Hunter Group ASA

Annual Report • Apr 10, 2025

Hunter Group ASA Annual report 2024

10 April 2025

Disclaimer

CERTAIN STATEMENTS INCLUDED IN THIS DOCUMENT CONTAIN FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS INCLUDE STATEMENTS CONCERNING PLANS, OBJECTIVES, GOALS, STRATEGIES, FUTURE EVENTS OR PERFORMANCE, AND UNDERLYING ASSUMPTIONS AND OTHER STATEMENTS, WHICH ARE OTHER THAN STATEMENTS OF HISTORICAL FACTS. THE WORDS "BELIEVE," "ANTICIPATE," "INTENDS," "ESTIMATE," "FORECAST," "PROJECT," "PLAN," "POTENTIAL," "MAY," "SHOULD," "EXPECT" "PENDING" AND SIMILAR EXPRESSIONS IDENTIFY FORWARD-LOOKING STATEMENTS. THE FORWARD-LOOKING STATEMENTS IN THIS DOCUMENT ARE BASED UPON VARIOUS ASSUMPTIONS, MANY OF WHICH ARE BASED, IN TURN, UPON FURTHER ASSUMPTIONS, INCLUDING WITHOUT LIMITATION, MANAGEMENT'S EXAMINATION OF HISTORICAL OPERATING TRENDS, DATA CONTAINED IN HUNTER GROUP'S RECORDS AND OTHER DATA AVAILABLE FROM THIRD PARTIES. ALTHOUGH HUNTER GROUP BELIEVES THAT THESE ASSUMPTIONS WERE REASONABLE WHEN MADE, BECAUSE THESE ASSUMPTIONS ARE INHERENTLY SUBJECT TO SIGNIFICANT UNCERTAINTIES AND CONTINGENCIES WHICH ARE DIFFICULT OR IMPOSSIBLE TO PREDICT AND ARE BEYOND HUNTER GROUP'S CONTROL, YOU CANNOT BE ASSURED THAT HUNTER GROUP WILL ACHIEVE OR ACCOMPLISH THESE EXPECTATIONS, BELIEFS OR PROJECTIONS. THE INFORMATION SET FORTH HEREIN SPEAKS ONLY AS OF THE DATES SPECIFIED AND HUNTER GROUP UNDERTAKES NO DUTY TO UPDATE ANY FORWARD-LOOKING STATEMENT TO CONFORM THE STATEMENT TO ACTUAL RESULTS OR CHANGES IN EXPECTATIONS OR CIRCUMSTANCES. IMPORTANT FACTORS THAT, IN HUNTER GROUP'S VIEW, COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE DISCUSSED IN THE FORWARD-LOOKING STATEMENTS INCLUDE, WITHOUT LIMITATION: THE STRENGTH OF WORLD ECONOMIES AND CURRENCIES, GENERAL MARKET CONDITIONS, INCLUDING FLUCTUATIONS IN CHARTERHIRE RATES AND VESSEL VALUES, CHANGES IN DEMAND IN THE TANKER MARKET, INCLUDING BUT NOT LIMITED TO CHANGES IN OPEC'S PETROLEUM PRODUCTION LEVELS AND WORLD WIDE OIL CONSUMPTION AND STORAGE, CHANGES IN HUNTER GROUP'S OPERATING EXPENSES, INCLUDING BUNKER PRICES, DRYDOCKING AND INSURANCE COSTS, THE MARKET FOR HUNTER GROUP'S VESSELS, AVAILABILITY OF FINANCING AND REFINANCING, ABILITY TO COMPLY WITH COVENANTS IN SUCH FINANCING ARRANGEMENTS, FAILURE OF COUNTERPARTIES TO FULLY PERFORM THEIR CONTRACTS WITH US, CHANGES IN GOVERNMENTAL RULES AND REGULATIONS OR ACTIONS TAKEN BY REGULATORY AUTHORITIES, POTENTIAL LIABILITY FROM PENDING OR FUTURE LITIGATION, GENERAL DOMESTIC AND INTERNATIONAL POLITICAL CONDITIONS, POTENTIAL DISRUPTION OF SHIPPING ROUTES DUE TO ACCIDENTS OR POLITICAL EVENTS, VESSEL BREAKDOWNS, INSTANCES OF OFF-HIRE AND OTHER IMPORTANT FACTORS.

THIS PRESENTATION IS NOT AN OFFER TO PURCHASE OR SELL, OR A SOLICITATION OF AN OFFER TO PURCHASE OR SELL, ANY SECURITIES OR A SOLICITATION OF ANY VOTE OR APPROVAL.

Financial highlights	2024	2023
Realized net TC result (loss)	USD (8.30m)	USD 0.05m
Unrealized non-cash TC position result (loss)	USD (1.83m)	USD 1.78m
Total operating expenses	USD (1.96m)	USD (1.41m)
Adj. net profit (loss)1	USD (10.04m)	USD (0.48m)
Net profit (loss)2	USD (11.87m)	USD 1.30m

USD 39,220/d	USD 54,190/d
USD 51,834/d	USD 52,500/d
USD (12,614)/d	USD 1,690/d
658 / 658	60 / 60

Cash and working capital USD 12.49m USD 5.73m

• The realized net TC result was negative USD 8.30m for the year, impacted by a weaker than expected tanker market
• Non-cash reversal of previous unrealized TC gains of USD 1.83m due to lower TC market rates at year end
  • From an accounting perspective, the two back-to-back charterparties are considered derivatives on the freight market and accounted for at estimated fair value
  • Unrealized changes to the estimated fair value is recognized in the profit and loss statement
  • The estimated value is calculated on an NPV basis, with 1 3 year TC market rates as proxies for future index-linked TC rates
• Total operating expenses were USD 1.96m during the year, consisting primarily of broker commissions, legal expenses and administrative costs
• Index-linked TC-rates averaged USD 39,220 for the year
  • Average fixed TC-in rate of USD 51,834 per day
  • Average TC margin (loss) of USD (12,614) per day
  • 100% utilization, operating all available 658 days
• Index-linked TC rates have averaged USD 43,400/d so far in 2025, an increase of ~35% compared with the second half of 2024

Highlights – 2024

• Completed a NOK 124 million equity private placement through issuance of 70,857,143 new shares at a price of NOK 1.75 per share. The proceeds increased the cash buffer in connection with the Company's two VLCC charters
• Completed two subsequent repair offerings, raising approx. NOK 35 million, through the issuance of 20,866,666 new shares
  • Repair offering nr. 1 consisted of 6,666,666 new shares offered at NOK 1.50 per share, and was conducted in connection with the November 2023 private placement
  • Repair offering nr. 2 consisted of 14,200,000 new shares offered at NOK 1.75 pers hare, and was conducted in connection with the January 2024 private placement
  • Following the offerings, the Company has 134,825,243 shares outstanding
• Extraordinary general meeting held on 2nd February 2024, which approved the NOK 124 million private placement, the two repair offerings and elected Bertel Steen to replace CFO Lars Brynildsrud as board member of the company
• Took delivery of the second eco scrubber-fitted VLCC. The vessel was chartered in for three years at a fixed rate of USD 51,000 per day and immediately chartered out on a floating index-linked spot rate
• The Annual General Meeting was held on 25 April 2024, and all resolutions were passed in accordance with the proposals set out in the notice for the AGM

Key events 2024 Key events 2024 (cont'd)

• The Company was awarded a grant of up to approx. 100 million from Enova, the Norwegian state-owned enterprise established to promote a shift towards more environmentally friendly energy consumption and production. The grant was awarded in connection with the potential construction of two next generation Commissioning Service Operation Vessels ("CSOV"), equipped with cutting edge maritime technology ensuring that the vessels can be efficiently operated with virtually zero emissions
  • Hunter Maritime Advisors, a wholly owned subsidiary of the Company, has been developing the CSOV project for some time. We remain strong believers in the long-term fundamentals of the offshore wind market, and once market conditions are favorable, we are ready to take the project into the next phase. We emphasize that the project will be developed on a standalone basis, and that any proceeds raised in connection with the VLCC charters will not be used for this purpose

Subsequent events

• Hunter Maritime Advisors, a fully owned entity within the Hunter Group ASA structure, has been engaged by a publicly listed offshore drilling company to deliver strategic consultancy services. This engagement reflects the Group's continued efforts to leverage its industry expertise and expand its presence within the maritime and energy sectors
• As part of its forward-looking project development strategy, Hunter Group ASA established a new subsidiary, HG ProjectCo 1 AS, in February 2025. Following its incorporation, the company transferred the previously awarded Enova grant, amounting to approximately NOK 100 million, to HG ProjectCo 1 AS. The grant represents the subsidiary's sole asset and is earmarked for the development of future clean energy or maritime innovation initiatives, in line with the Group's long-term value creation strategy

Rates have improved so far in 2025

Key TC figures	As of 9 April 2025
Avg. floating index TC-out:	USD 40,685/d
Avg. fixed rate TC-in:	USD 51,835/d
Total TC days:	896 / 896
Avg. TC end dates	Dec '26 / Mar ' 27

• The VLCC spot market performed according to expectations during the first half of 2024, however, the latter part of the year defied historical seasonal patterns and significantly underperformed our expectations
• Improving fundamentals have led to rebounding rates, with index-linked TC rates having averaged USD 46,340/d so far in 2025
• Several factors give cause for optimism going forward
  • Oil market to continue to grow by 2-3mbd, implying significant ton-mile growth
  • Peace agreements could cause transition from shadow fleet to "compliant" fleet
  • U.S. sanctions of 160+ tankers increasingly coming into effect
  • Global trade war with potential to alter oil flows and boost tanker demand
  • Aging fleet 20% of the fleet is more than 20 years old
  • Only 4 VLCCs to be delivered in 2025, i.e. 0.4% gross fleet growth

Oil market fundamentals remain robust

Long term global oil market trends

• Global oil demand is forecasted to continue to grow by around 2.2mbd over the next two years
  • The majority of the demand growth will happen in Asia, with China to account for approx. 600kbpd despite economic headwinds
• Global supply growth is expected to outpace demand with an increase of approx. 3.0mbd, likely leading to inventory builds and potential oil price contango
  • A large portion of new supply is expected to come from Atlantic producers, i.e. long-haul exports with U.S., Brazil and Guyana to account for approx. 1.4mbd

The VLCC supply outlook remains highly supportive

• The VLCC supply outlook over the next few years remains highly supportive for tanker rates, despite recent ordering
• While the VLCC orderbook now stands at around 10% of the fleet, approx. 50% of these deliveries will happen after the Company's TCs have expired, from Q1 2027 and onwards
• For 2025, only 4 VLCCs are left for delivery, while 24 are on the books for 2026
• Over the same period, almost 250 VLCC will hit the average scrapping age of 20 years, which have the potential to cause negative fleet growth
• Consequently, very little demand growth is needed to push rates to historically high average levels

Hunter Group ASA's Board of Directors approved this updated Corporate Governance Policy on 9 April 2025.

1. Introduction

Corporate Governance regulates the responsibilities of the executive personnel and the Board of Directors of Hunter Group ASA and its subsidiaries. The subsidiaries adopts the relevant governing documents.

Hunter Group ASA ("HUNT", "the Company" or "the Group") is a Norwegian public limited liability company which shares are listed on Euronext Expand Oslo, and it is therefore subject to the corporate governance requirements as set out in the Norwegian Code of Practice for Corporate Governance. HUNT works according the Norwegian Code of Practice for Corporate Governance dated 14th October 2021 (www.nues.no). Where HUNT does not fully comply with the recommendations, an explanation or comment is given.

Oslo Stock Exchange prescribes that companies listed on the Oslo Stock Exchange must publish a report in their annual report on the Company's corporate governance.

HUNT aims to have effective systems in place for communication, monitoring, accountability, and incentives that also enhance the market value, corporate profit, long-term strength, continuity and overall success of the business of HUNT. In addition to strengthen the confidence amongst its shareholders.

HUNT is a small company with limited resources available within the organization. The number of employees (including managers) were 3 at year-end 2024. This limits the ability to allocate resources to report and follow up on Corporate Governance and Corporate social responsibility (CSR). On the other hand, a limited organization in combination with an external board and a transparency culture is a strength in the companys daily work with Corporate Governance and CSR. The principles, rules and regulations are outlined to meet both todays business model and complexity and future, more complex business environments. The board will monitor the need for increased capacity to fulfill external and internal rules and regulation as the business develops.

2. Reporting on Corporate Governance

Hunter Group ASA's Board of Directors review and approves this Corporate Governance Policy annually, which can also be found on its website (www.huntergroup.no) and is included in the annual report.

The Company's basic corporate values are incorporated in the Company's management system. The Board of Directors has implemented ethical guidelines and a corporate social responsibility policy, which are reviewed and re-issued annually.

3. Business

In the Articles of Association HUNT's business is described as follows:

Hunter group is a publicly traded investment company focusing on shipping and oil services investments.

The Company's primary business currently consists of oil tanker chartering. The Company currently has two threeyear contracts for eco scrubber-fitted VLCCs, chartered in on fixed rates and chartered out on floating index-linked rates.

The main investment between 2018 and 2022 was Hunter Tankers AS, a wholly owned ship owning company. Hunter Tanker AS' fleet consisted originally of eight identical VLCCs. The VLCC fleet was gradually divested throughout 2021 and 2022. The Company was dissolved in 2023.

