Slide 1: HY25 Interim Results
@) braemar HY25 Interim Positive performance, illustrating the benefits of diversification’ 6 November 2024
Slide 2: Today's presenters
Today’s presenters James Gundy - CEO James has worked in shipbroking for over 35 years, specialising in Tankers and Sale & Purchase projects. He became the Chief Executive Officer of Braemar’s Shipbroking Division after the — acquisition of ACM Shipping Group PLC, where he had also served as CEO. Ja
Slide 3: Business Update
® braemar Business Update ‘Focus on diversification in shipbroking, delivering sustainable revenue and profits’ James Gundy, CEO Braemar - 2024 3
Slide 4: Highlights
Highlights £76.0M Revenue (HY24: £74.9m) Improved revenue highlighting benefits of diversification F7.9M Underlying operating profit! (HY24: £7.6m) Improved revenue delivering higher profit and operational leverage evident £3.3m Net cash (HY24: £3.1m) Positive cash position maintained F181k / S227k
Slide 5: Investment case
Investment case Strategy implemented in 2021 is being delivered Growth Strategy Clear directional growth; hiring talent, geographic expansion and M&A Pipeline of highly complementary acquisitions being considered. Hires being made against the backdrop of a competitive market for talent Positive Mark
Slide 6: Financial Performance
® braemar Financial Performance ‘Continued good financial performance’ Grant Foley, CFO Braemar - 2024 6
Slide 7: Income Statement
Income Statement Increased revenue and profit driven by successful execution of strategy Revenue increased by 1% HY25 HY24 VAR. + Chartering -5% Revenue £76.0m £749m % * Investment Advisory +19% Operating expenses (excluding acquisition related expenciture) (£68.1m) (£67.3m) (1%) * Risk Advisory +16
Slide 8: Revenue Mix
Revenue Mix Revenue mix continues to be well balanced and diversified "Securities = Corporate Finance = Sale and Purchase Offshore = Dry Cargo = Specialised Tankers Tankers £69.4m HY23 Sub-Sector Europe & ROW =UK =APAC =USA, £69.4m 11% Hy23 Geography £74.9m 10% Hy24 £76.0m HY25 Braemar - 2024
Slide 9: Diversified revenue
Diversified revenue Revenue growth despite mixed market conditions, illustrating the importance of diversification Chartering Investment Adv. Risk Adv. £1.6m | al £(0.5m) £0.6m £(2.8m) "EO >m)s £(0.4m) HY24 Tankers Specialised Dry Cargo Offshore Sale and Corporate Securities Tankers Purchase Finance
Slide 10: Operating costs
Operating costs! Operating costs well controlled and up only 1% on the prior period, mainly driven by staff costs a €(0.4m) £67.4m HY24 Staff TRE? Professional fees Notes: 1. Excludes acquisition-related expenditure 2. Travel & Entertainment costs ® braemar 3. Organised Trading Facility Other £68.1m
Slide 11: Liquidity
Liquidity Positive cash position increased slightly VARIANCE Interim cash position is slightly higher than Cash and cash equivalents £26.0m £29.0m (£3.0m) prior year with reduced overall borrowings The Group has a £30m RCF (£6.9m of Borrowings (£22.7m) (£25.9m) £3.2m headroom at 31 August 2024) plus
Slide 12: Key performance indicators
. . Key: Hi HI Key performance indicators Be Revenue Revenue Per Head! Operating Profit Margin? £83.5m £77.8m £216k 1% FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 Forward Order Book Net Cash Dividends Wisterim il Fal $82.6m §$56.2m 9.0p | - i FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 £6.9m Notes
Slide 13: Market & Outlook
® braemar Market & Outlook ‘Overall outlook continues to be positive’ James Gundy, CEO Braemar - 2024 13
Slide 14: Market and Rates
Market and Rates Global fleet continues to age, newbuild numbers continue to grow Newbuild Order Book 400 Braemar Index* S 8 45 xe § roy 350 go 7 2 o g G a 300 5 8 a 5 ¢ 5 250 5 zZ 4 200 3 160 2 100 4 0 50 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 —=LPG —==ING == Containers ° ss Dry Car
Slide 15: Summary and Outlook
Summary and Outlook Summary I Good revenue performance clearly demonstrating diversification benefits ™ Average commissions up offsetting weaker fixture numbers K Maintained net cash position —& Interim dividend 4.5p, up 18% Outlook I Outlook for the shipping industry continues to be positive — Stro
Slide 16: Braemar - 2024
Braemar - 2024 16
Slide 17: Appendix
® braemar . Appendix
Slide 18: Underlying and statutory performance
Underlying and statutory performance UNDERLYING STATUTORY HY24 VARIANCE HY25 HY24 VARIANCE Revenue £76.0m £74.9m 1% £76.0m £74.9m 1% Operating profit £7.3m £6.7m 9% £4.6m £2.2m 108% Profit before tax £6.2m £6.0m 3% £3.6m £19m 89% Profit after tax £4.6m £5iAm (10%) £2.1m £1.6m 37% Underlying earnings
Slide 19: Revenue Split
Revenue Split Growth in Investment advisory and Risk advisory drives overall revenue growth, offsetting lower Chartering volumes HY25 HY24 VARIANCE Chartering £49.8m £52.6m (5%) Investment advisory £14.7m £12.4m 19% Risk advisory é£t1.5m £9.9m 16% Total £76.0m £74.9m 1% Braemar - 2024 19
Slide 20: Forward order book (USD)
Forward order book (USD) Forward order book up 20% from prior year with strong growth in Sale & Purchase Split by Date Split by Type $67.2m §24.9m HY24 HY25 HY24 = < 6 months = 6 - 18 months = > 18 months =Chartering Notes: braemar Taken at 31 August 2028 and 31 August 2024 $80.9m HY25 =Sale & Purch
Slide 21: Growth opportunities
Growth opportunities Further expansion through geographic footprint Container Chartering launched Awaiting regulatory approval for OTF applications. Madrid office set to expand uk S <) «) <) s <) <) Europe «) «) ) <) «) «) O Middle East @) ©) O ©) ie) O ©) APAC «) ¢) «) @) @) @ O Americas ©) @ O O ©
Slide 22: GBP-USD rates
GBP-USD rates GBP-USD FX rates over time Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 HY25 HY24 Average rate 1.28 1.25 Spot rate (29-Feb 2024/28- Feb 2023) 131 4.27 Forward currency contracts: Notional value £m £150m Average rate 1.26 1.24 Braemar- 2024 22
Slide 23: EPSG
EPSG Making a positive impact Qe Goal — Net zero by 2050 — Protect 10,000km*? of marine biodiversity area by 20380 — Facilitate responsible and sustainable shipping Actions — Focus on reducing our carbon footprint — Offset our carbon footprint through the purchase of carbon credits ® braemar Ge | Go
Slide 24: Facilitating climate-smart shipping
Facilitating climate-smart shipping We incorporate climate-smart expertise into our client services, taking the lead and collaborating with the maritime industry to achieve shared EPSG goals OFFER CARBON OFFSETS Braemar’s Carbon Offsets platform was launched in April 2022. We are the first shipping
Slide 25: Disclaimer
Disclaimer The information contained within this presentation is given in good faith based on the current market situation at the time of preparing this report and as such is specific to that point only. While all reasonable care has been taken in the preparation and collation of information in this
Slide 26: Thank You
® braemar . Thank You