Odfjell : Capital Markets Day 2026

Presentation I Odfjell SE

'

May 26, 2026 ODFJELL

Agenda

Odfjell SE, Capital Markets Day 2026

Time

10:00 - 10:20

Topic Presenter

Welcome:

Keeping a steady course in an Harald Fotland CEO uncertain world

10:20 - 10:40

10:TO-11.00

11:00-11:15

11:15-11:30

11:30- 11:A5

Finance update Odfjell Tankers Coffee break Market outlook

Odfjell Terminals

Terje Iversen CF0

Bjorn Hammer CC0

Nils Jorgen Selvik VP Finance & IR Adrian Lenning MD Odfjell Terminals

11:Q5-12:15

12:15 -13:00

Concluding remarks by CEO Harald Fotland, and Q&A moderated by Ole G. Stenhagen

Lunch/mingling session with light food

Global volumes set to grow, adding further demand for chemical tankers

Chemicals are vital in the production of almost all products we use in our daily lives

Demand is set for moderate growth Chemicals are essential for 96% of manufactured products worldwide

Global volume of liquid chemical cargoes

Mill. mt.

245

236

239

241

250

261

300

250

200

150

100

50

0

2021A 2022A 2023A 2024A 2025A 2030E

Global demand for chemical tankers

Mill. DWT.

50

40

30

20

10

0

40

38

39

4O

41

43

2021A 2022A 2023A 2024A 2025A 2030E

6

MSI Horizon, Odfjell

Odfjell continue our journey towards sustainability

Our decarbonization strategy is built upon three pillars, enabling optionality and continuous progress

Odfjell is on a continued downwards AER trajectory ...

... chasing improvements in different areas to maintain our leading position

2026

Suction sail retrofits and on newbuildings

15.0

8.9

8.8

8.3

8.0

2008

2018 2019 2020 2021 2022 2023 2024 2025

Gate rudders

Sail-adjusted weather routing

Speed optimization

Sharp increase in biofuel consumption after 2024

Ultrasound on the hull In-transit hull cleaning

Automatic inefficiency alerts

Business intelligence on all generated data

Established green corridor between Brazil and Europe

8

term, and to

Resilient performance and a strong financial position Ousrtrategy is designed to

the short the long term"

in a dynamic chemical tanker market

With improved earnings in recent years and capital discipline our financial position is historically robust

EBITDA Chemical Tankers EBITDA Tank terminals

5-year avg. ROCE 13.5% 5-year avg. ROE 20.1%

412

480

550

412

157

120

93

187

93

235

211

33

284

274

Note: Chemical Tankers EBITDA from 2019 include effects from IFRS16. Adjusted for these effects, EBITDA would be USD 128m in 2019, USD 187m in 2020, USD 167m in 2021, USD 300m in 2022, USD 365m in 2023, USD 423m in 2024 and USD 309m in 2025.

12

Odfjell has strengthened its balance sheet and delivered steady dividends - entering a new phase of dividends, investment and growth

Total debt reduced by -USD 170m since height in 2020, in parallel -USD 390m has been paid in dividends

Interest-bearing debt development (MUSD)

1527

2021 2022 2023 2024 2025 1026 1026

5.5

5.0

3.5

3.0

NIBD/ EBITDA (LTM) Dividend payments (MUSD)

391

Total dividends last 4 yrs equals 42% of current market cap

25

2.5

2.0

1.5

FY20 FY21 FY22 FY23 FY24 FY25 1Q26 FY26F FY27F 2022 2023 2021 2025 1Q26 Total

*Forecasted period assumes same TCE p.d. as 1Q26 going forward

0dfjell's dividend policy is to pay out 50% of adjusted net result semi-annually. The policy is designed to deliver predictable and sustainable dividends going forward.

13

Note: Nominal interest-bearing debt, including all bank loans, financial leases and USD swapped bond debt

Solid access to capital at competitive terms

Odfjell capital structure 1Q26

Size $m

% of cap. structure

Cost per Competitive day pricing

✓

• Increase in bank debt to overall capital structure

• Competitive pricing and market terms

• Solid interest from top-tier shipping banks

• Reduced exposure after buyback transactions and

  29

  
  
  

  Financial lease

  debt

56 1013 ✓

maturities

102

308

attractive pricing

✓

299

984 48

10225

(✓)

