Clarkson Plc · LSE:CKN
Clarkson — H1 2026 Earnings Presentation
32 slides from Clarkson's earnings presentation, Aug 3, 2026
Slide 1: Interim Results June 2026
INTERIM RESULTS June 2026 Andi Case & Jeff Woyda 3rd August 2026
Slide 2: Financial Results
Financial Results Jeff Woyda Chief Financial Officer & Chief Operating Officer “A record Interim result for the Group”
Slide 3: Results summary
Results summary To 30 June 2026 2025 £m £m Revenue 413.5 297.8 +39% Underlying profit before taxation (before acquisition-related costs) 61.5 39.4 +56% Acquisition-related costs (5.9) (1.9) Profit before taxation (after acquisition-related costs) 55.6 37.5 +48% Underlying earnings per share 147.6p 9
Slide 4: Segmental performance
Segmental performance Revenue, profit and margin Revenue Revenue Profit Profit Margin Margin 2026 2025 2026 2025 2026 2025 £m £m £m £m Broking 310.3 222.2 64.8 41.8 20.9% 18.8% Financial 48.1 28.9 11.7 4.5 24.3% 15.6% Support 40.0 33.6 2.6 2.9 6.5% 8.6% Research 15.1 13.1 6.3 5.1 41.7% 38.9% June 20
Slide 5: USD v GBP Exchange Rate
USD v GBP Exchange Rate GBP 1 is worth the following in USD 2026 2025 Arithmetic average for the period January to June 1.3446 1.2972 Spot rate as at 30 June 1.3197 1.3719 December 1.3500 Half Ave 2025 Half Ave Year Ave Arithmetic average for the period June to December 1.3368 Half Ave 1.3000 Arithm
Slide 6: Balance Sheet
Balance Sheet At 30 June (comparatives are at December year-end) Dec Dec Dec Dec June 2022 2023 2024 2025 2026 £m £m £m £m £m Tangible fixed assets 26.5 29.5 29.5 27.9 28.5 Intangible fixed assets (software only) 15.1 14.9 11.9 8.9 8.3 Non-current trade & other receivables 2.6 4.4 1.0 3.3 15.3 Inves
Slide 7: Net available funds and free cash resources
Net available funds and free cash resources 30 June 31 December 30 June 2026 2025 2025 £m £m £m Cash and cash equivalents 332.9 401.1 265.7 Current investment deposits 0.1 64.8 63.5 Government bonds 6.3 5.3 5.4 Net cash equivalents 339.3 471.2 334.6 Reserved for bonus (full cost) (160.5) (211.1) (10
Slide 8: Movement in free cash resources
Movement in free cash resources 1 January 2026 to 30 June 2026 June 2026|Interim Results 8 Andi Case & Jeff Woyda|3rd August 2026
Slide 9: Dividend history
Dividend history 24 years of progressive dividend 112 109 102 93 84 79 78 75 73 65 77 79 62 60 72 56 64 51 50 57 47 53 54 42 43 50 51 40 36 40 43 39 32 37 32 33 25 30 26 27 18 26 24 15 22 16 32 33 35 27 29 30 9 11 21 22 22 23 24 25 25 16 16 17 18 18 19 10 12 14 6 7 9 2002 2003 2004 2005 2006 2007 20
Slide 10: Our Markets
Our Markets Andi Case Chief Executive Officer “Proud of the global team and the breadth and depth of their expertise”
Slide 11: Key Market Dynamics
Key Market Dynamics increasing complexities, shipping on the “frontline” of geopolitics, elevated rate environment RATES & ACTIVITY DEMAND FOR SHIPPING SUPPLY OF SHIPPING ENERGY SECURITY Elevated rate environment Hormuz transit volatility Fleet growth edging up Energy security strong charter market
Slide 12: Elevated Rate Environment: ClarkSea Index
Elevated Rate Environment: ClarkSea Index Cross sector day rate index up 61% y-o-y in 1H-26 amid elevated rate environment in energy shipping Half Yearly Averages, $/day 45,000 10yr Average $/day 2024 2025 1H 2025 2H 2025 1H 2026 1H 2026 % y-o-y Avg 40,000 39,129 38,884 38,717 36,388 ClarkSea Index
Slide 13: Elevated Rate Environment: ClarkSea Index (Excl. Containers)
Elevated Rate Environment: ClarkSea Index (Excl. Containers) Cross sector day rate index up 101% y-o-y in 1H-26 amid elevated rate environment in energy shipping Half Yearly Averages, $/day 50,000 46,126 10yr Average $/day 2024 2025 1H 2025 2H 2025 1H 2026 1H 2026 % y-o-y 45,000 Avg ClarkSea Index $
Slide 14: Strait of Hormuz Transit: Sharp Decline, Now Volatility
Strait of Hormuz Transit: Sharp Decline, Now Volatility >95% decline for three months, some return of volumes but “stop-start” with continued disruption Transits declined by 95% for over three Transit levels remain disrupted and were Oil flows via Hormuz ~75% down; some months, some return but “stop
Slide 15: Disruption & Complexity: Middle East Conflict Energy Shipping Impacts
Disruption & Complexity: Middle East Conflict Energy Shipping Impacts lower volumes mitigated by alternative supply, distance and disruption Yanbu Crude Oil Exports, m bpd US Crude Oil Exports, m bpd No. Ships In The Atlantic 5 m bpd 300 6 VLCC LR2 4 250 VLGC 5 3 200 4 2 150 1 3 100 0 2 50 Jan-25 Ju
Slide 16: Disruption & Complexity: Middle East Conflict Other Shipping Market Impacts
Disruption & Complexity: Middle East Conflict Other Shipping Market Impacts supportive disruption impacts in non-energy shipping, other supply and demand factors also important Container Port Congestion: ISC Red Sea Containership Activity Containership Gulf of Aden Transits 0.8 Containerships at por
