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3Q26 Presentation | Odfjell SE | November 5, 2026
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Agenda Highlights Financials Operational review Market update and prospects 01 02 03 04
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• Odfjell's strong safety performance continued in 3Q26. • Time charter earnings ended at USD 192 million, compared to USD 195 million in 2Q26. • TCE per day for the quarter was USD 27,892 versus USD 29,486 in 2Q26, reflecting softer spot markets compared to the peak early in the previous quarter. • EBIT of USD 59 million, compared to USD 69 million in 2Q26. • Net result contribution from Odfjell Terminals of USD 2.2 million, versus USD 1.8 million in 2Q26. • Group net result of USD 40 million in 3Q26, compared to USD 54 million the previous quarter. Adjusted net result amounted to USD 43 million, compared to USD 56 million in 2Q26.* • The carbon intensity (AER) of our controlled fleet was 6.9 in 3Q26, the same as the previous quarter. • Odfjell took delivery of three newbuildings in 3Q26, one owned 26,000 dwt vessel and two newbuildings on long - term time charter. • After quarter end, Odfjell concluded the sale of two 15 - year - old coated chemical tankers and committed to long - term contracts for two additional stainless steel super - segregators. 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 Total opex , TC, G&A (81.1) (88.9) (85.8) (89.5) (78.6) (314.8) Net result from JV’s 1.8 2.8 2.2 2.8 2.6 9.2 EBITDA 88.9 81.0 111.3 105.5 97.3 377.6 EBIT 52.6 45.6 68.8 58.9 59.0 224.6 Net financial items (14.4) (13.0) (15.1) (18.0) (15.3) (67.7) Net result 38.0 32.1 53.5 40.4 42.8 155.3 EPS* 0.48 0.41 0.68 0.51 0.54 1.96 ROE** 16.0% 11.1% 22.4% 16.3% 17.5% 16.7% ROCE** 11.7% 9.2% 14.5% 12.0% 12.8% 12.1% * Based on 79.1 million outstanding shares ** Ratios are annualized " I am pleased with our solid performance in a volatile market. We maintained strong time charter earnings while successfully deploying three additional vessels during the quarter. Global seaborne chemical volumes remain below pre - conflict levels, but vegoil and biofuel volumes compensate. This, combined with strengthening MR tanker earnings and therefore near - zero swing tonnage, supported chemical freight rates. Regular trading patterns continue to be disrupted . W e expect the underlying net result in 4Q26 to be somewhat lower than in the third quarter". CEO Harald Fotland, Odfjell SE Key figures * 2Q26 net result and adjusted net result includes in total USD 6.9 million related to an Odfjell Tankers’ customer settlement following a favorable outcome of a recen t a rbitration.
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Agenda Highlights Financials Operational review Market update and prospects 01 02 03 04
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A. TCE of USD 192 million, slightly below 2Q26 i. Reduced spot rates in 3Q26 and increased lifted volume, resulting in a stable development in TCE. ii. Commercial revenue days were 6,864, an increase of 455 due to three new vessels delivered to us this quarter, and two in the previous quarter. iii. Off - hire days decreased to 106 from 237 with fewer unscheduled off - hire and less dry - docking activity. B. Operating expenses increased by USD 3.4 million while G&A expenses increased by USD 1.6 million in 3Q26 i. Increase in operating expenses due to three new vessels joining the fleet during the quarter, two on long term time charter and one owned. C. Odfjell Terminals’ net result contribution ended at USD 2.2 million, vs. USD 1.8 million in 2Q26 D. Increased depreciation relates to five new vessels delivered to Odfjell in 2Q26 and 3Q26 E. EBIT of USD 59 million vs. 69 million in 2Q26 F. Net interest expense increase relates to the three new vessels delivered in 3Q26 G. Net result of USD 40 million, a decrease of USD 13 million from 2Q26 i. Adjusting for non - recurring items, the net result was USD 43 million in 3Q26. 