Interim report
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Third quarter 2026 Report | Odfjell SE 4 November, 2026
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Highlights – 3Q26 • 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 in 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. Third quarter 2026 report 3Q26 Odfjell Group "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. We expect the underlying net result in 4Q26 to be somewhat lower than in the third quarter". CEO Harald Fotland, Odfjell SE Key figures * Based on 79.1 million outstanding shares ** Ratios are annualized (USD mill, 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% 2* 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 recent arbitration.
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Result development Balance sheet and cash flow Odfjell’s cash balance was USD 166 million at the end of 3Q26. Committed undrawn facilities were USD 212 million, bringing total available liquidity to USD 378 million. Cash flow from operations was USD 85 million in 3Q26 versus USD 81 million in the previous quarter. This increase was primarily due to stable development in working capital in 3Q26. In September, a dividend of USD 41 million was paid out related to adjusted net result for 1H26. Interest bearing debt increased by USD 25 million, as new debt was drawn for the financing of Bow Pluto, the 26,000 dwt newbuilding. Debt, right of use assets, increased by USD 51 million, including the delivery of two new vessels on long term time charter. 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. 3Q26 Odfjell Group 3 3Q26 EBIT versus 2Q26 EBIT (USDm) 68.8 (2.8) 2.7 (3.4) 0.6 (1.5) (4.1) (1.4) 58.9 2Q26 TCE TC Exp. Opex JV Net result G&ADepreciation & Capital gain Other operating income 3Q26 Profit and loss Reported time charter earnings were USD 192 million in 3Q26, slightly down from 2Q26. Gross revenues were down USD 8 million, while voyage expenses decreased by USD 5 million. The decrease in gross revenue reflects lower freight rates on average for the quarter compared to 2Q26, countered by more revenue days with the delivery of three new vessels during 3Q26. TCE per day was USD 27,892 in 3Q26 and cash break-even per day was USD 20,874, compared to USD 21,804 in 2Q26. The decrease in cash break-even per day was primarily driven by more commercial revenue days and less dry docking cost during the quarter. Time charter expenses decreased from the previous quarter, whereas total operating expenses and G&A expenses increased. EBIT ended at USD 59 million, down from USD 69 million in 2Q26. Odfjell Terminals' net result contribution was USD 2.2 million, versus USD 1.8 million in 2Q26. The net result for 3Q26 was USD 40 million, a decrease of USD 13 million from 2Q26. Adjusted for non-recurring items, the result was USD 43 million, compared to USD 56 million in 2Q26. 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) 31.03.26 30.06.26 30.09.26 30.09.25 Cash and available-for -sale investments 131.3 165.3 165.9 135.9 Interest bearing debt1 747.7 733.6 758.6 751.0 Debt, right of use assets 298.5 335.2 386.1 240.8 Net debt 914.8 903.5 978.9 855.8 Available drawing facilities 226.7 219.4 212.0 170.0 Total equity 983.9 1,030.1 1,043.5 957.2 Equity ratio 46.1% 46.1% 45.1% 46.6% Equity ratio in covenants (IFRS 16 Adj.) 53.9% 54.6% 54.4% 53.1%
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TCE per day ended at USD 27,892 in 3Q26, down from USD 29,486 in the previous quarter. There were no contract renewals in the quarter. Commercial revenue days for our chemical tankers ended at 6,864 in 3Q26, which was 455 days higher than the previous quarter. This is explained by vessel deliveries and reduced off-hire. We took delivery of three stainless steel vessels in the quarter. Bow Pluto (26,000 dwt) is owned by Odfjell, while Bow Fortitude (25,000 dwt) and the super-segregator Bow Tanaka (40,000 dwt) were delivered on long-term time charter. Our total orderbook at quarter end stood at 18 vessels, four of which are super-segregators to be owned by Odfjell. After quarter end, Odfjell concluded arrangements for two additional Kitanihon vessels (stainless steel, 40,000 dwt), to be delivered on long-term time charter in 2029. We also concluded the sale of two 15 year old coated chemical tankers. All 3Q26 safety and operational KPIs remained well within targets. Odfjell lifted 3.6 million tonnes in 3Q26, an increase of 14% compared to the previous quarter. The increase is due to a combination of vessel deliveries and increased spot volumes, reflecting effective deployment of the additional tonnage. Our Contract of Affreightment (COA) share concurrently fell to 42% from 46% in the previous quarter due to unavailable Middle East Gulf export volumes. Meanwhile, 26% of our volumes in 3Q26 were CPP, vegoil, and biofuels, well above our historical average. Global seaborne exports of chemicals fell slightly in the quarter, but this was more than compensated for by increased CPP, vegoil, and biofuel, leading to a total volume increase of 5%. The situation around the Hormuz and Bab el-Mandeb straits remains highly unstable, resulting in increasingly severe consequences for both crews and vessels. Odfjell does not transit either strait. Spot chemical freight markets meanwhile continue to be volatile. After falling in the second quarter, 3Q26 saw rates move sideways before an uptick at the end of the quarter. This coincides with historically high earnings in the VLCC segment, in turn supporting smaller tanker segments. These developments support chemical tanker earnings. 