Slide 1: 2025 Results Presentation
2025 Results Presentation 31 December 2025 Andi Case & Jeff Woyda 9 March 2026
Slide 2: Financial Results
Financial Results Jeff Woyda Chief Financial Officer & Chief Operating Officer Despite volatile year in 2025 we made significant progress
Slide 3: Results summary
Results summary To 31 December 2025 2024 £m £m Revenue 631.4 661.4 -4.5% Underlying profit before taxation (before acquisition-related costs) 90.6 115.3 -21.4% Acquisition-related costs (3.9) (3.2) Profit before taxation (after acquisition-related costs) 86.7 112.1 -22.7% Underlying earnings per sha
Slide 4: Segmental performance
Segmental performance Revenue, profit and margin Revenue Revenue Profit Profit Margin Margin 2025 2024 2025 2024 2025 2024 £m £m £m £m Broking 476.0 529.3 93.9 122.6 19.7% 23.2% Financial 60.1 42.6 12.9 5.2 21.5% 12.2% Support 68.1 65.0 4.8 7.7 7.0% 11.8% Research 27.2 24.5 10.6 9.5 39.0% 38.8% 2025
Slide 5: USD v GBP Exchange Rate
USD v GBP Exchange Rate GBP 1 is worth the following in USD Year to Year to Dec Dec H1 H2 H1 H2 2025 2024 2025 2025 2024 2024 Arithmetic average for the period 1.3185 1.2794 1.2972 1.3368 1.2644 1.2945 Spot rate as at period end 1.3509 1.2574 1.3719 1.3509 1.2637 1.2574 1.3800 1.3600 1.3400 Half Ave
Slide 6: Balance Sheet
Balance Sheet At 31 December 2021 2022 2023 2024 2025 £m £m £m £m £m Tangible fixed assets 24.7 29.1 33.9 30.5 31.2 Intangible fixed assets (software only) 17.1 15.1 14.9 11.9 8.9 Investments (relating to convertible bonds) 0.7 0.4 0.2 0.2 0.3 Investments (other) 1.0 1.2 1.3 1.9 3.9 43.5 45.8 50.3 4
Slide 7: Net available funds and free cash resources
Net available funds and free cash resources 31 December 31 December 2025 2024 £m £m Cash and cash equivalents 401.1 431.3 Current investment deposits 64.8 62.0 Government bonds 5.3 - Net cash equivalents 471.2 493.3 Reserved for bonus (full cost) (211.1) (249.6) Net available funds 260.1 243.7 Held
Slide 8: Movement in free cash resources
Movement in free cash resources 1 January 2025 to 31 December 2025 2025|Results Presentation 8 Andi Case & Jeff Woyda|9 March 2026
Slide 9: 12 Year Free Cash Resources & Underlying PBT
12 Year Free Cash Resources & Underlying PBT 232.0 216.3 £200m 175.4 £150m 130.9 £100m 92.3 92.3 81.1 68.8 54.1 57.0 45.5 47.3 £50m £0m 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Free cash resources Underlying PBT Free Cash resources are defined as : Cash at bank & in hand, plus sho
Slide 10: Forward Order Book (FOB)
Forward Order Book (FOB) For invoicing in the following year only At 31 Dec 2025 for 2026 At 31 Dec 2024 for 2025 US$m US$m Directors’ best estimate of deliverable FOB 244 231 FOB @ 1st January for invoicing that year 260 244 240 231 216 217 220 200 180 165 160 140 116 120 100 2021 2022 2023 2024 20
Slide 11: Dividend history
Dividend history 23 years of progressive dividend 112 109 102 93 84 79 78 73 75 77 79 65 72 62 60 64 56 57 50 51 53 54 47 50 51 43 42 40 43 40 39 36 37 32 32 33 30 26 27 25 26 18 24 15 22 16 30 32 33 11 25 25 27 29 9 21 22 22 23 24 16 16 17 18 18 19 10 12 14 6 7 9 2002 2003 2004 2005 2006 2007 2008
Slide 12: Dividend History – Total Dividend Paid £383.8m
Dividend History – Total Dividend Paid Total Dividend paid since January 2002 23 years of progressive dividend £383.8m 40,000,000 35,000,000 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 - 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20
Slide 13: Our Markets
Our Markets Andi Case Chief Executive Officer
Slide 14: Key Market Dynamics
Key Market Dynamics Increasing complexities, shipping often on the ‘frontline’ of uncertain geopolitical dynamics RATES & ACTIVITY SEABORNE TRADE SUPPLY OF SHIPPING ENERGY TRANSITION Second half recovery Geopolitically driven changes in Moderate fleet growth Energy security Improved second-half afte
