Ardmore Shipping Corporation · NYSE:ASC
Ardmore Shipping — Q4 2025 Earnings Presentation
63 slides from Ardmore Shipping's earnings presentation, Feb 12, 2026
Slide 1: Ardmore Shipping Fourth Quarter and Full Year 2025 & Investor Day 2026
Ardmore Shipping Fourth Quarter and Full Year 2025 & Investor Day 2026
Slide 2: To Submit Questions for the Q&A Session
To Submit Questions for the Q&A Session 2
Slide 3: Disclaimer
Disclaimer This presentation contains certain statements that may be deemed to be “forward-looking statements” within the meaning of applicable U.S. federal securities laws. All statements, other than statements of historical facts, that address activities, events or developments that Ardmore Shippi
Slide 4: Ardmore Team
Ardmore Team Name History Curtis McWilliams ▪ Appointed Chairman of the Board effective 2019 and Director of Ardmore since 2016 ▪ Co-Head of Global Transportation Group at Merrill Lynch Chair of the Board ▪ President, CEO, and Director of Trustreet Properties Inc. ▪ MBA Chicago Booth School of Busin
Slide 5: NYSE Listed with $550m Market Cap
NYSE Listed with $550m Market Cap High Quality Fleet of 26 Tankers Fully Integrated Company Global Commercial Platform and Technical Management Top Ranked Tanker Company for Corporate Governance (1) Product & Chemical Tankers Innovation Focus Dynamic Capital Allocation 1) Webber Research: 2025 Corpo
Slide 6: Contents
Contents I. Earnings Highlights II. Market Outlook III. Business Update IV. Board Perspective - Macro and Global Trade Update V. Summary VI. Appendix 6
Slide 7: Earnings Highlights
Earnings Highlights TCE rates further accelerating into the first quarter TCE Rates Nearly 3x Cash Breakeven TCE Rates 4Q 2025 1Q 2026 TD $29,100 $29,100 MRs(1) $25,300 (50% fixed) $20,800 Chemicals(2) $19,900 $24,700 $25,300 (30% fixed) $23,100 ▪ Strong 4Q; TCE rates boosted by geopolitical $20,900
Slide 8: Earnings Highlights
Earnings Highlights Ardmore well positioned in current market Earnings Highlights FY 2025 4Q 2025 Adjusted Earnings(1) $38.8m $11.6m EPS(1) $0.95 $0.28 ▪ Executing on Capital Allocation Policy o Announcing our 13th consecutive quarterly dividend o Successful completion of extensive drydocking progra
Slide 9: Continued Focus on Financial Strength
Continued Focus on Financial Strength Strong balance sheet and responsible capital structure, supporting low breakeven ▪ Fully redeemed preferred shares, further reducing our Continuing to Build Financial Strength cash breakeven(1) US$ millions, unless otherwise stated Dec 31, 2025 Dec 31, 2024 ▪ Co
Slide 10: Financial Highlights
Financial Highlights Recent acquisitions and fleet upgrades increased owned fleet earnings power +15% ▪ Capturing volatility; every $10,000 / day additional TCE Key Financial Data increases annual EPS by ~$1.90 Three Months Ended 12 Months Ended ▪ Adjusted EBITDAR(1) of $26.7 million in 4Q 2025 (ful
Slide 11: Contents
Contents I. Earnings Highlights II. Market Outlook III. Business Update IV. Board Perspective - Macro and Global Trade Update V. Summary VI. Appendix 11
Slide 12: Long-Term Demand Fundamentals
Long-Term Demand Fundamentals Sustained consumption growth and global refinery dislocation driving ton-mile expansion ▪ Regional imbalances in refinery capacity bridged by seaborne transportation o Several recent refinery closures in Europe and U.S. West Coast; typically replaced with long-haul volu
Slide 13: Increasing Ton-Mile Demand