3Q26 Odfjell Group Chemical Tankers 4 Key result drivers 3Q25 4Q25 1Q26 2Q26 3Q26 TCE/day (USD) 28,174 27,978 27,232 29,486 27,892 Quarterly cash break-even per day (USD) 22,054 21,817 22,984 21,804 20,874 Total volumes carried (Million tonnes)* 3,5 3,4 3,2 3,2 3,6 – COA volumes 2,0 1,9 1,4 1,5 1,5 – Spot volumes 1,5 1,4 1,8 1,7 2,1 Total calendar vessel days 6,542 6,386 6,386 6,646 6,970 Commercial revenue days 6,401 6,262 6,114 6,409 6,864 Off-hire days 134 125 271 237 106 Fleet (number of vessels / dwt. million) 70/2.5 70/2.5 73/2.6 74/2.6 77/2.7 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) -18.9% * Sub-categories may not add up to total volume due to rounding -8.5%
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3Q26 Odfjell Group Tank Terminals Odfjell Terminals key figures (Odfjell share) 4Q25 FY25 1Q26 2Q26 3Q26 3Q25 YTD26 Gross revenues 22.9 90.2 22.5 22.4 22.4 22.9 67.3 Odfjell Terminals US (OTUS) EBITDA 6.7 27.4 6.8 6.7 7.2 7.2 20.7 Odfjell Terminals Korea (OTK) EBITDA 1.3 6.0 1.4 1.5 1.4 1.5 4.3 Noord Natie Odfjell (NNOAT) EBITDA 2.6 10.0 2.8 2.8 2.8 2.9 8.4 Total Odfjell Terminals EBITDA* 7.9 32.5 10.6 10.7 11.3 9.3 32.6 EBIT 1.6 7.5 4.4 3.8 4.7 2.8 12.9 Net financials (1.7) (5.8) (1.9) (1.8) (1.9) (1.8) (5.5) Net results (1.0) (1.6) 1.8 1.3 1.9 0.1 4.9 Net debt 101.8 101.8 104.9 103.8 107.6 100.2 107.6 Commercial average occupancy rate (%) 96.0 95.7 93.9 95.5 94.6 95.2 94.6 Commercial available capacity (1,000 cbm) 1,294 1,294 1,307 1,299 1,303 1,287 1,303 5 *Including corporate and nonrecurring items. Capital expenditure and expansions At Odfjell Terminals Korea (OTK), E5 came onstream early 4Q26, completed on schedule and within budget. The project adds ten carbon steel tanks with a total capacity of 87,940 cbm. Work on the refurbishment of OTK’s second jetty is progressing on budget and schedule. Upon completion, scheduled for 3Q27, the refurbished jetty will enhance OTK’s operational flexibility, efficiency, and strategic value to customers. 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. This will increase NNOAT’s capacity to approximately 540,000 cbm. All CAPEX is locally funded within the respective joint ventures. Operations and financial results The portfolio's average commercial occupancy was 95% in 3Q26, compared with 96% in 2Q26. Throughput increased by approximately 5% quarter-on-quarter. In the U.S., occupancy improved towards the end of the quarter and throughput remained high. In Europe, our Antwerp terminal continued to operate at near-full occupancy, despite ongoing disruptions to Middle East Gulf-linked trade flows reducing throughput from selected product streams. In Korea, the terminal performed well despite challenging market conditions in the region, also driven by Middle East Gulf disruptions. 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. Looking ahead to 4Q26, 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, while market conditions in Korea are likely to remain challenging in the near term. As disclosed in the 2Q26 report, the Delaware Court of Chancery ruled in Odfjell’s favor on all five counts brought by Northleaf Capital Partners (Northleaf), Odfjell’s 49% partner in Odfjell Terminals US (OTUS). Northleaf has appealed the decision to the Delaware Supreme Court. Odfjell has cross-appealed, maintaining that the LLC Agreement required Odfjell’s approval for Northleaf to seek dissolution of OTUS. OTUS continues to operate as normal, and Odfjell remains a committed long-term owner.
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Wind-assisted propulsion Odfjell has signed a contract with bound4blue to retrofit Bow Optima with suction sails, with installation planned for 2Q27. This will be Odfjell's second retrofit of an existing vessel with suction sails, building on operational experience gained from Bow Olympus. In addition, all ten 40,000 dwt Kitanihon newbuildings to be operated by Odfjell will be equipped with suction sails. Sustainability award Odfjell was recognized with the Bronze award in the Enterprise of the Year category at the Sustainability Awards, a cross-industry event hosted by Sustainability Live in September. We are pleased to see that our decarbonization efforts are recognized also outside the maritime segment. Odfjell’s CII* development Disruptions and security risks in the Strait of Hormuz and Bab el-Mandeb continue to affect Odfjell’s trading patterns, resulting in vessel rerouting and reduced operational efficiency. 