Slide 1: 1Q25 Presentation
1Q25 Presentation | Odfjell SE | May 8, 2025
Slide 2: Agenda
Agenda 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 3: Quarterly highlights
Quarterly highlights Key figures USD million, unaudited 2Q24 3Q24 4Q24 1Q25 1Q24 Time charter earnings 214.8 202.1 183.1 167.7 194.7 Highlights - 1Q25 Total opex, TC, G&A (70.5) (72.8) (74.8) (77.5) (71.1) ▪ Strong performance on safety continues with high operational efficiency and no significant N
Slide 4: Agenda
Agenda 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 5: Income statement, Odfjell Group
Income statement, Odfjell Group Developments and key take-aways Income statement A. TCE of USD 168 mill, a decrease of USD 15 mill compared to 4Q24 USD million, unaudited 3Q24 4Q24 1Q25 A i. TCE per day were 4% lower driven by reduced spot freight rates. Freight rates Net Timecharter Earnings (TCE)
Slide 6: TCE per day declined slightly, while cash break-even increased somewhat during the quarter
TCE per day declined slightly, while cash break-even increased somewhat during the quarter Odfjell Tankers break-even vs. TCE per day USD/day 38,000 TCE/day 36,000 Break-even target ▪ Our TCE per day ended at USD 29,556 in 1Q25, down from Cash break-even/day (12m rolling avg.) USD 30,744 in the prev
Slide 7: Balance sheet, Odfjell Group
Balance sheet, Odfjell Group Assets USD million, unaudited 3Q24 4Q24 1Q25 A Ships and newbuilding contracts 1,238.5 1,253.5 1,225.6 Developments and key take-aways Right of use assets 307.0 385.4 374.9 A. During the quarter we sold two vessels, Bow Clipper (for recycling) and Bow Investment in assoc
Slide 8: Cash flow, Odfjell Group
Cash flow, Odfjell Group Developments and key take-aways Cash flow A. Operating cash flow was USD 60.4 mill in 1Q25, a decrease from USD 89.5 mill in USD million, unaudited 3Q24 4Q24 1Q25 4Q24 mainly due to lower TCE in the quarter and increase in working capital. Net result 71.3 50.5 34.4 B. Sale o
Slide 9: Reduced free cash flow in 1Q25 due to lower TCE was countered by vessel sales
Reduced free cash flow in 1Q25 due to lower TCE was countered by vessel sales Odfjell free cash flow per quarter Cash flow from Cash flow from Free cash flow Free Cash flow after operations investments (12mo rolling) debt right of use assets (12mo rolling) USD 45 72 74 76 42 107 93 64 82 91 116 44 6
Slide 10: Active quarter with new bank debt facility established and repayment of bond
Active quarter with new bank debt facility established and repayment of bond 199 200 Bond Loan instalments Balloons Lease capital repayments 150 ▪ As of 1Q25, nominal interest-bearing debt 100 amounted to USD 738 million, with a 62 64 moderate increase anticipated over the 50 40 course of the year 2
Slide 11: Capex & TC commitments
Capex & TC commitments Capex including purchase options ▪ At the start of 1Q25 we had four declared purchase options for vessels on USD million, 2Q25 2H25 2026 2027 Total operational lease to us. Payment for the vessel Bow Precision was done at the Declared purchase options 88.8* 35.5 35.5 159.8 end
Slide 12: Agenda
Agenda 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 13: Significant market uncertainty reduced rates in 1Q25
Significant market uncertainty reduced rates in 1Q25 Odfjell increased volumes slightly amid market volatility Odfix vs. Clarksons Chemical Tanker Spot Index Key regional exports 230 ODFIX index -2.5% 220 210 Clarksons Chemical Tanker Spot earnings U.S. exports 200 Averages (2013-2025) During the qu
Slide 14: U.S. tariffs have increased trade uncertainty…
