Clarkson Plc · LSE:CKN
Clarkson — H1 2025 Earnings Presentation
31 slides from Clarkson's earnings presentation, Aug 4, 2025
Slide 1: Results Presentation
Results Presentation 30 June 2025 Andi Case & Jeff Woyda 4 August 2025
Slide 2: Financial Results
FINANCIAL RESULTS Jeff Woyda Chief Financial Officer & Chief Operating Officer 2
Slide 3: Results summary
Results summary To 30 June 2025 2024 £m £m Revenue 297.8 310.1 (4.0%) Underlying profit before taxation (Before acquisition-related costs) 39.4 51.5 (23.5%) Acquisition-related costs (1.9) (1.4) Profit before taxation (After acquisition-related costs) 37.5 50.1 (25.1%) Underlying earnings per share
Slide 4: Segmental performance
Segmental performance Revenue, profit and margin Revenue Revenue Profit Profit Margin Margin 2025 2024 2025 2024 2025 2024 £m £m £m £m Broking 222.2 247.7 41.8 53.4 18.8% 21.6% Financial 28.9 18.3 4.5 1.2 15.6% 6.6% Support 33.6 32.3 2.9 4.0 8.6% 12.4% Research 13.1 11.8 5.1 4.6 38.9% 39.0% |Results
Slide 5: USD v GBP Exchange Rate
USD v GBP Exchange Rate GBP 1 is worth the following in USD 2025 2024 Arithmetic average for the period January to June 1.2972 1.2644 Spot rate as at 30 June 1.3719 1.2637 December 1.3500 2024 Arithmetic average for the period June to December 1.2945 Half Ave 1.3000 Year Ave Half Ave Arithmetic aver
Slide 6: Balance Sheet
Balance Sheet At 30 June (comparatives are at December year-end) Dec Dec Dec Dec June 2021 2022 2023 2024 2025 £m £m £m £m £m Tangible fixed assets 23.7 26.5 29.5 29.5 28.6 Intangible fixed assets (software only) 17.1 15.1 14.9 11.9 10.0 Non-current trade & other receivables 1.0 2.6 4.4 1.0 5.0 Inve
Slide 7: Net available funds and free cash resources
Net available funds and free cash resources 30 June 31 December 30 June 2025 2024 2024 £m £m £m Cash and cash equivalents 265.7 431.3 276.3 Interest-bearing loans and borrowing - - - Current investment deposits 68.9 62.0 45.3 Net cash equivalents 334.6 493.3 321.6 Reserved for bonus (full cost) (107
Slide 8: Movement in free cash resources
Movement in free cash resources 1 January 2025 to 30 June 2025 |Results Presentation Andi Case & Jeff Woyda|4 August 2025 8
Slide 9: Dividend history
Dividend history 23 years of progressive dividend 109 102 93 84 79 78 75 73 62 65 77 60 72 51 56 64 47 50 57 43 53 54 42 50 51 40 36 40 43 39 32 37 32 33 30 25 26 27 26 18 24 15 22 16 30 32 33 11 25 25 27 29 9 21 22 22 23 24 16 16 17 18 18 19 10 12 14 6 7 9 2002 2003 2004 2005 2006 2007 2008 2009 20
Slide 10: Our Markets
OUR MARKETS Andi Case Chief Executive Officer 10
Slide 11: Key Market Dynamics
Key Market Dynamics Increasing complexities, shipping often at the ‘frontline’ of uncertain geo-political dynamics RATES & ACTIVITY SEABORNE TRADE SUPPLY OF SHIPPING ENERGY TRANSITION Softer conditions Underlying volume growth slowing Moderate fleet growth Energy security in some markets in 1H 2025
Slide 12: ClarkSea Index: Remains Elevated
ClarkSea Index: Remains Elevated Cross sector day rate index down 5% y-o-y in 1H 2025, but softer excluding containerships Half Yearly Averages, $/day 45,000 Average $/day 10yr Avg 2023 2024 1H 2024 1H 2025 1H 2025 % y-o-y 39,129 40,000 ClarkSea Index $19,639 $23,629 $24,964 $25,498 $24,101 -5% 38,8
Slide 13: Charter Markets: Recent Segment Trends By Sector
Charter Markets: Recent Segment Trends By Sector Containers firm, some softer trends in other segments though tankers and offshore remain well above trend Softer Markets in 2025 Remaining above trend in 2025 Strong Markets in 2025 Bulkers: moderate, though Cape rally in Q2 Tankers: lower y-o-y b
Slide 14: Asset Markets: Easing Newbuild Activity, S&P More Stable, Price Trends Mixed
Asset Markets: Easing Newbuild Activity, S&P More Stable, Price Trends Mixed Lower newbuild activity, S&P remains active, demolition very low but expected to pick-up Secondhand Prices Newbuilding Price Index Scrap Prices 120 $m VLCC 5yr Old 150 800 2,750 TEU Boxship 10yr Old Index, Jan-20=100 $/ldt,
Slide 15: Chinese Economy: Mixed Trends, Imports Softening After Record 2024
Chinese Economy: Mixed Trends, Imports Softening After Record 2024 Cooler economic growth projected in 2025; some ‘drag’ on imports from softer major bulk volumes Chinese GDP growth continues to trend Chinese seaborne imports hit a record …though Chinese seaborne trade is still lower, though remains
Slide 16: Containerships: Disruption & Complexity: Significant Red Sea Re-Routing Continuing
Disruption & Complexity: Significant Red Sea Re-Routing Continuing 70% drop in Red Sea traffic; re-routing driving ~2.5% uplift in global shipping demand (containerships 11%) Gulf of Aden arrivals running at around Tankers & bulkers down more modestly After slowing through 1H-25, severity of 70% bel
