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Optional: Insert different cover pages from the UpSlide library Date format: Day, month and year e.g. 30 June 2018 June 2026 Andi Case & Jeff Woyda 3rd August 2026 INTERIM RESULTS
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Financial Results Jeff Woyda Chief Financial Officer & Chief Operating Officer “A record Interim result for the Group”
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To 30 June Andi Case & Jeff Woyda|3rd August 2026 Results summary 2026 £m 2025 £m Revenue 413.5 297.8 +39% Underlying profit before taxation (before acquisition-related costs) 61.5 39.4 +56% Acquisition-related costs (5.9) (1.9) Profit before taxation (after acquisition-related costs) 55.6 37.5 +48% Underlying earnings per share (before acquisition-related costs) 147.6p 98.6p +50% June 2026|Interim Results 3
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Revenue, profit and margin Andi Case & Jeff Woyda|3rd August 2026 Segmental performance R e v e n u e 2026 £m R e v e n u e 2025 £m P r o f i t 2026 £m P r o f i t 2025 £m M a r g i n 2026 M a r g i n 2025 Broking 310.3 222.2 64.8 41.8 20.9% 18.8% Financial 48.1 28.9 11.7 4.5 24.3% 15.6% Support 40.0 33.6 2.6 2.9 6.5% 8.6% Research 15.1 13.1 6.3 5.1 41.7% 38.9% June 2026|Interim Results 4
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GBP 1 is worth the following in USD Andi Case & Jeff Woyda|3rd August 2026 USD v GBP Exchange Rate 2026 2025 Arithmetic average for the period January to June 1.3446 1.2972 Spot rate as at 30 June 1.3197 1.3719 1.1500 1.2000 1.2500 1.3000 1.3500 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2026 2026 2026 2026 2026 2026 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Spot Year Ave Half Ave Half Ave Half Ave December 2025 Arithmetic average for the period June to December 1.3368 Arithmetic average for the period January to December 1.3185 Spot rate as at 31 December 1.3509 June 2026|Interim Results 5
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At 30 June (comparatives are at December year-end) Andi Case & Jeff Woyda|3rd August 2026 Balance Sheet D e c 2022 £m Dec 2023 £m Dec 2024 £m Dec 2025 £m J u n e 2026 £m Tangible fixed assets 26.5 29.5 29.5 27.9 28.5 Intangible fixed assets (software only) 15.1 14.9 11.9 8.9 8.3 Non-current trade & other receivables 2.6 4.4 1.0 3.3 15.3 Investments (relating to convertible bonds) 0.4 0.2 0.2 0.3 0.2 Investments (other) 1.2 1.3 1.9 3.9 5.2 45.8 50.3 44.5 44.3 57.5 Working capital 19.8 26.0 35.0 43.6 80.0 Net available funds 161.7 201.3 243.7 260.1 178.8 181.5 227.3 278.7 303.7 258.8 Pensions 15.4 13.4 12.3 14.4 14.5 Deferred tax 7.5 7.4 10.2 6.3 (3.7) Leases (10.8) (9.8) (10.7) (9.4) (9.6) Net assets before intangibles 239.4 288.6 335.0 359.3 317.5 Intangibles (excluding software above) 173.8 168.0 160.7 168.5 232.3 Net assets 413.2 456.6 495.7 527.8 549.8 June 2026|Interim Results 6
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Andi Case & Jeff Woyda|3rd August 2026 Net available funds and free cash resources 30 June 2026 £m 3 1 D e c e m b e r 2025 £m 30 June 2025 £m Cash and cash equivalents 332.9 401.1 265.7 Current investment deposits 0.1 64.8 63.5 Government bonds 6.3 5.3 5.4 Net cash equivalents 339.3 471.2 334.6 Reserved for bonus (full cost) (160.5) (211.1) (107.5) Net available funds 178.8 260.1 227.1 Held by regulatory businesses (24.2) (28.1) (20.9) Free cash resources 154.6 232.0 206.2 June 2026|Interim Results 7
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1 January 2026 to 30 June 2026 Andi Case & Jeff Woyda|3rd August 2026 Movement in free cash resources June 2026|Interim Results 8