U.S. tariffs have increased trade uncertainty… … But the U.S. benefits from an estimated $30+ billion trade surplus tied to U.S. chemical exports Selected U.S. tariffs 1 (%) U.S. seaborne chem/ bio imports & exports (MMt) Negotiations continue amid increased uncertainty • Tariffs have increased unce
Slide 15: COA renewal activity in 1Q25 confirming firm fundamentals despite softer spot market
COA renewal activity in 1Q25 confirming firm fundamentals despite softer spot market ▪ Odfjell renewed ~18% of expected annual COA volumes during the quarter. Despite softer spot markets, contracts were on average near roll-over terms. ▪ Total volumes rose slightly during 1Q25 to 3.2m metric tonnes,
Slide 16: Odfjell continues our strong performance on carbon intensity
Odfjell continues our strong performance on carbon intensity Odfjell carbon intensity (CII) -53.3% ▪ In 1Q25, we achieved a record low carbon intensity for 15.0 the Odfjell-controlled fleet of 7.0 – a slight 15 improvement from the previous quarter. ▪ During 1Q25, Bow Olympus was equipped with sucti
Slide 17: Tank Terminals
Tank Terminals Performance Total capacity at Odfjell Terminals (1,000 cbm) ▪ All terminals continued to perform well in 1Q25, maintaining an average commercial occupancy rate of 95.8%, slightly up from the previous quarter (95.2%). Existing capacity Cap. added in 2025 Capacity under construction ▪ E
Slide 18: Agenda
Agenda 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 19: Spot rates continued downward trend but remain at elevated levels
Spot rates continued downward trend but remain at elevated levels Chemical freight rates - West of Suez Chemical freight rates – East of Suez (USD/mt) (USD/mt) 240 240 220 USG-Far East 1Q 220 Middle East-Europe 1Q USG-South America 25 Middle East-Far East 25 200 200 180 USG-Europe 180 Far East-USG 1
Slide 20: Swing tonnage decreased in 1Q25 to marginal levels
Swing tonnage decreased in 1Q25 to marginal levels MR earnings remained volatile but increased overall during the previous quarter MR earnings increased overall during the Seaborne chemical volume lifted on core previous quarter chemical tankers and product tankers Mill. tons Percent of product 1,00
Slide 21: Orderbook continues to grow – still at sustainable level
Orderbook continues to grow – still at sustainable level An aging fleet with ~18% above 20yrs should keep net fleet growth at manageable levels in coming years Fleet and orderbook Fleet and orderbook, core, deep-sea chemical tankers DWT mill. DWT mill. 14% Core, deep-sea of orderbook 40 Delivered Fl
Slide 22: Uncertainty from tariffs clouds the market outlook
Uncertainty from tariffs clouds the market outlook External factors’ impact going forward Macroeconomic ▪ Geopolitical tensions remain high. ▪ In April, IMF downgraded global GDP growth in 2025 by 0.8% to 2.8% and for the U.S. down 0.9% to 1.8%. Positive growth still projected in all ▪ Macroeconomic
Slide 23: Summary
Summary ▪ Odfjell delivered a resilient financial result in 1Q25 in a market characterized by increased uncertainty due to initial Our results U.S. announcement of trade tariffs. ▪ Time charter earnings declined in 1Q25 with lower spot rates and fewer commercial revenue days Odfjell Tankers ▪ Slight
Slide 24: Capital Markets Day 2025
Capital Markets Day 2025 Date: Monday May 26, 2025 Time: 10:00 – 13:00 Venue: Hotel Continental, Stortingsgata 24/26, Oslo To attend, please send an e-mail to Investor Relations by May 23: nils.jorgen.selvik@odfjell.com 24
Slide 25: Contact
Contact Investor Relations Nils Jørgen Selvik | Tel: +47 920 39 718 | E-mail: nils.jorgen.selvik@odfjell.com Media Anngun Dybsland | Tel: +47 415 48 854 | E-mail: media@odfjell.com ODFJELL SE | Conrad Mohrs veg 29 | P.O. Box 6101 | 5892 Bergen | Norway Tel: +47 55 27 00 00 | E-mail: mail@odfjell.com