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 15 million in 2024 compared to a profit of USD 134 million in 2023. The main reason is due to decrease in other operating income and change in net financial items. The decrease in other operating income is primarily attributable to a reduction in the sale of HBE certificates. In 2024, the company generated significantly fewer HBEs compared to 2023. Additionally, changes in the HBE calculation methodology and pricing structure further contributed to the decline. The primary factor behind this decrease is the government’s decision to reduce the marine biofuel multiplier. Net financial items for 2024 amounted to USD -45 million, representing a decrease compared to USD 50 million in 2023. This decline is primarily due to changes in the fair value of other securities. The most significant decrease pertains to one logistic technology company, where the adjustment reflects the company's underperformance. Additionally, the overall decline in valuations is influenced by the anticipated challenging funding environment through 2024 and into 2025, which is expected to lead to lower fundraising valuations and/or increased liquidity risks within the venture capital market. Total assets increased to USD 2,557 million from USD 2,445 million mainly driven by increase in inventory. The loss before financial items for the year amounted to USD 10 million, which is considered below the expected performance for 2024. The expected range was between USD 30-100 million. The primary reason for the dip is due to reduction in the sale of HBE certificates. Expectations The company's outlook for 2025 is expected to be better than 2024, thus for 2025 a profit before financial items in the range USD 20-70 million is expected. 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 No significant events have occurred after the balance sheet date up through the date of this report which would influence the evaluation of this Annual Report.

Beskrivelse af virksomhedens væsentligste aktiviteter

Main activities The purpose of Maersk Oil Trading and Investments A/S 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. 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.