The Badger Explorer technology for exploring and mapping of hydrocarbon resources was organized in the subsidiary Indicator AS, which was dissolved during 2024.

4. Equity and Dividends

The development of the Group's equity up to 31 December 2024 is described in the "Statement of change in equity" in the financial statements of the annual report.

HUNT's dividend policy aims to yield a competitive return on invested capital to the shareholders through a combination of dividends, share buybacks and share price appreciation. The Company distributed a total of NOK 2.31 per share in dividends in 2023 (NOK 46.2 per share adjusted for the 20:1 reverse stock split in July 2023), while no dividend payments were made during 2024.

At the Company's annual general meeting on 25 April 2024 the Board of Directors was granted a mandate to increase the Company's share capital by up to NOK 2,577,642 (rounded) to fund investments and general corporate purposes. Furthermore, the Board of Directors were granted a mandate to acquire, on behalf of the Company, up to 13,482,524 of the Company's own shares.

The mandates granted by the Company's annual general meeting on 25 April 2024 are valid until the earliest of the annual general meeting 2025 or 30 June 2025. The authorizations are in accordance with Norwegian Code of Practice for Corporate Governance.

5. Equal Treatment of Shareholders and Transactions with Close Associates

HUNT has one class of shares and is dedicated to applying equal treatment to all shareholders.

The decision to waiver the existing shareholders' pre-emption rights in the event of an increase in the share capital must be justified. The Board of Directors will disclose such a justification in the stock exchange notification in connection with the increase in share capital.

If a transaction between the Company and a shareholder of the Company, a shareholder's parent company, a member of the Board of Directors or a member of executive personnel (or related parties to such persons) is considered to be material in accordance with the Norwegian Code of Practice for Corporate Governance, the Board will obtain an evaluation from an independent third party. This will not apply if the GM's approval for such transactions is required according to the Norwegian Public Limited Companies Act §3-8.

Board members and the executive personnel shall notify the Board of any material direct or indirect interest in any transaction entered into by HUNT.

Deviation from the Norwegian Code of Practice for Corporate Governance:

The shareholders' pre-emptive rights are exempted because the Group wishes to be able to (i) use share issues for its employees, Directors and others important stakeholders with the Group as a part of the Group's share incentive scheme and (ii) issue shares towards certain specifically chosen institutional investors or others if required or desired in conjunction with the Group's expansion, development and/or strategic acquisitions.

6. Freely Negotiable Shares

All HUNT shares carry equal rights and are freely negotiable. Each share represents one vote at the GMs. The nominal value per share amounts to NOK 0.0038 (rounded). At the date of this annual report, there are no restrictions regarding transferability in the Group's Articles of Association or any other transfer restrictions related to HUNT's shares.

7. General Meetings ("GM")

The shareholders exercise the highest authority in HUNT through AGMs.

In 2025 the Annual General Meeting of HUNT will be held on May 8 th . The Group's financial calendar has been published in a notice to the Oslo Stock Exchange and is available on HUNT's website. The GMs shall approve the annual accounts, the annual report, distribution of dividend, and otherwise make such resolutions as required under the Corporate Governance Policy and the applicable law.

The Board shall publish notices of GMs and any supporting material, such as the agenda, recommendations of the Nomination Committee, the information about the shareholder's right to propose resolutions in respect of matters to be dealt with by the General Meeting and other documents as set out in the bye-laws of the Group, no later than 21 days prior to the day of the GM, on the Group's website (www.huntergroup.no). The Board will also ensure that the distributed notice and all supporting material are sufficiently detailed. The Board will make reasonable efforts to enable as many shareholders as possible to attend.

The notice shall also include information on the procedure of representation through proxy, as well as a proxy that allows giving separate voting instructions for each matter to be considered by the General Meeting and for each candidate nominated for election. The Group will nominate a person who will be available to vote on the shareholder's behalf if the shareholder has not appointed a proxy.

The Board shall make such notices of General Meetings and the relevant supporting material available through the notification system of Oslo Stock Exchange and on the Group's website no later than 21 days prior to the day of the GM.

Every shareholder has the right to put matters on the agenda of a General Meeting along with a proposed resolution within the statutory timeframe.

The shareholders may be asked to notify their attendance prior to the GM. The deadline for the notification of attendance for the AGM will be as close to the meeting as possible. Shareholders who are unable to attend may vote by proxy. A proxy form shall be attached to the notice of the GM.

The Company's Board and the chairperson of the GM shall ensure that the shareholders vote separately for each candidate nominated for a corporate body. HUNT will publish the minutes of GMs (alternatively only such resolutions that were not made in accordance with the proposals made in the notice to the GM) through the notification system of Oslo Stock Exchange and on its website no later than 15 days after a GM has been held and will maintain them available for inspection in the Company's offices. The Annual General Meeting in 2024 was held in Oslo on April 25th where 33.54% of all shares were represented.

Deviation from the Norwegian Code of Practice for Corporate Governance:

The Norwegian Code of Practice for Corporate Governance demands that the Board of Directors as a whole, the members of the Nomination Committee and the Auditor are present at the General Meetings. HUNT considers it sufficient that only the chairperson of the Board attend GMs.

8. Nomination Committee

HUNT's Nomination Committee consists of two members, elected by the Company's General Meeting. The majority of the members shall be independent of the Board of Directors and the Company's executive personnel. No more than one member of the Board of Directors shall be a member of the Nomination Committee and should not offer himself/herself for re-election to the Board. The members of the Nomination Committee are elected by the shareholders in a GM for a period of no longer than two years.

| The Nomination Committee proposes to the GM candidates for election to the Board. The composition of the Board of Directors should reflect the provisions of the Group's Corporate Governance Policy, commitment to shareholder return, independence and experience in relevant sectors (technology and business development, financing and accounting, disclosure and regulatory, etc.). The Nomination Committee also proposes the remuneration to be paid to the members of the Board of Directors.

The Nomination Committee's recommendations shall include justification as to how the recommendations take into account the shareholder interests and the Group's requirements. The following information about the proposed candidates, in particular each person's age, education, business experience, term of appointment to the Board (if applicable), ownership interest in the Company, independence, any assignments (other than the proposed Directorship) for the Company and material appointments with other companies and organizations will be disclosed. In the event that the Nomination Committee recommends re-electing current Directors, the recommendation will include information on when the Directors were appointed the Board and their attendance records.

The Nomination Committee shall elect its own chairperson according to the Group's Articles of Association. Meetings of the Nomination Committee shall be convened when deemed necessary by any of its members to adequately fulfill its assigned duties. Notice of a meeting shall be issued by the chairperson of the Nomination Committee no later than one week prior to the meeting, unless all members approve a shorter notice period.

The Group will provide information on its website regarding the membership of the Committee and any deadlines for submitting proposals to the Nomination Committee.

The Nomination Committee consists of: Fredrik Falch (chairperson) – elected until AGM in 2026 Kristin Hellebust – elected until AGM in 2026

One member of the Nomination Committee is considered independent of the Board of Directors.

Deviation from the Norwegian Code of Practice for Corporate Governance:

The Group's Articles of Association regulate the election of the chairperson of the Nomination Committee. According to §6 of the Articles of Association of Hunter Group ASA the Nomination Committee elects its own chairperson.

The Norwegian Code of Practice for Corporate Governance requires guidelines regarding the Nomination Committee's duties to be set out by the General Meeting. At HUNT, the Committee itself sets out its duties in accordance with the duties presented in chapter 8 of the Group's Corporate Governance Policy.

1. Board of Directors: Composition and Independence

HUNT shall be headed by a Board with collective responsibility for the success of the Group.

The Board shall comprise between three and eight Directors according to §5 of HUNT's Articles of Association. Currently the Board consists of three Directors, who have all been elected by the shareholders and are not representatives of HUNT's executive personnel. The members of the Board of Directors are elected for a period of two years.

The members of the Board of Directors consists of: Morten Eivindssøn Astrup (Chairman) – elected until AGM in 2025 Kristin Hellebust – elected until AGM in 2025 Bertel Steen – elected until AGM in 2026

All members of the Company's Board of Directors are considered independent according to the Norwegian Code of Practice for Corporate Governance. Detailed information on the individual Board member can be found in the Group's website (www.huntergroup.no) and in the Annual Report.

Board members and close associates' ownership as of 31 December 2024:

Morten Eivindssøn Astrup owns 16,485,422 shares, through Surfside Holding AS, which represents 12.2% of the shares in the Company.

Bertel Steen owns 16,500,000 through B.O Steen Shipping AS and Skarris Kapital AS, which represents 12.2% of the shares in the Company.

Kristin Hellebust owns zero shares.

According to the Norwegian Public Limited Companies Act § 6-35 and the Norwegian Code of Practice for Corporate Governance a Group with more than 200 employees is required to elect a corporate assembly. The Group has less than 200 employees and has therefore not yet elected a corporate assembly.

10. The Work of the Board of Directors

The Board shall ensure that the Group is well organized and that operations are carried out in accordance with applicable laws and regulations, and in accordance with the objects of HUNT as specified in its Articles of Association and guidelines given by the shareholders through resolutions in GMs.

HUNT's Board of Directors has the ultimate responsibility for inter alia the Group's executive personnel, supervision of its activities and the Group's budgets and strategic planning. The Board of Directors produces an annual plan of its work.

To fulfill its duties and responsibilities, the Board has full access to the Group's relevant information. The Board shall also consider for example obtaining such advice, opinions and reports from third party advisors as it deems necessary to fulfill its responsibilities.

The "Rules of Procedure for the Board of Directors of HUNT and the Relation to CEO" were approved by the Board on 31st October 2017 and were implemented.

All of the board members are also members of the Audit Committee and Remuneration Committee.

The Board of Directors evaluates its own performance and expertise once a year.

The Board of Directors arranged 8 board meeting during the fiscal year 2024.

Deviation from the Norwegian Code of Practice for Corporate Governance:

The Norwegian Code of Practice for Corporate Governance requires the Board of Directors to consider appointing a remuneration committee. At HUNT, the Board itself prepares all matters relating to compensation paid to the Group's executive management.

11. Risk Management and Internal Control

HUNT has implemented internal control and risk management systems appropriate to the size and nature of the Group's activities. The Group's core values, ethical guidelines and the corporate social responsibility policy are incorporated in the internal control and risk management systems.

The Board of Directors carries out an annual review of the control and risk management systems and the Group's most significant exposures.

In the annual report, the Board of Directors describes the main features of the Group's internal control and risk management systems in relation to the Group's financial reporting.

12. Remuneration of the Board of Directors

The remuneration of the members of the Board of Directors reflects the Board's responsibilities, expertise, the committed time and the complexity of the Group's activities.

The Board Members' remuneration (form and amount) will be reviewed annually by the Nomination Committee and is not linked to the Group's performance. It is the Nomination Committee's responsibility to prepare a proposal for the Annual General Meeting regarding the above-mentioned remuneration.

13. Remuneration of the Executive Personnel

The Board of Directors establishes, as required by law, guidelines for the remuneration of the members of the executive personnel. The AGM will vote on these guidelines which help ensure convergence of the financial interest of the executive personnel and the shareholders.

The guidelines for remuneration of the executive personnel are published on the Company's website.

Performance related remuneration of the Group's executive personnel shall aim for value creation for HUNT's shareholders or the Group's earnings performance. Such arrangements shall encourage performance and be based on quantifiable factors which can be influenced by the employee. Performance related remuneration shall be subject to an absolute limit.

As of 31st December 2024, the executive personnel's private and affiliated holdings of shares are the following:

Name	Shares
Erik A.S. Frydendal	3,052,573
Lars M. Brynildsrud	2,004,937
Total	5,057,510

14. Information and Communications

HUNT provides its shareholders, Oslo Stock Exchange and the financial markets generally (through Oslo Stock Exchange's Distribution Network) with timely and accurate information. Such information takes the form of annual reports, quarterly interim reports, stock exchange notifications and investor presentations as applicable. HUNT communicates its long-term potential, including its strategy, value drivers and risk factors, maintains an open and proactive investor relations policy and a best-practice website.

The Company's current financial calendar with dates of important events including the Annual General Meeting, publishing of quarterly reports and its presentations, etc. are accessible for all shareholders on https://live.euronext.com/ and on the Company's website www.huntergroup.no. Subscription to news about HUNT can be made on the Company's website www.huntergroup.no.

Generally, HUNT, as a company listed on Oslo Stock Exchange, discloses all required information as defined by law. Certain resolutions and circumstances will in any event be disclosed, including but not limited to Board and GM resolutions regarding dividends, mergers/de-mergers or changes in share capital, issue of warrants, issue of convertible or other loans, any changes in the rights vested in the shares of the Company (or other financial instruments issued by HUNT) and all agreements of material importance that are entered into between the Company and a shareholder, member of the executive personnel, or related parties thereof, or any other company in the Hunter Group ASA.

HUNT will disclose all material information to all recipients equally in terms of timing and content.

15. Takeovers

The Group has not implemented any specific guidelines on how to act in the event of a takeover bid.

Deviation from the Norwegian Code of Practice for Corporate Governance:

The Group has not yet implemented guidelines in case of a takeover. Any bid will be dealt with by the Board of Directors in accordance with applicable laws and regulations, the Norwegian Code of Practice for Corporate Governance and based on their recommendation the shareholders' approval will be requested.