Slide 17: Disruption & Complexity: Sanction Regime Increasing
Disruption & Complexity: Sanction Regime Increasing Impacts on trade volumes and patterns; sanctioned fleet increasing Changing oil trade flows due to Russia- >800 oil tankers now sanctioned by the US, Russian & Iranian oil export volumes are Ukraine conflict supporting longer-haul UK, EU or UN (20%
Slide 18: Disruption & Complexity: US Tariffs
Disruption & Complexity: US Tariffs ‘Only’ 4% of seaborne trade volumes ‘tariffed’, some markets have limited exposure Introduction of new trade tariffs this year Exposure to new tariffs has varied across Tariff Impacts: has impacted a total of ~4% of global commodities, with limited impacts for sea
Slide 19: Supply Backdrop: Orderbook as % Fleet Capacity
Supply Backdrop: Orderbook as % Fleet Capacity The global orderbook remains limited by historical standards at ~17% of capacity, but varies by sector 100% 90% 80% 70% 60% 50% LNG (cbm): 44% 40% LPG (cbm): 41% 30% Containers (TEU): 29% 20% Chemicals (dwt): 18% TOTAL (dwt): 17% Oil Tankers (dwt): 14%
Slide 20: Supply Side Constraints: Shipyards & Orders
Supply Side Constraints: Shipyards & Orders Gradually expanding shipyard capacity in China; still long lead times at >3 years; order volumes weaker in 2025 No. Of Active Yards No. Of Global Newbuilding Orders 350 2009: 3,500 Rest of World 325 yards China - Japan - Korea 2,933 300 3,000 250 2,500 202
Slide 21: Fleet Renewal: Ageing Fleets
Fleet Renewal: Ageing Fleets Average fleet age increasing; over a third of fleet capacity is now over 15 years old Fleet Age Profile, m GT Global Fleet Avg. Age (GT Weighted) Proportion Of Fleet >15 Years Old 120 14 Other Eco Alt. Fuel Capable PCC 51% 100 13 Cruise 44% 80 Tankers 42% 12 Total 36% 60
Slide 22: Asset Markets: Easing Activity, Price Trends Mixed
Asset Markets: Easing Activity, Price Trends Mixed S&P volumes down 15% y-o-y in 1H 2025 with pricing mixed across segments, newbuild and scrap pricing softening Secondhand Prices Newbuilding Price Index Scrap Prices $m $/ldt, India Index, Jan-20=100 120 150 800 VLCC 5yr Old 2,750 TEU Boxship 10yr O
Slide 23: Ship Recycling: Low Levels But Uplift Expected
Ship Recycling: Low Levels But Uplift Expected Fleet age demographics and decarbonisation regulations expected to increasingly support recycling ahead Ship recycling has been running at subdued Potential for increased activity ahead as more levels for the last four years ships become recycling candi
Slide 24: Energy Transition and Energy Security: Offshore Oil & Gas Still 16% Of Global Energy Supply
Energy Transition and Energy Security: Offshore Oil & Gas Still 16% Of Global Energy Supply Offshore Dayrates have softened from records in 2025; still at historically strong levels; very low orderbooks Clarksons Offshore Dayrate Index (AHTS, PSV, jack-ups, floaters and subsea MSVs) Offshore Oil & G
Slide 25: Energy Transition and Energy Security: Offshore Wind Growing & Will Play Vital Role
Energy Transition and Energy Security: Offshore Wind Growing & Will Play Vital Role Mixed investment trends recently, though long-term outlook remains positive; ~380 GW by 2035, 4x today’s level The Growth Of Offshore Wind Offshore Wind In The Energy Transition GW No. Of Farms GW 400 1000 600 No. Of
Slide 26: Decarbonisation Scenarios - Shipping's Emissions In Context
Decarbonisation Scenarios - Shipping’s Emissions In Context International shipping emissions increasing marginally in 2024, >2.0% of global GHG emissions ‘Well-to-Wake’ Global CO2 Emissions By Sector (2023), tonnes CO2 International Shipping Emissions, tonnes CO2 eq 1,300 Other, 1% Global CO2 = Powe
Slide 27: Clarksons Securities transactions across all covered sectors so far during 2025
Clarksons Securities transactions across all covered sectors so far during 2025 Representative transactions across ECM, DCM and M&A Shipping Metals & Minerals Offshore Renewables E&P July 2025 June 2025 July 2025 June 2025 July 2025 June 2025 June 2025 June 2025 Financial advisor to Arise Senior Sec
Slide 28: Outlook
OUTLOOK Andi Case Chief Executive Officer 28
Slide 29: This is a time for progress
Strong Balance Sheet and Free Cash Flow Scale of Forward order book – Short & Long term New hires across the group Best in class across all segments Best tools for trade and technology Best market intelligence This is a time for progress |Results Presentation 29 Andi Case & Jeff Woyda|4 August 2025
Slide 30: Thank You
CLARKSON PLC «ay Ki
Slide 31: 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