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. Climate adaptation El Niño is strengthening and is expected to intensify through the end of 2026, increasing both drought and flood risks in affected regions. We closely monitor water levels in Gatun Lake and operating conditions in the Panama Canal. El Niño currently has no material impact on Odfjell’s operations. 3Q26 Odfjell Group Sustainability 6 15.0 6.8 6.9 Odfjell IMO 2008 baseline AER 2025 AER 3Q26 - 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) 3Q26 Previous quarter Same q. last year FY 2025** FY 2024** Controlled fleet 6.9 6.9 6.8 6.8 7.1 Operated fleet 7.3 7.3 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
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Market outlook Freight rates in 3Q26 found a floor well above pre-conflict levels in the Middle East Gulf and turned positive towards the end of the quarter. This occurs despite chemical exports in the third quarter ending 22% below the same quarter in 2025. Several factors contribute to this apparent anomaly, including that vegoil volumes grew 12% in the same period, directly offsetting part of the effect. Also, CPP and vegoil/bio volumes are increasingly split up into intermediate parcels, which is beneficial for chemical parcel tankers. This happens at the same time as LR and MR tonnage has become significantly more expensive following development in the crude segment, where owners currently obtain earnings at levels never seen before. Larger LR tankers increasingly leave CPP trades for crude and this cascades down to the MR product tankers. The booming tanker market is apparent also in the S&P market, where a five year old MR tanker now commands a premium versus ordering a new vessel directly from the yard. This has not been seen for many years, and signals that record earnings are not expected to continue long term. The U.S. has recently indicated a willingness to allow shadow fleet vessels back into the legitimate fleet, but it remains unclear how this will impact shipping markets. Since the shadow fleet consist of mostly older vessels, many of which in questionable condition, and since European sanctions are unlikely to be eased, it remains unlikely that we will see a wave of shadow fleet tankers entering compliant trades in the near term. 3Q26 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 continues to decline with vessel deliveries and few new orders. The orderbook now represents approximately 18% of the existing fleet in our core segment, with Odfjell accounting for around 14% of this. 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 Lower global seaborne exports of chemicals and high fleet growth in chemical tanker segments are key risks. Our earnings early in 3Q26 were built on strong spot markets in 2Q26, but freight rates then stabilized at a lower level for a period. Recent positive signals are on the back of inefficiencies, disruptions, and significant risk premiums contributing to strong crude and product tanker earnings. In 4Q26, Odfjell has a larger fleet and expect increased docking activity and a slightly higher cost base compared to 3Q26. 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 4Q26. Regular trading patterns continue to be disrupted. We expect the underlying net result in 4Q26 to be somewhat lower than in the third quarter. Bergen, November 4, 2026 THE BOARD OF DIRECTORS, ODFJELL SE
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Interim financial information – ODFJELL GROUP CONSOLIDATED STATEMENT OF PROFIT OR LOSS (Figures based on equity method) (USD mill) Note 1Q26 2Q26 3Q26 3Q25 YTD26 YTD25 Gross revenue 1, 2 265.9 336.8 328.5 287.2 931.1 845.5 Voyage expenses 1, 2 (98.8) (141.8) (136.4) (107.0) (377.0) (310.0) Pool distribution — — — (6.9) — (20.4) Time charter earnings 167.0 195.0 192.1 173.3 554.1 515.1 Time charter expenses (15.2) (14.4) (11.7) (8.0) (41.3) (15.1) Operating expenses 8 (53.4) (54.6) (58.0) (50.6) (166.0) (156.7) Gross result 98.4 126.0 122.4 114.6 346.8 343.3 Share of net result from associates and joint ventures 5 2.8 2.2 2.8 2.6 7.9 7.4 General and administrative expenses (20.3) (18.2) (19.8) (20.0) (58.2) (61.9) Other operating income / expense 10 — 1.4 — — 1.4 — Operating result before depreciation, amortization and capital gain (loss) on non- current assets (EBITDA) 81.0 111.3 105.5 97.3 297.8 288.8 Depreciation and amortization 4, 7 (40.1) (41.7) (46.2) (39.3) (128.1) (120.0) Impairment of ships, property, plant and equipment 4 — — — — — — Capital gain (loss) 4 4.8 (0.9) (0.4) 1.1 3.5 3.3 Operating result (EBIT) 45.6 68.8 58.9 59.0 173.3 172.1 Interest income 1.0 2.9 1.5 1.4 5.4 3.8 Interest expenses 9 (15.3) (16.7) (17.8) (17.0) (49.9) (54.8) Other financial items 6 1.2 (1.2) (1.6) 0.3 (1.6) (2.3) Net financial items (13.0) (15.1) (18.0) (15.3) (46.1) (53.3) Result before taxes 32.6 53.7 40.8 43.8 127.1 118.8 Income tax expense (0.5) (0.2) (0.5) (0.9) (1.1) (1.5) Net Result 32.1 53.5 40.4 42.8 126.0 117.3 3Q26 Odfjell Group 8
