Fourth Quarter Presentation Feb 2026 Forward Looking Statements MATTERS DISCUSSED IN THIS DOCUMENT MAY CONSTITUTE FORWARD-LOOKING STATEMENTS. THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 PROVIDES SAFE HARBOR PROTECTIONS FOR FORWARD-LOOKING STATEMENTS IN ORDER TO ENCOURAGE COMPANIES TO PROVIDE PROSPECTIVE INFORMATION ABOUT THEIR BUSINESS. FORWARD-LOOKING STATEMENTS INCLUDE STATEMENTS CONCERNING PLANS, OBJECTIVES, GOALS, STRATEGIES, FUTURE EVENTS OR PERFORMANCE, AND UNDERLYING ASSUMPTIONS AND OTHER ST ...

Financial Highlights - The company reported a net profit of $90 million for Q4 2025, bringing the full-year profit to $140 million. The EBITDA for Q4 was $322 million, resulting in a total EBITDA of $943 million for the year [4][5] - Liquidity is strong at $560 million, with a covenant for bonds on equity at 31% and for other loan agreements at 44% [4][6] - The company successfully deleveraged and paid dividends, with an interim dividend declared at $0.16, amounting to approximately $45 million [7][8] Business Line Performance - The dry bulk segment constitutes 60% of the total fair market value of the fleet, which is approximately $10.7 billion [3] - The contract backlog stands at $3.05 billion, with $304 million added in Q4, primarily from Capesize and one CSOV [7] - The company has a large spot exposure, particularly in dry bulk, with 53,000 shipping days in 2026, of which 44,000 are spot [9] Market Overview - The company remains positive on dry bulk tankers and offshore markets, while being cautious on container and chemical sectors [13] - There is expected ton-mile growth for iron ore and bauxite in 2026, with manageable fleet growth of 2.3% for Capesizes [14][22] - The tanker market is currently very positive, with strong earnings and sentiment, despite a muted supply-demand balance [15][26] Strategic Direction and Industry Competition - The company aims to strengthen its balance sheet and increase dividends while continuing to fund capital expenditures [11][12] - The management is cautious about new tanker orders, preferring to capitalize on the current spot market rather than committing to new builds [47] - The company is focused on maintaining a competitive edge in the dry bulk market, believing there is more potential for growth compared to the tanker market [56] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about the dry bulk market, anticipating strong demand driven by iron ore and bauxite [21][23] - The company is also optimistic about the offshore wind market, expecting new projects to drive demand for offshore supply vessels [90][91] - The management highlighted the importance of maintaining flexibility in operations and capitalizing on market opportunities as they arise [41][79] Other Important Information - The company has secured a small investment in a logistics company for ammonia-powered vessels, which is part of its strategy to enhance operational efficiency [81][82] - The company is not currently pursuing new tanker orders but remains open to opportunities that may arise [47] Q&A Session Summary Question: Did the strong tanker market assist in repaying the Golden Ocean bridge? - Yes, the sale of eight VLCCs contributed significantly to the repayment, with net proceeds of approximately $420 million from the sales [41][42] Question: What is the target for reducing loan-to-value (LTV)? - The long-term target is to achieve a 50% LTV, with current estimates suggesting they are close to that level [43][44] Question: Are there plans to sell Suezmax tankers to pay down debt? - The company is open to selling older vessels if high prices are offered but is currently focused on maintaining its younger fleet [52] Question: What is the stance on adding more coverage in the dry bulk market? - The company is interested in taking more long-term cover when market conditions are favorable [67][68] Question: What are the expectations regarding the U.S. Maritime Action Plan? - The impact of the new U.S. Maritime Action Plan is still uncertain, but the company does not foresee significant changes affecting its operations [63] Question: Can you elaborate on the recent cooperation signed with China? - The cooperation involves building ammonia-powered vessels and securing logistics for green ammonia, with a small investment made to enhance control over logistics [81][82]

26 FEBRUARY 2026 Earnings conference call Q4 2025 Alexander Saverys & Ludovic Saverys Forward-looking statements Earnings conference call Q4 2025 CONTENT TOPICS © 2026 – CMB.TECH Public presentation : do not replicate or distribute without the prior written permission of CMB.TECH 3 I. Q4 2025 financials & highlights II. Market update III. Conclusion and Q&A Matters discussed in this presentation may constitute forward-looking statements under U.S. federal securities laws, including the Private Securities Li ...

