Hunter Group ASA
Q4 & Annual report 2025
26 February 2026
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.
2
Financial highlights Q4 2025 2025 2024
Realized net TC result (loss) USD 10.97m USD 8.60m USD (8.30m)
Unrealized non-cash TC position result (loss) USD (0.91m) USD 6.49m USD (1.83m)
Total operating expenses USD (0.54m) USD (1.83m) USD (1.96m)
Net profit (loss) USD 10.14m USD 14.1m USD (11.87m)
Avg. spot-linked TC-out rate USD 111,390/d USD 63,530 /d USD 39,220/d
Avg. fixed TC-in rate USD 51,750/d USD 51,750/d USD 51,834/d
Avg. TC-margin (loss) USD 59,640/d USD 11,780/d USD (12,614)/d
Operational days/Available days 184 / 184 730 / 730 658 / 658
Cash and working capital USD 14.50m USD 14.50m USD 12.49m
Highlights
• Spot rates averaged USD 111,390 per day during Q4, i.e. a
quarterly cash flow of approx. NOK ~0.80 per share
- Average fixed TC-in rate of USD 51,750 per day
- Average TC margin (loss) of USD 59,640 per day
- 100% utilization, operating all available days
• 62% of Q1 2026 vessel days booked at USD 113,700 per day
- February has so far averaged USD 147,650 per day
- Current spot rates are around USD 209,000 per day
• The Company intends to maximize value by returning
capital to its shareholders
• The board has declared a dividend of NOK [] per share
- Ex. date: []
- Expected payment date: []
- Classified as repayment of capital
- The dividend amount is limited by the board’s dividend
authority from the 2025 AGM. The board plans to propose
a renewed and increased dividend authority at the
upcoming AGM on 20 March 2026
3
1) Excluding unrealized non-cash TC position result (loss)
2) Including unrealized non-cash TC position result (loss)
A fundamentally based rally
Key TC figures So far in Q1 2026
1
Avg. floating index TC-out: USD 113,700/d
Avg. fixed rate TC-in: USD 51,750/d
TC days: 112 / 180 (62%)
TC end dates Dec ’26 / Mar ’27
Monthly TC results (USDk/d)
• The VLCC spot market has remained strong in Q4 2025 and into
2026, as sanctions are finally taking effect
• Spot rates are currently at approx. USD 209,000 per day
• Forward market (FFA) and 1-year TC rates are firm, indicating a
strong underlying market
- Current 1-year TC rate is at USD 110,000+ per day
- FFAs are pricing Cal26 at USD 139,883 per day
• Plenty of positive triggers ahead:
- Increased reluctancy from both India and China to touch sanctioned
VLCCs
- Sanctions are actually working, not just on paper
- High oil production surplus ahead
- Likely negative fleet growth
- Rates firm across all tanker segments, thus reducing potential
substitution effects
4
1) As of 25 February 2026
54.2
48
57
57
45
52
32
30
33
38
40
34
22
40
46
45
48
47
43
32
44
82
88
127
120
86
145
209
0
50
100
150
200
USDk / d
Index TC (out) Fixed rate TC (in)
5
Dividend considerations – maximizing distributions
• The Company’s non-restricted cash position is increasing rapidly in the current tanker market, and it is the Board’s intention to
distribute all excess
cash to the Company’s shareholders
• However, the Board’s dividend authority granted by the 2025 annual general meeting (AGM) is limited to the net equity as of 31 December
2024, i.e. USD ~10.2m, or approx. NOK 0.72
1
per share
• Counting the NOK 0.30 per share distributed in December, this leaves the Board’s dividend authority with approx. NOK 0.40 per share left until the 2026 AGM
• It is expected that the AGM, scheduled for 20 March 2026, will renew the Board’s dividend authority. A new dividend authority will be
limited to the adjusted
2
net equity as of 31 December 2025, i.e. USD 13.8m or approx. NOK 0.98
1
per share
• Counting the declared NOK [] per share dividend, this leaves the Board’s dividend authority with approx. NOK [] per shares until the 2027 AGM
• In order to distribute dividends in excess of the Board’s authority, the Company will need to i) prepare and audit an interim balance
sheet and ii) hold an extraordinary general meeting to approve the dividend. This process takes around 6-8 weeks.
