Odfjell SE 1Q25: Resilient financial result

07 May 2025 20:00 CEST

Odfjell SE today reported its results for the first quarter of 2025, showing a
resilient financial result despite the increased market uncertainty.

Highlights - 1Q25

· The strong safety performance continues with high operational efficiency and
no significant incidents during the quarter.
· Odfjell delivered a resilient financial 1Q25 result in a market
characterized by increased uncertainty due to the initial U.S. trade tariffs
announcement.
· Time charter earnings ended at USD 168 million, compared to USD 183 million
in 4Q24. TCE/day for the quarter was USD 29,556, down 4% compared to USD 30,744
in 4Q24.
· EBIT of USD 54 million compared to USD 68 million in 4Q24.
· Quarterly net result of USD 34 million. Net result adjusted for one-off
items at USD 33 million, compared to USD 53 million in 4Q24.
· Net result contribution from Odfjell Terminals was USD 2.9 million, slightly
up from 4Q24.
· Carbon intensity (AER) for 1Q25 was 7.0, a further improvement from the
previous quarter and a new record low for Odfjell.
· Bow Olympus completed first near-carbon-neutral transatlantic voyage
utilizing suction sails and biofuel.
· Odfjell concluded contracts for two additional newbuildings to be delivered
on long-term time charters in 2027 and 2028. This brings Odfjell's total vessel
orderbook to 20 ships, of which 18 on long-term time charters.

"Despite heightened market uncertainty following the initial U.S. announcement
of trade tariffs, Odfjell delivered a resilient financial result for 1Q25.

This quarter, we reached a new milestone in our decarbonization efforts as an
Odfjell vessel successfully completed a near-carbon-neutral transatlantic
voyage.

We expect our 2Q25 financial results to be in line with, or slightly better than
1Q25, however we are closely monitoring the uncertain market situation," said
CEO Harald Fotland.

Please see attached for the 1Q25 report and presentation. Tomorrow, Thursday,
May 8, 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. The presentation will be held in
English.

IR Contact:
Nils Jørgen Selvik, VP Finance & IR
Tel: +47 920 39 718
E-mail: nils.jorgen.selvik@odfjell.com

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 consists of four tank
terminals and is part of a network of another 10 tank terminals partly owned by
related parties. The tank terminals are strategically located at selected
international shipping hubs. The Odfjell Group's headquarters are in Bergen,
Norway, and the Group has offices in 13 locations around the world. Odfjell
employs around 2300 staff and posted annual gross revenue of USD 1249 million in
2024. Read more on Odfjell.com (https://www.odfjell.com/).

This information is subject to the disclosure requirements pursuant to Section 5
-12 the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

645619_Odfjell_SE_1Q25_Presentation_of_quarterly_results.pdf
645619_Odfjell_1Q25_report.pdf