Hoegh Autoliners ASA

Quarterly Report • Oct 30, 2025

Q3 2025 Quarterly report

Content

Highlights Q3 2025	3
Directors' report	4
Financial performance
Cash flow and financing
Financial performance - graphs
Operational performance
Sustainability	8
Planet
People
Prosperity
Outlook	11
Unaudited consolidated interim financial statements	12
Interim consolidated statement of comprehensive income
Interim consolidated statement of financial position
Interim consolidated statement of changes in equity
Interim consolidated statement of cash flows
Notes	17
Note 1 Basis of preparation and accounting policies
Note 2 Total revenues
Note 3 Vessels, newbuildings, equipment and right-of-use assets
Note 4 Interest income and expenses
Note 5 Non-current and current interest bearing debt
Note 6 Segment reporting
Note 7 Share information and earnings per share
Note 8 Contingent liabilities
Note 9 Events after the balance sheet date
Alternative Performance Measures	27

Highlights Q3 2025

Consolidated results and key figures (USD million)	Q3 2025	Q2 2025	Q3 2024	YTD 2025	YTD 2024
Total revenues	370	367	349	1 067	1 018
EBITDA	155	166	177	476	513
Profit for the period	131	123	193	409	481
EBITDA adjusted	155	166	178	476	515
Earnings per share, basic	0.69	0.65	1.01	2.14	2.52
Cash and cash equivalents	230	204	344	230	344
Cash flows from operations	173	153	190	447	524
Net interest bearing debt	655	694	255	655	255
Equity ratio	54%	54%	64%	54%	64%

• Delivered EBITDA of USD 155 million and net profit after tax of USD 131 million
• Volume up ~3% from Q2 with particularly strong demand out of Asia
• Contract share stable ~80%, up from 73% in 2024
• Q2 2025 dividend of USD 137 million paid in September
• Höegh Beijing sold and delivered to new Owner in September
• A dividend for Q3 2025 of USD 30 million (USD 0.1573 per share) declared and will be paid in November

Directors' report

Total revenues in Q3 2025 were USD 370 million compared to USD 367 million in Q2 2025 and USD 349 million in Q3 2024. EBITDA and adjusted EBITDA in Q3 2025 was USD 155 million compared to USD 166 million in Q2 2025. In Q3 2024, EBITDA was USD 177 million and adjusted EBITDA was USD 178 million. See the section Alternative Performance Measures for reconciliation between EBITDA and adjusted EBITDA.  

The main reasons for the decrease in EBITDA from previous quarter are reduced rate and higher charter and voyage costs. The gross freight rate for Q3 was USD 92.3 per cbm (-3% q-o-q) and the net freight rate for Q3 was USD 80.3 per cbm (-1.6% q-o-q). The transported volume in the quarter was 4 million cbm, up 2.5% from Q2 2025 driven by strong demand out of Asia.

Net profit after tax in Q3 2025 was USD 131 million, compared to a net profit after tax of USD 123 million in Q2 2025 and a net profit after tax of USD 193 million in Q3 2024. The net profit in Q3 2025 includes USD 20 million in sales gain from sale of the vessel Höegh Beijing. The net profit after tax in Q3 2024 included sales gain of USD 52 million from the sale of the vessels Höegh Kobe and Höegh Chiba.

Total revenues YTD September 2025 were USD 1 067 million compared to USD 1 018 million YTD September 2024.

Both EBITDA and adjusted EBITDA for YTD September 2025 was USD 476 million. For YTD September 2024, EBITDA was USD 513 million and adjusted EBITDA was USD 515 million.

Net profit after tax YTD September 2025 was USD 409 million, compared with a net profit after tax of USD 481 million YTD September 2024. The net profit after tax YTD 2025 includes sales gain from sale of vessels of USD 60 million. The net profit after tax YTD 2024 included sales gain from sale of vessels of USD 52 million.

Financial performance Cash flow and financing

Cash flows from operations were USD 173 million for Q3 2025 compared to USD 153 million for Q2 2025 and USD 190 million for the same quarter last year. Capital expenditures in Q3 2025 were USD 27 million, mainly related to newbuilding site costs in addition to dry dock expenses and vessel upgrades.

Cash and cash equivalents were USD 230 million at the end of Q3 compared to USD 204 million at the end of Q2. USD 126 million of the dividend for Q2 2025 was paid out in September, with the remaining amount of USD 11 million in withholding tax for foreign investors paid in October.

The book equity ratio was 54% at the end of Q3 2025, same as the end of Q2 2025 and down from 64% at the end of Q3 2024.

Net interest-bearing debt was USD 655 million at the end of Q3 2025 compared to USD 694 million at the end of Q2 2025 and USD 255 million at the end of Q3 2024.

Financial performance – graphs

Operational performance

Market update

In Q3 2025, global light vehicle sales are estimated to have reached 22.3 million units, marking a robust 4% y-o-y increase. This growth was supported by resilient U.S. consumer demand - particularly pre-buying ahead of anticipated tariff changes - and by China's proactive sales incentives. Despite being heavily influenced by ongoing U.S. tariff activities and evolving geoeconomic conditions, the automotive industry continued to demonstrate resilience and adaptability, effectively responding to new tariff measures. The net effect is that consumers are unlikely to bear much of the tariff burden through significant price increases, which is likely to result in an improved demand and production outlook in the near term. Most key auto tariff deals have emerged as expected, with a general stepdown in baseline tariffs across trading partners. Despite ongoing challenges such as vehicle affordability and persistently high interest rates, the demand outlook is positive.