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Andi Case & Jeff Woyda|3rd August 2026 24 years of progressive dividend Dividend history 6 7 9 10 12 14 16 16 17 18 18 19 21 22 22 23 24 25 25 27 29 30 32 33 35 9 11 16 22 24 26 26 27 30 32 33 37 39 40 43 50 51 53 54 57 64 72 77 79 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Interim Final 15 18 25 32 36 40 42 43 47 50 51 56 60 62 65 73 75 78 79 84 93 102 109 112 June 2026|Interim Results 9
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Our Markets Andi Case Chief Executive Officer “Proud of the global team and the breadth and depth of their expertise”
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increasing complexities, shipping on the “frontline” of geopolitics, elevated rate environment Key Market Dynamics RATES & ACTIVITY Elevated rate environment strong charter market conditions generally, very elevated rates across energy shipping. Active asset markets active markets with strong volumes across newbuild and S&P, elevated pricing. SUPPLY OF SHIPPING Fleet growth edging up uneven across segments (gas, container, crude large orderbooks) and complexity in shipbuilding (growing output and capacity, long lead times, geopolitical dynamics). Fleet renewal an underlying trend significant fleet renewal requirements remain and demolition potential offers ‘release valve’ for markets. Sanctions add complexity elderly dark fleet with heightened geopolitical focus. Capital intensive value of world fleet and orderbook $2.4 trillion, strong long term finance requirements. DEMAND FOR SHIPPING Hormuz transit volatility “closure” impacts supportive of markets with loss of volumes mitigated by alternatives, distance and disruption. some volume return with continued disruption remains supportive scenario, oil re- stocking demand, infrastructure investment, economic risks. Disruption still supportive Red Sea re-routing, Russian flows, Venezuela, Panama canal drought, resilience to tariffs. Growth and complexity seaborne trade 13bn t, shipping at “frontline” of geo-politics. ENERGY SECURITY Energy security energy security focus supporting investment in offshore oil and gas, growing LNG and LPG gas trades support energy security and energy transition. Emissions an underlying trend global decarbonisation consensus ‘fragmented’ but remains an underlying supportive trend, some investment in alternative fuel and efficiency continuing. Offshore wind will play a role in long term energy transition and energy security. June 2026|Interim Results 11
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Cross sector day rate index up 61% y-o-y in 1H-26 amid elevated rate environment in energy shipping Source: Clarksons Research. Elevated Rate Environment: ClarkSea Index 39,129 26,191 10,786 11,875 16,761 14,269 12,663 11,991 9,737 9,417 8,844 11,682 11,004 12,482 14,164 14,655 9,880 9,018 10,040 11,495 10,929 13,358 11,760 18,404 16,373 13,304 20,717 36,388 38,884 35,743 24,119 23,140 25,498 24,430 24,101 29,571 38,717 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 1H 2008 2H 2008 1H 2009 2H 2009 1H 2010 2H 2010 1H 2011 2H 2011 1H 2012 2H 2012 1H 2013 2H 2013 1H 2014 2H 2014 1H 2015 2H 2015 1H 2016 2H 2016 1H 2017 2H 2017 1H 2018 2H 2018 1H 2019 2H 2019 1H 2020 2H 2020 1H 2021 2H 2021 1H 2022 2H 2022 1H 2023 2H 2023 1H 2024 2H 2024 1H 2025 2H 2025 1H 2026 Half Yearly Averages, $/day Average $/day 10yr Avg 2024 2025 1H 2025 2H 2025 1H 2026 1H 2026 % y-o-y ClarkSea Index $20,366 $24,964 $26,836 $24,101 $29,571 $38,717 +61% Andi Case & Jeff Woyda|3rd August 2026 June 2026|Interim Results 12
