Scorpio Tankers Inc. · NYSE:STNG
Scorpio Tankers — Q3 2025 Earnings Presentation
25 slides from Scorpio Tankers's earnings presentation, Oct 30, 2025
Slide 1: Third Quarter 2025 Earnings Presentation
Scorpio Tankers Inc. Third Quarter 2025 Earnings Presentation October 30, 2025
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: Q3 2025 Call Agenda
Q3 2025 Call Agenda 1. Q3 2025 Highlights 2. Product Tanker Market 3. Financial Highlights 4. Conclusion 5. Q&A
Slide 4: Q3 2025 Highlights
Q3 2025 Highlights 4
Slide 5: Financial Highlights
Financial Highlights Financial Results • Adjusted EBITDA of $148.1 million (1) Quarterly TCE Rates • Adjusted net income of $72.7 million or $1.56 basic and $1.49 diluted earnings per share (1) $USD per day Q3-25 (2) Q4-25 as of October 28, 2025 5% Increase in the Quarterly Dividend % of Days • The
Slide 6: Product Tanker Market
Product Tanker Market 6
Slide 7: Short Term Market Update
Short Term Market Update Monthly MR & LR2 Spot Rates (1) Global Refining Margins (2) $USD per day LR2 Eco-Middle East to Japan MR Eco-Avg Earnings $USD per barrel $14 $60,000 $12 $50,000 $10 $40,000 $8 $30,000 $6 $4 $20,000 $2 $10,000 $0 Mar-24 Apr-24 Mar-25 Apr-25 May-24 Aug-24 Sep-24 May-25 Sep-25
Slide 8: Seaborne Exports Remains Strong Despite Heavy Refinery Maintenance
Seaborne Exports Remains Strong Despite Heavy Refinery Maintenance Refinery Maintenance (1) Seaborne Refined Product Exports (Excluding Russia) (2) Million barrels per day Asia Pacific North America Europe Latin America FSU Middle East Africa Million barrels per day 10.6 10.7 10.1 20.4 9.9 20.2 10 2
Slide 9: Lower Russian Exports Are Benefiting Non-Sanctioned Vessels
Lower Russian Exports Are Benefiting Non-Sanctioned Vessels Russian Refined Product Exports Decline (1) Atlantic MR Rates Rise as Brazilian Imports from Russia Decline (1)(3) Millions barrels per day $/day Thousand barrels per day 2.0 USG-Brazil TCE Rate (LHS) Brazilian Russian CPP Imports (RHS) $40
Slide 10: Sanctions are Making Oil & Product Exports More Difficult
Sanctions are Making Oil & Product Exports More Difficult Rising Crude-on-Water Volumes Led by Sanctioned Countries (1) Sanctioned Vessels by Selected Classes (2) Million barrels per day Sanctioned fleet as % of the corresponding active fleet 1,400 600 16.3% 500 1,300 1,254 400 17.9% 20 17 300 21 33
Slide 11: Refinery Closures Drives Ton-Mile Demand
Refinery Closures Drives Ton-Mile Demand Net Refining Additions from 2020-2025 (1) US West Coast Imports Could Double After Upcoming Refinery Closures (1)(2) Million barrels per day Thousand barrels per day PADD 5 Imports Phillips 66 LA Refinery Valero Benicia Refinery 4.0 600 0.10 0.18 538 3.5 0.24
Slide 12: China Port Fees Have Minimal Impact On Refined Product Trade
China Port Fees Have Minimal Impact On Refined Product Trade China’s Special Port Fees Effective from 14 October 2025 (1) China’s Share of Global CPP Exports and Imports Since 2016 (2) % of global total • In response to USTR Section 301, Chinas Ministry of Transport has announced and implemented “Sp
Slide 13: Newbuilding Orders Have Slowed & 49% of LR2 Fleet is Trading Crude Oil
Newbuilding Orders Have Slowed & 49% of LR2 Fleet is Trading Crude Oil Product Tanker Orderbook as % of the Fleet (1) Newbuild Ordering Has Slowed (1) % of fleet Number of vessels MR LR1 LR2 70% 500 Vessels Ageing Out of the 60% 450 Fleet 431 400 50% 350 40% 283 300 255 250 227 30% 188 183 180 179 2
Slide 14: Lower Effective Fleet Growth Due to Decreased Utilization of Ageing Vessels
Lower Effective Fleet Growth Due to Decreased Utilization of Ageing Vessels 2004 Built Product Tanker CPP Ton Mile by Year & Age (1)(2) Vessels At or Above 20 Years Old (2) Billion ton miles Number of vessels Non-Russia Russia HM MR LR1 LR2 20+ % of active fleet (RHS) 140.0 1400 35.0% 128.8 30.9% 5.
