Second Quarter Ended June 30, 2025 Results August 8, 2025 FORWARD-LOOKING STATEMENTS & INFORMATION DISCLAIMER Mixed quarterly results ►Time charter equivalent revenues* of $8.8 million, down 28.2% from robust Q2 2024 ►Net loss of $1.9 million, or $0.19 EPS (basic and diluted) ►Adjusted EBITDA** of $1.2 million, down $6.8 million from Q2 '24 ►Q2 '25 earnings affected by one-off G&A expense and softer chartering conditions in both the product tanker and dry bulk sectors vs. exceptional 2024 period; In Q2 2025 ...

Financial Highlights - Teekay Tankers reported GAAP Net Income of $76 million, translating to $2.20 per share in Q1 2025[5] - Adjusted Net Income for Teekay Tankers was $41.8 million, or $1.21 per share[5] - Teekay Tankers generated Free Cash Flow (FCF) of $65.4 million in Q1 2025[5] - Teekay Corporation (TK) declared a special dividend of $1.00 per share, payable in July 2025[9] - Teekay Corporation's sum-of-the-parts (SOTP) value is $8.01 per share, based on a TNK investment of $492 million and a net cash position of $177 million[38] Fleet and Market Dynamics - Teekay Group sold six vessels with an average age of 17 years since the start of 2025, generating approximately $183 million in gross proceeds and an estimated $53 million in gains[9] - Spot rates for Suezmax and Aframax/LR2 vessels have increased since the beginning of the year, reaching the highest level since Q1 2024[10] - Q1 2025 spot rates for Suezmax vessels averaged $48,800, and Aframax/LR2 vessels averaged $27,800[5] - Q2 2025 to-date spot rates for Suezmax vessels averaged $43,600, and Aframax/LR2 vessels averaged $36,800, with 48% and 41% of days booked, respectively[8] - The company anticipates 1,844 Suezmax and 1,575 Aframax / LR2 spot ship days available for Q2-25[51] Future Outlook - Teekay Tankers anticipates a decrease of approximately $2.5 million in charter hire expenses for Q2 2025, primarily due to the redelivery of one in-chartered tanker in Q1 2025[51] - Teekay Tankers expects a decrease of approximately $1.5 million in depreciation and amortization for Q2 2025, mainly due to vessel sales[51] - The company's low fleet FCF break-even is approximately $13,200 per day[31]

Financial Performance & Capital Allocation - Teekay Tankers reported GAAP Net Income of $76 million, or $2.20 per share, and Adjusted Net Income of $41.8 million, or $1.21 per share, for Q1 2025[5] - Teekay Tankers' Free Cash Flow (FCF) for Q1 2025 was $65.4 million[5] - Teekay Tankers declared a fixed quarterly dividend of $0.25 per share and a special dividend of $1.00 per share, payable in May 2025[9] - Teekay Corporation (TK) declared a special dividend of $1.00 per share payable in July 2025[9] - Teekay Corporation's sum-of-the-parts (SOTP) value is $8.01 per share, based on a TNK investment of $492 million and a net cash position of $177 million with 83.5 million shares outstanding[38] Fleet Management - Teekay Tankers agreed to acquire one 2019-built LR2, expected to deliver in late-May 2025[9] - Since the start of 2025, Teekay Tankers sold six vessels with an average age of 17 years for gross proceeds of approximately $183 million and estimated gains from sales of approximately $53 million[9] Spot Market & Tanker Rates - Mid-size tanker spot rates have increased to the highest level since Q1 2024[14] - Q1 2025 spot rates for Suezmax vessels averaged $48,800, compared to $47,300 in Q1 2024[6] - Q1 2025 spot rates for Aframax/LR2 vessels averaged $27,800, compared to $26,800 in Q1 2024[6] - Approximately 48% of Suezmax and 41% of Aframax/LR2 spot ship days have been booked for Q2 2025 to-date[8]