Odfjell Se Class A · OSL:ODF
Odfjell Se Class A — Q2 2025 Earnings Presentation
24 slides from Odfjell Se Class A's earnings presentation, Aug 20, 2025
Slide 1: 2Q25 Presentation
2Q25 Presentation | Odfjell SE | August 20, 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 3Q24 4Q24 1Q25 2Q25 2Q24 Time charter earnings 202.1 183.1 167.7 174.2 214.8 Highlights - 2Q25 Total opex, TC, G&A (72.8) (74.8) (77.5) (77.6) (70.5) Net result from JV’s 2.9 2.2 2.9 1.9 2.9 ▪ Strong safety performance continued in 2Q25 with hi
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 174 million, an increase of USD 7 million compared to 1Q25. USD million, unaudited 4Q24 1Q25 2Q25 A i. TCE per day ~3% higher driven in part by increased volume and more Net Timecharter Earnings (TCE) 183.
Slide 6: TCE per day increased slightly, while cash break-even decreased somewhat during the quarter
TCE per day increased slightly, while cash break-even decreased somewhat during the quarter Odfjell Tankers break-even vs. TCE per day USD/day 38,000 TCE/day 36,000 Break-even target Cash break-even/day (12m rolling avg.) ▪ Our TCE per day ended at USD 30,306 in 1Q25, up from USD 34,000 29,556 in th
Slide 7: Balance sheet, Odfjell Group
Balance sheet, Odfjell Group Assets USD million, unaudited 4Q24 1Q25 2Q25 A Ships and newbuilding contracts 1,253.5 1,225.6 1,301.4 Developments and key take-aways A Right of use assets 385.4 374.9 274.7 A. During the quarter we acquired the vessels Bow Precision and Bow Performer. Investment in ass
Slide 8: Cash flow, Odfjell Group
Cash flow, Odfjell Group Developments and key take-aways Cash flow A. Operating cash flow was USD 109 million in 2Q25, an increase of 49 million in USD million, unaudited 4Q24 1Q25 2Q25 1Q25. This was due to higher TCE in the quarter and a significant decrease in working capital. Net result 50.5 34.
Slide 9: Strong operating cash flow in 2Q25 due to improved TCE and change in working capital
Strong operating cash flow in 2Q25 due to improved TCE and change in working capital Odfjell free cash flow per quarter Cash flow from Cash flow from Free cash flow Free Cash flow after ▪ Operating cash flow in 2Q25 was operations investments (12mo rolling) debt right of use assets USD 109 million,
Slide 10: Odfjell issued a new bond, proceeds used to repay existing debt that may be redrawn
Odfjell issued a new bond, proceeds used to repay existing debt that may be redrawn Scheduled repayments, USD million 139 140 120 Bond Loan instalments 100 Balloons Lease capital repayments ▪ As of 2Q25, nominal interest-bearing debt 80 amounted to USD 742 million, with no 67 62 60 significant chang
Slide 11: Capex & TC commitments
Capex & TC commitments Capex including purchase options ▪ After 2Q25 we have two remaining operational lease vessels where we have USD million, 2H25 2026 2027 Total declared purchase options; Bow Gemini which was acquired in July after the Declared purchase options 35.5* 35.5 71.0 quarter end, and B
Slide 12: Agenda
Agenda 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 13: Odfjell volumes increased in 2Q25
Odfjell volumes increased in 2Q25 ▪ A slow quarter for renewal of COA contracts, Odfjell renewed ~6% of expected annual COA volumes. Contracts were on average near roll-over-terms. ▪ Total volumes increased during 2Q25 to 3.4m metric tonnes, driven by an increase in spot volumes. Odfjell COA coverag
Slide 14: Odfjell's earnings improved in 2Q25 despite a decline in spot rates
Odfjell’s earnings improved in 2Q25 despite a decline in spot rates Odfjell continued to increase volumes QoQ despite market uncertainty Odfix vs. Clarksons Chemical Tanker Spot Index Change in cargo segment volumes in 2Q25 230 220 ODFIX index 210 Clarksons Chemical Tanker Spot earnings +1.2% Specia
Slide 15: Odfjell achieved record low carbon intensity in 2Q25
Odfjell achieved record low carbon intensity in 2Q25 Odfjell carbon intensity (CII) -54.5% ▪ In 2Q25 our controlled fleet achieved a record low 15.0 Annual Efficiency Ratio (AER) of 6.8. This is the first 15 time we reported an AER below 7.0. ▪ There are seasonal variations, where the second quarter
Slide 16: Tank Terminals
Tank Terminals Performance Total capacity at Odfjell Terminals (1,000 cbm) ▪ Throughput continued to grow at our terminals in the U.S. and Europe, partially offsetting a moderate decline in Korea. Existing capacity Cap. added in 2025 Capacity under construction ▪ Underlying financial results was sta
Slide 17: Agenda
Agenda 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 18: Spot rates declined on average in 2Q25, but variance across regions
Spot rates declined on average in 2Q25, but variance across regions Chemical freight rates - West of Suez Chemical freight rates – East of Suez (USD/mt) (USD/mt) 240 240 220 USG-Far East 2Q 220 Middle East-Europe 2Q USG-South America 25 Middle East-Far East 25 200 200 180 USG-Europe 180 Far East-USG
Slide 19: Economic uncertainty and new tariffs to take a toll on trade
Economic uncertainty and new tariffs to take a toll on trade While uncertainty eases as trade deals are agreed, chemical output and trade have been revised downward Updated tariff rate list Comments Country/ region Reciprocal tariff1 90-day reprieve tariff New tariff • New tariff deals agreed at low
Slide 20: Swing tonnage increased in 2Q25 but from marginal levels
Swing tonnage increased in 2Q25 but from marginal levels MR earnings saw a boost towards the end of the quarter, potentially reducing swing momentum MR earnings increased during the Seaborne chemical volume lifted on core chemical tankers previous quarter and product tankers Mill. tons Percent of pr
Slide 21: Orderbook remained stable in 2Q25
Orderbook remained stable in 2Q25 An aging fleet with ~18% above 20yrs should keep net fleet growth at manageable levels in coming years Fleet and orderbook Fleet and orderbook, core, deep-sea chemical tankers DWT mill. DWT mill. 14% Core, deep-sea of orderbook 40 Fleet Delivered 2.0 Orderbook 20% o
Slide 22: Uncertainty from tariffs and geopolitical situation continues to weigh on the market
Uncertainty from tariffs and geopolitical situation continues to weigh on the market EXTERNAL FACTORS’ IMPACT GOING FORWARD MACROECONOMIC ▪ The U.S. has recently announced several bilateral trade agreements, ▪ Global seaborne chemical trade estimates forecast volumes to remain many at levels lower t
Slide 23: Summary
Summary ▪ Odfjell delivered another resilient financial result in 2Q25 despite a market characterized by uncertainty due to Our results geopolitics and trade tariffs. ▪ Time charter earnings increased in 2Q25 with more commercial revenue days Odfjell Tankers ▪ Slight increase in volumes driven by hi
Slide 24: 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