report has been prepared in accordance with the Danish Financial Business Act ... Note 1 Measurement of expected credit losses The measurement of expected credit losses (ECL) on loans, guarantees and credit... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 76 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    Translation of transactions in foreign currency The financial statements are presented in DKK, and the functional cur... Note 1 continued The trading portfolio, which is measured at fair value, comprises the following financial assets and liabilities: • B... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 77 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    INCOME STATEMENT Interest income and expenses Interest income and expenses in respect of interest bearing financial i... Note 1 continued Loan impairment charges This item includes write offs on loans, recovery on loans previously written off and loan im... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 78 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    in default (e.g., a loan is more than 90 days past due) or otherwise impaired, the loan impairment charge equals the ... Note 1 continued The shares are measured on initial recognition at fair value excluding transaction costs and subsequently at fair val... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 79 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    Issued bonds at amortised cost Issued bonds comprise ship mortgage bonds and ship covered bonds issued by DSF, which ... Note 1 continued Tied ip reserve capital The tied up reserve capital comprises amounts required by law to be retained in accordance wi... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 80 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,2025,2024,2023,2022,2021,,,,,,,,note 2,KEY FIGURES,,,,,,,,,,,,,,Net interest income from lending ,218,35... ,DKK million,2025,2024,2023,2022,2021,,,,,,,, ,KEY RATIOS,,,,,,, Common Equity Tier 1 capital ratio (%) ,26.7,23.6,19... Rectangle Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 81 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,,,,,,Note 2 continued,DEFINITIONS,,,Financial ratios,,,Return on equity before tax (%),Profit (loss) before tax for ... Rectangle Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 82 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,2025,,,,,,,,,DKK million,,,,,,,,,,,,note 3 ,RECONCILIATION OF BUSINESS AREAS,,,,,,Business areas,,Net interest incom... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 83 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,2024,,,,,,,,,DKK million,,,,,,,Note 3 continued,RECONCILIATION OF BUSINESS AREAS,,,,,,Business areas,,Net interest i... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 84 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,2025,2024,,,,,note 5,INTEREST EXPENSES,,,,,,,,Credit institutions and central banks,(379),(242),,Issued ... ,DKK million,2025,2024,,,,,note 4,INTEREST INCOME,,,,,,,,Due from credit institutions and central banks,85,94,,Loans ... Rectangle Rectangle Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 85 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,2025,2024,,,,,note 6,NET INTEREST INCOME,,,,,,,,Net interest income from lending,,,,Loans and other rece... ,DKK million,2025,2024,,,,,note 7,FEE AND COMMISSION INCOME,,,,,,,,Fee and other commission income,18,21,,Total fee a... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 86 Danish Ship Finance Annual Report 2025
  • website Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,2025,2024,,,,,note 9,STAFF COSTS AND ADMINISTRATIVE EXPENSES,,,,,,,,Remuneration of Board of Directors a... ,, note 9 continued, INFORMATION ON REMUNERATION POLICY,,Information about remuneration policy and practice for the B... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 87 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,,,, note 9 continued,,, ,,,,,,,,, 1) The remuneration of the CEO and the former CEO is reported for the ... ,DKK million,2025,2024,,,,,note 10,AUDIT FEES,,,,,,,,Fees for statutory audit of financial statements,(0.9),(1.1),,Fe... Fees for non audit services provided by EY Godkendt Revisionspartnerselskab to Danish Ship Finance A/S cover accounti... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 88 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,2025,2024,,,,,note 11,TAX,,,,,,,,Tax on profit for the year,,,,Estimated tax on profit for the year,(74)... Rectangle ,DKK million,2025,2024,,,,,note 12,DUE FROM CREDIT INSTITUTIONS AND CENTRAL BANKS,,,,,,Genuine purchase and resale tr... The company has no term deposits with central banks. Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 89 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,2025,2024,,,,,note 13,LOANS AT AMORTISED COST,,,,,,,,As at 1 January,26,723,31,187,,Additions,5,560,5,75... ,DKK million,2025,2024,,,,,note 14,LOANS AT AMORTISED COST BROKEN DOWN BY DUE DATE,,,,,,,,Gross loans at exchange rat... Loans at fair value are assessed using the market value of fixed rate loans. Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 90 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,2025,2024,,,,,note 15,NON PERFORMING LOANS,,,,,,,,Impaired loans (DSF Rating of 11),,,,Loans subject to ... See note 2 for definitions on NPL ratios. Note 17 provides detailed information on loan to value intervals for the to... ,DKK million,2025,2024,,,,,note 16,LOAN IMPAIRMENT CHARGES,,,,,,,,The following ECL charges/loss allowances/managemen... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 91 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    Rectangle ,DKK million,2025,2024,,,,,note 17,CREDIT RISK,,,,,,,,Reconciliation of loans and guarantees (loan book),,,,Balance s... ,DKK million,,,,,,,Note 17 continued,RATING CATEGORY BREAKDOWN The internal DSF Rating scale consists of 12 rating ca... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 92 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,,,,,,,,,,Note 17 continued,STAGES FOR CHANGES IN CREDIT RISK,,,,,,,,Loan book before loan impairment cha... ,DKK million,,,,,,,,,,Note 17 continued,STAGES FOR CHANGES IN CREDIT RISK,,,,,,,,Credit commitments broken down by ra... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 93 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,,,,,,,,,,,Note 17 continued,STAGES FOR CHANGES IN CREDIT RISK,,,,,,,,Loan book before loan impairment ch... ,DKK million,,,,,,,,,,,Note 17 continued,STAGES FOR CHANGES IN CREDIT RISK,,,,,,,,Credit commitments broken down by r... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 94 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,,,,,,,Note 17 continued,STAGES FOR CHANGES IN CREDIT RISK,,,,,,,,Changes in total ECL allowance account ... ,DKK million,,,,,,,Note 17 continued,STAGES FOR CHANGES IN CREDIT RISK,,,,,,,,Changes in total ECL allowance account ... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 95 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,, Note 17 continued, Classification, stage migration and loan impairment charges ,, Note 17 continued, Arrears/past due loans Loans in arrears/past due for 30 days or more (but less than 90 days) ar... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 96 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    The table above shows that 99% of all loans were secured within 60% of the market value of the mortgage at year end 2... The table above shows that there were no non performing loans at year end 2025. The weighted average loan to value ra... ,, Note 17 continued,Loan book after loan impairment charges broken down by loan to value interval,,,,,, ,, ,, Note 17 continued,Non performing loans after loan impairment charges broken down by loan to value interval,,,,,,Lo... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 97 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,2025,2024,,,,,Note 18,BONDS,,,,,,,,Bond portfolio,,,,Own non callable bonds (amortised cost),1,834,2,278... ,DKK million,2025,2024,,,,,note 19,BONDS BY TIME TO MATURITY,,,,,,,,Bond portfolio,,,,Bonds with a maturity up to and... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 98 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,2025,2024,,,,,Note 21,SHARES, ETC.,,,,,,,,Listed shares,307, ,,Unlisted shares recognised at fair value,... ,,,,note 22 continued,The domicile property on Langebrogade has been valued based on rent levels and yields for simil... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 99 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,2025,2024,,,,,Note 23,OTHER TANGIBLE ASSETS,,,,,,,,Cost, as at 1 January,13,16,,Additions during the yea... ,DKK million,2025,2024,,,,,note 25,DUE TO CREDIT INSTITUTIONS AND CENTRAL BANKS,,,,,,,,Repo transactions,16,505,7,835... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 100 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,2025,2024,,,,,Note 26,ISSUED BONDS AT AMORTISED COST,,,,,,,,As at 1 January,38,843,43,595,,Additions in ... ,DKK million,2025,2024,,,,,note 26 continued,Broken down by term to maturity,,,,Up to 3 months,1,544,3,121,,From 3 mo... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 101 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,2025,2024,,,,,Note 27,OTHER LIABILITIES,,,,,,,,Interest payable,443,591,,Derivatives,1,473,1,547,,Other ... ,DKK million,2025,2024,,,,,note 28,DEFERRED TAX,,,,,,,,Deferred tax, as at 1 January,(20),93,,Estimated deferred tax ... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 102 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,2025,2024,,,,,Note 29,EQUITY,,, ,,, ,DKK million,2025,2024,,,,,note 30,CAPITAL ADEQUACY,,,,,,,,Common Equity Tier 1 capital,,,,Share capital A shares,300... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 103 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,2025,2024,,,,,Note 30 continued,Risk exposure amount,,,,Assets outside the trading book,23,031,27,055,,O... ,DKK million,2025,2024,,,,,note 31,OTHER CONTINGENT LIABILITIES,,,,,,,,In the ordinary course of its lending operatio... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 104 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,,,,,,,note 32,RELATED PARTIES Related parties comprise members of the company’s Executive Board and Boar... ,DKK million,,,,,,,note 32 continued,CONSOLIDATED FINANCIAL STATEMENTS The financial statements of DSF are consolidat... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 105 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,,,,,,,,,note 33,HEDGE ACCOUNTING,,,,,,,,,,The company in part hedges the interest rate risk on fixed rat... ,DKK million,,2025,2024,,,,,,note 34,NOTIONAL PRINCIPALS OF OUTSTANDING DERIVATIVES,,,,,,,Swap agreements Swap agreem... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 106 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,2025 Positive,2025 Negative,2024 Positive,2024 Negative,,,,,,,note 35,FAIR VALUES OF OUTSTANDING DERIVAT... ,DKK million,2025 Positive,2024 Positive,,,,,note 35 CONTINUED,Netting of exposure value The positive gross fair valu... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 107 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,,,,,,,,,,,,,note 36,FOREIGN EXCHANGE RISK AND USE OF DERIVATIVES,,,,,,,,,,,,,,Our total unhedged foreign... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 108 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,2025,2024,,,,,note 37,MARKET RISK SENSITIVITY,,,,,,,,Interest rate risk Our equity is invested primarily... ,DKK million,2025,2024, ,,,,,An appreciation of the USD exchange rate against the DKK,,,,Change in net profit for the... note 37 continued, Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 109 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    , ,,,,,,,note 38,FAIR VALUE OF FINANCIAL INSTRUMENTS MEASURED AT AMORTISED COST,,,,,,,,Financial instruments are meas... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 110 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,, note 39, SUPPLEMENTARY NOTES WITHOUT REFERENCE FINANCIAL RISKS AND POLICIES FOR FINANCIAL RISK MANAGEMENT,,,,RISK ... ,, note 39 continued, MARKET RISK Market risk refers to the risk of losses resulting from adverse movements in market... Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 111 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,, note 39 Continued, LIQUIDITY RISK Liquidity risk comprises two key components: funding liquidity risk, which is th... , Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 112 Danish Ship Finance Annual Report 2025
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    ,DKK million,Capital Centre Institute in general,Capital Centre A,Total,,,,,,note 40,CAPITAL CENTRES 2025,,,,, Pursua... ,DKK million,Capital Centre Institute in general,Capital Centre A,Total,,,,,,note 40 continued,CAPITAL CENTRES 2024,,... The financial statements of the individual capital centre are unaudited. The complete financial statements for the in... Rectangle Financial statements
    GraphicLine GraphicLine GraphicLine
    Notes 113 Danish Ship Finance Annual Report 2025
  • Rectangle Rectangle Rectangle Rectangle Rectangle
    A large ship with a lot of cargo on it is sailing in the ocean. AI generated content Statements
    GraphicLine GraphicLine GraphicLine
    Danish Ship Finance Annual Report 2025
  • Statement by Management on the Annual Report The Board of Directors and the Executive Board have today considered and... Statement by Management Copenhagen, 27 February 2026 Executive Board Kristian Skovmand Chief Executive Officer Polygon Lars Jebjerg Chief Financial Officer Polygon Eivind Drachmann Kolding (Chairman) Polygon Peter Nyegaard (Vice Chairman) Polygon Marcus Freuchen Christensen Polygon Henriette S gaard Fabricius Polygon Jacob Balslev Meldgaard Polygon Ahmed Mohamed Abdelmonem Omar (Vice Chairman) Polygon Omar Elali Polygon Thor J rgen Guttormsen Polygon Christopher Rex Polygon Povl Christian L tken Frigast Polygon Andreas Hertz Poulsen Polygon Board of Directors Rectangle
    GraphicLine GraphicLine GraphicLine
    115 Danish Ship Finance Annual Report 2025 Statements Statement by Management
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    Independent auditor’s report Report on the audit of the financial statements Opinion We have audited the financial statements of Danish Ship Finan... To the shareholders of Danish Ship Finance A/S (Danmarks Skibskredit A/S) Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional... resolution of the general meeting for a total consecutive period of 5 years up until the financial year 2025. Key aud...
    GraphicLine GraphicLine GraphicLine
    116 Danish Ship Finance Annual Report 2025 Statements Independent auditor’s report
  • Rectangle Rectangle Rectangle  Rectangle Key audit matters A significant part of the company’s assets consists of loans, which amounted to DKK 23,010 million ... Loans and provisions for credit losses
    GraphicLine GraphicLine GraphicLine
    117 Danish Ship Finance Annual Report 2025 Statements Independent auditor’s report
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle Rectangle
    Statement on the Management’s review Management is responsible for the Management's review. Our opinion on the financ... lated to going concern and using the going concern basis of accounting in preparing the financial statements unless M... the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of e...