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Cross sector day rate index up 101% y-o-y in 1H-26 amid elevated rate environment in energy shipping Source: Clarksons Research. Elevated Rate Environment: ClarkSea Index (Excl. Containers) 46,126 31,477 12,796 14,542 19,973 15,451 13,08413,009 11,493 9,884 9,427 13,236 12,369 14,149 15,572 16,497 11,18410,269 10,678 12,225 10,878 14,011 11,452 19,316 17,301 12,444 17,457 25,11824,746 30,168 23,762 23,765 25,196 19,229 17,409 23,907 35,054 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 1H 2008 2H 2008 1H 2009 2H 2009 1H 2010 2H 2010 1H 2011 2H 2011 1H 2012 2H 2012 1H 2013 2H 2013 1H 2014 2H 2014 1H 2015 2H 2015 1H 2016 2H 2016 1H 2017 2H 2017 1H 2018 2H 2018 1H 2019 2H 2019 1H 2020 2H 2020 1H 2021 2H 2021 1H 2022 2H 2022 1H 2023 2H 2023 1H 2024 2H 2024 1H 2025 2H 2025 1H 2026 Half Yearly Averages, $/day Average $/day 10yr Avg 2024 2025 1H 2025 2H 2025 1H 2026 1H 2026 % y-o-y ClarkSea Index (Ex Containers) $17,964 $22,213 $20,658 $17,409 $23,907 $35,054 +101% Andi Case & Jeff Woyda|3rd August 2026 June 2026|Interim Results 13
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>95% decline for three months, some return of volumes but “stop-start” with continued disruption Transits declined by 95% for over three months, some return but “stop-start” 0 20 40 60 80 100 120 140 160 180 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 All Vessels (SIN TSID 12792734) Deep Sea Cargo Vessels (SIN TSID 12792744) Total No. Strait of Hormuz Vessel Transits Transit levels remain disrupted and were >80% below ‘normal’ levels in mid July 0 10 20 30 40 50 60 70 Mar Avg Apr Avg May Avg Jun Avg 01-Jul 02-Jul 03-Jul 04-Jul 05-Jul 06-Jul 07-Jul 08-Jul 09-Jul 10-Jul 11-Jul 12-Jul 13-Jul 14-Jul Other LNG (SIN TSID 12792926) LPG (SIN TSID 12792826) Containership (SIN TSID 12792969) Bulkcarrier (SIN TSID 12792761) Products Tanker (SIN TSID 12792949) Crude Tanker (SIN TSID 12792864) No. Strait of Hormuz Vessel Transits Oil flows via Hormuz ~75% down; some support from Yanbu / Gulf of Oman exports Source: Clarksons Research. Series tracks vessels seen to have completed a transit through the Strait of Hormuz. Basis data derived from AIS vessel movem ents data. Timeseries basis completed transits identified and subject to variations in movements data coverage over time. From 28th Feb 2026 series basis enhanced logic to track vessels seen to have completed a transit, whether or not recorded as seen within the Strait of Hormuz itself, to account for “gaps” in AIS transmission, AIS “interference” and “l ocal” vessel activity. Enhanced logic includes assessment of reasonable “consistency” of vessel activity prior to and following transit on the basis of multiple AIS vessel positions. Time -series in this period subject to variation in assessment of AIS vessel position d ata over time. Identifying transits has become more challenging amid increased disruption and the timeseries may "undercount" to some extent . Strait of Hormuz Transit: Sharp Decline, Now Volatility Average Daily Transits Feb: 128 March: 7 April: 14 May: 12 June: 13 1st-9th July: 42 10th-14th July: 21 0 5 10 15 20 25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Crude Tanker (TSID 13129832) Product Tanker (TSID 13129835) Eastbound Tanker Strait of Hormuz Transits m. bbl capacity, 7dma Since start of the conflict: ~1.6bn bbl crude ‘stopped’ ~900m bbl ‘compensated’ ~700m bbl ‘lost’ Gulf crude exports also being supported by increased volumes from the Red Sea / Gulf of Oman Andi Case & Jeff Woyda|3rd August 2026 June 2026|Interim Results 14
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lower volumes mitigated by alternative supply, distance and disruption Source: Clarksons Research. *Basis ‘deep sea cargo’ vessels. Disruption & Complexity: Middle East Conflict Energy Shipping Impacts Yanbu Crude Oil Exports, m bpd Share Of US LNG Exports Shipped To Asia Routing Of US-Asia VLGC Voyages No. Ships In The AtlanticUS Crude Oil Exports, m bpd Panama Canal Waiting Time*, hours 0 1 2 3 4 5 Jan-25 Jul-25 Jan-26 Jul-26 m bpd 2 3 4 5 6 Jan-25 Jul-25 Jan-26 0% 10% 20% 30% 40% 50% Jan-23 Jan-24 Jan-25 Jan-26 0% 20% 40% 60% 80% 100% Q1-23 Q1-24 Q1-25 Q1-26 Cape, % Panama, % Suez, % 50 100 150 200 250 300 Jan-24 Jan-25 Jan-26 VLCC LR2 VLGC 10 20 30 40 50 60 Jan-25 Jul-25 Jan-26 Jul-26 Andi Case & Jeff Woyda|3rd August 2026 June 2026|Interim Results 15
