Slide 1: Results Presentation
Results Presentation ‘Strategy underpinning solid performance and confidence in medium-term growth targets’ 29 May 2025
Slide 2: Today's presenters
Today’s presenters N James Gundy - CEO Grant Foley FCA - CFO ® braemar Braemar ple | 2025 2
Slide 3: Braemar: An attractive opportunity
Braemar: An attractive opportunity Resilience Robust financial performance underpinned by growing resilience of Braemar’s business model Implemented Strategic initiatives continue to deliver Financials Strong Balance Sheet and tight control of costs maintained Strategy Launch of new 5-year strategic
Slide 4: Where is Braemar today?
Where is Braemar today? Significant progress has been made since last targets were set Growth Revenue Underlying profit £141.9m £16.7m £837m £8.9m, FY21 FY25 FY2i FY25 Revenues up 70% Underlying operating profit up 88% + Underlying operating profit before acquisition related expenditure ® braemar Di
Slide 5: Financial Performance
de BO, Financial Performance ‘Diversified revenue base and cost discipline moderate the impact of macro headwinds’ Grant Foley, CFO
Slide 6: Financial Highlights
Financial Highlights £141.9m £16.7m £2.5m Revenue (FY24: £152.8m) Lower second half revenues, driven by lower tanker performance $82.2m Underlying operating profit’ (FY24: £18.1m) Lower due to reduced second half revenues but margin maintained at 12% 2.5p Net debt (FY24: £1.0m net cash) Net debt pos
Slide 7: Income Statement
Income Statement Lower underlying operating profit reflecting reduced freight rates, costs continue to be well controlled Revenue decreased by 7% FY25 FY24 Var. : — Chartering -14% —_ Investment Advisory +18% Revenue £141.9m £152.8m (7%) — Risk Advisory -3% ry Operating expenses! (E1251m) — (£134.7m
Slide 8: Diversification providing resilience
Diversification providing resilience Expanding reach across shipbroking and energy markets provides resilience through the shipping cycle Chartering Chartering Investment Adv. Risk Adv. Tanker revenues 21% lower with the Braemar Tanker Index down 14% eie28m Investment Advisory Strong performance in
Slide 9: Operating costs
Operating costs Costs well controlled with a balanced focus on efficiency and investment Staff £134.7m Bonus provides a natural hedge on revenue movements Professional Fees Investment in Organised Trading Facility to underpin future growth in Risk Advisory Other IT investment to drive efficiencies a
Slide 10: Liquidity
Liquidity Net debt at year end, returning to net cash shortly after, in line with typical working capital cycle FY25 FY24 Variance £21im Cash and cash equivalents £205m £28.0m = (£7.5m) Borrowings (E229m) (E27.0m) £4.0m (£10.3m) || (8.2m) | | Net cash/(debt) (£2.5m) £1.0m — (£3.4m) £28.0m (€55m) Le
Slide 11: Key performance indicators
Key performance indicators Revenue Lower second half performance £1419m £1014m FY2i Fy22 FY23 Fy24, FY25 Forward Order Book Robust forward order book maintained FY2i Fy22 Fy23 Fy24, FY25 Revenue Per Head! Continuing to be strong by industry standards FY2i Fy22 FY23 Fy24, FY25 Net (Debt) / Cash Retur
Slide 12: Update
(©) braemar Update ‘Significant progress over last 5 years, significant opportunity over next 5 years’ James Gundy, CEO oy
Slide 13: FY25 challenges
FY25 challenges Rates reduced in FY25, particularly in the second half of the year Hi vs H2 Performance Hi H2 Hi H2 Ht H2 Fy22 FY23 Fy24 FY25 For the first time since the Covid-impacted FY21, H2 performance was lower than Hi ® braemar Tanker rates index 900 renee HY Average sete FY Average PM Gh OO
Slide 14: Mixed start to FY26
Mixed start to FY26 Start to the year has been impacted by tariffs and a weakening USD, although rates have shown some improvement GBP / USD Braemar Index 1400 450 HY Average 1350 FY Average 1300 1250 1200 1150 460 1100 100 50 1050 0 1000 Dt DD DP PP PP Pe PF DP PD Mar-23 Mar-24 Mar-25 SS KF KF KK S
Slide 15: Looking further ahead: Supply
