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Odfjell Group Interim / Quarterly Report 2026
3700_rns_2026-05-06_1bf92234-cb83-4e6d-bcba-5a4320c807c0.pdf
Interim / Quarterly Report
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1Q26
Report | Odfjell SE
May 6, 2026
ODFJELL TANKERS
ODFJELL
1Q26 Odfjell Group
First quarter 2026 report
Highlights – 1Q26
- Odfjell’s strong safety performance continued in 1Q26, amid a more challenging environment.
- Odfjell has four vessels inside the Strait of Hormuz, one owned and three time chartered. All crew members are safe, and we remain 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 for the quarter 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 in 1Q26, compared to USD 38 million 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. We took delivery of three new buildings on time charter in 1Q26.
- The carbon intensity (AER) of our 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.
*Figures are not fully comparable due to changes in contractual structure for certain externally owned vessels, affecting pool distributions and TC expenses.
Key figures
| (USD mill, unaudited) | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 1Q25 | FY25 |
|---|---|---|---|---|---|---|
| Time charter earnings | 174.2 | 173.3 | 168.2 | 167.0 | 167.7 | 683.3 |
| Total opex, TC, G&A | (77.6) | (78.6) | (81.1) | (88.9) | (77.5) | (314.8) |
| Net result from JV’s | 1.9 | 2.6 | 1.8 | 2.8 | 2.9 | 9.2 |
| EBITDA | 98.4 | 97.3 | 88.9 | 81.0 | 93.1 | 377.6 |
| EBIT | 58.6 | 59.0 | 52.6 | 45.6 | 54.4 | 224.6 |
| Net financial items | (18.5) | (15.3) | (14.4) | (13.0) | (19.6) | (67.7) |
| Net result | 40.1 | 42.8 | 38.0 | 32.1 | 34.4 | 155.3 |
| EPS* | 0.51 | 0.54 | 0.48 | 0.41 | 0.44 | 1.96 |
| ROE** | 18.4% | 17.5% | 16.0% | 11.1% | 14.3% | 16.7% |
| ROCE** | 12.5% | 12.8% | 11.7% | 9.2% | 11.1% | 12.1% |
- Based on 79.1 million outstanding shares
** Ratios are annualized
> "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".
>
> CEO Harald Fotland, Odfjell SE
1Q26 Odfjell Group
Result development
Profit and loss
Reported time charter earnings of USD 167 million in 1Q26, in line with 4Q25. However, from 1Q26, three externally owned vessels previously in an Odfjell pool and receiving pool distribution have moved to a new, variable time charter arrangement. As such, pool distribution for this quarter is zero, and TC expenses have increased similarly. Gross revenues were down USD 4 million, while voyage expenses increased by USD 4 million. The reduction in gross revenue was partly driven by fewer commercial revenue days due to increased dry-docking activity and fewer days in the quarter.
TCE per day was USD 27,232 in 1Q26, while cash break-even per day was USD 22,984, compared to USD 21,817 in 4Q25. The increase in cash break-even was primarily driven by higher dry-docking activity and slightly fewer commercial revenue days in the quarter. Total operating expenses, time charter expenses, and G&A expenses increased from the previous quarter. EBIT ended at USD 46 million, down from USD 53 million in 4Q25.
Odfjell Terminals' net result contribution was USD 2.3 million, versus USD 1.8 million in 4Q25.
The net result for 1Q26 was USD 32 million, a decrease of USD 6 million from 4Q25. Adjusted for non-recurring items, mainly a USD 4.8 million capital gain from the sale of two barges, the result was USD 26 million, compared to USD 38 million in 4Q25.
Balance sheet and cash flow
Odfjell's cash balance was USD 131 million at the end of 1Q26. Committed undrawn facilities were USD 227 million, bringing total available liquidity to USD 358 million. Undrawn facilities increased by USD 65 million in February following the establishment of a new revolving credit facility. We paid USD 40 million in dividends in 1Q26. Cash flow from operations was USD 50 million in 1Q26 versus USD 74 million in the previous quarter. This decrease was due to increased working capital. Net debt increased by USD 120 million in 1Q26 with the delivery of three newbuildings on long-term time charter and USD 30 million in new debt drawn under an existing revolving credit facility at the end of March.
Corporate developments
Subject to certain customary conditions, the contract for the 26,000 dwt vessel currently under construction at Dingheng shipyard has been sold. Total remaining committed capital expenditure is USD 35 million.
After the quarter ended, we signed agreements to purchase four 40,000 dwt vessels to be constructed at the Kitanihon shipyard in Japan and delivered from 1Q27 to 1Q29. These vessels are equipped with state-of-the-art energy-efficiency technologies, supporting our long-term decarbonization strategy. Total investment amounts to around USD 290 million.
| Key figures (USD mill) | 30.06.25 | 30.09.25 | 31.12.25 | 31.03.26 |
|---|---|---|---|---|
| Cash and available-for -sale investments | 131.0 | 135.9 | 148.6 | 131.3 |
| Interest bearing debt^{1} | 735.4 | 751.0 | 704.4 | 747.7 |
| Debt, right of use assets | 285.7 | 240.8 | 238.9 | 298.5 |
| Net debt | 890.1 | 855.8 | 794.6 | 914.8 |
| Available drawing facilities | 174.3 | 170.0 | 195.7 | 226.7 |
| Total equity | 955.8 | 957.2 | 992.7 | 983.9 |
| Equity ratio | 46.0% | 46.6% | 48.8% | 46.1% |
| Equity ratio in covenants (IFRS 16 Adj.) | 53.6% | 53.1% | 55.5% | 53.9% |
1 Excluding debt and adjustments related to right of use of assets, negative value derivatives USD bond, and capitalized transaction expenses
1Q26 Odfjell Group
Chemical Tankers
Total volumes in 1Q26 came in at 3.2 million tonnes, slightly down from the previous quarter. The Contract of Affreightment (COA) share of total volumes has been stable over the previous quarters, but fell from 57% to 45% in 1Q26. This is explained by the closure of the Strait of Hormuz, as our Middle East Gulf exports are predominantly contract cargoes.
The year began in much the same manner as 2025 ended, but this changed when the U.S. and Israel attacked Iran, resulting in the closure of the Strait of Hormuz. As 10-15% of global seaborne chemical and vegoil exports usually pass through the strait, the chemical tanker sector is heavily affected.
The Middle East Gulf also constitutes an important share of Odfjell's cargo program, and with four operated vessels currently trapped inside the strait, the situation affects us directly. On the other hand, we have strong positions in markets that have strengthened after the conflict started.
The effect of the conflict on Odfjell's earnings in 1Q26 was mostly negative as increased ballasting, re-routings, and increased prices for provisions and insurance hit us. The firmer spot freight rates that materialized in March had a limited effect on the quarter, as most of our voyages had been scheduled well in advance.
ODFIX vs Clarkson's chemical tanker spot earnings index
TCE per day ended at USD 27,232 in 1Q26, down from USD 27,978 in the previous quarter. We renewed around one-fifth of our contract portfolio in the quarter, seeing a slight average rate decrease. We also gained new contracts in the quarter.
Commercial revenue days for our chemical tankers ended at 6,114 in 1Q26, which was 147 days down from the previous quarter, mainly explained by increased off-hire.
We took delivery of three time charter vessels in the quarter, including the 40,000 dwt super-segregator Bow Erikson, equipped with suction sails and gate rudder technologies. Another seven vessels will be added to our fleet in 2026. Our total orderbook at quarter end stood at 19 vessels, not including the four newbuilding orders announced in April. Our total deadweight capacity will increase with 10-20% by the end of 2029 compared to our current fleet, depending on recycling and redelivery options.
We also completed the sale of two barges during the quarter, generating a capital gain of USD 4.8 million. We still hold the last two barges for sale.
All 1Q26 safety and operational KPIs remained well within targets.
| Key result drivers | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 |
|---|---|---|---|---|---|
| TCE/day (USD) | 29,556 | 30,306 | 28,174 | 27,978 | 27,232 |
| Quarterly cash break-even per day (USD) | 23,996 | 23,791 | 22,054 | 21,817 | 22,984 |
| Total volumes carried (Million tonnes)* | 3,1 | 3,5 | 3,5 | 3,4 | 3,2 |
| - COA volumes | 1,9 | 1,8 | 2,0 | 1,9 | 1,4 |
| - Spot volumes | 1,2 | 1,7 | 1,5 | 1,4 | 1,8 |
| Total calendar vessel days | 6,305 | 6,425 | 6,542 | 6,386 | 6,386 |
| Commercial revenue days | 5,925 | 6,002 | 6,401 | 6,262 | 6,114 |
| Off-hire days | 380 | 423 | 134 | 125 | 271 |
| Fleet (number of vessels / dwt. million) | 70/2.5 | 72/2.6 | 70/2.5 | 70/2.5 | 73/2.6 |
- Sub-categories may not add up to total volume due to rounding
1Q26 Odfjell Group
Tank Terminals
Operations and financial results
The average commercial occupancy of the terminals portfolio ended at 94% in 1Q26, down from 96% in the previous quarter. Market conditions in the first quarter were affected by the conflict in the Middle East Gulf, with varying impacts across the portfolio. These effects are still considered temporary as markets adjust.