Financial Data and Key Metrics Changes - Teekay Tankers reported GAAP net income of $120 million, or $3.47 per share, and adjusted net income of $97 million, or $2.80 per share in Q4 2025 [3] - For the full year, GAAP net income was $351 million, or $10.15 per share, and adjusted net income was $241 million, or $6.96 per share, with realized gains on vessel sales totaling $100 million [4] - The company generated approximately $112 million in free cash flow from operations, ending the quarter with a cash position of $853 million and no debt [4][5] Business Line Data and Key Metrics Changes - Spot tanker rates during Q4 2025 were the second highest for a fourth quarter in the last 15 years, with rates for VLCC, Suezmax, and Aframax fleets secured at $79,800, $56,900, and $51,400 per day respectively [6][8] - The company executed a fleet renewal strategy, acquiring 3 Aframaxes for $142 million and selling 2 older Suezmaxes for gross proceeds of $73 million [5][6] Market Data and Key Metrics Changes - Global seaborne oil trade volumes were near record highs in Q4 2025 due to the unwinding of OPEC+ supply cuts and increased oil production from non-OPEC+ countries [8] - Tighter sanctions against Russia, Iran, and Venezuela have created trading inefficiencies, benefiting tanker ton mile demand [8][10] - Venezuelan oil exports are expected to recover to normal rates of around 800,000 barrels per day, with potential increases due to foreign investments in the Venezuelan oil industry [43] Company Strategy and Development Direction - The company's strategy focuses on maximizing shareholder value through exposure to the strong spot market and renewing its fleet by investing in modern vessels while selling older tonnage [19] - Teekay Tankers aims to maintain a strong balance sheet with no debt and a significant cash position to capitalize on market opportunities [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker market's strength, driven by geopolitical factors and operational leverage, while acknowledging the challenges of high asset values [32][33] - The outlook for the medium-term tanker market remains positive, with projected global oil demand increasing by 1.1 million barrels per day in 2026 [13][14] Other Important Information - Teekay Tankers declared a regular fixed dividend of $0.25 per share [6] - The company reported zero lost time injuries and 99.8% fleet availability, indicating strong operational performance [17] Q&A Session Summary Question: Impact of bareboat charters on P&L - The CFO confirmed that during the period before full ownership, the company will only receive the bareboat rate without additional operational expenses [24] Question: General and Administrative (G&A) run rate - The CFO indicated that the G&A run rate should approximate the last few quarters, around $46 million annually [25] Question: First quarter depreciation and amortization (D&A) expectations - The CFO projected D&A for Q1 to be similar to Q4, around $21.5 million to $22 million [27] Question: Cash position and urgency to invest - Management acknowledged the strong cash position and indicated a preference for a drip-feed approach to acquisitions rather than large-scale purchases [33] Question: Dividend expectations for Q1 - Management stated that any special dividends would be discussed at the March board meeting, with announcements typically made during the May earnings release [36] Question: Venezuelan oil exports and potential increases - Management noted that Venezuelan exports are recovering and could increase further with foreign investment, benefiting the tanker market [43] Question: Supply-demand balance and tanker order book - Management highlighted that while the order book appears large, it is necessary to replace an aging fleet, and the timing of deliveries will be crucial for market balance [52]

Financial Data and Key Metrics Changes - The company reported a net profit of approximately $17 million for the quarter, with an EBITDA of $238 million and liquidity exceeding $555 million [2][3] - Capital expenditures (CapEx) are currently at $1.6 billion, with a contract backlog remaining stable at around $3 billion [3][4] - The company declared an interim dividend of $0.05 per share, payable in early January [3] Business Line Data and Key Metrics Changes - In the dry bulk segment, the company achieved a TCE of $29,500 for Newcastlemaxes in Q3, increasing to approximately $34,000 in Q4, while Capesize rates rose from $20,500 to $26,200 [12][13] - The Kamsarmax and Panamax segments saw rates improve from $13,500 in Q3 to $17,000 in Q4 [13] - The tanker division reported Q3 rates of $30,500 for VLCCs, with Q4 rates reaching $68,000 [17][18] Market Data and Key Metrics Changes - The company remains positive on tankers, dry bulk, and offshore markets, while expressing caution regarding containers and chemicals