Okeanis Eco Tankers Corp. · NYSE:ECO
Okeanis Eco Tankers — Q4 2025 Earnings Presentation
28 slides from Okeanis Eco Tankers's earnings presentation, Feb 19, 2026
Slide 1: Q4 2025 Earnings Presentation
Q4 2025 EARNINGS PRESENTATION February 19, 2026
Slide 2: Disclaimer
Disclaimer This presentation (this “Presentation”) has been prepared by Okeanis This Presentation reflects the conditions and views of the Company operating expenses; changes to the Company’s financial condition Eco Tankers Corp. (“OET or the “Company”). This Presentation does as of the date set out
Slide 3: Executive and Financial Update / Commercial and Market Update / Appendix
EXECUTIVE AND FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q4 2025 EARNINGS PRESENTATION FEBRUARY 19, 2026
Slide 4: Executive Summary
Executive Summary Okeanis Eco Tankers continues to deliver strong results Q4 2025 Q4 2024 12M 2025 12M 2024 Highlights for the quarter VLCC Daily TCE1 $92,000 $38,500 $56,500 $56,100 $76,700pd fleetwide TCE COMMERCIAL Suezmax Daily TCE 1 $53,100 $39,600 $47,800 $48,900 PERFORMANCE $79.0m adj. EBITDA
Slide 5: Executing Our Strategic Vision
Executing Our Strategic Vision Establishing OET as the leading public tanker investment Dividend as % of reported net income 2.00 $/share EPS Notes 102% 1.80 91% 1.76 100% 83% 1.60 1.64 Over $461m distributed 1.60 1.50 since our IPO or 2.0x 85% 1.40 89% of initial market cap 1.29 1.23 1.20 ~13%1 ave
Slide 6: Income Statement Summary
Income Statement Summary Income statement summary ($m) Q4 2025 Q4 2024 12Μ 2025 12Μ 2024 Notes TCE Revenue $92.9 $49.4 $265.4 $262.0 2025 was a strong year, delivering consistent Vessel operating expenses (11.5) (9.6) (45.2) (42.4) results and an exceptionally strong Q4, Management fees (1.2) (1.2)
Slide 7: Balance Sheet Summary
Balance Sheet Summary Balance Sheet Summary ($m) Q4 2025 Q4 2024 Notes Assets Cash & cash equivalents $116.6 $49.3 Total cash1 of $122.5m Restricted cash 5.9 4.9 Vessels, net 922.1 958.6 Total assets of $1.2bn Other assets 155.9 69.2 Total interest bearing debt of $605m Total Assets $1,200.6 $1,082.
Slide 8: State of the Art Asset Base
State of the Art Asset Base Only listed pure ECO and scrubber fitted crude tanker platform OET Peer 1 100 Milos, 2016, Poliegos, 2017, 80 Kimolos, 2018, Peer 2 Folegandros, 2018, Scrubber penetration % 8x 60 Nissos Sikinos, 2020, Peer 3 Nissos Sifnos, 2020, Suezmaxes 40 Nissos Piperi, 2026, 2x Nisso
Slide 9: Resilient & Balanced Capital Structure
Resilient & Balanced Capital Structure Disciplined balance sheet management with very attractive margins Robust and clean balance sheet Loan maturities 1,400 $m Vessels, net 150 $m Balloons Cash Purchase options 3 Other assets vessels Debt 125 2 117 Other liabilities vessels 3 Shareholders’ equity v
Slide 10: Turning Valuation Into Value
Turning Valuation Into Value Issuing equity above NAV to fund accretive fleet expansion Transaction 1 Transaction 2 November 2025 January 2026 Equity offering of common shares of USD 115m Equity offering of common shares of USD 130m Size: USD 115 million Size: USD 130 million Issue Price: USD 35.50/
Slide 11: Issuing Above NAV — Acquiring at NAV
Issuing Above NAV — Acquiring at NAV Immediate NAV accretion through disciplined execution NAV Premium 1.50 x 1.25 1.20 1.25 1.00 0.75 0.50 0.25 - Transaction 1 Transaction 2 Transaction 1 Equity-to-Asset Transaction 2 120 $m Arbitrage 120 $m 97 (11.5) Above-NAV 99.3 (10.8) 100 100 85.5 equity issua
Slide 12: Commercial and Market Update
EXECUTIVE AND FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q4 2025 EARNINGS PRESENTATION FEBRUARY 19, 2026
Slide 13: Commercial Performance – Q4 2025 and FY 2025
Commercial Performance – Q4 2025 and FY 2025 Fleetwide TCE for Q4 of $76,700 pd and $56,500 pd for the year respectively Q4 2025 VLCC SUEZMAX FLEETWIDE Days % of Total TCE Days % of Total TCE Days % of Total TCE Timecharter – – – – – – – – – Spot 736 100% $92,000 475 100% $53,100 1,211 100% $76,700
Slide 14: Commercial Performance – Q1 2026 Guidance
Commercial Performance – Q1 2026 Guidance VLCC: 67% of available 1Q26 spot days fixed at $104,200 pd Suezmax: 64% of available 1Q26 spot days fixed at $84,600 pd VLCC SUEZMAX FLEETWIDE Days % of Total TCE Days % of Total TCE Days % of Total TCE Timecharter 42 6% $90,000 – – – 42 3% $90,000 Spot - fi
Slide 15: Superior Commercial Performance