Looking further ahead: Supply Medium-term fundamentals remain positive and underpin FY30 ambitions Global Fleet 25 35 (000) edius yo 1oquiny 2 YO De 6 oO > KEES HIP L OP MV = LPG == LNG == Containers == Dry Cargo Tankers + of ships Source: Braemar Research, May 2025 The size of the Global fleet cont
Slide 16: Looking further ahead: Demand
Looking further ahead: Demand Medium-term fundamentals remain positive and underpin FY30 ambitions Oil Demand Index v8 —Actual sree Forecast, % growth 106 104 102 100 98 96 4 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Aor-24 Jul-25 Jul Oct-24 Jan-25 Agr-25 Oct-25 Jan-26 Apr-26 Jul-26 Oct-26, Source: US. Ene
Slide 17: Strategic Framework: Building on momentum
Strategic Framework: Building on momentum Strategic focus to become the trusted broker of choice to the shipping and energy markets D za if Consolidation Operational Excellence - Target complementary businesses - Focus on Data and Technology - Maintain discipline - Continue to invest in compliance -
Slide 18: Diversification: Strong momentum in risk advisory
Diversification: Strong momentum in risk advisory Risk advisory is now 16% of Group revenue The Risk advisory segment has been steadily built up, comprising Tanker FFA, Dry Cargo FFA, Coal, Natural Gas and Oil. All provide agency broking with no balance sheet risk FY26 FY23 UK Organised Trading Laun
Slide 19: Consolidation: Many opportunities across the business
Consolidation: Many opportunities across the business Targeted acquisitions to complement existing business Tankers Specialised Corp. Finance Dry Cargo S&P Offshore Securities UK ° «) «) «) S «) <) Europe << ) «) <) <) «) c) O Middle East @) @) O e e O eB APAC <) <<) <<) <) <) ) O Americas @) e O O
Slide 20: Operational Excellence: Focus on efficiency and value add
Operational Excellence: Focus on efficiency and value add Investment in platform to support growth IT Improved infrastructure — Modernisation of infrastructure — Cloud first — Unified technology stack Increased productivity — Real time data feeds — Improved data search capabilities — Enhanced produc
Slide 21: Clear Capital Allocation
Clear Capital Allocation A balanced approach between investment and growth, returning excess cash to investors O1 Robust balance Sheet Maintain net debt position at less than 1.5x EBITDA O02 Invest in talent Continue to invest in talent to grow the business 03 Acquisitions Use capital to fund acquis
Slide 22: Outlook
(©) braemar Outlook ‘Confident in achieving FY30 growth targets’ James Gundy, CEO oy
Slide 23: Summary and Outlook
Summary and Outlook Summary — Arobust financial performance, clearly illustrating the importance of diversification building resilience — Underlying operating profit margin! maintained at 12% — Returned to net cash position shortly after year end, in line with usual working capital cycle — UK OTF li
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Slide 25: Appendix
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Slide 26: ESG
ESG Making a positive impact O1 Environment Goal —Net zero by 2050 — Protect 10,000km* of marine biodiversity area by 2030 —Facilitate responsible and sustainable shipping Actions —Focus on reducing our carbon footprint — Offset our carbon footprint through the purchase of carbon credits ® braemar O
Slide 27: Forward order book (USD)
Forward order book (USD) Split by Date $82.6m $26.0m $50.0m Fy22 FY23 Fy24, = <12months = 12 - 24 months = > 24 months Taken at 29 February 2024 and 28 February 2025 ® braemar Split by Type $82.6m $82.2m $56.2m $50.0m FY25 Fy23 Fy24, FY25 = Chartering = Sale & Purchase Braemar ple | 2025 27
Slide 28: GBP-USD rates
GBP-USD rates GBP-USD FX rates over time 1480 FY25 FY24 1400 Average rate 1.27 1.25 1350 1300 Spot rate 1.26 1.26 1250 Forward currency contracts 1200 iso Notional value Sti6ém Sti9m 1100 Average rate 126 1.25 1050 1000 Mar-20 Mar-21 Mar-22 Mar-23. Mar-24 Mar-25 1Open contracts position as at 28 Feb
Slide 29: 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