DIS_Q2 & H1 2026 Results Interim Report

PPhynwire

DIS_Q2 & H1 2026 Results Interim Report | Phynwire

Text version

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026

d’Amico International Shipping S.A.

Interim Report

First Half and Second Quarter 202 6

This document is available on

www.damicointernationalshipping.com

d’Amico International Shipping S.A.

Registered office at 25C Boulevard Royal, Luxembourg

RCS B124790

Share capital US$ 62,053,278.45 as at 30 June 2026

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026

BOARD OF DIRECTORS ................................ ................................ ................................ ........ 3 KEY FIGURES ................................ ................................ ................................ ......................... 4

CONSOLIDATED INTERIM MANAGEMENT REPORT ................................ ......................... 5

GROUP STRUCTURE ................................ ................................ ................................ ................................ ............................... 5 ALTERNATIVE PERFORMANCE MEASURES (APM) ................................ ................................ ................................ . 10

SUMMARY OF THE RESULTS FOR THE FIRST HALF AND SECOND QUARTER OF 2026 ........................... 12

SIGNIFICANT EVENTS OF THE FIRST HALF OF 2026 ................................ ................................ .............................. 19

SIGNIFICANT EVENTS SINCE THE END OF THE PERIOD AND BUSINESS OUTLOOK ................................ 20

D’ AMICO INTERNATIONAL SHIPPING GROUP CONDENSED CONSOLIDATED

INTERIM FINANCIAL STATEMENTS AS AT 30 JUNE 2026 ................................ ............. 23

AUDITOR’S REPORT ON REVIEW OF THE CONDENSED CONSOLIDATED INTERIM

FINANCIAL STATEMENTS ................................ ................................ ................................ .. 24

CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS ................................ ..................... 25

CONDENSED CONSOLIDATED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME ............ 25

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION ................................ ...... 26

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS ................................ ....................... 27

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY ... 28

NOTES ................................ ................................ ................................ ................................ ................................ ....................... 29

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 3 Board of Directors

Chairman

Paolo d’Amico

Directors

Antonio Carlos Balestra di Mottola, Chief Executive Officer Cesare d’Amico – Executive Director Marcel C. Saucy – Non-executive, Lead Independent Director Tom Loesch – Non-executive, Independent Director Monique I.A. Ueberecken Maller – Non-executive, Independent Director Antonia d’Amico - Director Lorenzo d’Amico - Director Massimiliano della Zonca - Director

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 4

Key Figures

Financials

Q2 2026

UNREVIEWED Q2 2025

UNREVIEWED US$ thousand H1 2026 H1 2025 89,853 68,136 Total net revenue 157,418 132,225

64,897 38,956 EBITDA * 105,794 73,380

72.23% 57.17% as % of margin on Total net revenue 67.21% 55.50%

53,733 22,617 EBIT * 82,898 44,366

59.80% 33.19% as % of margin on Total net revenue 52.66% 33.55% 51,934 19,644 Profit for the period 79,394 38,510 57.80% 28.83% as % of margin on Total net revenue 50.44% 29.12% 47,917 23,522 Adjusted profit for the period* 74,760 42,757 US$0. 436 US$0.165 Earnings per share US$0. 667 US$0.323 52,256 41,033 Operating cash flow 87,222 86,208 (2,353) (36,379) Gross CAPEX* (35,549) (73,855)

As at

30 June 2026 As at

31 December

2025

Total assets 1,083,113 1,027,155 Net debt ( Net cash)* (19,169) 27,390 Shareholders’ equity 817,232 770,404

*please refer to the Alternative Performance Measures . Other Operating Measures

Q2 2026

UNREVIEWED Q2 2025

UNREVIEWED H1 2026

UNREVIEWED H1 2025

UNREVIEWED

35,833 23,922 Daily operating measures - TCE earnings* per employment day (US$)1 31,125 23,214 28.2 32.0 Fleet development - Total vessel equivalent 28.6 32.4 26.2 28.9 - Owned 26.6 28.2 2.0 3.0 - Bareboat chartered 2.0 3.0

- 0.1 - Time chartered - 1.1 1.6% 1.2% Off-hire days/ available vessel days2 (%) 1.4% 1.7% 65.3% 50.8% Fixed rate contract/ available vessel days3 (coverage %) 63.7% 45.2%

1 This figure represents time charter (“TC”) equivalent earnings for vessels employed on the spot market and time charter contr acts, net of commissions. Please refer to the Alternative Performance Measures included further on in this report.

2 This figure is equal to the ratio of the total off -hire days, inclusive of dry -docks, and the total number of available vessel days.

3 Fixed rate contract days/available vessel days (coverage ratio): this figure represents the proportion of available vessel da ys, including off -hire days, employed on time charter contracts.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 5 Consolidated Interim Management Report

GROUP STRUCTURE

d’Amico International Shipping S.A. is a public limited liability company (Société Anonyme), incorporated on 9 February 2007, in Luxembourg. The Company is organized and governed under Luxembourg laws, and since its listing on 3 May 2007 on the STAR segment of the Italian Stock Exchange (Euronext Milan), has also been subject to the relevant provisions of Italian law.

As at 30 June 2026, d’Amico International Shipping S.A. was 55.66% owned by d’Amico International S.A., in terms of both share capital and voting rights. d’Amico International S.A. is wholly owned by d’Amico Società di Navigazione S.p.A., the ultimate parent company of the d’ Amico Group.

The following diagram illustrates d’Amico International Shipping Group’s structure as of 30 June 2026:

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 6 d’Amico International Shipping Group

d’Amico International Shipping S.A. (referred to individually as the “Company” or “d’Amico International Shipping” and , collectively with its subsidiaries as “DIS”, “DIS Group” or “the Group”) is an international marine transportation company , part of the d’Amico Società di Navigazione SpA Group (the “d’Amico Group”), which traces its origins to 1936. As part of one of the world’s leading privately owned marine transportation groups , with over 80 years of industry experience, DIS benefits from the d’Amico Group’s expertise, which provides technical management services to the DIS Group’s vessels , including crewing, insurance arrangements , and safety, quality, and environmental management.

DIS’ business purpose is to operate, through its wholly owned subsidiary d'Amico Tankers d.a.c. (Ireland) , a fleet of owned and chartered -in vessels engaged in the transportation of refined petroleum products and vegetable oils.

As at 30 June 202 6, DIS , through its wholly owned subsidiary d’Amico Tankers d.a.c., controlled a fleet of 28 product tankers , comprising 2 6 owned vessels and 2 bareboat chartered -in vessels with purchase obligations. The Group’s fleet had an average age of approximately 9.9 years , compared to the product tanker industry average of 14. 2 years for MRs (25,000 – 54,999 dwt) and 15. 8 for LR1s (55,000 – 84,999 dwt).

DIS operates an entirely double -hulled fleet, primarily engaged in the transportation of refined oil products , providing worldwide shipping services to major oil companies and trading houses. All vessels comply with IMO (International Maritime Organization) regulations, including MARPOL (International Convention for the Prevention of Pollution from Ships), and meet s the stringent requirements set by oil-majors , energy -related companies , and other relevant international standards. Under IMO/MARPOL regulations , certain cargoes, such as palm oil, vegetable oil, and other chemicals, may only be transported by vessels that meet specific technical requirements (IMO Classed) . As at 30 June 2026, 78.6% of DIS’ controlled fleet was IMO Classed .

The DIS Group’s revenue, amounting to US$189.4 million in the first six months of 2026 , was mainly generated from the employment of the vessels in its fleet under spot contracts and time charters for the marine transportation of refined petroleum products. Vessels employed under fixed -rate contracts, including time charters, generally provide m ore stable and predictable cash flows compared to vessels operating in the spot market. Conversely, spot contracts offer the potential to maximise revenues during periods of increasing market rates, although they may result in lower earnings during periods of declining rates. The employment mix of the fleet is adjusted based on prevailing and forecasted market conditions.

In addition, gains or losses may arise from the sale of vessels within the Group’s fleet.

DIS Group benefits from a strong brand name and an established reputation in the international shipping market, built over its long operating history. This reputation supports the Group’s ability to maintain long -term relationships with customers and partn ers and to develop new business relationships over time. Accountability, transparency, and a focus on quality underpin the Company’s operations and long -term performance.

The quality of DIS Group’s fleet is preserved through scheduled maintenance programmes, adherence to stringent standards for owned vessels , and careful chartering -in of vessels from owners who meet high -quality standards.DIS’ Global Footprint

DIS maintains offices in key maritime centres worldwide, including Luxembourg (Grand Duchy of Luxembourg), Dublin (Ireland), London (United Kingdom), and Monte Carlo (Monaco). The Group provides transportation services through the operation of its entire fleet on a global basis. This international presence supports the Group’s ability to meet the needs of clients across multiple regions and contributes to the visibility and recognition of the DIS brand worldwide. In addition, the geographical distribution o f the Group’s offices across multiple time zones enables continuous operational monitoring and timely customer support .

As at 30 June 202 6, DIS employed 602 seagoing personnel and 26 onshore personnel. Through related party contracts, DIS also benefits from the services of employees of the d’Amico Group working in the administrative, chartering, operations, sales and purchase, and technical departments of d’A mico Shipping Singapore, d’Amico Shipping USA, d’Amico Società di Navigazione SpA, Rudder SAM, and d’Amico Shipping UK .

Fleet

As at 30 June 202 6, DIS controlled a modern fleet of 28 product tankers (31 December 2025: 29 product tankers) , ranging from approximately 36,000 to 75,000 deadweight tons (dwt), managed either through ownership or charter arrangements.

Since 2012, DIS has ordered 22 newbuildings, the most recent of which was delivered in 2019. In 2024, DIS placed orders for four newbuilding vessels, with deliveries expected in 2027. In 2025 DIS ordered two additional newbuilding vessels scheduled for del ivery in 2029. In Q1’26, DIS placed orders for four additional newbuilding vessels, with delivery expected in 2029. These vessels

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 7 meet the stringent standards required by the Group’s oil major customers and are designed to be highly cost -effective .

Operating a large fleet enhances the generation of earnings and operating efficiencies , strengthens the Group’s ability to advantageously position vessels and improves the fleet’s availability and scheduling flexibility, providing DIS with a competitive advantage. In particular, the scale of DIS’ operations provides it with the flexibility ne cessary to enable it to capitalise on favourable spot market conditions to maximise earnings and negotiate favourable contracts with suppliers.

As at 30 June 202 6, DIS employed 3 LR1 (‘Long Range 1’), 9 MR (‘Medium Range’) and 6 Handysize vessels on term contracts at fixed rates (either through bareboat or time charter contracts), while 3 LR1 and 7 MR vessels were employed on the spot market at the same date. The following table provides detailed information about DIS’ fleet on the water as of 30 June 202 6:

Name of vessel Dwt Year built Builder, Country 4

IMO classed

LR1 fleet

Owned

Bright Future 5 75,000 2019 Hyundai Mipo, South Korea (Vinashin, Vietnam) -

Cielo di Cagliari 75,000 2018 Hyundai Mipo, South Korea (Vinashin, Vietnam) -

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 10

ALTERNATIVE PERFORMANCE

MEASURES (APM)

Along with the most directly comparable IFRS measures, DIS’ management regularly uses Alternative Performance Measures (APMs), as they provide helpful additional information for readers of its financial statements. These measures indicate how the business has performed over the period, addressing gaps not cove red by reporting standards.

APMs consist of financial and non -financial measures of historical or future financial performance, financial position, or cash -flows, which are not defined or specified under the Group’s applicable financial reporting framework or International Financial Reporting Standards (IFRS).

Consequently, they may not be comparable to similarly titled measures used by other companies. APMs are not measures under IFRS or GAAP and should not be considered substitutes for the information con tained in the Group’s condensed consolidated interim financial statements.

FINANCIAL APMs: These are based on, or derived from, figures of the condensed consolidated interim financial statements:

Time charter equivalent earnings This shipping industry standard facilitates the comparison of period -to-

period net freight revenues, unaffected by whether the vessels were employed on Time charters (TC), Voyage charters, or Contracts of affreightment. Detailed in the condensed consolidat ed interim Statement of Profit or Loss, it represents revenues net of voyage costs. For further details, please refer to the Non -Financial APM definitions below.

Bareboat charter revenue Revenues derived from contracts in which the shipowner is paid monthly in advance at an agreed daily charter hire for a specified period. During this period, the charterer assumes responsibility for the technical management of the vessel, including crewing , as well as for all operating expenses. For additional details, please refer to the section on 'Other Definitions.' EBITDA and EBITDA Margin EBITDA represents earnings before interest (including the Group’s share of the result of joint ventures and associates, if any), taxes, depreciation, and amortization. This measure is equivalent to gross operating profit, reflecting the Group's revenues from sales minus the cost of services (transport) sold. The EBITDA Margin is calculated by dividing EBITDA by total net revenue. DIS considers EBITDA and EBITDA Margin as valuable indicators for investors to assess the Group’s operational performance.

EBIT and EBIT Margin EBIT denotes earnings before interest , including the Group’s share of the result of joint ventures and associates, if any , and taxes. This metric is equivalent to operating profit, which the Group uses to monitor its profitability after accounting for operating expenses and the cost of using its tangible assets. The EBIT Margin, calculated by dividing EBIT by total net revenue and indicates the extent to which total net revenue contributes to covering both fixed and variable costs .

ROCE

Return on Capital Employed is a key profitability ratio that measures how efficiently a company uses its capital. It is calculated by dividing EBIT by capital employed, defined as total assets minus current liabilities. This ratio is critical for assessing the effectiveness of the company's capital investments, providing insights into how well the company generates profits from its available capital.