The latest upgraded forecast projects total vehicle sales for 2025 to rise by 2.4%, reaching 90.8 million units. In 2026, global trading conditions should be clearer and improve further, with demand reaching 91.2 million units, a mild increase of 0.5%.

Höegh Autoliners' main markets:

Automotive

In Q3 2025, light vehicle sales across HA's key destination markets* grew by an estimated 2.4% y-o-y. The U.S. market remained resilient in Q3, expanding by 4.4% y-o-y and by 4% year-to-date through September. This performance reflects both improved customer confidence and a surge in pre-purchases ahead of new tariffs. So far car pricing impacts appear more muted than expected. The European markets continued to experience consumer caution as strict 2025 CO2 regulations affected both market composition and overall sales. Added challenges included the Trump tariffs, EU-Chinese import tariffs, still high BEV prices and fluctuating auto sector support.

Asia Vehicle Exports

Asia's vehicle exports expanded by 5.6% y-o-y in the first nine months of 2025, led by a remarkable 13% increase in Chinese shipments. China has further solidified its position as the world's leading vehicle exporter, with year-to-date September exports reaching 4.3 million units - well ahead of Japan's 2.7 million units. While EU tariffs have moderated the growth of Chinese BEV exports to Europe (up 16% year-to-date September), hybrid exports have surged, growing by 239% to Europe and by 146% globally. Japan's vehicle exports grew by an estimated 0.4%, while South Korea experienced a 2% decline.

High & Heavy (H&H) markets

The global construction equipment market will likely hit the bottom this year. After a 12% decline in value last year and an expected 4% drop in 2025, growth is forecast to resume from 2026, driven by emerging markets and increased adoption of electric and smart equipment. North American equipment sales are projected to decrease by 11% this year, reflecting both a normalization of volumes after several strong years, rental fleets' saturation with young equipment and the inflationary impact of expanded import tariffs on steel- and aluminium-derived products. The effect of these tariffs is only just starting to be felt with the true impact likely to start to emerge in 2026.

In Europe, a modest 1% improvement in sales is anticipated this year, supported by a fragile business confidence and limited construction growth.

Asia's core construction equipment exports in deep sea trades rose by 14% year-over-year in the eight months of 2025, driven by China's continued strong exports expansion - up 29% reflecting its massive production strength and product adaptability to the needs of global markets. Japan and South Korea saw volume declines (-11% and -1% respectively).

Capacity / Fleet update

All vessels are fully utilized, and we continue to see a resilient market, however with growing imbalances. To meet our contractual commitments, support our cargo strategy and mitigate reduced efficiency, we have increased the number of vessels in operation by adding additional short-term capacity in a rebalanced charter market.

Following the redelivery of Höegh Beijing to its new owners in September, Höegh Autoliners operated 43 vessels in Q3, of which 35 are owned.

22 vessels of size 7 000-9 500 CEU were delivered during the quarter. The global orderbook consists of 158 vessels with delivery up to 2030, equivalent to approximately 25.5% of the existing fleet.

Sustainability

Planet

Fleet transition and environmental performance:

Höegh Autoliners continues to publish quarterly fleet carbon intensity (cgDIST) data, covering all owned and technically managed vessels. The graph to the right shows cgDIST trends over the past five quarters, with the current quarter reflecting a further improvement. In Q3 2025, fleet-wide carbon intensity decreased by 3% compared to the previous quarter, marking continued progress in our decarbonization efforts. This improvement was largely driven by the full-quarter operation of six Aurora-class vessels, with an optimised hull design and propulsion system that enhance overall energy efficiency. Increased use of LNG in conjunction with Aurora deployment supported energy efficiency gains, while the consumption of nearly 3 000 metric tonnes of B100 biofuel further contributed to lower greenhouse gas emissions.

Operationally, Q3 focused on activating and fine-tuning onboard systems such as Variable Frequency Drives (VFDs), trim optimization, and main engine tuning. These technologies are now delivering meaningful improvements in energy management, reducing auxiliary power demand, and enhancing voyage efficiency. Together with alternative fuels and ongoing fleet renewal, these initiatives are enabling more efficient operations and a reduced environmental footprint.

Looking ahead, Höegh Autoliners remains committed to its target of reducing its fleet carbon intensity by more than 30% by 2030, compared to 2019 levels. The Company will continue to explore innovative solutions and new partnerships to optimize the fleet efficiency and further reduce its environmental footprint.

Carbon intensity*

* Carbon intensity for the current year and quarter is calculated based on unverified data from the International Maritime Organization's Data Collection System (DCS) and is subject to change after the final verification, which is carried out by DNV and Lloyd's Register in the first half of each calendar year.

Sustainability

People

Health and safety

Höegh Autoliners has a strong aim on avoiding accidents and negative incidents of all types. We have extended our focus on the safety of our crew, and the continuous efforts in identifying risk and mitigating risk of accidents and sickness prior to commencement of work. At both pre-embarkation period, during sailing, and on crew conferences, we prioritize the health and safety of all our crew members. We conduct sessions and campaigns, both in-person and via interactive digital learning platforms.