Increasing Ton-Mile Demand Ton-miles driven by long-term demand growth and boosted by geopolitical disruptions ▪ Higher refinery throughput driven by favorable margins Increasing Global Refinery Throughput(1) 84.5 ▪ Geopolitical disruption causing trade dislocation and longer voyages 84.0 Million bp
Slide 14: Sanctions Reducing Effective Tanker Supply
Sanctions Reducing Effective Tanker Supply Step-up in sanctions enforcement directly benefiting compliant fleet 16% of Overall Tanker Fleet Now Under Sanction(1). . . . . . With Additional 14% Operating in Dark Trades(2) ~30% of tanker fleet no longer operating in mainstream trades 1,000 20% 1,000 8
Slide 15: LR2 Product Tankers Moving to Crude Trade
LR2 Product Tankers Moving to Crude Trade Clean LR2 capacity migrating toward crude market ▪ 56% of LR2s now trading in crude segment, up from 46% a year ago o Restoring Venezuela exports to U.S. would quadruple Aframax / LR2 demand on this route ▪ LR2s represent over 50% of product tanker orderbook
Slide 16: Aging MR Fleet
Aging MR Fleet Oldest MR fleet in decades; over half approaching scrapping age ▪ 2025 MR ordering activity less than half 2024 level ▪ Over half of MR fleet aged 20+ within 5 years, compared to total orderbook of 13% MR Fleet Age at Historical High (14.3 Years)(1) Global MR Tanker Fleet Aging Rapidl
Slide 17: Fleet Age and Utilization
Fleet Age and Utilization Significant decline in utilization for older vessels Aging MR Fleet(1) Lower Utilization of Older Vessels(2) Current In 5 years 25% 47% 54% 62% 46% 75% 53% 0-19 Years 20+ Years 38% 0-19 Years 20+ Years Ballast Laden 1) Clarksons Shipping Intelligence Network, January 2026 2
Slide 18: Contents
Contents I. Earnings Highlights II. Market Outlook III. Business Update IV. Board Perspective - Macro and Global Trade Update V. Summary VI. Appendix 18
Slide 19: Executing on a Consistent Strategy
Executing on a Consistent Strategy Product and Chemical Tanker Focus Fully Best-in-Class Integrated Governance Platform Best-in-Class Governance Long-Standing Long-Term Capital Value Mindset Allocation Policy Energy Efficiency and Innovation Focus 19
Slide 20: Strategic Focus: MR Product and Chemical Tankers
Strategic Focus: MR Product and Chemical Tankers Wide range of cargo options, enabling greater trading versatility Asset Flexibility Refined Products Renewable Fuels Vegetable Oils Chemicals Access to Key Tanker Ports Across the World Trading Business 20
Slide 21: Our Philosophy: Enhancing Performance Through Progress
Our Philosophy: Enhancing Performance Through Progress Performance 4Q 2025 TCE Cash Breakeven Capital Returned $11,700 26% of (1) $25,300 cap market (2) Strong cash generation Cost focus with low leverage Declaring our 13th consecutive of 17% dividend Progress #1 Governance Innovation Operational Ra
Slide 22: Capital Allocation Policy
Capital Allocation Policy Dynamically investing in the business while distributing capital Priority Description 2025 Highlights ✓ Upgraded tank coatings on chemical fleet Investing in fleet to drive Maintain fleet over time performance and efficiency ✓ Completed 11 drydockings in 2025 ✓ Realizing hi
Slide 23: Returning Capital to Shareholders
Returning Capital to Shareholders Distributing capital alongside ongoing investment in the business Capital Returned to Shareholders Since 4Q 2022 13 Consecutive Quarterly Dividends $126m $113m 4Q 2022 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Capital to 4Q 2024 Returned 23