Adjusted profit for the period Profit for the period adjusted to exclud e the results on disposal of vessels and financial items considered non-recurring by the Group , comprising realised and unrealised results o n derivative financial instruments. Gross CAPEX Represents capital expenditure for the acquisition of fixed assets, including investments in newbuildings, as well as expenditures capitalised as a result of intermediate or special surveys of our vessels, or investments for the improvement of DIS vessels. These are indicated under ‘Acquisition of property, plant and equipment ’ within the cash -flow from investing activities. It provides insight into the strategic planning and expansion of the Group, highlighting the capital -intensive nature of our industry.

Net Debt / (Net Cash) Comprises bank loans and other financial liabilities, offset by cash and cash equivalents, and liquid financial assets or short -term investments available to service those obligations. The Group considers Net Debt / (Net Cash) a relevant metric for investors , as it reflects the overall debt situation of the company, indicating the absolute level of non -equity funding of the business. A detailed reconciliation to the relevant statement of financial position line items is provided in the “Net Debt / (Net Cash)” section of the report on operations. A positive amount indicates a net debt position, while a negative amount indicates a net cash position.

NON -FINANCIAL APMs: These metrics are not derived from figures of the condensed consolidated interim financial statements:

Available vessel days This metric represents the total theoretical number of days a vessel is available for sailing during a specified period. It serves as an indicator of the Group's fleet earnings potential for that period, taking into account the dates of delivery to and red elivery from the Group of the vessels in its fleet. For further details, please refer to the Key Figures and other key operating measures.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 11

Coverage

This ratio indicates the proportion of available vessel days that are secured by fixed rate contracts (time charter contracts or contracts of affreightment). It provides a measure of the Group’s exposure to freight market fluctuations during a specified pe riod. For more detailed information, please refer to Time Charter Equivalent Earnings in the Summary of the results for the first half and second quarter of 2026.

Daily spot rate or daily TC rate The daily spot rate refers to the daily time -charter equivalent earnings generated by employing DIS’ vessels on the spot market (or on a voyage basis). Conversely, the daily TC rate refers to daily time -charter earnings generated from employing DIS’ vessel s under 'time -charter' contracts. For further explanation and context, please refer to the definition of Time Charter Equivalent Earnings and consult the Summary of the results for the first half and second quarter of 2026 .

Off-hire

Refers to periods when a vessel is unable to perform the services for which it is contracted under a time charter. Off -hire periods may include time spent on repairs, dry -docking, and surveys, regardless of whether they are scheduled or unscheduled. This m etric is crucial for explaining fluctuations in Time Charter Equivalent Earnings across different periods.

For more detailed insights, please refer to the Revenues section in the Summary of the results for the first half and second quarter of 2026.

Time charter equivalent earnings per day This metric measures the average daily revenue performance of a vessel or of DIS' fleet. The method for calculating Time Charter Equivalent Earnings per Day adheres to industry standards and involves dividing voyage revenues (net of voyage expenses) by on -hire days for the specified time period . It is a critical shipping industry performance measure, used primarily to compare period -to-period changes in a shipping company's performance. This measure is unaffected by variations in the mix of charter contracts (i.e., spot charters, time charters, and contracts of affreightment), facilitating a comparison of the Group's performance with industry peers and market benchmarks.

For additional details, please refer to Key Figures.

Vessels equivalent

This metric represents the number of vessel equivalents in a period, calculated as the sum of the products of the total available vessel days for each vessel over that period and the Group’s (direct or indirect) participation in each vessel, divided by the number of calendar days in that period. It provides an indicator of the Group's fleet size and its potential earnings capacity during the period. For more information, please refer to Key Figures.

OTHER DEFINITIONS

Bareboat charter

A contract type where the shipowner is paid monthly in advance at an agreed daily charter hire for a specified period. Under this agreement, the charterer assumes responsibility for the technical management of the vessel, including crewing, as well as all operating expenses. A bareboat charter is also known as a "demise charter" or a "time charter by demise”.

Charter

A contract for hiring a vessel for a specified period of time or to transport cargo from a loading port to a discharging port. The contract is commonly referred to as a charter party. There are three main types of charter parties: bareboat, voyage, and time charter parties. For detailed definitions of each type, ref er to the definitions provided in this section.

Contract of affreightment (COA) An agreement between an owner and a charterer that obligates the owner to provide a vessel to the charterer for transporting specific quantities of cargo at a fixed rate over a specified time period. Unlike individual voyage charters, a COA does not designate specific vessels or voyage schedules, thus providing the owner greater operational flexibility. Disponent Owner The entity that controls a vessel, effectively replacing the registered owner, either through a time -charter or a bareboat charter agreement.

This control may involve all operational responsibilities associated with the vessel during the charter period.

Fixed -rate contracts For DIS, these typically refer to revenues generated through time -

charter contracts or contracts of affreightment. For more details, please refer to definitions in this section. While bareboat charter contracts are also generally fixed-rate, in these agreements DIS controls rather than employs the vessels.

Spot charter or Voyage charter This contract type allows a registered owner or disponent owner (as previously defined in this section) to be compensated for transporting cargo from a loading port to a discharging port. Payment to the vessel owner or disponent owner is made on a per -ton or lump -sum basis, commonly referred to as freight. The owner or disponent owner bears the voyage expenses, while the charterer is typically responsible for any delays at the loading or discharging ports, which is compensated by demurrage. The technical management of the vessel, including crewing and operational expenses, remain s the responsibility of the shipowner or bareboat charterer under voyage charters.

Time charter

In this contract type, the registered owner or disponent owner (refer to the earlier definition in this section) is paid, generally monthly in advance, based on an agreed daily rate for a specified period, often under a fixed -rate contract. Under time charters, the charterer is responsible for voyage expenses a nd additional voyage insurance.

The ship -owner or bareboat charterer, operating the vessel under a time charter, is responsible for the technical management of the vessel, including crewing, and bears the operating expenses.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 12

SUMMARY OF THE RESULTS FOR THE FIRS T

HALF AND SECOND QUARTER OF 2026

Overall, tanker markets were very strong during the first half of 2026, despite pronounced volatility. Market conditions were already firm at the beginning of the year, with product tanker earnings above their long -term averages, supported by robust crude tanker markets, sanctions -related trade dislocations and sustained demand for compliant tonnage. The escalation of the conflict in the Middle East in March subsequently caused severe disruption to global oil and tanker trades and led to a sharp increase in freight rates across all major tanker segments.

Following the onset of hostilities, tanker traffic through the Strait of Hormuz — a critical chokepoint that typically accounts for around 20% of global oil supply and approximately 37% and 19% of seaborne crude and product trade, respectively — declined b y about 95% compared with normal levels. A significant share of the fleet became constrained in and around the Middle East Gulf, with approximately 6% of crude tanker tonnage and 4% of product tanker capacity affected. At the same time, greater reliance on oil supplies from the Atlantic Basin lengthened voyage distances and created additional market inefficiencies. Against this backdrop, weighted average tanker earnings rose to a record of US$133,735 per day in March, more than four times the 2025 average, while average MR spot earnings reached approximately US$59,000 per day towards the end of the month, more than three times their long-term average.

Product tanker earnings gradually eased from their late -March and early -April peaks as the second quarter progressed but remained historically firm, supported by constrained refined -

product availability, favourable arbitrage opportunities and longer -haul trade patterns. A range of atypical long -haul product trades emerged, particularly from the United States to Asia, while southbound product tanker transits through the Panama Canal rose to record levels. By late April, average MR earnings remained well above pre -conflict levels at around US$52,000 per day.

Towards the end of June, the partial reopening of the Strait of Hormuz, following the interim ceasefire agreement between the United States and Iran, prompted a material recovery in regional oil flows and further vessel repositioning. According to the International Energy Agency, oil exports from the Middle East Gulf increased by approximately 6.5 million barrels per day in June to 16.1 million barrels per day, although they remained well below the pre -conflict average of about 24 million barrels per day. T he recovery was more pronounced in the crude tanker segments, as crude flows recovered faster than refined -product shipments, while product tanker conditions remained comparatively more moderate but still firm . Continued inventory draws and refinery disruptions also supported refined -product cracks and refining margins despite the sharp contraction in global oil demand during the second quarter.

By the end of the period, weighted average tanker earnings stood at approximately US$72,500 per day, broadly in line with the elevated levels prevailing immediately before the conflict and around three times the long -term average. However, the security situation remained fragile, with outbound transits through the Strait still running at around 45% of normal levels. As at the end of July 2026 , the situation remained highly uncertain following a renewed escalation during the month , including further attacks on vessels transiting the Strait of Hormuz.

Separately, Ukrainian attacks on Russian refining and export infrastructure also intensified over the course of the first half of the year. According to the IEA, estimated Russian refinery runs fell to approximately 3.8 million barrels per day in June, around 1.6 million barrels per day below year -earlier levels. Shortly after the end of the period, the Russian government introduced a temporary ban on diesel exports until 31 July, adding further pressure to an already tight global distillate market.

The one -year time -charter rate, which reflects forward spot market expectations, was approximately US$28,500 per day for an eco MR2 tanker at the end of June 2026, representing a premium of approximately US$2,000 per day over a conventional MR 2 tanker.

In H1 202 6, DIS recorded a Net profit of US$ 79.4 million , compared with a Net profit of US$ 38.5 million in H1 202 5. The strong result for the current period reflect s the robust product tanker market experienced during the first six months of 202 6.

Excluding the result on disposal of vessels and non -recurring financial items, DIS reported an adjusted profit for the period of US$ 74.8 million in H1 202 6, compared with US$ 42.8 million in H1 2025.

In Q2 202 6, DIS posted a Net profit of US$ 51.9 million , compared with US$ 19.6 million in Q2 2025 . Excluding the result on disposal of vessels and non -recurring financial items, DIS reported an adjusted profit for the period of US$ 47.9 million in Q2 202 6, compared with US$ 23.5 million in Q2 202 5.

DIS generated EBITDA of US$ 105.8 million in H1 202 6, compared with US$ 73.4 million recorded in H1 202 5 (US$ 64.9 million in Q2 2026 compared with US$ 39.0 million in Q2 202 5), while operating cash flow was positive at US$ 87.2 million in H1 2026, compared with US$ 86.2 million in the same period of the previous year.

In terms of spot performance, DIS achieved a daily spot rate of US$ 44,247 in H1 202 6, compared with US$ 22,655 in H1 202 5 (US$ 57,547 in Q2 202 6 compared with US$ 24,497 in Q2 202 5),

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 13 reflecting significantly stronger market conditions compared with the same period of the previous year.

At the same time, 63.7% of DIS’ total employment days in H1 202 6 were covered through ‘time -charter’ contracts at an average daily rate of US$ 23, 646 (H1 202 5: 45.2% coverage at an average daily rate of US$ 23,892 ). Maintaining a significant level of time charter coverage is one of the pillars of DIS’ commercial strategy , enabling the Group to mitigate the effects of spot market volatility and secure a certain level of earnings and cash generation across market cycles.

DIS’ total daily average rate (which includes both spot and time -

charter contracts) was US$ 31,125 in H1 2026, compared with US$ 23,214 achieved in H1 202 5 (US$ 35,833 in Q2 202 6 compared with US$ 23,922 in Q2 202 5).

Operating performance

Q2 2026

UNREVIEWED Q2 2025

UNREVIEWED US$ thousand H1 2026 H1 2025 105,237 87,853 Revenue 189,351 176,428 (16,598) (20,931) Voyage costs (34,349) (46,619) 88,639 66,922 Time charter equivalent earnings* 155,002 129,809 1,214 1,214 Bareboat charter revenue 2,416 2,416 89,853 68,136 Total net revenue 157,418 132,225 (21,414) (21,873) Other direct operating costs (42,849) (45,264) (7,800) (7,038) General and administrative costs (13,117) (13,047) 4,258 (269) Result on disposal of vessels 4,342 (534)

64,897 38,956 EBITDA* 105,794 73,380

(11,164) (16,339) Depreciation and impairment (22,896) (29,014)

53,733 22,617 EBIT* 82,898 44,366

1,722 1,135 Finance income 3,840 2,816 (3,102) (3,790) Finance charges (6,427) (7,945) 52,353 19,962 Profit before income tax 80,311 39,237 (419) (318) Income tax expense (917) (727) 51,934 19,644 Profit for the period 79,394 38,510 *please refer to the Alternative Performance Measures . Revenue was US$ 189.4 million in H1 202 6, (US$ 176.4 million in H1 2025) and US$ 105.2 million in Q2 2026 (US$ 87.9 in Q2 202 5). The increase in revenue compared with the previous year is mainly attributable to a stronger freight market despite the lower number of equivalent vessels employed. The percentage of off -hire days in H1 202 6 (1.4%) was lower than in H1 202 5 (1.7%), mainly due to the timing of commercial off -hires and scheduled dry -docks.

Voyage costs reflect the mix of spot and time -charter employment contracts. These costs, which occur only for vessels employed on the spot market, amounted to US$ (34.3) million in H1 202 6 (Q2 2026: US$ ( 16.6) million ) compared with US$ (46.6) million in H1 2025 (Q2 202 5: US$ ( 20.9) million).

Time charter equivalent earnings were US$ 155.0 million in H1 2026 vs. US$ 129.8 million in H1 202 5 and US$ 88.6 million in Q2 2026 vs. US$ 66.9 million in Q2 202 5. In detail, DIS realized a daily average spot rate of US$ 44,247 in H1 202 6 compared with US$ 22,655 in H1 202 5 and US$ 57,547 in Q2 202 6 compared with US$ 24,497 in Q2 202 5.