Missing crew member

Regrettably, in July 2025, a crew member onboard the vessel Höegh Trove went missing during transit in the Indian Ocean. A coordinated search and rescue operation was conducted in collaboration with the Indian Coast Guard and the Maritime Rescue Coordination Centre (MRCC). Despite extensive efforts, the operation was concluded without results. In coordination with the vessel's P&I club, Boyd Marine Consultants (Singapore) has carried out an external investigation. The final report concludes that it is not possible to determine the exact reason, time, location or circumstances under which the crew member went missing.

Near accident reporting

Near accident reporting is considered as the main tool to identify potential hazards and prevent hazards from re-occurring in the future. By analysing the root cause of near accidents, we are able to determine what the basic cause of a near accident is and therefore implement actions to create barriers that will prevent the hazards from re-occurring. Near accident frequency in Q3 2025 is down 7% from Q2 and within normal quarterly fluctuations.

Lost time reporting

Lost Time Incident Frequency (LTIF) has shown a consistent downward trend over the past year, but with a slight increase as the result for Q3. The increase is related to minor injuries involving hands, arms and legs. The overall improvement year-on-year reflects enhanced safety measures and increased awareness onboard.

There was no significant change in the number of reported sickness cases this quarter. The main reason for the increase over two quarters was an unforeseen chickenpox outbreak crossing quarterly reporting, significantly affecting workforce availability for some days on the affected vessel. Vaccinations for chickenpox have been administered, and there have been no registered outbreaks since vaccination.

Definitions:

Near accident:

an event that, under different circumstances, could have caused a consequence to people, environment, cargo or vessel.

Lost time incident:

a work-related injury or illness that causes an employee to be absent from work for one or more full shifts.

Lost time sickness:

a work-related illness that prevents an employee from performing their regular duties for at least one full day.

Near Accident Frequency (near accidents per million hours past 12 months)

Lost Time Incident Frequency (incidents per million hours past 12 months)

Lost Time Sickness Frequency (cases per million hours past 12 months)

Sustainability

Prosperity

Höegh Autoliners is committed to sustaining the profitability of our operations and generating long-term value for its shareholders, in addition to promote prosperity for the planet and society. The strategy is centred around continuous improvement, operational excellence, and strong customer relationships, which the Company believes are essential when building resilience for the future.

Höegh Autoliners aims to distribute quarterly dividends based on all available cash generation in excess of a targeted minimum cash balance at the end of each preceding quarter. Any declaration of dividends will be at the discretion of the Board of Directors considering also the outlook and the Company's financial position.

In September 2025, a dividend of USD 137 million was paid out based on Q2 2025 results. The declared dividend for Q3 2025 of USD 30 million will be paid out in November 2025.

Outlook

Tariffs may over time result in lower volumes transported. Significant changes to new U.S. port fees were announced 10 October with implementation from 14 October. The yearly impact is estimated to ~USD 60-70 million, and the Company is working diligently to mitigate the impact.

Q4 operational performance is projected slightly below the Q3 EBITDA. In addition, the USTR impact is expected to be ~USD 20 million for the quarter.

Oslo, 23 April 2024 Oslo, 29 October 2025

The Board of Directors of Höegh Autoliners ASA

Leif O. Høegh,	Morten W. Høegh,	Eric den Besten,	Martine Vice Holter,
Chair	Deputy Chair	Board member	Board member
Kasper Friis Nilaus,	Kjersti Aass,	Johanna Hagelberg,	Gyrid Skalleberg Ingerø,
Board member	Board member	Board member	Board member

Unaudited consolidated interim financial statements

Interim consolidated statement of comprehensive income

(USD 1 000)	Notes	Q3 2025	Q3 2024	YTD 2025	YTD 2024	2024
Total revenues	2	370 468	349 067	1 067 161	1 018 487	1 370 828
Bunker expenses		(58 784)	(59 631)	(175 742)	(180 861)	(236 124)
Voyage expenses and other operating expenses		(96 419)	(80 460)	(261 006)	(228 801)	(312 426)
Charter hire expenses		(26 657)	(2 163)	(53 349)	(4 127)	(5 666)
Running expenses		(27 900)	(24 670)	(83 757)	(75 673)	(101 502)
Administrative expenses		(5 566)	(4 910)	(17 755)	(15 681)	(23 040)
Operating profit before depreciation, amortisation and impairment (EBITDA)		155 141	177 232	475 553	513 346	692 070
Profit from associates and joint ventures		-	593	-	593	1 020
Gain/(loss) on sale of assets	3	20 130	51 829	60 489	52 152	52 326
Depreciation	3	(32 428)	(32 090)	(100 273)	(98 283)	(131 922)
Operating profit before financial items		142 842	197 564	435 769	467 809	613 494
Interest income		1 968	3 620	5 514	11 653	16 048
Interest expenses	4	(12 012)	(6 358)	(31 594)	(18 150)	(26 750)
Income from other financial items	4	106	1 523	3 460	377	611
Expenses from other financial items	4	(581)	(589)	(1 549)	(17 951)	(19 474)
Profit before tax		132 323	195 761	411 601	443 737	583 929
Income tax		(767)	(3 301)	(2 197)	(4 443)	(6 005)
Change in deferred tax		(387)	180	(472)	42 056	41 585
Profit for the period		131 169	192 641	408 931	481 350	619 509
Other comprehensive income Items that may be reclassified to profit and loss:
Currency translation differences		55	63	644	(154)	(531)
Items that will not be reclassified to profit and loss:
Remeasurement on defined benefit plans		-	-	-	-	(115)
Changes in fair value of equity investments		-	-	-	-	(5)
Other comprehensive income, net of tax		55	63	644	(154)	(651)
Total comprehensive income for the period		131 225	192 703	409 575	481 197	618 858
Earnings per share basic (USD)	7	0.69	1.01	2.14	2.52	3.25
Earnings per share diluted (USD)	7	0.69	1.00	2.14	2.50	3.24