due to supply-demand imbalances [8][9] - Dry bulk demand is expected to grow, with a ton mile demand increase of 0.8% for capesizes this year, projected to ramp up to nearly 3% next year [10] - The offshore wind market is experiencing growth, although some projects have been postponed [11] Company Strategy and Development Direction - The company is focused on increasing spot exposure in dry bulk and large tankers, positioning itself to benefit from favorable market conditions [4][8] - A new multi-purpose accommodation service vessel has been ordered to enhance capabilities in both oil and gas and offshore wind markets [22][24] - The company aims to maintain a flexible dividend policy, balancing shareholder rewards with strengthening its balance sheet for future opportunities [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational leverage and free cash flow generation capacity, anticipating significant liquidity generation in the coming quarters [5][6] - The company is cautious about the container and chemical markets, expecting challenges due to high order books and supply-demand dynamics [9][20] - Management remains committed to decarbonization efforts, focusing on ammonia as a fuel choice despite delays in IMO regulations [29][50] Other Important Information - The company has successfully reduced bridge financing by $300 million and is actively working to optimize its financing portfolio [5][60] - The average age of the fleet is at historical highs, which may lead to increased scrapping in the future [15] Q&A Session Summary Question: Impact of delayed carbon pricing by IMO on dual-fuel technology demand - Management indicated that the delay does not alter their strategy, which is based on finding partners for dual-fuel technology and is supported by EU legislation [28][29] Question: Investment philosophy regarding new buildings in dry bulk and tankers - The company has invested significantly in recent years and will continue to look for opportunities, but current new building prices are considered high [30][31] Question: Dividend policy and expectations - The company maintains a fully discretionary dividend policy, with no fixed minimum or maximum dividends expected [32][33] Question: Interest expenses and one-off impacts - Elevated interest expenses were attributed to bridge financing and arrangement fees from recent acquisitions [58][59] Question: Expectations for fixed contracts and their growth - The company aims to increase fixed contract coverage but does not have a specific target due to market variability [97]

Financial Data and Key Metrics Changes - The company reported a net profit of approximately $17 million for the quarter, with EBITDA at $238 million and liquidity exceeding $555 million [2][3] - Capital expenditures (CapEx) are currently at $1.6 billion, with a contract backlog remaining stable at around $3 billion [3][4] - The company declared an interim dividend of $0.05 per share, payable in early January [3] Business Line Data and Key Metrics Changes - In the dry bulk segment, the company achieved a TCE of $29,500 for Newcastlemax vessels in Q3, increasing to nearly $34,000 in Q4 [12] - Capesize vessels reported a TCE of $20,500 in Q3, rising to $26,200 in Q4 [12] - Kamsarmax and Panamax vessels exceeded expectations with rates increasing from $13,500 in Q3 to $17,000 in Q4 [13] Market Data and Key Metrics Changes - The tanker market remains positive, with VLCC rates achieving $30,500 in Q3 and approximately $68,000 in Q4 [17] - The chemical tanker market is experiencing a decline, with limited spot exposure and a cautious outlook due to an oversupply of vessels [21] - The offshore market is seeing growth, particularly in offshore wind and oil and gas sectors, with increased demand for support vessels [11][22] Company Strategy and Development Direction - The company is focusing on increasing spot exposure in dry bulk and large tankers, positioning itself to benefit from favorable market conditions [4][8] - There is a cautious approach towards the container and chemical markets due to supply-demand imbalances [9][10] - The company is actively rejuvenating its fleet and has ordered a new multi-purpose accommodation service vessel to enhance its offshore capabilities [4][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the dry bulk and tanker markets, citing strong supply-demand fundamentals [10][11] - There is caution regarding the container and chemical markets, with expectations of flat or declining demand in the near term [9][10] - The company is committed to maintaining flexibility in its dividend policy, balancing shareholder rewards with strengthening its balance sheet [32][86] Other Important Information - The company has successfully reduced bridge financing by $300 million and anticipates generating significant free cash flow in the coming quarters [5][6] - The