In H1 202 6, DIS maintained a significant level of ‘coverage (fixed -

rate contracts), securing an average of 63.7% (H1 202 5: 45.2%) of its available vessel days at a daily average fixed rate of US$ 23, 646 (H1 2025: US$ 23,892 ). In addition to securing revenue and supporting the operating cash flow generation, these contracts enabled DIS to strengthen its historical relationships with the main oil majors.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 14

DIS’ total daily average TCE (Spot and Time Charter) was US$ 31,125 in H1 202 6 vs. US$ 23,214 in H1 20 26, and of US$ 35,833 in Q2 2026 vs US$ 23,922 in Q2 202 5.

DIS TCE daily rates 2025 2026 (US dollars )

Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1

Spot 21,154 24,497 22,655 25,502 27,099 24,228 32,264 57,547 44,247 Fixed 24,567 23,365 23,892 23,378 23,383 23,612 23,001 24,272 23,646 Average 22,507 23,922 23,214 24,335 24,956 23,916 26,505 35,833 31,125

Bareboat charter revenue was of US$ 2.4 million in H1 202 6, in line with the prior year; it relates to the bareboat charter out contract started in October 2021 on one of d’Amico Tankers d.a.c.’s LR1 vessels.

Other direct operating costs mainly consist of crew, technical and luboil expenses related to the operation of owned and bareboat chartered -in vessels, as well as insurance expenses, including those relating to chartered -in vessels, and the application of IFRS 16. In H1 2026, the Company operated a smaller fleet of owned and bareboat chartered -in vessels compared with the same period of the previous year (H1 202 6: 28.6 vs. H1 2025: 3 2.4), and no time -

chartered -in vessels (2026: 0.0 vs. 2025: 1.1). DIS continuously monitors its operating costs, while maintaining a strong focus on highly skilled crew, high SQE (Safety, Quality & Environment) standards and full compliance with stringent market regulations.

Maintaining a top -quality fleet represents a core element of d’Amico’s vision and strategy . General and administrative costs amounted to US$ (13 .1) million in H1 2026 vs. US$ (1 3.0) million in H1 202 5. These costs relate mainly to onshore personnel, together with office costs, consultancies , travel expenses and others.

Result on disposal of vessels amounted to a gain of US$ 4.3 million in H1 202 6, compared with a loss of US$ (0.5) million in H1 2025 .

The H1 2026 amount mainly reflects the gain arising from the sale of MT High Seas , which was delivered to the buyers in April 202 6, and also includes the amortization of the unrealized portion of the deferred result arising from sale and leaseback transactions completed in prior years. The H1 202 5 amount related solely to the amortization of the unrealised portion of the deferred result arising from such transactions.

EBITDA was US$ 105.8 million in H1 202 6, compared with US$ 73.4 million in H1 202 5 (Q2 202 6: US$ 64.9 million vs Q2 202 5: US$ 39.0 million), reflecting strong freight markets over the period. Depreciation and impairment amounted to US$ ( 22.9) million in H1 202 6, compared with US$ ( 29.0) million in H1 202 5 (Q2 202 6:

US$ ( 11.2) million vs Q2 202 5: US$ ( 16.3) million). No impairment or impairment reversal was recorded in H1 2026 . By comparison, in June 2025, DIS entered into two memoranda of agreement for the sale of MT Glenda Melody and MT Glenda Melissa . In accordance with IFRS 5, the vessels were classified as assets held for sale , and their carrying amounts were adjusted to reflect the agreed sale prices. As these prices were lower than the respective book values, an impairment loss of US$ (3.8) million was recognized in the second quarter of 2025 .

EBIT was US$ 82.9 million in H1 202 6, compared with US$ 44.4 million in H1 202 5 (Q2 202 6: US$ 53.7 million vs Q2 202 5: US$ 22.6 million).

Finance income was US$ 3.8 million in H1 202 6 vs US$ 2.8 million in H1 202 5 (Q2 202 6: US$ 1.7 million vs. Q2 202 5: US$ 1.1 million). *see Alternative Performance Measures.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 15 This amount mainly reflects interest income earned on short -term securities and on funds held with financial institutions in deposit or current accounts.

Finance charges amounted to US$ ( 6.4) million in H1 202 6 vs. US$ (7.9) million in H1 202 5 (Q2 202 6: US$ ( 3.1) million vs Q2 202 5: US$ (3.8) million). The amount for H1 2026 comprises mainly US$ (6.0) million in interest expenses and amorti zed financial fees due on DIS’ bank loan facilities, actual expenses on interest rate swaps and interest on lease liabilities, as well as US$ (0. 4) million negative exchange difference and realized losses on the mark -to-market valuation of interest rate swaps . The amount for H1 2025 comprises mainly US$ (7. 8) million in interest expenses and amortized financial fees due on DIS’ bank loan facilities, actual expenses on interest rate swaps and interest on lease liabilities, as well as US$ (0.2) million negative exchange difference.

DIS recorded a Profit before tax of US$ 80.3 million in H1 202 6 vs.

US$ 39.2 million in H1 202 5 (Q2 202 6: US$ 52.4 million vs Q2 202 5:

US$ 20.0 million).

Income tax expense amounted to US$ (0. 9) million in H1 202 6 vs.

US$ (0. 7) million in H1 202 5 (Q2 202 6: US$ (0. 4) million vs Q2 202 5:

US$ (0. 3) million).

In H1 202 6, DIS reported a Net profit of US$ 79.4 million , compared with US$ 38.5 million in H1 202 5. In Q2 202 6, DIS recorded a Net profit of US$ 51.9 million , compared with US$ 19.6 million in Q2 202 5. Excluding the result on disposal of vessels and other non-recurring financial items , totaling US$ 4.6 million in H1 202 6 and US$ (4.2) million in H1 202 5, DIS’ adjusted profit for the period was US$ 74.8 million in H1 202 6, compared with US$ 42.8 million in the same period of the previous year. In Q2 2026, adjusted profit for the period amounted to US$47.9 million, compared with US$23.5 million in Q2 2025.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 16 Condensed Consolidated Interim Statement of

Financial Position

US$ thousand As at 30 June 2026 As at 31 December 2025

ASSETS

Non-current assets 757,940 791,468 Total current assets 325,173 235,687 Total assets 1,083,113 1,027,155

SHAREHOLDERS' EQUITY

AND LIABILITIES

Shareholders' equity 817,232 770,404 Non-current liabilities 188,210 188,268 Total c urrent liabilities 77,671 68,483 Total shareholders' equity and liabilities 1,083,113 1,027,155

Non-current assets primarily consist of the net book value of DIS’ owned vessels, right -of-use assets, and the portion related to its new-buildings under construction. According to a valuation report provided by a primary broker, the estimated market value of DIS’ owned and bareboat fleet , including the fair value of the vessels under construction as at 30 June 202 6 was of US$ 1 ,276.1 million (this figure includes US$ 28.5 million related to the gross sale price of the vessel s classified under ‘assets held for sale’ at the period’s end, with further details provided below under ‘Current Assets’).

Gross Capital expenditures (Capex) totaled US$ 35.5 million in H1 2026, compared with US$ 73.9 million in H1 202 5. The H1 202 6 figure includes US$ 31.1 million related to the first installments paid for the newbuilding vessels ordered in Q4 2025 and Q1 2026, scheduled for delivery in 2029 , as well as capitalized dry-dock ing costs for both owned and bareboat vessels. The amount for H1 2025 includes US$ 69.3 million related to DIS’ exercise of the purchase options o n MT High Navigator and MT High Leader , as well as capitalized dry -docking costs for owned and bare -boat vessels .

Current assets as at 30 June 2026 totaled US$ 325.2 million. These included working capital items such as inventories and trade receivables, amounting to US$ 1 9.9 million and US$ 49.1 million respectively, as well as ‘cash and cash equivalents’ of US$ 231.7 million. In addition , one vessel with a net carrying amount of US$23.5 million was classified as ‘held -for-sale’ at the end of the period , in accordance with IFRS 5.

Non-current liabilities were US$ 188.2 million as at 30 June 202 6 and mainly consist of the long -term portion of the debt due to banks (disclosed under the Net Debt / (Net Cash) section of the report) and of lease liabilities.

Current liabilities , other than the debt due to banks and other lenders (disclosed under the Net Debt / (Net Cash) section of the report), include as at 30 June 202 6, working capital items amounting to US$ 51.9 million (mainly relating to trade and other payables), US$ 3.9 million of lease liabilities, and US$ 1.8 million of other current financial liabilities.

Shareholders’ equity amounted to US$ 817.2 million as at 30 June 2026, compared with US$ 7 70.4 million as at 31 December 202 5.

The change relative to year -end 202 5 primarily reflects the Net profit generated in the first half of 202 6, partially offset by the dividends distributed in Q2 202 6.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026

17 Net Debt / (Net Cash) *

US$ thousand As at

30 June

2026 As at

31 December

2025

Liquidity - Cash and cash equivalents 231,732 183,921 Other current financial assets 979 1,319 Other current financial assets – related party 19 19 Total current financial assets 232,730 185,259 Bank loans and other lenders – current 19,977 19,278 Liabilities from leases – current 3,891 3,796 Other current financial liabilities – 3rd parties 1,758 1,400 Total current financial debt 25,626 24,474 Net current financial debt (cash) * (207,104) (160,785) Other non -current financial assets – 3rd parties 229 36 Other non -current financial assets – related party 46 57 Total non -current financial assets 275 93 Bank loans – non-current 156,327 154,188 Liabilities from financial lease – non-

current 29,092 31,097 Other non -current financial liabilities – 3rd parties 2,791 2,983 Total non -current financial debt 188,210 188,268 Net non -current financial debt (cash) 187,935 188,175 Net debt ( Net cash) (19,169) 27,390

*please refer to the Alternative Performance MeasuresAs at 30 June 2026, DIS had a net cash position of US$ 19.2 million , compared with a net debt position of US$ 27.4 million as at 31 December 202 5. Following the adoption of IFRS 16 , these amounts include additional lease liabilit ies arising from contracts previously classified as operating leases, amounting to US$ 1.8 million as at 30 June 202 6 and US$ 2.2 million as at 31 December 202 5. The net debt -to-fleet market value ratio , excluding the IFRS 16 effect, was -1.6% as at 30 June 2026, compared with 2.4% as at 31 December 2025 ( 9.7% as at 31 December 2024 , 18.0% as at 31 December 2023, 36.0% as at 31 December 2022, 60.4% as at 31 December 2021, 65.9% as at 31 December 2020, 64.0% as at the end of 2019 and 72.9% as at 31 December 2018).

The balance of Total Current Financial Assets was of US$ 232.7 million as at the end of June 202 6. The total amount comprises mainly Cash and cash equivalents of US$ 231.7 million , and the positive fair value of derivative financial instruments (mainly interest rate swaps), amounting to US$ 1.0 million.

Total Non -Current Financial Assets comprise mainly the positive fair value of derivative financial instruments (interest rate swaps), amounting to US$ 0 .3 million.

The total outstanding bank debt ( Bank loans ) as at 30 June 202 6 amounted to US$ 176.3 million, of which US$ 20.0 million is due within one year. DIS’ bank debt as at 30 June 202 6 comprises mainly the following long -term facilities granted to d’Amico Tankers d.a.c.

(Ireland), the key operating company of the Group:

1. Crédit Agricole Corporate and Investment Bank 6 -year term loan facility to finance 1 Handysize vessel built in 2015, with an outstanding debt of US$ 13. 2 million.

2. IYO Bank 8 -year term -loan facility to finance an MR vessel built in 2018, acquired by d’Amico Tankers in Q2 2023, with an outstanding debt of US$ 13. 5 million 3. NTT TC Leasing 5 -year term -loan facility to finance an LR1 vessel built in 2019, with an outstanding debt of US$ 16. 6 million.

4. NTT TC Leasing 5 -year term -loan facility to finance an MR vessel built in 2015, with an outstanding debt of US$ 14. 1 million.

5. IYO Bank 8 -year term -loan facility to finance an MR vessel built in 2014, with a total outstanding debt of US$ 12. 0 million.

6. BPER Banca S.p.A. 8 -year term -loan facility to finance an MR vessel built in 2014, with an outstanding debt of US$ 12.0 million.

7. DnB Bank ASA 5 -year term -loan facility to finance an MR vessel built in 2015, with an outstanding debt of US$ 14. 1 million.

8. Danish Ship Finance 5 -year term -loan facility to finance a Handysize vessel built in 2014, with an outstanding debt of US$ 12. 3 million.

9. ING Bank 7 -year term -loan facility to finance a Handysize vessel built in 2014, with an outstanding debt of US$ 13. 1 million.

10. DekaBank 6 -year term -loan to finance a Handysize vessel built in 2016, with an outstanding debt of US$ 1 3.7 million.

11. Skandinaviska Enskilda Banken 6 -year term -loan facility to finance two Handysize vessels built in 2016, with an outstanding debt of US$ 2 7.4 million.

12. Intesa San Paolo 7-year term -loan to finance an MR vessel built in 2016 , with an outstanding debt of US$ 16.5 million.

Lease liabilities include the lease on MT High Fidelity and MT High Discovery. In addition, ‘lease liabilities’ include as at 30 June 202 6, US$ 1.8 million arising from the application of IFRS 16 on contracts classified until 2018 as ‘operating leases’.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026

Cash Flow

In H1 2026, DIS’ Net Cash Flow was US$ 47.8 million vs. US$ (40.8) million in H1 2025.

