Interim report
Page 1
Second quarter/ First half 2026 Report | Odfjell SE August 20, 2026
Page 2
Highlights – 2Q26 • Odfjell's strong safety performance continued in 2Q26. • The four Odfjell-operated vessels that were in the Middle East Gulf have all safely left the region. At present, Odfjell is not considering transits through the Strait of Hormuz. • Time charter earnings ended at USD 195 million, compared to USD 167 million in 1Q26. • TCE per day for the quarter was USD 29,486 versus USD 27,232 in 1Q26, reflecting stronger spot markets early in the quarter. • EBIT of USD 69 million, compared to USD 46 million in 1Q26. • Net result contribution from Odfjell Terminals of USD 1.8 million, versus USD 2.3 million in 1Q26. • Net result of USD 54 million in 2Q26, compared to USD 32 million the previous quarter. Adjusted net result amounted to USD 56 million, compared to USD 26 million in 1Q26.* • The carbon intensity (AER) of our controlled fleet improved to 6.9 in 2Q26, from 7.0 in the previous quarter, despite continued inefficiencies related to the conflict in the Middle East Gulf. • Odfjell took delivery of two newbuildings on long term time charter in 2Q26, and sold one vessel for sustainable recycling. Agreements were signed in the quarter to purchase four super-segregators, to be constructed at the Kitanihon shipyard in Japan. • The Board approved a dividend of USD 0.52 per share, based on adjusted 1H26 results. This is in accordance with Odfjell's dividend policy to distribute 50% of net result adjusted for one-off items on a semi-annual basis. Second quarter/ First half 2026 report "The geopolitical situation remains highly unpredictable. I am relieved that all our operated vessels have now safely left the Middle East Gulf, and appreciate our competent team who ensured the safety of crews and ships before and during their transits. We captured the firm spot market during the second quarter, while strong competition and reduced global volumes currently make up a more challenging environment. Following a strong second quarter, we expect the underlying net result in 3Q26 to be lower and closer to the level reported in 1Q26". CEO Harald Fotland, Odfjell SE 2Q26 Odfjell Group Key figures * Based on 79.1 million outstanding shares ** Ratios are annualized (USD mill, unaudited) 3Q25 4Q25 1Q26 2Q26 2Q25 FY25 Time charter earnings 173.3 168.2 167.0 195.0 174.2 683.3 Total opex, TC, G&A (78.6) (81.1) (88.9) (85.8) (77.6) (314.8) Net result from JV's 2.6 1.8 2.8 2.2 1.9 9.2 EBITDA 97.3 88.9 81.0 111.3 98.4 377.6 EBIT 59.0 52.6 45.6 68.8 58.6 224.6 Net financial items (15.3) (14.4) (13.0) (15.1) (18.5) (67.7) Net result 42.8 38.0 32.1 53.5 40.1 155.3 EPS* 0.54 0.48 0.41 0.68 0.51 1.96 ROE** 17.5% 16.0% 11.1% 22.4% 18.4% 16.7% ROCE** 12.8% 11.7% 9.2% 14.5% 12.5% 12.1% 2* This includes in total USD 6.9 million in 2Q26 related to an Odfjell Tankers’ customer settlement following a favorable outcome of a recent arbitration.
Page 3
Result development Balance sheet and cash flow Odfjell’s cash balance was USD 165 million at the end of 2Q26. Committed undrawn facilities were USD 219 million, bringing total available liquidity to USD 385 million. Cash flow from operations was USD 81 million in 2Q26 versus USD 50 million in the previous quarter. This increase was primarily due to increased time charter earnings. Debt, right of use assets increased with the delivery of two new vessels on long term time charter. Corporate developments During the quarter, the sale of the contract for a 26,000 dwt vessel currently under construction at Dingheng shipyard was concluded and the vessel Bow Faith was sold for recycling. In sum, we received USD 23.2 million in proceeds from these transactions and realized a capital loss of USD 0.7 million. In April, we signed agreements to purchase four 40,000 dwt vessels to be constructed at the Kitanihon shipyard in Japan and delivered from 1Q27 to 1Q29. Total investment amounts to around USD 290 million. First pre-delivery installments for a total amount of USD 35 million have been paid in this quarter. After the end of 2Q26, we took delivery of our 25,000 dwt newbuilding, Bow Pluto. The vessel has been paid with cash and is set to be financed during 3Q26 as part of an existing bank facility. 2Q26 Odfjell Group 3 2Q26 EBIT versus 1Q26 EBIT (USDm) 45.6 28.0 0.9 (1.3) (0.7) 2.1 (7.2) 68.8 1Q26 TCE TC Exp. Opex JV Net result G&A Depreciation & Capital gain 2Q26 Profit and loss Reported time charter earnings were USD 195 million in 2Q26, up 28 million from 1Q26. Gross revenues were up USD 71 million, while voyage expenses increased by USD 43 million. The increase in gross revenue was primarily driven by higher freight rates and more commercial revenue days with the delivery of three new vessels during last quarter and two this quarter. Higher bunker expenses also led to increased gross revenues (bunker adjustment clauses) and voyage expenses. A customer settlement following a favorable outcome of a recent arbitration also positively affected our gross revenue with USD 5.3 million and USD 1.6 million in interest income. TCE per day was USD 29,486 in 2Q26 excluding customer settlement. Cash break-even per day was USD 21,804, compared to USD 22,984 in 1Q26. The decrease in cash break-even was primarily driven by more commercial revenue days and less dry-docking activity in the quarter. Total operating expenses, time charter expenses, and G&A expenses decreased slightly from the previous quarter. EBIT ended at USD 69 million, up from USD 46 million in 1Q26. Odfjell Terminals' net result contribution was USD 1.8 million, versus USD 2.3 million in 1Q26. The net result for 2Q26 was USD 54 million, an increase of USD 21 million from 1Q26. Adjusted for non-recurring items, the result was USD 56 million, compared to USD 26 million in 1Q26. 1 Excluding debt and adjustments related to right of use of assets, negative value derivatives USD bond, and capitalized transaction expenses Key figures (USD mill) 31.12.25 31.03.26 30.06.26 30.06.25 Cash and available-for -sale investments 148.6 131.3 165.3 131.0 Interest bearing debt1 704.4 747.7 733.6 735.4 Debt, right of use assets 238.9 298.5 335.2 285.7 Net debt 794.6 914.8 903.5 890.1 Available drawing facilities 195.7 226.7 219.4 174.3 Total equity 992.7 983.9 1,030.1 955.8 Equity ratio 48.8% 46.1% 46.1% 46.0% Equity ratio in covenants (IFRS 16 Adj.) 55.5% 53.9% 54.6% 53.6%
Page 4