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supportive disruption impacts in non-energy shipping, other supply and demand factors also important Source: Clarksons Research. Disruption & Complexity: Middle East Conflict Other Shipping Market Impacts Container Port Congestion: ISC Average Vessel Speeds Containership Gulf of Aden TransitsRed Sea Containership Activity VLSFO Bunker Price, Singapore $/t 0.0 0.2 0.4 0.6 0.8 Jan-20 Jan-22 Jan-24 Jan-26 Containerships at port in Indian Sub-Continent, m TEU 96 97 98 99 100 101 102 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Bulkcarrier Containership Change Since Start-Mar: Bulker: -0.8% Containership: -1.2% Index (2025 Avg=100) 0 20 40 60 80 100 120 140 Jan-22 Jan-24 Jan-26 Containerships at Jeddah, ‘000 TEU 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 Jan-22 Jan-24 Jan-26 Weekly total, m TEU 0 200 400 600 800 1,000 1,200 Jan-20 Jan-22 Jan-24 Jan-26 Seaborne Coal Trade 80 85 90 95 100 105 110 115 120 125 130 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2025 2026 Seaborne Coal Trade Indicator, Index Andi Case & Jeff Woyda|3rd August 2026 June 2026|Interim Results 16
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0 50 100 150 200 250 2020 2021 2022 2023 2024 2025 2026 Thousands LNG Carrier 160k cbm Spot Rate VLGC MEG-Chiba Spot Earnings $000/day 0 20 40 60 80 100 120 140 160 2020 2021 2022 2023 2024 2025 2026 Thousands Clarksons Avg. Tanker Earnings, $000/day 0 5 10 15 20 25 30 35 40 45 2020 2021 2022 2023 2024 2025 2026 Thousands Clarksons Avg. Bulker Earnings, $000/day cross-segment strength, elevated “energy” shipping rate environment, bulkers and containers firmer Car Carriers: renewed momentum for now Bulkers: firm conditions led by Capes Gas Carriers: record VLGC rates; LNG firmer Source: Clarksons Research, June 2026 Charter Markets: Recent Segment Trends By Sector Tankers: still very elevated if down from peakOffshore: firm overall, some gains through 1H Containers: firm at post-Covid highs 0 20 40 60 80 100 120 140 2020 2021 2022 2023 2024 2025 2026 Clarksons Offshore Index Solid Markets In Mid 2026 0 20 40 60 80 100 120 140 2020 2021 2022 2023 2024 2025 2026 Thousands 6,500 ceu 1yr TC Rate 5,000 ceu 1yr TC Rate $000/day Very Strong Markets In Mid 2026 → 0 10 20 30 40 50 60 70 80 90 100 2020 2021 2022 2023 2024 2025 2026 Thousands Clarksons Avg. Containership Earnings, $000/day Andi Case & Jeff Woyda|3rd August 2026 June 2026|Interim Results 17
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Andi Case & Jeff Woyda|3rd August 2026 June 2026|Interim Results strong S&P volumes especially Q1, elevated newbuild investment, recycling remains slow Asset Markets: Recent S&P And Newbuild Trends Secondhand Prices Newbuilding Price Index Scrap Prices 90 100 110 120 130 140 150 Jan 20 Jan 21 Jan 22 Jan 23 Jan 24 Jan 25 Jan 26 0 40 80 120 160 Jan 20 Jan 21 Jan 22 Jan 23 Jan 24 Jan 25 Jan 26 VLCC 5yr Old 2,750 TEU Boxship 10yr Old Capesize 5yr Old MR 5yr Old 0 100 200 300 400 500 600 700 800 Jan 20 Jan 21 Jan 22 Jan 23 Jan 24 Jan 25 Jan 26 $/ldt, IndiaIndex, Jan-20=100$m Secondhand Sales Newbuild Contracting Recycling Volumes 0 20 40 60 80 100 10yr Avg 1H 2020 2H 2020 1H 2021 2H 2021 1H 2022 2H 2022 1H 2023 2H 2023 1H 2024 2H 2024 1H 2025 2H 2025 1H 2026 m dwt 0 10 20 30 40 50 10yr Avg 1H 2020 2H 2020 1H 2021 2H 2021 1H 2022 2H 2022 1H 2023 2H 2023 1H 2024 2H 2024 1H 2025 2H 2025 1H 2026 m CGT 0 5 10 15 20 10yr Avg 1H 2020 2H 2020 1H 2021 2H 2021 1H 2022 2H 2022 1H 2023 2H 2023 1H 2024 2H 2024 1H 2025 2H 2025 1H 2026 m dwt Source: Clarksons Research. Prices as at end month. Scrap price basis Capesize bulker. 18