Slide 24: Fleet Upgrades Increasing Earnings Power
Fleet Upgrades Increasing Earnings Power Higher revenue days boosting earnings potential ▪ Intensive drydocking cycle of nearly 50% of the Step-up in Revenue Days in 2026 fleet completed in 2025 +264 days o Limited drydockings in 2026 & 2027, about 10% 9,152 of the fleet 8,888 ▪ Capex expected to de
Slide 25: Case Study: Premium Tank Coatings
Case Study: Premium Tank Coatings Access to premium cargos and cost savings, driving increased earnings ▪ MarineLine coating upgrades completed on full chemical tanker fleet ▪ Providing access to wider cargo slate, enhancing triangulation opportunities and earnings o Recent voyages delivering TCE pr
Slide 26: Case-Study: Premium Tank Coatings
Case-Study: Premium Tank Coatings Robust revenue generation (90% laden), with premium cargos and shorter turnaround times 26
Slide 27: Transactions: Fleet Expansion
Transactions: Fleet Expansion Strategic and timely fleet expansion ▪ Timely acquisition of three high-quality, fuel-efficient MRs Value Creation Through Well-Timed Acquisitions(1)(2) o Market value of vessels has appreciated 15% since purchase Current $44m $44 5-Year-Old MR ▪ Leveraging a proven rec
Slide 28: Transactions: Time-Charter Activity
Transactions: Time-Charter Activity Maintaining spot focus, while supplementing with high-quality time charters ▪ Enhancing the value of our trading book through opportunistic time charters o Active portfolio management—adjusting coverage as markets evolve to ensure high-quality earnings o Prioritiz
Slide 29: Sustaining Low Leverage
Sustaining Low Leverage Strong balance sheet provides capacity for future opportunities ▪ Refinanced existing debt facilities into $350m fully revolving Revolving Facility Supporting Lower Cash Breakeven(1) facility at attractive terms o Margin reduced from 2.5% to 1.8% o Maturity extended to 2031 $
Slide 30: Commercial Update
Commercial Update (A)
Slide 31: Global Product and Chemical Tanker Platform
Global Product and Chemical Tanker Platform Performing for large, diversified base of high-quality customers 1 31
Slide 32: Ardmore Focus: Product and Chemical Overlap
Ardmore Focus: Product and Chemical Overlap Extensive trading options; actively transporting wide spectrum of liquid cargos Clean Petroleum Products Vegetable Oils Renewable Fuels Chemicals Gasoline Sunflower Oil Biodiesel Methanol Diesel Ethanol Ethylene Palm Oil Jet Fuel Styrene Renewable Diesel S
Slide 33: Evolution of Atlantic Market
Evolution of Atlantic Market Evolving trade routes and cargo flows adding ton-miles; Ardmore well positioned 33
Slide 34: Case-Study: Atlantic Trade Combinations
Case-Study: Atlantic Trade Combinations Atlantic voyage combination with minimal ballast; $32,300 / day TCE over 136 days 34
Slide 35: Case-Study: Emerging Pacific Routes
Case-Study: Emerging Pacific Routes California refinery closures driving long-haul imports; $32,000 / day TCE over 117 days 35
Slide 36: Innovation Driving Superior Performance
Innovation Driving Superior Performance 36
Slide 37: Efficiency Upgrades Producing Impactful Returns
Efficiency Upgrades Producing Impactful Returns 1. DeepSea AI 2. Upgraded 3. Hull Cleaning 4. Mewis Duct 5. 13 Mari 6. Microboiler 7. Neuro Tank Coatings Robots Hardware 6 12 1 7 13 10 11 3 2 4 14 9 5 8 8. Ultrasonic Propeller 9. Propeller 10. IGG Low 11. Low-load Boiler 12. FuelOpt 13. N2 Plant 14.