Activity levels remained in line with the previous quarter, reflecting resilient and broadly stable portfolio performance.
The consolidated EBITDA in 1Q26 was USD 10.6 million, compared with USD 7.9 million in the previous quarter. The consolidated net result for 1Q26 was USD 1.8 million, compared with a net loss of USD 1.0 million in 4Q25. The previous quarter was impacted by non-recurring items at the U.S. terminals and holding level. Adjusted for these effects, underlying EBITDA development was stable quarter-on-quarter.
Looking ahead to 2Q26, underlying performance from our terminals is expected to remain broadly stable. However, activity levels and financial performance may be impacted if the current geopolitical situation persists.
Capital expenditure and expansions
The construction of Tankpit-S at Noord Natie Odfjell Antwerp Terminal (NNOAT) began in 1Q26. The project will add 18 duplex stainless steel tanks with a total capacity of 36,000 cbm, scheduled to be operational in 1Q27.
At Odfjell Terminals Korea (OTK), the E5 expansion project is progressing on budget and schedule. The project will add ten carbon steel tanks with a total capacity of 87,940 cbm and is scheduled for commissioning in 4Q26.
Work is also progressing on the refurbishment of OTK's second jetty. Upon completion, scheduled for 3Q27, the refurbished jetty will enhance OTK's operational flexibility, efficiency, and strategic value to customers.
All CAPEX is locally funded within the respective joint ventures.
| Odfjell Terminals key figures (Odfjell share) | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 1Q25 | FY25 |
|---|---|---|---|---|---|---|
| Gross revenues | 22.3 | 22.9 | 22.9 | 22.5 | 22.1 | 90.2 |
| Odfjell Terminals US (OTUS) EBITDA | 6.7 | 7.2 | 6.7 | 6.8 | 6.7 | 27.4 |
| Odfjell Terminals Korea (OTK) EBITDA | 1.5 | 1.5 | 1.3 | 1.4 | 1.7 | 6.0 |
| Noord Natie Odfjell (NNOAT) EBITDA | 2.4 | 2.9 | 2.6 | 2.8 | 2.1 | 10.0 |
| Total Odfjell Terminals EBITDA* | 6.9 | 9.3 | 7.9 | 10.6 | 8.4 | 32.5 |
| EBIT | 0.6 | 2.8 | 1.6 | 4.4 | 2.5 | 7.5 |
| Net financials | (1.4) | (1.8) | (1.7) | (1.9) | (0.8) | (5.8) |
| Net results | (1.6) | 0.1 | (1.0) | 1.8 | 1.0 | (1.6) |
| Net debt | 97.7 | 100.2 | 101.8 | 104.9 | 100.0 | 101.8 |
| Commercial average occupancy rate (%) | 95.7 | 95.2 | 96.0 | 93.9 | 95.8 | 95.7 |
| Commercial available capacity (1,000 cbm) | 1,287 | 1,287 | 1,294 | 1,307 | 1,291 | 1,294 |
*Including corporate and nonrecurring items.
1Q26 Odfjell Group
Sustainability
Odfjell's CII* development
| 1Q26 | Previous quarter | Same q. last year | FY 2025** | FY 2024** | |
|---|---|---|---|---|---|
| Controlled fleet | 7.0 | 6.8 | 7.0 | 6.8 | 7.1 |
| Operated fleet | 7.4 | 7.2 | 7.4 | 7.2 | 7.4 |
Controlled fleet includes owned, financial lease, and bareboat. Operated fleet includes all vessels operated by Odfjell Tankers.
The first quarter is typically seasonally weaker for carbon intensity performance due to weather conditions and operational patterns. This year, it was further impacted by increased docking activity, speed adjustments, and inefficiencies following the situation in the Middle East Gulf. While this resulted in a temporary increase in AER, we maintain our expectation of improved carbon intensity performance over the full year.
Newbuildings and fleet efficiency
With the three ships on time charter delivered this quarter, the ongoing fleet renewal program will improve overall fleet efficiency, support compliance with tightening IMO carbon intensity requirements (CII), and contribute to more stable earnings through lower voyage costs and improved asset competitiveness over time.
The owned (4) and leased (4) vessels to be delivered from Japanese shipyard Kitanihon are equipped with sails, gate rudder, and other novel energy saving technologies. By that they are complying with the latest IMO energy efficiency requirements, including Phase 5 of the Energy Efficiency Design Index (EEDI). These standards drive the adoption of advanced, energy-efficient technologies and reflect increasingly stringent regulatory requirements.
Beyond environmental and regulatory performance, these features strengthen our commercial position by reducing fuel consumption, exposure to carbon-related costs, and enhancing attractiveness to customers with decarbonization targets.
Carbon intensity and IMO baseline, Odfjell-controlled fleet
*Carbon Intensity Indicator (CII) is calculated using the Annual Efficiency Ratio. AER: Unit grams of CO₂ per tonne-mile (gCO₂/dwt·nm). The AER will on a quarterly basis be sensitive to seasonal variations on factors like temperature, weather and port congestion. The figures should be regarded as preliminary and will be reviewed by a 3rd party once a year.
Note: AER in the chart above refers to controlled fleet, including Flumar. The Odfjell IMO baseline refers to a calculated baseline based on 2019 data in accordance with IMO guidance. AER is calculated iaw. IMO regulations as per Marpol Annex VI regulation 2.49, and document MEPC.336 (76), MEPC.337 (76), MEPC.338 (76), MEPC.339 (76) and represents the IMO Carbon Intensity Index (CII)
**Weighted average based on total full-year emissions/tonne mile
1Q26 Odfjell Group
Prospects
Market outlook
Freight rates in the deep sea tanker markets are sustained at record levels, with strong earnings in both crude and product tanker segments. VLCC earnings have climbed for six consecutive quarters and MR earnings have climbed significantly over the last year, particularly in the Atlantic trades. Chemical tanker freight rates, on the other hand, had been surprisingly stable.
This changed after the U.S. and Israel attacked Iran with the resulting closure of the Strait of Hormuz. Faced with high uncertainty over both upstream and downstream markets, charterers around the world scrambled to secure tonnage. Freight rates climbed in all trades, particularly for U.S. exports where rates have more than doubled in some routes.
The Far East is highly dependent on Middle Eastern feedstock and has already seen reduced utilization of refining and petrochemical facilities. Should the Strait of Hormuz remain closed, reduced exports from the region are inevitable. Europe is also impacted, sourcing 15% of its crude oil and around 50% of jet fuel from the Middle East Gulf. Taking delivery time into account, both these regions are now starting to feel the real effect of the strait closure.
The U.S. benefits from abundant, low cost ethane feedstock, giving Gulf Coast producers both a cost and feedstock advantage. Ethane cracking yields a different product slate than naphtha, which remains the primary petrochemical feedstock in the Far East and Europe. As a result, we may see increased exports of certain products from Europe to balance market needs.
Global economic growth is expected to weaken, and the IMF (International Monetary Fund) has revised its 2026 GDP forecast from 3.3% to 3.1%, assuming conditions normalize in the second half of the year. If the conflict persists and infrastructure and production suffer greater damage, growth could fall further to 2.0–2.5%.
When the strait eventually opens, it is unclear how long it will take to resume normal petrochemical production levels in the Middle East Gulf. Industry actors estimate that a return to near-normal operations will likely take 8–18 months due to complex restarting procedures, supply chain inefficiencies, and manpower constraints. Facility damages could prolong this period. An earlier recovery in oil and gas production could increase feedstock availability in Europe and Asia, but the net market impact remains uncertain.
On the supply side, newbuilding orders have slowed in our core segment. The orderbook has begun to tail off, falling from 22% to 21% in the quarter, with Odfjell controlling 13% of the total orderbook. Fourteen vessels were delivered in the quarter, three to Odfjell. An increasing share of the total sailing fleet has now surpassed its expected life cycle.
Guidance
Spot markets are currently strong and swing tonnage is negligible, supporting healthy earnings for our vessels operating outside the Strait of Hormuz. There is, however, significant uncertainty over the near-term outlook as volumes are likely to be negatively affected in the absence of a resolution to the conflict in the Middle East Gulf.
Odfjell Terminals anticipates overall stable underlying results in 2Q26.
In sum, we expect the underlying net result in 2Q26 to be higher than in 1Q26.