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Andi Case & Jeff Woyda|3rd August 2026 June 2026|Interim Results 13.0bn tonnes, 88% of total trade; average haul of trade up 10% since 2019 Global Seaborne Trade, bn tonnes Seaborne Trade: Growth and Complexity, 13bn tonnes and 88% of all trade 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Thousands Dry Bulk Oil Containers Gas Others Trade per Capita (LHS) 4,000 4,200 4,400 4,600 4,800 5,000 5,200 5,400 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2026: 11th consecutive year of growth Global Seaborne Trade Average Haul, nautical miles Source: Clarksons Research, Jul 2026. ^Monthly seaborne trade series based on ‘basket’ of dry bulk, oil, container, gas, chemical and car trades, representing c.80% of global seaborne trade. 19
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0 300 600 900 1,200 0 20 40 60 80 100 120 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26 Millions dwt No. (RHS) m. dwt No. Ships 17% of oil tanker fleet under sanction, rising to ~24% if vessels with broader “nexus” included disruption providing generally supportive tailwinds for now Source: Clarksons Research, * basis flows across 2026 YTD. Disruption & Complexity: Supportive Impacts Continue Red Sea Re-Routing Broadly Continuing US Trade Policy Impacts Evolving El Niño: Panama Canal Chokepoint In Focus Venezuelan Oil Flows Rising Russia-Ukraine Trade Flow Shifts Holding Sanctioned Oil Tanker Fleet 0 5 10 15 20 25 30 35 40 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Total Transits Containership Transits Total Gulf Of Aden Vessel Transits, m. GT 0 1 2 3 4 2021 2022 2023 2024 2025 2026* Europe China India Others Russian Crude Flows By Destination, m. bpd 0.0 0.5 1.0 1.5 2.0 2.5 2010 2015 2020 2025 US China India Europe Others Venezuelan Crude Flows By Destination, m. bpd 30 35 40 45 50 55 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Weekly Panama Canal Transits, m. GTTariff Framework Details IEEPA (“Reciprocal” & Fentanyl tariffs) • “Liberation Day” tariffs invalidated by US Supreme Court in Feb-26 Section 122 • Temporary 10% tariff on all countries now in place after IEEPA levies struck out; tariffs due to expire 24th July ‘26 Section 301 / 232 • Tariffs placed on specific countries / goods following USTR investigation, includes duties on steel / cars seen in 2025 (still in place) • New investigations launched in Q1 26 but will take time before fresh duties are introduced Andi Case & Jeff Woyda|3rd August 2026 June 2026|Interim Results 20
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dayrates edged up in 1H; energy security focus may support E&P spend; wind growth expectations more realistic Clarksons Offshore O&G Dayrate Index Offshore Oil & Gas Investment Growth Of Offshore Wind Source: Clarksons Research. Dayrate Index: Fleet-size weighted index of dayrates across AHTS, PSVs, Jack-up drilling units, floating drilling units and subsea MSVs. All wind data available on Renewables Intelligence Network. Energy Transition and Energy Security: Offshore Oil & Gas Still 16% Of Global Energy Supply 0 100 200 300 400 500 600 700 800 900 0 50 100 150 200 250 300 350 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027f 2029f 2031f 2033f 2035f GW No. Of Farms (RHS) Capacity (LHS) Basis Gradual Transition. Data is presented as start- year totals. No. Of Farms 40 50 60 70 80 90 100 110 120 130 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26 Start 2007 = 100 0 50 100 150 200 250 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Projected CAPEX Estimated CAPEX (LHS) Includes redevelopment, EOR and expansion projects. FID Year $US billion Offshore oil & gas project investment has been relatively encouraging across 1H-26, with ~$59bn committed.Energy security focus may see increased investment going forward Andi Case & Jeff Woyda|3rd August 2026 June 2026|Interim Results 21
