Teekay Tankers Ltd. · NYSE:TNK
Teekay Tankers — Teekay — Q1 2026 Earnings Presentation
18 slides from Teekay Tankers's earnings presentation, May 14, 2026
Slide 1: Teekay Group First Quarter 2026 Earnings Presentation
Teekay Group First Quarter 2026 Earnings Presentation May 14, 2026 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 Q1-26 Highlights
Teekay Tankers Q1-26 Highlights Q1-26 Spot Rates (YoY and QoQ) Near Record Q1 Spot Rates, Q2-2026 Even Stronger Teekay Tankers Financials: 88,000 GAAP Net GAAP Adj. Net Adj. 75,200 FCF(1) Cash(2) 62,100 Income EPS Income(1) EPS(1) 53,500 59,900 43,600 $154 $128 $143 $996 30,000 26,800 27,800 $4.42 $
Slide 4: Spot Market Update
Spot Market Update Spot tanker rates hitting record highs in the early part of 2026 Q1-26 rates close to the highest on record for a first quarter due to Mid-size tanker spot rates have continued to rise in Q2-26, reaching geopolitical disruptions in Venezuela and Iran record high levels during Apri
Slide 5: Unprecedented Oil Supply Disruption
Unprecedented Oil Supply Disruption Effective closure of the Strait of Hormuz has upended global oil supply Transits through the Strait of Hormuz have 10 mb/d drop in Middle East crude oil exports; Atlantic Basin / Americas crude oil exports slowed to a trickle since Feb 28th due to partial relief f
Slide 6: Trade Inefficiencies Supporting Tanker Rates
Trade Inefficiencies Supporting Tanker Rates Vessel dislocation and rush to load from the Atlantic have pushed rates to record levels 100 crude oil tankers currently idle in the Increase in vessels ballasting from the Pacific US Gulf barrels in high demand with an Middle East Gulf including 59 VLCCs
Slide 7: Medium Term Outlook
Medium Term Outlook Oil inventory restocking a potential tailwind once the US-Iran crisis is resolved Drawdown of crude oil inventories could lead to a period of restocking Tanker orderbook continues to grow, but so does the fleet of older and higher tanker demand in the medium-term tankers which wi
Slide 8: Creating Long-term Shareholder Value
FCF Per Share Spot Rate Sensitivity Next Creating Long-term Shareholder Value 40% 12 Months (1,2,3) $30.00 • $386 million, or $11.14 per share, of FCF(1) generation in the last twelve months 35% 2026 YTD Avg. • Low FCF break-even of approximately $8,200 per day(1)(2) Spot Rate $25.00 Significant cas
Slide 9: Q&A
Q&A 9
Slide 10: Appendix
Appendix 10
Slide 11: Teekay Corporation Q1-26 Highlights
Teekay Corporation Q1-26 Highlights Cash and Cash GAAP Net Income GAAP EPS Equivalents(1) $47.7 million $0.55 $127 million • Declared a special dividend of $1.00 per share payable in June 2026 (1) As at March 31, 2026 11
Slide 12: Fleet In-charters
Fleet In-charters 200 $40,000 180 $35,000 160 $30,000 140 $25,000 120 Ship Days 100 $20,000 80 $15,000 60 $10,000 40 $5,000 20 0 $0 Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Suezmax Suezmax Suezmax Suezmax Suezmax Suezmax Suezmax Suez
Slide 13: Fleet Out-charters
Fleet Out-charters 300 $80,000 $70,000 250 $60,000 200 $50,000 Ship Days 150 $40,000 $30,000 100 $20,000 50 $10,000 0 $0 Aframax/ Bareboat Aframax/ Bareboat Aframax/ Bareboat Aframax/ Bareboat Aframax/ Bareboat Suezmax Suezmax Suezmax Suezmax Suezmax LR2 charter LR2 charter LR2 charter LR2 charter L
Slide 14: Adjusted Net Income
Adjusted Net Income(1) Q1-26 vs. Q4-25 (In thousands of U.S. dollars) Q1-2026 Q4-2025 Statement Item Variance Comments (unaudited) (unaudited) Revenues 286,094 258,269 27,825 Voyage expenses (57,615) (69,160) 11,545 (2) Net revenues 228,479 189,109 39,370 Increase primarily due to higher overall spo
Slide 15: Q2-26 Outlook
Q2-26 Outlook Q1-26 in Q2-26 Outlook(1) thousands Income Statement Item adjusted basis(1) (expected changes from Q1-26) Decrease of approximately 195 net revenue days, consisting of a decrease of 315 spot days and an increase of 120 fixed days, primarily due to the sales of four tankers during Q1-26
Slide 16: Consolidated Adjusted Statement of Income
Consolidated Adjusted Statement of Income Q1-26 (In thousands of U.S. dollars) Statement Item As Reported Appendix A Items (1) As Adjusted Revenues 286,094 - 286,094 Voyage expenses (57,615) - (57,615) Net revenues (2) 228,479 - 228,479 Vessel operating expenses (61,217) - (61,217) Charter hire expe
Slide 17: 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 net income, plus depreciation and Three Months Ended amortization less gain on sale of March 31, assets, amortization of in-process 2026 revenue, gain on distribution from (unau
Slide 18: Dry-dock & Off-hire Schedule
Dry-dock & Off-hire Schedule(1)(2)(3)(4) Teekay Tankers March 31, 2026 (A) June 30, 2026 (E) September 30, 2026 (E) December 31, 2026 (E) Total 2026 (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