5 Income statement, Odfjell Group USD million, unaudited 1Q26 2Q26 3Q26 Net Timecharter Earnings (TCE) 167.0 195.0 192.1 TC expenses (15.2) (14.4) (11.7) Operating expenses (53.4) (54.6) (58.0) Share of net result from associates and JV 2.8 2.2 2.8 General and administrative expenses (20.3) (18.2) (19.8) EBITDA 81.0 111.3 105.5 Depreciation and amortization (40.1) (41.7) (46.2) Capital gain (loss) 4.8 (0.9) (0.4) EBIT 45.6 68.8 58.9 Net interest expenses (14.3) (13.8) (16.4) Other financial items 1.2 (1.2) (1.6) Taxes (0.5) (0.2) (0.5) Net results 32.1 53.5 40.4 EPS 0.41 0.68 0.51 Commercial revenue days 6,114 6,409 6,864 Off - hire days 271 237 106 A G A A Income statement Developments and key take - aways B C B E D F
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6 TCE per day fell in 3Q26, while cash break - even improved 21,000 22,000 23,000 24,000 25,000 0 34,000 31,000 29,000 35,000 33,000 28,000 36,000 32,000 27,000 37,000 30,000 26,000 20,000 1Q - 21 3Q - 21 1Q - 22 3Q - 22 1Q - 23 3Q - 23 1Q - 24 3Q - 24 USD/day 3Q - 25 1Q - 26 27,892 21,870 3Q - 26 1Q - 25 TCE/day Cash break - even/day (12m rolling avg.) • Our TCE per day ended at USD 27,892 in 3Q26, down from USD 29,486 in the previous quarter. – Driven by softer spot markets. • Cash break - even per day in 3Q26 was USD 20,874 compared to USD 21,804 in 2Q26, bringing the 12 - month rolling average to USD 21,870. – The decrease was driven by added revenue days from the five newbuildings delivered in 2Q26 and 3Q26 and less off - hire days in 3Q26. • We expect an average cash break - even per day of ~USD 22,200 for 2026. • For 3Q26 our P&L break even per day was USD 22,115 compared to USD 22,281 in the previous quarter. Comments Odfjell Tankers | Cash break - even vs. TCE per day
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A. In 3Q26 we took delivery of Bow Pluto, a 25,000 dwt newbuilding, while the two vessels sold after quarter end were classified as held for sale. i. After the end of 3Q26, Odfjell entered into an agreement to sell two vessels, Bow Elm and Bow Lind. The transaction will result in a capital gain of USD 9.6 million and a net positive cash effect of approximately USD 35 million. The vessels are scheduled for delivery between 4Q26 and early 1Q27. ii. Two vessels were delivered to Odfjell on long - term time charter agreements during the quarter. B. Cash and cash equivalent stable at USD 165.9 million, while total liquidity decreased by USD 7 million to USD 378 million when including available drawing facilities. i. USD 41 million paid out in dividend related to adjusted net result for 1H26. C. Other current assets increased with two vessels classified as held for sale in 3Q26. D. Total equity increased by USD 13 million, in line with comprehensive income and dividend paid in 3Q26. E. Non - current interest - bearing debt increased due to financing of the vessel Bow Pluto. 7 Balance sheet, Odfjell Group Assets USD million, unaudited 1Q26 2Q26 3Q26 Ships and newbuilding contracts 1,297.6 1,305.8 1,270.6 Right of use assets 285.7 321.0 370.0 Investments in associates and JVs 182.8 180.9 186.4 Other non - current assets/receivables 25.7 26.3 33.4 Total non - current assets 1,791.7 1,834.1 1,860.3 Cash and cash equivalent 131.3 165.3 165.9 Other current assets 211.5 233.3 290.0 Total current assets 342.8 398.6 455.9 Total assets 2,134.5 2,232.7 2,316.2 USD million, unaudited 1Q26 2Q26 3Q26 Total equity 983.9 1,030.1 1,043.5 Non - current interest - bearing debt 682.6 659.7 684.2 Non - current debt, right of use assets 241.7 272.5 318.8 Other non - current liabilities 11.1 15.2 7.6 Total non - current liabilities 935.4 947.4 1,010.6 Current portion of interest - bearing debt 65.1 73.9 74.5 Current debt, right of use assets 56.7 62.7 67.3 Other current liabilities and derivatives 93.4 118.6 120.3 Total current liabilities 215.2 255.2 262.1 Total equity and liabilities 2,134.5 2,232.7 2,316.2 Equity and liabilities D B Developments and key take - aways C A A A E