Bergen, May 6, 2026
THE BOARD OF DIRECTORS, ODFJELL SE
1Q26 Odfjell Group
Interim financial information – ODFJELL GROUP
CONSOLIDATED STATEMENT OF PROFIT OR LOSS (Figures based on equity method)
| (USD mill) | Note | 4Q25 | 1Q26 | 1Q25 | FY25 |
|---|---|---|---|---|---|
| Gross revenue | 1, 2 | 269.9 | 265.9 | 276.7 | 1,115.4 |
| Voyage expenses | 1, 2 | (94.7) | (98.8) | (102.1) | (404.7) |
| Pool distribution | (7.0) | — | (7.0) | (27.4) | |
| Time charter earnings | 168.2 | 167.0 | 167.7 | 683.3 | |
| Time charter expenses | (7.4) | (15.2) | (3.0) | (22.5) | |
| Operating expenses | 8 | (50.2) | (53.4) | (53.2) | (206.9) |
| Gross result | 110.6 | 98.4 | 111.5 | 453.9 | |
| Share of net result from associates and joint ventures | 5 | 1.8 | 2.8 | 2.9 | 9.2 |
| General and administrative expenses | (23.5) | (20.3) | (21.3) | (85.4) | |
| Operating result before depreciation, amortization and capital gain (loss) on non-current assets (EBITDA) | 88.9 | 81.0 | 93.1 | 377.6 | |
| Depreciation and amortization | 4, 7 | (36.3) | (40.1) | (40.9) | (156.3) |
| Capital gain (loss) | 4 | — | 4.8 | 2.2 | 3.3 |
| Operating result (EBIT) | 52.6 | 45.6 | 54.4 | 224.6 | |
| Interest income | 1.5 | 1.0 | 1.1 | 5.3 | |
| Interest expenses | 9 | (15.4) | (15.3) | (20.1) | (70.2) |
| Other financial items | 6 | (0.4) | 1.2 | (0.5) | (2.8) |
| Net financial items | (14.4) | (13.0) | (19.6) | (67.7) | |
| Result before taxes | 38.2 | 32.6 | 34.8 | 157.0 | |
| Income tax expense | (0.2) | (0.5) | (0.4) | (1.6) | |
| Net Result | 38.0 | 32.1 | 34.4 | 155.3 |
1Q26 Odfjell Group
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Figures based on equity method)
| (USD mill) | Note | 4Q25 | 1Q26 | 1Q25 | FY25 |
|---|---|---|---|---|---|
| Net other comprehensive income to be reclassified to profit or loss in subsequent periods: | |||||
| Net changes in cash-flow hedges | (2.0) | 1.2 | 3.1 | 1.2 | |
| Translation differences on investments of foreign operations | — | (0.3) | — | — | |
| Share of comprehensive income on investments accounted for using equity method | (1.0) | (3.0) | 1.1 | 5.2 | |
| Net other comprehensive income not being reclassified to profit or loss in subsequent periods: | |||||
| Net actuarial gain/(loss) on defined benefit plans | 0.5 | — | — | 0.5 | |
| Other comprehensive income | (2.6) | (2.1) | 4.2 | 6.9 | |
| Total comprehensive income | 35.4 | 30.1 | 38.7 | 162.2 | |
| Earnings per share (USD) – basic/diluted | 0.48 | 0.41 | 0.44 | 1.96 |
Net result and total comprehensive income is allocated 100% to the owners of the parent.
9
1Q26 Odfjell Group
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Figures based on equity method)
| (USD mill) | Note | 31.12.25 | 31.03.26 | 31.03.25 |
|---|---|---|---|---|
| Deferred tax assets | 2.0 | 1.8 | 1.9 | |
| Ships | 4 | 1,277.3 | 1,297.6 | 1,225.6 |
| Property, plant and equipment | 4 | 6.9 | 6.8 | 7.7 |
| Right-of-use assets | 7 | 227.0 | 285.7 | 374.9 |
| Investments in associates and joint ventures | 5 | 182.9 | 182.8 | 175.5 |
| Derivative financial instruments | 1.6 | 5.2 | 1.4 | |
| Non-current receivables | 10.9 | 11.8 | 10.3 | |
| Total non-current assets | 1,708.6 | 1,791.7 | 1,797.4 | |
| Current receivables | 130.5 | 147.1 | 154.6 | |
| Bunkers and other inventories | 36.8 | 41.6 | 34.8 | |
| Derivative financial instruments | 3.4 | 4.9 | 3.8 | |
| Cash and cash equivalents | 3 | 148.6 | 131.3 | 86.3 |
| Assets classified as held for sale | 4 | 8.0 | 17.9 | — |
| Total current assets | 327.2 | 342.8 | 279.5 | |
| Total assets | 2,035.8 | 2,134.5 | 2,076.9 | |
| Equity | 992.7 | 983.9 | 906.8 | |
| Non-current interest-bearing debt | 3 | 564.7 | 682.6 | 669.2 |
| Non-current debt, right-of-use assets | 7 | 161.8 | 241.7 | 178.4 |
| Derivatives financial instruments | — | — | — | |
| Due to associates and joint ventures | 4.0 | 4.0 | — | |
| Other non-current liabilities | 7.2 | 7.1 | 14.0 | |
| Total non-current liabilities | 737.7 | 935.4 | 861.5 | |
| Current portion interest-bearing debt | 3 | 139.7 | 65.1 | 62.0 |
| Current debt, right-of-use assets | 7 | 77.0 | 56.7 | 165.7 |
| Derivative financial instruments | — | 0.2 | — | |
| Other current liabilities | 88.7 | 93.2 | 80.9 | |
| Total current liabilities | 305.4 | 215.2 | 308.6 | |
| Total equity and liabilities | 2,035.8 | 2,134.5 | 2,076.9 |
1Q26 Odfjell Group
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Figures based on equity method)
| (USD mill) | Paid in equity | Exchange rate differences | Cash-flow hedge reserves | Pension remeasure -ment | OCI associates and JVs | Retained equity | Total other equity | Total equity |
|---|---|---|---|---|---|---|---|---|
| Equity per January 1, 2025 | 199.2 | 0.2 | 1.7 | 1.3 | (0.5) | 727.9 | 730.6 | 929.8 |
| Other comprehensive income | — | — | 1.2 | 0.5 | 5.2 | — | 6.9 | 6.9 |
| Net result | — | — | — | — | — | 155.3 | 155.3 | 155.3 |
| Dividend payment | — | — | — | — | — | (99.7) | (99.7) | (99.7) |
| Sale of treasury shares 1) | — | — | — | — | — | 0.6 | 0.6 | 0.6 |
| Equity per December 31, 2025 | 199.2 | 0.2 | 2.9 | 1.7 | 4.8 | 784.0 | 793.5 | 992.7 |
| Equity per January 1, 2026 | 199.2 | 0.2 | 2.9 | 1.7 | 4.8 | 784.0 | 793.5 | 992.7 |
| Other comprehensive income | — | (0.3) | 1.2 | — | (3.0) | — | (2.1) | (2.1) |
| Net result | — | — | — | — | — | 32.1 | 32.1 | 32.1 |
| Dividend payment | — | — | — | — | — | (39.6) | (39.6) | (39.6) |
| Sale of treasury shares 1) | — | — | — | — | — | 0.6 | 0.6 | 0.6 |
| Other adjustments | — | — | — | — | — | — | — | — |
| Equity per March 31 2026 | 199.2 | (0.1) | 4.1 | 1.7 | 1.8 | 777.2 | 784.7 | 983.9 |
1) In the third quarter of 2024, Odfjell released a share purchase program for employees and a total amount of 16,721 shares were sold for NOK 2 mill. In the first quarter of 2025 15,872 shares were sold to employees for NOK 1.4 million followed by 12,376 shares in the third quarter of 2025 for NOK 1.2 million. In the first quarter of 2026 13,417 shares were sold to employees for NOK 1.3 million
In the second quarter of 2025 senior management received 38,875 shares for a total value of NOK 3.7 million. In the first quarter of 2026 senior management received 34,321 shares for a total value of NOK 4.1 million.
1Q26 Odfjell Group
KEY FIGURES IN (Figures based on equity method)
| 4Q25 | 1Q26 | 1Q25 | FY25 | |
|---|---|---|---|---|
| PROFITABILITY | ||||
| Earnings per share (USD) – basic/diluted | 0.48 | 0.41 | 0.44 | 1.96 |
| Return on equity^{1)} | 16.0% | 11.1% | 14.3% | 16.7% |
| Adjusted return on equity^{3)} | 16.1% | 10.5% | 14.1% | 16.6% |
| Return on capital employed^{1)} | 11.7% | 9.2% | 11.1% | 12.1% |
| Adjusted return on capital employed^{3)} | 11.7% | 8.9% | 11.0% | 12.0% |
| FINANCIAL RATIOS | ||||
| Average number of outstanding shares (mill)^{2)} | 79.1 | 79.2 | 79.1 | 79.1 |
| Basic/diluted equity per share (USD) | 12.54 | 12.43 | 11.47 | 12.54 |
| Share price per A-share (USD) | 12.6 | 12.1 | 8.6 | 12.6 |
| Current ratio | 1.1 | 1.6 | 0.9 | 1.1 |
| Equity ratio | 48.8% | 46.1% | 43.7% | 48.8% |
| IFRS 16 adjusted equity ratio | 55.5% | 53.9% | 51.5% | 55.5% |
| USD/NOK rate at period end | 10.06 | 9.79 | 10.50 | 10.06 |
1) Return ratios are based on annualized results, except for non-recurring items that are included in the relevant period.
