Tufton Assets (SHIP) investor relations material

Executive summary

• NAV total return per share was 9.5% for the six months ended 31 December 2025, up from 6.0% in 2H24, driven by strong operating performance and rising charter-free values in a robust shipping market.

• Profit for the period was $33.0m, compared to $25.2m in the prior half-year, with portfolio consisting of 19 vessels after one divestment at a 2.6% premium to NAV.

• Dividend cover improved to 1.6x, and the company completed scheduled dockings on nine vessels, positioning for future market gains.

• Share price traded at an average 16% discount to NAV during the period, with no share repurchases executed.

Financial highlights

• Net asset value (NAV) at 31 December 2025 was $371.7m ($1.390 per share), down from $428.9m ($1.593 per share) at 31 December 2024.

• Earnings per share for the period were 12.36 cents, up from 9.16 cents in the prior period.

• Total net income was $35.1m, with operating profit of $33.0m and dividends paid totaling $13.4m.

• Cash and cash equivalents at period end were $182k.

Outlook and guidance

• Management remains cautiously optimistic, citing strong demand from reconfigured trade routes and higher rates in product tanker and bulker segments.

• Dividend cover is forecast at 1.6x through mid-2027, supported by extended charters at higher rates.

• Only two vessels are scheduled for dockings in 1H26, reducing off-hire risk.