average age of the fleet is at historical highs, which may lead to increased scrapping in the future [15] Q&A Session Summary Question: Impact of delayed carbon pricing by IMO on dual-fuel technology demand - Management indicated that the delay does not alter their strategy, which is based on finding partners for dual-fuel technology and is supported by EU legislation [28][29] Question: Investment philosophy regarding new builds in dry bulk and tankers - The company has invested significantly in recent years and will continue to look for opportunities, but new builds are currently seen as pricey [30][31] Question: Dividend policy and expectations - The company maintains a fully discretionary dividend policy, with no minimum or maximum levels set, allowing flexibility based on cash flow and market conditions [32][33] Question: Interest expenses and one-off impacts - Elevated interest expenses were attributed to bridge financing and acquisition-related costs, with plans to optimize financing in the future [58][59] Question: Expectations for fixed contracts and future growth - The company aims to increase fixed contract coverage but does not have a specific target, as it depends on market conditions [97] Question: Impact of tariffs on the company - The company reported minimal impact from tariffs, with most effects felt in the broader market rather than directly affecting its operations [96][98]

Financial Data and Key Metrics Changes - The company reported a net profit of approximately $17 million for the quarter, with EBITDA at $238 million and liquidity exceeding $555 million [2][3]. - Capital expenditures (CapEx) are currently at $1.6 billion, with a contract backlog remaining stable at around $3 billion [3][4]. - An interim dividend of $0.05 per share was declared, payable in early January [3]. Business Line Data and Key Metrics Changes - In the dry bulk segment, the company achieved a TCE of $29,500 for Newcastlemaxes in Q3, increasing to nearly $34,000 in Q4. Capesize rates rose from $20,500 in Q3 to $26,200 in Q4, while Kamsarmax and Panamax rates improved from $13,500 to $17,000 [12][13]. - The tanker division saw Q3 rates of $30,500 for VLCCs, with Q4 rates reaching $68,000, and Suezmax rates increased from $48,000 to close to $60,000 [18][19]. Market Data and Key Metrics Changes - The company remains positive on tankers, dry bulk, and offshore markets, while expressing caution regarding containers and chemicals due to supply-demand imbalances [7][9]. - Demand for capesize ton miles is expected to grow by nearly 3% next year, with only 9% of the fleet on order, indicating strong fundamentals in the dry bulk market [10][14]. Company Strategy and Development Direction - The company is focused on increasing spot exposure in dry bulk and large tankers, positioning itself to benefit from favorable market conditions [4][10]. - A new multipurpose accommodation service vessel (MPASV) has been ordered to enhance capabilities in both oil and gas and offshore wind markets [23][26]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational leverage and free cash flow generation capacity, projecting an additional $600 million in liquidity over the next year at current rates [5][6]. - The company is cautious about the container and chemical markets, anticipating challenges due to high order books and supply-demand dynamics [9][22]. Other Important Information - The company has successfully integrated the Golden Ocean merger, with a focus on optimizing its fleet and financial structure [2][3]. - Management emphasized a fully discretionary dividend policy, indicating flexibility in cash allocation for shareholder rewards and debt reduction [33][52]. Q&A Session Summary Question: Impact of delayed carbon pricing by IMO on dual-fuel technology demand - Management noted that while the delay is not ideal, it does not alter their strategy, which is based on finding partners for dual-fuel technology [28][29]. Question: Investment philosophy regarding new builds in dry bulk and tankers - The company has invested significantly in recent years and will continue to look for opportunities, but current new builds are considered pricey [30][31]. Question: Dividend policy and future expectations - The dividend policy remains discretionary, with no fixed payout ratio, allowing for flexibility in cash management [33][52]. Question: Interest expenses and one-off impacts - Elevated interest expenses were attributed to bridge financing and arrangement fees from recent acquisitions [42][43]. Question: Expectations for fixed contracts and growth - The company aims to increase fixed contract coverage but does not have a specific target due to market variability [57]. Question: Tariffs impact on the company - The impact of tariffs has been minimal, with the company benefiting from limited exposure to affected markets [58][59].

