Braemar Plc · LSE:BMS
Braemar — FY2026 Earnings Presentation
32 slides from Braemar's earnings presentation, May 21, 2026
Slide 1: FY26 Results Presentation
FY26 Results Presentation 12 months ending 28 February 2026 ‘Strong strategic progress reinforcing confidence in FY30 targets’ 21 May 2026
Slide 2: Today's presenters
Today’s presenters Grant Foley – CFO & COO James Gundy – CEO (CEO designate) Braemar plc | 2026 2
Slide 3: The business has been transformed over the last five years
The business has been transformed over the last five years 1 creating a solid platform for future growth Braemar: FY21 to FY26 Revenue Underlying operating profit Net debt ↑ 71% ↑ 62% (£2.9m) £13.2m ↑ 67% £135.6m (£8.9m) £83.7m £7.7m FY21 FY26 FY21 FY26 FY21 FY26 Revenue growth of 62%, with growth I
Slide 4: The business has been transformed over the last five years
The business has been transformed over the last five years 1 creating a solid platform for future growth Braemar: FY21 to FY26 Revenue per head Offices Forward order book ↑ 50% ↑5 ↑ 67% £350k 19 $72.5m £233k 14 $43.4m FY21 FY26 FY21 FY26 FY21 FY26 Revenue per head increased by 50% Expanded globally
Slide 5: The Group's diversification is providing increasing resilience and sustainable revenue
The Group’s diversification is providing increasing resilience and sustainable revenue Diversification Chartering FY26 - Growth across all desks, with acquisitions of Southport and Madrid FY21 Shipping Advisors also 4% contributing 21% Investment Advisory 26% - Sale & Purchase revenue more than doub
Slide 6: Financial Performance
01 Financial Performance ‘Resilient performance in line with expectations’ Grant Foley, CFO & COO (CEO designate)
Slide 7: Resilient performance in line with expectations against challenging H1 rate environment
Resilient performance in line with expectations against challenging H1 rate environment Financial performance £135.6m £13.2m 1 10% Revenue Underlying operating profit Underlying operating profit margin (FY25: £141.9m) (FY25: £16.7m) (FY25: 12%) Weaker Chartering rates, particularly in H1 Lower reven
Slide 8: Diversified revenue streams providing resilience across market cycles
Diversified revenue streams providing resilience across market cycles Income statement Weaker chartering revenue reflecting lower rates, costs remain well controlled with margin down slightly FY26 FY25 Var. Revenue £135.6m £141.9m (4%) Revenue decreased by 4% 1 (£122.4m) (£125.1m) 2% — Chartering -
Slide 9: Lower Chartering revenue partially offset by improved Sale & Purchase and Risk Advisory
Lower Chartering revenue partially offset by improved Sale & Purchase and strong performance from Risk Advisory Revenue Chartering Chartering Investment Adv. Risk Advisory Tanker revenue 16% lower mainly due to lower rates in H1 FY26. Rates steadily improved over the course of H2 FY26 £141.9m £6.4m
Slide 10: Costs remain well controlled with selective investment to support future growth
Costs 1 remain well controlled with selective investment to support future growth Operating costs Staff £125.1m Lower bonus costs Investment in key hires of £0.5m £0.5m £1.2m £122.4m Travel and Entertainment £(2.7m) £(0.3m) £(0.7m) Decrease partly due to FY25 including Posidonia, and £(0.6m) lower g
Slide 11: Net debt at period end, returning to net cash during March 2026
Net debt at period end, returning to net cash during March 2026 Liquidity £2.2m £14.3m FY26 FY25 (£4.4m) Cash and cash equivalents £23.4m £20.4m Borrowings (£26.3m) (£22.9m) (£7.7m) Net debt (£2.9m) (£2.5m) (£2.5m) £0.6m The Group continues to generate strong cashflow (£2.9m) from operating activiti
Slide 12: Key performance indicators
Key performance indicators Revenue Revenue per head 1 Operating profit margin 2 Weaker Chartering performance reflecting lower Improvement from FY25 Lower revenue performance resulting rates in H1 in a reduction in margin £345k £350k £141.9m 12% £135.6m ($178.2m) ($465k) ($247k) 10% ($176.9m) ($226k
Slide 13: Market Update
02 Market Update ‘Fundamentals remain strong, with business well placed to deal with geopolitical environment’ James Gundy, CEO and Grant Foley, CFO & COO (CEO designate)
Slide 14: Tanker traffic through the Strait of Hormuz has fallen sharply since March
Tanker traffic through the Strait of Hormuz has fallen sharply since March, while US Gulf export traffic has strengthened. Rates have increased across all routes Middle East conflict No. of Tanker Transits 1 Strait of Hormuz 45 Prior to conflict Vessel count Following the start of the conflict, traf
Slide 15: Whilst there is short term uncertainty, once traffic through the Strait recommences it will present opportunities
Whilst there is short term uncertainty, once traffic through the Strait recommences it will present opportunities Middle East conflict Until Strait re - opens Strait re - opens Medium to long term Almost three months into the conflict, Reopening of the Strait expected to Expected to take some time f
Slide 16: Tanker rates steadily improved during the second half whilst Dry Cargo was more mixed
