Slide 1: Preliminary full-year / Fourth quarter 2024 report
Preliminary full-year / Fourth quarter 2024 report February 6, 2025
Slide 2: Highlights – 4Q24
4Q24 Odfjell Group Preliminary full-year / Fourth quarter 2024 report Highlights – 4Q24 Key figures, USD million • The strong performance on safety continues with high operational (USD mill, unaudited) 1Q24 2Q24 3Q24 4Q24 4Q23 FY24 efficiency and no significant incidents during the quarter. Time cha
Slide 3: Result development
4Q24 Odfjell Group Result development Profit and loss liquidity to USD 229 million at end quarter. Cash flow from operations Odfjell reported time charter earnings of USD 183 million, down USD 19 were USD 90 million in 4Q24 vs. USD 118 million in previous quarter. million in 4Q24 compared to 3Q24. G
Slide 4: Chemical Tankers
4Q24 Odfjell Group Chemical Tankers We saw a flat development in obtained freight rates during 4Q24, whereas Commercial revenue days were stable from last quarter. Off-hire days volumes declined compared to previous quarter. Most of the reduction increased to 264 from 178 due to high dry-docking act
Slide 5: Tank Terminals
4Q24 Odfjell Group Tank Terminals 4Q24 Operations and financial results Capital expenditure and expansions All the terminals continue to perform well, maintaining an average The terminal in Antwerp (NNOAT) successfully commissioned the first five commercial occupancy rate of 95.2% in 4Q24, in line w
Slide 6: Sustainability
4Q24 Odfjell Group Sustainability Odfjell’s CII* development Greenhouse gas emissions Odfjell has inhouse systems in place to monitor all greenhouse gas (GHG) emissions, including well-to-wake emissions. In 4Q24 Previous Q/Q Same q. FY 2024** FY 2023 2024, the Scope 1 emissions from the operated fle
Slide 7: Prospects
4Q24 Odfjell Group Prospects Market outlook The second half of 2024 saw a soft crude tanker market, prompting large Overall, the short-term outlook remains uncertain. crude carriers to enter the CPP trades, which in turn contributed to subdued demand for product tankers. This led to an increase in s
Slide 8: Interim financial information – Odfjell Group
4Q24 Odfjell Group Interim financial information – ODFJELL GROUP CONSOLIDATED STATEMENT OF PROFIT OR LOSS (Figures based on equity method) (USD mill) Note 1Q24 2Q24 3Q24 4Q24 4Q23 FY24 FY23 Gross revenue 1, 2 305.6 330.3 316.9 295.8 296.2 1,248.6 1,194.0 Voyage expenses 1, 2 (104.5) (107.4) (107.7)
Slide 9: Consolidated statement of comprehensive income
4Q24 Odfjell Group CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Figures based on equity method) (USD mill) Note 1Q24 2Q24 3Q24 4Q24 4Q23 FY24 FY23 Net other comprehensive income to be reclassified to profit or loss in subsequent periods: Net changes in cash-flow hedges (2.9) 0.7 (4.0) (3.4) (1.8)
Slide 10: Consolidated statement of financial position
4Q24 Odfjell Group CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Figures based on equity method) (USD mill) Note 31.03.24 30.06.24 30.09.24 31.12.24 31.12.23 Deferred tax assets 2.4 2.7 2.1 1.7 2.6 Ships 4 1,265.1 1,256.4 1,238.5 1,253.5 1,279.4 Property, plant and equipment 4 7.8 8.2 8.0 7.9 7.6 Ri
Slide 11: Consolidated statement of changes in equity
4Q24 Odfjell Group CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Figures based on equity method Exchange Cash-flow Pension OCI Paid in Retained Total other (USD mill) rate hedge remeasure associates Total equity equity equity equity differences reserves -ment and JVs Equity as per January 1, 2023 199.
Slide 12: Key figures
4Q24 Odfjell Group KEY FIGURES IN Figures based on equity method 1Q24 2Q24 3Q24 4Q24 4Q23 FY24 FY23 PROFITABILITY Earnings per share (USD) – basic/diluted 0.86 1.12 0.90 0.64 0.66 3.51 2.57 1) Return on equity 34.0% 43.3% 31.7% 22.6% 26.0% 34.8% 27.2 % 3) Adjusted return on equity 34.0% 43.3% 31.7%
Slide 13: Consolidated cash flow statement
4Q24 Odfjell Group CONSOLIDATED CASH FLOW STATEMENT Figures based on equity method (USD mill) 1Q24 2Q24 3Q24 4Q24 4Q23 FY24 FY23 Profit before income taxes 68.9 88.8 72.1 50.0 53.3 279.7 209.9 Taxes paid in the period (0.9) (1.1) (0.6) 0.2 (0.9) (2.3) (6.6) Depreciation, impairment and capital (gain
Slide 14: Notes to the interim consolidated financial statements
4Q24 Odfjell Group NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS Note 1 – Accounting principles Odfjell SE is ultimate parent company of the Odfjell Group. Odfjell SE is a public listed company traded on the Oslo Stock Exchange. The company’s address is Conrad Mohrs veg 29, Bergen, Norway.
