Odfjell : Capital Markets Day 2026

About this update from Odfjell Se Class A

Presentation I Odfjell SE ' May 26, 2026 ODFJELL Agenda Odfjell SE, Capital Markets Day 2026 Time 10:00 - 10:20 Topic Presenter Welcome: Keeping a steady course in an Harald Fotland CEO uncertain world 10:20 - 10:40 10:TO-11.00 11:00-11:15 11:15-11:30 11:30- 11:A5 Finance update Odfjell Tankers Coffee break Market outlook Odfjell Terminals Terje Iversen CF0 Bjorn Hammer CC0 Nils Jorgen Selvik VP Finance & IR Adrian Lenning MD Odfjell Terminals 11:Q5-12:15 12:15 -13:00 Concluding remarks by CEO Harald Fotland, and Q&A moderated by Ole G. Stenhagen Lunch/mingling session with light food 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 Mill. mt. 245 236 239 241 250 261 300 250 200 150 100 50 0 2021A 2022A 2023A 2024A 2025A 2030E Global demand for chemical tankers Mill. DWT. 50 40 30 20 10 0 40 38 39 4O 41 43 2021A 2022A 2023A 2024A 2025A 2030E 6 MSI Horizon, Odfjell 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 2026 Suction sail retrofits and on newbuildings 15.0 8.9 8.8 8.3 8.0 2008 2018 2019 2020 2021 2022 2023 2024 2025 Gate rudders Sail-adjusted weather routing Speed optimization Sharp increase in biofuel consumption after 2024 Ultrasound on the hull In-transit hull cleaning Automatic inefficiency alerts Business intelligence on all generated data Established green corridor between Brazil and Europe 8 term, and to Resilient performance and a strong financial position O u s r trategy is designed to the short the long term" in a dynamic chemical tanker market With improved earnings in recent years and capital discipline our financial position is historically robust EBITDA Chemical Tankers EBITDA Tank terminals 5-year avg. ROCE 13.5% 5-year avg. ROE 20.1% 412 480 550 412 157 120 93 187 93 235 211 33 284 274 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Equity ratio 39% 36% 37% 31% 33% 38% ñ1% 33% 27% 26% 27% 35% ñ0% ññ% ñ9% LTV 56% 55% 15% 50% 56% 59% 62% 63% 63% 65% 61% 50% 18% 19% 11% Break-even 25,86d 27,279 25,370 26,099 23,0ñ3 22,62d 21,103 20,007 21,209 21,18d 21,040 22,598 23,ñ68 22,850 22,88d ROCE 2,5% (2,0%) (6,4%) (0,9%) 1,7% 7,9% 8,0% (8,1%) 2,8% 6,1% 2,1% 12,2% 16,7% 19.0% 11.7% ROE 30,6% (11,6%) (12,8%) (10,8%) (5,6%) 10,6% 11,8% (29,8%) (6,1%) 1,9% (5,9%) 22,7% 27,2% 32.1% 16.7% Note: Chemical Tankers EBITDA from 2019 include effects from IFRS16. Adjusted for these effects, EBITDA would be USD 128m in 2019, USD 187m in 2020, USD 167m in 2021, USD 300m in 2022, USD 365m in 2023, USD 423m in 2024 and USD 309m in 2025. 12 Odfjell has strengthened its balance sheet and delivered steady dividends - entering a new phase of dividends, investment and growth Total debt reduced by -USD 170m since height in 2020, in parallel -USD 390m has been paid in dividends Interest-bearing debt development (MUSD) 1527 2021 2022 2023 2024 2025 1026 1026 5.5 5.0 3.5 3.0 NIBD/ EBITDA (LTM) Dividend payments (MUSD) 391 Total dividends last 4 yrs equals 42% of current market cap 25 2.5 2.0 1.5 FY20 FY21 FY22 FY23 FY24 FY25 1Q26 FY26F FY27F 2022 2023 2021 2025 1Q26 Total *Forecasted period assumes same TCE p.d. as 1Q26 going forward 0dfjell's dividend policy is to pay out 50% of adjusted net result semi-annually. The policy is designed to deliver predictable and sustainable dividends going forward. 13 Note: Nominal interest-bearing debt, including all bank loans, financial leases and USD swapped bond debt Solid access to capital at competitive terms Odfjell capital structure 1Q26 Bank debt Size $m 598 % of cap. structure Cost per Competitive day pricing ✓ Increase in bank debt to overall capital structure Competitive pricing and market terms Solid interest from top-tier shipping banks Reduced exposure after buyback transactions and 29 Financial lease debt 56 1013 ✓ maturities Competitive pricing on new opportunities Currently only Japanese lessors in portfolio Currently one bond outstanding, issued in June 2025 at Bond debt 102 308 attractive pricing ✓ NOK 1,000 mill swapped to USD 97.l mill Proven attractive option for access to growth capital ROU Assets, debt 299 984 48 10225 (✓) (✓ Increase of long-term TC contracts to portfolio Market pricing trending up, reflecting newbuild prices Attractive access to Japanese new built tonnage Price/book below 1x Growing number of shareholders Share liquidity still a focus area Equity 1€ 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% 1357 1 055 Financial lease 43 % of Total debt 2020 1Q26 2Q29 Bank debt Financial lease Operational lease Bond Dwt owned Over the last 5 yrs we have reduced financial lease significantly and increased bank debt Our operational