Odfjell Se Class A · OSL:ODF
Odfjell Se Class A — Odfjell Se B — Q1 2025 Earnings Presentation
26 slides from Odfjell Se Class A's earnings presentation, May 8, 2025
Slide 1: First quarter report 2025
First quarter report 2025 May 7, 2025
Slide 2: Highlights – 1Q25
Quarterly report, first quarter 2025 1Q25 Odfjell Group Highlights – 1Q25 Key figures, USD million • Strong performance on safety continues with high operational efficiency (USD mill, unaudited) 2Q24 3Q24 4Q24 1Q25 1Q24 FY24 and no significant incidents during quarter. Time charter earnings 214.8 20
Slide 3: Result development
1Q25 Odfjell Group Result development Profit and loss Balance sheet and cash flow Odfjell reported time charter earnings of USD 168 million in 1Q25, down Odfjell’s cash balance at the end of 1Q25 was USD 86 million and USD 15 million compared to 4Q24. Gross revenues were down USD 19 undrawn funds on
Slide 4: Chemical Tankers
1Q25 Odfjell Group Chemical Tankers During the quarter, we experienced a decrease in obtained freight rates of Our chemical tankers' commercial revenue days were down from last approximately 4%, primarily related to lower spot rates. Total volumes quarter due to the sale of two older vessels at the
Slide 5: Tank Terminals
1Q25 Odfjell Group Tank Terminals Operations and financial results Capital expenditure and expansions All terminals continued to perform well in 1Q25, maintaining an average At the terminal in Antwerp (NNOAT), all ten stainless steel tanks in the commercial occupancy across the portfolio of 95.8%, s
Slide 6: Sustainability
1Q25 Odfjell Group Sustainability Odfjell’s CII* development New IMO Framework for reducing GHG from shipping Previous Q/Q Same q. The International Maritime Organization (IMO) has agreed to 1Q25 FY 2024** FY 2023 quarter change last year establish a legally binding framework aimed at significantly
Slide 7: Prospects
1Q25 Odfjell Group Prospects Market outlook The sweeping tariffs announced by the U.S. president on April 2 have With all the uncertainty created by the tariffs, we need to prepare for deteriorated the economic outlook and dampened business activity amid multiple scenarios depending on the results f
Slide 8: Interim financial information – ODFJELL GROUP
1Q25 Odfjell Group Interim financial information – ODFJELL GROUP CONSOLIDATED STATEMENT OF PROFIT OR LOSS (Figures based on equity method) (USD mill) Note 4Q24 1Q25 1Q24 FY24 Gross revenue 1, 2 295.8 276.7 305.6 1,248.6 Voyage expenses 1, 2 (104.5) (102.1) (104.5) (424.1) Pool distribution (8.3) (7.
Slide 9: Consolidated Statement of Comprehensive Income
1Q25 Odfjell Group CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Figures based on equity method) (USD mill) Note 4Q24 1Q25 1Q24 FY24 Net other comprehensive income to be reclassified to profit or loss in subsequent periods: Net changes in cash-flow hedges (3.4) 3.1 (2.9) (9.6) Translation differen
Slide 10: Consolidated Statement of Financial Position
1Q25 Odfjell Group CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Figures based on equity method) (USD mill) Note 31.12.24 31.03.25 31.03.24 Deferred tax assets 1.7 1.9 2.4 Ships 4 1,253.5 1,225.6 1,265.1 Property, plant and equipment 4 7.9 7.7 7.8 Right-of-use assets 7 385.4 374.9 254.4 Investments
Slide 11: Consolidated Statement of Changes in Equity
1Q25 Odfjell Group CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Figures based on equity method) Exchange Cash-flow Pension OCI (USD mill) Paid in rate hedge remeasure associates Retained Total other Total equity equity equity equity differences reserves -ment and JVs Equity as per January 1, 2024 19
Slide 12: Key Figures
1Q25 Odfjell Group KEY FIGURES IN (Figures based on equity method) 4Q24 1Q25 1Q24 FY24 PROFITABILITY Earnings per share (USD) – basic/diluted 0.64 0.44 0.86 3.51 1) Return on equity 22.6% 14.3% 34.0% 34.8% 3) Adjusted return on equity 22.5% 14.1% 34.0% 34.7% 1) Return on capital employed 15.0% 11.1%
Slide 13: Consolidated Cash Flow Statement
1Q25 Odfjell Group CONSOLIDATED CASH FLOW STATEMENT (Figures based on equity method) (USD mill) 4Q24 1Q25 1Q24 FY24 Profit before income taxes 50.0 34.8 68.9 279.7 Taxes paid in the period 0.2 (0.7) (0.9) (2.3) Depreciation, impairment and capital (gain) loss fixed assets 42.4 38.7 38.3 162.4 Change
Slide 14: Notes to the Interim Consolidated Financial Statements
1Q25 Odfjell Group NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS Note 1 – Accounting principles Odfjell SE is ultimate parent company of the Odfjell Group. Odfjell SE is a public listed company traded on the Oslo Stock Exchange. The company’s address is Conrad Mohrs veg 29, Bergen, Norway.