Slide 15: ClarkSea Index: Another Strong Year
ClarkSea Index: Another Strong Year ClarkSea index up 7% y-o-y (down 7% excluding container) and ~40% above ten-year trend in 2025 Averages, $/day 45,000 Average $/day 10yr Avg 2023 2024 2025 2025 % y-o-y ClarkSea Index $20,366 $23,629 $24,964 $26,836 +7% 38,801 40,000 ClarkSea Index Excluding $18,0
Slide 16: Charter Markets: Recent Segment Trends By Sector
Charter Markets: Recent Segment Trends By Sector Stronger second-half, with tankers market running ‘hot’ in early 2026 Moderate Markets In Early 2026 Solid Markets In Early 2026 Strongest Markets In Early 2026 → Gas Carriers: VLGCs strong, LNG soft Bulkers: firm for the time of year Tankers: crude t
Slide 17: Asset Markets: Active Newbuild and S&P Markets
Asset Markets: Active Newbuild and S&P Markets Lower but still active newbuild activity in 2025 (record containers), S&P more active in 2H, demolition still limited Secondhand Prices Newbuilding Price Index Scrap Prices 160 $m VLCC 5yr Old 150 800 2,750 TEU Boxship 10yr Old Index, Jan-20=100 $/ldt,
Slide 18: Trade Growth, Complexity & Disruption
Trade Growth, Complexity & Disruption: 12.9bn tonnes and 88% of total trade Seaborne trade growth was resilient in 2025, led by firm container & gas trends and strong second-half Global Seaborne Trade, bn tonnes 2025 Trade Volumes, y-o-y growth Monthly Seaborne Trade Growth^ 14 Others 1.8 % Tonne Ca
Slide 19: Chinese Economy: Solid Growth, Resilient Trade
Chinese Economy: Solid Growth, Resilient Trade Chinese GDP growth ‘cooler’ but solid, imports & exports hit new highs in 2025 despite challenges Chinese GDP growth continues to trend Chinese seaborne imports edged Chinese seaborne imports rallied firmly in lower, though remains firm by global upward
Slide 20: Disruption & Complexity: Iran Conflict Shipping Market Context
Disruption & Complexity: Iran Conflict Shipping Market Context Disruption to vessel activity through the Strait of Hormuz; impacts for shipping and energy markets Iranian oil exports had increased ~38% of seaborne crude trade passes through Initially significant decrease in traffic materially in rec
Slide 21: Disruption & Complexity: Red Sea Re-routing
Disruption & Complexity: Red Sea Re-routing ~65% drop in Red Sea traffic adds vessel demand, limited return in 2026, needs monitoring (Iran conflict may impact) Gulf of Aden arrivals running at around Impacts on vessel demand vary by sector; The number of reported vessel attacks in ~65% below typica
Slide 22: Disruption & Complexity: Russia-Ukraine
Disruption & Complexity: Russia-Ukraine Flow shifts increase tanker tonne-miles; Ukrainian grain exports face disruption; Russian pipeline gas replaced by LNG Redistribution of Russian flows from Europe Russian trade flow shifts boosted oil Other trade impacts; Ukraine grain exports to Asia boosted
Slide 23: Disruption & Complexity: Tankers & Sanctions Regime
Disruption & Complexity: Tankers & Sanctions Regime 16% of tanker fleet capacity is listed under sanction, with share rising to ~24% if broader nexus shadow fleet included Oil Tanker Sanctioned Fleet Development % of Oil Tanker Fleet Capacity Currently Oil Tanker Fleet Age Profile: ‘Sanctioned’ & Un
Slide 24: Disruption & Complexity: Venezuela & Iran
Disruption & Complexity: Venezuela & Iran Moderate upside potential for Venezuelan oil supply in short-term; potential for mainstream tanker demand boost Venezuela accounts for a limited share of Exports mostly sent to China recently; …boosting ‘mainstream’ tanker demand; global output despite signi
Slide 25: Disruption & Complexity: US Trade Policy
Disruption & Complexity: US Trade Policy US trade policy was disruptive in first half 2025 but only impacted ~4% of global trade; focus on ‘deals’ in 2H Introduction of ‘fresh’ trade tariffs in 2025 US has since agreed a number of ‘deals’ Tarriff Impacts impacted ‘only’ ~4% of global seaborne with m