16. Auditor

Under Norwegian law the auditor of the Company (the "Auditor") is elected by the shareholders in a GM. The current Auditor serves until a new auditor has been elected.

At least once a year the Auditor and the Board of Directors meet without any members of the Group's executive personnel present. At these meetings the Auditor reviews any variations in the accounting principles applied, comments on material accounting estimates and issues of special interest to the Auditor, including possible disagreements between the Auditor and the management The Auditor presents to the Audit Committee/Board of Directors the main features of its plan for the audit of the Group, as well as a review of the Group's internal control procedures.

The Board of Directors established guidelines in respect to the use of the auditor by the Group's executive personnel for services other than the audit.

The remuneration of the Auditor and all details regarding the fees of the audit work and other specific assignments are presented at the AGM.

The Company's auditor shall annually submit a written confirmation that the Auditor still continues to satisfy with the requirements for independence and a summary of all services in addition to audit work that has been undertaken for the Company.

1. General

The purpose of this policy is to provide information to all our stakeholders about Hunter Group ASA's ("HUNT", "the Company" or "the Group") approach to ethical and corporate social responsibility and how we as a Company propose to work towards achieving it. HUNT is committed to enhancing shareholder value in an ethical and socially responsible manner.

By implementing this policy, the Company aims to be responsible and an exemplar of good practice. Honesty, integrity and respect for people underpin everything we as employees do and are the foundation of the Company's business practice. We are judged by how we act, and the Company's reputation will be upheld if each one of us acts in accordance with the law and the Company's social responsibility and ethical standards set out herein. The Company's reputation and future success are critically dependent on compliance, not just with the law, but also with high ethical and social standards. A reputation for integrity is a priceless asset. This policy is a further commitment to integrity for all of us and will help to safeguard that asset.

This document applies to staff, Board members, temporary employees, consultants and any person or entity acting on behalf of Hunter Group ASA and its subsidiaries. We encourage our business partners to strive for similar performance.

We are committed to continuous improvement in our corporate social and ethical responsibility and the Board of Directors and the Company will therefore review this policy regularly.

This policy was approved by the Board of Directors on 9 April 2025 and shall apply until revised and re-approved.

2. Business practice

2.1 Correct Information, Accounting and Reporting

HUNT's business information is disclosed accurately, timely and entirely. According to the applicable laws and regulations and stock exchange listing standards, HUNT provides complete and precise accounts in all its periodic financial reports, in its public communication and documents submitted to regulatory authorities and agencies.

No information shall be withheld from the external or internal auditor.

All employees who draw up such documents are expected to apply the utmost care, and caution and will use the applicable accounting standards.

2.2 Fair Competition

HUNT performs its business in such a manner that customers, partners and suppliers can trust in the Group and competes in a fair and open way.

2.3 Anti - Corruption

Corruption diminishes legitimate business activities, destroys reputations and distorts competition. The Group opposes all forms of corruption. Through Group procedures, tight internal control and this policy all employees have to comply with, HUNT acts to prevent corruption within the Group.

Bribery, trading in influence, facilitation payments and all forms of corruption are prohibited. HUNT promotes its policy on corruption amongst its business partners, contractors and suppliers.

• Bribery is defined as an attempt to influence individuals when performing their duties through offering improper advantages.
• Trading in influence exists when an improper advantage (cash, loans, travel, services or similar) is offered to an individual to influence the performance a third party's duties.
• A facilitation payment is small payment to a public official to enable or speed up a process, which is the official's job to arrange.

HUNT complies with all applicable national and international laws and regulations (for example the OECD Guidelines for Multinational Enterprises and the International Chamber of Commerce Rules of Conduct to Combat Extortion and Bribery) with respect to improper payments to local and foreign officials.

2.4 Money laundering

Money laundering is when proceeds from criminal activity which appear to be legitimate sources is converted into assets.

HUNT employees shall ensure financial transactions and business activities involve funds from legitimate sources and are not used to launder money.

2.5 Business Communications

HUNT opposes inappropriate, inaccurate or careless communications as it can create serious liability and compliance risks for the Group. All employees are required to exercise due care when communicating both internally and externally and particularly when the communication is a written document (including email).

2.6 Political Activity

HUNT does not support any political party. An individual employee may become involved politically as a private person without referencing to their relationship with the Group.

3. Personal conduct

3.1 Human Rights

HUNT respects the principles of the UN's Universal Declaration of Human Rights and is guided by its provisions in the conduct of the Group's business. The Board of Directors adopted this policy to express the Group's requirements for business practice and personal conduct and to demonstrate the Group's commitment to maintaining a high standard of social responsibility, ethics and integrity.

Relations with employees are based on respect. HUNT is committed to a working environment with mutual trust and where everyone is accountable for their own actions and share responsibility for the performance and reputation of HUNT.

3.2 Equal Opportunity

HUNT does not tolerate any kind of discrimination of employees, customers and partners on account of religion, gender, sexual orientation, age, nationality, political views, disability or other circumstances. HUNT does not tolerate unlawful employment discrimination of any kind.

The Group expects all of its employees to treat others they come in contact with through work with respect and courtesy, and to refrain from harassment, discrimination and any other behavior that may be regarded threatening or degrading.

It is everyone's responsibility to create and contribute to a positive working environment for all employees.

3.3 Protection of HUNT's Property and Possessions

HUNT assets are of considerable value, whether financial or physical assets or intellectual property, and may therefore only be used to advance HUNT business purposes and goals. These assets must be secured and protected in order to preserve their value.

All employees are entrusted with Group assets in order to do their jobs and are personally responsible for safeguarding and using these appropriately. Such assets include buildings and sites, equipment, tools and supplies, communication facilities, funds, accounts, computer programs and data, information, technology, documents, and know-how, patents, trademarks, copyrights, time, and any other resources or property of HUNT.

Employees are responsible for protecting Group assets against waste, loss, damage, misuse, theft, misappropriation or infringement and for using those assets in responsible ways. Use of Group assets without direct relation to HUNT requires the prior authorization of the employee's supervisor.

3.4 Confidentiality

To protect the Group's legitimate interests and the individual's privacy and integrity, every employee shall apply the utmost care to prevent disclosure of confidential information. The Group's property or information gained through the employee's position in HUNT may never be used for personal benefit.

The duty of confidentiality continues after the termination of the employment.

3.5 Conflict of Interest

Individuals acting on behalf of HUNT shall behave objectively and without any kind of favoritism. Companies, organizations or individuals the Group does business with shall not be given any improper advantages.

No employee may work on any matter or participate in any decision in which they, their spouse, partner, close relative or any other person with whom they have close relations has a material direct or indirect financial interest or where there are other circumstances that may undermine the trust in the employee's impartiality or the integrity of their work.

Closely related parties shall not have positions within the Group where one is the other's supervisor without the CEO's prior approval.

No employee may participate through employment, directorship or any other assignment in companies in the same line of business as HUNT without the prior written approval of the CEO or the Chairman of the Board. Members of the Company's Board shall inform the chairman of the Board of their involvement in other companies.

3.6 Gifts and Hospitality

No employee may, directly or indirectly, accept gifts from any of the Group's associates. This rule applies also to ongoing negotiations. If an employee is offered or may be offered such a gift, he/she shall immediately contact his/her supervisor, who will decide if the gift will affect the employee's independence should it be accepted.

Token gifts in connection with Christmas, anniversaries and the like may be exempted from this rule.

Social events, meals or entertainment may be acceptable if there is a clear business reason, and provided the cost is within reasonable limits.

4. Health, safety and environment (HSE)

HUNT is committed to achieving excellence in all business activities, including health, safety and environmental performance.

HUNT's overriding goal is to operate safely, in environmentally and socially responsible ways, and thereby:

• Do no harm to people
• Protect the environment
• Comply with all applicable HSE laws and regulations.

HUNT aims to provide a safe, secure and healthy working environment for all its employees, contractors and suppliers. We believe that accidents and occupational illnesses and injuries are preventable, and hence apply our efforts and resources to achieving the goals listed above.

HUNT requires its subsidiaries to implement HSE systems relevant to their industry in compliance with internationally recognized standards.

HUNT is paying for insurance for all sub-contracted workers involved with the production of ordered vessels at DSME.

HUNT has adopted the Norwegian "inkluderende arbeidsliv" (equal opportunity rights) scheme, incorporating procedures for an active follow-up on employees' sick leave and cooperating with the Group's health service. During 2024 absence due to sickness in HUNT was approximately 0%.

HUNT aims to reduce the Company's carbon footprint and its impact on the environment through a commitment to continual improvement. It is the responsibility of the Company's management and subsidiaries to meet the Company's ambition and to comply with all applicable legislation and regulations.

No injuries or accidents have been reported in 2024.

5. The Transparency Act

5.1 The Transparency Act

A general description of the enterprise's structure and area of operations is given under "Corporate Governance" policy on page 8 and forward.

As an integrated part of our Corporate social responsibility, HUNT as a company and our employees will respect and work to promote human rights and decent working conditions within the laws and regulations that apply to our business.

HUNT's Board of Directors has approved a Responsible Business Conduct to reflect and emphasize this corporate responsibility. The Business Conduct is incorporated in our guidelines. We have established specific guidelines for both accepting new clients, new suppliers, new business partners, and follow up ongoing contracts and operations. Risk of violation of human rights and decent working conditions have always been relevant criteria for accepting new clients, suppliers, or business partners. It is also reflected in how we negotiate new contracts and in the wording of those contracts we enter.

Further, we have an ongoing due diligence process of all our suppliers and business partners based on three parameters that might indicate risk. When we have all considered all, each will have a risk profile. We will continue further investigation based on the highest risk.

If situations arises and an employee sees that human rights and decent working conditions may come under pressure, the CEO shall be notified in written. CEO will determine appropriate measures to further investigate the situation based on the severity of the situation and the probability of adverse impacts on fundamental human rights and decent working conditions. If the situation is not solved through information, dialogue or other measures, Hunter Group has reserved the right to withdraw from the contract as a last resort.

So far, our due diligence has not indicated any situations where there have been actual or potential adverse impacts on fundamental human rights and decent working conditions. Hence, it has not been necessary to implement suitable measures.

HUNT will continue to have focus on the ongoing due diligence work according to the Transparency Act.

6. Follow-up

6.1 Personal Follow-Up

Everyone to whom this policy applies shall make themselves familiar with the same and carry out their duties accordingly.

6.2 Handling Cases of Doubt and Breach

All employees shall without undue delay contact their supervisor, the CEO or the chairman of the Board in the event of ethical doubts, breaches of this policy or when discovering anything illegal or unethical.

6.3 Manager's Responsibility

Managers shall ensure that this Group policy is communicated to their staff, and shall give advice on how they are to be interpreted. Operations within their department shall be conducted according to this policy.

6.4 Outlook

HUNT will work with and assign priority to corporate social responsibility in 2025. HUNT aims to keep absence due to sick leave low in 2025. With further emphasis on HSE, the Group works towards another accident and injury free year at HUNT.

The Board of Directors and the CEO confirm that to the best of our knowledge the financial statements as of 31 December 2024, which have been prepared in accordance with IFRS as adopted by the European Union and generally accepted accounting practice in Norway, provides a true and fair view on the Group's consolidated assets, liabilities, financial position and result.

We also confirm, to the best of our knowledge that the Board of Directors' report includes a true and fair overview of the development, performance and financial position of the Group, together with a description of the principal risks and uncertainties they face.

Oslo/Verbier, 9 April 2025

The board of directors and Chief Executive Director Hunter Group ASA

Morten Eivindssøn Astrup Chaiman of the board

Bertel Otto Bryde Steen Board member

Kristin Hellebust Board member

Erik A. S. Frydendal CEO

Board of Directors' report 2024

Operations and locations

HUNT is a public limited liability company pursuant to the Norwegian Public Limited Companies Act, incorporated under the laws of Norway. The legal and commercial name of the Company is Hunter Group ASA. The Company was established on 20 June 2003 and is registered in the Norwegian Register of Business Enterprises under the organization number 985 955 107. The Company changed its name to Hunter Group ASA in in April 2017 and moved the Company's registered office to Oslo. The Company's registered business address is Dronningen 1, N-0287 Oslo, Norway.

In 2018 the Company established Hunter Tankers AS and entered into eight VLCC construction contracts with Daewoo Shipbuilding Marine Engineering Co., LTD. The VLCCs were delivered in 2019 and 2020, successfully operated and gradually sold. The latest sale was concluded in 2022, and the Company distributed the majority of the proceeds to its shareholders through dividends. Hunter Tankers AS was subsequently dissolved in 2023.

In December 2023, the Company entered into a three-year back-to-back time-charter contract for an eco scrubber fitted VLCC, where the VLCC was chartered in on a USD 52,500 per day fixed rate contract and chartered out on a floating index-linked contract. The VLCC was delivered on 1 December 2023. In March 2024, the Company took delivery of its second eco scrubber-fitted VLCC, which was chartered in for three years at a fixed rate of USD 51,000 per day and immediately chartered out on a floating index-linked spot rate.

The Company's shares are listed on Oslo Euronext Expand, a regulated market operated by the Euronext Group under the ticker "HUNT".