Q2 2026

UNREVIEWED Q2 2025

UNREVIEWED US$ thousand H1 2026 H1 2025 52,256 41,033 Cash flow from operating activities 87,222 86,208 24,695 (36,379) Cash flow from investing activities (8,501) (73,855) (34,826) (43,666) Cash flow from financing activities (30,910) (53,178) 42,125 (39,012) Net increase (decrease) in cash and cash equivalents 47,811 (40,825) 189,607 163,079 Cash and cash equivalents at the beginning of the period 183,921 164,892 231,732 124,067 Cash and cash equivalents at the end of the period 231,732 124,067

Cash flow from operating activities was positive, amounting to US$ 87.2 million in H1 202 6, compared with US$ 86.2 million in H1 2025.

The net Cash flow from investing activities was negative, amounting to US$ (8.5) million in H1 202 6, compared with US$ (73.9) million in H1 202 5. In addition to the capitalised dry-docking costs incurred during the period, the H1 2025 amount also includes the exercise of DIS’ purchase options on MT High Navigator and MT High Leader , for a total of US$ 69.3 million .Cash flow from financing activities was negative, amounting to US$ (30.9) million in H1 202 6, compared with US$ (53.2) million in H1 202 5. The amount recorded in H1 2026 includes mainly : i) US$ (32.2) million dividend paid in May 2026 ; ii) US$ (55.4) million in bank loan repayments, including US$ (45.8) million relating to the voluntary early repayment of three facilities, iii) US$ 58.5 million in bank loan drawdowns, and iv) US$ (1.9) million in repayments of the principal portion of lease liabilities . The figure for H1 2025 comprises mainly: i) US$ (35.0) million in dividend distribution in Q2 2025 ; ii) US$ (13.4) million in bank -loan repayments; iii) US$ (4.2) million in repayments of lease liabilities ; and iv) US$ (0.7) million in share buybacks .

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026

SIGNIFICANT EVENTS OF THE FIRST HALF OF

2026

In the first half of 2026, the main events for the d’Amico International Shipping Group were the following:

d’Amico International Shipping S.A.:

Dividend distribution : On 12 March 2026, the Board of Directors resolved to propose to the Annual Shareholders’ Meeting, convened on the 29 April 2026 (the “AGM”), the distribution of an annual gross dividend of US$0.2700 (US$0.2295 net, after deducting the maximum applicable w ithholding tax of 15%) per issued and outstanding share. This corresponds to a total distribution of approximately US$3 2.1 million, paid out of retained earnings.

Approval of the 2025 statutory and consolidated Financial Statement and dividend distribution : on 29 April 2026, the Annual General Shareholders’ meeting of d’Amico International Shipping S.A. approved the 2025 statutory and consolidated financial statements of the Company, registering a consolidated net profit of US$ 88,441,509. The Annual General Shareholders’ meeting furthermore resolved the payment of the gross dividend in cash , as proposed by the Board of Directors. The payment of the above -

mentioned dividend was made to the Shareholders o n 6 May 2026, with related coupon n. 11 detachment date (ex -date) on 4 May 2026 and record date on 5 May 2026 (no dividend was paid to the treasury shares held by the Company, since they do not carry dividend rights).

d’Amico Tankers d.a.c.:

Purchase of two MR2 newbuilding vessels: In January 2026, d’Amico Tankers d.a.c. signed a shipbuilding contract with Jiangsu New Yangzi Shipbuilding Co., Ltd. (China) (”YZJ”) for the purchase of two (2) new Medium Range 2 (MR2 – 50,000 DWT) product tanker vessels at a contract price of US$45.4 million each. These vessels are expected to be delivered to d'Amico Tankers in March and June 2029, respectively. In addition, d’Amico Tankers had an option, exercisable within two months of signing the shipbuilding contract, to order two additional ships of the same type.

Purchase of two additional MR2 newbuilding vessels : In March 2026, d’Amico Tankers d.a.c. , pursuant to the shipbuilding contract signed in January 2026 with Jiangsu New Yangzi Shipbuilding Co., Ltd. (China) (”YZJ”), has exercised its options for the purchase of two (2) additional new Medium Range 2 (MR2 – 50,000 DWT) product tanker vessels at a contract price of US$ 45.4 million each. These vessels are expected to be delivered to d'Amico Tankers in August and October 2029, respectively.

‘Time Charter -Out’ Fleet : In January 2026, d’Amico Tankers d.a.c.

extended a time charter -out contract with an oil -major for one of its Handysize vessels for a period of 17 months.

In February 2026, d’Amico Tankers d.a.c. fixed two time -charter -

out contracts with a reputable counterpart for one of its Handysize vessels and one of its MR vessels for a period of 12 months each.

In the same month, d’Amico Tankers d.a.c. also extended a time charter -out contract to another oil -major on one of its MR vessels ending in November 2026 for further 15 months and fixed a time charter -out contract with a trading house for one of its LR1s for a period of 24 months, with an option for the charterer at a higher rate, for a further 12 months.

In June 2026 d’Amico Tankers d.a.c fixed one of its MR vessels with an oil -major for a period of two years

Sale of Vessels : In March 2026, d’Amico Tankers d.a.c. signed a memorandum of agreement for the sale of M/T High Seas, an MR vessel built in 2012 by Hyundai Mipo, South Korea, for a total consideration of US$ 27.6 million. M/T High Seas was delivered to buyers on April 24, 2026.

In May 2026, d’Amico Tankers d.a.c. signed a memorandum of agreement for the sale of M/T High Tide, a MR vessel built in 2012 by Hyunda i Mipo, South Korea, for a total consideration of US$ 28.5 million, with delivery to Buyers expected by November 2026.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 20

SIGNIFICANT EVENTS SINCE THE END OF THE

PERIOD AND BUSINESS OUTLOOK

d’Amico Tankers d.a.c.:

‘Time Charter -Out’ Fleet: In July 2026, d’Amico Tankers d.a.c.

extended a time charter -out contract with a reputable counterparty for one of its MR vessels for a period of 3 years.

The profile of d’Amico International Shipping’s vessels on the water is summarized as follows.

As at 30 June 2026 As at 30 July 2026 LR1 MR Handysize Total LR1 MR Handysize Total Owned 6 14 6 26 6 14 6 26 Bareboat chartered* - 2 - 2 - 2 - 2 Long -term time chartered - - - - - - - -

Short -term time chartered - - - - - - - -

Total 6 16 6 28 6 16 6 28

* with purchase obligation .

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026

Business Outlook

The key drivers that should affect product tanker freight markets and d’Amico International Shipping’s performance are: (i ) growth in global oil supply; (ii) refinery margins and throughput; (iii) demand for refined products; (iv) the structure of forward prices for crude oil and refined petroleum products; (v) product tanker fleet growth; (vi) inventory levels in key consumi ng markets; (vii) fleet efficiency, including the effects of congestion, transshipments and average sailing speeds; and (viii) average sailing distances and ballast -to-laden ratios.

Product Tanker Demand

- The International Energy Agency (“IEA”), in its July 2026 Oil Market Report , forecasts global oil demand to decline by approximately 1.0 million barrels per day (b/d) in 2026 to 103.5 million b/d, its first annual contraction since 2020. The year -on-year decline is expected to moderate from 4.8 million b/d in the second quarter to 1.7 million b/d in the third quarter, before demand returns to growth of 1.2 million b/d in the fourth quarter. In 2027, global oil demand is forecast to rebound by approximately 2.0 millio n b/d to 10 5.5 million b/d, although average growth over the two -year period is expected to remain below historical trends. The contraction in 2026 is concentrated in Asia and the Middle East, with petrochemical feedstocks accounting for almost half of the decline, as disruptions t o Middle Eastern production and exports materially affected the availability of LPG, ethane and naphtha.

- Global oil supply is forecast by the IEA to decline by approximately 3.7 million b/d in 2026 to 102.6 million b/d. The forecast assum es that transit volumes through the Strait of Hormuz continue to improve . OPEC+ production is expected to fall by approximately 4.6 million b/d, partly offset by growth of approximately 0.9 million b/d in non -OPEC+ supply, led by producers in the Americas. Gulf oil exports rebounded by 6.5 million b/d in June to 16.1 million b/d but remained 8.3 million b/d below February levels. Greater use of alternative export routes and continued growth in non -OPEC+ supply should partly mitigate the impact of lower Gulf production. However, the renewed escalation of hostilities in July, including further attacks on commercial vessels and a sharp reduction in tanker traffic through the Strait, has increased the uncertainty surrounding this forecast. These developments highlight the fragility of the earlier recovery and the continued dependence of oil supply, refinery activity and seaborne trade on a sustained de -escalation of the conflict.

- Global refinery throughput increased by approximately 1.5 million b/d month -on-month in June as crude availability improved. Nevertheless, the IEA expects refinery runs to decline by approximately 2.4 million b/d in 2026 to 81.6 million b/d, reflecting continued constraints on Middle Eastern export refineries, reduced activity in Asia and lower Russian runs following attacks on energy infrastructure. Throughput is forecast to rebound by approximately 3.1 million b/d in 2027 to 84.7 million b/d. The recovery in crude availability has so far outpaced that of refined -product supply, with Gulf exports of refined products and LPG remaining at less than half their pre -conflict levels in June, contributing to tight gasoline and diesel markets and refi nery margins rising to four -year highs in early July.

- Russian refining activity has been materially affected by an intensification of Ukrainian attacks on refineries and export infrastructure. According to the IEA, Russian refinery runs fell to approximately 3.8 million b/d in June, around 1.6 million b/d below year -earlier levels, while product exports declined to 1.9 million b/d, their lowest level on record. On 8 July, the Russian government introduced a temporary ban on diesel exports until the end of the month. The resulting reduction in Russian product availability has further tightened global distillate markets and increased the need for importing countries to source alternative supplies, supporting changes in product tanker trade patterns and potentially longer voyage distances.

- According to Clarksons ’ June 2026 Oil & Tanker Trades Outlook, product tanker demand, measured in deadweight terms, is forecast to decline by approximately 3.8% in 2026, following a contraction of 1.3% in 2025, before rebounding by approximately 5.6% in 2027. The projected decl ine in 2026 reflects lower product trade volumes, particularly on routes originating in the Middle East Gulf and within Asia. However, longer voyage distances and persistent trading inefficiencies are expected to provide partial support to effective tonne -

mile demand.

- Since October 2023, the United States, the United Kingdom and the European Union have progressively intensified measures aimed at curbing sanctioned oil trades, extending restrictions to tankers, traders and energy companies. The growing enforcement of the se measures has disrupted trades involving designated vessels, requiring cargoes to be redirected towards compliant tonnage or transferred through less efficient ship-to-ship operations. These developments continue to reshape global trade flows, increase t he utilisation of compliant vessels and reduce the effective availability of mainstream tanker capacity.

- The return of Venezuelan crude exports to compliant trade has also provided incremental support to mainstream tanker demand, with volumes previously transported on

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 22 sanctioned or dark -fleet vessels increasingly shifting towards mainstream tonnage. According to the IEA, Venezuelan oil production is forecast at approximately 1.0 million b/d in 2026, rising to around 1.1 million b/d in 2027.

Product Tanker Supply

- Trading inefficiencies —including rerouting, shifts in trading patterns, increased transshipments and higher ballast -to-laden ratios —have reduced fleet productivity and supported freight market strength in recent years, reflecting the impact of ongoing geop olitical disruptions and evolving sanctions.

- According to Clarksons’ June 2026 Oil & Tanker Trades Outlook , the global product tanker fleet is estimated to have expanded by approximately 5.1% in 2025 and is forecast to grow by a further 7.0% in 2026. Deliveries have accelerated, with 76 Handy, MR and LR1 vessels delivered in the first half of 2026, compared wi th 38 in the corresponding period of 2025.

- According to Clarksons’ June 2026 Oil & Tanker Trades Outlook , the current orderbook of Handy, MR and LR1 vessels stands at 14.1% of the trading fleet, measured in deadweight terms. - The strong freight environment has continued to support asset values and limit scrapping in recent years.

Demolition in the Handy, MR and LR1 tanker segments amounted to approximately 450,000 dwt in the first six months of 2026, in line with the corresponding period of 2025. Following limited demolition in recent years, the product tanker fleet continues to age, with Clarksons estimating that 21.6% of Handy, MR and LR1 vessels in service are 20 years or older and 54.6% are over 15 years of age.

- The IMO’s 2030 greenhouse gas reduction objectives and its ambition to achieve net -zero emissions from international shipping by or around 2050 remain a key focus for the industry. Ship recycling is increasingly governed by the EU Ship Recycling Regulation and the IMO’s Hong Kong Convention, which entered into force in June 2025, while shipping has been included in the EU Emissions Trading System (ETS) since January 2024. Since 2023, vessels have also been required to calculate their Energy Efficiency Exist ing Ship Index (EEXI) and report their annual operational Carbon Intensity Indicator (CII) and related rating. While regulatory pressure remains strong, the IMO’s decision to postpone by one year the adoption of its Net -Zero Framework has delayed the introduction of its proposed global fuel standard and GHG emissions -pricing mechanism. The postponement has increased regulatory uncertainty and may reduce the immediate pressure to replace older vessels and delay certain newbuilding decisions, although environmental requirements, financing considerations and the longer -

term decarboni sation trajectory are expected to continue shaping fleet -renewal decisions.

- Overall, while the acceleration in scheduled deliveries is expected to result in significant nominal fleet growth in 2026, effective vessel supply will continue to be influenced by geopolitical disruptions and the associated reduction in fleet productivity . The severe reduction in traffic through the Strait of Hormuz during the first half of the year temporarily constrained tanker capacity in and around the Middle East Gulf and led to significant vessel repositioning and adjustments to established trading patterns. As at the end of July 2026 , renewed hostilities and further attacks on commercial vessels transiting the Strait have again highlighted the risk of a material reduction in available tonnage. The extent to which these factors may offset nominal fleet growth will depend on the duratio n and geographical scope of the conflict, the pace of recovery in tanker traffic through the Strait and broader geopolitical developments.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026

d’ Amico International Shipping Group Condensed Consolidated Interim Financial Statements as at 30 June 2026

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026

24 Auditor’s Report on Review of the Condensed Consolidated Interim Financial Statements

To the Shareholders of d’Amico International Shipping S.A.