Slide 15: Note 2 – Segment information - continued
4Q24 Odfjell Group Note 2 – Segment information - continued Chemical Tankers Tank Terminals Total USD mill 1Q24 2Q24 3Q24 4Q24 4Q23 FY24 1Q24 2Q24 3Q24 4Q24 4Q23 FY24 1Q24 2Q24 3Q24 4Q24 4Q23 FY24 Gross revenue 305.1 329.8 316.4 295.4 295.7 1,246.7 21.8 22.0 22.0 22.2 21.0 88.0 326.9 351.7 338.4 317
Slide 16: Note 2 – Segment information - reconciliation to Group figures
4Q24 Odfjell Group Note 2 – Segment information - reconciliation of segment reporting to Group figures The following table reconciles reported revenue, EBIT, assets and liabilities in our segments to the income statement and statement of financial position. 2) 1) Chemical Tankers Tank Terminals Tota
Slide 17: Note 3 – Net interest-bearing liabilities
4Q24 Odfjell Group Note 3 – Net interest-bearing liabilities (USD mill) 31.03.2024 30.06.2024 30.09.2024 31.12.2024 31.12.2023 Mortgaged loans from financial institutions 493.8 482.4 474.0 482.8 527.2 Financial leases and sale-lease back 213.2 204.3 195.4 162.6 222.1 Unsecured bonds 78.9 79.5 80.9 7
Slide 18: Note 4 – Ships, property, plant and equipment
4Q24 Odfjell Group Note 4 – Ships, property, plant and equipment (USD mill) 1Q24 2Q24 3Q24 4Q24 4Q23 FY24 Net carrying amount, beginning of period 1,287.0 1,272.9 1,264.6 1,246.5 1,256.4 1,287.0 Investments in ships, property, plant and equipment 8.0 9.3 6.4 9.0 13.8 32.8 Investments in newbuilding
Slide 19: Note 5 – Investments joint ventures
4Q24 Odfjell Group Note 5 – Investments joint ventures The share of result and balance sheet items from investments in associates and joint ventures are recognized based on equity method in the interim financial statements. The figures below show our share of revenue and expenses, total assets, tota
Slide 20: Note 6 – Other financial items; Note 7 – Right-of-use assets
4Q24 Odfjell Group Note 6 – Other financial items (USD mill) 1Q24 2Q24 3Q24 4Q24 4Q23 FY24 FY23 Changes in fair value in derivatives (5.2) 1.6 1.3 (5.4) 4.8 (7.7) 13.4 Currency gains (losses) 4.4 (0.6) (1.4) 5.4 (3.5) 7.8 (11.3) Other 0.2 (0.5) 0.1 — 1.2 (0.3) 3.3 Total other financial items (0.6) 0
Slide 21: Nominal payments of time charter hire for right of use assets
4Q24 Odfjell Group Nominal payments of time charter hire for right of use assets not yet commenced (USD mill) 2024 2025 2026 2027 2028 Thereafter Total Nominal time charter hire — 1.5 45.5 81.8 118.6 722.7 970.1 Total — 1.5 45.5 81.8 118.6 722.7 970.1 At the end of the third quarter of 2024, Odfjell
Slide 22: Note 8 – Operating expenses; Note 9 – Interest expenses
4Q24 Odfjell Group Note 8 - Operating expenses (USD mill) 1Q24 2Q24 3Q24 4Q24 4Q23 FY24 Operating expenses right-of-use assets (8.2) (8.9) (9.7) (10.1) (8.1) (36.9) Other operating expenses (40.9) (42.1) (44.0) (42.3) (42.6) (169.2) Total (49.1) (51.0) (53.7) (52.4) (50.6) (206.1) Note 9 - Interest
Slide 23: Fleet list by December 31, 2024
Fleet list by December 31, 2024 STAINLESS VESSEL TYPE Class CHEMICAL TANKERS DWT BUILT OWNERSHIP CBM STEEL, CBM TANKS Super-segregator POLAND Bow Sea 49 511 2006 Owned 52 244 52 244 40 Super-segregator POLAND Bow Summer 49 592 2005 Owned 52 252 52 252 40 Super-segregator POLAND Bow Saga 49 559 2007
Slide 24: Chemical tanker newbuildings on order; fleet changes since last quarter
Medium Stainless steel CP 25 Bow Jaguar 25 877 2024 Time Charter/ Operational lease 27 660 27 660 26 Medium Stainless steel CP 25 Bow Cougar 25 921 2024 Time Charter/ Operational lease 27 668 27 668 26 Medium Stainless steel CP 25 Bow Victory 21 193 2016 Time Charter (short term) 22 588 22 588 20 Me
Slide 25: Tank terminals and expansion projects
STAINLESS NUMBER TANK TERMINALS LOCATION OWNERSHIP¹ CBM STEEL, CBM OF TANKS Odfjell Terminals (Houston) Inc. Houston, USA 51 % 412 415 120 812 128 Odfjell Terminals (Charleston) LLC Charleston, USA 51 % 79 243 0 9 Odfjell Terminals (Korea) Co. Ltd Ulsan, Korea 50 % 313 710 15 860 85 Noord Natie Term
Slide 26: 4Q24 Odfjell Group 23 | Page
4Q24 Odfjell Group 23 | Page