Ardmore Shipping (ASC) investor relations material

Executive summary

• Adjusted earnings for Q3 2025 were $12.6 million, or $0.31 per share, with strong spot market performance and recent fleet acquisitions enhancing earnings power.

• Three modern MR tankers were acquired and integrated, lowering fleet age and increasing long-term earnings potential.

• Fully redeemed $30 million in preferred shares, reducing cash break-even and maintaining a consistent dividend policy, now at its 12th consecutive payout.

• Capital allocation remains balanced between shareholder returns, fleet reinvestment, and maintaining low debt levels, with leverage reduced to 9% as of September 30, 2025.

• Positioned to capture market volatility, with every $10,000/day additional TCE increasing annual EPS by ~$2.15.

Financial highlights

• Q3 2025 revenue was $81.2 million, with adjusted EBITDA at $25.4 million and EPS at $0.31.

• MR tankers earned $24,700 per day in Q3 and $24,900 so far in Q4 (40% booked); chemical tankers earned $22,600 per day in Q3 and $22,200 so far in Q4 (35% booked).

• Cash break-even reduced to $11,700 per day (including CapEx), or $10,800 per day on an operating basis.

• Vessel operating expenses rose to $16.4 million in Q3 2025.

• Net cash from operating activities for the nine months was $55.4 million; cash and equivalents at quarter-end were $47.1 million.

Outlook and guidance

• About 40% of MR tanker and 35% of chemical tanker revenue days for Q4 2025 are fixed at average spot TCE rates of $24,900/day and $22,200/day, respectively.

• Freight markets remain strong, supported by sectoral trends, refining margins, and geopolitical disruptions.

• Overhead expected at $6.5 million, with interest expense at $2.3 million for Q4 2025.

• Operating expenses for Q4 2025 projected at $18.5 million.