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INVESTOR PRESENTATION H1 2026First Half Year Results & OutlookWESTERN BULK CHARTERING AS · OSLO · 17AUGUST 2026
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// DISCLAIMER WESTERN BULK DisclaimerThe information in this presentation does not constitute an offer to buy, subscribe or sell any of the securities described herein, and no securities are being offered or sold pursuant hereto. The contents of this presentation shall not be construed as legal, business or tax advice. Western Bulk Chartering AS (the "Company") has prepared this presentation solely forinformation purposes. No representation or warranty, express or implied, is made as to the accuracy, completeness or verification of the information set forth herein, and nothing contained in this presentation is, or shall be relied upon as a promise or representation in this respect, whether as to the past or the future.This presentation is strictly private and confidential. This presentation and the information contained herein may not be reproduced or distributed in whole or in part to any other person. The distribution of this presentation may be restricted by law in certain jurisdictions and persons into whose possession this presentation comes should inform themselves about, andobserve, any such restriction. Any failure to comply with such restrictions may constitute a violation of the laws of any such jurisdiction. The Company shall have no responsibility for any such violations.The information contained herein is current as of the date hereof and subject to change, completion or amendment without notice.None of the Company, its affiliates or representatives undertake any obligation to provide the recipient with access to any additional information or to update this presentation or any information or to correct any inaccuracies in any such information.In this presentation, the Company has used industry and market data obtained from independent industry publications, market research and other publicly available information. Market data and statistics are inherently predictive and subject to uncertainty and not necessarily reflective of actual market conditions. As a result, prospective investors should be awarethat statistics, data, statements and other information relating to markets, market sizes, market shares and other industry data in this presentation (and projections based on such information) may not be reliable indicators of the Company's future performance and the future performance of the industry in which it operates.This presentation includes forward-looking statements that reflect the Company's current views with respect to future events andfinancial and operational performance. These forward-looking statements are not historic facts. Prospective investors are cautioned that forward-looking statements are not guarantees of future performance and that the Company's actual financial position, operating results and liquidity, and the development of the industry in which the Company operates, may differ materially from those made in, or suggested by, the forward-looking statements contained in this presentation. By their nature, forward-looking statements involve, and are subject to, known and unknown risks, uncertainties and assumptions as they relate to events and depend on circumstances that may or may not occur in the future.An investment in the Company should be considered as a high-risk investment. This presentation is subject to Norwegian law, and any dispute arising in respect of this presentation is subject to the exclusive jurisdiction of Norwegian courts. // 01 WESTERN BULK · INVESTOR PRESENTATION H1 2026
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Agenda01H1 2026 Performance02Strategy & Positioning03Market Outlook // 02 WESTERN BULK · INVESTOR PRESENTATION H1 2026
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01H1 2026 PerformanceFirst-half results · balance sheet // 04 WESTERN BULK · INVESTOR PRESENTATION H1 2026
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// 01 · H1 2026 PERFORMANCE WESTERN BULK A markedly stronger freight marketBSI 63 & BPI 82 basis · as of 2026-06-30 · source: Baltic Exchange BSI 63 · H1 2026 AVGUSD 16 951 /day+51% vs H1 2025BPI 82 · H1 2026 AVGUSD 17 283 /day+62% vs H1 2025 The Baltic Supramax and Panamax indices both rose sharply year-on-year, with firm grain flows the consistent backbone of demand and a Q2 pick-up in Asian coal adding momentum. Charts show the current year (mint) against 2023–2025 and the forward curve. // 05 WESTERN BULK · INVESTOR PRESENTATION H1 2026