TCE per day ended at USD 29,486 in 2Q26, up from USD 27,232 in the previous quarter. We renewed a minor share of our contract portfolio in the quarter at moderate average rate increases. We also gained new contracts in the quarter. Commercial revenue days for our chemical tankers ended at 6,409 in 2Q26, which was 295 days higher than the previous quarter. This is mainly explained by vessel deliveries and reduced off-hire. We took delivery of two 25,000 dwt time charter vessels in the quarter, and our total orderbook at quarter end stood at 20 vessels, five of which are to be owned by Odfjell. One vessel was sold for sustainable recycling in 2Q26. All 2Q26 safety and operational KPIs remained well within targets. Odfjell lifted 3.2 million tonnes in 2Q26. This is in line with 1Q26, but somewhat softer when taking into account vessel deliveries and a higher number of commercial days. Global seaborne chemical volumes were down 6% during the same period. The Contract of Affreightment (COA) share increased slightly to 46%, still below historical levels due to continued shortfall of Middle East Gulf export volumes. Odfjell utilized the brief "normalization" in the Strait of Hormuz earlier in the summer, moving all four Odfjell-operated vessels that were in the Middle East Gulf safely out of the region. However, the conflict quickly flared up again, effectively closing the Strait of Hormuz. The situation in Bab el-Mandeb has escalated. This development does not directly affect Odfjell, as we have not passed through the strait since late 2023, but some operators are now forced to reroute via Cape of Good Hope, effectively reducing fleet capacity. Spot rates firmed significantly in the spring months, but have since softened. This is driven primarily by tonnage repositioning and a reduction in global volumes following the Hormuz strait closure. 2Q26 Odfjell Group Chemical Tankers 4 Key result drivers 2Q25 3Q25 4Q25 1Q26 2Q26 TCE/day (USD) 30,306 28,174 27,978 27,232 29,486 Quarterly cash break-even per day (USD) 23,791 22,054 21,817 22,984 21,804 Total volumes carried (Million tonnes)* 3,5 3,5 3,4 3,2 3,2 – COA volumes 1,8 2,0 1,9 1,4 1,5 – Spot volumes 1,7 1,5 1,4 1,8 1,7 Total calendar vessel days 6,425 6,542 6,386 6,386 6,646 Commercial revenue days 6,002 6,401 6,262 6,114 6,409 Off-hire days 423 134 125 271 237 Fleet (number of vessels / dwt. million) 72/2.6 70/2.5 70/2.5 73/2.6 74/2.6 2013 2015 2017 2019 2021 2023 2025 60 80 100 120 140 160 180 200 220 240 ODFIX vs Clarksons chemical tanker spot earnings index Odfix index Odfix average 2013 - 2026 Clarksons Spot TCE Index Clarksons average 2013 - 2026 Chemical tanker spot earnings index (midcycle = 100) 24.4% * Sub-categories may not add up to total volume due to rounding 9.8%
Page 5
2Q26 Odfjell Group Tank Terminals Odfjell Terminals key figures (Odfjell share) 3Q25 4Q25 FY25 1Q26 2Q26 2Q25 FY26 Gross revenues 22.9 22.9 90.2 22.5 22.4 22.3 44.9 Odfjell Terminals US (OTUS) EBITDA 7.2 6.7 27.4 6.8 6.7 6.7 13.5 Odfjell Terminals Korea (OTK) EBITDA 1.5 1.3 6.0 1.4 1.5 1.5 2.9 Noord Natie Odfjell (NNOAT) EBITDA 2.9 2.6 10.0 2.8 2.8 2.4 5.6 Total Odfjell Terminals EBITDA* 9.3 7.9 32.5 10.6 10.7 6.9 21.4 EBIT 2.8 1.6 7.5 4.4 3.8 0.6 8.2 Net financials (1.8) (1.7) (5.8) (1.9) (1.8) (1.4) (3.6) Net results 0.1 (1.0) (1.6) 1.8 1.3 (1.6) 3.0 Net debt 100.2 101.8 101.8 104.9 103.8 97.7 103.8 Commercial average occupancy rate (%) 95.2 96.0 95.7 93.9 95.5 95.7 95.5 Commercial available capacity (1,000 cbm) 1,287 1,294 1,294 1,307 1,299 1,287 1,299 5*Including corporate and nonrecurring items. Capital expenditure and expansions The construction of Tankpit-S at Noord Natie Odfjell Antwerp Terminal (NNOAT) is progressing on budget and schedule. The project will add 18 duplex stainless steel tanks with a total capacity of 36,000 cbm, scheduled to be operational in 1Q27. At Odfjell Terminals Korea (OTK), the E5 expansion project is progressing on budget and schedule. The project will add ten carbon steel tanks with a total capacity of 87,940 cbm and is scheduled for commissioning in 4Q26. Work is also progressing on the refurbishment of OTK’s second jetty. Upon completion, scheduled for 3Q27, the refurbished jetty will enhance OTK’s operational flexibility, efficiency, and strategic value to customers. All CAPEX is locally funded within the respective joint ventures. Operations and financial results The portfolio's average commercial occupancy increased to 96% in 2Q26, up from 94% in 1Q26. Throughput increased by approximately 6% quarter-on-quarter, while handlings remained broadly stable. In the U.S., storage demand remained soft as customers maintained a cautious approach amid macroeconomic uncertainty. In Europe, disruptions to Middle East Gulf-linked trade flows reduced throughput from selected product streams, although storage demand remained strong. In Korea, subdued petrochemical market conditions and constrained feedstock availability weighed on storage inquiries and activity towards the end of the quarter. The consolidated EBITDA in 2Q26 was USD 10.7 million, compared with USD 10.6 million in 1Q26. The consolidated net result was USD 1.3 million, compared with USD 1.8 million in 1Q26, with the decrease driven by a write-down of approximately USD 0.5 million at the U.S. terminals. Excluding this item, the underlying net result was unchanged quarter-on-quarter. Looking ahead to 3Q26, market conditions are expected to remain subdued for as long as the Strait of Hormuz situation is unresolved, continuing to drive variance across regions. Subsequent to quarter-end, the Delaware Court of Chancery issued its ruling in the previously disclosed shareholder dispute in Odfjell Terminals US, entering judgment in favor of Odfjell on all counts. Odfjell is reviewing the ruling and its implications.
Page 6
Odfjell’s CII* development Carbon intensity is slightly lower this quarter than in 1Q26, but higher than in the same quarter last year. CII is sensitive to trade variation, customer commitments, biofuel use, and seasonal changes, and was also negatively affected by reduced tonne-miles from vessels operating in the Middle East Gulf during the period of disruption in the Strait of Hormuz. Climate adaptation El Niño conditions are strengthening and expected to intensify through end-2026, altering rainfall patterns and raising drought and flood risk. In Panama, reduced rainfall could limit water for canal lock operations, leading to further draft restrictions or fewer transit slots. Drawing on lessons from the 2023–2024 event, the canal authority is preparing for potential water constraints. We continue to monitor the situation and assess operational and market impacts. ESG award Odfjell was awarded the Gold award in the main category “ESG Leader of the year” under International Shipping ESG Awards in Athens, for the company’s work on “Decarbonisation and climate leadership, people empowerment and social responsibility, governance excellence and sustainability reporting”. 