2) Per end of March 2026 Odfjell holds 47,162 Class A shares and 488,901 Class B shares.
3) Adjusted for non-recurring items.
1Q26 Odfjell Group
CONSOLIDATED CASH FLOW STATEMENT (Figures based on equity method)
| (USD mill) | 4Q25 | 1Q26 | 1Q25 | FY25 |
|---|---|---|---|---|
| Profit before income taxes | 38.2 | 32.6 | 34.8 | 157.0 |
| Taxes paid in the period | (0.1) | 0.4 | (0.7) | (1.8) |
| Depreciation, impairment and capital (gain) loss fixed assets | 36.3 | 35.3 | 38.7 | 153.0 |
| Change in inventory, trade debtors and creditors (increase) decrease | (0.8) | (14.9) | (12.6) | 5.9 |
| Share of net result from associates and JV's | (1.8) | (2.8) | (2.9) | (9.2) |
| Net interest expenses | 14.0 | 14.3 | 19.1 | 64.9 |
| Interest received | 1.5 | 0.9 | 1.1 | 5.4 |
| Interest paid | (15.5) | (15.3) | (18.0) | (69.7) |
| Effect of exchange differences and changes in derivatives | 0.8 | (2.6) | 0.1 | 1.6 |
| Change in other current accruals | 1.3 | 1.8 | 0.5 | 3.5 |
| Net cash flow from operating activities | 74.0 | 49.7 | 59.9 | 310.5 |
| Sale of ships, property, plant and equipment 1) | 9.8 | 4.7 | 17.2 | 37.1 |
| Investment in ships, property, plant and equipment | (7.4) | (25.4) | (7.7) | (39.9) |
| Dividend/other from investments in associates and JV's | — | — | — | 12.3 |
| Investments in joint ventures | (9.0) | — | — | (9.0) |
| Other non-current receivables and investments | 0.2 | (1.0) | (1.3) | (1.7) |
| Net cash flow from investing activities | (6.4) | (21.7) | 8.2 | (1.2) |
| New interest-bearing debt (net of fees paid) | — | 145.0 | 187.2 | 359.9 |
| Loans from associates and joint ventures | 4.0 | — | — | 4.0 |
| Repayment of interest-bearing debt | (46.2) | (103.1) | (196.2) | (396.2) |
| Repayment of lease debt related to right-of-use assets 2) | (12.6) | (47.7) | (57.8) | (175.9) |
| Dividend payment | — | (39.6) | (61.7) | (99.7) |
| Sale/purchase of treasury shares | — | 0.1 | 0.1 | 0.6 |
| Net cash flow from financing activities | (54.9) | (45.2) | (128.3) | (307.2) |
| Effect on cash balance from currency exchange rate fluctuations | — | — | — | — |
| Net change in cash and cash equivalents | 12.7 | (17.3) | (60.2) | 2.1 |
| Opening cash and cash equivalents | 135.9 | 148.6 | 146.5 | 146.5 |
| Closing cash and cash equivalents | 148.6 | 131.3 | 86.3 | 148.6 |
1) Bow Clipper and Bow Oceanic was sold in the first quarter 2025 for total net cash proceeds of USD 17.2 mill. Bow Fagus was sold in third quarter 2025 and Bow Cedar was sold in fourth quarter 2025.
2) In the first quarter of 2026, the Group exercised a purchase option for a vessel previously recognized as a right-of-use asset. The transaction was settled as a repayment of the related lease liability.
1Q26 Odfjell Group
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Note 1 – Accounting principles
Odfjell SE is ultimate parent company of the Odfjell Group. Odfjell SE is a public listed company traded on the Oslo Stock Exchange. The company's address is Conrad Mohrs veg 29, Bergen, Norway.
Basis of preparation and changes to the Group's accounting policies
The interim consolidated financial statements ended December 31, 2025 for the Odfjell Group and have been prepared in accordance with International Accounting Standard IAS 34 "Interim Financial Reporting". The interim financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements as at December 31, 2025. The interim financial statements are unaudited.
The accounting principles used in the preparation of these financial statements are consistent with those used in the annual financial statements for the year ended December 31, 2025.
Note 2 – Segment information
Management has determined the operating segments based on the information regularly reviewed by executive management. In accordance with the internal financial reporting, investments in joint venture are reported by applying the proportionate consolidation method.
The Group has two reportable segments:
Chemical Tankers: The Chemical Tankers segment involves a 'round the world' transportation of chemicals with ships. The composition of the ships enables the Group to offer both global and regional transportation. The segment is operating one joint venture owned by the subsidiary Norfra Shipping AS. The segment also includes corporate entities.
Tank Terminals: The tank terminal segment offers storage and handling of various chemical and petroleum products. The segment is operated through joint ventures owned by the subsidiary Odfjell Terminals BV.
1Q26 Odfjell Group
Note 2 – Segment information - continued
| Chemical Tankers | Tank Terminals | Total | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD mill | 4Q25 | 1Q26 | 1Q25 | FY25 | 4Q25 | 1Q26 | 1Q25 | FY25 | 4Q25 | 1Q26 | 1Q25 | FY25 |
| Gross revenue | 269.2 | 265.4 | 276.2 | 1,113.1 | 22.9 | 22.5 | 22.1 | 90.2 | 292.1 | 287.9 | 298.3 | 1,203.3 |
| Voyage expenses | (94.7) | (98.8) | (102.1) | (404.7) | — | — | — | — | (94.7) | (98.8) | (102.1) | (404.7) |
| Pool distribution | (7.0) | — | (7.0) | (27.4) | — | — | — | — | (7.0) | — | (7.0) | (27.4) |
| TC earnings | 167.5 | 166.5 | 167.1 | 681.0 | 22.9 | 22.5 | 22.1 | 90.2 | 190.3 | 189.0 | 189.2 | 771.2 |
| TC expenses | (6.7) | (8.5) | (3.0) | (21.8) | — | — | — | — | (6.7) | (8.5) | (3.0) | (21.8) |
| Operating expenses | (41.3) | (43.5) | (43.1) | (169.7) | (8.2) | (7.6) | (7.9) | (31.6) | (49.5) | (51.2) | (51.1) | (201.2) |
| Operating expenses - right-of-use assets | (8.9) | (9.9) | (10.1) | (37.2) | — | — | — | — | (8.9) | (9.9) | (10.1) | (37.2) |
| General and administrative expenses | (20.3) | (19.4) | (18.6) | (72.4) | (6.7) | (4.2) | (5.8) | (26.1) | (27.0) | (23.7) | (24.3) | (98.5) |
| EBITDA | 90.3 | 85.2 | 92.4 | 379.9 | 7.9 | 10.6 | 8.4 | 32.5 | 98.3 | 95.8 | 100.8 | 412.5 |
| Depreciation | (22.9) | (27.0) | (25.3) | (100.3) | (6.1) | (6.1) | (5.7) | (24.1) | (29.0) | (33.1) | (31.0) | (124.4) |
| Depreciation - right-of-use assets | (13.9) | (19.1) | (15.6) | (56.5) | (0.1) | (0.1) | (0.1) | (0.5) | (14.0) | (19.2) | (15.7) | (56.9) |
| Impairment | — | — | — | — | — | — | — | (0.3) | — | — | — | (0.3) |
| Capital gain/loss | — | 4.8 | 2.2 | 3.3 | (0.1) | — | — | (0.2) | — | 4.8 | 2.2 | 3.1 |
| Operating result (EBIT) | 53.6 | 43.9 | 53.7 | 226.5 | 1.6 | 4.4 | 2.5 | 7.5 | 55.2 | 48.3 | 56.3 | 234.0 |
| Net interest expense | (10.0) | (10.8) | (12.5) | (45.3) | (1.6) | (1.6) | (0.9) | (5.8) | (11.7) | (12.3) | (13.5) | (51.1) |
| Interest expense - right-of-use assets | (3.9) | (3.7) | (6.6) | (19.7) | — | — | — | (0.1) | (3.9) | (3.7) | (6.6) | (19.8) |