Interim consolidated statement of financial position

(USD 1 000)	Notes	30.09.2025	30.09.2024	31.12.2024
Assets Non-current assets
Deferred tax assets		5 033	5 878	5 417
Vessels	3	1 595 279	1 102 718	1 430 064
Right-of-use assets	3	18 601	72 446	70 079
Newbuildings and projects	3	189 999	333 529	229 374
Equipment	3	10 611	12 805	12 372
Investments in associates and joint ventures		5 091	4 907	4 756
Other non-current assets		891	609	777
Other non-current financial assets		1 124	924	1 101
Total non-current assets		1 826 630	1 533 815	1 753 938
Current assets
Bunker		41 925	35 956	39 945
Trade and other receivables		109 282	90 837	94 088
Prepayments		7 663	10 463	4 835
Other current assets		6 645	3 705	4 971
Cash and cash equivalents		229 792	343 790	207 866
Total current assets		395 306	484 751	351 705
Total assets		2 221 936	2 018 566	2 105 644
Equity and liabilities Equity
Share capital	7	29 993	443 898	443 898
Share premium reserve		162 384	162 384	162 384
Other paid-in equity		414 323	1 517	232
Retained earnings		595 517	689 577	570 935
Total equity		1 202 217	1 297 376	1 177 449
Non-current liabilities
Pension liabilities		3 122	3 073	3 043
Other non-current liabilities		1 234	90	1 531
Non-current interest bearing debt	5	813 839	476 012	661 491
Non-current lease liability	5	11 492	53 373	54 692
Total non-current liabilities		829 687	532 548	720 757
Current liabilities
Current interest bearing debt	5	52 741	37 403	46 288
Trade and other payables		57 044	42 889	56 919
Income tax payable		1 455	6 832	4 773
Current accruals and provisions		71 871	69 215	73 099
Other current financial liabilities		-	-	220
Current lease liability	5	6 920	32 303	26 137
Total current liabilities		190 031	188 642	207 437
Total equity and liabilities		2 221 936	2 018 566	2 105 644

Interim consolidated statement of changes in equity

	Share	Share	Other	Retained
(USD 1 000)	capital	premium reserve	paid-in equity	earnings	Total
Equity 01.01.2024	443 898	289 384	1 067	677 380	1 411 730
Share bonus program	-	-	449	-	449
Dividend	-	(127 000)	-	(469 000)	(596 000)
Profit of the period YTD 2024	-	-	-	481 350	481 350
Other comprehensive income YTD 2024	-	-	-	(154)	(154)
Equity 30.09.2024	443 898	162 384	1 517	689 577	1 297 376
Equity 01.01.2024	443 898	289 384	1 067	677 380	1 411 730
Share bonus program	-	-	560	-	560
Dividend	-	(127 000)	-	(713 995)	(840 995)
Purchase own shares	-	-	-	(3 924)	(3 924)
Share bonus program 2021 settlement	-	-	(1 396)	(7 384)	(8 779)
Profit of the year	-	-	-	619 509	619 509
Other comprehensive income	-	-	-	(651)	(651)
Equity 31.12.2024	443 898	162 384	232	570 935	1 177 449
Share bonus program	-	-	186	-	186
Share capital reduction	(413 905)	-	413 905	-	-
Dividend	-	-	-	(384 993)	(384 993)
Profit of the period YTD 2025	-	-	-	408 931	408 931
Other comprehensive income YTD 2025	-	-	-	644	644
Equity 30.09.2025	29 993	162 384	414 323	595 517	1 202 217

