Odfjell Group — Earnings Release 2026

May 6, 2026

Odfjell SE 1Q26: Solid operational performance amid market uncertainty

Odfjell SE 1Q26: Solid operational performance amid market uncertainty

Odfjell SE today reported its results for the first quarter of 2026. The

quarter saw further escalation of geopolitical volatility and uncertainty

across global markets. Still, Odfjell delivered a resilient financial result,

maintained a strong safety performance, and continued to renew and expand the

fleet.

Highlights - 1Q26

* Odfjell's strong safety performance continued amid a more challenging

environment.

* Four vessels are currently inside the Strait of Hormuz, one owned and three

time chartered. All crew members are safe, and the shore team remains in

close contact with each vessel to ensure their continued security.

* Time charter earnings ended at USD 167 million, compared to USD 168 million

in 4Q25.

* TCE per day was USD 27,232 versus USD 27,978 in 4Q25. Weaker earnings also

reflect initial negative effects from the conflict in the Middle East Gulf,

including increased ballasting, rerouting, and higher provisioning and

insurance costs.

* EBIT of USD 46 million, compared to USD 53 million in 4Q25.

* Net result contribution from Odfjell Terminals of USD 2.3 million, versus

USD 1.8 million in 4Q25.

* Net result of USD 32 million, compared to USD 38 million in the previous

quarter. Net result adjusted for one-off items -- mainly a USD 4.8 million

capital gain from asset sales -- amounted to USD 26 million, compared to USD

38 million in 4Q25.

* After quarter-end, Odfjell signed agreements to purchase four 40,000 dwt

vessels to be constructed at the Kitanihon shipyard in Japan. Total

investment amounts to around USD 290 million. Three newbuildings were

delivered on time charter in 1Q26.

* The carbon intensity (AER) of Odfjell's controlled fleet increased to 7.0 in

1Q26, from 6.8 in the previous quarter, due to seasonal effects, increased

docking activity, and inefficiencies related to the conflict in the Middle

East Gulf.

"The first quarter of 2026 saw further escalation of geopolitical uncertainty

and volatility.

I am proud of our people on board and ashore, who expertly handled both

safety, operational, and commercial challenges after the outbreak of the

conflict. The situation remains unpredictable, and we continue to monitor

developments closely while prioritizing the safety of our crew and vessels.

The increased tonne-miles caused by the disruption of the Strait of Hormuz has

led to a surge in rates in most markets.

We expect the underlying net result in 2Q26 to be higher than in 1Q26," said

CEO Harald Fotland.

Please see attached for the 1Q26 report and presentation. Tomorrow, Thursday,

May 7, at 09:00 CET, Odfjell SE will present the results in a live webcast,

followed by a Q&A session. Watch the presentation at

https://www.odfjell.com/investor/webcast.

(https://www.odfjell.com/investor/webcast) The presentation will be held in

English.

Contact

Nils Jørgen Selvik, VP Finance & IR

Tel: +47 920 39 718

E-mail: nils.jorgen.selvik@odfjell.com

About Us

The Odfjell Group is one of the leading players in the global market for

seaborne transportation and storage of chemicals and other specialty bulk

liquids. The Odfjell fleet comprises of approx. 70 ships, which trade both

globally and regionally. The tank terminal division comprises four tank

terminals, strategically located at select international shipping hubs. The

Odfjell Group's headquarters are in Bergen, Norway, and the Group has offices

in 12 locations around the world. Odfjell employs around 2300 staff and posted

annual gross revenue of USD 1,115 million in 2025. Read more on

www.odfjell.com.

This information has been submitted pursuant to the Securities Trading Act §

5-12 and MAR. The information was submitted for publication, through the

agency of the contact persons set out above, at 2026-05-06 20:00 CEST.