Going concern

In accordance with the Accounting Act § 3-3a, we confirm that the financial statements have been prepared under the assumption of going concern. This assumption is based on the current financial position of the Company and the Company's expected future performance of the floating index-linked rates. Should the floating index-linked rates significantly underperform the Company's expectations, the Company may be required to raise additional capital and/or make efforts to reduce the Company's exposure the VLCC spot market. Based on this we have concluded that these matters does not constitute a material uncertainty related to the assumption of going concern

Comments related to the financial statements

The Group's net revenues and other income decreased from USD 1.9 million in 2023 to negative USD 10.1 million in 2024. The operating profit from continuing operations in 2024 was negative USD 12.1 million compared, to USD 0.5 million in 2023.

Total cash flow from operating activities was negative USD 8.1 million in 2024 mainly due to a weak VLCC spot market.

Net cash flow from investments were negative USD 1.6 million, mainly related to investments in working capital in connection with VLCC chartering. Net cash flow to financing activities for 2024 was USD 14.3 million, mainly related to equity issues conducted in Q1 2024.

Total consolidated adjusted cash position as per 31 December 2024 was USD 7.8 million.

Total assets at year-end 2024 amounted to USD 13.1 million, compared to USD 8.5 million in 2023. The equity ratio was 81.7% as of 31 December 2024, compared to 96.3 % in 2023.

Financial risk

Overall view on objectives and strategy

HUNT's main objective for the management of its capital structure is to maximize value creation for shareholders, while at the same time maintaining a sound financial position.

HUNT actively manages its capital structure and may make adjustments relating to changes in economic and/or financial conditions. To maintain or adjust the capital structure, the Company may issue equity, debt or a combination of the two. No changes were made in the objectives policies or processes during the financial year.

Market risk

The Company's operations primarily consists of VLCC chartering, which includes significant exposure to the VLCC spot market. The VLCC spot market is volatile and highly influenced by global economic, financial and geopolitical developments. Despite the Company's positive outlook and the strength of the 1-5 year VLCC time charter market, the current geopolitical uncertainty and the potential for a global trade war may influence the VLCC spot market, and hence the Company, negatively.

The Company has zero financial indebtedness, other than office leases classified as interest-bearing debt, and has such limited exposure to interest rates.

Credit risk

The Company only trades with recognized, creditworthy third parties. It is the Group's policy that all customers that wish to trade on credit terms are subject to credit verification procedures. All cash in the Group is currently deposited in the Norwegian bank DNB. Credit risk is managed through a framework that sets out policies and procedures covering the measurement and management of credit risk.

Board of Directors' report 2024

Liquidity risk

The Company monitors its liquidity on a regular basis and produces rolling liquidity forecasts in order to identify liquidity requirements in future periods. The target for HUNT's management of liquidity risk is to maintain a minimum liquidity corresponding to its net liquidity requirements for 12 months.

The Company's operations primarily consists of oil tanker chartering, and it currently has two VLCCs on fixed threeyear charters at an average rate of USD 51,750 per day. The VLCCs are chartered out on three-year floating index-linked time-charters. The VLCC chartering market is volatile, and the Group may experience periods of negative cash flow. Furthermore, should the VLCC forward market decline below a certain threshold, the Company may need to deposit additional capital. The Group estimates that it has sufficient liquidity to meet potential periods of negative cash flow.

The working environment, the employees and equal opportunities

The Company has not registered any critical incidents or leave of absence due to incidents. The percentage of days lost through illness was 0 % in 2024 and 2023.

Relations with employees are based on respect. The Company is committed to a working environment with mutual trust and where everyone is accountable for their own actions and share responsibility for the performance and reputation of the Company.

The Company had 3 employees by the end of 2024.

We kindly refer to our corporate governance and corporate social responsibility documents on page 8 to 16 for further information.

Insurance is in place for the members of the Board.

Discrimination

The Discrimination Act's objective is to promote gender equality, ensure equal opportunities and rights, and to prevent discrimination due to ethnicity, national origin, descent, skin color, language, religion and faith. The Company does not tolerate any kind of discrimination of employees, customers and partners on account of religion, gender, sexual orientation, age, nationality, political views, disability or other circumstances. The Company does not tolerate unlawful employment discrimination of any kind. The Group expects all of its employees to treat others they come in contact with through work with respect and courtesy, and to refrain from harassment, discrimination and any other behavior that may be regarded threatening or degrading.

Environmental report

There have been no incidents reported related to emissions that has resulted in a breach of the pollution act or other pollution of significance.

Research and development

Research and development activities primarily relates to potential new projects, which includes the development of "zero-emission" Commissioning Service Operation Vessels ("CSOV"). In 2024, the Company was awarded a grant of up to approx. NOK 100 million from Enova for the development of two CSOVs. Due to challenging market conditions, the CSOV project is currently on hold.

Subsequent events

Hunter Maritime Advisors, a fully owned entity within the Hunter Group ASA structure, has been engaged by a publicly listed offshore drilling company to deliver strategic consultancy services. This engagement reflects the Group's continued efforts to leverage its industry expertise and expand its presence within the maritime and energy sectors

As part of its forward-looking project development strategy, Hunter Group ASA established a new subsidiary, HG ProjectCo 1 AS, in February 2025. Following its incorporation, the company transferred the previously awarded Enova grant, amounting to approximately NOK 100 million, to HG ProjectCo 1 AS. The grant represents the subsidiary's sole asset and is earmarked for the development of future clean energy or maritime innovation initiatives, in line with the Group's long-term value creation strategy

Future challenges

Potential future challenges primarily relates to the risk of a soft VLCC spot market and consequently negative cash flow from the VLCC chartering business.

Oslo/Verbier, 9 April 2025

The board of directors and Chief Executive Director Hunter Group ASA

Morten Eivindssøn Astrup Chaiman of the board

Bertel Otto Bryde Steen Board member

Kristin Hellebust Board member

Erik A. S. Frydendal CEO

Consolidated financial statements – 2024

	For the year ended 31 December
(Figures in USD 1 000)	Note	2024	2023
Revenues and other income
Net realized time chartering result	15	-8,302	52
Unrealized change in fair value of time charters	15	-1,832	1,782
Other income	15	10	121
Total revenues and other income		-10,124	1,955
Operating expenses
Other operating expenses		456	0
Depreciation and amortisation expense	4, 5	73	74
General and administrative expenses	14, 16, 20	1,434	1,341
Total operating expenses		1,962	1,415
Operating profit (loss) from continuing operations		-12,086	540
Net financial income (loss)	17	215	-134
Profit (loss) before taxes from continuing operations		-11,871	406
Tax on ordinary result	18	0	0
Net profit (loss) from continuing operations		-11,871	406
Discontinued operations
Net profit (loss) from discontinued operations		0	893
Net profit (loss)		-11,871	1,299
Earnings per share discontinued operations	19	0.00	0.03
Earnings per share diluted discontinued operations	19	0.00	0.03
Earnings per share continuing operations	19	-0.10	0.01
Earnings per share diluted continuing operations	19	-0.10	0.01

Consolidated statement of profit and loss Consolidated statement of comprehensive income

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Figures in USD 1 000)	2024	2023
Profit (loss) for the year	-11 871	1 299
Other comprehensive income, items to be reclassified to profit & loss
Translation differences	0	0
Total compehensive income	-11 871	1 299
Total comprehensive income attributable to:
Equity holders of the parent company	-11 871	1 299
Total comprehensive income	-11 871	1 299

Consolidated financial statements – 2024

		As 31 December at
(Figures in USD 1 000)	Note	2024	2023
NON-CURRENT ASSETS
Other intangible assets	4	12	0
Total intangible assets		12	0
Investment in shares	13	429	492
Other long-term financial assets	7, 13, 15	4,693	2,500
Other tangible assets	4, 5	192	78
TOTAL NON-CURRENT ASSETS		5,326	3,070
CURRENT ASSETS
Back-to-back time charters	13, 15	0	1,782
Other short-term assets	13 7,	45	424
Total other than cash current assets		45	2,206
Cash and cash equivalents	8, 13	7,794	3,236
TOTAL CURRENT ASSETS		7,840	5,442
TOTAL ASSETS		13,166	8,512

Consolidated statement of financial position Consolidated statement of financial position

		As at 31 December
(Figures in USD 1 000)	Note	2024	2023
EQUITY
Share capital	21	508	180
Share premium		15,960	1,897
Other equity		-5,753	6,118
TOTAL EQUITY		10,715	8,195
LIABILITIES
Non-current lease liability	5, 9, 10	126	11
Total non-current liabilities		126	1 1
Trade payables	11, 13	1,632	121
Accrued public charges and indirect taxes	13	191	41
Back-to-back time charters	13, 15	50	0
Current lease liability	9, 10	63	67
Other current liabilities	12, 13	390	77
Total current liabilities		2,325	306
TOTAL LIABILITIES		2,451	317
TOTAL EQUITY AND LIABILITIES		13,166	8,512

Oslo/Verbier, 9 April 2025

The board of directors and Chief Executive Director Hunter Group ASA

Morten Eivindssøn Astrup Chaiman of the board

Bertel Otto Bryde Steen Board member

Kristin Hellebust Board member

Erik A. S. Frydendal CEO

Consolidated financial statements – 2024

Consolidated statement of cash flow Consolidated statement of change in equity

	For the year ended 31 December
(Figures in USD 1 000)	Note	2024	2023
Profit (loss) before tax from continuing operations		-11,871	406
Profit (loss) before tax discontinued operations	22	0	893
Profit (loss) before tax		-11,871	1,299
Depreciation		73	74
Financial income		-532	-454
Financial expenses		4	6
Change in accounts receivables and accounts payables		1,511	2,209
Change in working capital items		2,673	-3,851
Net cash flow from operating activities		-8,143	-717
Investments in PP & E	4	-12	-4
Interest received	17	532	454
Investments in other financial investments	7, 15	-2,130	-2,992
Net cash flow from investment activities		-1,610	-2,542
Interest paid	17	-4	-6
Installment leasing-debt	5	-77	-74
Capital contribution	Equity	14,391	1,951
Dividend paid	Equity	0	-132,243
Net cash flow from financing activities		14,310	-130,372
Total change in cash and cash equivalents		4,558	-133,630
Currency effect on cash		0	0
Cash and cash equivalents beginning of year		3,236	136,866
Cash and cash equivalents end of year	8	7,794	3,236

CONSOLIDATED STATEMENT OF CHANGE IN EQUITY
		Share	Own	Share	Currency	Retained	Total
(Figures in USD 1 000)	Note	Capital	Shares	premium	translation	earnings	equity
Equity as of 01.01.2023		126	-2	0	-2 289	140 603	138 438
Net profit 2023					0	1 299	1 299
Other comprehensive income					0	0	0
Total comprehensive income 2023					0	1 299	1 299
Dividend paid				0	0	-132 243	-132 243
Private placement 6 December 2023		54	0	1 897	0	0	1 951
Exercise of options		0	2	0	0	-1 291	-1 289
Share based payment				0	0	40	40
Equity as of 31.12.2023		180	0	1 897	-2 289	8 407	8 195
Net profit 2024					0	-11 871	-11 871
Other comprehensive income					0	0	0
Total comprehensive income 2024					0	-11 871	-11 871
Private placement 6 February 2024		252		10 986	0	0	11 238
Private placement 13 March 2024		76		3 077	0	0	3 153
Equity as of 31.12.2024		508	0	15 960	-2 289	-3 464	10 715

Note 1 - Accounting principles

Hunter Group ASA (HUNT) is a public limited liability company, incorporated in Norway, headquartered in Oslo and listed on the Oslo Stock Exchange (Euronext Expand).

The financial statements of Hunter Group ASA for the fiscal year 2024 were approved in the board meeting on 9 April 2025.

The Group's activities are described in the Board of Director's report.

1.1 Basis of presentation of the accounts

HUNT's financial statements have been prepared in accordance with International Financial Reporting Standards® (IFRS®), and IFRS as adopted by the EU, and are mandatory for the financial year beginning on or after 1 January 2024, and Norwegian disclosure requirements listed in the Norwegian Accounting Act as of 31 December 2024.

The historical cost basis have been used when preparing the financial statements, except for financial instruments measured at fair value. These policies have been applied consistently to all periods presented. Some totals may not equal the sum of the amounts shown due to rounding.

Following the sale of the last remaining VLCC in late November 2022, the group has discontinued its ship owning business. The settlement was finalized in 2023, resulting in additional discontinued effects in 2023. The wholly-owned subsidiary Hunter Tankers AS was liquidated in 2023. Please see note 22 in the Annual report of 2023 for the accounting effects of the discontinued operations.

The Group currently focuses oil tanker chartering and has entered into two back-to-back charterparties for eco scrubber-fitted VLCCs, which are chartered in on fixed rates and chartered out on floating index-linked rates.

Consolidation

Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date that such control ceases.

The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-group balances, transactions, unrealized gains and losses resulting from intragroup transactions and dividends are eliminated in full. The Group consist of the following companies as per 31 December 2024:

• Hunter Group ASA (parent company)
• Hunter Chartering AS (100% owned subsidiary dormant)
• Hunter Maritime Advisors AS (100% owned subsidiary)

1.2 Use of estimates when preparing the annual financial statements

Estimates and their underlying assumptions that affect the application of accounting principles and reported amounts of assets and liabilities, income and expenses are based on historic experience and other factors considered reasonable under the circumstances. The estimates constitute the basis for the assessment of the net book value of assets and liabilities when these values cannot be derived from other sources. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected.