lease debt (IFRS16) has remained stable despite adding 11 newbuildings to our fleet on long-term time charter, with ordinary capital repayments and the purchase of four operational leased vessel through attractive purchase options, acquired at around 30% below market values. Our average cost of debt (excluding benchmark rates) has reduced from an average of3l8% p.a. in 2020to 1.95% p.a. as ofl026 Operational lease will grow as we take delivery of the 17 newbuilds on long-term TCs, and is set to increase from USD 299 mill in 1Q26 to USD 560 mill 2Q29 after delivery of last vessel currently on order. Operationall lease's relative share of interest-bearing debt will increase from 28% in 1Q26 to - ñ3% in 2Q29 Existing TC fleet accounted for -20% of revenue days, TCE and Net result over the last four quarters. Odfjell currently has five newbuildings on order for own accounts, one 26,000 dwt. vessel to be delivered in July 2026 and bank financed, and four ñ0,000 dwt. vessels scheduled for delivery between 1Q27 and 1Q29. The ñ0,000 dwt newbuildings were signed in April 2026 and has not been +21% Odfjell fleet* dwt. (1,000) 2,492 3,090 2,546 Dwt operational lease Dwt short-term TC financed yet. Both bank financing and lease structures will be considered. In the projection shown in the graph, they have been assumed financed by banks. 2020 15 *Excluding pool vessels 1Q26 2029 1 600 000 1 500 000 1 400 000 1 300 000 1 200 000 1 100 000 1 000 000 600 000 800 000 700 000 600 000 500 000 400 000 300 000 200 000 100 000 0 Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- 20 20 20 20 21 21 21 21 22 22 22 22 23 23 23 23 24 24 24 24 25 25 25 25 26 26 26 26 27 27 27 27 28 28 28 28 26 26 26 26 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 S&A per vessel Total break-even: USD 22,G50/day OPEX per day split 23 132 21172 Crew Ship geneal Technical Provision Insurance Projects OPEX Finance cost TC hire GGA DD/CAPEX Finance cost per day split Margin LIBOR/SOFR Instalments TC 0wned/BB Our reported break-even allocates all Odfjell-holding costs to vessels. Total cash cost is divided by number of trading days (as opposed to calendar days) to arrive at cash break-even per day. Time charters are generally fixed cost and correlates to the underlying market. DD/CAPEX includes upgrades and projects on vessels. 17 G6A split equally across TC and Owned/BB Financing cost includes 100% of bond expenses. Cash break-even on chemical tankers remains a key area of focus 23 548 22 850 22 884 22507 Going forward a growing Odfjell fleet will unlock economies of scale - adding revenue days on existing platform OPEX DD/CAPEX G&A TC/BB hire SOFR Margin 21991 Stable development in cash break-even last year, forecasted to decrease slightly in 2026 as 10 new vessels enters the fleet. Longer term, break-even remains above 2019 level as we have seen cost inflation. As we have refinanced many of our financing facilities at improved terms and repaid interest-bearing debt, interest expense and instalments have come down with approximately USD 830 per day in 2025 compared to 2019. From 2019 to 2023 increase in benchmark rates countered some of the effect of improved terms from refinancings. 2019 2023 2024 2025 2026F Totafcost base USD 530m USD 56lrn USD 540m USD 538m USD 608m Trading days 24106 23.828 23619 23,501 27.037 Avg. vessel size 33,51d dwt 36,391 dwt. 36,153 dwt. 35,641 dwt. 34,080 dwt Instalments 18 28000 2C000 24000 22.000 0 Cash break-even development since peak in 2012 -16% 2012 2014 2016 2018 2020 2022 2024 2026 Solid investment capacity for future growth Estimated balance sheet effect from planned and potential future investments Investment Assumptions Delivery of long-term TCs Six 25,000 dwt vessels delivered from 2026 to lO27 Planned growth and new investments Nine 35-40,000 dwt super segregatores to be delivered from 3026 to 1029 Two 49,000 dwt to be delivered in 4D27 and 1028 Total nominal TC hire commitment of USD l,053m and -USD 530 in new ROU Assets. New build program One 25,000 dwt vessel to be delivered 3D26 Four 40,000 dwt super segregators to be delivered from lQ27 to 1Q29 Total remaining capex commitment per 1026 of - USD 325mfrom 2026-2029 Liquidity impact Equity impact -$19m Working capital and prepaid hire -S94m Depending on financing -3% -S73m Some second-hand opportunities exists, either as straight purchase or joint venture/project structures Illustrative example; purchase of 4x vessels at USD 50mpervessefand 65% LTV -S33m Example investment: USD -200m Funded at Odfjell SE level with new debt and use of cash from balance sheet 20

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