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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 revenue days and stable working capital. B. Includes delivery instalment for the newbuilding, Bow Pluto, delivered in 3Q26. The investment was financed by new bank debt. C. Includes USD 2.6 million in dividend received from JVs. D. Payment of USD 41 million dividend for 1H26 adjusted net result. 8 Cash flow, Odfjell Group Cash flow USD million, unaudited 1Q26 2Q26 3Q26 Net result 32.1 53.5 40.4 Adjustments 33.3 40.2 42.5 Change in working capital (14.9) (15.0) 1.6 Other (0.8) 1.9 0.4 Net cash flow from operating activities 49.7 80.6 84.9 Sale of ships, property, plant and equipment 4.7 23.2 (0.4) Investments in non - current assets (25.4) (44.9) (43.3) Investments in joint ventures - - - Other (1.0) 2.1 0.8 Net cash flow from investing activities (21.7) (19.5) (42.9) New interest - bearing debt 145.0 - 32.8 Loans from associates and joint ventures - - (4.0) Repayment of interest - bearing debt (103.1) (13.0) (11.8) Repayment of lease debt related to right - of - use assets (47.7) (14.6) (17.1) Dividends (39.6) - (41.4) Sale/ purchase of treasury shares 0.1 0.4 0.1 Net cash flow from financing activities (45.2) (27.2) (41.4) Net change in cash and cash equivalents (17.3) 33.9 0.6 Opening cash and cash equivalents 148.6 131.3 165.3 Closing cash and cash equivalents 131.3 165.3 165.9 B A Developments and key take - aways D B C
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9 Another quarter of strong free cash flow * Free cash flow equals the sum of cash flow from operations and cash flow from investments 70 66 72 67 63 54 36 43 35 37 36 -60 -40 -20 0 20 40 60 80 100 120 USD mill. 1Q - 24 2Q - 24 3Q - 24 4Q - 24 1Q - 25 2Q - 25 3Q - 25 4Q - 25 1Q - 26 2Q - 26 3Q - 26 Cash flow from operations Cash flow from investments Free cash flow (12mo rolling) Free Cash flow after debt right of use assets (12mo rolling) Operations 91 108 118 90 60 109 67 74 50 81 85 Investments - 9 - 17 - 1 - 45 8 - 55 - 26 - 6 - 22 - 19 - 43 Free CF 82 91 116 44 69 55 42 68 28 61 42 • Operating cash flow in 3Q26 was USD 84.9 mill, up from USD 80.6 mill in previous quarter. • Driven by stable time charter earnings and development in working capital. • Cash flow from investments was USD (42.9) mill in the quarter, which includes USD 35 mill in delivery installment for the newbuilding, Bow Pluto. • Free cash flow of USD 42.0 mill in 3Q26, down from USD 61.1 mill in previous quarter. • 12 - month rolling free cash flow at USD 49.7 mill and adjusted for debt repayments related to right of use assets it reached USD 35.6 mill. Odfjell free cash flow per quarter Comments
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10 Debt development 373 399 563 585 - 250 0 250 500 750 1 000 1 250 3Q2026 YE2026 YE2027 YE2028 Capital repayment Debt Drawdown Scheduled repayments interest – bearing - debt*, USD million Projected Debt, ROU assets**, capital repayment and drawdown, USD million *Nominal bank, financial lease and bond debt. Bond debt swapped to USD 97 mill. Does not include any assumed financing for fo ur newbuilding resales concluded April 2026. **Difference from 3Q26, Debt, ROU assets figure stated in Note 3 primarily relates to office leases. This graph relates to ve sse ls only. 767 718 794 718 - 250 0 250 500 750 1 000 1 250 3Q2026 YE2026 YE2027 YE2028 Repayments IBD year - end Planned vessel financing 0 20 40 60 80 100 4Q26 1Q27 2Q27 3Q27 4Q27 1Q28 2Q28 3Q28 46 22 30 17 70 21 16 87 Balloons Loan instalments Lease capital repayments Projected interest - bearing - debt* ending balance, USD million • As of 3Q26, nominal interest - bearing debt stood at USD 767 million excluding Debt, right - of - use (“ROU”) assets. Total interest - bearing debt was USD 1,153 million. • Bow Pluto, a 26,000 dwt vessel delivered to Odfjell in July, 2026, was financed by a new tranche under an existing bank facility during 3Q26. • USD 27 million planned repaid in 4Q26 related to the sale of Bow Elm and Bow Lind. • In 4Q26, two newbuildings will be delivered to Odfjell on long - term time charter. Debt, Right - of - use (“ROU”) assets will increase by ~USD 39 million, with a net increase of ~USD 26 million after scheduled repayments. • We are in the process of securing financing for the first two of our owned newbuildings on order scheduled for delivery in 2027. Comments
