Odfjell Se Class A · OSL:ODF
Odfjell Se Class A — Investor Day (May 2026)
58 slides from Odfjell Se Class A's investor day presentation, May 26, 2026
Slide 1: Capital Markets Day
Capital Markets Day Presentation | Odfjell SE May 26, 2026
Slide 2: Agenda
Agenda Odfjell SE, Capital Markets Day 2026 Time Topic Presenter Welcome: 10:00 – 10:20 Keeping a steady course in an Harald Fotland CEO uncertain world 10:20 – 10:40 Finance update Terje Iversen CFO 10:40- 11.00 Odfjell Tankers Bjørn Hammer CCO 11:00– 11:15 Coffee break 11:15– 11:30 Market outlook
Slide 3: Opening remarks
Opening remarks Klikk for å redigere tekststiler i malen Harald Fotland Chief Executive Officer
Slide 4: Odfjell's strategy is designed to capture the short term and de-risk the long term
Odfjell’s strategy is designed to capture the short term , and to de- risk the long term Key guiding principles Our long - term goals SAFETY SAFETY CHEMICAL TANKERS We do not compromise Industry leading safety record with zero The leader within deep - sea chemical on safety incident target tankers C
Slide 5: At the heart of global trade
At the heart of global trade Our core business is handling hazardous liquids – safely, efficiently and sustainably Company highlights 2025 Milestones 1 The world’s first operational green corridor 2 First Odfjell vessel with suction sails Operational excellence Specialized fleet Global presence 3 No
Slide 6: Global volumes set to grow, adding further demand for chemical tankers
Global volumes set to grow, adding further demand for chemical tankers Chemicals are vital in the production of almost all products we use in our daily lives Demand is set for moderate growth Chemicals are essential for 96% of manufactured products worldwide Global volume of liquid chemical cargoes
Slide 7: The orderbook stands at 21% of existing fleet
The orderbook stands at 21% of existing fleet The chemical tanker fleet will grow in 2026 - 2027, mainly in the medium stainless steel segment Fleet and orderbook (core, deep - sea chemical tankers) Net fleet growth Medium stainless steel S. Korea 1% 13% Deliveries Recycling Net fleet growth (%) of
Slide 8: Odfjell continue our journey towards sustainability
Odfjell continue our journey towards sustainability Our decarbonization strategy is built upon three pillars, enabling optionality and continuous progress Odfjell is on a continued downwards AER trajectory … … chasing improvements in different areas to maintain our leading position - 53.3% Suction s
Slide 9: Expanding AI capabilities to prepare for the future
Expanding AI capabilities to prepare for the future Odfjell works with AI on three levels, and within all three pillars of transformation AI- driven gains Level 3 Enterprise AI Business - critical systems Level 2 Low - code AI Department automation Level 1 Consumer AI Personal productivity People Pr
Slide 10: Geopolitics increasingly affect market outlook
Geopolitics increasingly affect market outlook Market fundamentals still apply, but the timing of events has an impact Fundamental market drivers Market friction and disruptions Core chemical tanker supply Tariffs and other trade barriers Orderbook size versus current fleet Sanctions related to Russ
Slide 11: Finance
Finance Klikk for å redigere tekststiler i malen Terje Iversen Chief Financial Officer
Slide 12: Resilient performance and a strong financial position in a dynamic chemical tanker market
Resilient performance and a strong financial position in a dynamic chemical tanker market With improved earnings in recent years and capital discipline our financial position is historically robust 550 EBITDA Chemical Tankers 44 5- year avg. ROCE 13.5% 480 EBITDA Tank terminals 5- year avg. ROE 20.1
Slide 13: Odfjell has strengthened its balance sheet and delivered steady dividends
Odfjell has strengthened its balance sheet and delivered steady dividends – entering a new phase of dividends, investment and growth Total debt reduced by ~USD 470m since height in 2020, in parallel ~USD 390m has been paid in dividends Interest - bearing debt development (MUSD) NIBD/ EBITDA (LTM) Di
Slide 14: Solid access to capital at competitive terms
Solid access to capital at competitive terms Odfjell capital structure 1Q26 % of cap. 2018 % cap. Cost per Competitive Size $m structure structure day pricing ▪ Increase in bank debt to overall capital structure Bank debt 598 29 21 7 867 ✓ ▪ Competitive pricing and market terms ▪ Solid interest from
Slide 15: Evolving debt capital structure – from financial lease to bank and operational lease
Evolving debt capital structure – from financial lease to bank and operational lease Bank debt and operational lease (IFRS16) is set to increase with new vessels entering fleet in coming years 1526 +29% • Over the last 5 yrs we have reduced financial lease significantly and increased bank debt 1357
Slide 16: A changing debt capital structure, cont.