2Q26 Odfjell Group Sustainability 6 15.0 6.8 6.9 Odfjell IMO 2008 baseline AER 2025 AER 2Q26 Updates to the EU Emission Trading System In July, the European Commission proposed a substantial revision of the EU ETS for the period after 2030. For Odfjell, the main implications are a declining allowance cap and continued carbon-compliance obligations into the 2040s, while the maritime ETS's geographical coverage remains unchanged. Its interaction with a potential future IMO market-based measure is still unresolved. More positively, the proposed SMAP (Sustainable Maritime Alternative Propulsion) mechanism could narrow the cost gap for eligible sustainable fuels and clean propulsion technologies, including wind- assisted propulsion, while closer alignment of MRV, EU ETS, and FuelEU Maritime reporting should reduce administrative duplication. - 54.0% Note: AER in the chart above refers to controlled fleet, including Flumar. The Odfjell IMO baseline refers to a calculated baseline based on 2019 data in accordance with IMO guidance. AER is calculated iaw. IMO regulations as per Marpol Annex VI regulation 2.49, and document MEPC.336 (76), MEPC.337 (76), MEPC.338 (76), MEPC.339 (76) and represents the IMO Carbon Intensity Index (CII) 2Q26 Previous quarter Same q. last year FY 2025** FY 2024** Controlled fleet 6.9 7.0 6.8 6.8 7.1 Operated fleet 7.3 7.4 7.3 7.2 7.4 Carbon intensity and IMO baseline, Odfjell-controlled fleet Controlled fleet includes owned, financial lease, and bareboat. Operated fleet includes all vessels operated by Odfjell Tankers. *Carbon Intensity Indicator (CII) is calculated using the Annual Efficiency Ratio. AER: Unit grams of CO2 per tonne-mile (gCO2/dwt-nm). The AER will on a quarterly basis be sensitive to seasonal variations on factors like temperature, weather and port congestion. The figures should be regarded as preliminary and will be reviewed by a 3rd party once a year. **Weighted average based on total full-year emissions/tonne mile
Page 7
Market outlook Freight rates remain elevated in several deep-sea trades compared to levels before the Middle East Gulf conflict but have eased from the peaks seen during the early phases. Strong crude and product tanker earnings continue to limit swing tonnage in our core trades. Alternative sourcing of chemical volumes and continued avoidance of the Red Sea are supporting sailing distances, while bunker costs remain higher than before the Strait of Hormuz effectively closed. Geopolitical disruption remains a key market driver, and negotiations between the U.S. and Iran have been inconclusive. The announced 60- day truce briefly improved sentiment but was short-lived, and hostilities quickly resumed. All four Odfjell-operated vessels exited the Middle East Gulf safely during the truce period. Odfjell currently does not intend to send vessels through the Strait of Hormuz. The loss of Middle East chemical volumes has been partially offset by increased exports and longer-haul sourcing from other regions, particularly the U.S. Initial concerns about immediate feedstock shortages in Asia have eased somewhat, but reduced Middle Eastern supply continues to weigh on Northeast Asian petrochemical operating rates and spot cargo demand. Global chemical and vegoil trade is forecast to decline by around 2% in 2026, with this percentage increasing as the conflict drags on. Tanker demand, however, should be cushioned by longer voyage distances and shifting trade patterns. The IMF forecasts global economic growth of around 3% for the year, providing some underlying support to chemical demand. 2Q26 Odfjell Group Prospects 7 On the supply side, new chemical tanker deliveries are adding to capacity, particularly in the medium-sized vessel segment. The orderbook has declined as vessels enter service and now represents approximately 20% of the existing fleet in our core segment, with Odfjell accounting for around 13% of the orderbook. Recycling is expected to increase as the fleet ages. While insufficient to offset scheduled deliveries in the near term, a high number of recycling candidates provides a buffer should markets soften. Guidance With slightly softening spot markets and new vessels coming into the market, we expect reduced time charter earnings per day ahead. Global inefficiencies and limited swing tonnage are expected to provide continued support to rates in the near term. The market uncertainty remains high, and the outlook will change as the conflict in the Middle East Gulf develops. Odfjell Terminals anticipates overall stable underlying results in 3Q26. Following a strong second quarter, we expect the underlying net result in 3Q26 to be lower and closer to the level reported in 1Q26. Bergen, August 20, 2026 THE BOARD OF DIRECTORS, ODFJELL SE
Page 8
Statement of Responsibility We confirm that, to the best of our knowledge, the condensed set of financial statements for the first six months of 2026, which have been prepared in accordance with IAS 34 Interim Financial Statements, as adopted by the European Union, gives a true and fair view of the Company’s consolidated assets, liabilities, financial position and results of operations, and that the interim management report includes a fair review of the information required under the Norwegian Securities Trading Act section 5-6 fourth paragraph. Bergen, August 20, 2026 THE BOARD OF DIRECTORS OF ODFJELL SE Laurence Ward Odfjell Jannicke Nilsson Christine Rødsæther Jan Kjærvik Erik Nyheim Tanja Jo Ebbe Dalgaard Harald Fotland CEO 8 2Q26 Odfjell Group
Page 9
Interim financial information – ODFJELL GROUP CONSOLIDATED STATEMENT OF PROFIT OR LOSS (Figures based on equity method) (USD mill) Note 1Q26 2Q26 2Q25 YTD26 YTD25 FY25 Gross revenue 1, 2 265.9 336.8 281.5 602.6 558.3 1,115.4 Voyage expenses 1, 2 (98.8) (141.8) (100.9) (240.6) (203.0) (404.7) Pool distribution — — (6.5) — (13.4) (27.4) Time charter earnings 167.0 195.0 174.2 362.0 341.8 683.3 Time charter expenses (15.2) (14.4) (4.1) (29.6) (7.1) (22.5) Operating expenses 8 (53.4) (54.6) (52.9) (108.0) (106.0) (206.9) Gross result 98.4 126.0 117.2 224.4 228.7 453.9 Share of net result from associates and joint ventures 5 2.8 2.2 1.9 5.0 4.7 9.2 General and administrative expenses (20.3) (18.2) (20.6) (38.5) (41.9) (85.4) Other operating income / expense 10 — 1.4 — 1.4 — — Operating result before depreciation, amortization and capital gain (loss) on non- current assets (EBITDA) 81.0 111.3 98.4 192.3 191.5 377.6 Depreciation and amortization 4, 7 (40.1) (41.7) (39.8) (81.8) (80.7) (156.3) Impairment of ships, property, plant and equipment 4 — — — — — — Capital gain (loss) 4 4.8 (0.9) — 3.9 2.2 3.3 Operating result (EBIT) 45.6 68.8 58.6 114.4 113.0 224.6 Interest income 1.0 2.9 1.3 3.9 2.3 5.3 Interest expenses 9 (15.3) (16.7) (17.6) (32.0) (37.8) (70.2) Other financial items 6 1.2 (1.2) (2.1) — (2.6) (2.8) Net financial items (13.0) (15.1) (18.5) (28.1) (38.0) (67.7) Result before taxes 32.6 53.7 40.2 86.3 75.0 157.0 Income tax expense (0.5) (0.2) (0.1) (0.6) (0.5) (1.6) Net Result 32.1 53.5 40.1 85.7 74.5 155.3 2Q26 Odfjell Group 9