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Capex including purchase options ▪ In July we took delivery of, Bow Pluto, a 26,000 dwt newbuilding. ▪ Remaining capex commitment relates to four 40,000 dwt newbuildings scheduled to be delivered from 1Q27 to 2Q29. Newbuildings to be delivered on long - term charters ▪ As of 3Q26, 14 newbuildings are secured on long - term time charters, with deliveries scheduled from 3Q26 through 2029. ▪ After the end of 3Q26, Odfjell concluded two additional 40,000 dwt newbuildings on long term timecharter for delivery in 2029. These are not included in figures presented in the table. ▪ Nominal TC - hire presented in the table are nominal gross figures, i.e. total TC hire commitments. ▪ ROU (“Right - of - use”) Assets represent the estimated USD amount that will be included on our balance sheet as assets and liabilities upon delivery of newbuildings on long - term TC. ▪ These vessels together with our newbuildings , account for ~14 % of the current orderbook in our core segment. 11 Capex & TC commitments USD million 4Q26 2027 2028 2029 Thereafter Total Nominal TC - hire for vessels not yet delivered 2 50 98 109 478 847 New ROU Assets 39 243 114 39 - 436 Newbuildings delivered on long - term TC (#) 2 8 3 1 - 14 USD million 4Q26 2027 2028 2029 Total Newbuildings - 137.5 64.9 51.2 253.6 Total capex commitments - 137.5 64.9 51.2 253.6
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Agenda Highlights Financials Operational review Market update and prospects 01 02 03 04
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▪ 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 declined from 46% in the previous quarter to 42% in 3Q26 due to material increase in spot cargoes, with M idd le East Gulf volumes still unavailable. – Specialty chemicals were stable quarter - on - quarter, while commodity chemicals and CPP strengthened significantly. ▪ Vessel deliveries led to more commercial revenue days in the quarter, explaining around half of the increased volumes lifted. ▪ No COA renewals during the quarter. 13 Strong commercial quarter 62% 45% 10% 20% 30% 40% 50% 60% 0% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 51% 58% 51% 57% 57% 46% 3Q26 42% 0.5 1.0 1.5 0.0 2.5 3.0 3.5 2.0 4.0 1.6 1.7 3Q24 1.3 1.9 4Q24 1.2 1.9 1Q25 1.7 1.8 2Q25 1.5 2.0 3Q25 1.4 1.9 4Q25 1.8 1.4 1Q26 1.7 1.5 2Q26 Mill. mt COA 3.4 3.2 3.1 3.5 3.5 Spot 3.2 3.2 3Q26 3.6 1.5 2.1 3.4 Volume development COA coverage Comments Material increase in lifted volumes partly explained by vessel deliveries, despite decline in global chemical exports
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Near 200% q/q increase in CPP volumes driven by diesel and gasoline, particularly Trans - Atlantic. CPP share of cargo mix around twice the typical level. Veg/bio volumes down 17% q/q, but still well above pre - war levels. Commodity chemical volumes up 27% quarter - on - quarter, driven by increased caustic soda, BTX, and methanol cargoes . Specialty chemical volumes stable quarter - on - quarter, lower than pre - war levels due to unavailable volumes from the Middle East Gulf . 14 Earnings decline alongside weaker average spot rates in 3Q26 90 100 110 120 130 140 0 150 160 190 220 210 180 230 200 170 2013 2024 2025 2026 2019 2017 2021 2022 2018 2023 2016 2015 2014 2020 - 18.9% - 8.5% ODFIX index Clarksons Spot TCE Chemical Index Averages (2013 - 2026) Firm activity in commodity chemicals, CPP, and bios contribute to increased volumes lifted Sources: Clarksons, Odfjell Commodity chemicals Clean petroleum products Vegoils and biofuels Specialty chemicals Odfix vs. Clarksons Spot TCE Chemical Index* Change in cargo segment volumes * Odfix is based on full quarter average, while the Clarksons index measures change from start until end of quarter.