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Figures based on equity method) (USD mill) Note 1Q26 2Q26 3Q26 3Q25 YTD26 YTD25 Net other comprehensive income to be reclassified to profit or loss in subsequent periods: Net changes in cash-flow hedges 1.2 (6.0) 9.1 (1.9) 4.3 3.2 Translation differences on investments of foreign operations (0.3) 0.2 (0.1) — (0.2) — Share of comprehensive income on investments accounted for using equity method (3.0) (1.0) 5.2 (1.7) 1.2 6.3 Net other comprehensive income not being reclassified to profit or loss in subsequent periods: Net actuarial gain/(loss) on defined benefit plans — — — — — — Other comprehensive income (2.1) (6.8) 14.3 (3.6) 5.4 9.4 Total comprehensive income 30.1 46.7 54.7 39.2 131.4 126.7 Earnings per share (USD) – basic/diluted 0.41 0.68 0.51 0.54 1.59 1.48 Net result and total comprehensive income is allocated 100% to the owners of the parent. 3Q26 Odfjell Group 9
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Figures based on equity method) (USD mill) Note 31.03.26 30.06.26 30.09.26 30.09.25 31.12.25 Deferred tax assets 1.8 2.0 2.0 2.1 2.0 Ships 4 1,297.6 1,305.8 1,270.6 1,310.2 1,277.3 Property, plant and equipment 4 6.8 7.4 7.1 7.2 6.9 Right-of-use assets 7 285.7 321.0 370.0 229.6 227.0 Investments in associates and joint ventures 5 182.8 180.9 186.4 173.0 182.9 Derivative financial instruments 5.2 4.2 9.7 2.7 1.6 Non-current receivables 11.8 12.7 14.5 11.0 10.9 Total non-current assets 1,791.7 1,834.1 1,860.3 1,735.9 1,708.6 Current receivables 147.1 166.9 168.2 133.9 130.5 Bunkers and other inventories 41.6 60.3 60.4 40.5 36.8 Derivative financial instruments 4.9 2.0 5.4 5.3 3.4 Cash and cash equivalents 3 131.3 165.3 165.9 135.9 148.6 Assets classified as held for sale 4 17.9 4.1 55.9 — 8.0 Total current assets 342.8 398.6 455.9 315.6 327.2 Total assets 2,134.5 2,232.7 2,316.2 2,051.5 2,035.8 Equity 983.9 1,030.1 1,043.5 957.2 992.7 Non-current interest-bearing debt 3 682.6 659.7 684.2 606.9 564.7 Non-current debt, right-of-use assets 7 241.7 272.5 318.8 161.2 161.8 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 7.6 15.3 7.2 Total non-current liabilities 935.4 947.4 1,010.6 783.4 737.7 Current portion interest-bearing debt 3 65.1 73.9 74.5 144.1 139.7 Current debt, right-of-use assets 7 56.7 62.7 67.3 79.6 77.0 Derivative financial instruments 0.2 — — — — Other current liabilities 93.2 118.6 120.3 87.3 88.7 Total current liabilities 215.2 255.2 262.1 311.0 305.4 Total equity and liabilities 2,134.5 2,232.7 2,316.2 2,051.5 2,035.8 3Q26 Odfjell Group 10
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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 — (0.2) 4.3 — 1.2 — 5.4 5.4 Net result — — — — — 126.1 126.1 126.1 Dividend payment — — — — — (81.0) (81.0) (81.0) Sale of treasury shares 1) — — — — — 0.6 0.6 0.6 Other adjustments — — — — — (0.3) (0.3) (0.3) Equity per September 30, 2026 199.2 — 7.2 1.7 6.0 829.4 844.3 1,043.5 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, followed by 7,880 shares in the third quarter of 2026 for NOK 0.8 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. 3Q26 Odfjell Group 11
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KEY FIGURES IN (Figures based on equity method) 1Q26 2Q26 3Q26 3Q25 YTD26 YTD25 PROFITABILITY Earnings per share (USD) – basic/diluted 0.41 0.68 0.51 0.54 1.59 1.48 Return on equity 1) 11.1% 22.4% 16.3% 17.5% 16.9% 16.8% Adjusted return on equity 3) 10.5% 22.6% 16.5% 17.4% 16.7% 16.7% Return on capital employed 1) 9.2% 14.5% 12.0% 12.8% 12.1% 12.3% Adjusted return on capital employed 3) 8.9% 14.6% 12.1% 12.7% 11.9% 12.1% FINANCIAL RATIOS Average number of outstanding shares (mill) 2) 79.2 79.2 79.2 79.1 79.2 79.1 Basic/diluted equity per share (USD) 12.43 13.01 13.18 12.09 13.18 12.09 Share price per A-share (USD) 12.1 10.5 13.9 12.3 13.9 12.3 Current ratio 1.6 1.6 1.7 1.0 1.7 1.0 Equity ratio 46.1% 46.1% 45.1% 46.6% 45.1% 46.6% IFRS 16 adjusted equity ratio 53.9% 54.6% 54.4% 53.1% 54.4% 53.1% USD/NOK rate at period end 9.79 9.95 9.59 9.96 9.59 9.96 1) Return ratios are based on annualized results, except for non-recurring items that are included in the relevant period. 2) Per end of September 2026 Odfjell holds 39,282 Class A shares and 488,901 Class B shares. 3) Adjusted for non-recurring items. 3Q26 Odfjell Group 12