1) Basis USDNOK of approx.. 9.55
2) Adjusted by the USD ~6.4m unrealized gain on the TC positions
0.72
1.10
1.20
1.78
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
1yr TC rate Cal 2026 FFA Feb 26 avg. Q1 '26 FFA
$110,000 /day $139,883 /day $147,650 /day $192,764 /day
Quarterly cash flow
per share (NOK)
6
Significant cash generation
• At current rates the company is generating
significant cash
• At current FFA levels for 2026(~$140k), the
Company would generate a quarterly cash flow of
NOK 1.10 per share
• The Company aims to maximize shareholder
value by returning excess capital
Quarterly cash flow per share - sensitivities
1) Indicative annualized dividend yield potential basis share price of NOK 4.10
Yield
1
:
71%
108%
117%
192%
7
Production surplus in our favor…
Favorable global oil market trends
• Global oil supply and demand is
expected to grow steadily in 2026
• A production surplus of 3mbd is
expected for 2026-27
• During periods of production
surpluses, VLCC rates have
performed well
- Tanker demand is boosted by low oil
prices, inventory builds, contango
and floating storage plays, or a
combination of the three (See next
page)
Source: EIA, Company
70
75
80
85
90
95
100
105
110
115
Mbd
Supply Demand
Mind
the gap
8
Past performance is not indicative of future returns, but…
Avg. quarterly benchmark VLCC spot rates vs. oil market surplus/deficit
Source: EIA, Company
-120,000
-70,000
-20,000
30,000
80,000
130,000
180,000
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
Series1 Quarterly avg. benchmark VLCC rates (rhs)
Mbd USD/day
• History doesn’t repeat itself,
but it rhymes…
• If previous periods of oil
production surpluses are an
indication, VLCC rates
should remain elevated
going forward
9
Average lifespan of a VLCC?
VLCC fleet and 2026 orderbook
Source: Fearnleys, Company
41
27
38
37
29
31
18
29
41
53
54
62
49
30
24
20
47
50
39
68
37
34
42
20
5
35
-225
-230
-180
-130
-80
-30
20
70
Deliveries Orderbook Scrapped Scrap candidates (20yr+)
VLCCs older than 20yrs?
= 221x
New deliveries in 2026?
= 35x
Net fleet growth?
10
State of the union – strong fundamentals
Geopolitical tensions
Sanctioned vessels falling out of favor
Surplus oil production
Negative fleet growth
Strong FFAs and TC rates
11
Corporate governance policy
Hunter Group ASA’s Board of Directors approved this updated Corporate Governance Policy on 25 February 2026.
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 2025. 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 company`s daily work with
Corporate Governance and CSR. The principles, rules and regulations are outlined to meet both today`s 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 three-
year 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 2025 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). During 2025
the Company distributed NOK 0.30 per share in dividends.
At the Company’s annual general meeting on 8 May 2025 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 8 May 2025 are valid until the earliest of the
annual general meeting 2026 or 30 June 2026. The authorizations are in accordance with Norwegian Code of Practice
for Corporate Governance.
12
Corporate governance policy
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 2026 the Annual General Meeting of HUNT will be held on 20 March. 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 2025 was held in Oslo on 8 May
where 30.5% 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.
13
Corporate governance policy
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.
9. 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 2027
Kristin Hellebust – elected until AGM in 2027
Bertel Steen – elected until AGM in 2027
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 2025:
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.
14
Corporate governance policy
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 7 board meeting during the fiscal year 2025.
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.
15
Corporate governance policy
As of 31st December 2025, the executive personnel’s private and affiliated holdings of shares are the following:
Name Shares
Erik A.S. Frydendal 1,675,269
Lars M. Brynildsrud 1,304,937
Total 2,980,206
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.
16
Corporate social responsibility policy
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 25 February 2026 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.
17
Corporate social responsibility policy
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.
18
Corporate social responsibility policy
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
2025 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 2025.
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 11 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.
