Odfjell Se Class A · OSL:ODF
Odfjell Se Class A — Q3 2026 Earnings Presentation
23 slides from Odfjell Se Class A's earnings presentation, Nov 5, 2026
Slide 1: 3Q26 Presentation | Odfjell SE | November 5, 2026
3Q26 Presentation | Odfjell SE | November 5, 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 4Q25 1Q26 2Q26 3Q26 3Q25 FY25 Time charter earnings 168.2 167.0 195.0 192.1 173.3 683.3 • Odfjell's strong safety performance continued in 3Q26. Total opex , TC, G&A (81.1) (88.9) (85.8) (89.5) (78.6) (314.8) • Time charter earnings ended at US
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 1Q26 2Q26 3Q26 A Net Timecharter Earnings (TCE) 167.0 195.0 192.1 A. TCE of USD 192 million, slightly below 2Q26 TC expenses (15.2) (14.4) (11.7) i. Reduced spot rates in 3Q26 and increased lift
Slide 6: TCE per day fell in 3Q26, while cash break-even improved
TCE per day fell in 3Q26, while cash break - even improved Odfjell Tankers | Cash break - even vs. TCE per day Comments USD/day 37,000 36,000 • Our TCE per day ended at USD 27,892 in 3Q26, 35,000 TCE/day down from USD 29,486 in the previous quarter. Cash break - even/day (12m rolling avg.) – Driven
Slide 7: Balance sheet, Odfjell Group
Balance sheet, Odfjell Group Assets USD million, unaudited 1Q26 2Q26 3Q26 A Ships and newbuilding contracts 1,297.6 1,305.8 1,270.6 A Right of use assets 285.7 321.0 370.0 Developments and key take - aways Investments in associates and JVs 182.8 180.9 186.4 Other non - current assets/receivables 25.
Slide 8: Cash flow, Odfjell Group
Cash flow, Odfjell Group Cash flow Developments and key take - aways USD million, unaudited 1Q26 2Q26 3Q26 Net result 32.1 53.5 40.4 A. Operating cash flow was USD 85 million in 3Q26, an increase of USD 4.3 million from 2Q26, reflecting stable TCE compared to 2Q26 due to increased commercial Adjustm
Slide 9: Another quarter of strong free cash flow
Another quarter of strong 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 (12mo rolling) • Operating cash flow in 3Q26 was USD mill. 84.9 mill, up from USD
Slide 10: Debt development
Debt development Scheduled repayments interest –bearing - debt*, USD million Comments 100 87 80 70 60 46 • As of 3Q26, nominal interest - bearing Balloons debt stood at USD 767 million 40 30 22 17 21 Loan instalments excluding Debt, right - of- use (“ROU”) 20 16 Lease capital repayments assets. Tota
Slide 11: Capex & TC commitments
Capex & TC commitments Capex including purchase options USD million 4Q26 2027 2028 2029 Total ▪ In July we took delivery of, Bow Pluto, a 26,000 dwt newbuilding. Newbuildings - 137.5 64.9 51.2 253.6 ▪ Remaining capex commitment relates to four 40,000 dwt newbuildings scheduled to be delivered from 1
Slide 12: Agenda
Agenda 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 13: Strong commercial quarter
Strong commercial quarter Material increase in lifted volumes partly explained by vessel deliveries, despite decline in global chemical exports Comments ▪ Odfjell’s volumes were 3.6m mt in 3Q26, up near 500,000 mt from the previous quarter and at the highest level since 2022. – COA share of volume d
Slide 14: Earnings decline alongside weaker average spot rates in 3Q26
Earnings decline alongside weaker average spot rates in 3Q26 Firm activity in commodity chemicals, CPP, and bios contribute to increased volumes lifted Odfix vs. Clarksons Spot TCE Chemical Index* Change in cargo segment volumes 230 220 ODFIX index 210 Clarksons Spot TCE Chemical Index Specialty che
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% 15.0 • AER* in 3Q26 ended at 6.9 for our 15 controlled fleet, the same as in 2Q26. 14 13 • Disruptions and security risks
Slide 16: Tank Terminals
Tank Terminals Solid performance continues amid disrupted markets Performance Total capacity at Odfjell Terminals (1,000 cbm ) ▪ The portfolio's average commercial occupancy was 95% in 3Q26, stable from the Existing capacity Capacity under construction previous quarter. Throughput increased by appro
Slide 17: Agenda
Agenda 01 Highlights 02 Financials 03 Operational review 04 Market update and prospects
Slide 18: Chemical spot rates declined during 3Q26, but gained some momentum towards the end of the quarter
Chemical spot rates declined during 3Q26, but gained some momentum towards the end of the quarter VLCC earnings Chemical tanker freight rates (bunker adjusted) +93% West of Suez (monthly) 250 USD/ tonne 300 USD 1,000/d 250 Q/Q average change 200 200 150 USG - NWE - 40% 150 100 USG - FE - 37% 50 100
Slide 19: Swing volumes low amid tailwind in other tanker segments
Swing volumes low amid tailwind in other tanker segments High freight rates in crude and product tanker markets provided low incentive to swing into chemicals Seaborne chemical volume lifted on core chemical tankers and product tankers Product mix on core, deep - sea chemical tankers ( MMt) Mill. to
Slide 20: The orderbook stands at 18% of existing fleet
The orderbook stands at 18% of existing fleet Significant chemical tanker fleet expansion in 2026 - 2027, most notably in the medium stainless steel segment Fleet and orderbook (core, deep - sea chemical tankers) Net fleet growth Delivered Orderbook Medium stainless steel 4% of orderbook 18% of flee
Slide 21: Tanker market rally so far results in moderate spillover into chemicals
Tanker market rally so far results in moderate spillover into chemicals Market outlook is highly uncertain as geopolitics continue to be the main driver EXTERNAL FACTORS’ IMPACT GOING FORWARD Demand factors Supply factors • Seaborne chemical/bio exports in 3Q26 increased modestly from the previous •
Slide 22: Summary
Summary Our results • Group net result of USD 40 million in 3Q26, compared to USD 54 million the previous quarter. • Total time charter earnings decreased slightly due to lower spot rates. Odfjell Tankers • Solid increase in lifted volume following strong commercial performance and a 455 - day incre
Slide 23: Contact
Contact Investor Relations Nils Jørgen Selvik | Tel: +47 920 39 718 | E - mail: [email protected] Media Anngun Dybsland | Tel: +47 415 48 854 | E - mail: [email protected] ODFJELL SE | Conrad Mohrs veg 29 | P.O. Box 6101 | 5892 Bergen | Norway Tel: +47 55 27 00 00 | E - mail: mail@odfje