Core Viewpoint - Top Ships Inc. has successfully closed sale and leaseback financing agreements with a major Chinese financier, raising approximately $27.2 million for refinancing its tanker fleet [1][2]. Financing Details - The financing agreements involve refinancing two 300,000 dwt VLCC tankers, one 157,000 dwt Suezmax tanker, and one 50,000 dwt MR Product Tanker [1]. - The company will bareboat charter back the vessels for ten years (seven years for M/T Eco Marina Del Ray) at monthly installments of $0.25 million per VLCC, $0.18 million for M/T Eco Oceano, and $0.18 million for M/T Eco Marina Del Ray [3]. - A purchase obligation of $38.5 million per VLCC, $20.0 million for M/T Eco Oceano, and $13.0 million for M/T Eco Marina Del Ray is stipulated at the end of the respective charters [3]. Financial Position - The cash released from the financing approximates the company's current market capitalization, maintaining a conservative fleet leverage ratio of about 52% [3]. - The financing agreements bear an interest rate of 3-month term SOFR plus a margin of 1.95% per annum [3]. Covenants and Guarantees - The financing agreements include customary covenants, event of default clauses, and performance requirements, such as maintaining a leverage ratio of no more than 85% and minimum liquid funds per vessel type [4]. - The company provided guarantees for the obligations of its vessel-owning subsidiaries under the SLBs, as well as for similar agreements entered into by Rubico Inc. totaling $84.0 million [5]. Company Overview - Top Ships Inc. is an international owner and operator of modern, fuel-efficient eco tanker vessels, focusing on transporting crude oil, petroleum products, and bulk liquid chemicals [6].

Summary of Key Points from the Conference Call Industry Overview - The maritime tanker industry is entering a second phase of market upcycle, with mid-size crude and product tankers experiencing record earnings from 2022 to 2024, while Very Large Crude Carriers (VLCCs) lagged due to OPEC+ production cuts [1][2] - OPEC+ is reversing its production cuts, which is expected to benefit VLCCs and lead to stronger rates across all tanker segments [1][2] Market Dynamics - Seaborne crude volumes are projected to increase, with OPEC+ returning 1.65 million barrels per day (mb/d) of previous production cuts, primarily from Middle Eastern countries [2] - Middle East exports (excluding Iran) peaked at 17.0 mb/d in late 2022, with VLCC spot rates averaging $80,000/day, but have since averaged 14.7 mb/d in 2023 with VLCC rates at $45,000/day [2][3] - A tighter supply/demand balance is anticipated as seaborne volumes are expected to return to 2022 highs, despite modest fleet capacity increases [2][4] VLCC Market Insights - Historically, VLCCs have led tanker rates; however, mid-size tankers gained preference due to changing trade patterns [3] - A surge in VLCC rates above $100,000/day historically leads to increases in rates for smaller tanker segments [3] - VLCC rate forecasts have been raised to $67,500/day for 2026 and 2027, up from $65,000/day, compared to an average of $45,000/day in 2023 [4][15] Financial Health of Companies - The average net loan-to-value (LTV) ratio for tanker companies has improved from 50% in 2022 to 23% currently, indicating stronger balance sheets [5][16] - Companies have utilized cash flows to pay down debt, reinvest in fleets, and return capital to shareholders, with a significant increase in cash reserves from $1.1 billion to $2.9 billion since 2022 [5][18] Investment Recommendations - Top stock picks include Frontline (FRO), Scorpio Tankers (STNG), and International Seaways (INSW), all rated as "Buy" with respective price targets of $28.00, $70.00, and $58.00 [6][9] - DHT Holdings (DHT) and Hafnia (HAFN) are also highlighted as strong investment opportunities with price targets of $16.00 and $7.50, respectively [6][9] Valuation Metrics - The tanker sector is expected to see improved valuations as net asset values (NAVs) shift to support levels rather than target levels [5] - The average tanker company in coverage has a P/NAV ratio of 88% and a projected 2026 free cash flow yield of 18% [21][23] Additional Insights - Geopolitical factors have significantly influenced shipping fundamentals, with the current cycle driven by fleet dislocation rather than strong demand fundamentals [19] - Potential consolidation in the tanker sector could enhance access to capital and improve valuations, particularly if larger players merge [20] Company-Specific Highlights - Ardmore Shipping (ASC) has focused on debt reduction and fleet modernization, with a target price of $15.00 [24][25] - DHT Holdings (DHT) is positioned as a pure-play VLCC company with a target price of $16.00, emphasizing its high dividend payout policy [32][36] - Okeanis Eco Tankers (ECO) operates a modern fleet with a target price of $35.00, focusing on shareholder returns and premium rate capture [42][47] This summary encapsulates the key points discussed in the conference call, providing insights into the tanker industry, market dynamics, financial health of companies, and investment recommendations.