Superior Commercial Performance Being the only listed pure ECO and fully scrubber fitted crude tanker platform, we consistently outperform the market VLCC spot TCE against peers Suezmax spot TCE against peers 110,000 $/day Peers Max 100,000 $/day Peers Max 100,000 Peers Average Peers Average 90,000
Slide 16: Tanker Supply: Constrained and Aging
Tanker Supply: Constrained and Aging Close to 50% of the fleet is 15+ years old, with an orderbook that does not offset retirements and ~20% of vessels associated to sanctioned trades — setting the stage for continued tight supply VLCC fleet age composition1 Suezmax fleet age composition1 70 % 70 %
Slide 17: OET: Resilient by Design
OET: Resilient by Design A modern fleet built to outperform in an aging, supply-constrained market Number of VLCCs delivered by year ~22% ~48% ~12% ~40% ~18.5% VLCC fleet VLCC fleet VLCC ECO VLCCs VLCC orderbook older than 20 years older than 15 years (non-ECO) 80 No. of VLCCs delivered by year Flee
Slide 18: Sanctions: Driving a Permanent Structural Shift in Tanker Demand
Sanctions: Driving a Permanent Structural Shift in Tanker Demand Escalating enforcement is not removing barrels from the market, but fundamentally "stretching" the global supply chain Sanction lists keep getting longer and longer Crude/co on the water remains elevated 1,000 # vessels Sanctioned crud
Slide 19: Non-Compliant Barrels Are Fading
Non-Compliant Barrels Are Fading A constructive setup for compliant tonnage Crude exports 50,000 kbd Iran Venezuela Russia Federation Other Iran, Venezuela and Russian oil as share of total exports, % 25 "Sanctioned" oil as share of total 45,000 40,000 18.8% 20 35,000 16.6% 30,000 15 25,000 20,000 1
Slide 20: US—India Trade Deal: Potential Tailwind for Mainstream Tankers
US—India Trade Deal: Potential Tailwind for Mainstream Tankers Upside comes from barrels moving off the shadow fleet and onto compliant tonnage Key assumptions ILLUSTRATIVE IMPACT Venezuela ^ India distance: 12,250 nm (Cape route) +1.7% mainstream utilization Volume: 0.5 mb/d switch (~+$42,500/day)
Slide 21: Structural Shifts in VLCC Market Control
Structural Shifts in VLCC Market Control Evolving supply dynamics in the mainstream fleet VLCC fleet by controlling entity Mainstream spot1 VLCC fleet Oil Cos Remaining independent 13% 20% Remaining China Inc independent 12% 47% 16% 37% Commodity traders 8% NOCs Sinokor Shadow+Sanctioned 23% operate
Slide 22: High Utilization Amplifies Rate Swings
High Utilization Amplifies Rate Swings Every 1% increase in utilization could add $25k/day per VLCC and c. $15k/day per Suezmax Rates vs. utilization 203 200 $000/day VLCC Suezmax Aframax 185 167 152 150 138 125 118 113 108 103 100 100 93 96 92 88 85 85 82 77 78 75 70 72 70 66 64 63 61 59 56 55 52 5
Slide 23: Crude Tankers Remain Firm
Crude Tankers Remain Firm Weekly average spot assessment VLCC spot earnings Suezmax spot earnings 160,000 $/day 5yr high/low Avg. 2021-2025 2025 2026 160,000 $/day 5yr high/low Avg. 2021-2025 2025 2026 140,000 140,000 120,000 120,000 100,000 100,000 80,000 80,000 60,000 60,000 40,000 40,000 20,000 2
Slide 24: Appendix
EXECUTIVE AND FINANCIAL UPDATE COMMERCIAL AND MARKET UPDATE APPENDIX I Q4 2025 EARNINGS PRESENTATION FEBRUARY 19, 2026
Slide 25: Cash Flow Summary
Cash Flow Summary CF Statement Summary ($m) Q4 2025 Q4 2024 12M 2025 12M 2024 Cash Flow from Operating Activities Net income $59.5 $13.2 $123.0 $108.9 Total reconciliation adjustments $19.9 $22.9 $80.5 $92.9 Total changes in working capital ($46.9) ($5.4) ($92.2) ($39.0) Net cash provided by operati
Slide 26: Indicative Eco Benefit Calculation
Indicative Eco Benefit Calculation Assumptions VLCC Suezmax Sailing Days A 325 295 Fuel Consumption (tons/day@12.5 knots) Non-Eco B 61.5 43.0 Eco C 45.0 30.0 Incremental for Scrubber D 2.0 1.0 Daily Eco fuel savings E=(B – C) 16.5 13.0 Singapore Bunker Prices ($/ton) VLSFO F 500 500 HSFO (380cst) G
Slide 27: Current Fleet List
Current Fleet List Very attractive mix of crude tanker vessels built at first class yards with super eco design & scrubber fitted No. Vessel Name Asset Type Asset Size Built Age1 Yard Ownership Scrubber Eco Design 1 Milos Suezmax 157,525 2016 9 Sungdong 100% Yes Yes 2 Poliegos Suezmax 157,525 2017 8
Slide 28: Contact
CONTACT Iraklis Sbarounis, CFO +30 210 480 4200 ir@ okeanisecotankers.com