Slide 17: Charter Markets: Recent Segment Trends By Sector
Charter Markets: Recent Segment Trends By Sector cross-segment strength, elevated “energy” shipping rate environment, bulkers and containers firmer Solid Markets In Mid 2026 Very Strong Markets In Mid 2026 → Offshore: firm overall, some gains through 1H Bulkers: firm conditions led by Capes Tankers:
Slide 18: Asset Markets: Recent S&P And Newbuild Trends
Asset Markets: Recent S&P And Newbuild Trends strong S&P volumes especially Q1, elevated newbuild investment, recycling remains slow Secondhand Prices Newbuilding Price Index Scrap Prices 160 $m VLCC 5yr Old 150 Index, Jan-20=100 800 2,750 TEU Boxship 10yr Old $/ldt, India 140 700 Capesize 5yr Old 1
Slide 19: Seaborne Trade: Growth and Complexity
Seaborne Trade: Growth and Complexity, 13bn tonnes and 88% of all trade 13.0bn tonnes, 88% of total trade; average haul of trade up 10% since 2019 Global Seaborne Trade, bn tonnes Global Seaborne Trade Average Haul, nautical miles 1.8 14 5,400 Dry Bulk 2026: 11th Thousands Oil 13 consecutive 1.6 Con
Slide 20: Disruption & Complexity: Supportive Impacts Continue
Disruption & Complexity: Supportive Impacts Continue disruption providing generally supportive tailwinds for now Red Sea Re-Routing Broadly Continuing Russia-Ukraine Trade Flow Shifts Holding Venezuelan Oil Flows Rising Total Gulf Of Aden Vessel Transits, m. GT Russian Crude Flows By Destination, m.
Slide 21: Energy Transition and Energy Security: Offshore Oil & Gas
Energy Transition and Energy Security: Offshore Oil & Gas Still 16% Of Global Energy Supply dayrates edged up in 1H; energy security focus may support E&P spend; wind growth expectations more realistic Clarksons Offshore O&G Dayrate Index Offshore Oil & Gas Investment Growth Of Offshore Wind Start 2
Slide 22: Supply Backdrop: Fleet Growth Picking Up, Expanding Orderbook
Supply Backdrop: Fleet Growth Picking Up, Expanding Orderbook orderbook equivalent to 21% of existing fleet capacity, up from 10% in 2020 but well below 2008 level of >50% Pace of fleet growth is picking up, with Orderbook is now equivalent to 21% of Orderbook uneven across sectors, largest further
Slide 23: Fleet Renewal: Requirement Remains Amid Ageing Fleet
Fleet Renewal: Requirement Remains Amid Ageing Fleet timing of removals may not align with newbuild programs; uncertainty remains over sanctioned ships Older vessels make up a rising share of The global fleet age has continued to Fleet age uneven; higher share of elderly the fleet, with 41% of tonna
Slide 24: Shipbuilding: Capacity & Output Growing, Complexities Building
Shipbuilding: Capacity & Output Growing, Complexities Building Yard output rising amid a build out of shipbuilding capacity, primarily in China Yard output rising, led by increasing Deliveries as a proportion of the fleet China is leading the global buildout of volumes from China historically modera
Slide 25: Ship Finance: Shipping Remains Hugely Capital Intensive
Ship Finance: Shipping Remains Hugely Capital Intensive strong finance competition, significant finance needed long-term for fleet renewal / green ships Shipping capital markets continue to be Continuing complexities in ship finance Total world fleet and orderbook value subdued market now standing a
Slide 26: Clarksons Securities delivered a record 1st half
Clarksons Securities delivered a record 1st half driven by broad based transaction activity Despite geopolitical turmoil capital markets have been receptive to new transactions Maritime Assets Energy & Natural Resources Shipping Metals & Minerals January February February February March January Marc
Slide 27: Completed acquisitions
Completed acquisitions Physical and derivative commodity broking and data provision • Leading voice broker in North American • A leading futures broker in North • Leading provider of North American crude physical crude oil American crude oil and refined products oil market data, forward curves and d
Slide 28: Completed acquisitions
Completed acquisitions Technology & Geographic diversification Technological leadership Geographic expansion Acquisition: Zuma Acquisition: SERPAC • Market-leading maritime technology • A strong platform for growth in the platform: Peruvian market, expanding Clarksons’ • Venetian, a broker-led tradi
Slide 29: Outlook
Outlook Andi Case Chief Executive Officer
Slide 30: Outlook: Record first half result
Record First half result • Geopolitical volatility • Shipping complexity • Energy security Market leader and financially strong • Robust Balance Sheet and Free Cash Flow • Best in class across all segments • Best market intelligence & tools for trade Made significant progress • Scale of Forward orde
Slide 31: Thank You
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Slide 32: 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