Ardmore Shipping (ASC) investor relations material

Executive summary

• Reported strong financial and operational performance for Q4 and full year 2025, with robust market conditions, high vessel utilization, and strong TCE rates driving earnings.

• Adjusted earnings for FY 2025 were $38.8 million ($0.95/share), and for Q4 2025 were $11.6 million ($0.28/share), with net income for Q4 at $9.3 million.

• Maintained focus on disciplined capital allocation, innovation, and efficiency upgrades, supported by a scalable platform and best-in-class governance.

• Completed a major drydocking and upgrade program, expanded the fleet to 26 vessels, and announced the 13th consecutive quarterly dividend.

• Executed strategic fleet expansion, acquiring three modern MR tankers and leveraging asset flexibility across product and chemical segments.

Financial highlights

• Adjusted earnings reached $38.8 million ($0.95/share) for the year and $11.6 million ($0.28/share) for Q4 2025.

• MR tankers earned $25,300/day in Q4 and $29,100/day in Q1 2026 (50% booked); chemical tankers earned $19,900/day in Q4 and $20,800/day in Q1 (30% booked).

• EBITDAR for Q4 2025 was $27 million, and for the year $95 million; adjusted EBITDA for Q4 was $25.8 million, and for the year $86.6 million.

• Cash at year-end 2025 was $46.8 million, with total liquidity of $272.2 million including undrawn credit.

• Declared a $0.09/share quarterly dividend, consistent with policy of paying out one-third of adjusted earnings.

Outlook and guidance

• Market conditions remain highly favorable, with positive ton-mile demand, supply constraints, and robust earnings expected to persist.

• 1Q 2026 guidance: MR spot TCE $29,100 (50% fixed), chemical spot TCE $20,800 (30% fixed), and no statutory drydocking days scheduled.

• CapEx expected to decrease to $5 million in 2026 from $30 million in 2025, with limited drydockings supporting higher revenue days.

• Ongoing focus on innovation, efficiency, and maintaining financial flexibility to capitalize on market opportunities.

• Management expects to benefit from strong spot market exposure and selective high-quality term charters.