Slide 38: Innovation Case Study: Hull Efficiency
Innovation Case Study: Hull Efficiency Strategic approach to hull cleaning driving fuel efficiency and reducing costs ▪ Fuel is largest expense, typically over 50% of voyage costs Ardmore’s Approach Reducing Fuel Costs by 20%(1)(2) o Consumption increases significantly over 5-year docking cycle due
Slide 39: Case Study: DeepSea AI
Case Study: DeepSea AI Delivering smarter, more efficient operations across sea and shore ▪ AI-driven voyage optimization boosts fuel efficiency, speed, and voyage execution o Returns of over 100% ▪ Enhancing DeepSea AI with the implementation of DeepSea Neuro high frequency data collection system o
Slide 40: Innovation: At Sea and Shore
Innovation: At Sea and Shore Utilizing agentic AI to enhance workflows and automate tasks Invoice Automation Report Analysis Sanctions & Compliance Document Auto-Filing Letter Automation Document Summarizer 40
Slide 41: Best-In-Class Governance
Best-In-Class Governance Robust governance that strengthens confidence and long-term value #1 Ranked Tanker Company for Corporate Governance(1) Diverse and Independent Board of Directors NYSE Listed & 100% Free Float Fully Integrated and Aligned Platform 1) Webber Research: 2025 Corporate Governance
Slide 42: Board Skills Matrix
Board Skills Matrix Ardmore’s Board ‒ a broad spectrum of expertise, experience, and diverse backgrounds 42
Slide 43: Contents
Contents I. Earnings Highlights II. Market Outlook III. Business Update IV. Board Perspective - Macro and Global Trade Update V. Summary VI. Appendix 43
Slide 44: Board Member Perspective
Board Member Perspective James Fok Director ▪ 25 years' experience as a financial and strategic advisor, with particular expertise in Asian cross-border capital markets transactions and mechanisms ▪ Chief Commercial Officer, CMU OmniClear, a subsidiary of the Hong Kong Monetary Authority ▪ Former Se
Slide 45: Key Macro Themes the Board is Tracking
Key Macro Themes the Board is Tracking 1 The Geopolitical Environment 2 Technology Shifts 3 Global Liquidity 45
Slide 46: Geopolitical Risks Likely to Remain and are Driving Structural Changes in Supply Chains
Geopolitical Risks Likely to Remain and are Driving Structural Changes in Supply Chains Geopolitics Dominate Global Risks for 2026(1) Supply-side Shocks Driving a Restructuring in Supply Chains 2018-25 Supply The Old Worldview The New Worldview Geoeconomic confrontation 18% Side “Shocks” State-based
Slide 47: However, Global Trade Continues to Expand
However, Global Trade Continues to Expand Total Volume of Global Merchandise Trade China’s Trading Partners by Share Global trade value(1) YoY US$ trillion % 2005 2025 Share of total trade(2) Share of total trade(2) -13% -3% 11% 10% -2% -7% 26% 13% -5% 2% 10% % % 26.5 24.7 23.6 24.1 21.8 10% 17% 19.
Slide 48: Contrasting Approaches to AI
Contrasting Approaches to AI The Consumer Model The Industrial Model vs. Sample use cases: Sample use cases: • Smart assistants • Predictive machinery maintenance • Image editing / content generation • Energy management / optimization • Personalized shopping • Logistics While it remains to be seen i
Slide 49: Sources of Innovation and Technology Leadership are Undergoing Change
Sources of Innovation and Technology Leadership are Undergoing Change Global Innovation Index(1) Technology is vital to the shipping industry’s operational efficiency and fuel economy. Increasingly, sourcing leading-edge technologies requires global awareness 1) World Intellectual Property Organizat
Slide 50: How will Strained Fiscal Positions Impact Access to Funding?