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CONSOLIDATED CASH FLOW STATEMENT (Figures based on equity method) (USD mill) 1Q26 2Q26 3Q26 3Q25 YTD26 YTD25 Profit before income taxes 32.6 53.7 40.8 43.8 127.1 118.8 Taxes paid in the period 0.4 (0.3) (1.8) (0.7) (1.7) (1.7) Depreciation, impairment and capital (gain) loss fixed assets 35.3 42.5 46.7 38.2 124.5 116.7 Change in inventory, trade debtors and creditors (increase) decrease (14.9) (15.0) 1.6 (12.3) (28.3) 6.7 Share of net result from associates and JV's (2.8) (2.2) (2.8) (2.6) (7.9) (7.4) Net interest expenses 14.3 13.8 16.4 15.5 44.5 51.0 Interest received 0.9 2.9 1.5 1.5 5.2 3.9 Interest paid (15.3) (16.7) (17.8) (17.0) (49.9) (54.2) Effect of exchange differences and changes in derivatives (2.6) 0.8 0.3 0.8 (1.5) 0.8 Change in other current accruals 1.8 1.0 0.1 0.2 3.0 2.1 Net cash flow from operating activities 49.7 80.6 84.9 67.4 215.2 236.6 Sale of ships, property, plant and equipment 1) 4.7 23.2 (0.4) 10.0 27.6 27.3 Investment in ships, property, plant and equipment (25.4) (44.9) (43.3) (9.7) (113.6) (32.4) Dividend/other from investments in associates and JV’s — 3.0 2.6 9.1 5.6 12.3 Investments in joint ventures — — — — — — Other non-current receivables and investments (1.0) (0.9) (1.8) (0.9) (3.7) (1.9) Net cash flow from investing activities (21.7) (19.5) (42.9) 8.5 (84.1) 5.2 New interest-bearing debt (net of fees paid) 145.0 — 32.8 33.5 177.8 359.9 Loans from associates and joint ventures — — (4.0) — (4.0) — Repayment of interest-bearing debt (103.1) (13.0) (11.8) (19.5) (127.9) (349.9) Repayment of lease debt related to right-of-use assets 2) (47.7) (14.6) (17.1) (47.1) (79.4) (163.3) Dividend payment (39.6) — (41.4) (38.0) (80.9) (99.7) Sale/purchase of treasury shares 0.1 0.4 0.1 0.1 0.7 0.6 Net cash flow from financing activities (45.2) (27.2) (41.4) (70.9) (113.8) (252.4) Effect on cash balance from currency exchange rate fluctuations — — — — — — Net change in cash and cash equivalents (17.3) 33.9 0.6 5.0 17.3 (10.6) Opening cash and cash equivalents 148.6 131.3 165.3 131.0 148.6 146.5 Closing cash and cash equivalents 131.3 165.3 165.9 135.9 165.9 135.9 1) Bow Clipper and Bow Oceanic were 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 were sold in first quarter 2026. Bow Faith and one newbuilding contract were sold in the second quarter 2026. 3Q26 Odfjell Group 13
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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. New accounting standards – IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 will replace IAS 1 and is effective for annual periods beginning on or after 1 January 2027, with retrospective application. Odfjell will apply IFRS 18 from 1 January 2027, and comparative figures for 2026 will be restated. The Group's implementation work is well advanced. The analysis to date indicates that the main effects for Odfjell will be: • New structure of the income statement: income and expenses will be classified into operating, investing and financing categories, with the new mandatory subtotals "Operating profit" and "Profit before financing and income taxes". • Share of net result from associates and joint ventures will be classified within the investing category, and will therefore no longer be included in operating profit. • Foreign exchange gains and losses and derivatives will be allocated to the category of the related item rather than presented in aggregate as part of other financial items • Management-defined performance measures: based on the analysis performed to date, EBITDA, adjusted EBIT and time-charter earnings have been identified as measures that are expected to meet the definition of management-defined performance measures under IFRS 18. Additional measures may be identified as the implementation work is finalized. The identified measures will be disclosed in a separate note with reconciliations to the most directly comparable IFRS subtotal IFRS 18 affects presentation and disclosure only and is not expected to affect recognition or measurement, net result, equity or total cash flows. The Group is currently quantifying the effects on the presentation of the 2026 comparative information and expects to provide further quantitative information in its 2026 annual financial statements. 3Q26 Odfjell Group 14
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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 ventures 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. 3Q26 Odfjell Group 15
