Stainless Tankers Asa · OSL:STST
Stainless Tankers Asa — Q4 2025 Earnings Presentation
13 slides from Stainless Tankers Asa's earnings presentation, Feb 4, 2026
Slide 1: 4Q25 Results Presentation
4Q25 Results Presentation 04 February 2026
Slide 2: Disclaimer and Forward-Looking Statements
Disclaimer DISCLAIMER AND FORWARD-LOOKING STATEMENTS The preparation of interim financial statements requires Stainless Tankers ASA's (the "Company", "we" or "our") management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of
Slide 3: Agenda
Agenda Highlights Chemical Tanker Rates & Outlook Financial Review Q&A Appendix – 4Q25 Financial Statements 3
Slide 4: Highlights
Highlights NAV Total Return 50.2% since inception. NAV per share at $4.75 (vs. $4.99 in Q3) after paying $0.135 per share in NAV performance December. 57% of original equity has been distributed while NAV per share is flat. 4Q25 NAV Total Return was -2.3%. Revenue was $7.3m (vs. $10.0m in Q3) and
Slide 5: NAV per share trading at issue price; ~60% of initial capital returned
NAV per share trading at issue price ~60% of initial capital raised returned to investors 10 Book equity value vs. Market value NAV per share 200 Market value NAV per share since inception 8.00 Change since inception 0.78 7.00 2.07 8 160 150.2 6.00 NAV or Book Value Index. IPO = 100 6 120 (2.83) 5.0
Slide 6: Slow recovery but optimism remains for 2026
Slow recovery but optimism remains for 2026 Womar net pool earnings and market time charter rates Highlights 28,000 250 • 4Q25 net pool TCE of $15.4k/day. 1-yr market time charter rates stabilised at $17.5k/day during the quarter. 24,000 200 • Pool performance was also impacted by vessel positioning
Slide 7: Geopolitics & favorable age profile
Geopolitics & favorable age profile 40% % of tanker fleet under sanctions Chemical Tanker Age Profile 60% 53% Aug-24 30% 33% Aug-25 50% 46% Oct-25 40% % of fleet % of fleet 20% 30% 20% 22% 21% 16% 16% 15% 20% 16% 10% 11% 7% 10% 0% 0% VLCC Suezmax Aframax LR2 LR1 MR Chemical Tanker 10k-25k dwt stainl
Slide 8: Higher fleet growth but cautiously optimistic medium term
Higher fleet growth but cautiously optimistic medium term Fleet (10k-25k dwt stainless steel chemical tankers) development Highlights In the 10k-25k dwt stainless steel chemical tanker segment 50 12% • 17 vessels were delivered in 2025 10% 40 • As of 20 January, the orderbook was c.16% of global fle
Slide 9: 4Q25 Financial performance
4Q25 Financial performance Select Financials 4Q25 3Q25 Highlights Calendar days 552 609 All vessels operated in the Womar pool during the quarter. Available ship days 552 609 Fleet stats Vessel days under ownership % 100.0% 100.0% Vessel utilisation declined to 85.8% from 97.5%, driven by the sc
Slide 10: TANKERS TUFTON
TANKERS TUFTON Seem, wp Eat teh 1
Slide 11: Appendix - Financial statements (Income Statement)
Appendix - Financial statements (Income Statement) Consolidated statement of income statement and other comprehensive income (unaudited) Q4 2025 Q4 2024 YTD 2025 YTD 2024 In USD (unaudited) (unaudited) (unaudited) (audited) Operating revenue 7,693,161 15,996,012 40,509,165 68,183,915 Vessel voyage e
Slide 12: Appendix - Financial statements (Balance Sheet)
Appendix - Financial statements (Balance Sheet) Consolidated statement of financial position (unaudited) 31 Dec 2025 31 Dec 2024 In USD (unaudited) (audited) ASSETS Non-current assets Vessels, drydocking and equipment 88,266,587 108,397,228 Total non-current assets 88,266,587 108,397,228 Current ass
Slide 13: Appendix - Financial statements (Cash Flow Statement)
Appendix - Financial statements (Cash Flow Statement) Consolidated statement of cash flows (unaudited) Q4 2025 Q4 2024 YTD 2025 YTD 2024 In USD (unaudited) (unaudited) (unaudited) (audited) (Loss)/Profit before tax (EBT) (973,863) 2,419,822 7,252,211 14,648,353 Adjustments for: Financial income (22,