A changing debt capital structure, cont. From financial lease to bank and an increasing TC fleet Total Interest - bearing debt development with owned and IFRS16 newbuilding deliveries (USD 1000)* 1 600 000 1 500 000 Operating lease Financial lease 1 400 000 Bonds Bank loans 1 300 000 1 200 000 1 100
Slide 17: Stable development in cash break-even
Stable development in cash break - even TC newbuilds to be delivered are on average larger in size, increasing marginal cost. Average hire for the TC fleet is forecasted to remain below current cash break - even level, and economies of scale will contribute positively to reduce G&A per vessel Break
Slide 18: Cash break-even on chemical tankers remains a key area of focus
Cash break - even on chemical tankers remains a key area of focus Going forward a growing Odfjell fleet will unlock economies of scale – adding revenue days on existing platform 23 548 22 850 22 884 22 507 ▪ Stable development in cash break - even last year, forecasted 21 991 to decrease slightly in
Slide 19: Strong free cash flow from current cost base
Strong free cash flow from current cost base FCF to equity potential and EBITDA less interest expenses at various points in the cycle Super cycle Odfjell average TCE/day for LTM (2Q25 - 1Q26) was USD 28,423 FCF to equity was USD 134 mill 424 EBITDA less int. exp. and IFRS16 capital repayments was US
Slide 20: Solid investment capacity for future growth
Solid investment capacity for future growth Estimated balance sheet effect from planned and potential future investments Investment Assumptions Liquidity impact Equity impact ▪ Six 25,000 dwt vessels delivered from 2Q26 to 1Q27 ~6% ▪ Nine 35 - 40,000 dwt super segregatores to be delivered ~$19m Max.
Slide 21: New investments can be done while remaining within financial targets
New investments can be done while remaining within financial targets Impact from new investments is time dependent, but we can simulate pro forma effect from various growth initiatives Odfjell SE equity (%) simulated impact from various growth initiatives 50 Potential investments Planned growth and
Slide 22: Estimated NAV with ample headroom to current share price
Estimated NAV with ample headroom to current share price Estimated market value for our vessels and terminals indicate a NAV per share of ~NOK 190, while current market cap is below book value 2 133 USD million Fleet valuation 250 • Based on YE25 broker indications, conservatively adjusted down 10%
Slide 23: Solid performance for the Odfjell share, both LTM and long-term
Solid performance for the Odfjell share, both LTM and long - term ODF Historical performance vs tanker peers 200 Company Share Price Return Share Total Total return (1Q21→1Q26) Price CAGR Return CAGR Odfjell 319% 33% 502% 43% 150 Analysts avg. A- share target price • . Peer 1 164% 21% 242% 28% 100 P
Slide 24: Delivering on our finance strategy
Update picture Delivering on our finance strategy • We have utilized a strong market in recent years to strengthen our balance sheet and return capital to shareholders • We have successfully optimized our debt structure with access to a wide variety of funding sources at a competitive cost of capita
Slide 25: Odfjell Tankers
Odfjell Tankers Klikk for å redigere tekststiler i malen Bjørn Hammer Chief Commercial Officer
Slide 26: Odfjell Tankers
Odfjell Tankers Preferred operator in deep - sea transportation of liquid specialty cargoes Strategic highlights Modern and fuel - efficient fleet, mostly stainless steel Global presence across all major deep - sea chemical trade routes Proven capability in managing highly complex chemical cargo ope
Slide 27: The Odfjell Trade
The Odfjell Trade Legend Chemicals Vegoils CPP Fronthaul Backhaul • Presence in all major deep sea chemical trade routes with a versatile fleet • Extensive market knowledge and well diversified contract portfolio across trades and products 27
Slide 28: A robust and diversified CoA portfolio, consolidated during strong markets
A robust and diversified CoA portfolio , consolidated during strong markets Our significant contract coverage provides resilience and solid commercial relationships with our customers Highly diversified customer group and cargo mix… S table CoA proportion between 50 - 60%… COA Spot Remaining custome
Slide 29: TCE remains at elevated levels despite volatile geopolitical environment
TCE remains at elevated levels despite volatile geopolitical environment Chemical tanker earnings have increased in recent months on the back of Middle East disruptions Odfjell Chemical Tankers TCE/ day vs. break - even TCE/ day development since cycle start (USD/day) Chemical spot freight rates, bu
Slide 30: Middle East volumes will remain unavailable for the foreseeable future