The preparation of the Group's financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. This applies mainly to the Group's back-to-back charterparties, Investment in shares and Receivables, ref. note 1.6. The accounting implications of the charterparties relies on whether they can fulfil the definition of a lease, based on (1) right to control the use of a (2) identified asset. While the assets are identified, the nature of the back-to-back contracts is such that the Company does not have any control over the use of the assets. The charterparties have thus been classified as financial instruments. Initial recognition and subsequent measurements are therefore as fair value through profit or loss.

1.3 Cash and cash equivalents

Cash includes cash bank deposits. Cash equivalents are short-term liquid investments that can be immediately converted into a known amount of cash and have a maximum term to maturity of three months.

1.4 Statement of cash flows

The statement of cash flows is prepared in accordance with the indirect method.

1.5 Functional currency and presentation currency

The main transactions for Hunter Group ASA have been in USD, and it has thus been considered to be beneficial to present the financial statements of the Group in USD.

Note 1 - Accounting principles cont.

1.6 Financial assets

Initial recognition and measurement

Financial assets are classified, at initial recognition, as financial assets at fair value through profit or loss at amortized cost, as appropriate. All financial assets are recognized initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. The Group determines the classification of its financial assets at initial recognition. The Group's financial assets include back-to-back charterparties, investment in shares, cash and cash equivalents, and other receivables.

Subsequent measurement

The back-to-back charterparties are classified as financial assets measured at fair value through profit or loss. Receivables are classified as financial assets measured at amortized costs.

The subsequent measurement of financial assets depends on their classification as described below:

Back-to-back time charterparties

Back-to-back time charterparties are derivative financial assets based on a fixed charter-in rate and a floating indexlinked charter-out rate for a fixed period. At initial recognition, the fair value of the charterparty is zero, and after initial measurement, such financial assets are subsequently measured at the net present value of the charter-out rates based on reported time charter rates from recognized analysts less the charter-in rates for the applicable period. The change in the net present value is recognized in the profit or loss statement as Unrealized change in fair value of time charters.

The charterparties financial assets and liabilities are offset and the net amount is reported in the statement of financial position as there is an enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.

Investment in shares

Investment in shares consist of shares with an ownership without significant influence, typical below 20 per cent. These investments are valued at fair value in the statement of financial position with net changes in fair value recognized in the statement of profit or loss.

Receivables

After initial measurement, such financial assets are subsequently measured at amortized cost using the EIR (effective interest rate) method, less impairment. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included in finance income in the statement of profit or loss. The losses arising from impairment are recognized in the statement of profit or loss in other operating expenses for receivables.

This category includes accounts receivable and other receivables carried at amortized cost or at nominal amount less provision for bad debt where this can be regarded as a reasonable proxy for fair value.

Other financial assets are cash and cash equivalents and other financial investments, measured at balance sheet date rate for items in foreign currency.

1.7 Financial liabilities

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, or borrowings at amortized cost, as appropriate.

HUNT's financial liabilities include trade and other payables and lease liabilities.

1.8 Other tangible assets

Property, plant and equipment are carried at cost less accumulated depreciation and accumulated impairment losses. When fixed assets are sold or disposed of, the gross carrying amount and accumulated depreciation are derecognized, and any gain or loss on the sale or disposal is recognized in the statement of profit or loss.

Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:

Plant and machinery: 3 - 5 years

The depreciation period, the depreciation method and the residual value of fixed assets are evaluated annually.

Note 1 - Accounting principles cont.

1.9 Recognition of income

The Company has entered into two back-to-back time charterparties on for eco scrubber-fitted VLCCs. The Company charters in the VLCCs on a fixed rate per day, while chartering the VLCCs out on a floating index-linked rate. The index-linked rate is based on the recognized VLCC benchmark TD3C. The contracts are considered to be financial assets that are to be measured at fair value through profit or loss. The fair value of the contracts is measured to present value of the expected floating index-linked rate for the charter periods, less the fixed rates. Both realized and unrealized gain/loss of the back-to-back charterparties are presented net as Operating profit or loss as this is considered to be the Group's main activity. Other income is recognized to reflect the transfer of services, and then at an amount that reflects the consideration the company expects to be entitled to in exchange for services.

1.10 Equity

Cost of equity transactions

Transaction costs directly related to an equity transaction are recognized directly in equity after deducting tax expenses.

1.11 Segments

For management purposes, the Group is organized into one business unit based on its products and services, and has one reportable segment, which consist of vessel chartering activities and other related costs and investments. No operating segments have been aggregated to form the reportable operating segment.

The management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements.

1.12 Accounting principles for discontinued operations

All owned VLCCs were sold in 2022 and the ship owning segment was as such discontinued with some remaining effects in 2023.

1.13 Changes in accounting policies and disclosures

The accounting policies adopted are consistent with those of the previous financial year, except for the new and amended standards and interpretations to IFRS which have been implemented by the Group during the current financial year. Several other amendments and interpretations apply for the first time in 2024, but do not have an impact on the consolidated financial statements of the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective.

Amendments to standards and interpretations with a future effective date

In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements.

None of the other future amendments to standards are expected to have material impact on the group.

Note 2 – Significant acquisitions and disposals, and discontinued operations

All of the Group's owned VLCC were sold within the end of 2022, and it was decided in January 2023 to distribute the major part of the Group's cash position to its share holders in the form of dividends.

Note 3 - Segment information

Based on the nature of the vessels, processes and type of customers it was concluded that the Group had one segment and information on segment performance is found in the consolidated statements of income and financial position. As the financial statement is consistent with the internal financial reporting, no further disaggregation is provided. The ship owning segment was discontinued at the end for 2022 and from 2023 the Company's one segment consists of the administration of back-to-back charterparties for two VLCCs.

Note 4 - Property, plant and equipment and intangible assets

(Figures in USD 1 000 )	Right of	Other tangible	Other intang
Per 31 December 2024	use assets	assets	ible assets	Total
Cost price at 1 January	223	18	0	241
Additions	188	4	12	204
Sale	0	0	0	0
Cost price at 31 December	411	22	12	445
Accumulated depreciations at 31 December	-222	-18	0	-239
Book value at 31 December	189	4	12	205
Depreciation (straight-line method)	73	0	0	73
Estimated useful life	3-5 years	3-10 years	5 years

Note 4 - Property, plant and equipment

(Figures in USD 1 000)	Right of	Other tangible
Per 31 December 2023	use assets	assets	VLCC vessels	Total
Cost price at 1 January	403	18	0	421
Additions	0	4	0	4
Sale	0	0	0	0
Transfer to VLCC in operation	0	0	0	0
Cost price at 31 December	403	22	0	425
Accumulated depreciations at 31 December	-329	-18	0	-346
Book value at 31 December	74	4	0	78
Depreciation (straight-line method)	74	0	0	74
Estimated useful life	3-5 years	3-10 years	25 years

Note 5 - Leases

(Figures in USD 1 000)	2024	2023
Right of use assets 01.01	70	144
Additions	188	0
Depreciation	-73	-74
Right of use assets 31.12	185	70
Lease liability 01.01	70	144
Additions	188	0
Installments	-77	-74
Foreign currency adjustment	7	0
Lease liability 31.12	189	70
Interest expense	4	6

Note 5 – Leases cont.

Cash and cash equivalents

	Less than		Between More than
Remaining rental-payments as per 31.12.24		1 year 2 - 5 years	5 years	Total
Office rent	71	131	0	202

The right of use assets and interest-bearing debt as of 31 December 2024 relates to the office rent.

Note 6 – Trade and other receivables

The Group has no trade receivables as of 31 December 2024 or 2023.

Note 7 - Other short- and long-term assets

Other long-term financial assets	4,693	2,500
Total other receivables	45	424
Other short term receivables	45	411
Prepaid expenses	0	13
(Figures in USD 1 000)		12/31/2024 12/31/2023

In connection with the three-year back-to-back charterparties, the Company has provided a security deposit of USD 2.5 million in an account at Mercuria and USD 2.0 million in an account at Trafigura.. The security deposits are earning interests for the three years and are restricted until the end of the charter party as of 30 November 2026.

Note 8 - Cash and cash equivalents

(Figures in USD 1 000)	31.12.2024	31.12.2023
Cash at bank	7 794	3 236
Total cash at bank	7 794	3 236
Restricted bank deposits for employee withholding taxes	44	49

Note 9 – Lease liabilities and borrowings

(Figures in USD 1 000)	12/31/2024	12/31/2023
Current portion of lease liability	63	67
Current portion of lease liability	63	67

Reconciliation of liabilities arising from financing activities:

			Non-cash changes
		Cash	Lease	FX	Fair value
2024	12/31/2023	flows	liabilities	movement	chng. & other	12/31/2024
Non-current lease liabilities	11	-11	125	0	0	125
Short-term liabilities	67	-67	63	0	0	63
Total liabilities from financing activities	78	-78	188	0	0	188

		Non-cash changes
		Cash	Lease	FX	Fair value
2023	12/31/2022	flows	liabilities	movement	chng. & other	12/31/2023
Non-current lease liabilities	74	0	-63	0	0	11
Short-term liabilities	78	-78	67	0	0	67
Total liabilities from financing activities	152	-78	4	0	0	78

Note 10 - Other interest-bearing debt

(Figures in USD 1 000)		12/31/2024 12/31/2023
Other non-current lease liabilities	126	11
Other non-current lease liabilities	126	11
Maturity of long-term and short-term interest-bearing debt		12/31/2024 12/31/2023
Maturity 0-1 year (classified as short-term debt)	63	67
Maturity 2-4 years	126	11
Maturity 5 years and after	0	0
Total lease liabilities	189	78

Average interest rate was 5 % in 2024 ad 2023 (lease liabilities). Please see note 13 for the maturity analysis for shortterm liabilities.

Note 11 - Trade payables

Trade payables are generally non-interest bearing and the payment terms are net 30 days. Fair value of the payables equals the nominal value.

Note 12 - Other current liabilities

Total other current liabilities	390	77
Other accrued costs	310	5
Unpaid vacation pay	80	72
Other current liabilities		31.12.2024 31.12.2023
(Figures in USD 1 000)

Note 13 - Financial instruments risk management objectives and policies

HUNT has been subject to market risks (foreign currency exchange risk and interest rate risk), credit risk and liquidity risk.

The Group's management oversees the management of these risks and assures that HUNT's financial risk-taking activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group's policies. Other than the back-to-back time charters, it is the Group's policy that no trading in derivatives for speculative purposes shall be undertaken. The Board of Directors reviews and agrees on policies for managing each of these risks, which are summarized below.

Foreign currency risk

The Group's cash reserves of USD 7.8 million are deposited in the Norwegian bank DNB, of which 21.3 % are in NOK and 78.7 % in USD. The main transactions for the Group have been in USD.

Interest rate risk

The Group's financial income in the statement of profit or loss was influenced by changes in interest rates as the interest with DNB was on a floating basis. The Group had USD 0 million in interest expense in 2024 and 2023. With the exception of lease liabilities and related interest expense, no interest-bearing debt exist as of 31 December 2024.

Credit risk

HUNT only trades with recognized, creditworthy third parties. It is the Group's policy that all customers that wish to trade on credit terms are subject to credit verification procedures. All cash in the Group is deposited in the Norwegian bank DNB. Credit risk is managed through a framework that sets out policies and procedures covering the measurement and management of credit risk.

Liquidity risk

HUNT monitors its liquidity on a regular basis and produces rolling liquidity forecasts on a monthly basis in order to identify liquidity requirements in future periods. The target for HUNT's management of liquidity risk is to minimum maintain a liquidity corresponding to its net liquidity requirements for the next 12 months.

Management will continue to focus on efficient operations, good planning and close monitoring of the liquidity situation and maintaining a clear business development strategy. The Company expects to retain a level of net liquidity, which will sufficiently cover operating costs and periods of time charter rates below the fixed rates.

Note 13 - Financial instruments risk management objectives and policies cont.

Should the index-linked time charter rates decline and stay at levels below the fixed charter rates, the Company may need to strengthen its liquidity. In January 2024 the Company raised approx. USD 12 million (NOK 124 million) in gross proceeds through a private placement strengthen the liquidity in connection with the two three-year back-to-back charterparties. In March 2024 the Company raised an additional approx. USD 3.3 million (NOK 35 million) in gross proceeds through subsequent repair offerings. The liquidity is considered to be sufficient as of the publication date of this report. Based on analyst estimates, the forward market and the longer term time charter market, VLCC spot rates are expected to strengthen significantly in short and medium term. However, should the floating index-linked rates significantly underperform expectations, the Company may be required to raise additional capital and/or make efforts to reduce the Company's exposure the VLCC spot market.

Climate-related matters

The Group considers climate-related matters in estimates and assumptions, where appropriate. This assessment includes a wide range of possible impacts on the group due to both physical and transition risks. Even though the Group believes its business model and products will still be viable after the transition to a low-carbon economy, climate-related matters increase the uncertainty in estimates and assumptions underpinning several items in the financial statements. Even though climate-related risks might not currently have a significant impact on measurement, the Group is closely monitoring relevant changes and developments, such as new climate-related legislation. The items and considerations that are most directly impacted by climate-related matters are:

Fair value measurement. The Group has currently the back-to-back charterparties valued at fair value in the balance sheet. When estimating the fair value, the Group considers the effect of physical and transition risks and whether investors would consider those risks in their valuation. The contracts have a short duration period (3 years), and it is therefore considered that the transition to renewable energy will not influence the VLCC market during the current duration period. The group believes it is not currently exposed to severe physical risks, but believes that investors, to some extent, would consider impacts of transition risks in their valuation, such as increasing requirements for energy efficiency.