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Note 2 – Segment information - continued Chemical Tankers Tank Terminals Total USD mill 1Q26 2Q26 3Q26 3Q25 YTD26 1Q26 2Q26 3Q26 3Q25 YTD26 1Q26 2Q26 3Q26 3Q25 YTD26 Gross revenue 265.4 336.1 327.8 286.7 929.2 22.5 22.4 22.4 22.9 67.3 287.9 358.0 349.8 309.6 995.7 Voyage expenses (98.8) (141.8) (136.4) (107.0) (377.0) — — — — — (98.8) (141.8) (136.4) (107.0) (377.0) Pool distribution — — — (6.9) — — — — — — — — — (6.9) — TC earnings 166.5 194.3 191.4 172.8 552.2 22.5 22.4 22.4 22.9 67.3 189.0 216.2 213.4 195.6 618.6 TC expenses (8.5) (7.0) (4.1) (8.0) (19.7) — — — — — (8.5) (7.0) (4.1) (8.0) (19.7) Operating expenses (43.5) (41.9) (40.9) (41.5) (126.3) (7.6) (7.8) (7.3) (7.4) (22.8) (51.2) (49.7) (48.3) (48.9) (149.1) Operating expenses - right-of-use assets (9.9) (12.7) (17.1) (9.1) (39.7) — — — — — (9.9) (12.7) (17.1) (9.1) (39.7) General and administrative expenses (19.4) (17.2) (18.9) (17.1) (55.6) (4.2) (3.9) (3.8) (6.3) (11.9) (23.7) (20.6) (22.3) (23.3) (66.5) Other operating income / expense — 1.4 — — 1.4 — — — — — — 1.4 — — 1.4 EBITDA 85.2 116.8 110.4 97.0 312.3 10.6 10.7 11.3 9.3 32.6 95.8 127.5 121.6 106.3 344.9 Depreciation (27.0) (25.7) (27.1) (26.1) (79.8) (6.1) (6.2) (6.4) (6.2) (18.7) (33.1) (31.9) (33.5) (32.3) (98.5) Depreciation - right-of-use assets (19.1) (22.8) (26.0) (13.2) (67.9) (0.1) (0.1) (0.1) (0.1) (0.4) (19.2) (22.9) (26.1) (13.3) (68.2) Capital gain/loss 4.8 (0.9) (0.4) 1.1 3.5 — (0.5) (0.1) (0.1) (0.7) 4.8 (1.4) (0.6) 0.9 2.8 Operating result (EBIT) 43.9 67.4 56.8 58.8 168.1 4.4 3.8 4.7 2.8 12.9 48.3 71.2 61.5 61.5 181.0 Net interest expense (10.8) (9.1) (10.7) (11.5) (30.6) (1.6) (1.6) (1.7) (1.7) (4.8) (12.3) (10.7) (12.3) (13.2) (35.3) Interest expense - right-of-use assets (3.7) (4.8) (5.8) (4.0) (14.3) — (0.1) — — (0.1) (3.7) (4.8) (5.8) (4.1) (14.3) Other financial items 1.4 (1.2) (1.6) 0.3 (1.4) (0.3) (0.2) (0.2) (0.1) (0.6) 1.1 (1.4) (1.8) 0.1 (2.1) Taxes (0.5) — (0.3) (0.7) (0.7) (0.8) (0.8) (0.9) (0.9) (2.5) (1.2) (0.8) (1.2) (1.6) (3.2) Net result 30.4 52.3 38.5 42.7 121.1 1.8 1.3 1.9 0.1 4.9 32.1 53.5 40.4 42.8 126.0 Non current assets 1,629.8 1,667.0 1,681.1 1,562.9 1,681.1 318.6 319.5 328.0 318.5 328.0 1,948.4 1,986.6 2,009.1 1,881.4 2,009.1 Cash and cash equivalents 127.9 160.8 162.2 123.4 162.2 20.6 25.7 26.9 24.7 26.9 148.6 186.5 189.1 148.1 189.1 Other current assets 195.0 230.1 233.2 170.1 233.2 15.0 13.5 18.6 29.3 18.6 209.0 243.7 251.8 197.1 251.8 Assets held for sale 17.9 4.1 55.9 — 55.9 — — — — — 17.9 4.1 55.9 — 55.9 Total assets 1,970.6 2,062.1 2,132.3 1,856.4 2,132.3 354.2 358.7 373.4 372.5 373.4 2,323.8 2,420.8 2,505.8 2,226.6 2,505.8 Equity 803.6 849.3 855.6 766.7 855.6 180.4 180.7 188.0 190.5 188.0 983.9 1,030.1 1,043.5 957.2 1,043.5 Non-current interest-bearing debt 682.6 659.7 684.2 606.9 684.2 121.9 27.1 32.0 121.6 32.0 804.5 686.8 716.2 728.4 716.2 Non-current debt, right-of-use assets 241.7 272.5 318.8 161.2 318.8 1.6 1.5 1.5 1.5 1.5 243.4 274.0 320.3 162.7 320.3 Other non-current liabilities 9.3 13.1 7.6 15.3 7.6 24.6 24.7 24.9 25.5 24.9 33.9 37.8 32.5 40.8 32.5 Current interest-bearing debt 65.1 73.9 74.5 144.1 74.5 3.7 102.4 102.4 3.3 102.4 68.7 176.3 176.9 147.4 176.9 Current debt, right-of-use assets 77.7 76.9 74.6 79.6 74.6 0.5 0.5 0.4 0.5 0.4 78.2 77.4 75.1 80.0 75.1 Other current liabilities 90.7 116.6 117.1 82.7 117.1 21.6 21.9 24.2 29.6 24.2 111.2 138.5 141.3 110.0 141.3 Total equity and liabilities 1,970.6 2,062.1 2,132.3 1,856.4 2,132.3 354.2 358.7 373.4 372.5 373.4 2,323.8 2,420.8 2,505.8 2,226.6 2,505.8 Cashflow from operating activities 49.5 82.6 88.3 71.3 220.4 2.4 8.6 9.0 3.6 20.0 51.9 91.1 97.2 74.9 240.2 Cashflow from investment activities (21.7) (22.5) (45.5) (34.6) (89.7) (3.7) (7.8) (12.5) (6.1) (24.0) (25.4) (30.3) (58.0) (40.7) (113.7) Cashflow from financing activities (45.2) (27.2) (41.4) (37.0) (113.8) (1.5) 4.3 4.7 0.1 7.5 (46.7) (22.9) (36.7) (36.9) (106.3) Net change in cash and cash equivalents (17.4) 32.9 1.4 (0.3) 16.9 (2.8) 5.1 1.2 (2.4) 3.4 (20.2) 37.9 2.5 (2.8) 20.2 3Q26 Odfjell Group 16
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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 3Q26 3Q25 YTD26 1Q26 2Q26 3Q26 3Q25 YTD26 1Q26 2Q26 3Q26 3Q25 YTD26 Total segment revenue 265.4 336.1 327.8 286.7 929.2 22.5 22.4 22.4 22.9 67.3 287.9 358.0 349.8 309.6 995.7 Segment revenue JV's — — — — — (22.2) (22.1) (22.1) (22.6) (66.4) (22.0) (21.2) (21.3) (22.4) (64.5) Consolidated revenue in income statement 265.4 336.1 327.8 286.7 929.2 0.3 0.3 0.3 0.3 0.9 265.9 336.8 328.5 287.2 931.1 Total segment EBIT 43.9 67.4 56.8 58.8 168.1 4.4 3.8 4.7 2.8 12.9 48.3 71.2 61.5 61.5 181.0 Segment EBIT JV's (0.7) (0.5) (0.6) — (1.9) (4.8) (4.1) (4.8) (5.1) (13.7) (5.5) (4.7) (5.4) (5.1) (15.6) Share of net result JV's 4) 0.5 0.4 0.6 — 1.5 2.3 1.8 2.2 2.6 6.3 2.8 2.2 2.8 2.6 7.8 Consolidated EBIT in income statement 43.7 67.3 56.8 58.8 167.7 2.0 1.5 2.1 0.3 5.6 45.6 68.8 58.9 59.0 173.3 Total segment asset 1,970.6 2,062.1 2,132.3 1,856.4 2,132.3 354.2 358.7 373.4 372.5 373.4 2,323.8 2,420.8 2,505.8 2,226.6 2,505.8 Segment asset 3) (26.6) (22.3) (17.7) — (17.7) (345.4) (347.4) (359.1) (348.8) (359.1) (372.0) (369.1) (376.0) (348.1) (376.0) Investment in JV's 4) 9.4 9.8 10.4 — 10.4 173.4 171.1 176.1 173.0 176.1 182.8 180.9 186.4 173.0 186.4 Total consolidated assets in statement of financial position 1,953.4 2,049.5 2,125.0 1,856.4 2,125.0 182.2 182.5 190.4 196.7 190.4 2,134.5 2,232.7 2,316.2 2,051.5 2,316.2 Total segment liabilities 1,167.1 1,212.8 1,276.8 1,089.7 1,276.8 173.9 178.0 185.5 182.0 185.5 1,339.9 1,390.8 1,462.2 1,269.4 1,462.2 Segment liability 3) (17.2) (12.4) (7.1) — (7.1) (172.1) (176.2) (183.0) (175.8) (183.0) (189.3) (188.2) (189.5) (175.1) (189.5) Total consolidated liabilities in statement of financial position 1,149.9 1,200.4 1,269.6 1,089.7 1,269.6 1.8 1.8 2.4 6.2 2.4 1,150.6 1,202.6 1,272.7 1,094.3 1,272.7 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. 3Q26 Odfjell Group 17