Slide 15: Product Tanker Fleet Growth & Ton Mile Demand
Product Tanker Fleet Growth & Ton Mile Demand Product Tanker Fleet Growth (1) Ton Mile Demand Since 2019 (2) Fleet growth Scenario 1 Scenario 2 Scenario 3 Index = 100, Base January 2019 Ton Mile Demand (Excl. Russia) Ton Mile Demand (Incl. Russia) 130 125 120 5.0% 115 4.4% 4.5% 3.6% 110 3.4% 3.4% 10
Slide 16: Financial Highlights
Financial Highlights 16
Slide 17: Financial Highlights & Strong Liquidity Position
Financial Highlights & Strong Liquidity Position Q3-25 Financial Highlights (1) Cash & Liquidity (3) $USD millions $USD millions Cash & Cash Equivalents as of October 28, 2025 $1 Billion Credit Facility – Revolver Availability $250 Feb 2025 Revolving Credit Facility 2023 $225.0 Million Revolving Cre
Slide 18: Optimizing Balance Sheet through Lower Leverage & Cost of Debt
Optimizing Balance Sheet through Lower Leverage & Cost of Debt Net Debt Outstanding Indebtedness by Type $USD millions Gross Debt Outstanding Cash & Cash Equivalents $USD millions Lease Financing Bank Facilities Unsecured Notes Convertible Bonds $3,500 $2,933 $3,164 $3,000 $70 $2,500 $574 $1,581 $1,
Slide 19: Debt Repayment & Drydock Schedule
Debt Repayment & Drydock Schedule Debt Repayment Schedule Completed & Estimated Drydock Schedule $USD millions Number of vessels Payments made through October 28, 2025 Unscheduled Prepayments LR2 MR HM Scheduled repayments Announced Prepayments 12 $250.0 10 $225.1 10 $200.0 8 8 $150.0 $154.6 6 $100.
Slide 20: Significant Operating Leverage & Earnings Potential
Significant Operating Leverage & Earnings Potential Company Fleet TCE Rates Potential Annual Cash Flow Generation After Scheduled Debt Amortization (1) $USD per day $USD millions Company Achieved TCE Rate Cash Breakeven $40,000 $1,717 $32,000 $1,367 $24,000 $33.2/Share $1,016 $26.4/Share $16,000 $66
Slide 21: Conclusion
Conclusion 21
Slide 22: Investment Highlights
Investment Highlights Company • One of the largest product tanker fleets in the world • 96 Eco (fuel-efficient) vessels on the water • Fully delivered fleet with an average age of 9.7 years New Slide • No newbuildings on order = $0 newbuild capex • Significant Operating Leverage • A $10,000/day incr
Slide 23: Chartered Out Vessels
Chartered Out Vessels Vessel Vessel Class Term Average Rate ($/day) Commencement date STI Battersea HM Two Years $24,000 April-25 STI Duchessa MR Three Years $25,000 October-22 STI Jardins MR Three Years $29,550 October-24 STI Memphis MR 75-120 days $21,500 August-25 STI Bosphorus (1) MR Twelve Year
Slide 24: Q&A
Q&A 24
Slide 25: www.scorpiotankers.com
www.scorpiotankers.com