REPORT OF THE REVISEUR D’ENTREPRISE AGREE

Report on Review of the Condensed Consolidated Interim

Financial Statements

Introduction

We have reviewed the accompanying condensed consolidated interim financial statements of d’Amico International Shipping S.A.

and its subsidiaries (the “Group”), which comprise the condensed consolidated interim statement of financial position as at 30 June 2026 and the related condensed consolidated interim statement of profit or loss, condensed consolidated interim statement of comprehensive income, condensed consolidated statement of cash flows and condensed consolidated interim statement of changes in equity for the six -month period then ended, and notes to the condensed consolidated interim financial statements, including material accounting policy information and other explanatory information .

Board of Directors’ responsibility for the condensed consolidated interim financial statements The Board of Directors is responsible for the preparation and fair presentation of these condensed consolidated interim financial statements in accordance with International Accounting Standard 34 “Interim Financial Reporting” as adopted by the European Union, and for such internal control as the Board of Directors determines is necessary to enable the preparation of condensed consolidated interim financial statements that are free from material misstatement whether due to fraud or error.

Responsibility of the “Réviseur d’Entreprises Agréé” Our responsibility is to express a conclusion on these condensed consolidated interim financial statements based on our review.

We conducted our review in accordance with International Standard on Review Engagements (“ISRE”) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” as adopted for Luxembourg by the “Institut des Réviseurs d’Entreprises” . This standard requires us to comply with relevant ethical requirements and conclude whether anything has come to our attention that causes us to believe that the condensed consolidated interim financial statements, taken as a whole, are not prepared in al l material respects in accordance with the applicable financial framework.

A review of condensed consolidated interim financial statements in accordance with ISRE 2410 is a limited assurance engagement.

The “Réviseur d’Entreprises Agréé ” performs procedures, primarily consisting of making inquiries of persons responsible for financial and accounting matters within the Group, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34, “Interim Financial Reporting” as adopted by the European Union.

Livange, 30 July 2026

MOORE Audit S.A.

Cabinet d e révision a gréé

Marina ZIMMERLING

MOORE Audit S.A.

Société Anonyme – Cabinet de révision agr éé R.C.S. Luxembourg Nr. B 165 462 5, rue de Turi

L-3378 Livange

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 25

CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS

Q2 2026

UNREVIEWED Q2 2025

UNREVIEWED US$ thousand Note H1 2026 H1 2025 105,237 87,853 Revenue (2) 189,351 176,428 (16,598) (20,931) Voyage costs (3) (34,349) (46,619) 88,639 66,922 Time charter equivalent earnings* (4) 155,002 129,809 1,214 1,214 Bareboat charter revenue (2) 2,416 2,416 89,853 68,136 Total net revenue 157,418 132,225 (21,414) (21,873) Other direct operating costs (5) (42,849) (45,264) (7,800) (7,038) General and administrative costs (6) (13,117) (13,047) 4,258 (269) Result on disposal of vessels (7) 4,342 (534)

64,897 38,956 EBITDA* 105,794 73,380

(11,164) (16,339) Depreciation and impairment (10), (11) (22,896) (29,014)

53,733 22,617 EBIT* 82,898 44,366

1,722 1,135 Finance income (8) 3,840 2,816 (3,102) (3,790) Finance charges (8) (6,427) (7,945) 52,353 19,962 Profit before income tax 80,311 39,237 (419) (318) Income tax expense (9) (917) (727) 51,934 19,644 Profit for the period 79,394 38,510 0.436 0.165 Basic and diluted earnings per share in US$ (26) 0.667 0.323

* please refer to the Alternative Performance Measures .

CONDENSED CONSOLIDATED INTERIM STATEMENT OF OTHER

COMPREHENSIVE INCOME

Q2 2026

UNREVIEWED Q2 2025

UNREVIEWED US$ thousand H1 2026 H1 2025 51,934 19,644 Profit for the period 79,394 38,510 Items that may be reclassified subsequently into profit or loss 19 1,031 Movement in valuation of cash -flow hedges (1,042) 1,114 (10) 188 Movement in conversion reserve (31) 185 51,943 20,863 Total comprehensive income for the period 78,321 39,809

The notes from page 29 to 57 form an integral part of these condensed consolidated interim financial statements .

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

US$ thousand Note As at 30 June 2026 As at 31 December 2025

ASSETS

Property, plant and equipment and Right -of-use assets (10) 757,665 791,375 Other non -current financial assets (12) 275 93 Total non -current assets 757,940 791,468 Inventories (13) 19,871 14,750 Receivables and other current assets (14) 49,115 35,678 Other current financial assets (12) 998 1,338 Cash and cash equivalents (15) 231,732 183,921 Current assets 301,716 235,687 Assets held -for-sale (11) 23,457 -

Total current assets 325,173 235,687

TOTAL ASSETS 1,083,113 1,027,155

US$ thousand Note As at 30 June 2026 As at 31 December 2025

SHAREHOLDERS' EQUITY AND LIABILITIES

Share capital (16) 62,053 62,053 Retained earnings (16) 456,125 409,086 Share Premium (16) 326,658 326,658 Other reserves (16) (27,604) (27,393) Total shareholders’ equity 817,232 770,404 Banks and other lenders (17) 156,327 154,188 Non-current lease liabilities (18) 29,092 31,097 Other non -current financial liabilities (12) 2,791 2,983 Total non -current liabilities 188,210 188,268 Banks and other lenders (17) 19,977 19,278 Current lease liabilities (18) 3,891 3,796 Payables and other current liabilities (19) 51,950 43,484 Other current financial liabilities (12) 1,758 1,400 Current tax payable (20) 95 525 Total current liabilities 77,671 68,483

TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 1,083,113 1,027,155

30 July 2026 On behalf of the Board Antonio Carlos Balestra di Mottola Federico Rosen Chief Executive Officer Chief Financial Officer The notes from page 29 to 57 form an integral part of these condensed consolidated interim financial statements .

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 27

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

Q2 2026

UNREVIEWED Q2 2025

UNREVIEWED US$ thousand Note H1 2026 H1 2025 51,934 19,644 Profit for the period 79,394 38,510 11,164 16,339 Depreciation and impairment (10), (11) 22,896 29,014 419 318 Income tax expense (9) 917 727 488 892 Lease cost (8) 984 1,804 892 1,763 Other financial charges (8) 1,603 3,325 (4,258) 269 Result on disposal of vessels (7) (4,342) 534 (12) 178 Other non -cash changes (32) 176 460 108 Share -based allotment accruals LTI Plan (6) 661 297 61,087 39,511 Cash flow from operating activities before changes in working capital 102,081 74,387 (687) (1,453) Movement in inventories (5,120) (381) (4,488) 11,293 Movement in amounts receivable (13,153) 14,196 (1,030) (4,956) Movement in amounts payable 7,676 3,565 (746) (969) Tax paid (1,309) (978) (488) (892) Payment for interest portion of lease liability (984) (1,804) (1,392) (1,501) Net interest paid (1,969) (2,777) 52,256 41,033 Net cash flow from operating activities 87,222 86,208

Q2 2026

UNREVIEWED Q2 2025

UNREVIEWED US$ Thousand Note H1 202 6 H1 2025 (2,353) (36,379) Acquisition of Property, plant and equipment (35,549) (73,855) 27,048 - Proceeds from disposal of vessels 27,048 -

24,695 (36,379) Net cash flow from investing activities (8,501) (73,855)

- (683) Purchase of Treasury shares - (683) (32,154) (34,949) Dividends paid (32,154) (34,949) (18,230) (6,696) Bank loan repayments (55,380) (13,391) 16,500 - Bank loans drawdowns 58,500 -

(942) (1,338) Repayments of principal portion of lease liability (1,876) (4,155) (34,826) (43,666) Net cash flow from financing activities (30,910) (53,178) 42,125 (39,012) Net (decrease) increase in cash and cash equivalents 47,811 (40,825) 189,607 163,079 Cash and cash equivalents at the beginning of the period 183,921 164,892 231,732 124,067 Cash and cash equivalents at the end of the period 231,732 124,067

The notes from page 29 to 57 form an integral part of these condensed consolidated interim financial statements .

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 28

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

Note Share capital Retained Earnings Share Premium Other reserves Total US$ thousand Share -based payments Treasury shares Cash -flow hedge Other Balance as at 1 January 2026 16 62,053 409,086 326,658 1,502 (36,289) 909 6,485 770,404 LTI accruals, all share -based plans 6, 16 - - - 661 - - - 661 LTI allotment, share -based 6, 16 - (201) - (649) 850 - - -

Dividend payment 16 - (32,154) - - - - - (32,154) Profit for the period 16 - 79,394 - - - - - 79,394 Other comprehensive income 16 - - - - - (1,042) (31) (1,073) Balance as at 30 June 2026 16 62,053 456,125 326,658 1,514 (35,439) (133) 6,454 817,232

Note Share capital Retained Earnings Share Premium Other reserves Total US$ thousand Share -based payments Treasury shares Cash -flow hedge Other Balance as at 1 January 2025 16 62,053 371,922 326,658 1,311 (36,209) 1,499 6,057 733,291 Purchase of Treasury shares 16 - - - - (682) - - (682) LTI accruals, all share -based plans 6, 16 - - - 297 - - - 297 LTI allotment, share -based (2021 -2022 and 2022 -2023 Plans) 6, 16 - (85) - (517) 602 - - -

Allocation to legal reserve 16 - (302) - - - - 302 -

Dividend payment 16 - (34,949) - - - - - (34,949) Profit for the period 38,510 - - - - - 38,510 Other comprehensive income - - - - - 1,114 185 1,299 Balance as at 30 June 2025 16 62,053 375,096 326,658 1,091 (36,289) 2,613 6,544 737,766

The notes from page 29 to 57 form an integral part of these condensed consolidated interim financial statements .

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026

NOTES

d’Amico International Shipping S.A. (the “Company”, “DIS”) a company with limited liability (Sociéte Anonyme), was incorporated under the laws of the Grand -Duchy of Luxembourg on 9 February 2007; its statutory seat is in Luxembourg. The ultimate parent company of the DIS Group is d’Amico Società di Navigazione. DIS is an international marine transportation company, operating mainly through its fully owned subsidiary, d’Amico Tankers d.a.c.

(Ireland), as well as other indirectly controlled subsidiaries.

All DIS’ vessels are double -hulled and are primarily engaged in the transportation of refined oil products, providing worldwide shipping services to the major oil companies and trading houses .

1. Material Accounting Policies

The material accounting policies, which have been consistently applied, are set out below.

Basis of preparation These condensed consolidated interim financial statements of d’Amico International Shipping Group are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and adopted by the European Union. The condensed consolidated interim financial statements are prepared on the basis of the historic cost convention, with the exception of certain financial assets and labilities, which are stated at fair value through profit or loss or other comprehensive income for the effective portion of the hedges.

The condensed consolidated interim financial statements are presented in U.S. Dollars, which is the functional currency of the Company and its principal subsidiaries. Rounding is applied to the nearest thousand. Basis of Consolidation The condensed consolidated interim financial statements present the consolidated results of the parent company, d'Amico International Shipping S.A., and its subsidiaries for the period ended 30 June 2026 .

They have been prepared in accordance with IAS 34 Interim Financial Reporting, and should be read in conjunction with the with the Group’s last consolidated annual financial statements for the year ended at 31 December 2025 (“last annual financ ial statements”) . They do not include all of the information required for a complete set of financial statements prepared in accordance with IFRS Accounting Standards . However , selected explanatory notes are included to explain events and transaction s that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial st atements.

Key Accounting Judgments and Key Estimates The preparation of the condensed consolidated interim financial statements requires Directors to make judgements, estimates and, in some cases, assumptions in applying accounting principles. These judgements and estimates are based on historical experience and reasonable expectations for future event s. Key accounting judgments and estimates are applied across all business areas and are reviewed on a regular basis. In addition, the DIS Group considers climate -related and transition risks, where relevant, when developing its estimates and judgements, and i ncorporates their potential impacts in the condensed consolidated interim financial statements .

Segment Information

The DIS Group provides refined petroleum product s and vegetable oil transportation services within a single business segment, Product Tankers. Furthermore, the DIS Group only has one geographical segment, employing all its vessels worldwide, rather than in specific geographical areas. The DIS Group’s top management monitors, evaluates and allocates DIS Group’s resources as a whole, operations are run in one single currency – the US$ – and DIS regards, therefore, the product tankers business as a single segment.

Seasonality

In the product tankers business and for d’Amico International Shipping as a global product tanker player, there is some element of seasonality in freight markets, however, there are other factors that can have a much more important influence on the demand for DIS vessels and in their earnings potential.

Accounting P olicies The accounting policies adopted are consistent with those applied in the previous financial year.

Accounting Policies adopted from 1 January 2026 A number of new or amended International Accounting Standards Board (IASB) standards (IFRS) and interpretations (IFRIC) became effective for the current reporting period:

• Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments (effective 1

January 2026);

• Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature -dependent Electricity (effective 1

January 2026);

Based on the Group ’s current assessment, the adoption of these amendments has not had a material impact on the condensed consolidated interim financial statements of the DIS Group.