Middle East volumes will remain unavailable for the foreseeable future Unpredictable regional situation to create prolonged disruption in the Arabian Gulf Heat map – Key regional impacts Key figures China is a large importer of Strait of Hormuz transits (weekly) crude and methanol from MEG, but also
Slide 31: Effects from the conflict will drag out
Effects from the conflict will drag out It is uncertain when the Strait of Hormuz will open, how fast production can be ramped up, and how much production capacity is damaged and will require more significant time to return Regional instability likely entails prolonged avoidance of Strait of Hormuz
Slide 32: A stable commercial platform that allows for short-term flexibility
A stable commercial platform that allows for short - term flexibility Our fleet structure and contract portfolio provides a stable base, but we adjust to market fluctuations While a 50 - 60% COA share is the target, it changes with the market … We prioritize specialty chemicals, but the produc t mix
Slide 33: High-quality chemical tankers, optimized for serving global markets
High - quality chemical tankers, optimized for serving global markets Strategic focus on the deep - sea market , employing advanced tonnage with multiple cargo segregations Fleet highlights The Odfjell fleet - The world’s most energy - efficient in its segment Vessels in fleet Vessels on order ~20-
Slide 34: Odfjell fleet development
Odfjell fleet development Our fleet will grow over the next years with flexibility to adjust the scale Odfjell fleet deliveries and flexibility (no. of vessels) +34% +17% 94 3 2 82 9 12 70 10 Avg. fleet age Avg. fleet age 12.9 10.6 2025 fleet 2026 2027 2028 2029 2030 fleet High Fleet flexibility 203
Slide 35: As a highly specialized industrial owner, we invest through the cycle
As a highly specialized industrial owner, we invest through the cycle Where our previous renewal push was supported by the low - cycle, we were now able to secure favorable terms for the next generation of super - segregators though strong relationships and beneficial JPY/USD movements Clarksons new
Slide 36: Continuing the path towards net-zero shipping
Continuing the path towards net - zero shipping Gate rudder and wind assisted propulsion systems show promising results and potential sign of synergies On the back of more than 140 ESD installations… … we are continuing to pioneer uptake of sustainable solutions with attractive return metrics On the
Slide 37: Bow Erikson: Leading our super-segregator fleet renewal
Bow Erikson: Leading our super - segregator fleet renewal Next generation super - segregator equipped with state - of- the- art energy saving devices HIGHLIGHTS Propelling our super - segs into the future 19- 23% - $0.9m 7x Reduction in bunkers Estimated annual Identical vessels in consumption bunke
Slide 38: Summary: Odfjell Tankers
Summary: Odfjell Tankers A modern fleet, strong contract portfolio and flexible growth strategy support Odfjell’s leading position Leading position • Odfjell maintains a leading position within the chemical tankers market with a global presence and 72 vessels. • Presence in all major deep sea chemic
Slide 39: The market
The market Klikk for å redigere tekststiler i malen Nils Jørgen Selvik VP Finance & IR
Slide 40: With a diversified cargo mix, chemical tanker earnings are less volatile
With a diversified cargo mix, chemical tanker earnings are less volatile While linked to the broader tanker markets, the chemical tanker market is differentiated, leading to less volatile earnings Ultimate driver Vessel supply dynamics Annual earnings volatility, 2017 - 2025 80 USDk/ day 70 Organic
Slide 41: Global chemical production is forecast to increase
Global chemical production is forecast to increase Chemical and vegoil production is projected to grow more than 10% towards 2030, despite slower growth in the world’s largest economies, although how much of this is exported depends on a range of factors Market share development, organic and inorgan
Slide 42: Petrochemicals form a complex, interconnected market
Petrochemicals form a complex, interconnected market Different fossil sources yield different feedstocks, yielding different product slates further downstream Gas - based petchem route: Ethane cracking, Oil- based petchem route: Naphtha Methane- to- methanol ethylene - focused product slate cracking
Slide 43: Feedstock defines production and flows
Feedstock defines production and flows Regions vary in fossil sources, organic chemical feedstock, inorganic chemicals, and import/export balances • Imported feedstock (naphtha, NGLs, oil) in combination with domestic coal China • Broad slate of petchems , major exporter of sulfuric acid and caustic
Slide 44: We operate in four different market segments with various outlooks