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Note 3 – Net interest-bearing liabilities (USD mill) 31.03.26 30.06.26 30.09.26 30.09.25 31.12.25 Mortgaged loans from financial institutions 598.1 589.6 613.9 592.4 551.2 Financial leases and sale-lease back 56.1 51.6 48.3 66.0 61.0 Unsecured bonds 102.2 100.5 104.3 100.4 99.4 Lease liability, right-of-use assets 298.5 335.2 386.1 240.8 238.9 Subtotal debt 1,054.8 1,076.8 1,152.6 999.6 950.5 Transaction fees (8.7) (8.1) (7.8) (7.9) (7.2) Total debt 1,046.1 1,068.8 1,144.8 991.7 943.2 Cash and cash equivalent 1) 131.3 165.3 165.9 135.9 148.6 Net debt 914.8 903.5 978.9 855.8 794.6 1) Additionally available drawing facilities amounts to USD 212 million end September 2026. (USD mill) 1Q26 2Q26 3Q26 3Q25 YTD26 YTD25 FY25 Total debt, beginning of period 943.2 1,046.1 1,068.8 1,021.1 943.2 1,109.8 1,109.8 New loans, financial leases and bonds 145.0 — 32.8 33.5 177.8 359.9 359.9 Repayment of loans, financial leases and bonds (103.1) (13.0) (11.8) (19.5) (127.9) (322.7) (368.9) Change in debt, lease liability right-of-use assets 59.6 36.7 51.0 (44.9) 147.3 (156.0) (158.0) Transaction fees amortized (1.4) 0.6 0.3 0.7 (0.6) (0.4) 0.2 Currency translation differences 2.8 (1.7) 3.8 0.9 4.9 1.2 0.2 Total debt, end of period 1,046.1 1,068.8 1,144.8 991.8 1,144.8 991.8 943.2 For debt related to right-of-use assets see note 7. As of 3Q26 we remain in compliance with our financial covenants. 3Q26 Odfjell Group 18
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Note 4 – Ships, property, plant and equipment (USD mill) 1Q26 2Q26 3Q26 3Q25 YTD26 YTD25 Net carrying amount, beginning of period 1,284.2 1,304.4 1,313.3 1,308.9 1,284.2 1,261.4 Investments in ships, property, plant and equipment 10.8 9.6 7.9 8.4 28.2 31.3 Investments in newbuilding 14.7 35.3 35.4 — 85.4 — Purchase of former leased bareboat vessels 2) 35.6 — — 35.2 35.6 121.5 Depreciation (27.0) (25.7) (27.1) (26.1) (79.9) (77.4) Sale of property, plant and equipment — (10.3) — (9.0) (24.1) (19.4) Assets classified as held for sale 1) (13.8) — (51.7) — (51.7) — Net carrying amount, end of period 1,304.4 1,313.3 1,277.7 1,317.5 1,277.7 1,317.5 1) At the end of fourth quarter 2025, four barges were 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. One newbuilding was classified as held for sale in first quarter 2026, this was delivered to new owners in second quarter 2026. In third quarter 2026, two vessels was classified as held for sale. 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 3Q26 3Q25 YTD26 YTD25 Depreciation property, plant and equipment (27.0) (25.7) (27.1) (26.1) (79.9) (77.4) Depreciation right-of-use assets (13.1) (16.0) (19.1) (13.2) (48.2) (42.6) Total depreciations (40.1) (41.7) (46.2) (39.3) (128.1) (120.0) (USD mill) 2027 2028 2029 Total Newbuilding 137.5 64.9 51.2 253.6 Total capex commitment 137.5 64.9 51.2 253.6 Odfjell Group has four 40,000 dwt chemical tanker newbuilding contracts scheduled for delivery between 1Q27 and 1Q29. In total, the capital commitment amounts to USD 253.6 million. This does not include future commitments to right-of-use assets. 3Q26 Odfjell Group 19
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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 66.5 22.4 88.9 66.5 — 66.5 EBITDA 33.5 21.5 55.0 32.8 — 32.8 EBIT 13.7 1.9 15.6 14.1 — 14.1 Net result 6.4 1.5 7.9 7.4 — 7.4 Depreciation of excess values net of deferred tax: Europe (0.7) — (0.7) (0.7) — (0.7) Total (0.7) — (0.7) (0.7) — (0.7) Non current assets 328.0 7.4 335.4 318.5 — 318.5 Cash and cash equivalents 13.5 9.7 23.2 12.1 — 12.1 Other current assets 17.7 4.0 21.7 18.1 — 18.1 Total assets 359.1 21.1 380.2 348.8 — 348.8 Total equity closing balance 176.1 10.3 186.4 173.0 — 173.0 Long-term debt 32.0 — 32.0 121.6 — 121.6 Other non-current liabilities 26.4 — 26.4 27.0 — 27.0 Short-term debt 102.4 — 102.4 3.3 — 3.3 Other current liabilities 22.2 10.8 33.0 23.9 — 23.9 Total equity and liabilities 359.1 21.1 380.2 348.8 — 348.8 3Q26 Odfjell Group 20
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Note 6 – Other financial items (USD mill) 1Q26 2Q26 3Q26 3Q25 YTD26 YTD25 Changes in fair value in derivatives 3.7 (1.8) 3.8 1.5 5.6 2.5 Currency gains (losses) (2.4) 2.2 (5.5) (1.0) (5.7) (4.1) Other (0.1) (1.6) 0.1 (0.3) (1.6) (0.8) Total other financial items 1.2 (1.2) (1.6) 0.3 (1.6) (2.3) 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 3Q26 3Q25 YTD26 YTD25 Net carrying amount, beginning of period 227.0 285.7 321.0 274.7 227.0 385.4 New right-of-use assets 107.3 51.3 68.0 3.4 226.7 8.4 Depreciation (13.1) (16.0) (19.1) (13.2) (48.2) (42.5) Purchase of leased vessels (35.6) — — (35.2) (35.6) (121.5) Remeasurement — — — — — (0.2) Net carrying amount, end of period 285.7 321.0 370.0 229.6 370.0 229.6 (USD mill) 31.03.26 30.06.26 30.09.26 30.09.25 31.12.25 Non current debt, right-of-use assets 241.7 272.5 318.8 161.2 161.8 Current debt, right-of-use assets 56.7 62.7 67.3 79.6 77.0 Total 298.5 335.2 386.1 240.8 238.9 3Q26 Odfjell Group 21