(✓

• Increase of long-term TC contracts to portfolio

• Market pricing trending up, reflecting newbuild prices

• Attractive access to Japanese new built tonnage

• Price/book below 1x

• Growing number of shareholders

• Share liquidity still a focus area

1€

Evolving debt capital structure - from financial lease to bank and operational lease

Bank debt and operational lease (IFRS16) is set to increase with new vessels entering fleet in coming years

1526

+29%

1357

1 055

Financial

lease

43 % of Total debt

2020

1Q26

2Q29

Bank debt Financial lease Operational lease Bond

Dwt owned

• Over the last 5 yrs we have reduced financial lease significantly and increased bank debt

• Our operational lease debt (IFRS16) has remained stable despite adding 11 newbuildings to our fleet on long-term time charter, with ordinary capital repayments and the purchase of four operational leased vessel through attractive purchase options, acquired at around 30% below market values.

• Our average cost of debt (excluding benchmark rates) has reduced from an

  average of3l8% p.a. in 2020to 1.95% p.a. as ofl026

• Operational lease will grow as we take delivery of the 17 newbuilds on long-term TCs, and is set to increase from USD 299 mill in 1Q26 to USD 560 mill 2Q29 after delivery of last vessel currently on order. Operationall lease's relative share of interest-bearing debt will increase from 28% in 1Q26 to - ñ3% in 2Q29

• Existing TC fleet accounted for -20% of revenue days, TCE and Net result over the last four quarters.

• Odfjell currently has five newbuildings on order for own accounts, one 26,000 dwt. vessel to be delivered in July 2026 and bank financed, and four ñ0,000 dwt. vessels scheduled for delivery between 1Q27 and 1Q29.

• The ñ0,000 dwt newbuildings were signed in April 2026 and has not been

+21%

Odfjell fleet* dwt. (1,000)

2,492

3,090

2,546

Dwt operational lease Dwt short-term TC

financed yet. Both bank financing and lease structures will be considered. In the projection shown in the graph, they have been assumed financed by banks.

2020

15 *Excluding pool vessels

1Q26

2029

1 600 000

1 500 000

1 400 000

1 300 000

1 200 000

1 100 000

1 000 000

600 000

800 000

700 000

600 000

500 000

400 000

300 000

200 000

100 000

0

Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec-

20 20 20

20 21

21 21

21 22

22 22

22 23

23 23

23 24

24 24

24 25

25 25

25 26

26 26

26 27

27 27

27 28

28 28

28 26

26 26 26

Stable development in cash break-even

TC newbuilds to be delivered are on average larger in size, increasing marginal cost. Average hire for the TC fleet is forecasted to remain below current cash break-even level, and economies of scale will contribute positively to reduce S&A per vessel

Total break-even: USD 22,G50/day

OPEX per day split

23 132

21172

Crew

Ship geneal Technical Provision Insurance

Projects

OPEX

Finance cost TC hire

GGA

DD/CAPEX

Finance cost per day split

Margin

LIBOR/SOFR

Instalments

TC

0wned/BB

17 G6A split equally across TC and Owned/BB Financing cost includes 100% of bond expenses.

Cash break-even on chemical tankers remains a key area of focus

23 548

22 850

22 884

22507

Going forward a growing Odfjell fleet will unlock economies of scale - adding revenue days on existing platform

OPEX DD/CAPEX

G&A

TC/BB hire

SOFR

Margin

21991

• Stable development in cash break-even last year, forecasted to decrease slightly in 2026 as 10 new vessels enters the fleet.

• Longer term, break-even remains above 2019 level as we have seen cost inflation.

• As we have refinanced many of our financing facilities at improved terms and repaid interest-bearing debt, interest expense and instalments have come down with approximately USD 830 per day in 2025 compared to 2019.

• From 2019 to 2023 increase in benchmark rates countered some of the effect of improved terms from refinancings.

  2019		2023	2024	2025	2026F
  Totafcost base	USD 530m	USD 56lrn	USD 540m	USD 538m	USD 608m
  Trading days	24106	23.828	23619	23,501	27.037
  Avg. vessel size	33,51d dwt	36,391 dwt.	36,153 dwt.	35,641 dwt.	34,080 dwt

  Instalments

  18

  28000

  2C000

  24000

  22.000

  0

  Cash break-even development since peak in 2012

  -16%

  
  
  

  2012 2014 2016 2018 2020 2022 2024 2026

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

  Solid investment capacity for future growth

  Estimated balance sheet effect from planned and potential future investments

  Investment Assumptions

  Delivery of long-term TCs

20