Golden Ocean Group

Golden Ocean Results Q4 2024 February 26th, 2025

ALTH

Forward-looking statements

Matters discussed in this presentation may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995, or the PSLRA, provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their busing statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historicalfacts.

The Company is taking advantage of the safe harbor provisions of the PSLRA and is including this cautionary statement in connection therewith. This document and any other written or oral statements made by the Company or on its behalf may include forward-looking statements, which reflect the Company's current views with respect to financial performance. This presentation includes assumptions, expectations, projections, intentions and beliefs about future events. These statements are intended as "forward-looking statements." The Company cautions that assumptions, expectations, projections, intentions and beliefs about future events may and often do vary from actual results and the differences can be material. When used in this document, the words "believe," "estimate," "estimate," "plan," "targets," "projects," "likely," "will," "would," and similar expressions or phrases may identify forward-looking statements. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company's control, the Company cannot assure you that it will achieve or accomplish these expectations. As a result, you are cautioned not to rely on any forward-looking statements.

In addition to these important factors and matters discussed elsewhere herein, important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the forward-looking statements, include among other things: general market trends in the dry bulk industry, which is cyclical and volatile, including fluctuations in charter hire rates and vessel values; a decrease in the market value of the Company's vessels; changes in supply and demand in the dry bulk shipping industry, including the market for the Company's vessels; an oversupply of dry bulk vessels, which may depress charter rates and profitability; the Company's future operating or financial results; the Company's continued borrowing availability under the Company's debt agreements and compliance with the covenants contained therein; the Company's ability to procure or have access to financing, the Company's liquidity and the adequacy of cash flows for the Company's operations; the failure of the Company's contract counterparties to meet their obligations, including changes in credit risk with respect to the Company's counterparties on contracts; the loss of a large customer or significant business relationship; the strength of world economies; the volatility of prevailing spot market and charter-hire charter rates, which may negatively affect the Company's earnings; the Company's ability to successfully employ the Company's dry bulk vessels and replace the Company's operating leases on favorable terms, or at all; changes in the Company's operating expenses and voyage costs, including bunker prices (including increased costs for low sulfur fuel), drydocking, crewing and insurance costs; the adequacy of the Company's insurance to cover the Company's losses, including in the case of a vessel collision; vessel breakdowns and instances of offhire; the Company's ability to fund future capital expenditures and investments in the construction and refurbishment of the Company's vessels (including the amount and nature thereof and the timing of completion of vessels under construction, the delivery and commencement of operation dates, expected downtime and lost revenue); risks associated with any future vessel construction or the purchase of second-hand vessels; effects of new products and new technology in the Company's industry, including the potential for technological innovation to reduce the value of the Company's vessels and charter income derived therefrom; the impact of an interruption or failure of the Company's information technology and communications systems, including the impact of cyberseurity threats and data security breaches, upon the Company's ability to operate; potential liability from safety, environmental,

governmental and other requirements and potential significant additional expenditures (by the Company's customers) related to complying with such regulations; changes in governmental rules and regulations or actions taken by regulatory authorities and the impact of government inquiries and investigations; the arrest of the Company's vessels by maritime claimants; government requisition of the Company's vessels during a period of war or emergency; the Company's compliance with complex laws, regulations, including environmental laws and the U.S. Foreign Corrupt Practices Act of 1977; potential difference in interests between or among certain members of the Board of Directors, executive officers, senior management and shareholders; the Company's ability to attract, retain and motivate key employees; work stoppages or other labor disruptions by the Company's employees of other companies in related industries; potential exposure or loss from investments; stability of Europe and the Euro or the inability of countries to refinance their debts; inflationary pressures and the central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates; fluctuations in currencies; the impact that any discontinuance, modification or other reform or the establishment of alternative reference rates have on the Company's floating interest rate debt instruments; acts of piracy on ocean-going vessels, public health threats, and international hostilities and political instability; potential physical disruption of shipping routes due to accidents, climaterelated (acute and chronic), political instability, terrorist attacks, piracy, international panctional hostilities, including the developments in the Ukraine region and in the Middle East, including the conflicts in Israel and Gaza, and the Houthi attacks in the Red Sea; general domestic and political and geopolitical conditions or events, including any further changes in U.S. trade policy that could trigger retaliatory actions by affected countries; the impact of the U.S. presidential and congressional electing the economic, future government laws and regulations and trade policy matters, such as the imposition of tariffs and other import restrictions; the impact of adverse weather and natural disasters; the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to the Company's Environmental, Social and Governance policies; changes in seaborne and other transportation; the length and severity of epidemics and governmental responses thereto and the impact on the demand for seaborne transportation in the dry bulk sector; impacts of supply chain disruptions and market volatility surrounding impacts of the Russian-Ukrainian conflict and the Middle East; fluctuations in the contributions of the Company's joint ventures to the Company's profits and losses; the potential for shareholders to not be able to bring a suit against us or enforce a judgement obtained against us in the United States; the Company's treatment as a "passive foreign investment company" by U.S. tax authorities; being required to pay taxes on U.S. source income; the Company's operations being substance requirements; the Company potentially becoming subject to corporate in Bermuda in the future; the volatility of the stock price for the Company's common shares, from which investors could incur substantial losses, and the Company's common shares, which could cause the market price of the Common shares to decline; and other important factors described from time to time in the reports filed by the Company with the U.S. Securities and Exchange Commission, including the Company's most recently filed Annual Report on Form 20-F for the year ended December 31, 2023.