Slide 15: Note 2 – Segment information
1Q25 Odfjell Group Note 2 – Segment information Management has determined the operating segments based on the information regularly reviewed by executive management. In accordance with the internal financial reporting, investments in joint venture are reported by applying the proportionate consolida
Slide 16: Note 2 – Segment information - continued
1Q25 Odfjell Group Note 2 – Segment information - continued Chemical Tankers Tank Terminals Total USD mill 4Q24 1Q25 1Q24 FY24 4Q24 1Q25 1Q24 FY24 4Q24 1Q25 1Q24 FY24 Gross revenue 295.4 276.2 305.1 1,246.7 22.2 22.1 21.8 88.0 317.5 298.3 326.9 1,334.7 Voyage expenses (104.5) (102.1) (104.5) (424.1)
Slide 17: Segment information - reconciliation of segment reporting to Group figures
1Q25 Odfjell Group Note 2 – Segment information - reconciliation of segment reporting to Group figures The following table reconciles reported revenue, EBIT, assets and liabilities in our segments to the income statement and statement of financial position. 2) 1) Chemical Tankers Tank Terminals Tota
Slide 18: Note 3 – Net interest-bearing liabilities
1Q25 Odfjell Group Note 3 – Net interest-bearing liabilities (USD mill) 31.03.25 31.03.24 31.12.24 Mortgaged loans from financial institutions 661.8 493.8 482.8 Financial leases and sale-lease back 76.6 213.2 162.6 Unsecured bonds — 78.9 75.0 Lease liability, right-of-use assets 344.0 265.6 396.8 Su
Slide 19: Note 4 – Ships, property, plant and equipment
1Q25 Odfjell Group Note 4 – Ships, property, plant and equipment (USD mill) 4Q24 1Q25 1Q24 FY24 Net carrying amount, beginning of period 1,246.5 1,261.4 1,287.0 1,287.0 Investments in ships, property, plant and equipment 9.0 7.7 8.0 32.8 Investments in newbuilding — — — 9.2 Purchase of former leased
Slide 20: Note 5 – Investments joint ventures
1Q25 Odfjell Group Note 5 – Investments joint ventures The share of result and balance sheet items from investments in associates and joint ventures are recognized based on equity method in the interim financial statements. The figures below show our share of revenue and expenses, total assets, tota
Slide 21: Note 6 – Other financial items / Note 7 – Right-of-use assets
1Q25 Odfjell Group Note 6 – Other financial items (USD mill) 4Q24 1Q25 1Q24 FY24 Changes in fair value in derivatives (5.4) 0.1 (5.2) (7.7) Currency gains (losses) 5.4 (0.6) 4.4 7.8 Other — — 0.2 (0.3) Total other financial items — (0.5) (0.6) (0.1) Note 7 - Right-of-use assets The Odfjell Group has
Slide 22: Nominal payments of time charter hire for right-of-use assets
1Q25 Odfjell Group Nominal payments of time charter hire for right-of-use assets not yet commenced (USD mill) 2025 2026 2027 2028 2029 Thereafter Total Nominal time charter hire 1.5 45.5 81.8 137.2 139.4 695.0 1,100.4 Total 1.5 45.5 81.8 137.2 139.4 695.0 1,100.4 At the end of the fourth quarter of
Slide 23: Note 8 – Operating expenses / Note 9 – Interest expenses
1Q25 Odfjell Group Note 8 - Operating expenses (USD mill) 4Q24 1Q25 1Q24 FY24 Operating expenses right-of-use assets (10.1) (10.1) (8.2) (36.9) Other operating expenses (42.3) (43.1) (40.9) (169.2) Total (52.4) (53.2) (49.1) (206.1) Note 9 - Interest expenses (USD mill) 4Q24 1Q25 1Q24 FY24 Interest
Slide 24: Fleet list, updated March 31, 2025
Fleet list, updated March 31, 2025 STAINLESS VESSEL TYPE Class CHEMICAL TANKERS DWT BUILT OWNERSHIP CBM STEEL, CBM TANKS Super-segregator POLAND Bow Sea 49,511 2006 Owned 52,244 52,244 40 Super-segregator POLAND Bow Summer 49,592 2005 Owned 52,252 52,252 40 Super-segregator POLAND Bow Saga 49,559 20
Slide 25: Tank Terminals
STAINLESS NUMBER TANK TERMINALS LOCATION OWNERSHIP¹ CBM STEEL, CBM OF TANKS Odfjell Terminals (Houston) Inc. Houston, USA 51% 412,415 120,812 128 Odfjell Terminals (Charleston) LLC Charleston, USA 51% 79,243 0 9 Odfjell Terminals (Korea) Co. Ltd Ulsan, Korea 50% 313,710 15,860 85 Noord Natie Termina
Slide 26: Contact
Contact Investor Relations Nils Jorgen Selvik | Tel: +47 920 39 718 | E-mail: nils.jorgen.selvik@odfjell.com Media Anngun Dybsland | Tel: +47 415 48 854 | E-mail: media@odfjell.com ODFJELL SE | Conrad Mohrs veg 29 | P.O. Box 6101 | 5892 Bergen | Norway Tel: +47 55 27 00 00 | E-mail: mail@odfjelLcom