Page 10
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Figures based on equity method) (USD mill) Note 1Q26 2Q26 2Q25 YTD26 YTD25 FY25 Net other comprehensive income to be reclassified to profit or loss in subsequent periods: Net changes in cash-flow hedges 1.2 (6.0) 1.9 (4.8) 5.1 1.2 Translation differences on investments of foreign operations (0.3) 0.2 — (0.1) — — Share of comprehensive income on investments accounted for using equity method (3.0) (1.0) 6.9 (4.0) 8.0 5.2 Net other comprehensive income not being reclassified to profit or loss in subsequent periods: Net actuarial gain/(loss) on defined benefit plans — — — — — 0.5 Other comprehensive income (2.1) (6.8) 8.8 (8.9) 13.1 6.9 Total comprehensive income 30.1 46.7 48.9 76.8 87.5 162.2 Earnings per share (USD) – basic/diluted 0.41 0.68 0.51 1.08 0.95 1.96 Net result and total comprehensive income is allocated 100% to the owners of the parent. 2Q26 Odfjell Group 10
Page 11
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Figures based on equity method) (USD mill) Note 31.03.26 30.06.26 30.06.25 31.12.25 Deferred tax assets 1.8 2.0 2.0 2.0 Ships 4 1,297.6 1,305.8 1,301.4 1,277.3 Property, plant and equipment 4 6.8 7.4 7.5 6.9 Right-of-use assets 7 285.7 321.0 274.7 227.0 Investments in associates and joint ventures 5 182.8 180.9 181.1 182.9 Derivative financial instruments 5.2 4.2 2.4 1.6 Non-current receivables 11.8 12.7 10.0 10.9 Total non-current assets 1,791.7 1,834.1 1,779.0 1,708.6 Current receivables 147.1 166.9 129.5 130.5 Bunkers and other inventories 41.6 60.3 32.4 36.8 Derivative financial instruments 4.9 2.0 5.8 3.4 Cash and cash equivalents 3 131.3 165.3 131.0 148.6 Assets classified as held for sale 4 17.9 4.1 — 8.0 Total current assets 342.8 398.6 298.7 327.2 Total assets 2,134.5 2,232.7 2,077.7 2,035.8 Equity 983.9 1,030.1 955.8 992.7 Non-current interest-bearing debt 3 682.6 659.7 588.0 564.7 Non-current debt, right-of-use assets 7 241.7 272.5 169.5 161.8 Derivatives financial instruments — 3.9 — — Due to associates and joint ventures 4.0 4.0 — 4.0 Other non-current liabilities 7.1 7.3 14.4 7.2 Total non-current liabilities 935.4 947.4 771.9 737.7 Current portion interest-bearing debt 3 65.1 73.9 147.4 139.7 Current debt, right-of-use assets 7 56.7 62.7 116.2 77.0 Derivative financial instruments 0.2 — — — Other current liabilities 93.2 118.6 86.4 88.7 Total current liabilities 215.2 255.2 350.0 305.4 Total equity and liabilities 2,134.5 2,232.7 2,077.7 2,035.8 2Q26 Odfjell Group 11
Page 12
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Figures based on equity method) (USD mill) Paid in equity Exchange rate differences Cash-flow hedge reserves Pension remeasure -ment OCI associates and JVs Retained equity Total other equity Total equity Equity per January 1, 2025 199.2 0.2 1.7 1.3 (0.5) 727.9 730.6 929.8 Other comprehensive income — — 1.2 0.5 5.2 — 6.9 6.9 Net result — — — — — 155.3 155.3 155.3 Dividend payment — — — — — (99.7) (99.7) (99.7) Sale of treasury shares 1) — — — — — 0.6 0.6 0.6 Equity per December 31, 2025 199.2 0.2 2.9 1.7 4.8 784.0 793.5 992.7 Equity per January 1, 2026 199.2 0.2 2.9 1.7 4.8 784.0 793.5 992.7 Other comprehensive income — (0.1) (4.8) — (4.0) — (8.9) (8.9) Net result — — — — — 85.7 85.7 85.7 Dividend payment — — — — — (39.6) (39.6) (39.6) Sale of treasury shares 1) — — — — — 0.6 0.6 0.6 Other adjustments — — — — — (0.4) (0.4) (0.4) Equity per June 30, 2026 199.2 — (1.9) 1.7 0.8 830.3 830.9 1,030.1 1) In the third quarter of 2024, Odfjell released a share purchase program for employees. In the first quarter of 2025 15,872 shares were sold to employees for NOK 1.4 million followed by 12,376 shares in the third quarter of 2025 for NOK 1.2 million. In the first quarter of 2026 13,417 shares were sold to employees for NOK 1.3 million. In the second quarter of 2025 senior management received 38,875 shares for a total value of NOK 3.7 million. In the first quarter of 2026 senior management received 34,321 shares for a total value of NOK 4.1 million. 2Q26 Odfjell Group 12
Page 13
KEY FIGURES IN (Figures based on equity method) 1Q26 2Q26 2Q25 YTD26 YTD25 FY25 PROFITABILITY Earnings per share (USD) – basic/diluted 0.41 0.68 0.51 1.08 0.94 1.96 Return on equity 1) 11.1% 22.4% 18.4% 16.9% 16.1% 16.7% Adjusted return on equity 3) 10.5% 22.6% 18.6% 16.5% 16.1% 16.6% Return on capital employed 1) 9.2% 14.5% 12.5% 12.1% 11.9% 12.1% Adjusted return on capital employed 3) 8.9% 14.6% 12.5% 11.9% 11.8% 12.0% FINANCIAL RATIOS Average number of outstanding shares (mill) 2) 79.2 79.2 79.1 79.2 79.1 79.1 Basic/diluted equity per share (USD) 12.43 13.01 12.08 13.01 12.08 12.54 Share price per A-share (USD) 12.1 10.5 10.7 10.5 10.7 12.6 Current ratio 1.6 1.6 0.9 1.6 0.9 1.1 Equity ratio 46.1% 46.1% 46.0% 46.1% 46.0% 48.8% IFRS 16 adjusted equity ratio 53.9% 54.6% 53.6% 54.6% 53.6% 55.5% USD/NOK rate at period end 9.79 9.95 10.05 9.95 10.05 10.06 1) Return ratios are based on annualized results, except for non-recurring items that are included in the relevant period. 2) Per end of June 2026 Odfjell holds 47,162 Class A shares and 488,901 Class B shares. 3) Adjusted for non-recurring items. 2Q26 Odfjell Group 13
Page 14
CONSOLIDATED CASH FLOW STATEMENT (Figures based on equity method) (USD mill) 1Q26 2Q26 2Q25 YTD26 YTD25 FY25 Profit before income taxes 32.6 53.7 40.2 86.3 75.0 157.0 Taxes paid in the period 0.4 (0.3) (0.2) 0.1 (1.0) (1.8) Depreciation, impairment and capital (gain) loss fixed assets 35.3 42.5 39.8 77.9 78.5 153.0 Change in inventory, trade debtors and creditors (increase) decrease (14.9) (15.0) 31.6 (30.0) 18.9 5.9 Share of net result from associates and JV's (2.8) (2.2) (1.9) (5.0) (4.7) (9.2) Net interest expenses 14.3 13.8 16.4 28.1 35.4 64.9 Interest received 0.9 2.9 1.3 3.8 2.3 5.4 Interest paid (15.3) (16.7) (19.2) (32.0) (37.2) (69.7) Effect of exchange differences and changes in derivatives (2.6) 0.8 (0.1) (1.8) — 1.6 Change in other current accruals 1.8 1.0 1.5 2.9 2.0 3.5 Net cash flow from operating activities 49.7 80.6 109.2 130.3 169.2 310.5 Sale of ships, property, plant and equipment 1) 4.7 23.2 — 28.0 17.2 37.1 Investment in ships, property, plant and equipment (25.4) (44.9) (15.0) (70.3) (22.7) (39.9) Dividend/other from investments in associates and JV’s — 3.0 3.2 3.0 3.2 12.3 Investments in joint ventures — — — — — (9.0) Other non-current receivables and investments (1.0) (0.9) 0.3 (1.9) (1.0) (1.7) Net cash flow from investing