| Other financial items | (0.4) | 1.4 | (0.8) | (3.4) | (0.1) | (0.3) | 0.1 | 0.2 | (0.5) | 1.1 | (0.6) | (3.2) |
| Taxes | (0.2) | (0.5) | (0.4) | (1.2) | (0.9) | (0.8) | (0.8) | (3.3) | (1.0) | (1.2) | (1.2) | (4.5) |
| Net result | 39.0 | 30.4 | 33.5 | 156.9 | (1.0) | 1.8 | 1.0 | (1.6) | 38.0 | 32.1 | 34.4 | 155.3 |
| Non current assets | 1,536.4 | 1,629.8 | 1,621.8 | 1,536.4 | 321.1 | 318.6 | 310.3 | 321.1 | 1,857.5 | 1,948.4 | 1,932.1 | 1,857.5 |
| Cash and cash equivalents | 145.3 | 127.9 | 80.8 | 145.3 | 23.5 | 20.6 | 22.4 | 23.5 | 168.8 | 148.6 | 103.3 | 168.8 |
| Other current assets | 170.7 | 195.0 | 186.0 | 170.7 | 17.8 | 15.0 | 21.9 | 17.8 | 187.1 | 209.0 | 206.8 | 187.1 |
| Assets held for sale | 8.0 | 17.9 | — | 8.0 | — | — | — | — | 8.0 | 17.9 | — | 8.0 |
| Total assets | 1,860.4 | 1,970.6 | 1,888.7 | 1,860.4 | 362.3 | 354.2 | 354.6 | 362.3 | 2,221.3 | 2,323.8 | 2,242.2 | 2,221.3 |
| Equity | 811.3 | 803.6 | 720.0 | 811.3 | 181.4 | 180.4 | 186.8 | 181.4 | 992.7 | 983.9 | 906.8 | 992.7 |
| Non-current interest-bearing debt | 564.7 | 682.6 | 669.2 | 564.7 | 120.9 | 121.9 | 119.2 | 120.9 | 685.6 | 804.5 | 788.3 | 685.6 |
| Non-current debt, right-of-use assets | 161.8 | 241.7 | 178.4 | 161.8 | 1.8 | 1.6 | 1.7 | 1.8 | 163.6 | 243.4 | 180.1 | 163.6 |
| Other non-current liabilities | 9.4 | 9.3 | 14.0 | 9.4 | 26.2 | 24.6 | 25.1 | 26.2 | 35.6 | 33.9 | 39.1 | 35.6 |
| Current interest-bearing debt | 150.3 | 65.1 | 62.0 | 150.3 | 4.4 | 3.7 | 3.2 | 4.4 | 154.6 | 68.7 | 65.2 | 154.6 |
| Current debt, right-of-use assets | 77.0 | 77.7 | 165.7 | 77.0 | 0.5 | 0.5 | 0.5 | 0.5 | 77.5 | 78.2 | 166.1 | 77.5 |
| Other current liabilities | 85.9 | 90.7 | 79.5 | 85.9 | 27.1 | 21.6 | 18.1 | 27.1 | 111.7 | 111.2 | 96.6 | 111.7 |
| Total equity and liabilities | 1,860.4 | 1,970.6 | 1,888.7 | 1,860.4 | 362.3 | 354.2 | 354.6 | 362.3 | 2,221.3 | 2,323.8 | 2,242.2 | 2,221.3 |
| Cashflow from operating activities | 74.2 | 49.5 | 62.5 | 318.6 | 6.3 | 2.4 | 7.2 | 32.3 | 80.5 | 51.9 | 69.7 | 350.9 |
| Cashflow from investment activities | 2.6 | (21.7) | 8.2 | (81.6) | (8.9) | (3.7) | (5.8) | (33.8) | (6.3) | (25.4) | 2.4 | (115.4) |
| Cashflow from financing activities | (54.9) | (45.2) | (128.9) | (230.8) | 1.4 | (1.5) | (0.9) | 3.2 | (53.5) | (46.7) | (129.8) | (227.6) |
| Net change in cash and cash equivalents | 21.9 | (17.4) | (58.2) | 6.2 | (1.2) | (2.8) | 0.6 | 1.6 | 20.7 | (20.2) | (57.7) | 7.9 |
1Q26 Odfjell Group
Note 2 – Segment information - reconciliation of segment reporting to Group figures
The following table reconciles reported revenue, EBIT, assets and liabilities in our segments to the income statement and statement of financial position.
| Chemical Tankers^{2)} | Tank Terminals | Total^{1)} | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD mill | 4Q25 | 1Q26 | 1Q25 | FY25 | 4Q25 | 1Q26 | 1Q25 | FY25 | 4Q25 | 1Q26 | 1Q25 | FY25 |
| Total segment revenue | 269.2 | 265.4 | 276.2 | 1,113.1 | 22.9 | 22.5 | 22.1 | 90.2 | 292.1 | 287.9 | 298.3 | 1,203.3 |
| Segment revenue JV's | 0.2 | — | — | 0.2 | (22.6) | (22.2) | (21.8) | (89.1) | (22.1) | (22.0) | (21.6) | (87.9) |
| Consolidated revenue in income statement | 269.4 | 265.4 | 276.2 | 1,113.3 | 0.3 | 0.3 | 0.3 | 1.1 | 270.0 | 265.9 | 276.7 | 1,115.4 |
| Total segment EBIT | 53.6 | 43.9 | 53.7 | 226.5 | 1.6 | 4.4 | 2.5 | 7.5 | 55.2 | 48.3 | 56.3 | 234.0 |
| Segment EBIT JV's | (0.1) | (0.7) | — | (0.1) | (4.3) | (4.8) | (4.7) | (18.4) | (4.4) | (5.5) | (4.7) | (18.5) |
| Share of net result JV's^{4)} | 0.1 | 0.5 | — | 0.1 | 1.7 | 2.3 | 2.9 | 9.1 | 1.8 | 2.8 | 2.9 | 9.2 |
| Consolidated EBIT in income statement | 53.5 | 43.7 | 53.7 | 226.5 | (1.0) | 2.0 | 0.7 | (1.8) | 52.5 | 45.6 | 54.4 | 224.6 |
| Total segment asset | 1,860.4 | 1,970.6 | 1,888.7 | 1,860.4 | 362.3 | 354.2 | 354.6 | 362.3 | 2,221.3 | 2,323.8 | 2,242.2 | 2,221.3 |
| Segment asset^{3)} | (15.8) | (26.6) | — | (15.8) | (352.1) | (345.4) | (340.8) | (352.1) | (368.4) | (372.0) | (340.8) | (368.4) |
| Investment in JV's^{4)} | 8.9 | 9.4 | — | 8.9 | 174.0 | 173.4 | 175.5 | 174.0 | 182.9 | 182.8 | 175.5 | 182.9 |
| Total consolidated assets in statement of financial position | 1,853.5 | 1,953.4 | 1,888.7 | 1,853.5 | 184.3 | 182.2 | 189.3 | 184.3 | 2,035.8 | 2,134.5 | 2,076.9 | 2,035.8 |
| Total segment liabilities | 1,049.1 | 1,167.1 | 1,168.7 | 1,049.1 | 180.9 | 173.9 | 167.8 | 180.9 | 1,228.6 | 1,339.9 | 1,335.5 | 1,228.6 |
| Segment liability^{3)} | (6.9) | (17.2) | — | (6.9) | (178.0) | (172.1) | (165.4) | (178.0) | (185.5) | (189.3) | (165.4) | (185.5) |
| Total consolidated liabilities in statement of financial position | 1,042.2 | 1,149.9 | 1,168.7 | 1,042.2 | 2.9 | 1.8 | 2.5 | 2.9 | 1,043.1 | 1,150.6 | 1,170.1 | 1,043.1 |
1) The table is shown without eliminations, therefore Total doesn't equal sum of Chemical Tankers and Tank Terminals.
2) This segment also includes «corporate».
3) Investments in joint ventures are presented according to the proportionate consolidation method in the segment reporting.
4) Investments in joint ventures are presented according to the equity method in the consolidated income statement and balance sheet.
16
1Q26 Odfjell Group
Note 3 – Net interest-bearing liabilities
| (USD mill) | 31.03.26 | 31.03.25 | 31.12.25 |
|---|---|---|---|
| Mortgaged loans from financial institutions | 598.1 | 661.8 | 551.2 |
| Financial leases and sale-lease back | 56.1 | 76.6 | 61.0 |
| Unsecured bonds | 102.2 | — | 99.4 |
| Lease liability, right-of-use assets | 298.5 | 344.0 | 238.9 |
| Subtotal debt | 1,054.8 | 1,082.5 | 950.5 |
| Transaction fees | (8.7) | (7.3) | (7.2) |
| Total debt | 1,046.1 | 1,075.2 | 943.2 |
| Cash and cash equivalent 1) | 131.3 | 86.3 | 148.6 |
| Net debt | 914.8 | 988.9 | 794.6 |
1) Of USD 131.3 million, a total of USD 0.09 million is restricted cash related to withholding taxes for employees in Odfjell Management AS and Odfjell Maritime Services AS. Available drawing facilities end March 2026 amounts to USD 226.7 million.
| (USD mill) | 4Q25 | 1Q26 | 1Q25 | FY25 |
|---|---|---|---|---|
| Total debt, beginning of period | 991.8 | 943.2 | 1,109.8 | 1,109.8 |
| New loans, financial leases and bonds | — | 145.0 | 187.2 | 359.9 |
| Repayment of loans, financial leases and bonds | (46.2) | (103.1) | (168.9) | (368.9) |
| Change in debt, lease liability right-of-use assets | (2.0) | 59.6 | (52.8) | (158.0) |
| Transaction fees amortized | 0.6 | (1.4) | 0.1 | 0.2 |
| Currency translation differences | (1.0) | 2.8 | (0.2) | 0.2 |
| Total debt, end of period | 943.2 | 1,046.1 | 1,075.2 | 943.2 |
For debt related to right-of-use assets see note 7.
