Slide 1: Teekay Group Third Quarter 2025 Earnings Presentation
Teekay Group Third Quarter 2025 Earnings Presentation October 30, 2025 Winner of 2025 Teekay Photo Contest Third Assistant Engineer Aditya Raj Trysil Spirit
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 Q3-25 Highlights
Teekay Tankers Q3-25 Highlights Q3-25 Spot Rates (YoY and QoQ) Best quarter in last 12 months, executing on strategy 38,900 Teekay Tankers Q3-25 Financials: 30,800 31,100 31,000 33,100 33,400 35,900 31,500 30,900 GAAP Net GAAP Adj. Net Adj. FCF(1) Cash(2) Income EPS Income(1) EPS(1) $92.1 $53.3 $68.
Slide 4: Spot Market Update
Spot Market Update Rates counter-seasonally strong in Q3-25 and firming into Q4-25 Q3 rates were on a par with the very strong rates seen in 2022-24 and Mid-size tanker spot rates have been above 2024 levels since August and well above 15-year average levels for a third quarter are near the top of t
Slide 5: Rising Oil Trade Volumes Lifting Tanker Demand
Rising Oil Trade Volumes Lifting Tanker Demand Seaborne crude oil trade volumes at multi-year highs due to higher oil production Rising oil production from OPEC as supply cuts are unwound and from Seaborne crude oil trade volumes* the highest since 2020 and set to Non-OPEC due to increasing producti
Slide 6: Oil Market Fundamentals Supporting Tanker Demand
Oil Market Fundamentals Supporting Tanker Demand Lower oil prices, a weaker US dollar, and low inventories are positives for tanker demand Lower oil price and weaker US dollar supporting oil demand OECD oil inventories below 10-year average levels with room to fill; Chinese strategic stockpiling hel
Slide 7: Geopolitical Events Creating Added Inefficiency
Geopolitical Events Creating Added Inefficiency New sanctions / port fees leading to altered trade patterns, increased delays Actions Against Russia • Major Russian oil producers Rosneft and Lukoil (around 50% of Russian production) sanctioned by the U.S. • EU 19th sanctions package targeting shadow
Slide 8: Medium-Term Outlook
Medium-Term Outlook Balanced supply / demand outlook but complex geopolitical landscape creates uncertainty Key drivers Tanker Demand Fleet Supply • Global oil demand growth • Pace of newbuild orders has forecast of 1.1 mb/d in 2026(1) fallen in 2025 YTD • Non-OPEC+ supply growth • Orderbook stable
Slide 9: Teekay Tankers' Value Proposition
Teekay Tankers’ Value Proposition FCF Per Share Spot Rate Sensitivity Next 12 Months (1,2,3) Leveraging integrated operating platform and financial $14.00 strength for accretive, disciplined growth Significant operating leverage and low FCF break-evens 20% $12.00 • Free Cash Flow break-even of appro
Slide 10: Q&A
Q&A 10
Slide 11: Appendix
Appendix 11
Slide 12: Teekay Corporation Q3-25 Highlights
Teekay Corporation Q3-25 Highlights GAAP Net Cash and Cash GAAP EPS Income Equivalents(1) $29.6 million $0.34 $112 million • In July 2025, Teekay Corporation paid the previously-announced one-time cash special dividend of $1.00 per common share for a total of $85.3 million (1) As at September 30, 20
Slide 13: 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 14: Fleet out-charters
Fleet out-charters 200 $45,000 180 $40,000 160 $35,000 140 $30,000 120 Ship Days $25,000 100 $20,000 80 $15,000 60 $10,000 40 20 $5,000 0 $0 Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Aframax/ Suezmax Suezmax Suezmax Suezmax Suezmax Suezmax Sue
Slide 15: Adjusted Net Income
Adjusted Net Income(1) Q3-25 vs. Q2-25 (In thousands of U.S. dollars) Q3-2025 Q2-2025 Statement Item Variance Comments (unaudited) (unaudited) Revenues 229,023 227,298 1,725 Voyage expenses (82,708) (78,638) (4,070) (2) Net revenues 146,315 148,660 (2,345) Decrease primarily due to the sales of five
Slide 16: Q4-25 Outlook
Q4-25 Outlook Q4-25 Outlook(1) Income Statement Q3-25 in thousands (expected changes from Q3-25) Item adjusted basis(1) Decrease of approximately 199 net revenue days, consisting of a decrease of 417 spot days and an increase of 218 fixed days, primarily due to the sales of five tankers during Q3-25
Slide 17: Consolidated Adjusted Statement of Income
Consolidated Adjusted Statement of Income Q3-25 (In thousands of U.S. dollars) Statement Item As Reported Appendix A Items (1) As Adjusted Revenues 229,023 - 229,023 Voyage expenses (82,708) - (82,708) Net revenues (2) 146,315 - 146,315 Vessel operating expenses (61,031) - (61,031) Charter hire expe
Slide 18: 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 and proportionate September 30, share of free cash flow from 2025 equity-accounted joint venture, (unaudited) l
Slide 19: 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 (A) December 31, 2025 (E) Total 2025 (E) Total 2026 (E) Total Total Total Total Total Total Vessels Vessels Vessels Vessels Vessels Vessels Off-hire Days Off-hire Days Off-hire Days Off-hire