Odfjell Se Class A · OSL:ODF
Odfjell Se Class A — Odfjell Se B — Q3 2025 Earnings Presentation
23 slides from Odfjell Se Class A's earnings presentation, Nov 7, 2025
Slide 1: 3Q25 Presentation
3Q25 Presentation | Odfjell SE | November 6, 2025
Slide 2: Agenda
Agenda 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 3: Quarterly highlights
Quarterly highlights Key figures USD million, unaudited 4Q24 1Q25 2Q25 3Q25 3Q24 Highlights - 3Q25 Time charter earnings 183.1 167.7 174.2 173.3 202.1 Total opex, TC, G&A (74.8) (77.5) (77.6) (78.6) (72.8) • Odfjell's strong safety performance continued in 3Q25 with high operational Net result from
Slide 4: Agenda
Agenda 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 5: Income statement, Odfjell Group
Income statement, Odfjell Group Developments and key take-aways Income statement A. TCE of USD 173 million, a marginal decrease of USD 1 million compared to 2Q25. USD million, unaudited 1Q25 2Q25 3Q25 A i. TCE per day was ~7% lower, while our achieved freight rate per tonne was Net Timecharter Earni
Slide 6: TCE per day declined in 3Q25, with cash break-even also decreasing
TCE per day declined in 3Q25, with cash break-even also decreasing Odfjell Tankers break-even vs. TCE per day USD/day 38,000 TCE/day ▪ Our TCE per day ended at USD 28,174 in 3Q25, down Break-even target from USD 30,306 in the previous quarter. 36,000 Cash break-even/day (12m rolling avg.) ▪ Cash bre
Slide 7: Balance sheet, Odfjell Group
Balance sheet, Odfjell Group Assets USD million, unaudited 1Q25 2Q25 3Q25 A Ships and newbuilding contracts 1,225.6 1,301.4 1,310.2 A Right of use assets 374.9 274.7 229.6 Developments and key take-aways B Investment in associates and JVs 175.5 181.1 173.0 A. During the quarter we acquired the vesse
Slide 8: Cash flow, Odfjell Group
Cash flow, Odfjell Group Cash flow Developments and key take-aways A. Operating cash flow was USD 67 million in 3Q25, a decrease of 42 million from USD million, unaudited 1Q25 2Q25 3Q25 2Q25. This was mainly due to slightly higher working capital in this quarter Net result 34.4 40.1 42.8 compared to
Slide 9: Resilient cash flow in 3Q25 with stable TCE compared to previous quarter
Resilient cash flow in 3Q25 with stable TCE compared to previous quarter Odfjell free cash flow per quarter Comments Cash flow from Cash flow from Free cash flow Free Cash flow after USD operations investments (12mo rolling) debt right of use assets • Operating cash flow in 3Q25 was USD 67.4 million
Slide 10: A calm quarter in terms of financing
A calm quarter in terms of financing Scheduled repayments, USD million 80 Bond Loan instalments 71 63 Balloons Lease capital repayments 59 60 51 40 ▪ As of 3Q25, nominal interest-bearing 30 23 debt stood at USD 756 million. 19 20 17 20 ▪ During 3Q25, the final vessel was 0 added to the USD 242 milli
Slide 11: Capex & TC commitments
Capex & TC commitments Capex including purchase options ▪ After the delivery of Bow Gemini in 3Q25 we have one remaining operational USD million, 4Q25 2026 2027 Total lease vessels where we have declared purchase options; Bow Hercules Declared purchase option 35.5 35.5 scheduled to be acquired in 1Q
Slide 12: Agenda
Agenda 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 13: Odfjell increased volumes in 3Q25 for a third consecutive quarter
Odfjell increased volumes in 3Q25 for a third consecutive quarter ▪ Total volumes increased slightly during 3Q25 to 3.5m metric tonnes. ▪ This was driven by 7 % increase in commercial revenue days in our fleet, and we also saw an increase in COA volumes. ▪ Another quarter with few renewals of COA co
Slide 14: Odfjell's average TCE per day declined in 3Q25
Odfjell’s average TCE per day declined in 3Q25 Our achieved freight rate per tonne was stable QoQ, where the decline in average TCE per day was driven by the increase in commercial revenue days exceeding volume growth Odfix vs. Clarksons Chemical Tanker Spot Index Change in cargo segment volumes in
Slide 15: Odfjell maintained record low carbon intensity level in 3Q25
Odfjell maintained record low carbon intensity level in 3Q25 Odfjell carbon intensity (CII) Comments -54.7% 15 15.0 ▪ In 3Q25 our controlled fleet maintained the record low Annual Efficiency Ratio (AER) of 6.8 that was 14 achieved in the previous quarter. 13 12 ▪ There are seasonal variations, where
Slide 16: Tank Terminals
Tank Terminals Total capacity at Odfjell Terminals (1,000 cbm) Performance ▪ Our terminals continued to deliver stable performance, with commercial occupancy Existing capacity Cap. added in 2025 Capacity under construction remaining high at 95.2%, marginally down from 2Q25. 600 ▪ Terminal activity i
Slide 17: Agenda
Agenda 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 18: Spot rates continued to decline, but at a slower pace
Spot rates continued to decline, but at a slower pace While spot rates have fallen significantly since the 2024 peak, they are still well above 2021-levels Chemical freight rates | West of Suez Chemical freight rates | East of Suez USD/tonne USD/tonne 180 300 170 USG-Far East USG-Europe Europe-USG 3
Slide 19: Swing tonnage still at marginal levels
Swing tonnage still at marginal levels Estimated swing tonnage fell through the quarter after a slight increase towards the end of 2Q25 Continued positive trend for MR earnings Seaborne chemical volume lifted on core chemical tankers and product tankers Mill. tons Percent of product 1,000 seaborne c
Slide 20: Core orderbook at 22% of existing fleet
Core orderbook at 22% of existing fleet Significant share of orderbook at Chinese yards, Odfjell controls key share of orderbook, mostly at Japanese yards Fleet and orderbook Fleet and orderbook, core, deep-sea chemical tankers DWT mill. DWT mill. 40 Core, deep-sea 2.5 13% Fleet Delivered of orderbo
Slide 21: Uncertain outlook weighs on chemical tanker fundamentals
Uncertain outlook weighs on chemical tanker fundamentals EXTERNAL FACTORS’ IMPACT GOING FORWARD MACROECONOMIC • Economic activity and chemical trade levels demonstrate resilience despite • Global seaborne chemical trade volumes is projected to see a slight the uncertain macroeconomic picture and unr
Slide 22: Summary
Summary Our results ▪ Robust financial result in 3Q25 in line with the previous quarter. ▪ Time charter earnings were stable from last quarter, while average TCE per day declined. Odfjell Tankers ▪ Increase in volumes driven by higher COA volumes and more commercial revenue days. ▪ Another quarter w
Slide 23: Contact
Contact Investor Relations Nils Jørgen 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@odfjell.com