Slide 26: Supply Backdrop: Moderate Fleet Growth & Uneven Orderbook
Supply Backdrop: Moderate Fleet Growth & Uneven Orderbook Orderbook elevated, but modest overall compared to the fleet, though with sectoral variation Global Fleet Development, m GT Orderbook As A Percentage Of Fleet Capacity, GT 2,000 Fleet, end year 10% Containerships >8k TEU 48% Fleet Growth % 1,
Slide 27: Fleet Renewal: Ageing Fleets
Fleet Renewal: Ageing Fleets Average fleet age increasing; over a third of fleet capacity is now over 15 years old Fleet Age Profile, m GT Global Fleet Avg. Age (GT Weighted) Proportion Of Fleet >15 Years Old 120 14 Other PCC 50% Eco Alt. Fuel Capable 100 13 Tankers 46% Cruise 45% 80 12 Total 38% 60
Slide 28: Ship Recycling: Persistently Low Levels; Increased Potential Ahead
Ship Recycling: Persistently Low Levels; Increased Potential Ahead Fleet age demographics and emissions regulations expected to increasingly support recycling ahead Ship recycling has been running at Potential for increased activity ahead as subdued levels for the last four years more ships become r
Slide 29: Energy Transition and Energy Security: Offshore Oil & Gas Still 16% Of Global Energy Supply
Energy Transition and Energy Security: Offshore Oil & Gas Still 16% Of Global Energy Supply Offshore Dayrates softened from records over 2025 but still at historically strong levels; very low orderbooks Clarksons Offshore Dayrate Index (AHTS, PSV, jack-ups, floaters and subsea MSVs) Offshore Oil & G
Slide 30: Energy Transition and Energy Security: Offshore Wind Growing & Will Play Vital Role
Energy Transition and Energy Security: Offshore Wind Growing & Will Play Vital Role 0.4% of energy supply today, mixed investment trends recently, long-term outlook positive The Growth Of Offshore Wind Offshore Wind In The Energy Transition GW No. Of Farms GW 350 900 600 No. Of Farms (RHS) 800 300 C
Slide 31: Turnover development
Turnover development Clarksons Securities’ turnover reached an all-time high in 2025 70 USD 60m 60 50 USD 43m 40 USD 38m USD 36m USDm USD 32m 30 20 10 - 2021 2022 2023 2024 2025 2025|Results Presentation 31 Andi Case & Jeff Woyda|9 March 2026
Slide 32: Clarksons Securities – Investment Banking Highlights During 2025
Clarksons Securities – Investment Banking Highlights During 2025 Representative transactions across ECM, DCM and M&A (I/II) Shipping Offshore 13 transactions with a combined size of USD 2,155m 9 transactions with a combined size of USD 2,868m November October September September September December D
Slide 33: Clarksons Securities – Investment Banking Highlights During 2025
Clarksons Securities – Investment Banking Highlights During 2025 Representative transactions across ECM, DCM and M&A (II/II) Metals & Minerals E&P Renewables 9 transactions with a combined size of USD 2,412m 5 transaction with a combined size of USD 1,415m 7 transactions with a combined size of USD
Slide 34: Outlook
Outlook Andi Case Chief Executive Officer
Slide 35: Progress is our priority
5 Clarksons is a market leader and financially strong • Robust Balance Sheet and Free Cash Flow • Best in class across all segments • Best market intelligence& tools for trade Clarksons has again made progress • Scale of Forward order book – Short & Long term • New hires across the group • M&A activ
Slide 36: Thank You
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Slide 37: Disclaimer
DISCLAIMER The material and the information (including, without limitation, any future rates and/or forward looking predictions) contained herein (together, the "Information") are provided by Clarkson PLC ("Clarksons") for general guide. The Information is provided on "as is" and “as available” basi