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15 Fleet sustainability Odfjell’s carbon intensity remains well within targets despite war - related fleet inefficiencies 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2025 3Q26 2018 2024 2020 15.0 8.9 8.8 2021 8.0 7.6 7.2 7.1 8.3 6.9 2022 2023 2019 6.8 - 54.0% 2008 Odfjell average IMO Baseline * Annual Efficiency Ratio • AER* in 3Q26 ended at 6.9 for our controlled fleet, the same as in 2Q26. • Disruptions and security risks in the Strait of Hormuz and Bab el - Mandeb continue to affect Odfjell’s trading patterns, resulting in vessel repositioning. • Odfjell’s carbon emissions are broadly unchanged from the previous quarter but are 1.5% above the level recorded before the disruptions in the Strait of Hormuz. • Super - segregator Bow Optima will be retrofitted with suction sails in 2027, and all ten 40,000 dwt Kitanihon vessels to be operated by Odfjell will also be equipped with suction sails upon delivery. Comments Odfjell | Carbon Intensity Indicator (CII)
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16 Tank Terminals Solid performance continues amid disrupted markets 0.0 0.4 0.8 1.2 1.04 3Q25 1.01 4Q25 1.03 1Q26 1.09 2Q26 3Q26 1.15 0 100 200 300 400 500 600 412 Odfjell Terminals Houston 79 Odfjell Terminals Charleston 314 88 Odfjell Terminals Korea 501 36 Noord Natie Odfjell Antwerp Terminal Existing capacity Capacity under construction Performance ▪ The portfolio's average commercial occupancy was 95% in 3Q26, stable from the previous quarter. Throughput increased by approximately 5% quarter - on - quarter, similar growth as seen in the previous quarter. ▪ The EBITDA (Odfjell share) was USD 11.3 million in 3Q26, compared with USD 10.7 million in 2Q26, mainly driven by lower operating expenses. The net result (Odfjell share) was USD 1.9 million, compared with USD 1.3 million in 2Q26. ▪ Despite being affected by disruption from the war in the Middle East Gulf, our Antwerp terminal continues to operate at near - full occupancy, and also our terminals in Korea and the U.S. perform well. Market ▪ Overall performance is expected to remain broadly stable. ▪ There are signs of increased activity in the U.S. and Europe as trade flows adjust to the disruptions in the Middle East Gulf. ▪ Market conditions in Korea are likely to remain challenging in the near term due to the situation in the Middle East Gulf. Expansion projects ▪ The E5 project at Odfjell Terminals Korea (OTK) was completed after quarter end, on schedule and within budget. The project adds ten carbon steel tanks with a total capacity of 87,940 cbm . ▪ The construction of Tankpit - S at our terminal in Antwerp progresses on budget and schedule. It will add 18 duplex stainless steel tanks with a total capacity of 36,000 cbm , scheduled to be operational in 1Q27. Total capacity at Odfjell Terminals (1,000 cbm ) Activity level (mill. mt of throughput)
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Agenda Highlights Financials Operational review Market update and prospects 01 02 03 04
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0 50 100 150 200 250 Jul - 22 Jan - 23 Jul - 23 Jan - 24 Jul - 24 Jan - 25 Jul - 25 Jan - 26 Jul - 26 USD/ tonne 0 50 100 150 200 250 Jul - 22 Jan - 23 Jul - 23 Jan - 24 Jul - 24 Jan - 25 Jul - 25 Jan - 26 Jul - 26 USD/ tonne Chemical spot rates declined during 3Q26, but gained some momentum towards the end of the quarter Source: Clarksons SIN, ZeroNorth VLCC earnings Product tanker earnings 0 50 100 150 200 250 300 USD 1,000/d Q3 - 2022 Q4 - 2022 Q1 - 2023 Q2 - 2023 Q3 - 2023 Q4 - 2023 Q1 - 2024 Q2 - 2024 Q3 - 2024 Q4 - 2024 Q1 - 2025 Q2 - 2025 Q3 - 2025 Q4 - 2025 Q1 - 2026 Q2 - 2026 Q3 - 2026 +93% 10 20 30 40 50 60 0 USD 1,000/d Q3 - 2022 Q4 - 2022 Q1 - 2023 Q2 - 2023 Q3 - 2023 Q4 - 2023 Q1 - 2024 Q2 - 2024 Q3 - 2024 Q1 - 2025 Q2 - 2025 Q3 - 2025 Q4 - 2025 Q1 - 2026 Q2 - 2026 Q3 - 2026 Q4 - 2024 - 38% +11% Atlantic Pacific Chemical tanker freight rates (bunker adjusted) - 40% - 37% - 36% - 12% USG - NWE USG - FE USG - SAM NWE - USG Q/Q average change - 3% 3% FE - USG SEA - NWE MEG - NWE MEG - FE Q/Q average change N/A N/A West of Suez (monthly) East of Suez (monthly) 1 8