As of 1Q26 we remain in compliance with our financial covenants.
1Q26 Odfjell Group
Note 4 – Ships, property, plant and equipment
| (USD mill) | 4Q25 | 1Q26 | 1Q25 | FY25 |
|---|---|---|---|---|
| Net carrying amount, beginning of period | 1,317.5 | 1,284.2 | 1,261.4 | 1,261.4 |
| Investments in ships, property, plant and equipment | 2.4 | 10.8 | 7.7 | 33.7 |
| Investments in newbuilding | 5.1 | 14.7 | — | 5.1 |
| Purchase of former leased bareboat vessels 2) | — | 35.6 | — | 121.5 |
| Depreciation | (22.9) | (27.0) | (25.3) | (100.3) |
| Sale of property, plant and equipment | (9.8) | — | (10.5) | (29.2) |
| Assets classified as held for sale 1) | (8.0) | (13.8) | — | (8.0) |
| Net carrying amount, end of period | 1,284.2 | 1,304.4 | 1,233.4 | 1,284.2 |
1) At the end of fourth quarter 2025, four barges was classified as held for sale with book value of USD 8 million, a corresponding liability is included in other current liabilities. In first quarter 2026, only two of the barges were sold, the remaining two are still classified as held for sale. In addition, one newbuilding was classified as held for sale in first quarter 2026.
2) The cash consideration from purchase of formerly leased vessel is classified as repayment of lease debt in the cash flow statement. See footnote 2) to the cash flow statement.
| (USD mill) | 4Q25 | 1Q26 | 1Q25 | FY25 |
|---|---|---|---|---|
| Depreciation property, plant and equipment | (22.9) | (27.0) | (25.3) | (100.3) |
| Depreciation right-of-use assets | (13.4) | (13.1) | (15.6) | (56.0) |
| Total depreciations | (36.3) | (40.1) | (40.9) | (156.3) |
| (USD mill) | 2026 | 2027 | Total | |
| --- | --- | --- | --- | |
| Newbuilding | 39.9 | 27.7 | 67.6 | |
| Total capex commitment | 39.9 | 27.7 | 67.6 |
Odfjell Group has signed two newbuilding contracts. One for the construction of 25,900 dwt chemical tanker with estimated delivery mid 2027 and the second newbuilding contract is construction of one 26,000 dwt chemical tanker for estimated delivery mid 2026. The shipbuilding contract for the 25,900 dwt chemical tanker at Dingheng has been novated to a third party, and paid installments classified as held for sale. The contractual commitment to the yard remains included in the table above until the transaction is completed (USD 27.7 million).
The second newbuilding contract is construction of one 26,000 dwt chemical tanker for estimated delivery mid 2026. The Odfjell Group had also exercised purchase option for one vessel currently on bareboat charter, which was already included in right-of-use debt. The vessel Bow Hercules was acquired 15 January 2026. In total, the capital commitment amounts to USD 67.6 million. This does not include future commitments to Right-of-use assets.
18
1Q26 Odfjell Group
Note 5 – Investments joint ventures
The share of result and balance sheet items from investments in associates and joint ventures are recognized based on equity method in the interim financial statements. The figures below show our share of revenue and expenses, total assets, total liabilities and equity. See note 2 for further details about joint ventures.
| (USD mill) | YTD26 | YTD25 | ||||
|---|---|---|---|---|---|---|
| Tank Terminals | Chemical Tankers | Total | Tank Terminals | Chemical Tankers | Total | |
| Gross revenue | 22.2 | 7.0 | 29.3 | 21.8 | — | 21.8 |
| EBITDA | 11.0 | 6.7 | 17.7 | 10.6 | — | 10.6 |
| EBIT | 4.8 | 0.7 | 5.5 | 4.7 | — | 4.7 |
| Net result | 2.3 | 0.5 | 2.8 | 2.9 | — | 2.9 |
| Depreciation of excess values net of deferred tax: | ||||||
| Europe | (0.3) | — | (0.3) | (0.2) | — | (0.2) |
| Total | (0.3) | — | (0.3) | (0.2) | — | (0.2) |
| Non current assets | 318.6 | 22.7 | 341.3 | 310.3 | — | 310.3 |
| Cash and cash equivalents | 12.1 | 5.1 | 17.2 | 17.0 | — | 17.0 |
| Other current assets | 14.7 | 2.8 | 17.5 | 13.6 | — | 13.6 |
| Total assets | 345.4 | 30.6 | 376.0 | 340.9 | — | 340.9 |
| Total equity closing balance | 173.4 | 9.4 | 182.8 | 175.5 | — | 175.5 |
| Long-term debt | 121.9 | 21.0 | 142.9 | 119.2 | — | 119.2 |
| Other non-current liabilities | 26.2 | — | 26.2 | 26.8 | — | 26.8 |
| Short-term debt | 3.7 | — | 3.7 | 3.2 | — | 3.2 |
| Other current liabilities | 20.3 | 0.2 | 20.5 | 16.2 | — | 16.2 |
| Total equity and liabilities | 345.4 | 30.6 | 376.0 | 340.9 | — | 340.9 |
1Q26 Odfjell Group
Note 6 - Other financial items
| (USD mill) | 4Q25 | 1Q26 | 1Q25 | FY25 |
|---|---|---|---|---|
| Changes in fair value in derivatives | (1.1) | 3.7 | 0.1 | 1.4 |
| Currency gains (losses) | 0.8 | (2.4) | (0.6) | (3.3) |
| Other | (0.1) | (0.1) | — | (0.9) |
| Total other financial items | (0.4) | 1.2 | (0.5) | (2.8) |
Note 7 - Right-of-use assets
The Odfjell Group has a number of leases, mainly vessels under time charter and bare boat contracts, which are recognized as right-of-use assets.
| (USD mill) | 4Q25 | 1Q26 | 1Q25 | FY25 |
|---|---|---|---|---|
| Net carrying amount, beginning of period | 229.6 | 227.0 | 385.4 | 385.4 |
| New right-of-use assets | 10.7 | 107.3 | 5.0 | 19.1 |
| Depreciation | (13.4) | (13.1) | (15.6) | (55.9) |
| Purchase of leased vessels | — | (35.6) | — | (121.5) |
| Remeasurement | — | — | — | (0.2) |
| Net carrying amount, end of period | 227.0 | 285.7 | 374.9 | 227.0 |
| (USD mill) | 31.12.25 | 31.03.26 | 31.03.25 | |
| --- | --- | --- | --- | |
| Non current debt, right-of-use assets | 161.8 | 241.7 | 178.4 | |
| Current debt, right-of-use assets | 77.0 | 56.7 | 165.7 | |
| Total | 238.9 | 298.5 | 344.0 |
1Q26 Odfjell Group
| Nominal payments of time charter hire for right-of-use assets not yet commenced (USD mill) | 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | Total |
|---|---|---|---|---|---|---|---|
| Nominal time charter hire | 21.7 | 75.1 | 122.1 | 137.9 | 138.8 | 557.8 | 1,053.4 |
| Total | 21.7 | 75.1 | 122.1 | 137.9 | 138.8 | 557.8 | 1,053.4 |
Odfjell Group had, at year-end 2025, signed long-term time charter agreements for a total of twenty newbuildings to be delivered between 2026 and 2029. During the first quarter of 2026, three of these vessels were delivered, leaving seventeen vessels under long-term time charter contracts not yet commenced at the reporting date. Five of the seventeen vessels include a fixed time charter hire and an additional variable element depending on earnings from those vessels. The table above includes the minimum / fixed payments for seventeen long-term time charter vessels.
The table below shows how the nominal time charter hire will impact the balance sheet for Odfjell Group in the coming years. From the total nominal amount of USD 1,053.4 million, estimated operating expense is deducted to arrive at an estimated nominal bareboat element. We have used Odfjell Group's incremental borrowing rate at the end of the first quarter 2026 to estimate the net present value of the bareboat element. The total net present value is estimated to USD 533.1 million, of which USD 145.0 million will be capitalized in 2026 upon commencement of the lease agreements.
The incremental borrowing rate at commencement of each lease contract will be used when capitalizing the right of use assets. This rate can differ from the estimated incremental borrowing rate estimated at the end of the first quarter 2026.
| Future right-of-use assets for long-term time charter hires not yet commenced. | 2026 | 2027 | 2028 | 2029 | Total |
|---|---|---|---|---|---|
| Right-of-use assets addition (USD mill) | 145.0 | 277.5 | 71.3 | 39.3 | 533.1 |
1Q26 Odfjell Group
Note 8 - Operating expenses
| (USD mill) | 4Q25 | 1Q26 | 1Q25 | FY25 |
|---|---|---|---|---|
| Operating expenses right-of-use assets | (8.9) | (9.9) | (10.1) | (37.2) |
| Other operating expenses | (41.3) | (43.5) | (43.1) | (169.7) |
| Total | (50.2) | (53.4) | (53.2) | (206.9) |
Note 9 - Interest expenses
| (USD mill) | 4Q25 | 1Q26 | 1Q25 | FY25 |
|---|---|---|---|---|
| Interest expenses - right-of-use assets | (3.9) | (3.7) | (6.6) | (19.7) |
| Other interest expenses | (11.5) | (11.6) | (13.6) | (50.5) |
| Total | (15.4) | (15.3) | (20.1) | (70.2) |
Note 10 - Subsequent events
In April 2026, Odfjell Group signed agreements to purchase four 40,000 dwt fully stainless-steel vessels. The vessels will be purchased from a Japanese shipowner upon completion and are scheduled for delivery from 1Q 2027 until 2Q 2029. Total transaction value of approximately USD 290 million.