activities (21.7) (19.5) (11.5) (41.2) (3.3) (1.2) New interest-bearing debt (net of fees paid) 145.0 — 139.2 145.0 326.4 359.9 Loans from associates and joint ventures — — — — — 4.0 Repayment of interest-bearing debt (103.1) (13.0) (134.3) (116.1) (330.4) (396.2) Repayment of lease debt related to right-of-use assets 2) (47.7) (14.6) (58.4) (62.3) (116.2) (175.9) Dividend payment (39.6) — — (39.6) (61.7) (99.7) Sale/purchase of treasury shares 0.1 0.4 0.4 0.6 0.5 0.6 Net cash flow from financing activities (45.2) (27.2) (53.1) (72.4) (181.4) (307.2) Effect on cash balance from currency exchange rate fluctuations — — — — — — Net change in cash and cash equivalents (17.3) 33.9 44.7 16.6 (15.6) 2.1 Opening cash and cash equivalents 148.6 131.3 86.3 148.6 146.5 146.5 Closing cash and cash equivalents 131.3 165.3 131.0 165.3 131.0 148.6 1) Bow Clipper and Bow Oceanic was sold in the first quarter 2025 for total net cash proceeds of USD 17.2 mill. Bow Fagus was sold in third quarter 2025 and Bow Cedar was sold in fourth quarter 2025. Two barges was sold in first quarter 2026. Bow Faith and one newbuilding contract was sold in the second quarter 2026. 2Q26 Odfjell Group 14
Page 15
2) In the first quarter of 2026, the Group exercised a purchase option for a vessel previously recognized as a right-of-use asset. The transaction was settled as a repayment of the related lease liability. NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS Note 1 – Accounting principles Odfjell SE is ultimate parent company of the Odfjell Group. Odfjell SE is a public listed company traded on the Oslo Stock Exchange. The company’s address is Conrad Mohrs veg 29, Bergen, Norway. Basis of preparation and changes to the Group’s accounting policies The interim consolidated financial statements ended December 31, 2025 for the Odfjell Group and have been prepared in accordance with International Accounting Standard IAS 34 “Interim Financial Reporting”. The interim financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s annual financial statements as at December 31, 2025. The interim financial statements are unaudited. The accounting principles used in the preparation of these financial statements are consistent with those used in the annual financial statements for the year ended December 31, 2025. Note 2 – Segment information Management has determined the operating segments based on the information regularly reviewed by executive management. In accordance with the internal financial reporting, investments in joint venture are reported by applying the proportionate consolidation method. The Group has two reportable segments: Chemical Tankers: The Chemical Tankers segment involves ‘round the world’ transportation of chemicals with ships. The composition of the ships enables the Group to offer both global and regional transportation. The segment operates the joint venture Odfjell Hakata Maritime AS. The segment also includes corporate entities. Tank Terminals: The tank terminal segment offers storage and handling of various chemical and petroleum products. The segment is operated through joint ventures owned by the subsidiary Odfjell Terminals BV. 2Q26 Odfjell Group 15
Page 16
Note 2 – Segment information - continued Chemical Tankers Tank Terminals Total USD mill 1Q26 2Q26 2Q25 YTD26 1Q26 2Q26 2Q25 YTD26 1Q26 2Q26 2Q25 YTD26 Gross revenue 265.4 336.1 281.0 601.4 22.5 22.4 22.3 44.9 287.9 358.0 303.3 645.1 Voyage expenses (98.8) (141.8) (100.9) (240.6) — — — — (98.8) (141.8) (100.9) (240.4) Pool distribution — — (6.5) — — — — — — — (6.5) — TC earnings 166.5 194.3 173.6 360.8 22.5 22.4 22.3 44.9 189.0 216.2 196.0 404.7 TC expenses (8.5) (7.0) (4.1) (15.5) — — — — (8.5) (7.0) (4.1) (15.5) Operating expenses (43.5) (41.9) (43.7) (85.4) (7.6) (7.8) (8.1) (15.4) (51.2) (49.7) (51.8) (100.9) Operating expenses - right-of-use assets (9.9) (12.7) (9.1) (22.6) — — — — (9.9) (12.7) (9.1) (22.6) General and administrative expenses (19.4) (17.2) (16.4) (36.6) (4.2) (3.9) (7.3) (8.1) (23.7) (20.6) (23.8) (43.8) EBITDA 85.2 116.8 100.2 201.9 10.6 10.7 6.9 21.3 95.8 127.5 107.1 223.3 Depreciation (27.0) (25.7) (26.0) (52.7) (6.1) (6.2) (6.0) (12.3) (33.1) (31.9) (32.0) (65.1) Depreciation - right-of-use assets (19.1) (22.8) (13.8) (41.8) (0.1) (0.1) (0.1) (0.2) (19.2) (22.9) (13.9) (42.1) Impairment — — — — — — (0.2) — — — (0.2) — Capital gain/loss 4.8 (0.9) — 3.9 — (0.5) — (0.5) 4.8 (1.4) — 3.4 Operating result (EBIT) 43.9 67.4 60.4 111.3 4.4 3.8 0.6 8.2 48.3 71.2 61.0 119.5 Net interest expense (10.8) (9.1) (11.2) (19.9) (1.6) (1.6) (1.6) (3.2) (12.3) (10.7) (12.8) (23.0) Interest expense - right-of-use assets (3.7) (4.8) (5.2) (8.5) — (0.1) — (0.1) (3.7) (4.8) (5.2) (8.6) Other financial items 1.4 (1.2) (2.4) 0.2 (0.3) (0.2) 0.2 (0.5) 1.1 (1.4) (2.2) (0.2) Taxes (0.5) — 0.1 (0.4) (0.8) (0.8) (0.8) (1.6) (1.2) (0.8) (0.7) (2.0) Net result 30.4 52.3 41.7 82.6 1.8 1.3 (1.6) 3.0 32.1 53.5 40.1 85.7 Non current assets 1,629.8 1,667.0 1,597.9 1,667.0 318.6 319.5 318.9 319.5 1,948.4 1,986.6 1,916.8 1,986.6 Cash and cash equivalents 127.9 160.8 123.7 160.8 20.6 25.7 27.1 25.7 148.6 186.5 150.8 186.5 Other current assets 195.0 230.1 160.7 230.1 15.0 13.5 21.9 13.5 209.0 243.7 181.1 243.7 Assets held for sale 17.9 4.1 — 4.1 — — — — 17.9 4.1 — 4.1 Total assets 1,970.6 2,062.1 1,882.4 2,062.1 354.2 358.7 367.9 358.7 2,323.8 2,420.8 2,248.7 2,420.8 Equity 803.6 849.3 763.8 849.3 180.4 180.7 191.9 180.7 983.9 1,030.1 955.8 1,030.1 Non-current interest-bearing debt 682.6 659.7 588.0 659.7 121.9 27.1 121.4 27.1 804.5 686.8 709.4 686.8 Non-current debt, right-of-use assets 241.7 272.5 169.5 272.5 1.6 1.5 1.6 1.5 243.4 274.0 171.1 274.0 Other non-current liabilities 9.3 13.1 14.4 13.1 24.6 24.7 25.5 24.7 33.9 37.8 39.8 37.8 Current interest-bearing debt 65.1 73.9 147.4 73.9 3.7 102.4 3.4 102.4 68.7 176.3 150.8 176.3 Current debt, right-of-use assets 77.7 76.9 116.2 76.9 0.5 0.5 0.5 0.5 78.2 77.4 116.6 77.4 Other current liabilities 90.7 116.6 83.0 116.6 21.6 21.9 23.6 21.9 111.2 138.5 105.2 138.5 Total equity and liabilities 1,970.6 2,062.1 1,882.4 2,062.1 354.2 358.7 367.9 358.7 2,323.8 2,420.8 2,248.7 2,420.8 Cashflow from operating activities 49.5 82.6 110.7 132.1 2.4 8.6 15.2 11.0 51.9 91.1 125.9 143.0 Cashflow from investment activities (21.7) (22.5) (14.7) (44.2) (3.7) (7.8) (13.1) (11.5) (25.4) (30.3) (27.8) (55.7) Cashflow from financing activities (45.2) (27.2) (53.1) (72.4) (1.5) 4.3 2.6 2.8 (46.7) (22.9) (50.5) (69.6) Net change in cash and cash equivalents (17.4) 32.9 42.9 15.5 (2.8) 5.1 4.7 2.3 (20.2) 37.9 47.6 17.7 2Q26 Odfjell Group 16
Page 17