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orderbook equivalent to 21% of existing fleet capacity, up from 10% in 2020 but well below 2008 level of >50% Pace of fleet growth is picking up, with further acceleration expected in 2027 Source: Clarksons Research. July 2026. Supply Backdrop: Fleet Growth Picking Up, Expanding Orderbook 0% 2% 4% 6% 8% 10% 12% 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026f Fleet, end year Fleet Growth % Global Fleet (m GT) Orderbook is now equivalent to 21% of existing fleet capacity 0% 10% 20% 30% 40% 50% 60% 2005 2010 2015 2020 2025 Orderbook As % Of Fleet (% dwt) Orderbook uneven across sectors, largest in large containerships and gas carriers 9% 13% 14% 16% 18% 18% 21% 26% 26% 33% 35% 37% 47% 0% 10% 20% 30% 40% 50% Ferry Offshore Bulkers Containerships <3k TEU PCCs Product Tankers Total Containerships 3-8k TEU Crude Tankers Cruise LPG Carriers LNG Carriers Containerships >8k TEU Orderbook As % Of Fleet (% Capacity) Andi Case & Jeff Woyda|3rd August 2026 June 2026|Interim Results 22
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timing of removals may not align with newbuild programs; uncertainty remains over sanctioned ships The global fleet age has continued to gradually rise, now averages ~13.5yrs Fleet age uneven; higher share of elderly tonnage in tankers, smaller containerships Source: Clarksons Research. July 2026 Fleet Renewal: Requirement Remains Amid Ageing Fleet 8 9 10 11 12 13 14 Jul-06 Jul-08 Jul-10 Jul-12 Jul-14 Jul-16 Jul-18 Jul-20 Jul-22 Jul-24 Jul-26 Average Fleet Age (Years, GT-weighted) 0 20 40 60 80 100 120 1995 1999 2003 2007 2011 2015 2019 2023 2027 2031 2035 Millions Theoretical Tonnage Turning 25 Years Old, By Year, m GT 18.7% 29.9% 30.9% 34.0% 40.9% 44.8% 46.8% 48.9% 51.2% 52.9% 58.3% 67.1% 68.4% 0% 20% 40% 60% 80% Containerships >8k TEU LNG Carriers LPG Carriers Bulkers Total Cruise Crude Tankers Product Tankers PCCs Containerships <3k TEU Offshore Containerships 3-8k TEU Ferry Proportion Of The Fleet 15yr+ (% GT) Older vessels make up a rising share of the fleet, with 41% of tonnage 15yrs+ 0 20 40 60 80 100 120 ≤ 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 Other Eco Alt. Fuel Capable Fleet Age Profile (m GT) Andi Case & Jeff Woyda|3rd August 2026 June 2026|Interim Results 23
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Yard output rising amid a build out of shipbuilding capacity, primarily in China Yard output rising, led by increasing volumes from China Deliveries as a proportion of the fleet historically moderate but rising Source: Clarksons Research. July 2026 Shipbuilding: Capacity & Output Growing, Complexities Building 0 10 20 30 40 50 60 70 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026f China South Korea Japan Europe Other Deliveries By Builder Country (m. CGT) 0% 2% 4% 6% 8% 10% 12% 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026f Deliveries as a % of Start-Year Fleet, m. GT China is leading the global buildout of capacity • Shipyard output increasing since 2020 • Shipyard capacity increasing since 2020 • China is the focus but generally expansion and reactivation not “greenfield” • Shipbuilding geo-politically strategic today so some expansion plans in other countries • Long lead times and elevated pricing • Changes to costs base of shipbuilding • Orderbook today 21% of fleet versus 55% at peak in 2008 Andi Case & Jeff Woyda|3rd August 2026 June 2026|Interim Results 24