22
Fleet list as of 31.03.2026
| VESSEL TYPE | Vessel Class | CHEMICAL TANKERS | DWT | BUILT | OWNERSHIP | CBM | STAINLESS STEEL, CBM | TANKS |
|---|---|---|---|---|---|---|---|---|
| Super-segregator | POLAND | Bow Sea | 44 950 | 2006 | Owned | 52 244 | 52 244 | 40 |
| Super-segregator | POLAND | Bow Summer | 49 592 | 2005 | Owned | 52 252 | 52 252 | 40 |
| Super-segregator | POLAND | Bow Saga | 44 950 | 2007 | Owned | 52 243 | 52 243 | 40 |
| Super-segregator | POLAND | Bow Sirius | 49 539 | 2006 | Owned | 52 242 | 52 242 | 40 |
| Super-segregator | POLAND | Bow Star | 49 487 | 2004 | Owned | 52 222 | 52 222 | 40 |
| Super-segregator | POLAND | Bow Sky | 49 479 | 2005 | Owned | 52 222 | 52 222 | 40 |
| Super-segregator | POLAND | Bow Spring | 49 429 | 2004 | Owned | 52 252 | 52 252 | 40 |
| Super-segregator | POLAND | Bow Sun | 49 466 | 2003 | Owned | 52 222 | 52 222 | 40 |
| Super-segregator | KVAERNER | Bow Chain | 37 518 | 2002 | Owned | 40 966 | 40 966 | 47 |
| Super-segregator | KVAERNER | Bow Faith | 37 479 | 1997 | Owned | 41 960 | 34 681 | 52 |
| Super-segregator | KVAERNER | Bow Cardinal | 37 446 | 1997 | Owned | 41 953 | 34 674 | 52 |
| Super-segregator | KVAERNER | Bow Firda | 37 427 | 2003 | Owned | 40 994 | 40 994 | 47 |
| Super-segregator | KVAERNER | Bow Fortune | 37 395 | 1999 | Bareboat/ Financial lease | 41 000 | 41 000 | 47 |
| Super-segregator | KVAERNER | Bow Flora | 37 369 | 1998 | Owned | 41 000 | 33 721 | 47 |
| Super-segregator | KVAERNER | Bow Cecil | 37 369 | 1998 | Bareboat/ Financial lease | 41 000 | 33 721 | 47 |
| Super-segregator | CP 40 | Bow Hercules | 40 847 | 2017 | Owned | 44 085 | 44 085 | 30 |
| Super-segregator | CP 40 | Bow Gemini | 40 895 | 2017 | Owned | 44 205 | 44 205 | 30 |
| Super-segregator | CP 40 | Bow Aquarius | 40 901 | 2016 | Owned | 44 403 | 44 403 | 30 |
| Super-segregator | CP 40 | Bow Capricorn | 40 929 | 2016 | Owned | 44 184 | 44 184 | 30 |
| Super-segregator | CP 40 | Bow Erikson | 40 303 | 2026 | Time Charter/ Operational lease | 44 475 | 44 475 | 28 |
| Super-segregator | HUDONG 49 | Bow Orion | 49 042 | 2019 | Owned | 55 186 | 55 186 | 33 |
| Super-segregator | HUDONG 49 | Bow Olympus | 49 120 | 2019 | Owned | 55 186 | 55 186 | 33 |
| Super-segregator | HUDONG 49 | Bow Odyssey | 49 100 | 2020 | Owned | 54 175 | 54 175 | 33 |
| Super-segregator | HUDONG 49 | Bow Optima | 49 042 | 2020 | Owned | 55 186 | 55 186 | 33 |
| Super-segregator | HUDONG 40 | Bow Explorer | 38 236 | 2020 | Owned | 45 118 | 45 118 | 40 |
| Super-segregator | HUDONG 40 | Bow Excellence | 38 235 | 2020 | Owned | 45 118 | 45 118 | 40 |
| Super-segregator | TC 35 X 28 | Bow Persistent | 36 225 | 2020 | Bareboat/ Operational lease | 39 221 | 39 221 | 28 |
| Super-segregator | TC 35 X 28 | Bow Performer | 35 118 | 2019 | Owned | 37 987 | 37 987 | 28 |
| Super-segregator | TC 35 X 28 | Bow Prosper | 36 222 | 2020 | Bareboat/ Operational lease | 39 234 | 39 234 | 28 |
| Super-segregator | TC 35 X 28 | Bow Precision | 35 155 | 2018 | Owned | 36 668 | 36 668 | 26 |
| Large Stainless steel | CP 33 | Bow Harmony | 33 619 | 2008 | Bareboat/ Financial lease | 39 758 | 39 758 | 16 |
| Large Stainless steel | CP 33 | Bow Compass | 33 609 | 2009 | Owned | 38 685 | 38 685 | 16 |
| Large Stainless steel | CP 33 | Bow Agathe | 33 609 | 2009 | Time Charter/ Operational lease | 37 218 | 37 218 | 16 |
| Large Stainless steel | CP 33 | Bow Caroline | 33 609 | 2009 | Time Charter/ Operational lease | 37 236 | 37 236 | 14 |
| Large Stainless steel | CP 33 | Bow Hector | 33 694 | 2009 | Time Charter/ Operational lease | 36 639 | 36 639 | 16 |
| Large Stainless steel | TC 30 X 28 | Bow Engineer | 30 087 | 2006 | Bareboat/ Financial lease | 36 970 | 36 970 | 28 |
| Large Stainless steel | TC 30 X 28 | Bow Architect | 30 059 | 2005 | Bareboat/ Financial lease | 36 956 | 36 956 | 28 |
| Medium Stainless steel | CP 25 | Southern Quokka | 26 077 | 2017 | Time Charter/ Operational lease | 29 049 | 29 049 | 26 |
| Medium Stainless steel | CP 25 | Southern Owl | 26 057 | 2016 | Time Charter/ Operational lease | 29 048 | 29 048 | 26 |
| Medium Stainless steel | CP 25 | Southern Puma | 26 071 | 2016 | Time Charter/ Operational lease | 29 055 | 29 055 | 26 |
| Medium Stainless steel | CP 25 | Southern Shark | 26 051 | 2018 | Time Charter/ Operational lease | 27 112 | 27 112 | 26 |
| Medium Stainless steel | CP 25 | Southern Xantis | 25 887 | 2020 | Time Charter/ Operational lease | 27 078 | 27 078 | 26 |
| Medium Stainless steel | CP 25 | Bow Platinum | 26 000 | 2017 | Owned | 28 059 | 28 059 | 24 |
| Medium Stainless steel | CP 25 | Bow Neon | 26 000 | 2017 | Owned | 29 041 | 29 041 | 24 |
| Medium Stainless steel | CP 25 | Bow Titanium | 26 000 | 2018 | Owned | 29 006 | 29 006 | 24 |
| Medium Stainless steel | CP 25 | Bow Palladium | 26 000 | 2017 | Owned | 28 051 | 28 051 | 24 |
| Medium Stainless steel | CP 25 | Bow Tungsten | 26 000 | 2018 | Owned | 28 067 | 28 067 | 24 |
| Medium Stainless steel | CP 25 | Bow Endeavor | 26 197 | 2011 | Owned | 27 591 | 27 591 | 18 |
| Medium Stainless steel | CP 25 | Bow Cheetah | 26 029 | 2022 | Time Charter/ Operational lease | 27 128 | 27 128 | 26 |
| Medium Stainless steel | CP 25 | Bow Panther | 26 001 | 2022 | Time Charter/ Operational lease | 27 128 | 27 128 | 26 |
| Medium Stainless steel | CP 25 | Bow Lion | 26 021 | 2023 | Time Charter/ Operational lease | 27 128 | 27 128 | 26 |
| Medium Stainless steel | CP 25 | Bow Leopard | 26 004 | 2023 | Time Charter/ Operational lease | 27 119 | 27 119 | 26 |
| Medium Stainless steel | CP 25 | Bow Lynx | 25 914 | 2024 | Time Charter/ Operational lease | 27 107 | 27 107 | 26 |
| Medium Stainless steel | CP 25 | Bow Jaguar | 25 877 | 2024 | Time Charter/ Operational lease | 27 104 | 27 104 | 26 |
| Medium Stainless steel | CP 25 | Bow Cougar | 25 921 | 2024 | Time Charter/ Operational lease | 27 114 | 27 114 | 26 |
| Medium Stainless steel | CP 25 | Bow Tiger | 25 917 | 2024 | Time Charter/ Operational lease | 27 117 | 27 117 | 26 |