Note 2 – Segment information - reconciliation of segment reporting to Group figures The following table reconciles reported revenue, EBIT, assets and liabilities in our segments to the income statement and statement of financial position. Chemical Tankers 2) Tank Terminals Total 1) USD mill 1Q26 2Q26 2Q25 YTD26 1Q26 2Q26 2Q25 YTD26 1Q26 2Q26 2Q25 YTD26 Total segment revenue 265.4 336.1 281.0 601.5 22.5 22.4 22.3 44.9 287.9 358.0 303.3 645.9 Segment revenue JV's — — — — (22.2) (22.1) (22.1) (44.3) (22.0) (21.2) (21.7) (43.2) Consolidated revenue in income statement 265.4 336.1 281.0 601.5 0.3 0.3 0.3 0.6 265.9 336.8 281.5 602.6 Total segment EBIT 43.9 67.4 60.4 111.3 4.4 3.8 0.6 8.2 48.3 71.2 61.0 119.5 Segment EBIT JV's (0.7) (0.5) — (1.2) (4.8) (4.1) (4.3) (8.9) (5.5) (4.7) (4.3) (10.2) Share of net result JV's 4) 0.5 0.4 — 0.9 2.3 1.8 1.9 4.1 2.8 2.2 1.9 5.0 Consolidated EBIT in income statement 43.7 67.3 60.4 110.9 2.0 1.5 (1.8) 3.5 45.6 68.8 58.6 114.4 Total segment asset 1,970.6 2,062.1 1,882.3 2,062.1 354.2 358.7 367.9 358.7 2,323.8 2,420.8 2,248.7 2,420.8 Segment asset 3) (26.6) (22.3) — (22.3) (345.4) (347.4) (352.8) (347.4) (372.0) (369.1) (352.1) (369.1) Investment in JV's 4) 9.4 9.8 — 9.8 173.4 171.1 181.1 171.1 182.8 180.9 181.1 180.9 Total consolidated assets in statement of financial position 1,953.4 2,049.5 1,882.4 2,049.5 182.2 182.5 196.1 182.5 2,134.5 2,232.7 2,077.7 2,232.7 Total segment liabilities 1,167.1 1,212.8 1,118.5 1,212.8 173.9 178.0 175.9 178.0 1,339.9 1,390.8 1,292.9 1,390.8 Segment liability 3) (17.2) (12.4) — (12.4) (172.1) (176.2) (171.8) (176.2) (189.3) (188.2) (171.0) (188.2) Total consolidated liabilities in statement of financial position 1,149.9 1,200.4 1,118.5 1,200.4 1.8 1.8 4.2 1.8 1,150.6 1,202.6 1,121.9 1,202.6 1) The table is shown without eliminations, therefore Total doesn't equal sum of Chemical Tankers and Tank Terminals. 2) This segment also includes «corporate». 3) Investments in joint ventures are presented according to the proportionate consolidation method in the segment reporting. 4) Investments in joint ventures are presented according to the equity method in the consolidated income statement and balance sheet. 2Q26 Odfjell Group 17
Page 18
Note 3 – Net interest-bearing liabilities (USD mill) 31.03.26 30.06.26 30.06.25 31.12.25 Mortgaged loans from financial institutions 598.1 589.6 573.4 551.2 Financial leases and sale-lease back 56.1 51.6 71.0 61.0 Unsecured bonds 102.2 100.5 99.5 99.4 Lease liability, right-of-use assets 298.5 335.2 285.7 238.9 Subtotal debt 1,054.8 1,076.8 1,029.6 950.5 Transaction fees (8.7) (8.1) (8.5) (7.2) Total debt 1,046.1 1,068.8 1,021.1 943.2 Cash and cash equivalent 1) 131.3 165.3 131.0 148.6 Net debt 914.8 903.5 890.1 794.6 1) Of USD 165.3 million, a total of USD 0.094 million is restricted cash related to withholding taxes for employees in Odfjell Management AS and Odfjell Maritime Services AS. Available drawing facilities end June 2026 amounts to USD 219 million. (USD mill) 1Q26 2Q26 2Q25 YTD26 YTD25 FY25 Total debt, beginning of period 943.2 1,046.1 1,075.2 943.2 1,109.8 1,109.8 New loans, financial leases and bonds 145.0 — 139.2 145.0 326.4 359.9 Repayment of loans, financial leases and bonds (103.1) (13.0) (134.3) (116.1) (303.2) (368.9) Change in debt, lease liability right-of-use assets 59.6 36.7 (58.3) 96.3 (111.1) (158.0) Transaction fees amortized (1.4) 0.6 (1.3) (0.8) (1.1) 0.2 Currency translation differences 2.8 (1.7) 0.5 1.1 0.3 0.2 Total debt, end of period 1,046.1 1,068.8 1,021.1 1,068.8 1,021.1 943.2 For debt related to right-of-use assets see note 7. As of 2Q26 we remain in compliance with our financial covenants. 2Q26 Odfjell Group 18
Page 19
Note 4 – Ships, property, plant and equipment (USD mill) 1Q26 2Q26 2Q25 YTD26 YTD25 FY25 Net carrying amount, beginning of period 1,284.2 1,304.4 1,233.4 1,284.2 1,261.4 1,261.4 Investments in ships, property, plant and equipment 10.8 9.6 15.2 20.4 22.9 33.7 Investments in newbuilding 14.7 35.3 — 50.0 — 5.1 Purchase of former leased bareboat vessels 2) 35.6 — 86.3 35.6 86.3 121.5 Depreciation (27.0) (25.7) (26.0) (52.7) (51.3) (100.3) Sale of property, plant and equipment — (10.3) — (24.1) (10.5) (29.2) Assets classified as held for sale 1) (13.8) — — — — (8.0) Net carrying amount, end of period 1,304.4 1,313.3 1,308.9 1,313.3 1,308.9 1,284.2 1) At the end of fourth quarter 2025, four barges was classified as held for sale with book value of USD 8 million, a corresponding liability is included in other current liabilities. In first quarter 2026, only two of the barges were sold, the remaining two are still classified as held for sale. In addition, one newbuilding was classified as held for sale in first quarter 2026, this was delivered to new owners in second quarter 2026. 2) The cash consideration from purchase of formerly leased vessel is classified as repayment of lease debt in the cash flow statement. See footnote 2) to the cash flow statement. (USD mill) 1Q26 2Q26 2Q25 YTD26 YTD25 FY25 Depreciation property, plant and equipment (27.0) (25.7) (26.0) (52.7) (51.3) (100.3) Depreciation right-of-use assets (13.1) (16.0) (13.8) (29.1) (29.4) (56.0) Total depreciations (40.1) (41.7) (39.8) (81.8) (80.7) (156.3) (USD mill) 2H 2026 2027 2028 2029 Total Newbuilding 35.4 137.5 64.9 51.2 289.0 Total capex commitment 35.4 137.5 64.9 51.2 289.0 Odfjell Group has five newbuilding contracts. One 26,000 dwt chemical tanker delivered July 2026, and four 40,000 dwt chemical tankers with estimated delivery from 1Q27 to 1Q29. In total, the capital commitment amounts to USD 289.0 million. This does not include future commitments to Right-of- use assets. 2Q26 Odfjell Group 19
Page 20
Note 5 – Investments joint ventures The share of result and balance sheet items from investments in associates and joint ventures are recognized based on equity method in the interim financial statements. The figures below show our share of revenue and expenses, total assets, total liabilities and equity. See note 2 for further details about joint ventures. (USD mill) YTD26 YTD25 Tank Terminals Chemical Tankers Total Tank Terminals Chemical Tankers Total Gross revenue 44.3 14.7 59.0 43.9 — 43.9 EBITDA 22.0 14.0 36.0 21.2 — 21.2 EBIT 8.9 1.2 10.1 9.0 — 9.0 Net result 4.1 0.9 5.0 4.8 — 4.8 Depreciation of excess values net of deferred tax: Europe (0.5) — (0.5) (0.4) — (0.4) Total (0.5) — (0.5) (0.4) — (0.4) Non current assets 319.5 15.9 335.4 318.9 — 318.9 Cash and cash equivalents 15.0 6.3 21.3 19.9 — 19.9 Other current assets 12.9 4.1 17.0 14.1 — 14.1 Total assets 347.4 26.3 373.7 352.8 — 352.8 Total equity closing balance 171.1 9.8 180.9 181.1 — 181.1 Long-term debt 27.1 — 27.1 121.4 — 121.4 Other non-current liabilities 26.2 — 26.2 27.0 — 27.0 Short-term debt 102.4 — 102.4 3.4 — 3.4 Other current liabilities 20.6 16.5 37.1 20.0 — 20.0 Total equity and liabilities 347.4 26.3 373.7 352.8 — 352.8 2Q26 Odfjell Group 20