Tanker rates steadily improved during the second half whilst Dry Cargo was more mixed Chartering market indices (FY25 and FY26) Braemar Index Braemar Tanker Index Braemar Dry Index 700 1 1 200 1 1,700 1 1 180 1 600 1,500 1 1 160 1 1 1,300 1 140 1 500 1 1,100 1 120 - 17% +32% 1 400 1 1 100 1 900 0 0
Slide 17: Demand side continues to remain positive and underpin FY30 targets
Demand side continues to remain positive and underpin FY30 targets Looking further ahead: demand Global GDP China industrial output growth Oil demand index 350 9 108 Actual Forecast Actual Forecast % growth In current prices, $'tn 8 300 106 7 250 104 6 200 5 102 4 100 150 3 100 98 2 50 96 1 - 0 94 J
Slide 18: Supply side continues to remain positive and underpin FY30 targets
Supply side continues to remain positive and underpin FY30 targets Looking further ahead: supply Global fleet Age of fleet (>15 years old) Newbuilding 2.5 35 Number of ships ('000) 9 50 % of Global Fleet 60 Capacity (Billion DWT) Number of ships ('000) % of Global Fleet (# of ships) 8 45 30 2 50 40
Slide 19: Strategy Update
03 Strategy Update ‘Strong strategic progress delivered in the year’ Grant Foley, CFO & COO (CEO designate)
Slide 20: The Group has made good progress on its Year 1 operational targets
The Group has made good progress on its Year 1 operational targets Continued strategic progress 10 1 Efficiency 1 Hire 10 new brokers Expand into a new Globalise Tanker Complete a complementary jurisdiction operations transaction 16 brokers hired in the year The Group opened its first Global Head of
Slide 21: Strategic focus to become the trusted broker of choice to the shipping and energy markets
Strategic focus to become the trusted broker of choice to the shipping and energy markets Strategic framework: on track Operational excellence Diversification Consolidation - Focus on data - Drive efficiencies - Build existing businesses - Target complementary businesses and technology - Reward - Gl
Slide 22: The Group remains confident and on track to meet its target of £200m of revenue by 2030
The Group remains confident and on track to meet its target of £200m of revenue by 2030 Confidence in FY30 targets Path to £200m by FY30 Organic Over the next four years, similar levels of £32m £200m organic growth can be achieved through the hiring plans and growth initiatives £32m Inorganic £16m £
Slide 23: Summary & Outlook
04 Summary & Outlook ‘Confident in delivering FY30 targets’ Grant Foley, CFO & COO (CEO designate)
Slide 24: Strong foundation and clear path to FY30 targets
Strong foundation and clear path to FY30 targets Summary and outlook Summary Outlook - Robust financial performance, achieved against a - Positive momentum seen in latter part of FY26 challenging market backdrop carried into FY27, with first two months delivering a strong trading performance - Stron
Slide 25: Questions & Answers
05 Questions & Answers
Slide 26: Appendix Information
06 Appendix Information
Slide 27: The year to date has been impacted by a weaker USD
The year to date has been impacted by a weaker USD GBP - USD rates GBP - USD FX rates over time 1.450 1 FY26 FY25 1.400 Average rate 1.34 1.27 0.998 1.350 1.300 Spot rate 1.35 1.26 0.996 1.250 1 Forward currency contracts 1.200 0.994 1.150 Notional value $76m $116m 1.100 0.992 Average rate 1.30 1.26
Slide 28: Risk Advisory revenue continue to grow, although Tanker and Dry Cargo revenue lower due to weaker rates
Risk Advisory revenue continue to grow, although Tanker and Dry Cargo revenue lower due to weaker rates Revenue Chartering Chartering Investment Adv. Risk Adv. Tanker revenue 16% lower mainly due to lower rates £141.9m in H1 FY26. Rates steadily improved over the course £6.4m £135.6m £2.6m of H2 FY2
Slide 29: February 2026 forward order book stood at $72.5m, increasing to $77.9m at 30 April 2026
February 2026 forward order book stood at $72.5m, with $37.6m deliverable in FY27, increasing to $77.9m at 30 April 2026 Forward order book (USD) Split by date Split by type +56% $82.6m $82.2m $82.6m $82.2m $77.9m $72.5m $77.9m $72.5m $26.0m $21.7m $17.1m $15.9m $56.2m $41.5m $41.2m $56.2m $39.0m $5
Slide 30: Consolidation: many opportunities across the business
Consolidation: many opportunities across the business Targeted acquisitions to complement existing business Chartering Investment Advisory Risk Advisory Tankers Specialised Dry Cargo Offshore S&P Corp. Finance Risk Advisory UK Europe Middle East & Africa APAC Americas Very strong opportunities Stron
Slide 31: A balanced approach between investment and growth, returning excess cash to investors
A balanced approach between investment and growth, returning excess cash to investors Clear capital allocation 01 02 03 04 Robust balance sheet Invest in talent Acquisitions Shareholder returns Maintain net debt position Continue to invest in talent to Use capital to fund Maintain attractive at less
Slide 32: Disclaimer
Disclaimer The information contained within this presentation is given in good faith based on the current market situation at the time o f 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 info rmation in th