We operate in four different market segments with various outlooks Odfjell is predominantly focused on transporting chemicals, representing ~80% of our total volumes Odfjell core business Business ODF volume Characteristics Selected products Market outlook segment LTM Core , • Phosphoric acid • Matu
Slide 45: Geopolitical events and subsequent supply disruptions have driven the market in recent years
Geopolitical events and subsequent supply disruptions have driven the market in recent years Spot market development (2016 – 2026 YTD) Comments • Chemical tanker market development in recent years has 200 U.S. & Israel attack Iran to an increasing degree been an outcome of geopolitical Clarksons Spo
Slide 46: Chemical volumes are resilient and directionally linked to GDP growth
Chemical volumes are resilient and directionally linked to GDP growth Increased sailing distance has been a key driver for tonne - mile demand the last decade Year - on- year growth rates for volumes, tonne - miles and GDP growth Global GDP projections Annual change 9.9 Global GDP: 3.4% 3.1% 3.2% 10
Slide 47: Our market is stable over time, and the outlook is balanced
Our market is stable over time, and the outlook is balanced Geopolitical and macroeconomic uncertainty create short - term headwinds, but long - term growth remains positive Chemical trade Annual seaborne chemical trade ( MMt) • Oversupply and global instability continues to weigh on near - term out
Slide 48: Fundamentals are expected to support a balanced development, while geopolitical volatility clouds the outlook
Fundamentals are expected to support a balanced development, while geopolitical volatility clouds the market outlook Demand | Chemical tanker tonnage demand Swing supply | Estimated swing tonnage 60 10% Share of product tankers lifting chems/veg 40 Est. volume lifted on product tankers 5% Y/Y growth
Slide 49: Odfjell Terminals
Odfjell Terminals Klikk for å redigere tekststiler i malen Adrian Lenning Managing Director, Terminals
Slide 50: Terminal platform centered around "local leaders" in strategic locations
Terminal platform centered around “local leaders” in strategic locations Expansion 4 Number of terminals 0.4 potential (CBM, million) 1.3 Storage capacity (CBM, million) 44.1 Adj. EBITDA* (USD, million) 476 Number of storage tanks 12 Tank terminals South America network Odfjell Terminals Odfjell Ter
Slide 51: Odfjell Terminals is a core infrastructure business, powered by the full Odfjell machinery
Odfjell Terminals is a core infrastructure business, powered by the full Odfjell machinery Ticks all the boxes of prime infrastructure assets… …with a differentiated value proposition Integrated and Long - dated Acyclical Strong visibility on Hedge Industry track Hands - on, Unique value Diversifica
Slide 52: In partnership with local management teams, we continue to drive hands-on operational value creation
In partnership with local management teams, we continue to drive hands - on operational value creation 1. STRATEGIC DIRECTION 2. COMMERCIAL 3. PERFORMANCE 4. DISCIPLINED AND AND ASSET OPTIMIZATION INITIATIVES ACCRETIVE EXPANSIONS DEVELOPMENT Terminal Tankpit Completion Cbm • Terminal Master Plan (OT
Slide 53: Proven value creation at NNOAT with 95% EBITDA growth
Proven value creation at NNOAT with 95% EBITDA growth through accretive expansions and operational improvements PERFORMANCE ACCRETIVE COMMERCIAL EBITDA IMPROVEMENT EXPANSIONS OPTIMIZATION GROWTH +33% +45% +18% 95% 2025 vs 2018 Automation & process Expansions Product mix & rate • Infrastructure upgra
Slide 54: Applying our toolkit with the ambition to 2.5x OTK EBITDA by 2028
Applying our toolkit with the ambition to 2.5x OTK EBITDA by 2028 vs. 2022, and 3.5x value since buyout of LG PERFORMANCE ACCRETIVE DISCIPLINED NAV GROWTH IMPROVEMENT EXPANSIONS M&A Target Multiple expansion ~USD 135 mln +80% +70% vs 9.0x by 2028 vs ~USD 39 mln in 2020 Full Potential Plan E5 and Jet
Slide 55: In sum, performance improvements and accretive expansions have lifted EBITDA by ~85%
In sum, performance improvements and accretive expansions have lifted EBITDA by ~85% Added more than 188,000 cbm totaling ~USD 200 mln of Delivering strong EBITDA growth and margin expansion investments, with another 120,000 cbm under construction across the portfolio Build - outs Current EBITDA * (
Slide 56: Key take-aways
Key take - aways Global footprint centred around “ local leaders ” in key chemical hubs Characteristics of prime infrastructure assets , representing material value Hands - on operational value creation , in partnership with local management Proven value creation model delivering 188,000 cbm of expa
Slide 57: Closing remarks
Closing remarks Klikk for å redigere tekststiler i malen Harald Fotland Chief Executive Officer
Slide 58: Thank you!
Thank you! Investor Relations Nils Jørgen Selvik | Tel: +47 920 39 718 | E - mail: nils.jorgen.selvik@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