Page 21
Note 6 – Other financial items (USD mill) 1Q26 2Q26 2Q25 YTD26 YTD25 FY25 Changes in fair value in derivatives 3.7 (1.8) 1.0 1.9 1.1 1.4 Currency gains (losses) (2.4) 2.2 (2.5) (0.2) (3.1) (3.3) Other (0.1) (1.6) (0.6) (1.7) (0.5) (0.9) Total other financial items 1.2 (1.2) (2.1) — (2.6) (2.8) Note 7 - Right-of-use assets The Odfjell Group has a number of leases, mainly vessels under time charter and bareboat contracts, which are recognized as right-of-use assets. (USD mill) 1Q26 2Q26 2Q25 YTD26 YTD25 FY25 Net carrying amount, beginning of period 227.0 285.7 374.9 227.0 385.4 385.4 New right-of-use assets 107.3 51.3 — 158.7 5.0 19.1 Depreciation (13.1) (16.0) (13.8) (29.1) (29.4) (55.9) Purchase of leased vessels (35.6) — (86.3) (35.6) (86.3) (121.5) Remeasurement — — (0.2) — (0.2) (0.2) Net carrying amount, end of period 285.7 321.0 274.7 321.0 274.7 227.0 (USD mill) 31.03.26 30.06.26 30.06.25 31.12.25 Non current debt, right-of-use assets 241.7 272.5 169.5 161.8 Current debt, right-of-use assets 56.7 62.7 116.2 77.0 Total 298.5 335.2 285.7 238.9 2Q26 Odfjell Group 21
Page 22
Nominal payments of time charter hire for right-of-use assets not yet commenced (USD mill) 2H 2026 2027 2028 2029 2030 Thereafter Total Nominal time charter hire 9.3 62.6 109.6 125.4 126.3 538.9 972.1 Total 9.3 62.6 109.6 125.4 126.3 538.9 972.1 Odfjell Group had, at year-end 2025, signed long-term time charter agreements for a total of twenty newbuildings to be delivered between 2026 and 2029. During the first half of 2026, five of these vessels were delivered, leaving fifteen vessels under long-term time charter contracts not yet commenced at the reporting date. Four of the fifteen vessels include a fixed time charter hire and an additional variable element depending on earnings from those vessels. The table above includes the minimum / fixed payments for fifteen long-term time charter vessels. The table below shows how the nominal time charter hire will impact the balance sheet for Odfjell Group in the coming years. From the total nominal amount of USD 972.1 million, estimated operating expense is deducted to arrive at an estimated nominal bareboat element. We have used Odfjell Group's incremental borrowing rate at the end of the second quarter 2026 to estimate the net present value of the bareboat element. The total net present value is estimated to USD 494.5 million, of which USD 106.4 million will be capitalized in second half of 2026 upon commencement of the lease agreements. The incremental borrowing rate at commencement of each lease contract will be used when capitalizing the right of use assets. This rate can differ from the estimated incremental borrowing rate estimated at the end of the second quarter 2026. Future right-of-use assets for long-term time charter hires not yet commenced. 2H 2026 2027 2028 2029 Total Right-of-use assets addition (USD mill) 106.4 277.5 71.3 39.3 494.5 2Q26 Odfjell Group 22
Page 23
Note 8 - Operating expenses (USD mill) 1Q26 2Q26 2Q25 YTD26 YTD25 FY25 Operating expenses right-of-use assets (9.9) (12.7) (9.1) (22.6) (19.2) (37.2) Other operating expenses (43.5) (41.9) (43.7) (85.4) (86.9) (169.7) Total (53.4) (54.6) (52.9) (108.0) (106.0) (206.9) Note 9 - Interest expenses (USD mill) 1Q26 2Q26 2Q25 YTD26 YTD25 FY25 Interest expenses - right-of-use assets (3.7) (4.8) (5.2) (8.5) (11.7) (19.7) Other interest expenses (11.6) (11.9) (12.5) (23.5) (26.1) (50.5) Total (15.3) (16.7) (17.6) (32.0) (37.8) (70.2) Note 10 - Other operating income / expense A distribution from an insurance-related arrangement was recognized in the second quarter of 2026. Cash proceeds of USD 1.4 million are expected to be received in the third quarter of 2026. Note 11 - Subsequent events Based on the first half year 2026 net result, the Board approved a dividend of USD 41.2 million, corresponding to USD 0.52 per outstanding share. Subsequent to quarter-end, the Delaware Court of Chancery issued its ruling in the previously disclosed shareholder dispute in Odfjell Terminals US, entering judgment in favor of Odfjell on all counts. The ruling has no financial impact. 2Q26 Odfjell Group 23
Page 24
Fleet list as of 30.06.2026 STAINLESS VESSEL TYPE Vessel Class CHEMICAL TANKERS DWT BUILT OWNERSHIP CBM STEEL, CBM TANKS Super-segregator POLAND Bow Sea 44 950 2006 Owned 52 244 52 244 40 Super-segregator POLAND Bow Summer 49 592 2005 Owned 52 252 52 252 40 Super-segregator POLAND Bow Saga 44 950 2007 Owned 52 243 52 243 40 Super-segregator POLAND Bow Sirius 49 539 2006 Owned 52 242 52 242 40 Super-segregator POLAND Bow Star 49 487 2004 Owned 52 222 52 222 40 Super-segregator POLAND Bow Sky 49 479 2005 Owned 52 222 52 222 40 Super-segregator POLAND Bow Spring 49 429 2004 Owned 52 252 52 252 40 Super-segregator POLAND Bow Sun 49 466 2003 Owned 52 222 52 222 40 Super-segregator KVAERNER Bow Chain 37 518 2002 Owned 40 966 40 966 47 Super-segregator KVAERNER Bow Cardinal 37 446 1997 Owned 41 953 34 674 52 Super-segregator KVAERNER Bow Firda 37 427 2003 Owned 40 994 40 994 47 Super-segregator KVAERNER Bow Fortune 37 395 1999 Owned 41 000 41 000 47 Super-segregator KVAERNER Bow Flora 37 369 1998 Owned 41 000 33 721 47 Super-segregator KVAERNER Bow Cecil 37 369 1998 Bareboat/ Financial lease 41 000 33 721 47 Super-segregator CP 40 Bow Hercules 40 847 2017 Owned 44 085 44 085 30 Super-segregator CP 40 Bow Gemini 40 895 2017 Owned 44 205 44 205 30 Super-segregator CP 40 Bow Aquarius 40 901 2016 Owned 44 403 44 403 30 Super-segregator CP 40 Bow Capricorn 40 929 2016 Owned 44 184 44 184 30 Super-segregator CP 40 Bow Erikson 40 303 2026 Time Charter/ Operational lease 44 475 44 475 28 Super-segregator HUDONG 49 Bow Orion 49 042 2019 Owned 55 186 55 186 33 Super-segregator HUDONG 49 Bow Olympus 49 120 2019 Owned 55 186 55 186 33 Super-segregator HUDONG 49 Bow Odyssey 49 100 2020 Owned 54 175 54 175 33 Super-segregator HUDONG 49 Bow Optima 49 042 2020 Owned 55 186 55 186 33 Super-segregator HUDONG 40 Bow Explorer 38 236 2020 Owned 45 118 45 118 40 Super-segregator HUDONG 40 Bow Excellence 38 235 2020 Owned 45 118 45 118 40 Super-segregator TC 35 X 28 Bow Persistent 36 225 2020 Bareboat/ Operational lease 39 221 39 221 28 Super-segregator TC 35 X 28 Bow Performer 35 118 2019 Owned 37 987 37 987 28 Super-segregator TC 35 X 28 Bow Prosper 36 222 2020 Bareboat/ Operational lease 39 234 39 234 28 Super-segregator TC 35 X 28 Bow Precision 35 155 2018 Owned 36 668 36 668 26 Large Stainless steel CP 33 Bow Harmony 33 619 2008 Bareboat/ Financial lease 39 758 39 758 16 Large Stainless steel CP 33 Bow Compass 33 609 2009 Owned 38 685 38 685 16 Large Stainless steel CP 33 Bow Agathe 33 609 2009 Time Charter/ Operational lease 37 218 37 