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3Q26 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 0 5 10 15 20 25 30 35 40 Mill. tons seaborne chem/veg Percent of product tankers lifting chem/veg 06/2022 12/2022 06/2023 12/2023 06/2024 12/2024 06/2025 12/2025 06/2026 19 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 Product tanker definition: Tankers not defined as core chemical tankers and that carry clean products or chemicals/ vegoils Source: Kpler , CKB Fleet, Odfjell Seaborne chemical volume lifted on core chemical tankers and product tankers Share of product tankers lifting chems/veg Est. volume lifted on core chemical tankers Est. volume lifted on product tankers Product mix on core, deep - sea chemical tankers ( MMt ) 87% 13% 4Q24 87% 13% 1Q25 86% 14% 2Q25 86% 14% 3Q25 85% 15% 4Q25 85% 15% 1Q26 83% 17% 2Q26 83% 17% 3Q26 Chems & others CPP
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Orderbook 20+ years 25+ years 0.0 0.5 1.0 1.5 2.0 2.5 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 DWT mill. 2021 2022 2023 2024 2020 2026 2027 2028 2029 2025 18% 6% 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 18% of fleet -5% 0% 5% 10% - 1 0 1 2 DWT mill. 9.0% 7.3% 2.8% - 2.1% Deliveries Recycling Net fleet growth (%) -5% 0% 5% 10% - 0.5 0.0 0.5 1.0 DWT mill. 4.7% 3.5% 4.1% 1.9% Medium stainless steel Large stainless steel & super - segregators Total core, deep - sea chemical tanker fleet* 20 *Core : Not categorized as “simple chemical tanker” or “coated product tanker” by CKB Fleet. Deep - sea: >18,000 DWT Source: CKB Fleet -5% 0% 5% 10% - 2 0 2 4 DWT mill. 9.8% 2026 4.7% 2027 2.8% 2028 - 0.4% 2029 * Includes advanced coated chemical MRs 4% of orderbook 32% of orderbook 14% of orderbook
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Supply outlook 3Q (actual) 4Q (estimate) Chemical tanker fleet growth Swing tonnage impact on chemical trade • A strong delivery pipeline and moderate scrapping levels are expected to drive growth in the global chemical tanker fleet through 2026 and 2027 . • Historically high crude and CPP rates discourage swing tonnage entry into the chemical segments, while simultaneously incentivizing chemical tankers to carry CPP , vegoil , and biofuel cargoes . Supply factors 21 EXTERNAL FACTORS’ IMPACT GOING FORWARD Tanker market rally so far results in moderate spillover into chemicals Market outlook is highly uncertain as geopolitics continue to be the main driver • Seaborne chemical/bio exports in 3 Q 26 increased modestly from the previous quarter, driven by vegoil s and biofuels , but remain down year - over - year . • Global GDP growth for the year was revised slightly up by IMF in October, although risks are skewed to the downside due to fiscal vulnerabilities, trade tensions, and further escalation in conflicts . • Average freight rates in 3 Q 26 were significantly down from the previous quarter . There were positive signals towards quarter - end as strong momentum in CPP markets started to support chemical tanker spot freight rates . Demand factors Demand outlook 3Q (actual) 4Q (estimate) Chemical trade Change in GDP growth Geopolitical effects Source: CKB Fleet, Clarksons , Kpler , IMF
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22 Summary Our results • Group net result of USD 40 million in 3Q26, compared to USD 54 million the previous quarter. Odfjell Tankers • Total time charter earnings decreased slightly due to lower spot rates. • Solid increase in lifted volume following strong commercial performance and a 455 - day increase in commercial revenue days. Odfjell Terminals • Slightly stronger EBITDA and net result quarter - on - quarter. • Terminals perform well amid a geopolitical situation that continues to impact storage markets. Market Outlook • Spot markets have softened compared to 2Q26, but rates remain at historically strong levels. • The chemical tanker fleet continues to grow, although increased recycling is expected in the longer term. • Swing tonnage remains low, and typical MR cargoes are increasingly split up into smaller parcels. Guiding • Market inefficiencies and limited swing tonnage expected to continue to support rates in the near term, while vessel deliveries and diminishing inventories potentially affecting chemical trade add risk to coming quarters. • Regular trading patterns continue to be disrupted. W e expect the underlying net result in 4Q26 to be somewhat lower than in the third quarter.
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Contact 23 Investor Relations Nils Jørgen Selvik | Tel: +47 920 39 718 | E - mail: nils.jorgen.selvik@odfjell.com Media Anngun Dybsland | Tel: +47 415 48 854 | E - mail: media@odfjell.com ODFJELL SE | Conrad Mohrs veg 29 | P.O. Box 6101 | 5892 Bergen | Norway Tel: +47 55 27 00 00 | E - mail: mail@odfjell.com