Maersk Oil Trading and Investments A/S

Ledelsesberetning

Management’s Review Development during the financial year Maersk Oil Trading and Investments A/S’ result was a loss after tax of USD 11 million in 2025 compared to a loss of USD 15 million in 2024. The results for 2025 are comparable to 2024. Profit before tax improved by USD 15 million, mainly driven by improved operating performance, as the reduction in cost of sales exceeded the decline in revenue. In addition, other financial items contributed positively compared to 2024. Despite this, profit for the year only improved by USD 4 million, primarily due to higher tax expenses. Tax expense increased by USD 11 million compared to 2024, reflecting a higher profit before tax (excluding non-taxable items), which resulted in an additional tax charge. Total assets decreased from USD 2,557 million to USD 2,319 million, mainly due to reductions in inventory, other securities, and investments in subsidiaries. The loss before financial items for the year amounted to USD 3 million, which was below the expected performance for 2025. The anticipated outcome was a profit before financial items in the range of USD 20 –70 million. The deviation is primarily attributable to a decline in margins driven by adverse price developments, as well as negative effects from derivatives resulting from fluctuations in oil prices. Expectations The Company expects its 2026 profit before financial items to fall within the range of USD 15–65 million. Measurement uncertainties The preparation of the financial statements requires management to make estimates and judgements on an ongoing basis and to form assumptions that affect the reported amounts. Management forms its estimates and judgements based on historical experience, independent advice, external data points as well as on in-house specialists and on other factors believed to be reasonable under the circumstances. Measurement uncertainties relates mainly to the determination of the fair value of investments in unquoted shares. Risks The Company is exposed to a variety of financial risks with oil price risks being the most material risk component. Other risks include currency risks, interest rate risks, credit risks and liquidity risks. The Company is influenced by fluctuations in oil prices as the Company when entering oil price hedging contracts undertakes oil price hedging for A.P. Moller – Maersk businesses. The Company’s policy is to mitigate oil price risks by entering into commodity derivative agreements. The overall exposure limit is set in the risk policy, defining a maximum net open position. The Company has exposure to financial and commercial counterparties. To minimise the credit risk, financial vetting is undertaken for all major counterparties and financial institutions, adequate security is required for commercial counterparties, and credit limits are set for financial institutions. Events after balance sheet date Subsequent to year end, geopolitical developments have contributed to volatility in oil prices. Management continues to monitor developments in the Middle East. As at the date of approval of the Financial Statements, the Company is not aware of any material financial impact.

Beskrivelse af virksomhedens væsentligste aktiviteter

Main activities The purpose of Maersk Oil Trading and Investments A/S (“the Company”) is to hold investments in companies, primarily within oil trading in Europe, Asia and USA and Maersk agencies in Europe, Africa and Asia. The Company also undertakes and holds investments in different venture capital companies, all with businesses related to logistics and fuel technology. In addition, the Company holds an investment in Global Shared Centres (GSC), which provides shared services within the Group. Maersk Oil Trading and Investments A/S oversees purchasing bunkers and lubricants, monitoring oil price risk and concluding oil price hedging contracts for companies in the A.P. Moller – Maersk group. Maersk Oil Trading purchases and sells bunkers and lubricants as agents as well as own sourcing. Only own sourcing transactions are included in revenue and expenses.