Note 13 - Financial instruments risk management objectives and policies cont.

The table below shows a maturity analysis for HUNT's total short-term liabilities:

(Figures in USD 1 000)	within	within	within
31.12.2024	3 months	3-9 months	9-12 months
Accounts payable	1 632	0	0
Public duties payables	191	0	0
Current portion of interest-bearing debt	16	31	16
Other short-term liabilities	310	80	0
	within	within	within
31.12.2023	3 months	3-9 months	9-12 months
Accounts payable	121	0	0
Public duties payables	41	0	0
Current portion of interest-bearing debt	17	33	17

The back-to-back charterparties are settled on a net basis and as such the fixed payment obligations per day is not defined as a short-term liability, ref. note 1.6. Please see note 10 for the maturity analysis for long-term liabilities.

Capital management

HUNT's main objective for the management of its capital structure is to maximize value creation for shareholders, while at the same time maintaining a sound financial position and a good credit rating.

HUNT manages its capital structure and makes adjustments to it in light of changes in economic and financial conditions.

Note 13 - Financial instruments risk management objectives and policies cont.

Set out below is a comparison by category of carrying amounts and fair value of all of the Company's financial instruments:

	Fair value	31.12.2024		31.12.2023
(Figures in USD 1 000)	measurement	Carrying	Fair	Carrying	Fair
Financial assets	hierarchy	amount	value	amount	value
Cash and cash equivalents	Level 1	7 794	7 794	3 236	3 236
Investment in shares	Level 3	429	429	492	492
Other financial assets	Level 1	4 693	4 693	2 500	2 500
Back-to-back time charters	Level 3	-50	-50	1 782	1 782
Other short-term receivables	Level 3	45	45	424	424
		31.12.2024		31.12.2023

	31.12.2024			31.12.2023
		Carrying	Fair	Carrying	Fair
Financial liabilities		amount	value	amount	value
Other interest-bearing debt (long-term)	Level 3	126	126	11	11
Current interest-bearing loans and borrowings	Level 3	63	63	67	67
Trade payables	Level 3	1 632	1 632	121	121

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

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

The Investment in shares were acquired at the end of 2023. There has not occurred significant changes in the market conditions at the end of 2024, which indicates that the acquisition cost in all material aspects equal the fair value less cost to sell as of 31 December 2024. Back-to-back time charters are subsequently measured at the net present value of the charter-out rates based on reported time charter rates from recognized analysts less the charter-in rates for the applicable period. The Group does not use hedge accounting.

Note 14 - Transactions with related parties

The following table provides the total amount of transactions that have been entered into with related parties controlled by members of executive management of HUNT for the relevant financial year. The purchases from related parties are made at terms equivalent to those that prevail in arm's length transactions.

Transcations with related parties (figures in USD 1 000)	2024	2023
Purchased services	0	13

The Group has used the services of the law firm Ro Sommernes DA for legal advice in 2023. Ro Sommernes DA has invoiced the Company USD 7 thousand in 2023. The Company's previous chairman Henrik Christensen is a partner in Ro Sommernes DA, and served as the Chariman until March 2023.

The Company rents office space from Dronningen Eiendom AS, a company owned by Sundt AS, a previous shareholder in the Company. The rental agreement was renewed for 36 months starting from 1 November 2024.

Note 15 – Revenues and other income

(Figures in USD 1 000)
Year	2024	2023
Type of goods or services
Revenues	0	0
Net realized time chartering result	-8,302	52
Unrealized change in fair value of time charters	-1,832	1,782
Total revenues	-10,134	1,834
Other income	10	121
Total revenues and other income	-10,124	1,955
(Figures in USD 1 000)	2024	2023
Realized floating index-linked spot rates	25 812	1 655
Paid fixed rates	-34 113	-1 603
Broker commision (1 % of realized floating index-linked spot rates)	-258	-17
Net realized result from lease-leaseback	-8 560	35
Change in fair value of the three-year back-to-back charterparty	-1 832	1 782
Financial assets/-liabilities as per 31.12.24 (at fair value through profit or loss)	2024	2023

Three-year back-to-back charterparty eco-designed and scrubber fitted VLCC -50 1 782

Financial assets at fair value through profit or loss consist of two three-year back-to-back charterparty on an ecodesign and scrubber fitted VLCCs. The Company charters in the vessels on average fixed rates of USD 51,750 per day, while chartering the vessels out on floating index-linked rates. The index-linked spot rates are based on the recognized VLCC benchmark TD3C. The vessels were delivered in December 2023 and March 2024.

In connection with the TC contracts, the Company has provided a security deposit of USD 2.5 million in an account at Mercuria, and a security deposit of USD 2.0 million in an account at Trafigura. The security deposits is earning interests and is restricted until the end of the charter parties.

The fair value of the back-to-back time charterparties is based on the present value of the expected floating indexlinked spot rate less the present value of the fixed rated for the remaining period of the two contracts.

Note 16 – Specification of General and administrative expenses

(Figures in USD 1 000)	2024	2023
Payroll expenses	856	795
IT and office-related expenses	101	77
Audit, audit-related services and accounting fees	153	169
Various legal fees	89	232
Insurance, car, travel and other expenses	235	67
Total general and administrative expenses	1,434	1,341

Note 17 - Finance income and finance expenses

This section provides additional information about individual line items of finance income and finance expense in the statement of profit or loss by type.

Finance income (Figures in USD 1 000)	2024	2023
Interest income related to cash, cash equivalents & other financial investments	532	454
Other financial income	20	0
Currency gain	0	3
Total finance income	552	457
Finance expenses (Figures in USD 1 000)	2024	2023
Interest expense related to debt to financial institutions	4	6
Other financial expences	68	77
Currency losses	265	509
Total finance expenses	337	592
Total finance income (loss)	215	-134

Interest income on cash & cash equivalents consist of earned interest on the Group's cash & cash equivalents placements.

Note 18 - Income tax

Income tax expense (Figures in USD 1 000)	2024	2023
Payable tax	0	0
Changes in utilized tax asset	0	0
Total tax expense	0	0

Calculation of basis for tax (Figures in USD 1 000)	2024	2023
Earnings before tax	-11 871	406
Permanent differences	2 743	-816
Dividend received	0	0
Currency adjustments due to NOK as tax basis	977	-672
Adjustment related to shipping tax rules	0	-366
Changes in temporary differences	-9	-6
Transfer to tax loss brought forward	8 160	1 454
Total basis for tax	0	0

Summary of temporary differences:	2024	2023
Fixed assets	-3	-13
Loss carried forward	-31 049	-26 260
Total	-31 052	-26 273
Calculated deferred tax asset (22 %)	-6 831	-5 780

Statement of financial position

Deferred tax asset (Figures in USD 1 000)	2024	2023
Loss carried forward	-6 831	-5 777
Fixed assets	-1	-3
Total deferred tax asset	-6 831	-5 780
Not recognized deferred tax asset	6 831	5 780
Total deferred tax asset recognised in the statement of financial position	0	0

Loss carried forward as of 31 December	2024	2023
Unlimited carrying forward	-31 049	-26 260
Effective tax rate	2024	2023
Profit / (loss) before tax	-11 871	406
22% tax of earnings before tax	-2 612	89
Permanent differences and other	603	-180
Currency effect due to NOK as tax basis	3 083	365
Adjustment related to shipping tax rules	0	-81
Changes in deferred tax asset not recognised in the statement of financial position and other	-1 075	-194
Calculated tax cost	0	0
Effective tax rate	0 %	0 %

The tax loss brought forward is related to Norway, and there exist no restrictions of the possibility to bring forward these tax losses (no maturity date). The deferred tax asset is not recognized as the Group has limited taxable income. The tax loss brought forwarded related to Hunter Tankers AS of USD 5.5 million as of 31 December 2022. Hunter Tankers AS was liquidated in 2024.

Note 19 - Earnings per share

Earnings per share is calculated as net profit (loss) for the year attributable to equity holders of the Company divided by the weighted 'average number of shares outstanding over the year.

Diluted earnings per share is calculated as net profit (loss) for the year attributable to equity holders of the Company divided by the weighted average number of share outstanding over the year plus the weighted average number of dilutive potential shares. All options executed in 2023.

(Amounts and shares in 1 000)	2024	2023
Net profit (loss)	-11,871	1,299
Weighted average number of outstanding ordinary shares during the year	124,586	29,750
Treasury shares (held by the issuing entity itself)	-19	-18
Weighted average number of outstanding ordinary shares during the year	124,567	29,732
Effect of dilution - warrents	0	0
Effect of dilution - share options	0	0
Weighted average diluted shares	124,567	29,732
Earnings (loss) per share	2024	2023
Earnings per share discontinued operations	0.00	0.03
Earnings per share diluted discontinued operations	0.00	0.03
Earnings per share continuing operations	-0.10	0.01
Earnings per share diluted continuing operations	-0.10	0.01

Note 20 - Payroll and related expenses

Payroll and related expenses (figures in USD 1 000)	2024	2023
Salaries and vacation pay	666	611
Social security tax	125	123
Pension expense ("OTP")	30	28
Employee share option program expense (incl. national insurance contributions)	0	40
Remuneration to the Board of Directors and the Nomination Committee	36	5
Other benefits	-1	-12
Total payroll an related expenses	856	795
	2024	2023
Average work years	3	3

Pension scheme

The Company has a defined contribution pension scheme that complies with the Norwegian occupational pension legislation (called "OTP"). The pension contributions range from 4 % 0 - 7.1 G to 7 % 7.1 -12 G of the employee's salary - maximized to a percentage of 12 G (NOK 1,488,336). The National Insurance scheme basic amount for 2024 is NOK 124,028. The retirement age for all employees, including the management, is 67 years.

The Group is obliged to have an occupational pension scheme pursuant to the Act on Occupational Pensions. The Group's pension plans meet the requirements of this Act.

(Amounts in USD 1 000)	2024	2023
Contributions expensed during the year	30	28

Remuneration to management (amounts in USD)

The total remuneration for the members of the management was USD 465 thousand in 2024, compared to USD 437 thousand in 2023.

Total remuneration to management during the year ended 31 December is as follows: 2024					2023
		Other			Other
	Salary	remuneration	Pension cost	Salary	remuneration	Pension cost
Erik Frydendal, (CEO)	232,279	28,676	7,087	227,457	29,779	6,880
Lars M. Brynildsrud (CFO)	162,596	27,085	7,087	151,529	14,411	6,880

Executive management of HUNT consists of CEO and CFO.

Note 20 - Payroll and related expenses cont.

Shares and options held directly or indirectly by the management group as of 31 December 2024 are as follows:

	Number of	Exercise price
	shares	% shares	Options	(USD)
Lars M. Brynildsrud, CFO	2,004,937	1.49%	0	-
Erik Frydendal, CEO	3,052,573	2.26%	0	-
Total	5,057,510		0	-

No share options were held directly or indirectly by the management group as of 31 December 2023 or 2024.

Remuneration to the Board of Directors and the Nomination Committee

The allocation of remuneration to the members of the Board and Nomination Committee is paid as follows in 2024 and 2023:

(amounts in USD)	2024	2023
Kristin Hellebust - Board member from April 2018	13 937	11 800
Morten Eivindssøn Astrup - Chairman of the Board from March 2023	23 228	0
Henrik A. Christensen - Chairman of the Board from April 2018 to March 2023	0	17 700
Total remuneration	37 165	29 500

Employee share option program

All employees share options were exercised in 2023.

Implemented remuneration policy for members of executive management for 2024:

The fixed salary for each member of the management shall be competitive and based on the individual's experience, responsibilities as well as the results achieved during the previous year. Salaries as well as other benefits shall be reviewed annually and adjusted as appropriate.

In addition to their base salary, the Company's management may be granted additional remuneration in the form of a bonus. The assessment criteria of such bonus will be based on both the Company's performance and the individual's performance. The targets to be reached by the CEO are to be determined by the Company's Board of Directors. The CEO will set relevant targets for the other members of the management, based on principles defined by HUNT's Board of Directors. No provision for bonus has been recognized for 2024 or 2023.

Note 20 - Payroll and related expenses cont.

The Company's management will receive payment in kind such as cell phone expenses and payment of IT and telecommunication expenses.

The CEO and CFO have 6-month notice periods with salaries.

Remuneration policy for members of executive management - Guidelines for 2025:

The main principle of the Company's remuneration policy for HUNT's management is to offer competitive terms in an overall perspective taking into account salary, payments in kind, bonuses, pension plans and other benefits, to retain key staff.

In addition to their base salary, the Company's management may be granted additional remuneration in the form of bonuses. The assessment criteria of such bonus will be based on both the Company's performance and the individual's performance. The targets to be reached by the CEO are to be determined by the Company's Board of Directors. The CEO will set relevant targets for the other members of the management, based on principles defined by HUNT's Board of Directors.

Auditor's fee

The following table shows remuneration related to professional services rendered by the Company's principal auditor, Ernst & Young AS, for fiscal year 2024 and 2023. The amounts shown are exclusive of value added tax.

