Scorpio Tankers Inc. · NYSE:STNG
Scorpio Tankers — Q4 2025 Earnings Presentation
26 slides from Scorpio Tankers's earnings presentation, Feb 12, 2026
Slide 1: Fourth Quarter 2025 Earnings Presentation
Scorpio Tankers Inc. Fourth Quarter 2025 Earnings Presentation February 12, 2026
Slide 2: Disclaimer and Forward-looking Statements
Disclaimer and Forward-looking Statements This presentation includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Scorpio Tankers Inc.’s (“Scorpio’s”) curr
Slide 3: Q4 2025 Call Agenda
Q4 2025 Call Agenda 1. Q4 2025 Highlights 2. Product Tanker Market 3. Financial Highlights 4. Conclusion 5. Q&A
Slide 4: Q4 2025 Highlights
Q4 2025 Highlights 4
Slide 5: Q4 2025 Highlights
Q4 2025 Highlights Financial Results Quarterly TCE Rates • Adjusted EBITDA of $151.6 million (1) $USD per day Q4-25 (2) Q1-26 as of February 12, 2026 • Adjusted net income of $80.0 million or $1.70 basic and $1.62 diluted earnings per share (1) Increase in the Quarterly Dividend $46,000 % of Days Bo
Slide 6: Product Tanker Market
Product Tanker Market 6
Slide 7: Short Term Market Update
Short Term Market Update Weekly MR & LR2 Spot Rates (1) Global Refinery Runs (2) $USD per day Million barrels per day LR2 Eco-Middle East to Japan MR Eco-Avg Earnings 2026 2025 2024 $60,000 87 86 $50,000 85 $40,000 84 $30,000 83 82 $20,000 81 $10,000 80 $0 79 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-2
Slide 8: Demand for Refined Products & Seaborne Exports are Increasing
Demand for Refined Products & Seaborne Exports are Increasing Global Refined Product Demand (1) Seaborne Refined Product Exports (2) Million barrels per day Million barrels per day Diesel Gasoline Jet Naphtha 90.0 23.0 22.1 74.1 74.8 22.0 72.4 73.4 71.4 70.0 67.6 9.1 9.3 8.8 9.1 21.2 8.2 21.0 21.1 6
Slide 9: Changes in Refining Capacity are Increasing Ton Mile Demand
Changes in Refining Capacity are Increasing Ton Mile Demand Net Refining Additions from 2020-2025 (1) Ton Mile Demand Since 2019 (2) Million barrels per day Index = 100, Base January 2019 Ton Mile Demand (Excl. Russia) Ton Mile Demand (Incl. Russia) 6.0 130 125 5.0 0.10 0.18 0.75 120 4.0 115 0.64 -0
Slide 10: Venezuela to Tighten Atlantic Basin Aframax/LR2 Market Further
Venezuela to Tighten Atlantic Basin Aframax/LR2 Market Further Aframax/LR2 Flows From US to Europe Have Almost Doubled (1) Venezuela Crude to Rest of World by Ship Type (1) Million barrels per day Million barrels per day USG -Europe Venezuela-USG China India Malaysia United States ROW 1.2 1.8 1.0 1.