Interim consolidated statement of cash flows

(USD 1 000)	Notes	Q3 2025	Q3 2024	YTD 2025	YTD 2024	2024
Cash flows from operating activities
Profit before tax		132 323	195 761	411 601	443 737	583 929
Financial (income) / expenses		10 519	1 804	24 169	24 072	29 565
Share of net income from joint ventures and associates		-	(593)	-	(593)	(1 020)
Depreciation and amortisation	3	32 428	32 090	100 273	98 283	131 922
Gain on sale of tangible assets		(20 130)	(51 829)	(60 489)	(52 152)	(52 326)
Tax paid (company income tax, withholding tax)		(288)	(285)	(6 225)	(3 194)	(6 724)
Cash flows from operating activities before changes		154 853	176 948	469 328	510 152	685 346
in working capital
Changes in working capital
Trade and other receivables		(8 006)	11 143	(15 194)	(3 546)	(6 797)
Bunker		2 953	7 820	(1 979)	7 460	3 471
Prepayments		(1 951)	(1 526)	(2 828)	(6 300)	(671)
Other current assets		2 451	(608)	(1 674)	(3 705)	(4 971)
Trade and other payables		8 595	(3 698)	125	1 022	15 052
Accruals and provisions		17 595	(816)	(1 229)	18 764	22 648
Other changes to working capital		(3 939)	1 090	747	(77)	(6 414)
Net cash flows provided by operating activities		172 550	190 354	447 297	523 770	707 663
Cash flows from investing activities
Proceeds from sale of tangible assets	3	42 051	119 170	102 859	119 596	119 840
Investment in vessels and other tangible assets	3	(27 444)	(70 873)	(211 261)	(173 293)	(416 907)
Investments in joint ventures and associates		-	91	310	492	693
Interest received		1 968	3 620	5 514	11 653	16 039
Net cash flows used in investing activities		16 575	52 008	(102 578)	(41 552)	(280 335)
Cash flows from financing activities
Proceeds from issue of debt	5	46 460	110 000	206 380	189 880	399 320
Repayment of debt	5	(18 290)	(11 196)	(48 843)	(31 664)	(46 292)
Repayment of lease liabilities		(41 960)	(53 709)	(59 354)	(119 058)	(130 875)
Interest paid on mortgage debt		(12 668)	(7 585)	(34 449)	(21 294)	(31 709)
Interest paid on lease liabilities		(726)	(2 493)	(3 392)	(9 180)	(10 874)
Other financial items		(1 617)	(4 306)	(3 830)	(11 805)	(11 253)
Purchase of own shares		-	-	-	-	(3 924)
Dividend to shareholders		(136 997)	(127 000)	(384 993)	(596 000)	(840 995)
Net cash flows used in financing activities		(165 799)	(96 288)	(328 480)	(599 121)	(676 602)
Net change in cash during the period		23 326	146 074	16 239	(116 903)	(249 274)
Cash and cash equivalents beginning of period		204 412	195 443	207 866	458 333	458 333
Exchange differences in cash and cash equivalents		2 054	2 272	5 688	2 360	(1 193)
Cash and cash equivalents end of period		229 792	343 790	229 792	343 790	207 866

Notes

Note 1 Basis of preparation and accounting policies

Principal activities and corporate information

Höegh Autoliners ASA is a public limited liability company, registered and domiciled in Norway, with its head office in Oslo. The consolidated interim accounts for the Group include Höegh Autoliners ASA with its subsidiaries.

The Group is a fully integrated RoRo entity. It is one of the world's largest operators in the transportation of vehicles and high/heavy rolling cargo and operates a fleet of 43 vessels in global trading systems from a worldwide network of offices.

Basis of preparation

The Group's financial reporting is in accordance with IFRS® Accounting Standards as adopted by the European Union (EU) ("IFRS"). The consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not contain all the information and disclosures required in an annual financial report and should be read in conjunction with the Group's annual report for 2024.

The interim consolidated financial statements have been prepared in accordance with the accounting principles followed in the Group's annual financial accounts for the year ended 31 December 2024. The interim financial information for 2025 and 2024 is unaudited.

All presented figures in this interim report have been rounded and consequently, the sum of individual figures can deviate from the presented sum figure.

Use of judgements and estimates

The preparation of the interim financial statements requires the use of evaluations, estimates and assumptions that affect the application of the accounting principles and amounts recognized as assets and liabilities, income and expenses. Actual results may differ from these estimates.

The important assessments underlying the application of the Group's accounting policies, and the main sources of uncertainty are the same for the interim financial statements as for the consolidated financial statements for 2024.

Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM), defined as Management and the Chief Executive Officer (CEO), and are assessed, monitored, and managed on a regular basis.

Tax

The effective tax rate for the Group will, from period to period, change depending on the gains and losses from investments inside the exemption model and tax-exempt revenues from tonnage tax regimes.

Income tax expense is recognised in each interim period based on the best estimate of the weighted average annual income tax rate expected for the full financial year. Amounts accrued for income tax expense in one interim period may have to be adjusted in a subsequent interim period of that financial year if the estimate of the annual income tax rate changes.

Earnings per share

Calculation of basic earnings per share is based on the net profit or loss attributable to ordinary shareholders using the weighted average number of shares outstanding during the year after deduction of the average number of treasury shares held over the period.

The calculation of diluted earnings per share is consistent with the calculation of basic earnings per share, while giving effect to all dilutive potential ordinary shares that were outstanding during the period.

Note 2 Total revenues

Category of services (USD 1 000)	Q3 2025	Q3 2024	YTD 2025	YTD 2024	2024
Net freight revenues	322 349	298 334	915 936	871 669	1 181 738
Other surcharges	48 119	50 732	151 225	146 408	188 680
Freight revenues	370 468	349 067	1 067 161	1 018 077	1 370 418
Terminal related revenues	-	-	-	410	410
Total revenues	370 468	349 067	1 067 161	1 018 487	1 370 828
Other income	-	-	-	-	-
Total income	370 468	349 067	1 067 161	1 018 487	1 370 828

Revenue from contracts with customers are recognised upon satisfaction of the performance obligation by transferring the promised good or service to the customer. Performance obligations for Freight revenues are satisfied over time through the progress of the voyage. As the service is delivered, the customer is receiving and consuming the benefits of the transport services the Group

performs. Other surcharges are primarily bunker surcharges, and surcharges related to handling of cargo. Terminal related revenues are recognised at a point in time as the performance obligation is satisfied when the service delivery is complete.