Financial Data and Key Metrics Changes - The company reported a blended loss of $7,600,000 for Q2, with a profit of $7,700,000 from the old CMB Tech and a loss of $50,000,000 from Golden Ocean exposure [11][42] - The liquidity stands at approximately $400,000,000, with a contract backlog of about $2,900,000,000 [11][10] - The company has $1,860,000,000 in outstanding CapEx commitments, of which $1,600,000,000 is already financed [11][12] Business Line Data and Key Metrics Changes - The dry bulk division, Bossimar, has become the largest division, with 119 ships in operation [6][22] - The time charter equivalent (TCE) for the Newcastle MAXs on the CMB Tech side was $23,000 for Q2, increasing to $28,000 for Q3 to date [23][24] - The Suezmaxes achieved a TCE of $40,000 for both Q2 and Q3 to date [16] Market Data and Key Metrics Changes - The company has a market cap exceeding $2,000,000,000, with a free float of 38% [4] - The order book to fleet ratio for Suezmaxes stands at 19%, while VLCCs are at 14% [20] - Demand indicators for dry bulk are positive, with increased iron ore imports and reduced steel inventories in China [24][28] Company Strategy and Development Direction - The company aims to integrate the fleets from the merger with Golden Ocean and explore opportunities across all five divisions [50][41] - There is a focus on maintaining a modern fleet, with plans for fleet rejuvenation and potential sales of older vessels [66][67] - The company is positive on tankers and dry bulk markets, while remaining cautious on containers and chemicals [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tanker markets, anticipating increased oil supply and supportive conditions for the dry bulk sector [19][20] - The company is monitoring the impact of potential U.S. regulations on greenhouse gas emissions, with expectations that it could lead to increased interest in long-term charters [62][63] - The management is confident in the operational leverage and integration of the fleets post-merger, expecting positive outcomes in the coming quarters [75][76] Other Important Information - The company declared an interim dividend of €0.05, with plans to assess future dividends based on financial performance [13][48] - The merger with Golden Ocean has been completed, enhancing the company's position in the maritime sector [42][43] - The company is actively working on the infrastructure for ammonia bunkering for its new vessels [69] Q&A Session Summary Question: What is the interpretation of the dividend payment? - The board decided to initiate dividends, which will be evaluated quarterly based on financial performance and cash flow needs [48][49] Question: What will be the focus for the company post-merger? - The focus will be on integrating the fleet and exploring opportunities across all divisions while maintaining operational efficiency [50][51] Question: Can you provide details on refinancing post-merger? - The refinancing of the Golden Ocean fleet has been completed, with new covenants aligned with banks [56][58] Question: How will the U.S. presidential actions affect greenhouse gas regulations? - The impact is uncertain, but management believes there is still a good chance for the regulations to pass, which could positively influence long-term charter opportunities [60][62] Question: What is the stance on older vessels in the fleet? - The company aims to operate a modern fleet and will consider selling older vessels if good prices are offered [66][67] Question: Will iron ore volumes from Africa replace existing volumes? - It is expected that the new volumes will coexist with existing ones, potentially benefiting the market overall [72][73] Question: Are share buybacks being considered? - Share buybacks are a possibility, but the focus will be on operational performance and integration post-merger before making such decisions [74][75] Question: How does the company view the shadow fleet? - The company hopes for the shadow fleet to disappear, as it competes unfairly with the official market [79][80]