Braemar Plc · LSE:BMS
Braemar — H1 FY26 Earnings Presentation
24 slides from Braemar's earnings presentation, Nov 5, 2025
Slide 1: Results Presentation
©) braemar Results Presentation ‘FY26 board expectations unchanged, with H2 market conditions improving. Robust delivery against challenging market backdrop’ 5 November 2025
Slide 2: Today's presenters
Today’s presenters N James Gundy - CEO Grant Foley FCA - CFO & COO ® braemar Braemar ple | 2025 2
Slide 3: Braemar HY26 performance
Braemar HY26 performance Robust delivery against a challenging market backdrop Financial performance Board expectations for FY26 unchanged Strong forward order book, strengthening further in September to $81.2m Challenging first half backdrop of geopolitical uncertainty, tariffs and a weaker USS lea
Slide 4: Performance
eer he P32 ES Performance ‘Continuing to build revenue resilience’ Grant Foley, CFO & COO oy
Slide 5: Financial Performance
Financial Performance £63.9m Revenue (HY25: £76.0m) Weaker chartering performance, particularly Tankers, mainly due to weaker rates $73.8m Forward order book? (HY25: $80.9m) Forward order book remains strong and increased to $81.2m in September 2025 ® braemar = Net debt includes £1.9m restricted cas
Slide 6: Income Statement
Income Statement Weaker chartering revenue reflecting lower rates, costs remain well controlled with margin down slightly Revenue Operating expenses! Underlying operating profit Margin Acquisition-related expenditure Reported underlying operating profit Profit before tax (statutory) Underlying EPS D
Slide 7: Risk advisory up, offset by lower Chartering revenues
Risk advisory up, offset by lower Chartering revenues Securities revenues continue to grow, although Tanker and Dry Cargo revenues lower due to weaker rates Chartering Chartering Investment Adv. Risk £76.0m Adv. Tanker revenues 25% lower with the Braemar Tanker | Index down 29% vs the same period in
Slide 8: Operating costs
Operating costs Costs well controlled with ongoing focus on efficiency and investment £68.1m £0.5m £(10.4m) £(0.3m) £(0.2m) Staff (ex. One-off) TRE! HY25 One-off staff FX Operating costs excluding acquisition costs ® braemar ‘Travel & entertainment costs £0.6m £(0.1m) Office costs Other £58.3m HY26
Slide 9: Liquidity
Liquidity Net debt at period end, returning to net cash at the end of October £5.7m (E15m) (25m) Operating cash flow Net finance & tax Share buyback ESOP Leases ® braemar =! Opening net debt at the start of the financial year (1 March 2025) (E14m) (£5.6m) Q ther Closing net debt HY26 FY25 HY25 Cash
Slide 10: Key performance indicators
Key performance indicators Revenue suiete Revenue Per Head! wiiate Operating Profit Margin? rise Weaker Chartering rates, performance similar to Slight improvement from H2 FY25 Lower revenue performance resulting in a small H2 FY25, reduction in margin £164k ($207k) FY25 FY25 FY26 FY25 FY26 Forward
Slide 11: Forward order book (USD)
Forward order book (USD) September 2025 forward order book has increased to $81.2m, with $26.7m deliverable in H2 FY26 Split by Date +46% $80.9m $28.4m Hy22 Hy23 HY24 HY25 = Within current FY = Within next FY ® braemar Taken as at the last day of each month HY26 = After next FY Sep-25 Split by Type
Slide 12: Update
Update ‘Continued strategic progress’ James Gundy, CEO oy
Slide 13: Strategic Framework: On track
Strategic Framework: On track Strategic focus to become the trusted broker of choice to the shipping and energy markets @D Diversification - Build existing businesses - Global expansion - Build resilience rs Consolidation - Target complementary businesses - Maintain discipline - Successful track rec
Slide 14: Summary
Summary ‘FY26 board expectations unchanged, confident in achieving FY30 growth targets’ James Gundy, CEO SEA
Slide 15: Chartering market indices
Chartering market indices Rates have improved at the start of H2 FY26 after year to date impacted by weaker rates and a weaker USD Braemar Tanker Index Braemar Dry Index 600 200 sco veoseees HY Average 130 500 160 460 140 400 * 120 350 400 300 80 250 60 200 40 460 20 400 ° Mar-24 Jun-24. Sep-24—Dec-
Slide 16: Looking further ahead: Demand
Looking further ahead: Demand Fundamentals remain positive and underpin FY30 ambitions Global GDP < 260 § 5 g 8 8 5 ee § 200 5 3 ra 460 400 50 7 ge o fo} qQ t © g g a g a 8 8 8 Si & & & Actual ++++++ Forecast Source: International Monetary Fund, October 2025 Despite continued challenges, the IMF has
Slide 17: In focus: Securities
In focus: Securities Continued growth and plans to drive revenues further Securities Hi Revenue by year y +204% Organised Trading Facilities (OTFs) UK OTF launched in May 2025, European OTF expected in the first half of 2026 These provide additional products and services to clients that are traded v
Slide 18: Summary and Outlook
Summary and Outlook Summary Outlook — Robust financial performance, achieved — Board expectations for FY26 remain against a challenging market backdrop unchanged — Underlying operating profit margin! down — Start of H2 has seen some improvement in slightly at 9% rates and increased Sale & Purchase a
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Slide 20: Appendix
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Slide 21: GBP-USD rates
GBP-USD rates The year to date has been impacted by a weaker USD GBP-USD FX rates over time 1450 HY26 HY25 1400 Average rate 1.33 127 1350 1300 Spot rate 1.35 131 1250 Forward currency contracts 1200 Notional value $72m Sttim 1150 1100 Average rate 127 1.26 1050 1000 Mar-20 Mar-21 Mar-22 Mar-23. Mar
Slide 22: Consolidation: Many opportunities across the business
Consolidation: Many opportunities across the business Targeted acquisitions to complement existing business Tankers Specialised Corp. Finance Dry Cargo S&P Offshore Securities UK ° «) «) ) ° ) <) Europe << ) «) <) <) «) c) O Middle East @) @) O e e O eB APAC <) <<) <<) <) <) ) O Americas @) e O O (©
Slide 23: Clear Capital Allocation
Clear Capital Allocation A balanced approach between investment and growth, returning excess cash to investors O1 O02 03 Robust balance Sheet Invest in talent Acquisitions Maintain net debt position at less Continue to invest in talent to grow Use capital to fund acquisitions than 1.5x EBITDA the bu
Slide 24: Disclaimer
Disclaimer The information contained within this presentation is given in good faith based on the current market situation at the time of 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 information in this