Ardmore Shipping Fourth Quarter and Full Year 2025 & Investor Day 2026 To Submit Questions for the Q&A Session 2 Disclaimer This presentation contains certain statements that may be deemed to be "forward-looking statements" within the meaning of applicable U.S. federal securities laws. All statements, other than statements of historical facts, that address activities, events or developments that Ardmore Shipping Corporation ("Ardmore" or the "Company") expects, projects, believes or anticipates will, should ...

Financial Data and Key Metrics Changes - Adjusted earnings for the full year were $120 million or $2.84 per share, and for the fourth quarter, they were $10.3 million or $0.25 per share [5][9] - The company achieved a low cash breakeven level of $11,500 per day, positioning it to benefit from various market scenarios [6][8] - The TCE performance for MRs was $22,700 per day for the fourth quarter and $23,400 per day for the first quarter, with 55% booked [7] Business Line Data and Key Metrics Changes - The six chemical tankers earned $21,400 per day for the fourth quarter and $14,000 per day for the first quarter, with 40% booked so far [7] - The company reported strong EBITDAR, framing it as an important comparable valuation metric against IFRS reporting peers [9] Market Data and Key Metrics Changes - Global oil demand accelerated in the fourth quarter, with robust growth projected for 2025 [11] - The U.S. economy showed resilience with solid GDP and job growth, while the IEA projected oil supply growth of 1.1 million barrels per day in 2025 [12] - The market experienced a general risk-off approach in the fourth quarter, but trading activity has begun to pick up due to improved refining margins and seasonal factors normalizing [13][14] Company Strategy and Development Direction - Ardmore's strategy focuses on being a global owner and operator of product and chemical tankers, leveraging opportunities where products and chemicals overlap [23] - The company emphasizes a performance-based culture and innovation to drive results, with a commitment to capital allocation and governance [4][30] - Ardmore aims to optimize performance and manage costs while preserving a strong balance sheet, with a focus on long-term shareholder value [28][31] Management's Comments on Operating Environment and Future Outlook - Management noted that the market is experiencing significant changes, with strong long-term fundamentals in products and chemicals, influenced by geopolitical disruptions [11] - The company is well-positioned to harness market volatility and translate it into earnings upside, with a potential $10,000 per day increase in rates equating to an annual increase of about $2.3 in earnings per share [21][22] - The aging fleet and sanctions on a portion of the tanker fleet are expected to create a supply-demand gap, benefiting top-tier operators like Ardmore [18][19] Other Important Information - Ardmore repurchased 4% of its shares during the fourth quarter at an average price of $11.49 and declared a quarterly cash dividend of $0.08 per share [6][31] - The company has implemented over 20 initiatives related to AI and digitalization, achieving strong returns [41][42] - Ardmore's governance practices have been recognized, ranking as the top tanker company on the Weber governance scorecard [29] Q&A Session Summary Question: What triggered the recent improvement in trading activity? - Management indicated that the shift from uncertainty to a willingness to commit to time charters has driven the increase in trading activity, alongside strong oil demand growth forecasts [54] Question: Are there specific effects from tariffs on trade patterns? - Management noted that shifts in trade patterns due to tariffs create upward volatility in rates, particularly for asset classes that provide optionality [57] Question: How does the company view the impact of sanctions on the market? - Management believes that the shift of tonnage into sanctioned trades is likely a one-way ticket, as these ships are often poorly maintained and owned by entities not acceptable to customers [61] Question: What is the company's strategy regarding AI and technology? - Management emphasized the importance of AI in improving performance and decision-making, with a commitment to adopting new technologies to drive financial results [72][84] Question: How does the company plan to manage its fleet and capital allocation? - Management highlighted a dynamic approach to capital allocation, focusing on reinvesting in the business, returning shareholder value, and evaluating all options for future growth [66][68]