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Source: Clarksons Research. Shipping capital markets continue to be subdued Continuing complexities in ship finance market Total world fleet and orderbook value now standing at $2.4tn 0 5 10 15 20 25 30 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD Offshore Shipping (excluding Cruise/Pass) Total Capital Market Activity, $bn Tankers 16% Bulkers 17% Boxships 20% Gas 11% Other Vessels 20% Offshore 16% Total Estimated Value: $2.4tn 0 5 10 15 20 25 BoCom Leasing BNP Paribas China Exim Credit Agricole CIB KfW IPEX-Bank ICBC Leasing KEXIM Bank of China SMBC SumiTrust ING Bank Iyo Bank CaixaBank CMB Leasing K-Sure Societe Generale CIB Citigroup DnB Standard Chartered UBS (Credit Suisse) CDB Leasing ABN Amro Bank of America Korea Development Bank SEB Top 10: $160bn Top 11-20: $89bn Portfolios in green represent 14 of the 36 Poseidon Principles Signatories Ship Finance: Shipping Remains Hugely Capital Intensive strong finance competition, significant finance needed long-term for fleet renewal / green ships Andi Case & Jeff Woyda|3rd August 2026 June 2026|Interim Results 25
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26June 2026|Interim Results Andi Case & Jeff Woyda|3rd August 2026 Metals & Minerals Renewables E&P Shipping Offshore Energy Despite geopolitical turmoil capital markets have been receptive to new transactions Clarksons Securities delivered a record 1st half driven by broad based transaction activity Maritime Assets January 2026 Private Placement of NOK 200m Joint Lead Manager and Bookrunner Energy & Natural Resources February 2026 Secondary placement of NOK 89m Sole Bookrunner January 2026 Private Placement of USD 130m Joint Global Coordinator and Bookrunner February 2026 Private placement of USD 50m Sole Global Coordinator and Joint Bookrunner February 2026 Private Placement of USD 500m Joint Bookrunner March 2026 Private Placement and IPO of USD 75m Joint Global Coordinator and Bookrunner May 2026 Secondary Placement of shares of NOK 1.2bn Global Coordinator & Joint Bookrunner June 2026 Secondary Placement of shares of NOK 300m Joint Bookrunner July 2026 Private placement of NOK 1,065m Co-Manager Joint Lead Manager April 2026 Convertible Senior Notes of USD 375m Joint Bookrunner February 2026 Tap Issue of Sr. Secured Bond of NOK 600m April 2026 Convertible Senior Notes of USD 300m Joint Bookrunner Joint Bookrunner May 2026 Senior Unsecured Bond of USD 175m May 2026 Senior Secured Notes of USD 2,035m Joint Global Coordinator and Joint Bookrunner Joint Bookrunner June 2026 Senior Unsecured Notes of USD 700m Joint Bookrunner March 2026 Senior Secured Bond of USD 350m Sole Manager and Bookrunner May 2026 Senior Secured Bond of USD 210m Global Coordinator and Bookrunner March 2026 Senior Secured Bond of USD 120m March 2026 Secondary placement of shares of NOK 1,176m Joint Global Coordinator and Bookrunner Co-Manager January 2026 Senior Secured Bond USD 350m Joint Bookrunner May 2026 Senior Secured Bond of USD 150m June 2026 Private placement of NOK 756m Sole Manager Co-Manager May 2026 Senior Secured Bond of USD 400m Joint Lead Manager and Joint Bookrunner June 2026 Senior Secured Bond USD 200m March 2026 Acquisition of Rana Gruber Financial Advisor to Champion Iron June 2026 Sale to Eldorado Drilling valued at USD 261m Sole Strategic and Sell-Side Advisor to Vantage July 2026 Senior Secured Bond of USD 550m Joint Bookrunner May 2026 Private Placement of NOK 38m Joint Bookrunner April 2026 Uplisting to Euronext Oslo Børs Listing Advisor April 2026 2x2011-built Capesize of USD 74m Project Finance June 2026 2x2027 Newbuild Ultramax of USD 75m Project Finance Joint Global Coordinator and Joint Bookrunner July 2026 Senior Secured Bond of USD 650m Co-Manager June 2026 Senior Secured Bond of USD 800m May 2026 Acquired by Brødrene Jensen and AWC Sole Financial Advisor to Brødrene Jensen & AWC June 2026 Private Placement of NOK 21m Sole Bookrunner
