Imperial Petroleum (IPMM) investor relations material

Executive summary

• Q1 2026 delivered the second-best quarterly performance in company history, with net income of $28 million and revenues of $61.7 million, driven by strong tanker and drybulk markets, successful fleet expansion, and high utilization.

• Revenues rose 92.2% year-over-year to $61.7 million, reflecting higher vessel count and increased tanker rates due to Middle East conflict.

• EBITDA for Q1 2026 was $34.4 million, up 134% year-over-year.

• Fleet grew to 21 vessels with recent deliveries, and five more are scheduled for delivery by Q3 2026.

• Operational utilization was 88.7% overall, with 87.8% for tankers and 89.5% for drybulk vessels; 59% of fleet days were on time charter, the rest on spot.

Financial highlights

• Revenues of $61.7 million, up 21% sequentially from Q4 2025 and 92% year-over-year.

• Operating income of $26.5 million, up 94% from Q4 2025 and 240% from Q1 2025.

• Net income of $28 million, EPS of $0.60, and EBITDA of $34.4 million.

• Net income margin reached 45% in Q1 2026.

• Cash and cash equivalents were $213 million as of March 31, 2026, rising to $221 million to date.

Outlook and guidance

• Market rates for tankers remain firm but are normalizing; drybulk rates are rising due to energy shortages and coal demand.

• Ongoing geopolitical risks, especially in the Middle East, create uncertainty for future market conditions.

• Fleet expansion continues with five vessels to be delivered by Q3 2026, with $130 million in capital commitments.

• The company expects continued strong cash flow and profitability, supporting further liquidity growth.

• Potential reopening of the Strait of Hormuz and possible lifting of Iran sanctions could further boost demand.