(Amounts in USD 1 000)	2024	2023
Audit fee	86	102
Assurance services	0	0
Other assistance	0	0
Total	86	102

Note 21 - Share capital and shareholder information

Share capital as of 31 December 2024 was USD 508 thousand, being 134,825,243 ordinary shares at a nominal value of USD 0.004 each (NOK 0.038). All shares carry equal voting rights.

Number of ordinary shares	2024	2023
Ordinary shares issued at 31 December	134,825,243	43,101,434
Treasury shares (held by the issuing entity itself)	-19,428	-19,428
Ordinary shares at 31 December	134,805,815 43,082,006

On 19 January 2023, the General Assembly approved the proposal from the Board of Directors of 29 December 2022 to distribute a total dividend NOK 2.31 per share of which NOK 0.51 was conducted as a reduction of the Company's equity capital, while the NOK 1.80 per share dividend was distributed as earned capital.

On 14 February 2023, leading employees of the Company exercised all of their options for 7,850,000 shares in the Company. The exercising of the options for the primary insiders in February 2023 resulted in a negative equity effect of USD 0.12m (NOK 1.25 million).

On 4 July 2023 a reverse share split of 20:1 ratio was registered with the Norwegian Register of Business Enterprises according to the General Assembly decision, each share with a nominal value of NOK 0.038 (rounded) after the registration. The corresponding figures for 2022 have been adjusted accordingly.

On 6 December 2023, the private placement of 14,333,333 new shares as a subscription price of NOK 1.50 was registered. The Company's new share capital was NOK 1,648,061 (rounded), divided into 43,101,434 shares, each with a nominal value of NOK 0.038 (rounded).

On 10 January 2024 Hunter Group ASA raised approx. USD 12 million (NOK 124 million) in gross proceeds through a private placement of 70,857,143 new shares, registered on 6 February 2024, each at a subscription price per share of NOK 1.75.

Hunter Group ASA registered on 13 March 2024 a private placement of 6,666,666 new shares, each at an offer price of NOK 1.50, and 14,200,000 new shares, each at an offer price of NOK 1.75. The Company's new share capital is NOK 5,155,285.33, divided into 134,825,243 shares, each with a nominal value of NOK 0.038 (rounded).

The 20 largest shareholders held 60.9 % of the outstanding shares. As at 31 December 2024, the 20 largest shareholders were as follows:

Shareholders	Number of shares	% shares
1 Surfside Holding AS	16 485 422	12,2 %
2 B.O. Steen Shipping AS	12 000 000	8,9 %
3 Clearstream Banking S.A.	7 188 024	5,3 %
4 Masira Inversion Sil	6 741 261	5,0 %
5 Kontrari AS	5 000 000	3,7 %
6 Skarris Kapital AS	4 500 000	3,3 %
7 Six Sis Ag	3 550 162	2,6 %
8 Ubs Switzerland AG	3 081 353	2,3 %
9 Sagittarius Capital Ltd	3 041 666	2,3 %
10 Avanza Bank AB	3 015 250	2,2 %
11 Nordnet Livsforsikring AS	2 457 528	1,8 %
12 Seal Invest AS	2 016 666	1,5 %
13 Lama Global AS	2 004 167	1,5 %
14 Tigerstaden Marine AS	1 935 974	1,4 %
15 Green Highlander Holding AS	1 666 666	1,2 %
16 Universal Exports AS	1 600 000	1,2 %
17 Pirol AS	1 500 000	1,1 %
18 Skandinaviska Enskilda Banken AB	1 500 000	1,1 %
19 Nordnet Bank AB	1 452 363	1,1 %
20 Tinden Holding AS	1 428 571	1,1 %
Total shares for top 20 shareholders	82 165 073	60,94 %
Total shares for other shareholders	52 660 170	39,06 %
Total shares	134 825 243	100,0 %

Note 21 - Share capital and shareholder information cont.

The following members of the Board of Directors and member of executive management held shares as of 31 December 2024:

	2024	2023
Surfside Holding AS (Morten Eivindssøn Astrup - Chairman from March 2023)	16,485,422	5,410,835
B.O. Steen Shipping AS & Skarris Kapital AS (Bertel Steen - Board member from February 2024)	16,500,000	4,616,667
Lama Global AS (Lars Brynildsrud - CFO)	2,004,937	1,754,937
Sagittarius Capital Ltd (Erik Frydendal - CEO)	3,052,573	2,049,166
Ordinary shares	38,042,932	13,831,605
% of total shares	28.2 %	32.1 %

Note 22 - Events after the reporting date

Hunter Maritime Advisors, a fully owned entity within the Hunter Group ASA structure, has been engaged by a publicly listed offshore drilling company to deliver strategic consultancy services. This engagement reflects the Group's continued efforts to leverage its industry expertise and expand its presence within the maritime and energy sectors

As part of its forward-looking project development strategy, Hunter Group ASA established a new subsidiary, HG ProjectCo 1 AS, in February 2025. Following its incorporation, the company transferred the previously awarded Enova grant, amounting to approximately NOK 100 million, to HG ProjectCo 1 AS. The grant represents the subsidiary's sole asset and is earmarked for the development of future clean energy or maritime innovation initiatives, in line with the Group's long-term value creation strategy

Parent company financial statements – 2024

Parent company statement of profit and loss

STATEMENTS OF PROFIT OR LOSS - HUNTER GROUP ASA

(Figures in USD 1 000)	Note	2024	2023
Revenues and other income
Net realized time chartering result	10, 19	-8 302	35
Unrealized change in fair value of time charters	19	-1 832	1 782
Other income	10	10	134
Total Revenues and other income		-10 124	1 951
Operating expenses
Other operating expenses		456	0
Depreciation and amortisation expense	2, 3	73	74
General and administrative expenses	11, 14	1 434	1 330
Total operating expenses		1 962	1 405
Operating profit (loss)		-12 086	547
Net financial income (loss)	12	219	1 846
Profit (loss) before taxes		-11 867	2 393
Tax on ordinary result	13	0	0
Net profit (loss)		-11 867	2 393
(Figures in USD 1 000)		2024	2023
Total comprehensive income
Profit (loss) for the period		-11 867	2 393
Comprehensive income for the period		-11 867	2 393
Total comprehensive income attributable to:
Equity holders of the parent		-11 867	2 393
Total comprehensive income		-11 867	2 393

Parent company financial statements – 2024

(Figures in USD 1 000)	Note	31.12.2024	31.12.2023
NON-CURRENT ASSETS
Other intangible assets	2	12	0
Total intangible assets		1 2	0
PPE and other tangible assets	2, 3	192	74
Total tangible assets		192	7 4
Investment in subsidiaries	2, 17	0	8
Investment in shares	17	429	492
Other long-terrm financial assets	19	4 708	2 500
Long-term receivable subsidiaries	18	0	40
Total finacial long-term assets		5 137	3 040
TOTAL NON-CURRENT ASSETS		5 342	3 114
CURRENT ASSETS
Back-to-back time charters	8	0	1 782
Other short-term assets	4	79	464
Total current receivables		7 9	2 247
Cash and cash equivalents	5	7 794	3 230
TOTAL CURRENT ASSETS		7 874	5 477
TOTAL ASSETS		13 216	8 591

Parent company statement of financial position Parent company statement of financial position

(Figures in USD 1 000)	Note 31.12.2024	31.12.2023
EQUITY
Share capital	15	508	180
Share premium		15 960	1 897
Other equity		-5 703	6 163
TOTAL EQUITY		10 764	8 240
LIABILITIES
Long-term lease liabilities	3	126	3
Total non-current liabilities		126	3
Trade creditors		1 632	121
Back-to-back time charters		50	0
Accrued public charges and indirect taxes		191	41
Short-term lease liabilities	3, 6	63	67
Other current liabilities	7	390	118
Total current liabilities		2 325	348
TOTAL LIABILITIES		2 451	351
TOTAL EQUITY AND LIABILITIES		13 216	8 591

Oslo/Verbier, 9 April 2025

The board of directors and Chief Executive Director Hunter Group ASA

Morten Eivindssøn Astrup Chaiman of the board

Bertel Otto Bryde Steen Board member

Kristin Hellebust Board member

Erik A. S. Frydendal CEO

Parent company financial statements – 2024

Parent company statement of cash flow			Parent company statement of changes in equity
STATEMENT OF CASH FLOW - HUNTER GROUP ASA (Figures in USD 1 000) Profit (loss) attributable to equity holders Depreciation Financial income Financial expenses Change in accounts receivables and accounts payables Change other receivables and payables and other in cash flow from operating activities Net Investments in PP & E received Interest				STATEMENT OF CHANGE IN EQUITY - HUNTER GROUP ASA
						Share	Own	Share	Currency
	Note	2024	2023	(Figures in USD 1 000)	Note	Capital	shares	premium	transl. adj.
		-11 867	2 393	Equity as of 01.01.2023		126	-2	0	-2 289
		73	74	Net profit (loss)				0	0
		-532	-454	Total comprehensive income 2023				0	0
		4	6	Private placement 6 December 2023		54		1 897	0
		1 511	19	Share based payment				0	0
		2 691	-3 198	Exercise of options			2	0
		-8 120	-1 160	Equity as of 31.12.2023		180	0	1 897	-2 289
				Net profit (loss)				0	0
		-15	-4	Total comprehensive income 2024				0	0
	12	532	454	Private placement 6 February 2024		252		10 986	0
in other financial investments Investments	15	-2 145	-3 000	Private placement 13 March 2024		76		3 077	0
Divestment of subsidiary		0	1 707	Equity as of 31.12.2024		508	0	15 960	-2 289
Repayment of long-term interest bearing receivable subsidiaries		0	1 305
cash flow from Net investment activities		-1 628	463
Interest paid	12	-4	-6
Installment leasing-debt	3	-75	-74
Capital contribution	Equity	14 391	1 951
Dividend paid	Equity	0	-132 243
Net cash flow from financing activities		14 313	-130 372
Total net changes cash flow in		564 4	068 -131
Currency effect on cash		0	0
Cash and cash equivalents beginning of period		3 230	134 299
Cash and cash equivalents end period of	5	7 794	3 230

		Share	Own	Share	Currency	Retained	Total
(Figures in USD 1 000)	Note	Capital	shares	premium	transl. adj.	earnings	equity
Equity as of 01.01.2023		126	-2	0	-2 289	7 311	5 146
Net profit (loss)				0	0	2 393	2 393
Total comprehensive income 2023				0	0	2 393	2 393
Private placement 6 December 2023		54		1 897	0	0	1 951
Share based payment				0	0	40	40
Exercise of options			2	0		-1 291	-1 289
Equity as of 31.12.2023		180	0	1 897	-2 289	8 454	8 241
Net profit (loss)				0	0	-11 867	-11 867
Total comprehensive income 2024				0	0	-11 867	-11 867
Private placement 6 February 2024		252		10 986	0	0	11 238
Private placement 13 March 2024		76		3 077	0	0	3 153
Equity as of 31.12.2024		508	0	15 960	-2 289	-3 413	10 765

Note 1 - Accounting principles

Hunter Group ASA (HUNT) is the parent company of the Hunter Group, consisting of Hunter Group ASA and its subsidiaries Hunter Maritime Advisors AS and Hunter Chartering AS. Hunter Group ASA's main activities are shareholding in group companies, corporate functions and the administration of two back-to-back charterparties for VLCCs.

The financial statements of Hunter Group ASA are prepared in accordance with simplified IFRS pursuant to the Norwegian Accounting Act § 3-9 and regulations regarding simplified application of IFRS issued by the Norwegian Ministry of Finance and last updated on 16 December 2024.

These parent company financial statements should be read in connection with the Consolidated financial statements of Hunter Group, published together with these financial statements. With the exceptions described below, Hunter Group ASA applies the accounting policies of the group, as described in Hunter Group's disclosure note 2 Significant Accounting Policies, and reference is made to the Hunter Group note for further details.

Subsidiaries

Shareholdings in subsidiaries are accounted for using the cost method. It is annually evaluated if there exist indicators for impairment.

Dividends and group contributions

Dividends will be reflected as Dividends payable within current liabilities. Group contributions to other entities within Hunter Group are reflected in the balance sheet as current liabilities within Liabilities to group companies. Under simplified IFRS the presentation of dividends payable and payable group contributions would differ from the presentation under full IFRS, as it would also include dividend and group contributions payable which at the date of the balance sheet would be subject to a future general assembly approval before distribution.

Note 2 - Property, plant and equipment and intangible assets

The Company has recognized the following assets in the statement of financial position (including internal built-up assets such as development costs).

	Other intang-	Property,	Property,
	ible assets	plant & equip.	plant & equip.
(Figures in USD 1 000)	2024	2024	2023
Cost price at 1 January	0	25	21
Additions	12	0	4
Cost price at 31 December	12	25	25
Accumulated depreciations at 31 December	0	-21	-21
Booked value at 31 December	12	4	4
Depreciation	0	73	0
Impairment charges	0	0	0
Estimated useful life	5 years	3-5 years	3-5 years
Depreciation method	straight-line	straight-line	straight-line

Note 3 – Lease liabilities

IFRS ® 16 requires that all leases, except for short-term and low-value leases are reflected in the balance sheet as a lease liability and a Right of Use (RoU) asset. The weighted average discount rate used to calculate the IFRS 16 opening balance lease liability was 5 %.

