Odfjell (ODF) investor relations material

Strategic direction and business highlights

• Focus on safety, sustainability, and world-class ambitions, with chemical tankers and terminals as core business areas.

• Industry-leading safety record targeted, with zero incidents and robust, profitable terminal growth.

• Sustainability embedded for competitive edge, including decarbonization and advanced energy-saving technologies.

• Organization aims to attract, develop, and retain top talent, supporting operational excellence.

• AI capabilities are being expanded across enterprise, departmental, and personal productivity levels.

Market outlook and industry trends

• Global chemical volumes and tanker demand are set for moderate growth, with chemicals essential to 96% of manufactured products.

• Fleet growth is concentrated in medium stainless steel tankers, with a 21% orderbook relative to the existing fleet.

• Geopolitical events, such as the Strait of Hormuz closure, have caused significant market disruptions and volatility.

• Chemical tanker earnings remain elevated, supported by strong demand and rerouting due to regional conflicts.

• The market is less volatile than other tanker segments due to diversified cargo mix and stable contract coverage.

Financial performance and capital structure

• Financial position is historically robust, with improved earnings, strong capital discipline, and steady dividends.

• Total debt reduced by ~$470m since 2020, with ~$390m paid in dividends; dividend policy targets 50% of adjusted net result.

• Capital structure has shifted from financial leases to increased bank and operational lease debt, supporting fleet growth.

• Average cost of debt reduced from 3.18% in 2020 to 1.95% in 1Q26, with solid access to competitive capital.

• Free cash flow to equity reached $134m LTM, with strong investment capacity for future growth initiatives.