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Nominal payments of time charter hire for right-of-use assets not yet commenced (USD mill) 4Q 2026 2027 2028 2029 2030 Thereafter Total Nominal time charter hire 1.9 50.1 98.0 109.1 109.2 478.4 846.8 Total 1.9 50.1 98.0 109.1 109.2 478.4 846.8 At the end of the third quarter of 2026, Odfjell Group has signed long-term time charter agreements for fourteen vessels not yet commenced. Four of the fourteen 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 these 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 846.8 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 third quarter 2026 to estimate the net present value of the bareboat element. The total net present value is estimated to USD 435.7 million, of which USD 39.3 million will be capitalized in fourth quarter 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 third quarter 2026. Future right-of-use assets for long-term time charter hires not yet commenced. 4Q 2026 2027 2028 2029 Total Right-of-use assets addition (USD mill) 39.3 243.4 113.7 39.3 435.7 3Q26 Odfjell Group 22
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Note 8 - Operating expenses (USD mill) 1Q26 2Q26 3Q26 3Q25 YTD26 YTD25 Operating expenses right-of-use assets (9.9) (12.7) (17.1) (9.1) (39.7) (28.3) Other operating expenses (43.5) (41.9) (40.9) (41.5) (126.3) (128.4) Total (53.4) (54.6) (58.0) (50.6) (166.0) (156.7) Note 9 - Interest expenses (USD mill) 1Q26 2Q26 3Q26 3Q25 YTD26 YTD25 Interest expenses - right-of-use assets (3.7) (4.8) (5.8) (4.0) (14.3) (15.8) Other interest expenses (11.6) (11.9) (12.1) (12.9) (35.6) (39.0) Total (15.3) (16.7) (17.8) (17.0) (49.9) (54.8) 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 were received in the third quarter of 2026. Note 11 - Subsequent events Subsequent to the end of the quarter, Odfjell has concluded arrangements for two additional 40,000 dwt newbuildings from Kitanihon Shipbuilding, to be delivered on time charter in 2029. Further, Odfjell has concluded the sale of two 15-year-old coated chemical tankers, with a capital gain of USD 9.6 million and a net positive cash effect of USD 34.7 million. 3Q26 Odfjell Group 23
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Fleet list as of 30.09.2026 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 CP 40 Bow Tanaka 40 303 2026 Time Charter/ Operational lease 44 479 44 479 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
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Medium Stainless steel CP 25 Bow Tiger 25 917 2024 Time Charter/ Operational lease 27 117 27 117 26 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 Fortitude 25 475 2026 Time Charter/ Operational lease 28 556 28 556 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 25 Bow Pluto 26 350 2026 Owned 29 643 29 643 23 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: 2 664 720 77 2 920 626 2 526 073 2 195 DISPONENT OWNERSHIP SUMMARIZED NUMBER DWT CBM STEEL, CBM TANKS Owned 40 1 575 496 1 725 337 1 447 253 1 289 Time charter 29 786 399 852 960 852 960 687 Bareboat 8 302 825 342 329 225 860 219 77 2 664 720 2 920 626 2 526 073 2 195 CHEMICAL TANKER NEWBUILDINGS ON ORDER: CHEMICAL TANKERS NUMBER DWT CBM STAINLESS STEEL, CBM TANKS DELIVERY OWNERSHIP Kitanihon 2 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 1 25 000 27 000 27 000 24 2026 Time Charter Shin Kurushima 2 25 000 27 000 27 000 26 2026-2027 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: 18 650 847 719 132 609 532 480 FLEET CHANGES SINCE LAST QUARTER: STAINLESS FLEET ADDITIONS DWT BUILT OWNERSHIP CBM STEEL, CBM TANKS Bow Pluto 26 350 2026 Owned 29 643 29 643 23 Bow Fortitude 25 475 2026 Time Charter/ Operational lease 28 552 28 552 24 Bow Tanaka 40 303 2026 Time Charter/ Operational lease 44 475 44 475 28 FLEET REDELIVERIES AND SALES N/A Total Operated Chemical Tankers:
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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 4Q26 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 72 140 0 26 Odfjell Terminals Tagsa S.A. Campana, Argentina 68 668 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 580 881 14 690 346 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 Terquim S.A. Mejillones, Chile 11 000 0 4Q27 Total expansion tank terminals partly owned by related parties 35 000 0 Grand total (incl. tank terminals partly owned by related parties) 14 existing terminals 1 886 938 346 694 826 ¹Odfjell SE's indirect ownership share