218 16 Large Stainless steel CP 33 Bow Caroline 33 609 2009 Time Charter/ Operational lease 37 236 37 236 14 Large Stainless steel CP 33 Bow Hector 33 694 2009 Time Charter/ Operational lease 36 639 36 639 16 Large Stainless steel TC 30 X 28 Bow Engineer 30 087 2006 Bareboat/ Financial lease 36 970 36 970 28 Large Stainless steel TC 30 X 28 Bow Architect 30 059 2005 Bareboat/ Financial lease 36 956 36 956 28 Medium Stainless steel CP 25 Southern Quokka 26 077 2017 Time Charter/ Operational lease 29 049 29 049 26 Medium Stainless steel CP 25 Southern Owl 26 057 2016 Time Charter/ Operational lease 29 048 29 048 26 Medium Stainless steel CP 25 Southern Puma 26 071 2016 Time Charter/ Operational lease 29 055 29 055 26 Medium Stainless steel CP 25 Southern Shark 26 051 2018 Time Charter/ Operational lease 27 112 27 112 26 Medium Stainless steel CP 25 Southern Xantis 25 887 2020 Time Charter/ Operational lease 27 078 27 078 26 Medium Stainless steel CP 25 Bow Platinum 26 000 2017 Owned 28 059 28 059 24 Medium Stainless steel CP 25 Bow Neon 26 000 2017 Owned 29 041 29 041 24 Medium Stainless steel CP 25 Bow Titanium 26 000 2018 Owned 29 006 29 006 24 Medium Stainless steel CP 25 Bow Palladium 26 000 2017 Owned 28 051 28 051 24 Medium Stainless steel CP 25 Bow Tungsten 26 000 2018 Owned 28 067 28 067 24 Medium Stainless steel CP 25 Bow Endeavor 26 197 2011 Owned 27 591 27 591 18 Medium Stainless steel CP 25 Bow Cheetah 26 029 2022 Time Charter/ Operational lease 27 128 27 128 26 Medium Stainless steel CP 25 Bow Panther 26 001 2022 Time Charter/ Operational lease 27 128 27 128 26 Medium Stainless steel CP 25 Bow Lion 26 021 2023 Time Charter/ Operational lease 27 128 27 128 26 Medium Stainless steel CP 25 Bow Leopard 26 004 2023 Time Charter/ Operational lease 27 119 27 119 26 Medium Stainless steel CP 25 Bow Lynx 25 914 2024 Time Charter/ Operational lease 27 107 27 107 26 Medium Stainless steel CP 25 Bow Jaguar 25 877 2024 Time Charter/ Operational lease 27 104 27 104 26 Medium Stainless steel CP 25 Bow Cougar 25 921 2024 Time Charter/ Operational lease 27 114 27 114 26 Medium Stainless steel CP 25 Bow Tiger 25 917 2024 Time Charter/ Operational lease 27 117 27 117 26
Page 25
Medium Stainless steel CP 25 Bow Ocelot 25 593 2026 Time Charter/ Operational lease 29 200 29 200 24 Medium Stainless steel CP 25 Bow Fighter 25 475 2026 Time Charter/ Operational lease 28 552 28 552 24 Medium Stainless steel CP 25 Bow Fraternity 25 475 2026 Time Charter/ Operational lease 29 610 29 610 24 Medium Stainless steel CP 25 Bow Mercury 26 400 2022 Time Charter/ Operational lease 29 650 29 650 23 Medium Stainless steel CP 25 Bow Luna 26 400 2022 Time Charter/ Operational lease 29 650 29 650 25 Medium Stainless steel CP 25 Bow Neptune 26 537 2026 Time Charter/ Operational lease 29 922 29 922 25 Medium Stainless steel CP 20 Bow Victory 21 193 2016 Time Charter/ Operational lease 22 167 22 167 20 Medium Stainless steel CP 20 Bow Glory 22 354 2017 Time Charter/ Operational lease 22 240 22 240 20 Medium Stainless steel CP 20 Bow Success 22 346 2017 Time Charter/ Operational lease 22 240 22 240 20 Medium Stainless steel FLUMAR Moyra 19 806 2005 Time Charter/ Operational lease 22 839 22 839 18 Medium Stainless steel FLUMAR Flumar Maceio 19 975 2006 Owned 21 713 21 713 22 Coated FLUMAR Flumar Brasil 51 188 2010 Owned 54 344 0 12 Coated MIPO Bow Triumph 49 622 2014 Bareboat/ Financial lease 54 595 0 22 Coated MIPO Bow Trident 49 622 2014 Bareboat/ Financial lease 54 595 0 22 Coated MIPO Bow Tribute 49 622 2014 Owned 54 595 0 22 Coated MIPO Bow Trajectory 49 622 2014 Owned 54 595 0 22 Coated SLS Bow Elm 46 098 2011 Owned 49 996 0 29 Coated SLS Bow Lind 46 047 2011 Owned 49 996 0 29 Regional OT 16-17 x 20-30 Bow Condor 16 121 2000 Owned 16 642 16 642 30 Total Chemical Tankers: 2 572 592 74 2 817 948 2 423 395 2 120 DISPONENT OWNERSHIP SUMMARIZED NUMBER DWT CBM STEEL, CBM TANKS Owned 39 1 549 146 1 695 694 1 417 610 1 266 Time charter 27 720 621 779 925 779 925 635 Bareboat 8 302 825 342 329 225 860 219 74 2 572 592 2 817 948 2 423 395 2 120 CHEMICAL TANKER NEWBUILDINGS ON ORDER: CHEMICAL TANKERS NUMBER DWT CBM STAINLESS STEEL, CBM TANKS DELIVERY OWNERSHIP Kitanihon 3 40 303 44 475 44 475 28 2026-2027 Time Charter Kitanihon 4 40 303 44 475 44 475 28 2027-2029 Owned Asakawa 1 26 029 27 682 27 682 26 2026-2027 Time Charter Fukuoka 2 25 000 27 000 27 000 24 2026 Time Charter Shin Kurushima 1 25 000 27 000 27 000 26 2026 Owned Shin Kurushima 1 25 000 27 000 27 000 26 2026 Time Charter Shin Kurushima 6 35 000 39 000 39 000 28 2027-2029 Time Charter Yamic 2 49 000 54 800 0 21 2027-2028 Time Charter Total newbuildings: 20 716 150 790 607 681 007 532 FLEET CHANGES SINCE LAST QUARTER: STAINLESS FLEET ADDITIONS DWT BUILT OWNERSHIP CBM STEEL, CBM TANKS Bow Fraternity 25 475 2026 Time Charter/ Operational lease 29 610 29 610 24 Bow Neptune 26 537 2026 Time Charter/ Operational lease 29 922 29 922 25 FLEET REDELIVERIES AND SALES Bow Faith 37 479 1997 Owned 41 960 34 681 52 Total Operated Chemical Tankers:
Page 26
TANK TERMINALS LOCATION OWNERSHIP¹ CBM STAINLESS STEEL, CBM NUMBER OF TANKS Odfjell Terminals (Houston) Inc. Houston, USA 51 % 412 415 120 812 128 Odfjell Terminals (Charleston) LLC Charleston, USA 51 % 79 243 0 9 Odfjell Terminals (Korea) Co. Ltd Ulsan, Korea 50 % 313 710 15 860 85 Noord Natie Terminals NV Antwerp, Belgium 25 % 500 689 195 332 258 Total terminals 4 terminals 1 306 057 332 004 480 PROJECTS AND EXPANSIONS TANK TERMINALS LOCATION CBM STAINLESS STEEL, CBM SCHEDULED COMPLETION E5 Ulsan, Korea 87 940 0 2H26 Tankpit-S Antwerp, Belgium 36 000 36 000 1Q27 Total expansion tank terminals 123 940 36 000 TANK TERMINALS PARTLY OWNED BY RELATED PARTIES LOCATION CBM STAINLESS STEEL, CBM NUMBER OF TANKS Depositos Quimicos Mineros S.A. Callao, Peru 80 430 1 600 63 Granel Quimica Ltda Rio Grande, Brazil 100 139 2 900 41 Granel Quimica Ltda Sao Luis, Brazil 152 718 0 55 Granel Quimica Ltda Ladario, Brazil 8 054 0 6 Granel Quimica Ltda Teresina, Brazil 7 634 0 6 Granel Quimica Ltda Palmas, Brazil 18 018 0 12 Granel Quimica Ltda Santos, Brazil 71 832 0 24 Odfjell Terminals Tagsa S.A. Campana, Argentina 68 670 10 190 102 Terquim S.A. San Antonio, Chile 34 210 0 26 Terquim S.A. Mejillones, Chile 38 870 0 9 Total tank terminals partly owned by related parties 10 terminals 580 575 14 690 344 PROJECTS AND EXPANSIONS TANK TERMINALS PARTLY OWNED BY RELATED PARTIES LOCATION CBM STAINLESS STEEL, CBM SCHEDULED COMPLETION Granel Quimica Ltda Santa Helena de Goias 24 000 0 4Q26 Total expansion tank terminals partly owned by related parties 24 000 0 Grand total (incl. tank terminals partly owned by related parties) 14 existing terminals 1 886 632 346 694 824 ¹Odfjell SE's indirect ownership share