Odfjell Se Class A · OSL:ODF
Odfjell Se Class A — Odfjell Se B — Q1 2026 Earnings Presentation
24 slides from Odfjell Se Class A's earnings presentation, May 7, 2026
Slide 1: 1Q26 Presentation
1Q26 Presentation | Odfjell SE | May 7, 2026
Slide 2: Agenda
Agenda 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 3: Quarterly highlights
Key figures Quarterly highlights USD million, unaudited 2Q25 3Q25 4Q25 1Q26 1Q25 FY25 Time charter earnings 174.2 173.3 168.2 167.0 167.7 683.3 • Odfjell's strong safety performance continued in 1Q26, amid a more challenging environment. Total opex , TC, G&A (77.6) (78.6) (81.1) (88.9) (77.5) (314.8
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 Income statement Developments and key take - aways USD million, unaudited 3Q25 4Q25 1Q26 A Net Timecharter Earnings (TCE) 173.3 168.2 167.0 A. TCE of USD 167 million, in line with 4Q25 B TC expenses (8.0) (7.4) (15.2) i. With the closure of the Straight of Hormuz, we
Slide 6: Slight decline in TCE per day in 1Q26
Slight decline in TCE per day in 1Q26 Odfjell Tankers | Cash break - even vs. TCE per day Comments USD/day 37,000 36,000 TCE/day 35,000 • Our TCE per day ended at USD 27,232 in 1Q26, down Cash break - even/day (12m rolling avg.) from USD 27,978 in the previous quarter. 34,000 33,000 • Cash break - e
Slide 7: Balance sheet, Odfjell Group
Balance sheet, Odfjell Group Assets USD million, unaudited 3Q25 4Q25 1Q26 A Ships and newbuilding contracts 1,310.2 1,277.3 1,297.6 A Right of use assets 229.6 227.0 285.7 Developments and key take - aways Investment in associates and JVs 173.0 182.9 182.8 Other non - current assets/receivables 23.0
Slide 8: Cash flow, Odfjell Group
Cash flow, Odfjell Group Cash flow Developments and key take - aways USD million, unaudited 3Q25 4Q25 1Q26 Net result 42.8 38.0 32.1 A. Operating cash flow was USD 50 million in 1Q26, a decrease of USD 24.3 million from 4Q25, mainly reflecting a USD 15 million working capital increase and Adjustment
Slide 9: Reduced cash flow due to increase in working capital
Reduced cash flow due to increase in working capital 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 (12mo rolling) • Operating cash flow in 1Q26 was mill. USD 49.7 millio
Slide 10: Financing secured for upcoming maturities
Financing secured for upcoming maturities Scheduled repayments interest –bearing - debt*, USD million Comments 80 71 60 • As of 1Q26, nominal interest - bearing 40 30 Balloons debt stood at USD 751 million 20 19 20 23 Loan instalments excluding Debt, right - of- use (“ROU”) 18 20 Lease capital repay
Slide 11: Capex & TC commitments
Capex & TC commitments Capex including purchase options USD million 2Q26 2026 2027 2028 2029 Total ▪ Bow Hercules was acquired early 1Q26, completing all declared purchase options Newbuildings 35.4 35.4 for operational lease vessels. The acquisition was financed as part of a new bank (per 1Q26) faci
Slide 12: Agenda
Agenda 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 13: Strong increase in spot volumes mostly compensates reduced contract coverage in 1Q26
Strong increase in spot volumes mostly compensates reduced contract coverage in 1Q26 Comments ▪ Odfjell’s volumes were 3.2m mt in 1Q26 compared to 3.4m mt in 4Q25 – COA share of volume falling from 57% to 45% on reduced Middle East Gulf exports – Strong increase in spot volumes compensates for most
Slide 14: Slight reduction in earnings 1Q26
Slight reduction in earnings 1Q26 Lower volumes and commercial days in 1Q25, rates largely stable Odfix vs. Clarksons Chemical Tanker Spot Index* Change in cargo segment volumes 230 220 ODFIX index 210 Clarksons Chemical Tanker Spot earnings Specialty chemicals Commodity chemicals 200 Averages (2013
Slide 15: Fleet sustainability
Fleet sustainability Carbon intensity edge up on increased time in port and market inefficiencies Odfjell | Carbon Intensity Indicator (CII) Comments - 53.3% 15.0 • AER* in 1Q26 ended at 7.0 for our 15 controlled fleet, up from 6.8 in the previous 14 quarter and full - year 2025. 13 • The first quar
Slide 16: Tank Terminals
Tank Terminals Stable performance despite volatile environment Performance Total capacity at Odfjell Terminals (1,000 cbm ) ▪ Our terminals continue to deliver stable underlying performance. Average Existing capacity Capacity under construction commercial occupancy ended at 94% in 1Q26, slightly dow
Slide 17: Agenda
Agenda 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 18: After a period of disconnect, freight rates jumped in March after Middle East disruption
After a period of disconnect between product and chemical tanker earnings, freight rates jumped in March after Middle East disruption VLCC earnings Chemical tanker freight rates (bunker adjusted) +53% West of Suez 200 USD 1,000/d 250 USD/ tonne 150 Q/Q average change 200 100 USG - NWE 48% 50 150 USG
Slide 19: Swing tonnage remains at minimum levels
Swing tonnage remains at minimum levels Strengthening momentum in crude and product tanker segments continues to encourage swing to products Seaborne chemical volume lifted on core chemical tankers and product tankers Mill. tons Share of product tankers lifting chems/veg Est. volume lifted on core c
Slide 20: The orderbook stands at 21% of existing fleet
The orderbook stands at 21% of existing fleet The chemical tanker fleet will grow in 2026 - 2027, mainly in the medium stainless steel segment Fleet and orderbook (core, deep - sea chemical tankers) Net fleet growth Delivered Orderbook Medium stainless steel 13% Deliveries Recycling Net fleet growth
Slide 21: The Gulf conflict has widespread effects on global production
The Gulf conflict has widespread effects on global production End users will feel impacts of the conflict through shortages and price hikes on a wide range of products. Normalization of production will take time. Asia is the most heavily affected region But the impact will be felt in global supply c
Slide 22: Geopolitics continue to dominate the chemical tanker market
Geopolitics continue to dominate the chemical tanker market Tanker freight rates increased in 1Q26 as the conflict in the Middle East led to widespread disruptions Market outlook Development of key market drivers 2026 Real GDP projection, IMF 3.3% • Seaborne chemical exports decreased across key reg
Slide 23: Summary
Summary Our results • A net result of USD 32 million in 1Q26, compared to USD 38 million the previous quarter. • Slight reduction in TCE per day and total time charter earnings. Odfjell Tankers • Reduction in commercial days after increased dry - docking activity and fewer calendar days in the quart
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@odfje