Note 3 Vessels, newbuildings, equipment and right-of-use assets

2025 (USD 1 000)	Vessels	Newbuildings & Projects *	Equipment	Right-of-use Assets	Total
Cost at 01.01	2 483 703	229 374	26 362	223 003	2 962 441
Additions	15 109	195 824	328	-	211 261
Transfer from newbuilding and projects	242 303	(242 365)	62	-	-
Newbuilding interest	-	8 204	-	-	8 204
Remeasured leases	-	-	-	(4 219)	(4 219)
Reclassification	50 882	-	-	(50 882)	-
Disposals	(95 751)	(1 037)	(115)	(93 846)	(190 749)
Cost at 30.09	2 696 245	189 999	26 637	74 056	2 986 937
Accumulated depreciation and impairment at 01.01	(1 053 639)	-	(13 990)	(152 924)	(1 220 553)
Depreciation	(77 476)	-	(2 143)	(20 655)	(100 273)
Reclassification	(24 278)	-	-	24 278	-
Disposals	54 427	-	107	93 846	148 380
Accumulated depreciation and impairment at 30.09	(1 100 966)	-	(16 026)	(55 455)	(1 172 447)
Net carrying amount at 30.09	1 595 279	189 999	10 611	18 601	1 814 491
Book value sold assets	41 324	1 037	8	-	42 369
Sales price	102 847	-	12	-	102 859
Gain / (loss)	61 523	(1 037)	3	-	60 489

^* Newbuildings & Projects include instalments related to the Aurora newbuilding program. Remaining equity instalments for the 6 newbuilds are USD 22 million.

The vessels Höegh New York and Höegh Beijing have been sold during the year, in Q1 and Q3 2025. The purchase option for the leased vessel Höegh Copenhagen was declared in Q1 2025, and she was purchased in Q3 2025. Two Aurora Class vessels, Höegh Sunrise and Höegh Moonlight were delivered during Q2 2025.

Note 3 Vessels, newbuildings, equipment and right-of-use assets cont.

2024 (USD 1 000)	Vessels	Newbuildings & Projects *	Equipment	Right-of-use Assets	Total
Cost at 01.01	2 117 067	269 853	25 771	312 919	2 725 610
Additions	90 960	405 060	799	10 542	507 361
Transfer from newbuilding and projects	462 730	(463 450)	720	-	-
Newbuilding interest	-	18 293	-	-	18 293
Remeasured leases	-	-	-	37 134	37 134
Disposals	(187 055)	(382)	(928)	(137 591)	(325 956)
Cost at 31.12	2 483 703	229 374	26 362	223 003	2 962 441
Accumulated depreciation and impairment at 01.01	(1 084 568)	-	(11 858)	(170 703)	(1 267 130)
Depreciation	(89 081)	-	(2 971)	(39 869)	(131 922)
Disposals	120 010	-	840	57 648	178 498
Accumulated depreciation and impairment at 31.12	(1 053 639)	-	(13 990)	(152 924)	(1 220 553)
Net carrying amount at 31.12	1 430 064	229 374	12 372	70 079	1 741 888
Book value sold assets	67 044	382	88	-	67 514

The vessels Höegh Jacksonville and Höegh Jeddah were purchased during 2024, reflected above as disposal of right-of-use asset, and addition to vessels. Höegh Aurora, Höegh Borealis, Höegh Australis and Höegh Sunlight were delivered from the yard in 2024, and have been transferred from newbuildings to vessels. The vessels Höegh Kobe and Höegh Chiba have been sold during 2024. Of total additions of USD 507 million, USD 11 million relate to right-of-use assets and is non-cash, and USD 80 million relates to purchase options for leased vesels and is presented as payment of lease liabilities in the statement of cash flows.

Sales price 119 738 - 102 - 119 840 Gain / (loss) 52 693 (382) 14 - 52 326

Impairment/Reversal of impairment

Fleet

All Ro-Ro vessels in the Group operate in one cash generating unit with the purpose of maximising profit as a total. The impairment assessment is therefore based on the value in use principle for all the vessels in operation, and not vessel-by-vessel.

Market values of the vessels higher than the vessels carrying values, is an indication that impairment loss recognised in prior periods may no longer exist or has been reduced. The carrying values for vessels, equipments and right-of-use assets are at 30 September 2025 without any impairment.

Market values for the vessels are slightly reduced compared to Q2 2025, however they are 39% higher than book values as at 30 September 2025 (49% at 30 June 2025, and 60% at 31 March 2025).

Based on an assessment made at 30 September 2025, there are no indications that the vessels may be impaired.

^* Newbuildings & Projects include first instalments related to the Aurora newbuilding program.

Note 4 Interest income and expenses

Interest income (USD 1 000)	Q3 2025	Q3 2024	YTD 2025	YTD 2024	2024
Interest income from banks	1 917	3 617	5 422	11 634	16 028
Other interest income	52	3	92	19	20
Total	1 968	3 620	5 514	11 653	16 048

Interest expenses (USD 1 000)	Q3 2025	Q3 2024	YTD 2025	YTD 2024	2024
Interest mortgage debt	11 438	8 708	30 336	23 086	32 868
Capitalised interest on newbuildings	(2 215)	(5 216)	(8 204)	(14 777)	(18 293)
Interest on lease liabilities	726	2 493	3 392	9 180	10 874
Other interest expenses	2 062	374	6 071	662	1 301
Total	12 012	6 358	31 594	18 150	26 750

Other financial items

Income from other financial items (USD 1 000)	Q3 2025	Q3 2024	YTD 2025	YTD 2024	2024
Gain on currency exchange	-	1 232	3 145	-	-
Other financial items (income)	106	291	316	377	611
Total	106	1 523	3 460	377	611

Expenses from other financial items (USD 1 000)	Q3 2025	Q3 2024	YTD 2025	YTD 2024	2024
Loss on currency exchange	136	-	-	2 713	3 769
Debt modification loss*	-	-	-	11 029	11 029
Other financial items (expense)**	445	589	1 549	4 210	4 677
Total	581	589	1 549	17 951	19 474

^* The debt modification loss is related to the refinancing in March 2024, where the modifications to the debt were accounted for as an adjustment to the existing liability. The liability was restated to the net present value of the revised cashflows discounted at the original effective interest rate. See note 5.

