Teekay Tankers Ltd. · NYSE:TNK
Teekay Tankers — Q2 2026 Earnings Presentation
19 slides from Teekay Tankers's earnings presentation, Jul 30, 2026
Slide 1: Teekay Group Second Quarter 2026 Earnings Presentation
Teekay Group Second Quarter 2026 Earnings Presentation July 30, 2026 1
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 Q2-26 Highlights
Teekay Tankers Q2-26 Highlights Q2-26 Spot Rates (YoY and QoQ) Record quarterly Adjusted Net Income 123,200 Teekay Tankers Financials: 109,200 88,000 GAAP Net GAAP Adj. Net Adj. 74,100 FCF(1) Cash(2) Income EPS Income(1) EPS(1) 62,100 59,900 40,200 $226 $194 $199 $1,215 33,100 31,500 $6.49 $5.56 mil
Slide 4: Spot Market Update
Spot Market Update Record high rates in Q2-26, rates remain firm at the start of Q3-26 Q2-26 rates were a record high with average mid-size earnings beating Aframax spot rates have come off March / April highs but remain well the previous high set in Q1-23 by around $30,000 / day above long-term ave
Slide 5: Geopolitical Flashpoints Continue to Drive Volatility
Geopolitical Flashpoints Continue to Drive Volatility Uncertainty creating trading inefficiencies and altered trade patterns Russia / Ukraine Conflict • Ukraine continues to target Russian energy infrastructure with 4 mb/d (60%) of Russian refining capacity currently offline • Russia has banned the
Slide 6: Strait of Hormuz Update
Strait of Hormuz Update Hormuz closed again, but tanker market continues to benefit from inefficiencies Transits through the Strait of Hormuz have The redirection of flows to Yanbu / Fujairah Fleet supply constrained as many vessels fallen since the resumption of attacks and and higher Atlantic Basi
Slide 7: Medium-Term Outlook
Medium-Term Outlook Oil restocking a demand tailwind, but orderbook is growing due to influx of new orders Oil Inventories Need Restocking After 1H-26 Drawdowns Largest Orderbook in 15 Years, Highest Avg. Fleet Age in Over 30 Years 10-year range 10-year avg. 2025 2026 Orderbook (% of Fleet) Avg. Age
Slide 8: Significant Value Creation, Financial Strength and Optionality
Significant Value Creation, Financial Strength and Optionality FCF Per Share Spot Rate Sensitivity Next 12 Months (1,2,3) • Strong FCF generation in 1H-26, which would equate to $684 million annualized 40% Significant cash flow generation with $30.00 a low FCF break-even • Low FCF break-even of appr
Slide 9: Q&A
Q&A 9
Slide 10: Appendix
Appendix 10
Slide 11: Teekay Corporation Q2-26 Highlights
Teekay Corporation Q2-26 Highlights Cash, Cash Equivalents, GAAP Net Income GAAP EPS and Short-term Investments(1) $69.5 million $0.79 $56.4 million • In June 2026, Teekay Corporation paid the previously announced one-time special dividend of $1.00 per common share for a total of $87.4 million (1) A
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 $80,000 $70,000 250 $60,000 200 $50,000 Ship Days 150 $40,000 $30,000 100 $20,000 50 $10,000 0 $0 Aframax/ LR2 Suezmax Bareboat charter Aframax/ LR2 Suezmax Aframax/ LR2 Suezmax Aframax/ LR2 Suezmax Aframax/ LR2 Suezmax Q3-2026 Q4-2026 Q1-2027 Q2-2027 Q3-2027 Firm Days 276 247
Slide 14: Estimated Newbuild Payment Schedule
Estimated Newbuild Payment Schedule Suezmax I Suezmax II Initial Payment Completed in Q2-2026 ($33.4M) Installment 2 Q3-2026 ($8.7M, Paid in July 2026) Q4-2026 ($8.7M) Installment 3 Q3-2026 ($8.7M) Q1-2027 ($8.7M) Final Installment Q2-2027 ($60.6M) Q4-2027 ($61.2M) Total $190M 14
Slide 15: Adjusted Net Income
Adjusted Net Income(1) Q2-26 vs. Q1-26 (In thousands of U.S. dollars) Q2-2026 Q1-2026 Statement Item Variance Comments (unaudited) (unaudited) Revenues 379,508 286,094 93,414 Voyage expenses (77,341) (57,615) (19,726) (2) Net revenues 302,167 228,479 73,688 Increase primarily due to higher overall s
Slide 16: Q3-26 Outlook
Q3-26 Outlook Q3-26 Outlook(1) Q2-26 in thousands Income Statement Item adjusted basis(1) (expected changes from Q2-26) Decrease of approximately 236 net revenue days, consisting of a decrease of 105 spot days and a decrease of 131 fixed days, primarily due to more scheduled dry dockings in Q3-26 an
Slide 17: Consolidated Adjusted Statement of Income
Consolidated Adjusted Statement of Income Q2-26 (In thousands of U.S. dollars) Statement Item As Reported Appendix A Items (1) As Adjusted Revenues 379,508 - 379,508 Voyage expenses (77,341) - (77,341) Net revenues (2) 302,167 - 302,167 Vessel operating expenses (67,308) - (67,308) Charter hire expe
Slide 18: 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 net income, plus depreciation and Ended amortization less gain on sale of June 30, assets, amortization of in-process 2026 revenue, and dry-docking (unaudited) expe
Slide 19: Dry-dock & Off-hire Schedule
Dry-dock & Off-hire Schedule(1)(2)(3)(4) Teekay Tankers March 31, 2026 (A) June 30, 2026 (A) September 30, 2026 (E) December 31, 2026 (E) Total 2026 (E) Total Total Total Total Total Vessels Off-hire Vessels Off-hire Vessels Off-hire Vessels Off-hire Vessels Off-hire Segment Days Days Days Days Days