Standards , Amendments and Interpretations Not Yet Effective The following standards and amendments have been issued but are not yet effective and have not been early adopted by the Group:

IFRS 18 - Presentation and Disclosure in Financial Statements

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 30 (effective for annual reporting periods beginning on or after 1 January 2027) , which replaces IAS 1 - Presentation of Financial Statements .

While many requirements remain unchanged , IFRS 18 introduces the following key changes:

o the statement of profit or loss will be structured into defined categories: operating, investing and financing;

o entities will be required to disclose management -defined performance measures (MPMs) in the notes, including a reconciliation to the most directly comparable IFRS measure;

o enhanced guidance on aggregation and disaggregation is expected to improve the usefulness of information presented in the financial statements and accompanying notes.

DIS is currently analys ing the requirements of the new standard , identify ing the necessary changes to presentation and disclosures, and evaluating the expected impact of IFRS 18 on its key performance metrics, primary financial statements , related disclosures , and external communications .

To date, based on the Group’s preliminary assessment, the following areas are expected to be relevant for the Group’s

financial statements:

• Foreign exchange differences will generally be classified in the same category as the income and expenses from the items that gave rise to th ose foreign exchange differences ;

• Interest received is expected to be classified within investing activities in the statement of cash flows ;

• Interest paid is expected to be classified within financing activities in the statement of cash flow s;

• gains and losses on hedging instruments are expected to be classified in the same category as the income and expenses affected by the risks that the hedging instruments are used to manage ;

• • The” Non-recurring result ” subto tal, which is used in official financial presentations and press releases , has currently been identified as a management -defined performance measure (MPM) .

Discussions on interpretation and application of IFRS 18 remain ongoing , and the application of certain requirements involves significant professional judgement . Accordingly, the Company's assessment of the anticipated effects of IFRS 18 may change over time as further guidance becomes available and market practice develops .

Fair value risk and valuation techniques “Fair value ” represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal or most advantageous market on the measurement date under current market conditions, whether the price is directly observable or es timated using another valuation technique.

Fair values of financial assets and liabilities are determined as

follows:

- Level 1 inputs are quoted prices in active (liquid) markets for identical assets or liabilities;

- Level 2 inputs are other than quoted prices included within Level 1 that are observable directly or indirectly for the asset or the liability;

- Level 3 inputs are not observable from market data.

If the inputs used to measure the fair value of an asset or liability fall into different categories, the fair value measurement is categorised in the lowest significant level within the hierarchy. The transfer between levels of fair value hierarchy is rec ognised at the end of the reporting period during which the change has occurred.

The fair value of derivative and hedging instruments is assessed on a recurring basis at each reporting date.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026

31 2. Revenue, including bareboat charter revenue

US$ thousand Q2 2026

UNREVIEWED Q2 2025

UNREVIEWED H1 2026 H1 2025

Revenues from voyage -charter (spot) – freight and demurrage 58,025 35,362 85,923 74,765 Revenue from leases (time -charter) 35,867 35,883 75,823 66,230 Revenue from sub -leasing of RoU (time -charter) 11,077 16,603 27,420 35,090 Other revenues 268 5 185 343 Revenue, excluding bareboat charter revenue 105,237 87,852 189,351 176,428 Bareboat charter revenue* 1,214 1,214 2,416 2,416 Total revenue 106,451 89,066 191,767 178,844

*please refer to the Alternative Performance Measures .

Revenue represents vessel income from time charter hire, freight, demurrage, and bareboat charter hire, all recognized over time. DIS primarily generates revenue through the employment of its vessels for transporting refined petroleum products. Depending on the nature of the contract, revenue is recognized in accordance with IFRS 15 or IFRS 16.

In the table above, r evenue is disaggregated by type of service provided .As at 30 June 2026, the economic impact of fulfilling a contract (including factors such as freight delta and ballast days to the first loading port) amounted to US $0.2 million loss (US$0. 5 million loss as at 30 June 2025). These amounts are amortized over the duration of the relevant contracts.

DIS leases out some of its vessels under time charter agreements, where customers pay a fixed daily rate to use the vessels for a predetermined period.

Other revenues comprise income from vessel deviations, including compensation for bunker expenses.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026

32 3. Voyage costs

US$ thousand Q2 2026

UNREVIEWED Q2 2025

UNREVIEWED H1 2026 H1 2025

Unrealised gains on derivative instruments (71) 7 390 14 Total finance income 1,722 1,135 3,840 2,816

FINANCE CHARGES

Financial liabilities measured at amortised cost Interest expense and financial fees (2,370) (2,931) (4,992) (5,950) Lease cost (488) (892) (984) (1,804) Realised exchange differences 4 33 (203) (191) Financial liabilities measured at fair value through profit or loss Realised loss on derivative instrument (248) - (248) -

Total finance charges (3,102) (3,790) (6,427) (7,945) Net finance charges (1,380) (2,655) (2,587) (5,129)

In H1 2026 as well as in H1 2025, interest income mainly originat ed from both short -term securities and funds held with financial institutions in deposit and current accounts . Realised and unrealised derivative instruments gains refer to the result of both foreign exchange and interest rate swap hedges. In H1 2026 as well as in H1 2025, interest expenses and financial fees comprised interest on bank loans related to DIS’ owned vessels as well as the expense and amortization of loan -related fees and the realized amounts on interest rate swaps . Realised foreign exchange losses in both H1 2026 and H1 2025 arose from commercial and currency hedging instruments.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026

37 9. Income tax expense

US$ thousand Q2 2026

UNREVIEWED Q2 2025

UNREVIEWED H1 2026 H1 2025

Income tax (419) (318) (917) (727)

d’Amico Tankers d.a.c. (DTL) was re -elected under the Irish Tonnage Tax regime for 10 -year period ending on 31 December 2033.

In accordance with IAS 34.30 (c) income tax expense is recognised in each interim period based on the best estimate of the weighted average annual income tax rate expected for the full financial year.

Amounts accrued for income tax expense in one interim period may have to be adjusted in a subsequent interim period of t hat financial year if the estimate of the annual income tax rate changes.Pillar II Tax reforms In 2021, the OECD Inclusive Framework reached an agreement on a two -pillar approach to international tax reform, which includes a commitment to introduce a minimum effective tax rate of 15% for multinational groups with revenue exceeding €750 million.

The agreement has been enacted in most of the countries where d’Amico Societa di Navigazione SpA, as the ultimate parent entity for the Group, has business activities, and the Group is within scope of these rules. The new legislation was effective for the Group from 1 January 2024.

Based on current legislation, each Company is register ed for the tax and subject to local review (QDMTT) : the 2024 return was filed, confirming both the current profile of the Group’s operations, and Pillar Two legislation , do not have impact on the current tax expense.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026

38 10. Property, Plant and Equipment (PPE) and Right -of-Use assets (RoU)

US$ Thousand PPE PPE-Vessels

under

construction RoU Total

PPE & RoU

GROSS CARRYING AMOUNT

at 1 January 20258 955,20 8 44,715 129,912 1,129,83 5 Additions 76,394 392 1,239 78,025 Change in contractual terms - - (727) (727) Transfer from RoU (Transfer to PPE) 39,707 - (39,707) -

Disposal and write -off (2,616) - (42,683) (45,299) Reclassified as assets held -for-sale 8,9 (69,051) - - (69,05 1) Exchange differences (14) - 205 191 at 31 December 2025 999,62 8 45,107 48,239 1,092,97 4 Additions 4,068 31,481 - 35,549 Disposal and write -off (1,527) - - (1,527) Reclassified as assets held -for-sale 10 (95,310) - - (95,310) Exchange differences - - (45) (45) at 30 June 2026 906,859 76,588 48,194 1,031, 641

8 The presentation of 2025 opening balances and movements has changed to reflect the write -offs relating to vessels sold, in each period;

these have no impact on the net assets value, consolidated statement of profit or loss and consolidated statement of cash-flows.

9 Vessel MT Glenda Melissa classified as Assets -held-for-sale as at 9 June, 2025, then sold on 1 December, 2025; MT Glenda Meryl classified as Assets -held-for-sale as at 6 November, 2025, then sold on 10 December, 2025 .

10 Vessel MT High Seas reclassified as held-for-sale in March 2026 and then sold in April 2026 ; MT High Tide reclassified as held -for-sale in April 2026 .

US$ Thousand PPE PPE-Vessels

under

construction RoU Total

PPE & RoU

ACCUMULATED DEPRECIATION AND IMPAIRMENT

at 1 January 20258 272,00 2 - 56,066 328,06 8 Transfer from RoU/Transfer to PPE 9,330 - (9,330) -

Depreciation and impairment charge 46,110 - 5,542 51,652 Disposal and write -off (2,616) - (42,684) (45,300) Reclassified as assets held -for-sale 8,9 (32,813 ) - - (32,813 ) Exchange differences (25) - 17 (8) at 31 December 2025 291,988 - 9,611 301,59 9 Depreciation charge 21,244 - 1,652 22,896 Disposal and write -off (1,527) - - (1,527) Reclassified as assets held -for-sale 10 (48,978) - - (48,978) Exchange differences (2) - (12) (14) at 30 June 2026 262,725 - 11,251 273,976

Net Carrying amount at 1 January 2026 707,640 45,107 38,628 791,375 Net Carrying amount at 30 June 2026 644,134 76,588 36,943 757,665

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026

39 “PPE-Vessels under construction” represents the capitalised instalments paid to Jiangsu New Yangzi Shipbuilding Co., China, for the purchase of four new Long Range (LR1 – 75,000 DWT) product tanker vessels at a contract price totaling US$223.2 million , as signed in April 2024, for the purchase of two Medium Range (MR1 – 40,000 DWT) product tanker vessels, at a contract price totaling US$86.4 million, as signed during Q4 2025 , and for the purchase of four Medium Range (MR2 – 50,000 DWT) product tanker vessels, at a contract price totaling US$181. 5 million, as signed during Q1 2026; th ese new , fuel-efficient vessels, are scheduled to be delivered to d’Amico Tankers d.a.c.. between July and November 2027 (LR), April and July 2029 and between August and November 2029 , respectively . No interest was capitalized. Please refer to note 24 for capital commitments related to the vessels under construction.

The net book value of DIS’ fleet (the Group’s shipping related assets, owned or leased, not including Assets held -for-sale) amounted to US$679.3 million as at 30 June 202 6 (31 December 202 5: US$ 744.2 million). This includes the net book value of the fleet on the water and associated dry -dock costs.

The fair value of the DIS Group’s fleet as at 30 June 202 6 – excluding PPE Vessels under construction, and asset s-held-for-sale, based on charter -free independent broker valuations – was US$ 1,121 million (31 December 202 5: US$1, 028.5 million). This figure includes d’Amico Tankers d.a.c.’s owned vessels and leased vessels with purchase obligations. The value of the non-shipping -related RoU assets is based on their value -in-use, as described below.

The net book value of leased vessels for which a purchase obligation or a bargain purchase option exists, amounted to US$ 35.3 million as at 30 June 202 6 (31 December 2025: US$ 36.7 million).

The following table summarizes purchase obligations and options for vessels sold and leased -back through bareboat contracts:

Vessel name,

MT Year

Lease

Begins Purchase

Obligation Option to

Repurchase

the vessel

High Discovery 2022 10th year from sale from 2nd

year

High Fidelity 2022 10th year from sale from 3rd

year

In March 2026, d’Amico Tankers d.a.c. signed a memorandum of agreement for the sale of MT High Seas, for a total consideration of US$ 27.6 million . The vessel was delivered to her buyers on 24 April 2026 (please refer also to notes 7 and 11) .

In May 2026, d’Amico Tankers d.a.c. signed a memorand um of agreement for the sale of MT High Tide. In accordance with the terms of th is agreement, the buyers deposited 20% of the purchase price into an escrow account held with a legal firm acting on behalf of d’Amico Tankers d.a.c.

The escrowed amount will be released to d’Amico Tankers d.a.c., together with the balance of the purchase price, upon completion of the transaction , i.e. upon delivery of the vessel , which is expected to occur by November 2026 , subject to the conditions set out in the sale agreements.

As of the reporting date, the Company has not yet transferred the significant risks and rewards of ownership of the vessel. Accordingly, no profit has been recognised, and the assets have not been derecognized in the financial statements. Furthermore, the escrowed deposits is not considered cash or receivables, as it’s not under the Company’s control until the transaction is completed.

As of 30 June 2026, no impairment indicator existed, as the fair value of DIS’ Fleet on water (vessels owned and leased) based on independent broker valuations was significantly higher than its book -value by US$441.7 million and by US$491.8 million if considering also vessels under construction (31 December 202 5:

US$276.7 million). Whenever an impairment indicator arises, an impairment test is performed.

All financings on the vessels owned by the Group are secured through mortgages.

The net book value of other non -shipping related PPE and RoU as at 30 June 202 6 was US$ 1.7 million (31 December 202 5: US$ 2.1 million) . This consists mostly of office rental lease obligations and the net book value of fixtures, fittings and office equipment.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 40

11. Assets held -for-sale

US$ thousand As at 30 June 2026 As at 31 December 2025 At the beginning of the period Cost or valuation - 19,676 Transfer from PPE 46,332 36,238 Impairment - (2,133) Disposals, sales (22,875) (53,781) At the end of the period Closing net book amount 23,457 -

In March 2026 , MT High Seas was classified as held -for-sale and then sold in April 2026 . In May 2026, MT High Tide was classified as held-for-sale ( refer also to Note 10) and is expected to be delivered to the buyers by November 2026 .

