Odfjell (ODF) investor relations material

Executive summary

• Strong safety performance maintained, with all vessels safely withdrawn from the Middle East Gulf amid ongoing conflict-related risks; no current transits planned through the Strait of Hormuz.

• Time charter earnings rose to USD 195 million in 2Q26, up from USD 167 million in 1Q26, driven by stronger spot markets and increased commercial days.

• Net result for the quarter was USD 54 million, up from USD 32 million in the previous quarter; adjusted net result was USD 56 million, reflecting a favorable arbitration settlement.

• Two newbuildings delivered on long-term charter, one vessel sold for recycling, and agreements signed for four new super-segregators.

• Dividend of USD 0.52 per share approved, in line with policy to distribute 50% of adjusted net result semi-annually.

Financial highlights

• EBIT increased to USD 69 million from USD 46 million quarter-on-quarter.

• EBITDA reached USD 111.3 million, up from USD 81 million in the previous quarter.

• Earnings per share rose to USD 0.68 from USD 0.41 sequentially.

• Operating cash flow was USD 81 million, up from USD 50 million in the previous quarter; free cash flow rose to USD 61.1 million.

• Cash and cash equivalents at quarter-end were USD 165 million; total available liquidity was USD 385 million.

Outlook and guidance

• Underlying net result in 3Q26 expected to be lower and closer to 1Q26 levels.

• Spot markets have softened after a strong start to the quarter; time charter earnings per day expected to decline as new vessels enter the market.

• Geopolitical volatility and uncertainty, especially in the Middle East, expected to persist, impacting storage and freight markets.

• Volumes anticipated to remain stable; no major changes in world GDP growth observed.

• Tank Terminals expect stable underlying results in 3Q26, but market uncertainty remains high.