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// 01 · H1 2026 PERFORMANCE WESTERN BULK Net TC of USD 5. 2 mi l l i on; H1 posi t i oni ng set s up a pr of i t abl e H2 and FYKey figures P&L · H1 2026 vs H1 2025 · USD million unless stated USD MILLION H1 2026H1 2025 Gross revenues564.2499.8Net TC result ¹,2 5.27.6Administrative expenses(11.6)(9.8)EBITDA ¹,2 (6.4)(2.2)Profit / (loss) after tax(6.6)(2.1)Net TC margin per ship day (USD)247383Average number of ships operated1161101)H1 2026 and H1 2025 Net TC include USD +1.3 million gain and USD -0.8 million loss on positional FFA's (Forward Freight Agreements)/Bunker hedge. These are derivative positions not qualifying as a hedge, hence booked as financial items.2)Provision of future loss of USD 4.2 million from H2 2024 is reversed in H1 2025. HIGHLIGHTS•Net TC of USD 5.2 million —a Net TC margin of USD 247 per ship day across an average of 116 vessels.•Built length and positioned vessels to benefit from a dry bulk market where the forward curves in H2-26 to date have already increased materially. This had a negative impact on the first half but is expected to have a positive impact on the full year results•Three vessels were held up in the Persian Gulf during the period; all have now safely exited the Strait of Hormuz. The situation weighed on H1 results and contributed to the net loss in H1-26.•Administrative expenses of USD 11.6 million reflect inflation and foreign exchange with stronger NOK vs USD, combined with strengthening of the chartering teams, and establishing of offices in Antwerpen and Bergen // 06 WESTERN BULK · INVESTOR PRESENTATION H1 2026
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// 01 · H1 2026 PERFORMANCE WESTERN BULK Solid liquidity and no interest-bearing debtBalance sheet and cash · as of 30 June 2026 AVAILABLE LIQUIDITY · USDm 52.3free cash + undrawn lines FREE CASH · USDm 17.331.12.25: 29.8 UNDRAWN FACILITIES · USDm 35.0bunker 10 + overdraft 25 INTEREST-BEARING DEBT · USDm 0.0none BOOK EQUITY · USDm 42.431.12.25: 50.8 TOTAL ASSETS · USDm 138.431.12.25: 108.6 FINANCING & LIQUIDITY•Western Bulk held USD 17.3 million in free cash and no interest-bearing debt at period end. Free cash decreased by USD 12.5 million in H1 2026, driven by the negative result and USD 4.3 million in dividend paid for FY 2025.•Two working-capital facilities with credit lines totallingUSD 35 million —a USD 10 million bunker facility and a USD 25 million overdraft facility —both undrawn at 30.06.2026. An additional USD 6 million facility expected finalized in Q3 2026.•During the period, the equity covenant was reduced from USD 40 million to USD 30 million, and a new USD 6 million Supply Chain Financing Agreement was signed and is in the finalisingstages. // 07 WESTERN BULK · INVESTOR PRESENTATION H1 2026
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02Strategy & PositioningGrowing and diversifying theplatform · new commercial teams · co-investm ent // 08 WESTERN BULK · INVESTOR PRESENTATION H1 2026
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// 02 · STRATEGY & POSITIONING WESTERN BULK StrategyBuilding a diversified, asset-light commercial platform 01Strengthen and grow our core trading business Improve the core trading · Retain & develop key employees · Enhanced performance culture and winning mentality · Improve our data and foster a data-driven culture · Attract complementary skills & networks 02Scale a fleet of partnership-owned vessels Vessels commercially managed by Western Bulk, bringing additional revenues and synergies to the trading business through co-investment and commercial management —while maintaining an asset-light core model // 09 WESTERN BULK · INVESTOR PRESENTATION H1 2026
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// 02 · STRATEGY & POSITIONING WESTERN BULK Positioned in the Atlantic for the strongest seasonSupramax period fleet · basin spread against its historical seasonal range · Baltic close 14 August 2026 The majority of the group's Supramax period fleet is currently positioned in the Atlantic. The Atlantic market is trading at a premium to the Pacific, and is heading into its strongest season. Period vessels have been repositioned to the Atlantic at an average cost of USD 0.3 million, in expectation of future earnings.Open positions are a snapshot and may change · Baltic Exchange; WB fleet 17 Aug 2026 // 10 WESTERN BULK · INVESTOR PRESENTATION H1 2026
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03Market OutlookSecond half 2026 and beyond // 11 WESTERN BULK · INVESTOR PRESENTATION H1 2026
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// 03 · MARKET OUTLOOK WESTERN BULK A good start to the second halfWestern Bulk has seen a good start to the second half of 2026 and the Company expects to deliver a positive result for the full year.We are positive on the near-term outlook: current trade patterns are keeping tonne-mile demand elevated, the fleet remains less productive than usual on slow speeds and long port stays, and Atlantic tonnage is tight just as ECSA and USG have plenty of grain to load in the coming months. With the fleet running close to full utilisation, small shifts in either supply or demand have an outsized effect on rates. A strengthening El Niño later in the year could bring renewed drought restrictions at the Panama Canal, which would push rates higher still.Further out, we are more uncertain: we see a sizeable delivery schedule already contracted, questions around Chinese demand, and the potential for trade patterns to normaliseand productivity to recover, leading to a more efficient market. At the same time, tonne-mile demand from West Africa is expected to continue to support the market. // 12 WESTERN BULK · INVESTOR PRESENTATION H1 2026
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THANK YOU Questions & AnswersTorbjørn GjervikChief Executive Officer · +47 940 28211 · torbjorn.gjervik@westernbulk.comKenneth ThuChief Financial Officer · +47 988 74302 · kenneth.thu@westernbulk.com WESTERNBULK.COMA digital investor presentation will be held by the CEO and CFO. Date and time to be announced.