Lease liabilites

(Figures in USD 1 000)	2024	2023
Right of use assets 01.01	70	144
Additions	188	0
Depreciation	-73	-74
Right of use assets 31.12	185	70
Lease liabilities 01.01	70	144
Additions	188	0
Installments	-77	-74
Foreign currency adjustment	7	0
Lease liabilities 31.12	189	70
Interest expense	4	6
Operating leasing costs (figures in USD 1000)	2024	2023
Operational leasing costs	5	2

Total operating leasing costs 5 2

The future minimum rents related to non-cancellable leases fall due as follows: Within 1 year 2-5 years After 5 years Operational leasing costs 5 0 0

Note 4 - Other receivables

464
223
241
2023

Note 5 - Cash and cash equivalents

(Figures in USD 1 000)	2024	2023
Cash at bank	7 794	3 230
Total cash at bank	7 794	3 230
Restricted bank deposits for employee withholding taxes	44	49

Note 6 - Short-term liabilities

(Figures in USD 1 000)	2024	2023
Short-term lease liabilities	63	67
Short-term liabilities	63	67

Note 7 – Other current liabilities

(Figures in USD 1 000)	2024	2023
Unpaid vacation pay	80	72
Other accrued costs	310	46
Total other short-term liabilities	390	118

Note 8 - Financial instruments risk management objectives and policies

HUNT has been subject to market risks (foreign currency exchange risk and interest rate risk), credit risk and liquidity risk.

The Company's management oversees the management of these risks and assures that HUNT's financial risk-taking activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company's policies. Other than the back-to-back time charters, it is the Group's policy that no trading in derivatives for speculative purposes shall be undertaken. The Board of Directors reviews and agrees on policies for managing each of these risks, which are summarized below.

Foreign currency risk

The Company's cash reserves of USD 7,794 thousand are deposited in the Norwegian bank DNB. The main transactions for the Company has been in USD. As commercial operations were in a large scale, a foreign currency exchange risk policy has been introduced.

Interest rate risk

The Company's financial income and financial costs in the statement of profit or loss are influenced by changes in interest rates as the interest on debit facility with DNB is on a floating basis. The Company had USD 532 thousand in interest income in 2024 related to cash and cash equivalents.

Credit risk

HUNT only trades with recognized, creditworthy third parties. It is the Company's policy that all customers that wish to trade on credit terms are subject to credit verification procedures. All cash in the Company is deposited in the Norwegian bank DNB. Credit risk is managed through a framework that sets out policies and procedures covering the measurement and management of credit risk.

Liquidity risk

HUNT monitors its liquidity on a regular basis and produces rolling liquidity forecasts on a monthly basis in order to identify liquidity requirements in future periods. The target for HUNT's management of liquidity risk is to maintain a liquidity corresponding to its net liquidity requirements for the next 12 months. The cash position of HUNT at year end 2024 was USD 7,794 thousand, compared to USD 3,230 thousand in 2023. The Company expects to retain a level of net liquidity, which will sufficiently cover operating costs and periods of time charter rates below the fixed rates. Should the index-linked rates decline and stay at levels below the fixed charter rates, the Company may need to strengthen its liquidity. In January 2024 the Company raised approx. USD 12 million (NOK 124 million) in gross proceeds through a private placement strengthen the liquidity in connection with the two three-year back-to-back charterparties. The liquidity is considered to be sufficient the date of this annual report.

The management has focused on efficient operations, good planning and close monitoring of the liquidity situation and maintaining a clear business development strategy.

The table below shows a maturity analysis for HUNT's total short-term liabilities:

	within	within	within
2024 (figures in USD 1 000)	3 months	3-9 months	9-12 months
Accounts payable	1 632	0	0
Public duties payables	191	0	0
Other short-term liabilities (including dividend payable)	390	0	0
	within	within	within
2023 (figures in USD 1 000)	3 months	3-9 months	9-12 months
Accounts payable	121	0	0
Public duties payables	41	0	0

Capital management

HUNT's main objective for the management of its capital structure is to maximize value creation for shareholders, while at the same time maintaining a sound financial position and a good credit rating. The increase in equity as of 31 December 2024 is in all material aspects due to a private placement of approximately USD 14.4 million.

HUNT manages its capital structure and makes adjustments to it in light of changes in economic and financial conditions. To maintain or adjust the capital structure, the Company may issue new shares. No changes were made in the objectives policies or processes during the financial year.

Furthermore, Hunter Group ASA previously guaranteed for the continued operation of the wholly-owned subsidiary Indicator AS, which was an empty company with negligible debt to Hunter Group ASA. Indicator AS was liquidated in 2024.

Note 8 - Financial instruments risk management objectives and policies cont.

(Figures in USD 1 000)			2024	2023
Trade and other payables			2 212	281
Bank deposits			-7 794	-3 230
Net debt			-5 582	-2 949
Equity			10 764	8 240
Capital and net debt			5 182	5 290
Gearing ratio			-107,7 %	-55,7 %
Equity ratio			81,8 %	95,9 %
	2024			2023
	Carrying	Fair	Carrying	Fair
Financial assets (figures in USD 1 000)	amount	value	amount	value
Investment in shares	429	429	492	492
Other financial assets	4 708	4 708	2 500	2 500
Back-to-back time charters	-50	-50	1 782	1 782
Current receivables	79	79	464	464
Cash and cash equivalents	7 794	7 794	3 230	3 230
2024		2023
	Carrying	Fair	Carrying	Fair
Financial liabilities (figures in USD 1 000)	amount	value	amount	value
Long-term lease liabilities	126	126	3	3
Short-term lease liabilities	63	63	67	67
Trade and other payables	2 212	2 212	281	281

The Investment in shares were acquired at the end of 2023. There has not occurred significant changes in the market conditions up until the end of 2024, which indicates that the acquisition cost in all material aspects equal the fair value less cost to sell as of 31 December 2024. Back-to-back time charters are measured at the net present value of the charter-out rates based on reported time charter rates from recognized analysts less the charter-in rates for the applicable period. The Group does not use hedge accounting.

Note 9 - Transactions with related parties

Please see note 18 below and note 14 in the consolidated financial statements for further information. Hunter Group ASA invoiced Hunter Tankers USD 12 thousand for management services in 2023.

Type of goods or service (figures in USD 1 000)	2024	2023
Note 10 – Revenue and other income Net realized time chartering result	-8,302	35
Unrealized change in fair value of time charters	-1,832	1,782
Other income	10	134
Total revenues and other income	-10,124	1,951
Geographical market (figures in USD 1 000)	2024	2023
Sales in Norway	10	134
Sales abroad	-10,134	1,817
Total revenues and other income	-10,124	1,951
Timing of revenue recognition	2024	2023
Goods transferred at a point in time	0	0
Services transferred over time	-10,124	1,951
Total revenues and other income	-10,124	1,951

Note 11 – General and administrative expenses

(Figures in USD 1 000)	2024	2023
Payroll expenses	856	755
IT and office-related expenses	101	77
Audit, audit-related services and accounting fees	153	166
Various legal fees	89	232
Insurance, car, travel and other expenses	235	100
Total general and administrative expenses	1,434	1,330

Note 12 - Finance income and finance expenses

This section provides additional information about individual line items of finance income and finance expense in the statement of profit and loss by type.

Finance income (figures in USD 1 000)	2024	2023
Interest income	532	454
Dividend reveived from subsidiaries	0	1 614
Repayment of capital contribution in subsidiaries	0	-192
Other financial income	0	485
Currency gain	0	0
Total finance income	532	2 361
Finance expenses (figures in USD 1 000)	2024	2023
Interest expense	-4	-6
Other financial expenses	0	0

Currency losses -309 -510 Total finance expenses -313 -515 Total finance income (loss) 219 1 846

Note 13 - Income tax

Income tax expense (figures in USD 1 000)	2024	2023
Payable tax	0	0
Change in utilized tax asset	0	0
Total tax expense	0	0
Calculation of basis for tax	2024	2023
Earnings before tax	-11 867	2 393
Permanent differences	2 739	-1 782
Dividend received	0	-1 422
Currency adjustments due to NOK as tax basis	977	-654
Changes in temporary differences	-9	-6
Transfer to tax loss brought forward	8 160	1 472
Total basis for tax	0	0
Summary of temporary differences:	2024	2023
Fixed assets	-3	-13
Accruals	0	0
Loss carried forward	-31 049	-26 155
Total	-31 052	-26 167
Calculated deferred tax asset (22 %)	-6 832	-5 757

The company has not recognized a deferred tax asset in the statement of financial position for 2024 and 2023 as the Company has limited taxable income.

Statement of financial position

Deferred tax asset (figures in USD 1 000)	2024	2023
Loss carried forward	-6 831	-5 754
Accruals	0	0
Fixed assets	-1	-3
Total deferred tax asset	-6 832	-5 757
Not recognized deferred tax asset	6 832	5 757
Total deferred tax asset recognised in the statement of financial position 0

26 155 2023
2 393
527
-705
-190
369
0

Effective tax rate 0 % 0 %

Note 13 - Income tax cont. Note 14 - Payroll and related expenses

Payroll and related expenses (figures in USD 1 000)	2024	2023
Salaries and vacation pay	666	611
Social security tax	125	123
Pension expense ("OTP")	30	28
Employee share option program expense (incl. national insurance contributions)	0	40
Other benefits	35	-47
Total payroll an related expenses	856	755
	2024	2023
Number of employees (average work years)	3	3

Pension scheme

The Company has a defined contribution pension scheme that complies with the Norwegian occupational pension legislation (called "OTP"). The pension contributions range from 4 % 0 - 7.1 G to 7 % 7.1 -12 G of the employee's salary - maximized to a percentage of 12 G (NOK 1,488,336). The National Insurance scheme basic amount for 2024 is NOK 124,028. The retirement age for all employees, including the management, is 67 years.

(Figures in USD 1 000)	2024	2023
Contributions expensed during the year	30	28

Please refer to note 20 in the consolidated financial statements for further information about remuneration and option program for the management and board of directors.

Auditor's fee

The following table shows remuneration related to professional services rendered by the Company's principal auditor, EY, for fiscal year 2024 and 2023. The amounts shown are exclusive of value added tax.

(Figures in USD 1 000)	2024	2023
Audit fee	86	102
Assurance services	0	0
Other assistance	0	0
Total	86	102

Note 15 - Share capital and shareholder information

Please see note 21 in the consolidated financial statements.

Note 16 - Provisions, commitments and contingent liabilities/assets

There do not exist any material provisions or contingent liabilities/assets for Hunter Group ASA.

Note 17 - Investment in subsidiaries and other investments

(Figures in USD 1000)			Voting		Book value	Equity at	Net
Company	Location	Share	rights	Cost	31.12.2024	12/31/2024	income 2024
Indicator AS (liquidated 2024)	Stavanger	100%	100%	91	0	0	-3
Hunter Maritime Advisors AS	Oslo	100%	100%	8	8	6	0
Hunter Chartering AS	Oslo	100%	100%	8	8	6	0

The Company also have an investment of USD 429 thousand for 4 % in Njord Bay AS. Njord Bay AS owns the vessel MV Baltic Bay.

Note 18 - Intercompany receivables/payables

Intercompany receivables/payables

Receivables (figures in USD 1 000)	2024	2023
Long-term receivable subsidiaries	0	40
Short-term receivable subsidiaries	0	0
Payables (figures in USD 1 000)	2024	2023
Other current liabilities subsidiaries	0	0
Dividend payable	0	0

Note 19 - Financial assets/liabilities

Financial asset/liabiliy at fair value through profit or loss	2024	2023
Three-year back-to-back charterparty eco-designed and scrubber fitted VLCC	-50	1,782
	2024	2023
Realized floating index-linked spot rates	25,812	1,655
Paid fixed rates	-34,113	-1,603
Broker commision (1 % of realized floating index-linked spot rates)	-258	-17
Net realized result from lease-leaseback	-8,560	35
Change in fair value of the three-year back-to-back charterparty	-1,832	1,782
Net result from lease-leaseback	-10,392	1,817

Financial assets at fair value through profit or loss consist of two three-year back-to-back charterparty on ecodesigned and scrubber fitted VLCCs. The Company charters in the vessels on average fixed rates of USD 51,750 per day, while chartering the vessels out on floating index-linked rates. The index-linked rates are based on the recognized VLCC benchmark TD3C. The vessels were delivered in December 2023 and March 2024.

In connection with these contracts, the Company has provided security deposits of USD 2.5 million in an account at Mercuria and USD 2.0 million in an account at Trafigura. The security deposits are earning interests for the three years and are restricted until the end of the charter parties.

The fair values of the back-to-back charterparties is based on the present value of the expected floating index-linked spot rates less the present value of the fixed rates for the remaining period of the two contracts.

Note 20 - Events after the reporting date

Transferred the approx. NOK 100 million Enova grant to HG ProjectCo 1 AS, a wholly owned subsidiary of the Company.

Hunter Maritime Advisors AS, a wholly owned subsidiary of the Company, was contracted as consultant for a publicly listed drilling company.

Independent Auditor's Report

-

-

-

-

46

Independent Auditor's Report

Hunter Group ASA Org. nr. 985 955 107

Dronningen 1 0287 Oslo, Norway +47 975 31 227 Info (at) huntergroup.no