19
Corporate social responsibility policy
6.4 Outlook
HUNT will work with and assign priority to corporate social responsibility in 2026. HUNT aims to keep absence due to
sick leave low in 2026. 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 2025, 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, 25 February 2026
The board of directors and Chief Executive Director
Hunter Group ASA
Morten Eivindssøn Astrup
Chaiman of the board
Erik A. S. Frydendal
CEO
Bertel Otto Bryde Steen
Board member
Kristin Hellebust
Board member
20
Board of Directors’ report 2025
Going concern
In accordance with the Accounting Act § 4-5, 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 increased from negative USD 10.1 million in 2024 to USD 15.3 million in
2025. The operating profit in 2025 was USD 13.4 million compared to USD negative 12.1 million in 2024.
Net cash flow from operating activities was USD 1.3 million in 2025, impacted by negative working capital movements
and an unrealized gain on the TC position. Net cash flow from investments were USD 0.1 million, mainly related to sale
of shares and interest earned. Net cash flow to financing activities for 2025 was negative USD 4.1 million, mainly related
to dividend distributions.
Total consolidated adjusted cash position as per 31 December 2025 was USD 5.0 million.
Total assets at year-end 2025 amounted to USD 21.1 million, compared to USD 13.2 million in 2024. The equity ratio
was 98.3% as of 31 December 2025, compared to 81.7 % in 2024.
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.
21
Board of Directors’ report 2025
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 three-
year 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 2025 and 2024.
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 2025.
We kindly refer to our corporate governance and corporate social responsibility documents on page 11 to 19 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 has been cancelled, and the Enova grant has lapsed.
Subsequent events
NOK [] per share dividend declared, classified as repayment of capital.
As of the date of this report, 62% of available days in Q1 have been booked at an average rate of USD 113,700 per day.
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, 25 February 2026
The board of directors and Chief Executive Director
Hunter Group ASA
Morten Eivindssøn Astrup
Chaiman of the board
Erik A. S. Frydendal
CEO
Bertel Otto Bryde Steen
Board member
Kristin Hellebust
Board member
Consolidated financial statements – 2025
22
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Figures in USD 1 000) 2025 2024
Profit (loss) for the year 14 050 -11 871
Other comprehensive income, items to be reclassified to profit & loss
Translation differences -27 0
Total compehensive income 14 023 -11 871
Total comprehensive income attributable to:
Equity holders of the parent company 14 023 -11 871
Total comprehensive income 14 023 -11 871
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
For the year ended 31 December
(Figures in USD 1 000) Note 2025 2024
Revenues and other income
Net realized time chartering result 15 8 597 -8 302
Unrealized change in fair value of time charters 15 6 490 -1 832
Other income 15 161 10
Total revenues and other income 15 248 -10 124
Operating expenses
Other operating expenses 464 456
Depreciation and amortisation expense 4, 5 69 73
General and administrative expenses 14, 16, 20 1 295 1 434
Total operating expenses 1 827 1 962
Operating profit (loss) 13 420 -12 086
Net financial income (loss) 17 629 215
Profit (loss) before taxes 14 050 -11 871
Tax on ordinary result 18 0 0
Net profit (loss) 14 050 -11 871
Earnings per share 19 0.10 -0.10
Earnings per share diluted 19 0.10 -0.10
Consolidated financial statements – 2025
23
Morten Eivindssøn Astrup
Chaiman of the board
Erik A. S. Frydendal
CEO
Bertel Otto Bryde Steen
Board member
Kristin Hellebust
Board member
Oslo/Verbier, 25 February 2026
The board of directors and Chief Executive Director
Hunter Group ASA
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December
(Figures in USD 1 000) Note 2025 2024
NON-CURRENT ASSETS
Other intangible assets 4 9 12
Total intangible assets 9 12
Investment in shares 13 0 429
Other long-term financial assets 7, 13, 15 2 681 4 693
Other tangible assets 4, 5 127 192
TOTAL NON-CURRENT ASSETS 2 817 5 326
CURRENT ASSETS
Trade and other receivables 6, 13 43 0
Back-to-back time charters 13, 15 6 431 0