The Company cautions readers of this presentation not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to release publicly any revisions to these forward-looking statements or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events. These forward-looking statements are not guarantees of the Company's future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.

GOLDEN OCEAN®

o Company and financial update

Adjusted EBITDA of \$69.9 million for the fourth quarter of 2024, compared with \$124.4 million for the taird quarter of 2024
Net income of \$39.0 million and earnings per share of \$0.20 for the fourth quarter of 2024, compared with net income of \$56.3 million and earnings per share of \$0.28 for the third quarter of 2024
· Net income of \$223.2 million and earnings per share of \$1.12 for full year 2024
Reported TCE rates for Capesize and Panamax vessels of \$24,656 per day and \$14,771 per day, respectively, and \$20,809 per day for the entire fleet in the fourth quarter of 2024
· A total of \$34.3 million in drydocking expense was recorded in the fourth quarter of 2024 in connection with 13 drydockings compared with \$9.7 million for five drydockings in the third quarter of 2024
Exercised a purchase option for eight vessels chartered in from SFL for a total aggregate purchase price of \$112 million. The acquisition will be partially financed by a new \$90 million credit facility at attractive terms
· Estimated TCE rates, inclusive of charter coverage calculated on a load-to-discharge basis, are approximately:
- . \$15,100 per day for 77% of Capesize available days and \$9,900 per day for 81% of Panamax available days for the first quarter of 20251
- \$20,900 per day for 16% of Capesize available days and \$14,200 per day for 10% of Panamax available days for the second quarter of 20254
Announces a dividend of \$0.15 per share for the fourth quarter of 2024

Profit and loss

Fourth quarter 2024 and FY 2024

					Quarterly
(in thousands of \$ )	FY 2024	FY 2023	Q4 2024		Q3 2024 Variance
Operating revenues and other operating income/expenses	968,420	885,767	210,973	260,621	(49,648)	FY 2024	Q4 2024
Voyage expenses	(192,890)	(246,161)	(36,045)	(54,066)	18,021
Net revenues	775,530	639,606	174,928	206,555	(31,627)
Gain from disposal of vessels	21,427	9,188	16,092	4,202	11,890	TCE rate \$ 22,680	TCE rate \$ 20,809
Ship operating expenses	(293,971)	(251,950)	(95,606)	(69,441)	(26,165)
Administrative expenses	(24,303)	(18,679)	(6,482) 1	(5,282)	(1,200)
Charter hire expenses	(22,715)	(42,225)	(4,198)	(6,363)	2,165
Impairment loss on vessels		(11,780)				Earnings per	Earnings per
Depreciation	(141,627)	(135,548)	(35,560)	(35,813)	253	share	share
Net operating expenses	(482,616)	(460,182)	(141,846) !	(116,899)	(24,947)
Net operating income	314,341	188,612	49,174	93,858	(44,684)	\$ 1.12	\$ 0.20
Net financial expenses	(101,343)	(98,947)	(23,331)	(25,497)	2,166
Derivatives and other income	10,764	23,144	13,559	(11,982)	25,541	Net income	Net income
Net income before taxation	223,762	112,809	39,402	56,379	(16,977)
						\$ 223.2 million	\$ 39.0 million
Income tax expense	(548)	(541)	(398) i	(50)	(348)
Net income	223,214	112,268	39,004 !	56,329	(17,325)
Earnings per share: basic and diluted	\$1.12	\$0.56	\$0.20	\$0.28	(\$0.08)
Adjusted EBITDA	428,852	337,180	69,882	124,359	(54,477)
TCE per day	22,680	17,905	20,809	23,726	(2,917)

