Braemar Plc · LSE:BMS
Braemar — H1 FY2027 Earnings Presentation
30 slides from Braemar's earnings presentation, Nov 4, 2026
Slide 1: HY27 Interim Results Presentation
HY27 Interim Results Presentation 6 months ending 31 August 2026 ‘Strong first half, accelerated investment, confidence in FY30 targets’ 4 November 2026
Slide 2: Today's presenters
Today’s presenters Grant Foley – Group CEO Richard Heading – Group CFO Braemar plc | 2026 2
Slide 3: Operational highlights
Operational highlights Focus on delivery of FY30 targets 01 02 03 04 New management Senior broker Growth of Risk Evaluate acquisition team hires Advisory opportunities Team in place to 7 senior broker hires in Power desk Focus on complementary execute growth plans period across desks established tra
Slide 4: Strong revenue performance across the Group
Strong revenue performance across the Group Financial performance £74.3m £6.0m 1 8.1% (10.0% ex. Investment spend) Revenue Underlying operating profit Underlying operating profit margin (HY26: £63.9m) (HY26: £5.6m) (HY26: 8.8%) Diversified revenue streams delivering strong performance Underlying ope
Slide 5: Market Update
01 Market Update
Slide 6: Geopolitical events impacting shipping rates and asset values
Geopolitical events impacting shipping rates and asset values Conflicts impacting trade routes, increasing rates and asset values Braemar Tanker Index Braemar Dry Index Asset Values 1 1 200 1 200 $'m 1 3,100 1 180 180 1 VLCC (SH) 1 160 1 160 +8% 2,600 1 140 1 140 VLCC (NB) 2,100 1 120 +32% 1 120 1 1
Slide 7: Middle East conflict
Middle East conflict Sharp fall in Tanker traffic through the Strait of Hormuz, rates have increased across all routes No. of Tanker Transits 1 Prior to conflict Strait of Hormuz 45 Vessel count Following the start of the conflict, traffic fell by 40 almost 100% 35 Rates have significantly increased
Slide 8: Demand
Demand Demand side remains positive and underpins FY30 targets Global GDP China industrial output growth Oil demand index 40 9 108 in current prices, $' tn % growth Actual Forecast Actual Forecast 8 35 106 7 30 104 6 25 5 102 20 4 100 15 3 98 10 2 96 5 1 - 0 94 Jul-25 Mar-25 Jul-24 Mar-24 Jul-26 Mar
Slide 9: Supply
Supply Supply side remains positive and underpins FY30 targets Global fleet Age of fleet (>20 years old) Newbuilding orderbook 40 10 2.5 35 45 Number of ships ('000) % of Global Fleet Capacity (Billion DWT) Number of ships ('000) % of Global Fleet (# of ships) 9 40 30 8 2 35 30 25 7 30 6 1.5 20 25 2
Slide 10: Strategy Update
02 Strategy Update
Slide 11: Confidence in delivery of FY30 targets
Confidence in delivery of FY30 targets Strategic framework remains on track Operational excellence Diversification Consolidation - Focus on data - Drive efficiencies - Build existing businesses - Target complementary businesses and technology - Reward - Global expansion - Maintain discipline - Conti
Slide 12: New leadership, same direction
New leadership, same direction Group leadership strengthened in the period, adding to the highly experienced leadership team Grant Foley Richard Heading Camilla Hume Stephen Danby James Palmer Group Chief Executive Group Chief Financial Group Strategy Director Global Head of Tankers Director of Tank
Slide 13: Growth: Shipbroking
Growth: Shipbroking 1 Diversified, resilient and growing Shipbroking business Strong geographic presence with multiple opportunities for Organic growth across desks Chartering Inv. Advisory — 7 experienced broker hires in the period Dry Corp. Tankers Specialised Offshore S&P — Senior Tanker brokers
Slide 14: Growth: Securities
Growth: Securities 1 Highly complementary energy and commodities securities offering What we do How we do it Investment in infrastructure Our value add 6 desks: Natural Gas, Dry and We understand the market and We have invested to build out a Our value is knowing where the Tanker Forward Freight dir
Slide 15: Growth: Securities