Other short-term assets 7, 13 6 768 45
Total current assets 13 243 45
Cash and cash equivalents 8, 13 5 049 7 794
TOTAL CURRENT ASSETS 18 292 7 840
TOTAL ASSETS 21 109 13 166
As at 31 December
(Figures in USD 1 000) Note 2025 2024
EQUITY
Share capital (134 825 243 shares) 21 508 508
Share premium 11 968 15 960
Other equity 8 270 -5 753
TOTAL EQUITY 20 746 10 715
LIABILITIES
Interest-bearing debt 5, 9, 10 61 126
Total non-current liabilities 61 126
Trade payables 11, 13 25 1 632
Accrued public charges and indirect taxes 13 73 191
Back-to-back time charters 13, 15 0 50
Current portion of interest-bearing debt 9, 10 65 63
Other current liabilities 12, 13 139 390
Total current liabilities 302 2 325
TOTAL LIABILITIES 363 2 451
TOTAL EQUITY AND LIABILITIES 21 109 13 166
Consolidated financial statements – 2025
24
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 01.01.2024 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
Dividend paid 0 0 0 0
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
Net profit 2025 0 14 050 14 050
Translation adjustments -27 0 -27
Total comprehensive income 2025 -27 14 050 14 023
Dividend paid -3 992 0 0 -3 992
Equity as of 31.12.2025 508 0 11 968 -2 316 10 586 20 746
CONSOLIDATED STATEMENT OF CASH FLOW
For the year ended 31 December
(Figures in USD 1 000) Note 2025 2024
Profit (loss) before tax 14 050 -11 871
Depreciation 69 73
Financial income -590 -532
Financial expenses 9 4
Change in accounts receivables and accounts payables -1 650 1 511
Change in fair value of the three-year back-to-back charterparty -6 490 1 832
Change in working capital items -4 136 841
Net cash flow from operating activities 1 262 -8 143
Investments in PP & E 4 0 -12
Interest received 17 359 532
Sale of other financial investments 429 0
Investments in other financial investments 7, 15 -731 -2 130
Net cash flow from investment activities 56 -1 610
Interest paid 17 -9 -4
Installment leasing-debt (IFRS 16) 5 -63 -77
Capital contribution Equity 0 14 391
Dividend paid Equity -3 992 0
Net cash flow from financing activities -4 063 14 310
Total change in cash and cash equivalents -2 745 4 558
Currency effect on cash 0 0
Cash and cash equivalents beginning of year 7 794 3 236
Cash and cash equivalents end of year 8 5 049 7 794
Notes to the Consolidated financial statements – 2025
25
Notes to the Consolidated financial statements – 2025
26
Note 1 - Accounting principles cont.
Notes to the Consolidated financial statements – 2025
27
Note 1 - Accounting principles cont.
Notes to the Consolidated financial statements – 2025
28
Notes to the Consolidated financial statements – 2025
29
Note 5 – Leases cont.
Notes to the Consolidated financial statements – 2025
30
Notes to the Consolidated financial statements – 2025
31
Note 13 - Financial instruments risk management objectives and policies cont.
Note 13 - Financial instruments risk management objectives and policies cont.
Notes to the Consolidated financial statements – 2025
32
Note 13 - Financial instruments risk management objectives and policies cont.
Notes to the Consolidated financial statements – 2025
33
Notes to the Consolidated financial statements – 2025
34
Notes to the Consolidated financial statements – 2025
35
Notes to the Consolidated financial statements – 2025
36
Note 20 - Payroll and related expenses cont.
Note 20 - Payroll and related expenses cont.
Notes to the Consolidated financial statements – 2025
37
Notes to the Consolidated financial statements – 2025
38
Note 21 - Share capital and shareholder information cont.
Parent company financial statements – 2025
39
STATEMENTS OF PROFIT OR LOSS - HUNTER GROUP ASA
(Figures in USD 1 000) Note 2025 2024
Revenues and other income
Net realized time chartering result 10, 19 8 597 -8 302
Unrealized change in fair value of time charters 19 6 490 -1 832
Other income 10 559 10
Total Revenues and other income 15 646 -10 124
Operating expenses
Other operating expenses 464 456
Depreciation and amortisation expense 2, 3 69 73
General and administrative expenses 11, 14 1 766 1 434
Total operating expenses 2 299 1 962
Operating profit (loss) 13 347 -12 086
Net financial income (loss) 12 627 219
Profit (loss) before taxes 13 975 -11 867
Tax on ordinary result 13 0 0
Net profit (loss) 13 975 -11 867
(Figures in USD 1 000) 2025 2024
Total comprehensive income
Profit (loss) for the period 13 975 -11 867
Comprehensive income for the period 13 975 -11 867
Total comprehensive income attributable to:
Equity holders of the parent 13 975 -11 867
Total comprehensive income 13 975 -11 867
Parent company financial statements – 2025
40
(Figures in USD 1 000) Note 31.12.2025 31.12.2024
EQUITY
Share capital 15 508 508
Share premium 11 968 15 960
Other equity 8 271 -5 703
TOTAL EQUITY 20 747 10 764
LIABILITIES
Long-term lease liabilities 3 61 126
Total non-current liabilities 61 126
Trade creditors 25 1 632
Back-to-back time charters 0 50
Accrued public charges and indirect taxes 73 191
Short-term lease liabilities 3, 6 65 63
Other current liabilities 7 84 390
Total current liabilities 247 2 325
TOTAL LIABILITIES 308 2 451
TOTAL EQUITY AND LIABILITIES 21 055 13 216
STATEMENT OF FINANCIAL POSITION - HUNTER GROUP ASA
(Figures in USD 1 000) Note 31.12.2025 31.12.2024
NON-CURRENT ASSETS
Other intangible assets 2 9 12
Total intangible assets 9 12
PPE and other tangible assets 2, 3 127 192
Total tangible assets 127 192
Investment in shares 17 0 429
Other long-terrm financial assets 19 2 697 4 708
Total finacial long-term assets 2 697 5 137
TOTAL NON-CURRENT ASSETS 2 833 5 342
CURRENT ASSETS
Back-to-back time charters 8 6 431 0
Other short-term assets 4 6 815 79
Total current receivables 13 246 79
Cash and cash equivalents 5 4 976 7 794
TOTAL CURRENT ASSETS 18 222 7 874
TOTAL ASSETS 21 055 13 216
Morten Eivindssøn Astrup
Chaiman of the board
Erik A. S. Frydendal
CEO
Bertel Otto Bryde Steen
Board member
Kristin Hellebust
Board member
Oslo/Verbier, 25 February 2026
The board of directors and Chief Executive Director
Hunter Group ASA
Parent company financial statements – 2025
41
STATEMENT OF CHANGE IN EQUITY - HUNTER GROUP ASA
Share Own Share Currency Retained Total
(Figures in USD 1 000) Note Capital shares premium transl. adj. earnings equity
Equity as of 01.01.2024 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
Net profit (loss) 0 0 13 975 13 975
Total comprehensive income 2025 0 0 13 975 13 975
Dividend paid 15 December 2025 -3 992 0 0 -3 992
Equity as of 31.12.2025 508 0 11 968 -2 289 10 562 20 748
(Figures in USD 1 000) Note 2025 2024
Profit (loss) attributable to equity holders 13 975 -11 867
Depreciation 69 73
Financial income -588 -532
Financial expenses 9 4
Change in accounts receivables and accounts payables -1 607 1 511
Change in fair value of the three-year back-to-back charterparty -6 490 1 832
Change in other receivables and payables and other -4 178 859
Net cash flow from operating activities 1 190 -8 120
Investments in PP & E 0 -15
Interest received 12 357 532
Investments in other financial investments 15 -731 -2 145
Sale of other financial investments 429 0
Net cash flow from investment activities 55 -1 628
Interest paid 12 -9 -4
Installment leasing-debt 3 -63 -75
Capital contribution Equity 0 14 391
Dividend paid Equity -3 992 0
Net cash flow from financing activities -4 063 14 313
Total net changes in cash flow -2 818 4 564
Currency effect on cash 0 0
Cash and cash equivalents beginning of period 7 794 3 230
Cash and cash equivalents end of period 5 4 976 7 794
Notes to the parent financial statements – 2025
42
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 2025.
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
The Company has changed its accounting policy in 2025 related to dividends and group contributions to align with the
accounting policy applied in the consolidated financial statements prepared under IFRS as adopted by the EU.
Previously dividends and group contributions subject to future approvals would be recognized in the balance sheet,
whereas after the change, dividends and group contributions are recognized the period in which they are authorized
and approved by the shareholders. The accounting policy change did not have any impact on the comparable numbers
for 2024 as no dividends were declared in the affected period.
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, Other intang- Property,
ible assets plant & equip. ible assets plant & equip.
(Figures in USD 1 000)
2025 2025 2024 2024
Cost price at 1 January
12 25 0 25
Additions
0 0 12 0
Cost price at 31 December
12 25 12 25
Accumulated depreciations at 31 Dec ember
-5 -23 0 -21
Booked value at 31 December
7 2 12 4
Depreciation
4 2 0 73
Impairment charges
0 0 0 0
Estimated useful life
5 years 3-5 years 5 years 3-5 years
Depreciation method
straight-line straight-line straight-line straight-line
Notes to the parent financial statements – 2025
43
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 %.
