Scorpio Tankers Inc. · NYSE:STNG
Scorpio Tankers — Q2 2026 Earnings Presentation
26 slides from Scorpio Tankers's earnings presentation, Jul 30, 2026
Slide 1: Scorpio Tankers Inc. Second Quarter 2026 Earnings Presentation
Scorpio Tankers Inc. Second Quarter 2026 Earnings Presentation July 30, 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: Q2 2026 Call Agenda
Q2 2026 Call Agenda 1. Highlights 2. Product Tanker Market 3. Financial Highlights 4. Conclusion 5. Q&A
Slide 4: Highlights
Highlights 4
Slide 5: Highlights
Highlights Financial Results Convertible Bond Issuance Completed the Sale of 15 Vessels • Adjusted EBITDA of $300.5 million (1) • During the second quarter of 2026, the Company issued • During the second quarter of 2026, the Company closed on $605.0 million aggregate principal amount of convertible
Slide 6: Product Tanker Market
Product Tanker Market 6
Slide 7: Product Tanker Earnings Reflect a Structurally Tighter Market
Product Tanker Earnings Reflect a Structurally Tighter Market Product Tanker Developments Product Tanker Earnings (1) $USD per day Average Weighetd Clean Product Tanker Earnings Previous 20Y Average Clean Product Tanker Earnings $90,000 Several structural factors have supported strong product tanker
Slide 8: Disruptions in the Middle East Tighten Global Supply Chains
Disruptions in the Middle East Tighten Global Supply Chains Weekly Strait of Hormuz and Yanbu Crude and Refined Product Flows (1) Bab-El-Mandeb Refined Product Flows (1) Million barrels per day Crude Oil - Via Hormuz Crude Oil - Yanbu Exports Million barrels per day Refined Products Refined Products
Slide 9: Longer Voyage Distances Tighten Supply & Offset Lower Exports
Longer Voyage Distances Tighten Supply & Offset Lower Exports MR & Aframax/LR2 Ton Mile Demand Since 2019 (1) Seaborne Refined Product Exports (1) Index = 100, Base January 2019 MR Aframax/LR2 Million barrels per day Previous 5Y Range 2026 CPP Exports Previous 5Y AVG 140 23.0 22.0 130 21.0 120 20.0
Slide 10: Demand for Refined Products Has Outgrown Refining Capacity
Demand for Refined Products Has Outgrown Refining Capacity Net Refining Capacity Growth vs Change in Refined Product Demand (1) (2) Global Average Refining Margins (1) Million barrels per day 2019 - 2025 $USD per barrel $21 4.5 $18 $15 $12 $9 1.8 $6 $3 $0 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Apr-26 Oc
Slide 11: Increasing Demand & Global Inventory Restocking to Support Tanker Rates
Increasing Demand & Global Inventory Restocking to Support Tanker Rates Global Refined Product Demand (1) Global Visible Crude & Product Inventories (1) Million barrels per day Diesel Gasoline Jet Naphtha Million barrels Global Visible Total Oil Inventories Latest Level 90.0 8,300 76.1 76.6 76.2 8,2
Slide 12: Rising Aframax/LR2 Crude Volumes Have Driven Rates Higher
Rising Aframax/LR2 Crude Volumes Have Driven Rates Higher Aframax/LR2 Crude Volumes – June (1) Aframax/LR2 Crude Oil & Clean Product Rates (2) Million barrels, yoy change $USD per day Aframax/LR2 Crude Aframax/LR2 Clean Products $125,000 $100,000 0.8 0.8 $75,000 0.3 0.1 $50,000 (0.5) $25,000 $0 Nort
Slide 13: Newbuilding Orders Have Slowed & Half the Orderbook is LR2s
Newbuilding Orders Have Slowed & Half the Orderbook is LR2s Product Tanker Orderbook as % of Fleet (1) % of LR2 Fleet Trading in Crude Oil & Dirty Products (2) % of fleet % of fleet % Trading Crude/Dirty Petroleum Products 70% 70% 66% 60% 50% 40% 65% 30% 20.7% 20% 10% 60% 0% May-01 Apr-02 Apr-13 Apr
Slide 14: 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 (1)(2) % of fleet Sanctioned fleet as % of active fleet Sanctioned fleet average age Average 35.0% 30.0% Age
Slide 15: 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 3,500 5.7% 5.3% 3,000 4.3% 4.1% 3.3% 2,500 3.1% 2.9% 2,000 0.3% 1,500 -1.5% 1,000 500 0 2022 2000 2001 2002 2003 2004 2
Slide 16: Financial Highlights
Financial Highlights 16
Slide 17: Financial Highlights
Financial Highlights Financial Highlights Q2-26 (1) Net Cash $USD millions $USD millions Net Cash Gross Debt Outstanding Cash & Cash Equivalents $450 $1,307 $391.8 $984 $400 $387.5 $389.1 $350 $124 $1,839 $1,962 $300.5 $300.8 $300 $752 $230 $377 $356 $333 $243.7 $250 -$628 -$655 -$878 -$855 $200 -$1
Slide 18: Balance Sheet Optimization Through Deleveraging and Margin Reductions
Balance Sheet Optimization Through Deleveraging and Margin Reductions Outstanding Indebtedness By Type Weighted Average Margins on Secured Financings (1) $USD millions Lease Financing Bank Facilities Unsecured Notes Convertible Bonds Margins, % $3,500 4.0% $3,164 3.5% 3.5% $3,000 $278 $70 3.0% $2,50
Slide 19: Strong Liquidity, Limited Newbuild Commitments & No Debt Maturities until 2028
Strong Liquidity, Limited Newbuild Commitments & No Debt Maturities until 2028 Cash & Liquidity Newbuilding Commitments (1) $USD millions Total Cash & Liquidity $USD millions Paid Remaining Cash & Cash Equivalents as of July 28, 2026 $2,800 $280.0 $257.6 $264.9 $262.8 Availability Under Revolving Cr
Slide 20: Significant Operating Leverage & Earnings Potential
Significant Operating Leverage & Earnings Potential Company Fleet TCE Rates Potential Annual Cash Flow Generation (1) $USD per day $USD millions Company Achieved TCE Rate Cash Breakeven $56,000 $48,000 $1,341 $40,000 $1,068 $32,000 $794 $26.8/Share $24,000 $21.3/Share $520 $15.9/Share $16,000 $246 $
Slide 21: Conclusion
Conclusion 21
Slide 22: 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 Shareholder Fleet Deleveraging Break-Even Returns 74 (1) $1,307M (2) $11,000 $0.45 Quarterly Product Tankers Net Cash Per Day Dividend / Share Average age of ~10.2 years (1) and From $2.9 billion of
Slide 23: Chartered Out Vessels
Chartered Out Vessels Vessel Vessel Class Term Average Rate ($/day) Commencement date STI Battersea Handymax 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 Notting Hill MR Three Years $25,000 Q3-26 STI Westminster MR T
Slide 24: Newbuilding Vessels
Newbuilding Vessels Vessel Vessel Class DWT Yard Expected Delivery Date Hull YZJF2024-001 MR 49,800 Jingjiang Nanyang Shipbuilding Q3 - 2026 Hull YZJF2024-002 MR 49,800 Jingjiang Nanyang Shipbuilding Q1 - 2027 Hull YZJF2024-003 MR 49,800 Jingjiang Nanyang Shipbuilding Q2 - 2027 Hull YZJF2024-004 MR
Slide 25: Q&A
Q&A 25
Slide 26: www.scorpiotankers.com
www.scorpiotankers.com