^** Expenses from other financial items for 2025 consist mainly of commitment fees. Expenses from other financial items for 2024 consist mainly of arrangement fees, commitment fees, and amortisation of debt modification gain from 2022.

Note 5 Non-current and current interest bearing debt

Interest bearing debt (USD 1 000)	30.09.2025	30.09.2024	31.12.2024
Non-current interest bearing mortgage debt	625 006	445 479	498 450
Non-current other interest bearing debt	188 833	30 533	163 041
Non-current lease liabilities	11 492	53 373	54 692
Current interest bearing mortgage debt	45 281	35 730	38 978
Accrued interest mortgage debt	941	1 673	791
Current other interest bearing debt	6 519	-	6 519
Current lease liabilities	6 920	32 303	26 137
Total interest bearing debt	884 992	599 092	788 608
Cash and cash equivalents	229 792	343 790	207 866
Net interest bearing debt	655 200	255 302	580 742

Höegh Autoliners entered into two new credit facilities in March 2024; a USD 720 million credit facility for the purpose of refinancing the existing USD 810 million Credit Facility, and a new USD 200 million Revolving Credit Facility for general corporate purposes. Höegh Autoliners refinanced its USD 810 million Facility maturing 30 January 2028, on 21 March 2024. The refinancing included extended maturity until March 2030, reduced annual amortisations, reduced interest rate and a reduction of pledged vessels. The refinancing has been accounted for as a debt modification, resulting in a debt modification loss of USD 11 million recognised in Q1 2024. See also note 4.

The new USD 200 million Revolving Credit Facility is non-amortising with maturity in March 2028. The facility serves as an additional liquidity reserve and provide flexibility for future capital allocation. As of 30 September 2025, a total of USD 720 million has been drawn from the USD 720 million credit facility, and USD 18 million has been drawn from the USD 200 million Revolving Credit Facility.

Other interest bearing debt of total USD 195 million relate to sale and leaseback arrangements with Bank of Communication for four Aurora Class vessels.

Höegh Autoliners was in compliance with all loan covenants at 30 September 2025.

Repayment schedule for interest bearing debt (USD 1 000)	Mortgage debt	Other interest bearing debt	Leasing commitments	30.09.2025
Due in 2025	12 686	1 665	3 330	17 681
Due in 2026	46 980	6 719	4 538	58 236
Due in 2027	46 980	7 031	1 766	55 777
Due in 2028	77 230	7 378	1 771	86 379
Due in 2029 and later	494 997	172 560	7 006	674 564
Total repayable interest bearing debt	678 872	195 352	18 412	892 636
Capitalized fees	(7 645)			(7 645)
Book value interest bearing debt	671 227	195 352	18 412	884 992

Note 5 Non-current and current interest bearing debt cont.

Reconciliation of liabilities arising from financial activities

Liabilities 2025 (USD 1 000)	Non-current interest bearing debt	Current interest bearing debt	Non-current lease liabilities	Current lease liabilities	Total financing activities
Total interest bearing debt 31.12.2024	661 491	46 288	54 692	26 137	788 608
Proceeds from issue of debt	199 380	7 000	-	-	206 380
Repayment of loans and lease liabilities	-	(48 843)	-	(59 354)	(108 197)
New lease contracts and amendments	-	-	73	(4 292)	(4 219)
Other non-cash movements		1 264	817	340	2 420
Reclassification	(47 032)	47 032	(44 090)	44 090	-
Total interest bearing debt 30.09.2025	813 839	52 741	11 492	6 920	884 992

Liabilities 2024 (USD 1 000)	Non-current interest bearing debt	Current interest bearing debt	Non-current lease liabilities	Current lease liabilities	Total financing activities
Total interest bearing debt 31.12.2023	296 198	49 589	82 270	81 790	509 847
Proceeds from issue of debt	378 749	20 571	-	-	399 320
Repayment of loans and lease liabilities	-	(46 292)	-	(130 875)	(177 167)
New lease contracts and amendments	-	-	9 603	38 024	47 628
Other non-cash movements	8 342	623	-	16	8 981
Reclassification	(21 797)	21 797	(37 182)	37 182	-
Total interest bearing debt 31.12.2024	661 491	46 288	54 692	26 137	788 608

Mortgage debt 30.09.2025 (USD 1 000)	Maturity	Outstanding amount
USD 720 million senior secured	March 2030	658 706
USD 200 million revolving credit facility	March 2028	17 750
Total mortgage debt		676 456

Security

The USD 720 million senior secured term loan and revolving credit facility is secured by mortgages in 12 of the Group's vessels, with a book value of USD 799 million. In addition, the debt is secured by an assignment of earnings and insurances. The USD 200 million revolving credit facility is secured by mortgages in eight of the Group's vessels, with a book value of USD 273 million.