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Physical and derivative commodity broking and data provision • Leading voice broker in North American physical crude oil • Significant market share • Long standing relationships across 300+ clients S T R A T E G I C R A T I O N A L E Supports Clarkson’s further growth into physical commodities by acquiring an established market with significant market share and ability to expand into adjacent markets. • A leading futures broker in North American crude oil and refined products derivatives • Market execution for oil majors, traders and financial institutions • Continued growth in market share ST R A T E GI C R A T I O NA LE Opportunity to grow US presence in futures and expand relationships with Clarksons existing clients and “link” the offering. • Leading provider of North American crude oil market data, forward curves and pricing intelligence • Real time price reports, transaction data and market commentary • Extensive and growing commercial demand from producers, refiners, traders & exchanges ST R A T E GI C R A T I O NA LE New recurring high margin revenue stream and scope to expand data sold from other products. 27 Completed acquisitions Andi Case & Jeff Woyda|3rd August 2026 June 2026|Interim Results
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Technology & Geographic diversification Technological leadership Acquisition: Zuma • Market-leading maritime technology platform: • Venetian, a broker-led trading and workflow platform, and • Prism, an AI-enabled data and productivity platform. • Strengthens our digital offering and creates opportunities to integrate technology, research, data and broking workflows across the wider Group. ST R A T E GI C R A T I O NA LE Positioning Clarksons at the centre of technology-enabled maritime and commodities markets. Geographic expansion Acquisition: SERPAC • A strong platform for growth in the Peruvian market, expanding Clarksons’ presence across Latin America. • Brings an established local client base, experienced management team and strong market position. ST R A T E GI C R A T I O NA LE Enhancing geographic diversification and supporting the Group’s long-term growth in emerging markets. 28 Completed acquisitions Andi Case & Jeff Woyda|3rd August 2026 June 2026|Interim Results
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Outlook Andi Case Chief Executive Officer
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Record First half result • Geopolitical volatility • Shipping complexity • Energy security Market leader and financially strong • Robust Balance Sheet and Free Cash Flow • Best in class across all segments • Best market intelligence & tools for trade Made significant progress • Scale of Forward order book – Short & Long term • New hires across the group • M&A activity
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Thank You
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Andi Case & Jeff Woyda|3rd August 2026 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” basis. Clarksons and all its Group companies make no representations or warranties of any kind, express or implied about the completeness, accuracy, reliability, suitability or availability with respect to the Information. Any reliance placed on such Information is therefore strictly at the recipient's own risk and no responsibility is accepted for any loss or damage howsoever arising. Please note that future rates and/or forward looking predictions are for illustration purposes only and given without guarantee; the ultimate outcome may be different. This Information is not for reproduction or distribution without Clarksons’ prior written consent. Especially, the Information is not to be used in any document for the purposes of raising finance whether by way of debt or equity. All intellectual property rights are fully reserved by Clarksons, its Group companies and/or its licensors. This disclaimer shall be governed by and construed in accordance with English law. COMMODITY QUAY, ST KATHARINE DOCKS, LONDON, UNITED KINGDOM, E1W 1BF June 2026|Interim Results 32