Ardmore Shipping Corporation Q4 FY2025 earnings call

• Ardmore is focused on future with key strategic principles including performance, transactions leveraging scalable platform, innovation, capital allocation policy, and governance. - Asset flexibility is a core advantage with fleet of MR product and chemical tankers able to operate across wide range of cargoes and markets. - In 2025, completed intensive drydocking program, upgraded cargo tank coatings on chemical tankers, expanded fleet with timely acquisitions, predominantly trades in spot market with 82% exposure but also layers in high-quality time charters. - Global trading operation covers three key locations (Houston, Ireland, Singapore) servicing wide high-quality customer base. - Utilizes AI-driven technology to optimize voyages and deploy advanced hull coatings and robots for hull performance, with innovation central to culture. - Maintains best-in-class corporate governance, ranked top-ranked tanker company in Webber’s Corporate Governance Scorecard.

For the fourth quarter, MR tankers earned $25,300 per day and chemical tankers earned $19,900 per day. So far in the first quarter, MR tankers have 50% booked at $29,100 per day and chemical tankers have 30% booked at $20,800 per day. Full year adjusted earnings were $38,800,000, or $0.95 per share, and for the fourth quarter, adjusted earnings were $11,600,000, or $0.28 per share. Ardmore’s strong operating leverage positions it to benefit from market shifts, with EBITDAR for the quarter being $27,000,000 and for the year $95,000,000.

• Forecast significant reduction in fleet CapEx for 2026, approximately $5,000,000 compared with $30,000,000 in 2025, expecting revenue days to increase accordingly and earnings power to rise. - 2026 first quarter guidance related to EBITDAR and other financial metrics as per reconciliation in appendix.

• Geopolitical disruption reshapes trade routes and extends voyage distances. - Over 16% of global tanker fleet subjected to sanctions, making it difficult for those vessels to trade, with about 30% of fleet operating outside mainstream trades, and older vessels facing compliance and utilization issues as they approach scrapping window.

Q: About future capital allocation considering MR values have taken off, where to put capital?

A: Look at capital allocation across dimensions, continue to look for pockets of value across tonnage sources, weigh specification, fuel efficiency, age, delivery position, and be patient waiting for opportunities.

Q: Thoughts on newbuilding market for MRs?

A: Have not been active in newbuilding market since 2013, continue to monitor different asset classes and ages for value, react quickly to opportunities in secondhand market.

Q: Regarding AI and returns, meaning return on investment or return of investment?

A: For Ardmore, AI strategy is on subscription basis, if technology does not meet return expectations, pull the plug, focusing on ambitious return expectations when deploying cash flows.

Q: Implications of Venezuela and Iran?

A: Creates volatility, shifts in commodity pricing and freight rates, adds layers of demand to already volatile freight markets.

Q: How does time charter fit in?

A: Portfolio approach, still predominant spot player with 82% market exposure, but locking in high-quality time charters with top counterparties to fortify earnings portfolio, using it as part of diversified earnings approach