Note 6 Segment reporting

The Group has two operating segments, Shipping services and Logistics services. The Logistics segment represents less than 10% of the Group's total revenue, profit or loss and assets. The Group has decided that the segment is not material to the Group for the period ended 30 September 2025 and has reported information as one combined segment.

Note 7 Share information and earnings per share

In November 2024, an Extraordinary General Meeting resolved to reduce the share capital from NOK 2 823 392 285.20 to NOK 190 769 749, by reducing the nominal value of each share with NOK 13.80, from NOK 14.80 to NOK 1. The reduction in share capital has been transferred to other paid-in equity.

Earnings per share takes into consideration the number of outstanding shares in the period.

Basic earnings per share is calculated by dividing profit for the period after non-controlling interest, by average number of total outstanding shares (adjusted for average number of own shares). The Company has 3 652 own shares at 30 September 2025.

A share bonus program was introduced for certain key employees in 2021, to promote the long-term growth and profitability of the Company by providing an opportunity to acquire an ownership interest in the Company. The program is a share bonus scheme where award shares are assigned on certain terms and conditions, and after a vesting period of three years are converted to shares. The award shares are used in the award calculation method for determining the number of bonus shares which shall be granted after the vesting period.

The three-year vesting period for the first award ended in November 2024 with a total of 326 348 shares granted to the participants. The shares were delivered from the Company's own shares.

The fourth award under the program was assigned in December 2024.

Based on the share bonus program calculation, a total number of potential bonus shares as of 30 September 2025 is 209 150, resulting in a diluting effect of USD 0.001 per share for the three months ended 30 September 2025.

Basic earnings per share for the third quarter was USD 0.69 compared with USD 1.01 in the same quarter last year. Diluted earnings per share for the third quarter was USD 0.69 compared to USD 1.00 in the same quarter last year.

The Company's share capital is as follows:

Share capital	30 September 2025
Number of shares	190 769 749
USD million	30.0
NOK million	190.8

Note 8 Contingent liabilities

Update on alleged breaches of anti-trust regulations in Brazil

On 23 March 2022, The Administrative Council for Economic Defence (CADE) in Brazil issued a fine of approximately BRL 26 million (USD 4.9 million) to Höegh Autoliners for alleged breaches of anti-trust regulations dating back to 2000-2012. Since Höegh Autoliners did not have any turnover in Brazil in the relevant period, the fine is calculated on a "virtual turnover" principle, based on Brazil's relevance in the worldwide PCTC market.

The decision (including the "virtual turnover" calculation) may be challenged before the Appellate Court in Brazil. Höegh Autoliners disagrees with CADE's decision and after reviewing its merits, the Company has proceeded with an annulment application. In a summary judgement issued 20 October 2025, the Company's claims were denied. The decision may be appealed, and the Company is currently considering its options. No provision has been made in the financial statements as of 30 September 2025.

Note 9 Events after the balance sheet date

Dividend

On 29 October 2025, the Board of Directors resolved to distribute a cash dividend of USD 0.1573 per share. The dividend will be paid out in November 2025.

Alternative Performance Measures

Höegh Autoliners presents certain financial measures, which, in accordance with the "Alternative Performance Measures" guidance issued by the European Securities and Markets Authority, are not accounting measures defined or specified in IFRS and are, therefore, considered alternative performance measures. Höegh Autoliners believes that alternative performance measures provide meaningful supplemental information to the financial measures presented in the consolidated financial statements prepared in accordance with IFRS and increase the understanding of the profitability of Höegh Autoliners' operations. In addition, they are seen as useful indicators of the Group's financial position and ability to obtain funding. Alternative performance measures are not accounting measures defined or specified in IFRS and, therefore, they are considered non-IFRS measures, which should not be viewed in isolation or as a substitute to the IFRS financial measures.

Definitions of Alternative Performance Measures (APMs)

This section describes the non-GAAP financial alternative performance measures (APM) that are used in the quarterly and annual reports.

EBITDA is defined as Total revenues less Operating expenses. EBITDA is used as an additional measure of the Group's operational profitability, excluding the impact from depreciation, amortisation, financial items and taxes.

Adjusted EBITDA is defined as EBITDA excluding items in the profit or loss which are not regarded as part of the underlying business. Example of such costs are redundancy costs, cost related to anti-trust investigation and other non-recurring one offs.

Net interest-bearing debt (NIBD) is defined as interest-bearing liabilities less cash and cash equivalents.

Reconciliation of Total revenues to EBITDA and Adjusted EBITDA (USD million)	Q3 2025	Q3 2024	YTD 2025	YTD 2024
Total revenues	370	349	1 067	1 018
Operating expenses	(215)	(172)	(592)	(505)
EBITDA	155	177	476	513
Anti-trust expenses	-	1	-	2
Adjusted EBITDA	155	178	476	515

Net interest bearing debt (USD million)	30.09.2025	30.09.2024	31.12.2024
Non-current interest bearing debt	814	476	661
Non-current lease liability	11	53	55
Current interest bearing debt	53	37	46
Current lease liability	7	32	26
Less Cash and cash equivalents	230	344	208
Net interest bearing debt	655	255	581