    GraphicLine GraphicLine GraphicLine
    118 Danish Ship Finance Annual Report 2025 Statements Independent auditor’s report
  • Rectangle Rectangle Rectangle Rectangle Rectangle
    We also provide those charged with governance with a statement that we have complied with relevant ethical requiremen... January – 31 December 2025 with the file name Annual Report 2025 (XHTML) is prepared, in all material respects, in co... Rasmus Berntsen State Authorised Public Accountant mne35461 Polygon Polygon Thomas Hjortkj r Petersen State Authorised Public Accountant mne33748
    GraphicLine GraphicLine GraphicLine
    119 Danish Ship Finance Annual Report 2025 Statements Independent auditor’s report
  • Rectangle Rectangle Rectangle Rectangle Rectangle
    A blue and white ocean wave with white foam. AI generated content Management report, continued Management and directorships
    GraphicLine GraphicLine GraphicLine
    Danish Ship Finance Annual Report 2025
  • A man wearing a suit and tie with glasses on his head. AI generated content A man wearing glasses and a black jacket is sitting in front of a wall. AI generated content A man wearing a suit and tie is smiling for a picture. AI generated content
    Rectangle Rectangle Rectangle Rectangle Rectangle
    Board of Directors Management and directorships Directorships and executive positions – Board of Directors This section lists positions, other directorships, executi... Eivind Kolding Chairman of the Board of Directors Chairman of the Remuneration Committee Born on 16 November 1959 Nat... Peter Nyegaard Vice Chairman Chairman of the Audit Committee Born on 16 May 1963 Nationality: Danish Considered to be... Ahmed Omar Vice Chairman Member of the Audit Committee Born on 6 October 1986 Nationality: Egyptian Considered to be ...
    GraphicLine GraphicLine GraphicLine
    121 Danish Ship Finance Annual Report 2025 Management report, continued Management and directorships
  • A man wearing a suit and tie is smiling for the camera. AI generated content A man wearing a suit and tie is smiling for the camera. AI generated content Thor J rgen Guttormsen Member of the Remuneration Committee Born on 5 January 1949 Nationality: Norwegian Considered ...
    Rectangle Rectangle Rectangle Rectangle Rectangle
    Christian Frigast Member of the Remuneration Committee Born on 23 November 1951 Nationality: Danish Considered to be ... Competencies: Broad knowledge of banking, finance, financial risk management and management of international companie... A man wearing a suit and tie is smiling for the camera. AI generated content A bald man wearing a suit and tie. AI generated content Jacob Meldgaard Member of the Remuneration Committee Born on 24 June 1968 Nationality: Danish Considered to be an ind... Omar Elali Member of the Remuneration Committee Born on 3 February 1997 Nationality: Swedish Considered to be a depen...
    GraphicLine GraphicLine GraphicLine
    122 Danish Ship Finance Annual Report 2025 Management report, continued Management and directorships
  • A man wearing a suit and tie is looking at the camera. AI generated content
    Rectangle Rectangle Rectangle Rectangle Rectangle
    Christopher Rex Employee representative Born on 28 January 1979 Nationality: Danish Joined the Board of Directors on ... Marcus Freuchen Christensen Employee representative Born on 20 November 1979 Nationality: Danish Joined the Board of ... Andreas Hertz Poulsen Employee representative Born on 20 May 1986 Nationality: Danish Joined the Board of Directors o... Henriette S gaard Fabricius Employee representative Born on 22 March 1968 Nationality: Danish Joined the Board of Dir... A man wearing a suit and tie is smiling for the camera. AI generated content A man wearing a suit and tie is looking at the camera. AI generated content A woman wearing glasses and a white shirt. AI generated content
    GraphicLine GraphicLine GraphicLine
    123 Danish Ship Finance Annual Report 2025 Management report, continued Management and directorships
  • Rectangle Rectangle Rectangle Rectangle Rectangle
    Attendance rate (%) ,Board of Directors ,Audit Committee,Remuneration Committee,Eivind Kolding,100,,100,Peter Nyegaar... Attendance at board meetings 2025 Rectangle
    GraphicLine GraphicLine GraphicLine
    124 Danish Ship Finance Annual Report 2025 Management report, continued Management and directorships
  • Rectangle Rectangle Rectangle Rectangle Rectangle
    Executive Board Kristian Skovmand, CEO Member of the Executive Board since 1 October 2025 Lars Jebjerg, CFO Member of the Executive Board since 22 May 2018 A man wearing a suit and tie is standing in front of a staircase. AI generated content Image pending A man wearing a suit and tie is standing in front of a staircase. AI generated content
    GraphicLine GraphicLine GraphicLine
    125 Danish Ship Finance Annual Report 2025 Management report, continued Management and directorships
  • Rectangle
    Rectangle Rectangle Rectangle Rectangle
    Financial calendar for 2026 27 February Publication of the Annual Report 2025 18 March Annual general meeting of Danish Ship Finance A/S at our p... Polygon Polygon
    GraphicLine GraphicLine GraphicLine
    126 Danish Ship Finance Annual Report 2025 Financial calendar for 2026
  • Rectangle Rectangle
    Polygon Polygon Polygon Polygon
    Polygon Polygon Polygon Polygon
    Danish Ship Finance A/S (Danmarks Skibskredit A/S) Langebrogade 5 DK 1411 Copenhagen K T. +45 3333 9333 CVR no. 27 49 26 49 danish@shipfinance.dk shipfinance.dk
    EPS
 
Built with in5.