|---|---|---|---|---|---|---|---|---|
| Medium Stainless steel | CP 25 | Bow Ocelot | 25 593 | 2026 | Time Charter/ Operational lease | 29 200 | 29 200 | 24 |
| Medium Stainless steel | CP 25 | Bow Fighter | 25 475 | 2026 | Time Charter/ Operational lease | 28 552 | 28 552 | 24 |
| Medium Stainless steel | CP 25 | Bow Mercury | 26 400 | 2022 | Time Charter/ Operational lease | 29 650 | 29 650 | 23 |
| Medium Stainless steel | CP 25 | Bow Luna | 26 400 | 2022 | Time Charter/ Operational lease | 29 650 | 29 650 | 25 |
| Medium Stainless steel | CP 20 | Bow Victory | 21 193 | 2016 | Time Charter/ Operational lease | 22 167 | 22 167 | 20 |
| Medium Stainless steel | CP 20 | Bow Glory | 22 354 | 2017 | Time Charter/ Operational lease | 22 240 | 22 240 | 20 |
| Medium Stainless steel | CP 20 | Bow Success | 22 346 | 2017 | Time Charter/ Operational lease | 22 240 | 22 240 | 20 |
| Medium Stainless steel | FLUMAR | Moyra | 19 806 | 2005 | Time Charter/ Operational lease | 22 839 | 22 839 | 18 |
| Medium Stainless steel | FLUMAR | Flumar Maceio | 19 975 | 2006 | Owned | 21 713 | 21 713 | 22 |
| Coated | FLUMAR | Flumar Brasil | 51 188 | 2010 | Owned | 54 344 | 0 | 12 |
| Coated | MIPO | Bow Triumph | 49 622 | 2014 | Bareboat/ Financial lease | 54 595 | 0 | 22 |
| Coated | MIPO | Bow Trident | 49 622 | 2014 | Bareboat/ Financial lease | 54 595 | 0 | 22 |
| Coated | MIPO | Bow Tribute | 49 622 | 2014 | Owned | 54 595 | 0 | 22 |
| Coated | MIPO | Bow Trajectory | 49 622 | 2014 | Owned | 54 595 | 0 | 22 |
| Coated | SLS | Bow Elm | 46 098 | 2011 | Owned | 49 996 | 0 | 29 |
| Coated | SLS | Bow Lind | 46 047 | 2011 | Owned | 49 996 | 0 | 29 |
| Regional | OT 16-17 x 20-30 | Bow Condor | 16 121 | 2000 | Owned | 16 642 | 16 642 | 30 |
| Total Chemical Tankers: | 2 558 059 | 73 | 2 800 376 | 2 398 544 | 2 123 | |||
| DISPONENT OWNERSHIP SUMMARIZED | NUMBER | DWT | CBM | STEEL, CBM | TANKS | |||
| --- | --- | --- | --- | --- | --- | |||
| Owned | 39 | 1 549 230 | 1 696 654 | 1 411 291 | 1 271 | |||
| Time charter | 25 | 668 609 | 720 393 | 720 393 | 586 | |||
| Bareboat | 9 | 340 220 | 383 329 | 266 860 | 266 | |||
| Total Operated Chemical Tankers: | 73 | 2 558 059 | 2 800 376 | 2 398 544 | 2 123 | |||
| CHEMICAL TANKER NEWBUILDINGS ON ORDER: | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |
| CHEMICAL TANKERS | NUMBER | DWT | CBM | STAINLESS STEEL, CBM | TANKS | DELIVERY | OWNERSHIP | |
| Kitanihon | 3 | 40 000 | 44 184 | 44 184 | 28 | 2026-2027 | Time Charter | |
| Asakawa | 1 | 26 029 | 27 682 | 27 682 | 26 | 2026-2027 | Time Charter | |
| Fukuoka | 3 | 25 000 | 27 000 | 27 000 | 24 | 2026 | Time Charter | |
| Dingheng | 1 | 25 900 | 27 500 | 27 500 | 18 | 2027 | Owned | |
| Shin Kurushima | 1 | 25 000 | 27 000 | 27 000 | 26 | 2026 | Owned | |
| Shin Kurushima | 2 | 25 000 | 27 000 | 27 000 | 26 | 2026 | Time Charter | |
| Shin Kurushima | 6 | 35 000 | 39 000 | 39 000 | 28 | 2027-2029 | Time Charter | |
| Yamic | 2 | 49 000 | 54 800 | 0 | 21 | 2027-2028 | Time Charter | |
| Total newbuildings: | 19 | 629 929 | 693 334 | 583 734 | 488 | |||
| FLEET CHANGES SINCE LAST QUARTER: | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |
| FLEET ADDITIONS | DWT | BUILT | OWNERSHIP | CBM | STAINLESS STEEL, CBM | TANKS | ||
| Bow Ocelot | 25 593 | 2026 | Time Charter/ Operational lease | 29 200 | 29 200 | 24 | ||
| Bow Fighter | 25 475 | 2026 | Time Charter/ Operational lease | 28 552 | 28 552 | 24 | ||
| Bow Erikson | 40 303 | 2026 | Time Charter/ Operational lease | 44 475 | 44 475 | 28 |
FLEET REDELIVERIES AND SALES
N/A
| TANK TERMINALS | LOCATION | OWNERSHIP¹ | CBM | STAINLESS STEEL, CBM | NUMBER OF TANKS |
|---|---|---|---|---|---|
| Odfjell Terminals (Houston) Inc. | Houston, USA | 51 % | 412 415 | 120 812 | 128 |
| Odfjell Terminals (Charleston) LLC | Charleston, USA | 51 % | 79 243 | 0 | 9 |
| Odfjell Terminals (Korea) Co. Ltd | Ulsan, Korea | 50 % | 313 710 | 15 860 | 85 |
| Noord Natie Terminals NV | Antwerp, Belgium | 25 % | 500 689 | 195 332 | 258 |
| Total terminals | 4 terminals | 1 306 057 | 332 004 | 480 | |
| PROJECTS AND EXPANSIONS TANK TERMINALS | LOCATION | CBM | STAINLESS STEEL, CBM | SCHEDULED COMPLETION | |
| E5 | Ulsan, Korea | 87 940 | 0 | 2H26 | |
| Tankpit-S | Antwerp, Belgium | 36 000 | 36 000 | 1Q27 | |
| Total expansion tank terminals | 123 940 | 36 000 | |||
| TANK TERMINALS PARTLY OWNED BY RELATED PARTIES | LOCATION | CBM | STAINLESS STEEL, CBM | NUMBER OF TANKS | |
| Depositos Quimicos Mineros S.A. | Callao, Peru | 78 430 | 1 600 | 62 | |
| Granel Quimica Ltda | Rio Grande, Brazil | 100 139 | 2 900 | 41 | |
| Granel Quimica Ltda | Sao Luis, Brazil | 152 718 | 0 | 55 | |
| Granel Quimica Ltda | Ladario, Brazil | 8 054 | 0 | 6 | |
| Granel Quimica Ltda | Teresina, Brazil | 7 634 | 0 | 6 | |
| Granel Quimica Ltda | Palmas, Brazil | 18 018 | 0 | 12 | |
| Granel Quimica Ltda | Santos, Brazil | 71 832 | 0 | 24 | |
| Odfjell Terminals Tagsa S.A. | Campana, Argentina | 68 670 | 10 190 | 102 | |
| Terquim S.A. | San Antonio, Chile | 34 210 | 0 | 26 | |
| Terquim S.A. | Mejillones, Chile | 38 870 | 0 | 9 | |
| Total tank terminals partly owned by related parties | 10 terminals | 578 575 | 14 690 | 343 | |
| PROJECTS AND EXPANSIONS TANK TERMINALS | STAINLESS STEEL, CBM | SCHEDULED COMPLETION | |||
| PARTLY OWNED BY RELATED PARTIES | LOCATION | CBM | |||
| Depositos Quimicos Mineros S.A. | Callao, Peru | 2 000 | 0 | 2Q26 | |
| Granel Quimica Ltda | Santa Helena de Goias | 24 000 | 0 | 3Q26 | |
| Total expansion tank terminals partly owned by related parties | 26 000 | 0 | |||
| Grand total (incl. tank terminals partly owned by related parties) | 14 existing terminals | 1 884 632 | 346 694 | 823 |
¹Odfjell SE's indirect ownership share
Contact
Investor Relations
Nils Jørgen Selvik | Tel: +47 920 39 718 | E-mail: [email protected]
Media
Anngun Dybsland | Tel: +47 415 48 854 | E-mail: [email protected]
ODFJELL SE | Conrad Mohrs veg 29 | P.O. Box 6101 | 5892 Bergen | Norway
Tel: +47 55 27 00 00 | E-mail: [email protected]