Slide 11: Strong Crude Market and Limited Aframaxes Driving LR2 Vessel Switching
Strong Crude Market and Limited Aframaxes Driving LR2 Vessel Switching Crude Tanker Earnings Have Soared (1) % of LR2 Fleet Trading in Crude Oil & Dirty Products (2) $USD per day VLCC Suezmax Aframax % of fleet $140,000 60% $120,000 54% $100,000 55% $80,000 $60,000 50% $40,000 $20,000 45% $0 Apr-24
Slide 12: Sanctions Are Limiting Market Access for Russian Crude & Products
Sanctions Are Limiting Market Access for Russian Crude & Products Russian Product Exports Find New Markets, Farther Away Russian Crude on Water Continues to Build Million barrels per day % of exports Million barrels 180 Africa Middle East South America Turkey % of Total Russian Exports (RHS) 160 1.5
Slide 13: Fleet Growth Likely Overstated Due to Ageing & Sanctioned Vessels
Fleet Growth Likely Overstated Due to Ageing & Sanctioned Vessels Product Tanker Orderbook vs % of Fleet Above 20 Years Old (1) Sanctioned Tankers as a Share of the Global Fleet & Average Age (2) % of fleet Sanctioned fleet as % of active fleet Sanctioned fleet average age 35.0% 30.0% Average Age 30
Slide 14: Product Tanker Fleet Growth & Ton Mile Demand
Product Tanker Fleet Growth & Ton Mile Demand Product Tanker Fleet Growth (1) Refined Products Ton Mile Demand Fleet growth Scenario 1 Scenario 2 Scenario 3 Billion ton miles 4,000 5.1% 4.6% 3,500 3.7% 3.8% 3,000 2.4% 1.5% 1.6% 2,500 0.7% 2,000 1,500 -3.1% 1,000 500 2026e 2027e 2028e 0 2000 2013 200
Slide 15: Financial Highlights
Financial Highlights 15
Slide 16: Financial Highlights
Financial Highlights Financial Highlights Over Last Four Quarters (Q1-25 Through Q4-25) (1) Net Debt $USD millions $USD millions Net Debt Gross Debt Outstanding Cash & Cash Equivalents $1,000 $901 $2,933 $900 $800 $700 $1,581 $600 $568 $1,263 $517 $3,164 $500 $450 $1,958 $546 $293 $400 $1,618 $344 $
Slide 17: Limited Debt Outstanding & No Maturities Until 2028
Limited Debt Outstanding & No Maturities Until 2028 Outstanding Indebtedness By Type Debt Repayment Schedule $USD millions Lease Financing Bank Facilities Unsecured Notes Convertible Bonds $USD millions Payments made through February 10, 2026 Unscheduled Prepayments Scheduled repayments Unsecured No
Slide 18: Strong Liquidity, Limited Newbuild Commitments & Light Drydock Schedule
Strong Liquidity, Limited Newbuild Commitments & Light Drydock Schedule Cash & Liquidity Newbuilding Commitments (1) $USD millions Cash & Cash Equivalents as of February 10, 2026 $USD millions Paid Remaining $1 Billion Credit Facility – Revolver Availability $250 $2,000 Feb 2025 Revolving Credit Fac
Slide 19: Significant Operating Leverage & Earnings Potential
Significant Operating Leverage & Earnings Potential Company Fleet TCE Rates Potential Annual Cash Flow Generation After Scheduled Debt Amortization (1) $USD per day Company Achieved TCE Rate Cash Breakeven $USD millions $40,000 $1,592 $32,000 $1,267 $24,000 $942 $30.8/Share $24.5/Share $16,000 $617
Slide 20: Conclusion
Conclusion 20
Slide 21: A Transformed Balance Sheet Built to Generate & Deliver Strong Returns
A Transformed Balance Sheet Built to Generate & Deliver Strong Returns Modern Massive Ultra-Low Cash Fleet Deleveraging Break-Even Returns 91 $309M $11,000 $0.45 (1) (2) Product Tankers Net Cash Per Day Dividend / Share Average age of Reduced overall Reduction in A year-over-year ~10.0 years (1) and
Slide 22: Investment Highlights
Investment Highlights Company • One of the largest product tanker fleets in the world • 91 Eco (fuel-efficient) vessels on the water with an average age of 10.0 years (1) New Slide • Significant Operating Leverage • A $10,000/day increase in average daily freight rates could generate ~$332 million o
Slide 23: Chartered Out Vessels
Chartered Out Vessels Vessel Vessel Class Term Average Rate ($/day) Commencement date STI Battersea HM Two Years $24,000 April-25 STI Jardins MR Three Years $29,550 October-24 STI Bosphorus (1) MR Twelve Years $21,000 August-25 STI Memphis MR Six Months $27,500 November-25 STI Magnetic MR Six Months
Slide 24: Newbuilding Vessels
Newbuilding Vessels Vessel Vessel Class DWT Yard Expected Delivery Date Hull YZJF2024-001 MR 49,800 Jingjiang Nanyang Shipbuilding Q2 - 2026 Hull YZJF2024-002 MR 49,800 Jingjiang Nanyang Shipbuilding Q4 - 2026 Hull YZJF2024-003 MR 49,800 Jingjiang Nanyang Shipbuilding Q1 - 2027 Hull YZJF2024-004 MR
Slide 25: Q&A
Q&A 25
Slide 26: www.scorpiotankers.com
www.scorpiotankers.com