Note 4 - Other receivables
Note 5 - Cash and cash equivalents
Note 6 - Short-term liabilities
Note 7 – Other current liabilities
Lease liabilites
(Figures in USD 1 000) 2025 2024
Right of use assets 01.01 189 74
Additions 0 188
Depreciation -63 -73
Right of use assets 31.12 126 189
Lease liabilities 01.01 189 77
Additions 0 188
Installments -65 -77
Lease liabilities 31.12 124 189
Interest expense 9 4
The following arrangements are classified as operating leases:
Operating leasing costs (figures in USD 1000)
2025 2024
Operational leasing costs
5 5
Total operating leasing costs
5 5
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
(Figures in USD 1 000)
2025 2024
Prepaid expenses
0 0
Other short term receivables
6 815 79
Total other receivables 6 815 79
(Figures in USD 1 000)
2025 2024
Cash at bank
4 976 7 794
Total cash at bank
4 976 7 794
Restricted bank deposits for employee withholding taxes
54 44
(Figures in USD 1 000)
2025 2024
Short-term lease liabilities
65 63
Short-term liabilities
65 63
(Figures in USD 1 000)
2025 2024
Unpaid vacation pay 76 80
Other accrued costs 8 310
Total other short-term liabilities
84 390
Notes to the parent financial statements – 2025
44
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 4,976 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 588 thousand in
interest income in 2025 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
2025 was USD 4,976 thousand, compared to USD 7,794 thousand in 2024. 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:
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 was in all material aspects due to a private placement of approximately USD 14.4 million. The increase
in equity in 2025 mainly relates to net profit less dividend paid of USD 4.0 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.
within within within
2025 (figures in USD 1 000) 3 months 3-9 months 9-12 months
Accounts payable 25 0 0
Public duties payables 73 0 0
Other short-term liabilities (including dividend payable) 8 76 0
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) 310 80 0
Notes to the parent financial statements – 2025
45
Note 8 - Financial instruments risk management objectives and policies cont.
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.
Note 10 – Revenue and other income
(Figures in USD 1 000)
2025 2024
Trade and other payables 182 2 212
Bank deposits -4 976 -7 794
Net debt
-4 795 -5 582
Equity
20 747 10 764
Capital and net debt
15 953 5 182
Gearing ratio
-30.1 % -107.7 %
Equity ratio
98.5 % 81.5 %
Carrying Fair Carrying Fair
Financial assets (figures in USD 1 000)
amount value amount value
Investment in shares 0 0 429 429
Other financial assets 2 697 2 697 4 708 4 708
Back-to-back time charters 6 431 6 431 -50 -50
Current receivables 6 815 6 815 79 79
Cash and cash equivalents 4 976 4 976 7 794 7 794
Carrying Fair Carrying Fair
Financial liabilities (figures in USD 1 000)
amount value amount value
Long-term lease liabilities 61 61 126 126
Short-term lease liabilities 65 65 63 63
Trade and other payables 182 182 2 212 2 212
20242025
2025 2024
Type of goods or service (figures in USD 1 000) 2025 2024
Net realized time chartering result 8 597 -8 302
Unrealized change in fair value of time charters 6 490 -1 832
Other income 559 10
Total revenues and other income 15 646 -10 124
Geographical market (figures in USD 1 000) 2025 2024
Sales in Norway 559 10
Sales abroad 15 087 -10 134
Total revenues and other income 15 646 -10 124
Timing of revenue recognition 2025 2024
Goods transferred at a point in time 0 0
Services transferred over time 15 646 -10 124
Total revenues and other income 15 646 -10 124
Notes to the parent financial statements – 2025
46
Note 11 – General and administrative expenses
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.
Note 13 - Income tax
The company has not recognized a deferred tax asset in the statement of financial position for 2025 and 2024 as the
Company has limited taxable income.
