November 7, 2023

DISCLAIMER

Forward Looking Statements

This presentation contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company's management as well as assumptions, expectations, projections, intentions and beliefs about future events, in particular regarding dividends (including our dividend plans, timing and the amount and growth of any dividends), daily charter rates, vessel utilization, the future number of newbuilding deliveries, oil prices and seasonal fluctuations in vessel supply and demand. When used in this document, words such as "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "will," "may," "should" and "expect" and similar expressions are intended to identify forward- looking statements but are not the exclusive means of identifying such statements. These statements reflect the Company's current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent the Company's estimates and assumptions only as of the date of this presentation and are not intended to give any assurance as to future results. For a detailed discussion of the risk factors that might cause future results to differ, please refer to the Company's Annual Report on Form 20-F, filed with the Securities and Exchange Commission on March 23, 2023.

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

November 7, 2023

2

Q3'23 Financials

BALANCE SHEET HIGHLIGHTS

As per

$ Thousands

30.09.2023

Cash

$

73,920

Other current assets

$

105,307

Vessels*

$

1,311,906

Other assets

$

6,340

Total assets

$

1,497,474

Current portion of long-term debt

$

47,933

Other liabilities

$

34,378

Long-term debt

$

388,647

Equity

$

1,026,516

Total equity and liabilities

$

1,497,474

Total liquidity of $292 million

Cash

$ 73.9 million

RCF availability

$ 217.6 million

Interest bearing debt to total assets

  • Marked to market: 21.0%

Net debt per vessel as of 30.09.2023

  • $15.1 million

*Including advances for vessel and vessel upgrades

November 7, 2023

3

Q3'23 Financials

P&L HIGHLIGHTS

$ Thousands, except per share

Q3 2023

Revenues on TCE basis

$

89,087

Vessel operating expenses

$

(18,608)

G&A

$

(4,303)

EBITDA

$

67,419

Interest expenses

$

(8,789)

Net Income / (loss) after tax

$

30,967

EPS

$

0.19

Average TCE Q3 2023

  • $42,500/d
    • $44,700/d Spot
    • $35,500/d Time-charter

November 7, 2023

4

Q3'23 Financials

P&L HIGHLIGHTS

$ Thousands, except per share

Q3 2023

YTD

Revenues on TCE basis

$

89,087

$

295,887

Vessel operating expenses

$

(18,608)

$

(56,711)

G&A

$

(4,303)

$

(13,455)

EBITDA

$

67,419

$

229,118

Interest expenses

$

(8,789)

$

(23,868)

Net Income / (loss) after tax

$

30,967

$

126,089

EPS

$

0.19

$

0.77

Average TCE YTD 2023

  • $49,200/d
    • $54,300/d Spot
    • $35,600/d Time-charter

November 7, 2023

5

Q3'23 Financials

Q3 2023 CASH FLOW HIGHLIGHTS

Cash Bridge Q3 2023

225

200

67.4

-6.9

-7.0

-56.7

175

150

-9.9

125

-5.5

-2.1

-85.3

100

54.5

-4.9

-0.3

75

130.6

50

73.9

25

0

30/06/23 Cash

EBITDA

Debt

Cash interest

Dividend

Share buyback Maintenance

EGCS CapEx

New

Issuance of

Change in

Other

30/09/23 Cash

Balance

repayment

CapEx

investment

long-term

working

Balance

CapEx

debt

capital

November 7, 2023

6

Q3'23 Financials

CAPITAL ALLOCATION

Cash dividend of $0.19 per share

  • Equals capital allocation policy: 100% of net income
  • The 55th consecutive quarterly cash dividend
  • Payable on November 28, 2023, to shareholders of record as of November 21, 2023

Share repurchases

  • Repurchased 1.1 million of its own shares during the quarter
  • Average price of $8.72
  • Acquired shares retired upon receipt

For Q3 2023, return to shareholders equals 132% of net income: $0.19 per share in cash dividend and $9.9 million in share buybacks

November 7, 2023

7

Business Update

Q3 EVENTS

  • Took delivery of acquired 2018-built VLCC
    • Acquired for $94.5 million
    • Acquisition funded by cash on hand and a new $45 million term loan facility
    • Vessel named DHT Appaloosa

November 7, 2023

8

Business Update

ROBUST BREAK-EVEN LEVELS

$/day 35,000

30,000

25,000

20,000

15,000

10,000

5,000

0

Estimated break-even 2024

27,50025,000

21,400

17,300

P&L break-even rates

P&L break-even rates spot

Cash break-even rates

Cash break-even rates for spot

ships

ships

Cash break-even includes all true cash costs:

OPEX, G&A, amortization, cash interest and maintenance CAPEX

November 7, 2023

9

Business Update

Q4 OUTLOOK

Estimated Q4 2023

Total term time-charter days

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

Total spot days for the quarter Spot days booked to date

Average spot rate booked to date ($/day)

Spot P&L break-even for the quarter

420

$36,000

1,790

1,280 $41,500

$24,700

*The month of October includes a profit-sharing. The months of November and December assume only the base rate.

November 7, 2023

10

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Disclaimer

DHT Holdings Inc. published this content on 07 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2023 15:05:16 UTC.