1. Includes restricted cash 2 Net profit, adjusted for non-cash part of derivatives and sales gains, as per disclosure in press release

Cash flow Fourth quarter 2024

300

Balance sheet

Fourth quarter 2024

			Quarterly
(in thousands of \$)	Q4 2024	03 2024	Variance
ASSETS
Short term
Cash and cash equivalents (incl. restricted cash)	131,729	117,647	14,082
Other current assets	154,812	189,318	(34,506)	Q4 2024	Q3 2024
Long term
Vessels and equipment, net (incl. held for sale)	2,959,129	2,990,784	(31,655)
Newbuildings		17,814	(17,814)	Loan-to-value1	Loan-to-value
Leases, right of use assets	60,504	65,198	(4,694)
Other long-term assets	73,120	65,036	8,084
Total assets	3,379,294	3,445,797	(66,503)	38.3 %	34.1 %
LIABILITIES AND EQUITY
Short term
Current portion of long-term debt	113,848	115,573	(1,725)	Liquidity2	Liquidity2
Current portion of finance lease obligations	18,829	19,494	(665)
Current portion of operating lease obligations	2,414	2,713	(299)	\$ 279 million	\$ 266 million
Other current liabilities	99,301	114,654	(15,353)

Long term
Long-term debt	1,188,679	1,204,926	(16,247)
Non-current portion of finance lease obligations	49,158	53,446	(4,288)
Non-current portion of operating lease obligations	6,918	7,565	(647)
Other long-term liabilities	170	708	(538)
Equity	1,899,977	1,926,718	(26,741)
Total liabilities and equity	3,379,294	3,445,797	(66,503)

Based on ralaations from broken on band lease financings, excludingSFL leases. 2. Includes undrages are it facilities, and excludes restrived cash

o Market review and outlook

GOGL offer exposure to the largest segments in dry

Source: Infront, Clarksons, companies Market Cap as of 25th February 2025

Q4 2024 review

Capesize earnings (CS5TC), \$/day

2024 was a historically strong year with dry bulk volumes up 5.4% and growth across all commodities

Dry bulk growth across commodities (volume = mt )

Asia driving drybulk volumes and tonne-miles

GDP growth and dry bulk demand

· Recent IMF forecast shows record low share of countries expected to be in recession in 2026/26
China, SE Asia and India are growing its drybulk market share and now represents 60% of drybulk volumes versus 50% in 2017
· Last 25 years, drybulk tonne-miles have grown 1.24x global GDP versus 1.10x when measured by volume

Iron ore

Asia in the primary taker of iron ore which favours Capesizes due to longer distances

Iron ore exporters and importers (2024)

· Iron ore 2025 guiding (2024)
- · Vale: 325-335 MT (328)
- · Rio Tinto: 323-338 MT (328)1
- · BHP: 255-265MT (260)
· Indicating strong second half volumes
· Onslow project (Australia) on track to reach 35 MT annually
· Simandou (Guinea) to add 120 million tons of high-grade iron ore

Significant new iron ore volumes on stream

Simandou delivery cost to China estimated to be in line with Brazil and Australia (~\$40-60 tonnes), well above domestic Chinese production cost

Iron ore cost curve estimate (delivered China)

GOLDEN OCEAN

Bauxite

Will Simandou be the new Guinea bauxite story with 3x distance of Australia iron ore?

Guinea bauxite export

· Bauxite represents 13-15% of tonne mile demand for Capesize vessels
Global bauxite trade reached 207 MT in 2024 (+12%) whereof 145 MT out of Guinea
Guinea forecasted to reach 155 MT in 2025 (+7%) which on tonne-mile could cover a significant part of the Capesize deliveries
· Volumes exceeding previous export capacity guiding, indicating improved infrastructure
China importing 80-90% of Guinea bauxite

Supply side Historically high orderbook visibility on Capesize fleet and ageing fleet

Fleet distribution (Capesize)

30% of Capesize > 15 years in 2025 / 50% in 2028
55% of fleet regarded non-ECO4
Significant drydocking next couple of years

Capesize orderbook remains favourable

Only 2% gross fleet growth in 2025
Limited yard capacity before 2028
· Capesize remains unfavoured among large shipyards

A resilient business model with strong cash flow potential