(Figures in USD 1 000)
2025 2024
Payroll expenses 928 856
IT and office-related expenses 141 101
Audit, audit-related services and accounting fees 143 153
Various legal fees 42 89
Change in accrued loss IC receivable 431 0
Insurance, car, travel and other expenses 81 235
Total general and administrative expenses 1 766 1 434
Finance income (figures in USD 1 000) 2025 2024
Interest income 588 532
Other financial income 0 0
Currency gain 48 0
Total finance income 636 532
Finance expenses (figures in USD 1 000) 2025 2024
Interest expense -9 -4
Other financial expenses 0 0
Currency losses 0 -309
Total finance expenses -9 -313
Total finance income (loss) 627 219
Income tax expense (figures in USD 1 000) 2025 2024
Payable tax 0 0
Change in utilized tax asset 0 0
Total tax expense 0 0
Calculation of basis for tax 2025 2024
Earnings before tax 13 975 -11 867
Permanent differences -7 087 2 739
Currency adjustments due to NOK as tax basis -1 518 977
Changes in temporary differences 1 369 -9
Transfer to/(from) tax loss brought forward -6 739 8 160
Total basis for tax 0 0
Summary of temporary differences: 2025 2024
Fixed assets -2 -3
Loss carried forward -27 810 -31 049
Total -27 812 -31 052
Calculated deferred tax asset (22 %) -6 119 -6 832
Notes to the parent financial statements – 2025
47
Note 13 - Income tax cont. Note 14 - Payroll and related expenses
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 1,561,920). The National Insurance scheme basic amount for 2025 is NOK
130,160. The retirement age for all employees, including the management, is 67 years.
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 2025 and 2024. The amounts shown are exclusive of value added tax.
Statement of financial position
Deferred tax asset (figures in USD 1 000) 2025 2024
Loss carried forward -6 118 -6 831
Fixed assets -1 -1
Total deferred tax asset -6 119 -6 832
Not recognized deferred tax asset 6 119 6 832
Total deferred tax asset recognised in the statement of financial position 0 0
Loss carried forward as of 31 December 2025 2024
Unlimited carrying forward 27 810 31 049
Effective tax rate 2025 2024
Profit / (loss) before tax 13 975 -11 867
22% tax of earnings before tax 3 074 -2 611
Permanent differences and other -1 559 602
Changes in deferred tax asset not recognised in the statement of financial position 713 -1 075
Currency effect due to NOK as tax basis -2 228 3 083
Calculated tax cost 0 0
Effective tax rate 0 % 0 %
Payroll and related expenses (figures in USD 1 000) 2025 2024
Salaries and vacation pay 686 666
Social security tax 114 125
Pension expense (“OTP”) 32 30
Remuneration to the Board of Directors and the Nomination Committee 82 36
Other benefits 14 -1
Total payroll an related expenses 928 856
2025 2024
Number of employees (average work years) 3 3
(Figures in USD 1 000) 2025 2024
Contributions expensed during the year 32 30
(Figures in USD 1 000)
2025 2024
Audit fee 81 86
Assurance services 0 0
Other assistance 0 0
Total 81 86
Notes to the parent financial statements – 2025
48
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
The Company has sold its investment in Njord Bay AS in 2025 with a net loss of zero as it was written down with USD 63
thousand as per 31 December 2024.
Note 18 - Intercompany receivables/payables
Note 19 - Financial assets/liabilities
Financial assets at fair value through profit or loss consist of two three-year back-to-back charterparty on eco-
designed 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 2.5 million in an account at Trafigura. The security deposits are earning interest 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
NOK [] per share dividend declared, classified as repayment of capital.
As of the date of this report, 62% of available days in Q1 have been booked at an average rate of USD 113,700 per day.
(Figures in USD 1000) Voting Book value Equity at Net
Company Location Share rights Cost 31.12.2025 31.12.2025 income 2025
Hunter M aritime Advisors AS Oslo 100 % 100 % 8 8 -1 363 -153
HG Projectco 1 AS Oslo 100 % 100 % 8 8 8 0
Receivables (figures in USD 1 000) 2025 2024
Long-term receivable subsidiaries 0 0
Short-term receivable subsidiaries 0 0
Payables (figures in USD 1 000) 2025 2024
Other current liabilities subsidiaries 0 0
Dividend payable 0 0
Financial asset/liabiliy at fair value through profit or loss 2025 2024
Three-year back-to-back charterparty eco-designed and scrubber fitted VLCC 6 440 -50
2025 2024
Realized floating index-linked spot rates 46 375 25 812
Paid fixed rates -37 778 -34 113
Broker commision (1 % of realized floating index-linked spot rates) -464 -258
Net realized result from lease-leaseback 8 133 -8 560
Change in fair value of the three-year back-to-back charterparty 6 490 -1 832