As at 30 June 2026 and 31 December 2025 no liabilities were directly associated with the assets classified as held -for-sale.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 41 12. Other financial assets ( liabilities )

US$ thousand As at 30 June 2026 As at 31 December 2025 Non- current Current Total Non-current Current Total Fair value of derivative instruments 229 417 646 36 1,003 1,039 Financial receivable 46 581 627 57 335 392 Total other financial assets 275 998 1,273 93 1,338 1,431

Deferred profit on leased assets (1,772) (341) (2,113) (1,941) (341) (2,282) Fair value of derivative instruments - (606) (606) (23) (77) (100) Other financial liabilities (1,019) (811) (1,830) (1,019) (982) (2,001) Total other financial liabilities (2,791) (1,758) (4,549) (2,983) (1,400) (4,383) As at 30 June 2026 and 31 December 2025 , other non -current financial assets include mainly the value of interest rate swaps hedging instruments.

As at 30 June 2026 and 31 December 2025 , other current financial assets comprise interest rate swaps and foreign exchange hedging instruments valuation s, accrued interest on deposit and lease receivable . As at 30 June 2026 and 31 December 2025 , other non -current financial liabilities include mainly deferred profit on the disposal of vessels sold and leased back as well as the provision for litigations and claims of US$1.0 million .

As at 30 June 2026 and 31 December 2025 , other current financial liabilities comprise deferred profit on disposal of vessels sold and leased back , and other current financial liabilities, namely hedging instruments valuation and accrued financial interest on bank loan s.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 42

13. Inventories

US$ thousand As at 30 June 2026 As at 31 December 2025 Bunker inventories 7,227 5,001 Luboil inventories 4,248 4,151 EU ETS inventories 8,396 5,598 Total Inventories 19,871 14,750

Inventories comprise stocks of bunker fuels and luboils onboard vessels, as well as EU -ETS allocated greenhouse gas (GHG) emissions allowances. These include 2025 EU-ETS allowances w hich will be surrendered by 30 September 2026 (please refer to note 19). Please refer to note 3. Voyage costs and note 5. Other direct operating costs, for inventories amounts expensed during the period.

No reversal or write -down of inventories were recorded during H1 2026 and H1 2025 .

14. Receivables and other current assets

US$ thousand As at 30 June 2026 As at 31 December 2025

Contractual receivables 26,585 19,371 Contract assets (accruals) 11,792 5,445 Prepayments (TC) charters, other receivables and accruals 7,348 6,994 Other debtors 3,390 3,868 Total receivables and other current assets 49,115 35,678

Contractual receivables were net of allowance for credit losses of US$0.5 million as at 30 June 2026 (31 December 2025: US$0. 4 million). 100% of the transaction price allocated to contract assets as at 31 December 2025 was invoiced during January 2026. Other prepayments, receivables and accruals represent prepayments for TC -in contracts, other prepayments, and rebillable expenses.

Other debtors consist of non -trade receivables and agency advanc e.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026

43 15. Cash and cash equivalents

US$ thousand As at 30 June 2026 As at 31 December 2025 Cash and cash equivalents 231,732 183,921 As at 30 June 2026, Cash and cash equivalents include short -term treasury bonds amounting to US$ 29.8 million (31 December 2025 :

US$22.5 million ).

16. Shareholders’ equity

Share capital

As at 30 June 2026, the share capital of d’Amico International Shipping amounts to US$ 62,053,278.45 corresponding to 124,106,556 ordinary shares with no nominal value, trading under the ISIN code 2592315662 (31 December 2025: unchanged).

The authorised capital of the Company, including the issued share capital, is set at US$87,500,000, divided into 175,000,000 shares with no nominal value.

Retained earnings

As at 30 June 2026 and 31 December 2025 , the item principally includes the previous years ’ and current year’s net results , as well as deductions for dividends approved for distribution and allocation to the Legal reserve .

Share Premium reserve The share premium reserve originated from the Group’s Initial Public Offering and related share capital increase in May 2007, along with subsequent capital increases. By statutory provision, these reserves are distributable. Dividends The following dividends were declared and paid during the period by the Company:

US$ thousand For the 6 months ended 30 June

2026 2025

2026: US$0.270 cents per qualifying ordinary share (2025: US$0.294) 32,154 34,949

Other reserves

Other reserves include the following items:

US$ thousand As at 30 June 2026 As at 31 December 2025 Total Other reserves (27,604) (27,393) Share -based payments reserve 1,514 1,502 Treasury shares (35,439) (36,289) Cash -flow hedge reserve (trough OCI) (133) 909 Other 6,454 6,485

of which

Retranslation reserve (through OCI) 249 280 Legal reserve 6,205 6,205

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 44

Share -based payments reserve This reserve was established to account for the portion of compensation related to the Company’s Long -Term Incentive (LTI) plan that is settled with shares. In 202 6, shares equivalent to an accrued amount of US$ 648.8 thousand were delivered to the LTI plan beneficiaries. The accrued expense for the 6-months period , relating to amounts to be settled in shares, was US$ 661,181 .

Treasury shares

As of 30 June 2026, Treasury shares consist of 5,011,701 ordinary shares, with a book value of US$3 5.4 million, representing 4. 04% of the issued shares. These shares were acquired under DIS’ authorised share buyback programmes. The current programme, authorised by the Annual General meeting of Shareholders held on 18 April 2023, allows the Company to purchase up to 18,615,795 of its own ordinary shares (including the shares already repurchased and held in the Company’s portfolio, in compliance with Article 430 -15 of the Luxembourg Law). No shares were purchased in 2026 to date , while in the first six months of 2025 DIS purchased n. 200,932 own shares.

In the first six months of 2026, DIS delivered n. 126,832 own shares, with a total average cost of US$ 850 thousand , corresponding to 0.10% of its share capital (6 months 2025: DIS delivered n.92,531 own shares, with a total average cost of US$602 thousand , i.e. 0.07% of its share capital), to the beneficiaries of its Long -Term Incentive Plan adopted in 2019, which includes key managers and executive directors of the DIS Group. These shares represent both the second tranche of compensation in -kind for the 2022-2023 period and the first tranche of compensation in -kind for the 2023-2024 period .

Cash -flow -hedge reserve The cash -flow hedge reserve is not distributable and reflects the changes in the value of the effective portion of DIS’ interest rate swap agreements linked to some of its bank facilities.

Retranslation reserve

The reserve is not distributable and is the result of the translation into US$ of the shareholders’ equity of the Group’s companies having a functional currency other than the United States Dollars.

Legal Reserve

This reserve is a requirement of Luxembourg Law for the resident company, and it is not distributable.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026

45 17. Banks and other lenders

US$ thousand As at 30 June 2026 As at 31 December 2025 Banks and other lenders – Non-current 157,950 155,513 Financial Fees - Non-current (1,623) (1,325) Banks and other lenders – Non-current 156,327 154,188 Banks and other lenders – Current 20,411 19,728 Financial Fees - Current (434) (450) Banks and other lenders – Current 19,977 19,278 Total Bank and other lenders 176,304 173,466

Fixed rate 14,37 8 26,517 Floating rate 163,98 3 148,724 Financial Fees (2,057) (1,775) Total Bank and other lenders 176,304 173,466

Movements in Bank and other lenders Banks and other lenders – at the beginning of the period 173,466 216,660 Bank loan repayments (55,380) (84,599) Bank loan drawdowns 58,500 41,000 Amortisation of fees (282) 405 Banks and other lenders – at the end of the period 176,304 173,466

DIS’ mortgage loans outstanding as at 30 June 2026 amounted to US$178.4 million (31 December 2025: US$ 175.2 million). As at the same d ate, 8% of DIS’ total mortgage loans carried at an average all -

in fixed interest rate (comprising the spread over SOFR plus the interest swap rate) of 3.79%, while the remaining 92% subject to an average spread over SOFR of 1.59%.

DIS also has non -mortgage facilities (such as overdrafts or medium -

term financing), available amount of US$ 20.9 million as at 30 June 2026 (31 December 2025: US$21.2 million) .

As at 30 June 2026 and 31 December 2025 all bank loans are secured by the respective vessels , guaranteed by d’Amico International Shipping S.A. and fully comply with their respective covenants. The Group expects to continue to fully comply with the covenants for at least 12 months after the reporting date.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 46 Bank loans outstanding as at 30 June 2026 and 31 December 2025, expressed in US$ thousand, comprised the following facilities:

Lender, US$ thousand Assets Issue date Maturity As at 30 June

2026

The Iyo Bank US$ 17.5m Term Loan Facility High Explorer May 2023 1 Jun.2031 13,450 NTT TC Leasing Co., Ltd.

20.0m Term Loan Facility Cielo di Londra10 Aug. 2023 14 Aug.2028 16,563 The Iyo Bank US$ 16.0m Term Loan Facility High Voyager Jun. 2024 10 Jun.2032 12,000 BPER Banca S.p.A.

US$ 16.0m Term Loan Facility High Freedom Jun. 2024 24 Jun.2032 12,000 NTT TC Leasing Co., Ltd.

US$ 16.8m Term Loan Facility High Trader Jul. 2024 7 Aug.2029 14,106 DnB Bank ASA US$ 17.5m Term Loan Facility High Loyalty Aug. 2024 31 Jul.2029 14,105 Crédit Agricole Corporate and Investment Bank US$ 14.0m Term Loan Facility Cielo di Ulsan Nov.2025 28 Nov.2031 13,222 Danish Ship Finance A/S US$ 13m Term Loan Facility Cielo di Gaeta Dec.2025 11 Dec.2030 12,277 ING Bank N.V.

US$14.0m Term Loan Facility Cielo di New York Dec.2025 23 Dec.2032 13,125

DEKABANK DEUTSCHE GIROZENTRALE

US$ 14m Term Loan Facility Cielo di Hanoi Feb.2026 30 Dec.2031 13,650 Skandinaviska Enskilda Banken AB US$ 28m Term Loan Facility Cielo di Salerno Cielo di Capri Feb.2026 20 Feb.2032 27,363 Intesa Sanpaolo S.p.A.

US$ 16.5m Term Loan Facility High Trust Jun.2026 10 Jun.2033 16,500 Financial fees (2,057) Total Bank and other lenders 176,304

10 Renamed Bright Future under the bareboat charter contract.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026

US$ Thousand Assets Issue date Maturity As at 31

December 2025

Skandinaviska Enskilda Banken AB US$ 20.0m Term Loan Facility Cielo Bianco Dec. 2021 17 Dec.2027 13,920

ING Bank N.V. & S.E.B AB

US$82.0m Term Loan Facility Cielo Rosso, Cielo di Rotterdam Jul. 2022 27 Jul.2027 33,065 The Iyo Bank US$ 17.5m Term Loan Facility High Explorer May 2023 1 Jun.2031 14,124 NTT TC Leasing Co., Ltd.

20.0m Term Loan Facility Cielo di Londra10 Aug. 2023 14 Aug.2028 17,188 The Iyo Bank US$ 16.0m Term Loan Facility High Voyager Jun. 2024 10 Jun.2032 13,000 BPER Banca S.p.A.

US$ 16.0m Term Loan Facility High Freedom Jun. 2024 24 Jun.2032 13,000 NTT TC Leasing Co., Ltd.

US$ 16.8m Term Loan Facility High Trader Jul. 2024 7 Aug.2029 14,869 DnB Bank ASA US$ 17.5m Term Loan Facility High Loyalty Aug. 2024 31 Jul.2029 15,075 Crédit Agricole Corporate and Investment Bank US$ 14.0m Term Loan Facility Cielo di Ulsan Nov.2025 28 Nov.2031 14,000 Danish Ship Finance A/S US$ 13m Term Loan Facility Cielo di Gaeta Dec.2025 11 Dec.2030 13,000 ING Bank N.V.

US$14.0m Term Loan Facility Cielo di New York Dec.2025 23 Dec.2032 14,000 Financial fees (1,775) Total Bank and other lenders 173,466

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 48 18. Lease liabilities

Lease liabilities are repaid over the lease term. They have the following residual lease terms as the balance sheet dates:

US$ thousand As at 30 June 2026 As at 31 December 2025 Total future minimum lease payments (gross investment) 40,307 43,205 due within one year 5,706 5,724 due in one to five years 21,583 21,962 due over five years 13,018 15,519 Principal repayments of minimum lease payments 32,983 34,893 due within one year 3,891 3,796 due in one to five years 16,742 16,631 due over five years 12,350 14,466 Finance charge included in the minimum lease payments 7,325 8,312 of which pertaining to the period 984 3,197

The carrying amount of assets held under leases, along with the key lease terms, is disclosed in note 10. At the inception of the leasing agreements, the annual rate of return on DIS' leasing transactions was aligned with prevailing market rates .

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026

49 19. Payables and other current liabilities

US$ thousand As at 30 June 2026 As at 31 December 2025

Trade payables 20,930 12,204 Other creditors 10,817 6,413 Accrued liabilities 20,203 24,867 Total payables and other current liabilities 51,950 43,484

Payables and other current liabilities as at 30 June 2026 and 31 December 2025, mainly comprise trade payables and accrued liabilities , mainly relating to the Company’s shipping activity . The Group has financial risk management policies in place to ensure that all payables are settled within the agreed terms (refer to note 22). Other creditors include EU -ETS liability for a total amount of US$7.8 million as at 30 June 2026 (31 December 2025 : US$ 5.0 million) . A total nu mber of 54,190 EU-ETS allowances related to 2025 voyages , equivalent to US$ 4.8 million, will be surrendered by 30 September 2026 .

20. Current tax payable

US$ thousand As at 30 June 2026 As at 31 December 2025 Current tax liabilities 95 525

The balance as at 30 June 2026 and 31 December 2025 relates to the corporate income taxes payable by DIS’ subsidiaries .