Growth: Securities Strong historic growth with significant opportunity ahead FY26 FY23 Cross commodities FY27 Launch of desk established EU OTF Natural application Gas desk advancing HY27 Revenue HY22 Revenue £5.5m £14.7m +168% growth on HY22 FY22 FY26 FY27 Dry Cargo FFA UK Organised Power desk Trad
Slide 16: Financial Performance
03 Financial Performance
Slide 17: Income statement
Income statement Diversified revenue Weaker chartering streams revenue reflecting delivering lower rates, costs strong performance remain well and growth controlled with margin through the cycle down slightly HY27 HY26 Var. Revenue increased by 16% driven by strong rates Revenue £74.3m £63.9m 16% Op
Slide 18: Revenue
Revenue Chartering revenue boosted by a higher rate environment, revenue growth up across all segments Chartering (+18%) Chartering Investment Risk Advisory +18% Advisory +17% Growth across all desks. Tanker revenue 27% +10% higher mainly due to a higher rate environment £2.2m £74.3m £6.9m £1.3m Inv
Slide 19: Forward order book
Forward order book August 2026 forward order book stood at $73.6m, increased to $80.7m at 30 September 2026 Split by date Split by type $80.9m $80.7m $80.9m $80.7m $73.8m $73.6m $73.8m $73.6m $67.2m $67.2m $22.3m $30.6m $24.1m $20.6m $55.5m $55.5m $41.9m $44.5m $24.9m $37.8m $35.4m $28.2m $23.9m $16
Slide 20: Operating costs
Operating costs Costs remain well controlled with controlled investment to support future growth Staff costs £1.4m £0.1m £0.2m £0.1m £68.3m £8.3m £(0.0m) £(0.0m) Increase in staff costs primarily from higher bonuses on higher revenue, as well as £1.4m investment in £58.3m new hires, including the in
Slide 21: Liquidity
Liquidity £8.4m net cash flow from operations with significantly improved net debt position £3.0m £8.5m £2.3m (£3.0m) £30.4m HY27 FY26 (£0.5m) (£3.2m) Cash and cash equivalents £30.4m £23.4m £23.4m Borrowings (£30.4m) (£26.3m) Net debt £0.0m (£2.9m) The Group continues to generate strong net cash fl
Slide 22: Key performance indicators
Key performance indicators Revenue Revenue per head 1 Operating profit margin 2 Strong performance, particularly Chartering 22% improvement from HY26 Growth investment reduced margin in period capitalising on the market environment in HY27 10.0% Ex. investment spend £74.3m £202k £166k 8.8% 8.1% ($99
Slide 23: Summary & Outlook
@) braemar O04 7 Summary & Outlook
Slide 24: Summary and Outlook
Summary and Outlook Strong foundation and clear path to FY30 targets Summary Outlook - Strong revenue performance, the Group’s - Positive momentum carried into H2 FY27 diversification positioned it to capitalise on stronger rates and asset values - Forward order book strengthened to $80.7m at - Incr
Slide 25: Questions & Answers
05 Questions & Answers
Slide 26: Appendix Information
06 Appendix Information
Slide 27: Clear capital allocation
Clear capital allocation A balanced approach between investment and growth, returning excess cash to investors 01 02 03 04 Robust balance sheet Invest in talent Acquisitions Shareholder returns Maintain net debt position Continue to invest in talent to Use capital to fund Maintain attractive at less
Slide 28: Tanker volatility
Tanker volatility Increase in chartering rates driven by Tankers; increase in VLCC asset values Braemar Index VLCC asset values 1,300 1 200 1 $'m 1 180 1 1,100 1 160 1 1 140 900 - 3% +7% 1 1 120 700 1 100 +27% 0 +8% 0 80 +70% 0 500 0 60 0 +40% 0 40 300 0 0 20 100 - 0 - Jul-25 Jul-24 Mar-25 Mar-24 Ju
Slide 29: HY27 impacted by a weaker USD
HY27 impacted by a weaker USD GBP - USD rates GBP - USD FX rates over time 1.450 1 HY27 HY26 1.400 Average rate 1.34 1.34 0.998 1.350 1.300 Spot rate 1.35 1.35 0.996 1.250 1 Forward currency contracts 1.200 0.994 1.150 Notional value $67m $72m 1.100 0.992 Average rate 1.32 1.27 1.050 1.000 0.99 Mar-
Slide 30: Disclaimer
Disclaimer The information contained within this presentation is given in good faith based on the current market situation at the time o f 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 info rmation in th