Slide 1: Teekay Group Second Quarter 2025 Earnings Presentation
Teekay Group Second Quarter 2025 Earnings Presentation July 31, 2025 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements included in this release, other than statements o
Slide 3: Teekay Tankers Q2-25 Highlights
Teekay Tankers Q2-25 Highlights Q2-24 vs. Q2-25 Spot Rates Counter-seasonal strength with spot rates outperforming the 44,900 last two quarters; and executing on fleet renewal plan 43,600 33,100 31,500 27,800 Teekay Tankers Financials: 26,800 GAAP Net GAAP Adj. Net Adj. FCF(1) Cash(2) Income EPS Inc
Slide 4: Spot Market Update
Spot Market Update Firmer spot tanker rates in Q2-25 due to strength during the first half of the quarter Q2 rates were lower than the cyclical highs seen in 2023 and 2024 but Strength at the start of the quarter due to longer voyage distances and still well above long-term average levels higher ton
Slide 5: Tanker Market Tailwinds in 2H-2025
Tanker Market Tailwinds in 2H-2025 Low inventory levels and rising oil supply pave the way for higher tanker demand Global oil supply set to accelerate in 2H-2025 due to OPEC+ supply Oil inventories outside China are well below average levels. unwind and new production from South America Periods of
Slide 6: Medium-Term Outlook
Medium-Term Outlook Balanced underlying supply and demand fundamentals, but complex geopolitical landscape Key drivers Tanker Demand Fleet Supply • Global oil demand growth • Pace of newbuild orders forecast of 0.7 mb/d in both has fallen in 1H-2025 2025 and 2026(1) • Orderbook stable at 15% of • OP
Slide 7: Strong Cash Flow Generation, Patient Fleet Replenishment
Strong Cash Flow Generation, FCF Per Share Spot Rate Sensitivity Next 12 Months (1,2,3) Patient Fleet Replenishment 40% Continue to build balance sheet strength in volatile sector 35% $16.00 • Improving shareholder value and significant FCF generation with high $14.00 operating leverage in strong, b
Slide 8: Q&A
Q&A Photo credit: Second Officer Vadim Kernosenko Vail Spirit 8
Slide 9: Appendix
Appendix 9
Slide 10: Teekay Corporation Q2-25 Highlights
Teekay Corporation Q2-25 Highlights GAAP Net Cash and Cash GAAP EPS Income Equivalents(1) $18.7 million $0.22 per share $200.6 million • In July 2025, Teekay Corporation paid the previously announced one-time cash dividend of $1.00 per common share for a total of $85.3 million Photo credits: (1) As
Slide 11: Fleet In-charters
Fleet In-charters 250 $40,000 $35,000 200 $30,000 $25,000 150 Ship Days $20,000 100 $15,000 $10,000 50 $5,000 0 $0 Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Suezmax Suezmax Suezmax Suezmax Suezmax Suezmax Suezmax Suezmax Suezmax Suezm
Slide 12: Adjusted Net Income
Adjusted Net Income(1) Q2-25 vs. Q1-25 (In thousands of U.S. dollars) Q2-2025 Q1-2025 Statement Item Variance Comments (unaudited) (unaudited) Revenues 227,298 231,639 (4,341) Voyage expenses (78,638) (86,867) 8,229 (2) Net revenues 148,660 144,772 3,888 Increase primarily due to higher overall spot
Slide 13: Q3-25 Outlook
Q3-25 Outlook Q2-25 in Q3-25 Outlook(1) thousands Income Statement Item adjusted basis(1) (expected changes from Q2-25) Decrease of approximately 76 net revenue days, consisting of a decrease of 26 spot days and a decrease of 50 fixed days, primarily due to the sales of six tankers during Q2-25 and
Slide 14: Consolidated Adjusted Statement of Income
Consolidated Adjusted Statement of Income Q2-25 (In thousands of U.S. dollars) Statement Item As Reported Appendix A Items As Adjusted (1) Revenues 232,866 (5,568) 227,298 Voyage expenses (78,638) - (78,638) Net revenues (2) 154,228 (5,568) 148,660 Vessel operating expenses (60,499) - (60,499) Chart
Slide 15: Reconciliation of Non-GAAP Financial Measure
Reconciliation of Non-GAAP Financial Measure Free Cash Flow (In thousands of U.S. dollars) Free cash flow (FCF) represents Three Months net income, plus depreciation and Ended amortization, loss on sale of June 30, assets, unrealized losses from 2025 derivatives and marketable (unaudited) securities
Slide 16: Dry-dock & Off-hire Schedule
Dry-dock & Off-hire Schedule(1)(2)(3) Teekay Tankers March 31, 2025 (A) June 30, 2025 (A) September 30, 2025 (E) December 31, 2025 (E) Total 2025 (E) Total Total Total Total Total Vessels Off-hire Vessels Off-hire Vessels Off-hire Vessels Off-hire Vessels Off-hire Segment Days Days Days Days Days Sp