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 50 21. Changes in liabilities arising from financing activities and in derivatives to hedge borrowings

US$ thousand As at Net Non-cash changes As at 31 December Cash -flows 30 June

2025 2026

Amortised

financial

fees Lease cost Foreign

exchange

differences Derivatives

P&L

unrealised

movements Cash -flow

hedge OCI

Lease liabilities 11 34,893 (2,859) - 983 (34) - - 32,983 Banks and other lenders 12 173,466 3,121 (283) - - - - 176,304 Derivatives held to hedge long -term borrowings 13 (577) - - - - 29 115 (433) Total 262 (283) 983 (34) 29 115

11 Please refer to note 18 .

12 Please refer to note 17 .

13 The total fair value of derivative hedging instruments as at 31 December 2025 was an asset of US$939 thousand, which included the fair value of interest rate swaps amounting to US$577 thousand (asset) and the fair value of foreign exchange forward con tracts amounting to US$362 thousand (asset) . The total fair value of derivative hedging instruments as at 30 June 2026 was an asset of US$ 40 thousand, which included the fair value of interest rate swaps amounting to US$ 604 thousand (asset) and the fair value of foreign exchange for ward contracts amounting to US$ 564 thousand (liability) ; please refer also to note 12.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 51 22. Risk Management Shipping freight rates and vessel values can fluctuate significantly over the course of the business cycle. Furthermore, the DIS Group operates globally and is therefore exposed to market risk s, including fluctuations in foreign currency exchange rates. As deposits and credit facilities used to finance investments in newbuildings or vessel acquisitions typically bear interest at variable rates, the Group is also exposed to interest rate risk. In addition, DIS is exposed to bunker price risk, due to fluctuations in fuel price s.

The Group continuously monitors the se financial risks and seeks to mitigate its exposure s, including the use of derivative hedging instruments.

These half-year condensed consolidated interim financial statements do not include all the financial risk management information and disclosures required in the annual consolidated financial statements . For a comprehensive overview, reading should be done in conjunction with the Group’s annual consolidated financial statements as at 31 December 2025, note A-23. The Group’s financial risk profile has not changed significantly during the six-month period ended 30 June 2026, and there have been no changes in its risk management policies since year -end.

Accounting classification and fair values The following table s present the carrying amounts and fair values of financial assets and liabilities, their accounting classifications, and their levels within the fair value hierarchy , as at 30 June 2026 and 31 December 2025.

The Level 2 financial instruments referred to in the tables below consist of derivative instruments measured at fair value. Given the high credit ratings of the counterparties to these derivatives, no adjustment for non -performance risk is considered necessary .

US$ thousand As at 30 June 2026

Amortised

cost FVTPL Derivatives

used for

hedging

(FV) Total Fair Value Total Level 1 Level 2

ASSETS

Other financial assets 798 - 475 1,273 - 475 475 Receivables and other current assets 49,115 - - 49,115 - - -

Cash and cash equivalents 231,732 - - 231,732 - - -

LIABILITIES

Banks and other lenders 176,304 - - 176,304 - - -

Lease liabilities 32,982 - - 32,982 - - -

Other financial liabilities 3,942 1 606 4,549 - 607 607 Payables and other current liabilities 51,950 - - 51,950 - - -

As at 31 December 2025

Amortised

cost FVTPL Derivatives

used for

hedging

(FV) Total Fair Value Total Level 1 Level 2

ASSETS

Other financial assets 359 32 1,040 1,431 - 1,072 1,072 Receivables and other current assets 35,678 35,678 - - -

Cash and cash equivalents 183,921 - - 183,921 - - -

LIABILITIES -

Banks and other lenders 173,466 - - 173,466 - - -

Lease liabilities 34,893 - - 34,893 - - -

Other financial liabilities 4,281 2 100 4,383 - 102 102 Payable and other current liabilities 43,484 - - 43,484 - - -

The fair values of receivables and payables are deemed to be equivalent to their carrying amount, due to their short -term nature .

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 52

23. Related part ies’ transactions

Pursuant to IAS 24, the Company’s related parties are entities and individuals capable of exercising control, joint control or significant influence over DIS and its subsidiaries , and companies belonging to the d’Amico Group. Moreover, members of DIS’ Board of Directors, and executives with strategic responsibilities and their families are also considered related parties. Business relationships with the related parties are generally conducted under the same conditions as for non -related parties.

During the first six months of 2026, the most significant related party transactions included management service agreements (covering HR, IT, treasury, accounting, internal audit , and legal services) , as well as a brand fee , for a total of US$5.6 million (H1 2025: US$ 5.9 million) ; technical, decarbonization, and SQE service management agreements with d’Amico Ship Management, amounting to US$ 4.1 million (H1 2025: US$ 4.4 million ); and a commercial and operational management service agreement with d’Amico Shipping Singapore and d’Amico Shipping USA.

Additionally, the Group maintains a service agreement with Rudder SAM, a company controlled by the d’Amico Group, relating to the purchase of Intermediate Fuel Oil and Marine Diesel Oil.

The figure reported for related party voyage costs reflects only the margin earned by Rudder SAM on back -to-back transactions with third-party fuel suppliers.

Please refer to note 6 for the compensation amounts accrued for the Group’s directors and senior management.

The effects of related party transactions on the Group’s condensed consolidated interim statement of profit and loss for the first half of 2026 and first half of 2025, are the following:

US$ thousand H1 2026 H1 2025 Total Of which related party Total Of which related

party

Revenue 189,351 4,674 176,428 4,488 Voyage costs (34,349) (91) (46,619) (388) Bareboat charter revenue 2,416 - 2,416 -

Other direct operating costs (42,849) (4,667) (45,264) (466) General and administrative costs (13,117) (5,242) (13,047) (5,606) Result from disposal of fixed assets 4,342 - (534) -

Depreciation and impairment (22,896) (390) (29,014) (200) Net finance income (charges) (2,587) (37) (5,129) (42)

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026

The effects of related party transactions on the Group’s condensed consolidated interim statement of financial position as at 30 June 2026 and 31 December 2025, to the extent not disclosed elsewhere in this report , are the following:

US$ thousand As at 30 June 2026 As at 31 December

2025

Total Of which related parties Total Of which related parties

ASSETS

Non-current assets

Property, plant and equipment and Right -

of-use assets 757,665 718 791,375 1,976 Other non -current financial assets 275 46 93 57

Current assets

Inventories 19,871 - 14,750 -

Receivables and other current assets 49,115 4,935 35,678 1,992 Other current financial assets 998 19 1,338 19 Cash and cash equivalents 231,732 - 183,921 -

Assets held -for-sale 23,457 - - -

LIABILITIES

Non-current liabilities

Banks and other lenders 156,327 - 154,188 -

Non-current lease liabilities 29,092 950 31,097 1,216 Other non -current financial liabilities 2,791 - 2,983 -

Current liabilities

Banks and other lenders 19,977 - 19,278 -

Current lease liabilities 3,891 428 3,796 440 Payables and other current liabilities 51,950 6,692 43,484 3,862 Other current financial liabilities 1,758 - 1,400 -

Current tax payable 95 - 525 -

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 54 24. Commitments and contingencies

Capital commitments

US$ million As at 30 June 2026 As at 31 December 2025 Within one year 50.2 29.7 Between 1 – 3 years 284.6 179.1 Between 3 – 5 years 80.6 56.2 More than 5 years - -

Total 415.4 265.0

DIS’ capital commitments within one year relate to instalments payable on the four LR1 newbuildings ordered in Q2 2024 from Jiangsu New Yangzi Shipbuilding Co. Ltd., China, with expected delivery in 2027 . Further commitments refer to the remaining instalments payable on the LR1 newbuilding, the installments payable on the two MR1 newbuildings ordered in Q4 2025 from Guangzhou Shipyard International Company Limited, China, with expected delivery in 2029 , and the four MR2 newbuildings ordered in Q1 2026 from Jiangsu New Yangzi Shipbuilding Co. Ltd., China, for delivery in 2029.

Ongoing disputes

The Group is currently involved in a few on-going commercial disputes concerning both our owned and chartered -in vessels.

These disputes are primari ly covered by the Group’s P&I Club insurance policies , and management assesses and recognises provisions where necessary , minimising financial exposure (which is reflected in the provisions for expected credit losses or in the provisions for litigations and claims , notes 12 and 14 ). Deferred taxation d’Amico Tankers d.a.c., the key operating subsidiary of the DIS Group, is qualified to be taxed under the Tonnage Tax regime in Ireland. The regime includes a provision whereby a proportion of capital allowances previously claimed by the Group may be subject to tax if vessels are sold, or the Group fails to comply with the ongo ing requirements to remain within the regime.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026

55 25. d’Amico International Shipping Group’s companies

The table below presents the complete list of the Group’s companies, including for each entity : d’Amico International Shipping’s percentage ownership, method of consolidation, registered office, share capital , and functional currency.

Name Registered

Office Share Capital Currency Interest % Consolidation

Method

d’Amico International Shipping S.A. Luxembourg (L) 62,053,278.45 US$ n.a. Integral d'Amico Tankers d.a.c. Dublin (IR) 100,001 € 100.00% Integral High Pool Tankers Ltd Dublin (IR) 2 € 100.00% Proportional d'Amico Tankers Monaco SAM Monaco (MC) 150,000 € 99.80% Integral d'Amico Tankers UK Ltd London (UK) 50,000 US$ 100.00% Integral

26. Basic and diluted e arnings per share (e.p.s.)

Q2 2026

UNREVIEWED Q2 2025

UNREVIEWED H1 2026 H1 2025

Profit for the period US$ 51,934,625 19,643,874 79,394,336 38,510,483 Weighted average number of ordinary shares used as the denominator in calculating diluted e.p.s. 119,030,131 118,960,303 118,983,807 119,046,593 Basic and dilutetd e.p.s. 0.436 0.165 0.667 0.323

The Company has no dilutive potential ordinary shares, therefore in Q2 and H1 2026 and in Q2 and H1 2025 diluted e.p.s. were equal to basic e.p.s.

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026

57 27. Events after the closing of the reporting period d’Amico Tankers d.a.c.:

‘Time Charter -Out’ Fleet: In July 2026, d’Amico Tankers d.a.c.

extended a time charter -out contract with a reputable counterparty for one of its MR vessels for a period of 3 years.

30 July 2026 On behalf of the Board

The manager responsible for preparing the Company's interim financial reports, Mr. Federico Rosen , in his capacity as Chief Financial Officer of d’Amico International Shipping S.A. , declares to the best of his knowledge that: the condensed consolidated interim financial statements prepared in accordance with the International Financial Reporting Standards as adopted by the European Union, give a f air view of the assets, liabilities, financial position and profit or loss of d’Amico International Shipping S.A. and its subsidiaries, taken as a whole. The condensed consolidated interim management re port includes a fair review of the development and performance of the business and the position of d’Amico International Shipping S.A. and its subsidiaries, taken as a whole , together with a description of the principal risks and uncertainties they face .

Antonio Carlos Balestra di Mottola Federico Rosen Chief Executive Officer Chief Financial Officer

Federico Rosen

Chief Financial Officer

d’Amico International Shipping S.A. Interim Report First Half and Second Quarter 2026 57

DIS_Q2 & H1 2026 Results Interim Report

Interim Report

www.damicointernationalshipping.com

RCS B124790

Contents

CONSOLIDATED INTERIM MANAGEMENT REPORT ................................ ......................... 5

SUMMARY OF THE RESULTS FOR THE FIRST HALF AND SECOND QUARTER OF 2026 ........................... 12

SIGNIFICANT EVENTS SINCE THE END OF THE PERIOD AND BUSINESS OUTLOOK ................................ 20

D’ AMICO INTERNATIONAL SHIPPING GROUP CONDENSED CONSOLIDATED

INTERIM FINANCIAL STATEMENTS AS AT 30 JUNE 2026 ................................ ............. 23

AUDITOR’S REPORT ON REVIEW OF THE CONDENSED CONSOLIDATED INTERIM

CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS ................................ ..................... 25

CONDENSED CONSOLIDATED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME ............ 25

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION ................................ ...... 26

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS ................................ ....................... 27

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY ... 28

Chairman

Paolo d’Amico

Directors

Key Figures

Financials

Q2 2026

UNREVIEWED Q2 2025

64,897 38,956 EBITDA * 105,794 73,380

53,733 22,617 EBIT * 82,898 44,366

As at

31 December

2025

Q2 2026

UNREVIEWED Q2 2025

UNREVIEWED H1 2026

UNREVIEWED H1 2025

UNREVIEWED

GROUP STRUCTURE

Fleet

IMO classed

LR1 fleet

Owned

MR fleet

Owned

Owned

Owned

ALTERNATIVE PERFORMANCE

MEASURES (APM)

ROCE

Coverage

Off-hire

Vessels equivalent

OTHER DEFINITIONS

Bareboat charter

Charter

Time charter

SUMMARY OF THE RESULTS FOR THE FIRS T

HALF AND SECOND QUARTER OF 2026

Operating performance

Q2 2026

UNREVIEWED Q2 2025

64,897 38,956 EBITDA* 105,794 73,380

53,733 22,617 EBIT* 82,898 44,366

Q1 Q2 H1 Q3 Q4 FY Q1 Q2 H1

Financial Position

ASSETS

SHAREHOLDERS' EQUITY

AND LIABILITIES

30 June

31 December

2025

Cash Flow

Q2 2026

UNREVIEWED Q2 2025

SIGNIFICANT EVENTS OF THE FIRST HALF OF

2026

SIGNIFICANT EVENTS SINCE THE END OF THE

PERIOD AND BUSINESS OUTLOOK

Business Outlook

REPORT OF THE REVISEUR D’ENTREPRISE AGREE

Financial Statements

Introduction

Conclusion

Marina ZIMMERLING