Slide 1: Teekay Group Fourth Quarter and Annual 2025 Earnings Presentation
Teekay Group Fourth Quarter and Annual 2025 Earnings Presentation February 19, 2026 2025 Teekay Photo Contest Add. Master Shobit Bhatnagar Zenith 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 Q4-25 and FY2025 Highlights
Teekay Tankers Q4-25 and FY2025 Q4-25 Spot Rates (YoY and QoQ) Highlights 75,200 Strong financial performance, continuing fleet renewal 53,500 43,600 37,200 33,400 GAAP Net GAAP Adj. Net Adj. 31,100 30,500 30,900 FCF(1) Cash(2) 28,400 Income EPS Income(1) EPS(1) $120 $97 $112 Q4-25 $3.47 $2.80 (3) m
Slide 4: Spot Market Update
Spot Market Update Very firm spot tanker rates in Q4-25 and strengthening into Q1-26 Q4-25 rates were the 2nd highest for a fourth quarter since 2010 due to Mid-size tanker spot rates have remained firm at the start of 2026 and are strong seaborne trade volumes and geopolitical disruptions trending
Slide 5: Sanctions Pushing Trade to the Compliant Fleet
Sanctions Pushing Trade to the Compliant Fleet “Dark fleet” becoming increasingly marginalized Build up of Russian and Iranian oil at sea Indian imports of Russian crude oil fell to Venezuela flows to China via the “dark fleet” indicates that tighter sanctions are hindering 1 mb/d in Jan’26 with rep
Slide 6: Medium-Term Outlook
Medium-Term Outlook Balanced supply / demand picture Tanker Demand Drivers Tanker Fleet Supply Drivers + Global oil demand projected to grow by around 1.1 mb/d in 2026 + Average age of the tanker fleet currently the highest in 30+ years at 13.2 and 1.3 mb/d in 2027 with upside from Chinese strategic
Slide 7: 2025: Another Strong Year
2025: Another Strong Year Generated significant free cash flows and commenced the fleet renewal process, while returning capital to shareholders Strong 2025 Financial Results Returning Capital to • GAAP net income of $351 million Shareholders • Adjusted net income of $241 million(1) • Generated $3
Slide 8: Teekay Tankers' Value Proposition
Teekay Tankers’ Value Proposition FCF(4) Break-even Declining Over Time Our platform and balance sheet positions TNK for accretive $21,300 growth, while returning capital to shareholders $16,800 $14,600 Significant operating leverage and low FCF break-evens $11,300 • Free Cash Flow break-even of app
Slide 9: Q&A
Q&A 9
Slide 10: Appendix
Appendix 10
Slide 11: Teekay Corporation Q4-25 and FY2025 Highlights
Teekay Corporation Q4-25 and FY2025 Highlights GAAP Net Cash and Cash GAAP EPS Income Equivalents(1) Q4-25 $35.0 million $0.40 $120 million 2025 $98.1 million $1.14 (1) As at December 31, 2025. 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 $45,000 $40,000 250 $35,000 200 $30,000 Ship Days $25,000 150 $20,000 100 $15,000 $10,000 50 $5,000 0 $0 Aframax/ Bareboat Aframax/ Bareboat Aframax/ Bareboat Aframax/ Bareboat Aframax/ Bareboat Aframax/ Bareboat Suezmax Suezmax Suezmax Suezmax Suezmax Suezmax LR2 charter LR2
Slide 14: Adjusted Net Income
Adjusted Net Income(1) Q4-25 vs. Q3-25 (In thousands of U.S. dollars) Q4-2025 Q3-2025 Statement Item Variance Comments (unaudited) (unaudited) Revenues 258,269 229,023 29,246 Voyage expenses (69,160) (82,708) 13,548 (2) Net revenues 189,109 146,315 42,794 Increase primarily due to higher overall spo
Slide 15: Q1-26 Outlook
Q1-26 Outlook Q1-26 Outlook(1) Income Statement Q4-25 in thousands (expected changes from Q4-25) Item adjusted basis(1) Increase of approximately 90 net revenue days, consisting of a decrease of 188 spot days and an increase of 278 fixed days, primarily due to the acquisitions of three tankers in Q1
Slide 16: Consolidated Adjusted Statement of Income
Consolidated Adjusted Statement of Income Q4-25 (In thousands of U.S. dollars) Statement Item As Reported Appendix A Items (1) As Adjusted Revenues 258,269 - 258,269 Voyage expenses (69,160) - (69,160) Net revenues (2) 189,109 - 189,109 Vessel operating expenses (58,263) - (58,263) 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 Three Months Year net income, plus depreciation and Ended Ended amortization, proportionate share December 31, December 31, 2025 2025 of free cash flow from equity- (unaudited)
Slide 18: Dry-dock & Off-hire Schedule
Dry-dock & Off-hire Schedule(1)(2)(3)(4) Teekay Tankers December 31, 2025 (A) March 31, 2026 (E) June 30, 2026 (E) September 30, 2026 (E) December 31, 2026 (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