Odfjell Se Class A · OSL:ODF
Odfjell Se Class A — Odfjell Se B — Q2 2026 Earnings Presentation
23 slides from Odfjell Se Class A's earnings presentation, Aug 21, 2026
Slide 1: 2Q26 Presentation
2Q26 Presentation | Odfjell SE | August 21, 2026
Slide 2: Agenda
Agenda 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 3: Quarterly highlights
Key figures Quarterly highlights USD million, unaudited 3Q25 4Q25 1Q26 2Q26 2Q25 FY25 Time charter earnings 173.3 168.2 167.0 195.0 174.2 683.3 • Odfjell's strong safety performance continued in 2Q26. Total opex , TC, G&A (78.6) (81.1) (88.9) (85.8) (77.6) (314.8) • The four Odfjell - operated vesse
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 Income statement Developments and key take - aways USD million, unaudited 4Q25 1Q26 2Q26 A Net Timecharter Earnings (TCE) 168.2 167.0 195.0 A. TCE of USD 195 million, a significant increase from 1Q26 TC expenses (7.4) (15.2) (14.4) i. Higher spot rates, especially in
Slide 6: TCE per day strengthened in 2Q26 along with lower cash break-even
TCE per day strengthened in 2Q26 along with lower cash break - even Odfjell Tankers | Cash break - even vs. TCE per day Comments USD/day • Our TCE per day ended at USD 29,486 in 2Q26, 37,000 up from USD 27,232 in the previous quarter. 36,000 – The primary driver was stronger spot markets, TCE/day es
Slide 7: Balance sheet, Odfjell Group
Balance sheet, Odfjell Group Assets USD million, unaudited 4Q25 1Q26 2Q26 A Ships and newbuilding contracts 1,277.3 1,297.6 1,305.8 A Right of use assets 227.0 285.7 321.0 B Developments and key take - aways Investment in associates and JVs 182.9 182.8 180.9 Other non - current assets/receivables 21
Slide 8: Cash flow, Odfjell Group
Cash flow, Odfjell Group Cash flow Developments and key take - aways USD million, unaudited 4Q25 1Q26 2Q26 Net result 38.0 32.1 53.5 A. Operating cash flow was USD 81 million in 2Q26, an increase of USD 30.9 million from 1Q26, mainly reflecting higher earnings during the quarter. Adjustments 34.8 33
Slide 9: Strong earnings supported higher free cash flow
Strong earnings supported higher free cash flow Odfjell free cash flow per quarter Comments Cash flow from Cash flow from Free cash flow Free Cash flow after USD operations investments (12mo rolling) debt right of use assets mill. (12mo rolling) • Operating cash flow in 2Q26 was USD 80 .6 mill, up f
Slide 10: No upcoming maturities in 2H26, focus on financing of newbuildings
No upcoming maturities in 2H26, focus on financing of newbuildings Scheduled repayments interest –bearing - debt*, USD million Comments 80 70 60 40 30 Balloons 19 19 22 Loan instalments • As of 2Q26, nominal interest - bearing 20 17 Lease capital repayments debt stood at USD 738 million 0 excluding
Slide 11: Capex & TC commitments
Capex & TC commitments Capex including purchase options USD million 2H26 2027 2028 2029 Total ▪ In July we took delivery of, Bow Pluto, a 26,000 dwt newbuilding. Newbuildings 35.4 137.5 64.9 51.2 289.0 ▪ Remaining capex commitment relates to four 40,000 dwt newbuildings scheduled to be delivered fro
Slide 12: Agenda
Agenda 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 13: Stable volumes amid persistent volatility
Stable volumes amid persistent volatility Comments ▪ Odfjell’s volumes were 3.2m mt in 2Q26, stable from the previous quarter, but down from levels before the Strait of Hormuz cl osu re. – COA share of volume was stable quarter - on- quarter, on a lower level than historically, mostly due to the Mid
Slide 14: Strong earnings in 2Q26 as the spot market jumped
Strong earnings in 2Q26 as the spot market jumped While total volumes were stable, an unusually high share of vegoils and biofuel compensated reduced chemical share Odfix vs. Clarksons Chemical Tanker Spot Index* Change in cargo segment volumes 230 220 ODFIX index 210 Clarksons Chemical Tanker Spot
Slide 15: Fleet sustainability
Fleet sustainability Odfjell’s carbon intensity remains well within targets despite war - related fleet inefficiencies Odfjell | Carbon Intensity Indicator (CII) Comments - 54.0% 15 15.0 • AER* in 2Q26 ended at 6.9 for our controlled fleet, down from 7.0 in the 14 previous quarter. 13 12 • Carbon in
Slide 16: Tank Terminals
Tank Terminals Stable performance despite volatile environment Performance Total capacity at Odfjell Terminals (1,000 cbm ) ▪ The portfolio's average commercial occupancy increased to 96% in 2Q26, up from Existing capacity Capacity under construction 94% in 1Q26. Throughput increased by approximatel
Slide 17: Agenda
Agenda 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 18: Strong spot rates for chemicals through 2Q26 despite softening trend
Strong spot rates for chemicals through 2Q26 despite softening trend VLCC earnings Chemical tanker freight rates (bunker adjusted) West of Suez (monthly) - 11% 250 USD/ tonne 200 USD 1,000/d 150 Q/Q average change 200 100 USG - NWE 23% 150 50 USG - FE 65% 0 100 USG - SAM 28% - 50 Q2- 2022 Q3- 2022 Q
Slide 19: Estimated swing tonnage sustained at low levels
Estimated swing tonnage sustained at low levels Low competition from product tankers as CPP earnings remain firm Seaborne chemical volume lifted on core chemical tankers and product tankers Mill. tons Share of product tankers lifting chems/veg Est. volume lifted on core chemical tankers Est. volume
Slide 20: The orderbook stands at 20% of existing fleet
The orderbook stands at 20% of existing fleet The chemical tanker fleet will grow in 2026 - 2027, primarily in the medium stainless steel segment Fleet and orderbook (core, deep - sea chemical tankers) Net fleet growth Delivered Orderbook Medium stainless steel 13% Deliveries Recycling Net fleet gro
Slide 21: Near-term outlook dependent on Middle East situation
Near - term outlook dependent on Middle East situation Market outlook highly uncertain as geopolitics continue to be the main driver EXTERNAL FACTORS’ IMPACT GOING FORWARD Demand factors Supply factors • Seaborne chemical exports declined overall in 2Q26, as increased exports from • A strong deliver
Slide 22: Summary
Summary Our results • A net result of USD 54 million in 2Q26, compared to USD 32 million the previous quarter. • Increased TCE per day and total time charter earnings following a strong commercial quarter. Odfjell Tankers • Increase in commercial days due to vessel deliveries and reduced dry - docki
Slide 23: 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@odfje