Ardmore Shipping Corporation · NYSE:ASC
Ardmore Shipping — Q3 2025 Earnings Presentation
23 slides from Ardmore Shipping's earnings presentation, November 2025
Slide 1: Ardmore Shipping Third Quarter 2025
Ardmore Shipping Third Quarter 2025
Slide 2: 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 3: Contents
Contents I. Highlights II. Market Outlook III. Operating and Financial Performance IV. Summary V. Appendix 3
Slide 4: Earnings Highlights
Earnings Highlights Counter-seasonal strength in 3Q; continuing in 4Q Adjusted earnings of $12.6m or $0.31 per share(1) Continuing TCE Strength; Over 2x Cash Breakeven(3) Recent acquisitions fully delivered; capturing strong spot markets $24,700 $24,900 $23,100 Continuing to deliver on capital
Slide 5: Capital Allocation Policy
Capital Allocation Policy Disciplined approach to capital allocation Priority Description Highlights Maintain fleet over time Investing in fleet to boost Realizing high IRRs and short paybacks performance and reduce emissions through performance upgrades Focusing on maintaining low Fully redeeme
Slide 6: Contents
Contents I. Earnings Highlights II. Market Outlook III. Operating and Financial Performance IV. Summary V. Appendix 6
Slide 7: Record Volumes
Record Volumes Increased oil output driving record-high refined product volumes Refined product export volumes up 4% QoQ, reaching Refined Product Export Volumes at Record Levels(1) record levels 25.5 Increase of 1mbd in 3Q o Strong refinery runs driving higher product tanker demand 25.0 o Strong
Slide 8: Geopolitical Dislocation
Geopolitical Dislocation Positive ton-mile impact due to trade shifts and supply inefficiencies Continuing escalation of sanctions; 16% of global Sanctions Reducing Effective Vessel Supply(1) tanker fleet now sanctioned, reducing size of compliant fleet 1,000 16% 800 12% No. of Vessels New EU re
Slide 9: Positive Supply-Side Dynamics
Positive Supply‐Side Dynamics Oldest MR fleet in decades; limited ordering with continued regulatory uncertainty 2025 ordering activity down 80% YoY 53% of MR fleet aged 20+ within 5 years, compared to 13% orderbook MR Fleet Age at Historical High (14.3 Years)(1) Global MR Tanker Fleet Aging Rap
Slide 10: Demand Fundamentals
Demand Fundamentals Product trade evolution and oil consumption growth support long-term demand Continued oil and petrochemical production expansion in the East, with closures in the West o Several recent refinery closures in Europe and U.S. West Coast; typically replaced with long-haul volumes fr
Slide 11: Contents
Contents I. Earnings Highlights II. Market Outlook III. Operating and Financial Performance IV. Summary V. Appendix 11
Slide 12: Continued Focus on Financial Strength
Continued Focus on Financial Strength Robust balance sheet supporting low breakeven Utilized lower cost revolving facility to fully redeem Continuing to Build Financial Strength preferred shares in October, reducing cash breakeven o Cash breakeven of $11,700 US$ millions, unless otherwise stated S
Slide 13: Financial Highlights
Financial Highlights Recent acquisitions and fleet upgrades increasing earnings power Positioned to capture volatility; every $10,000 / day additional Focus on Cost Control & Efficiency TCE increases annual EPS by ~$2.15 Three Months Ended Adjusted EBITDAR(1) of $27.6 million in 3Q 2025 (full br
Slide 14: Fleet and Operational Highlights
Fleet and Operational Highlights Vessel enhancements optimizing operating performance and earnings 2025 drydockings largely completed: Majority of Drydockings Completed o Estimated 2025 fleet capex of $37m, including elective capex of $16m 2 o Significant capex step down in 2026-2027 Strong spot
Slide 15: Contents
Contents I. Earnings Highlights II. Market Outlook III. Operating and Financial Performance IV. Summary V. Appendix 15
Slide 16: Summary
Summary Ardmore building long-term value Strong TCE Performance Leading Governance $24,700 (1) Financially Robust Low Cash Breakeven Innovation Mindset $11,700 1) Basis MR Combined spot TCE for 3Q 2025 16
Slide 17: Contents
Contents I. Earnings Highlights II. Market Outlook III. Operating and Financial Performance IV. Summary V. Appendix 17
Slide 18: 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 19: Dividend Payment
Dividend Payment In line with our consistent Dividend Policy, Ardmore declared a quarterly cash dividend for 3Q 2025 of $0.10 per share o Quarterly dividend calculated as one-third of adjusted earnings(1) o The dividend will be paid on December 12, 2025, to all shareholders of record on November 2
Slide 20: Refinery Summary and Seaborne Product Trade
Refinery Summary and Seaborne Product Trade Regional Refinery Shift(1) Region Closures 2023 – 2027 Openings 2023 – 2027 Europe 0.5 ‐ America 0.7 0.3 Australia ‐ ‐ Middle East ‐ 0.5 Africa ‐ 0.7 China 0.4 1.3 Asia (excl. China) 0.2 0.7 Total (mbd) 1.8 3.4 Seaborne Product Trade Balances(2) 2025F 2026
Slide 21: Refinery Dislocation Boosting Ton-Mile Demand
Refinery Dislocation Boosting Ton‐Mile Demand(1) 1) Closures based on announcement periods 21
Slide 22: 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) September 30, 2025 September 30, 2025 In thousands of U.S. Dollars Net income 12,786 35,575 Interest income (188) (1,038) Interest expense and finance cos
Slide 23: Ardmore Indicative Guidance 4Q 2025
Ardmore Indicative Guidance 4Q 2025(1) MR Combined Spot TCE: $24,900 (40% fixed) Chemical Tanker Spot TCE: $22,200 (35% fixed) Revenue Days: 2,300 Operating Expenses: $18.5 million Charter-In Expenses: $2.0 million Depreciation and Amortization: $11.5 million Overhead (Commercial and Corporate): $6.