How will Strained Fiscal Positions Impact Access to Funding? Increasing Pressure on Govt. Finance since Covid-19 2019-25 % increase in government debt Government debt as % of GDP(1) outstanding(1) % US$ trillion 2019 2025 Ch 8.21 59% 88% i… US 8.15 108% 121% Ja 2.35 236% 237% p… U 86% 101% 1.40 K Fr
Slide 51: Evolution of Global Financial Markets
Evolution of Global Financial Markets Shifting Global Interest Rate Landscape(1) Lengthening Maturities in Offshore RMB Bond Market 2023 2025 Share of total issuance(2) Share of total issuance(2) 7.0% % % 4% 0% 4% 5% 6% 6.0% 14% 16% 24% 49% 5.0% 78% 4.0% Less than 1 Year 1 - 3 Years 3 - 5 Years 5 -
Slide 52: Business Implications
Business Implications Geopolitics Leading to Continued Trade Disruptions Innovation with Purpose Financial Flexibility 52
Slide 53: Contents
Contents I. Earnings Highlights II. Market Outlook III. Business Update IV. Board Perspective - Macro and Global Trade Update V. Summary VI. Appendix 53
Slide 54: Summary
Summary Delivering on strategy to create long-term value Strong TCE Performance Leading (1) Governance $25,300 Financially Robust Low Cash Breakeven Innovation Mindset $11,700 1) Basis MR Combined spot TCE for 4Q 2025 54
Slide 55: Contents
Contents I. Earnings Highlights II. Market Outlook III. Business Update IV. Board Perspective - Macro and Global Trade Update V. Summary VI. Appendix 55
Slide 56: Fleet List
Fleet List Vessel Name Ownership Type Dwt IMO Built Country Specification Ardmore Purpose Owned Product/Chemical 50,192 2/3 Sep-2020 Korea Eco-design Ardmore Persistence Owned Product/Chemical 49,688 2/3 Jan-2017 Korea Eco-design Ardmore Pursuit Owned Product/Chemical 49,709 2/3 Feb-2017 Korea Eco-d
Slide 57: Dividend Payment
Dividend Payment ▪ In line with our consistent Dividend Policy, Ardmore declared a quarterly cash dividend for 4Q 2025 of $0.09 per share o Quarterly dividend calculated as one-third of adjusted earnings(1) o The dividend will be paid on March 13, 2026, to all shareholders of record on February 27,
Slide 58: Oil and Chemical Value Chain
Oil and Chemical Value Chain Upstream Midstream Downstream 58
Slide 59: Our Focus – MR & Chemical Tankers
Our Focus – MR & Chemical Tankers World Tanker Fleet(1) 7,421 Vessels Crude Tankers Product Tankers Chemical Tankers VLCC SUEZ AFRA PAN LR2 LR1 MR Chemical 907 671 691 73 509 376 2,215 1,979 Ardmore owns and operates MR & Chemical Tankers Workhorses of the Global Tanker Fleet Growing Share of World
Slide 60: Refinery Summary and Seaborne Product Trade
Refinery Summary and Seaborne Product Trade Regional Refinery Shift(1) Region Closures 2023 – 2028 Openings 2023 – 2028 Europe 0.6 - America 0.7 0.3 Australia - - Middle East - 0.5 Africa - 0.7 China 0.4 1.3 Asia (excl. China) 0.2 1.1 Total (mbd) 1.9 3.8 Seaborne Product Trade Balances(2) 2026F 2027
Slide 61: Refinery Dislocation Boosting Ton-Mile Demand
Refinery Dislocation Boosting Ton-Mile Demand(1) 1) Closures based on announcement periods 61
Slide 62: EBITDA + vessel lease expense component (i.e. EBITDAR)
EBITDA + vessel lease expense component (i.e. EBITDAR) Three months ended Twelve months ended Reconciliation of net income / (loss) to EBITDAR(1) December 31, 2025 December 31, 2025 In thousands of U.S. Dollars Net income 12,375 41,014 Interest income (352) (955) Interest expense and finance costs 2
Slide 63: Ardmore Indicative Guidance 1Q 2026
Ardmore Indicative Guidance 1Q 2026(1) MR Combined Spot TCE: $29,100 (50% fixed) Chemical Tanker Spot TCE: $20,800 (30% fixed) Revenue Days: 2,250 Operating Expenses: $17.5 million Charter-In Expenses: $1.0 million Depreciation and Amortization: $11.5 million Overhead (Commercial and Corporate): $6.