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Odfjell (ODF) investor relations material
Odfjell Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net result for 1Q26 was USD 32 million, down from USD 38 million in 4Q25; adjusted net result was USD 26 million, reflecting a USD 4.8 million capital gain from asset sales.
Time charter earnings were USD 167 million, slightly down from USD 168 million in 4Q25, with per day earnings at USD 27,232.
Safety performance remained strong despite increased geopolitical risks, with all crew safe on vessels in the Strait of Hormuz.
Operational review highlighted a decline in contract volumes due to Middle East disruptions, offset by record spot volumes.
CEO expects underlying net result in 2Q26 to be higher than in 1Q26.
Financial highlights
EBIT was USD 46 million, down from USD 53 million in 4Q25.
EBITDA was USD 81 million, down from USD 89 million in 4Q25.
Operating expenses increased to USD 53.4 million, up from USD 50.2 million, due to technical one-offs and fleet expansion.
Free cash flow was USD 28 million, down from USD 68 million in 4Q25.
EPS was USD 0.41, down from USD 0.48 in 4Q25.
Outlook and guidance
Underlying net result in 2Q26 is expected to be higher than in 1Q26.
April and May performance anticipated to be better than Q1 average, with June in line with May; overall Q2 results expected to be higher barring unforeseen events.
Terminal performance expected to remain stable, but geopolitical risks may impact activity and financials.
Anticipate a decline in seaborne chemical exports in Q2 due to product availability and cost.
Projected cash break-even to average USD 22,200 per day through 2026.
- Q4 net result USD 38M, strong safety, green corridor launched, 1Q26 dip expected.ODF
Q4 202512 Feb 2026 - Record 2Q24 net income and robust margins driven by strong tanker markets and efficiency.ODF
Q2 202423 Jan 2026 - 3Q24 net result was USD 71M, with strong cash flow and stable outlook despite softer spot rates.ODF
Q3 202416 Jan 2026 - Record net income, robust operations, and continued renewal despite softer Q4.ODF
Q4 202429 Dec 2025 - Resilient Q1 2025 results, strong liquidity, and record-low carbon intensity amid market uncertainty.ODF
Q1 202525 Nov 2025 - 2Q25 delivered resilient earnings, strong liquidity, and record-low carbon intensity amid uncertainty.ODF
Q2 202523 Nov 2025 - Solid Q3/3Q25 with USD 43m net income, stable earnings, and record-low carbon intensity.ODF
Q3 20256 Nov 2025 - Industry leader in chemical shipping, combining strong financials with sustainability and global reach.ODF
Pareto Securities' Energy Conference 2024 Presentation4 Jul 2025 - Odfjell SE delivers record results, advances sustainability, and expands its global fleet and terminals.ODF
CMD 2025 Presentation6 Jun 2025
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