Imperial Petroleum Inc. Q4 FY2025 earnings call

• Q4-25 was dynamic with favorable markets for tanker and dry bulk ships. Net revenues from tankers decreased by almost 18% vs Q3, while dry bulk net revenues rose by 26%. Fleet operational utilization for Q4-25 was 91.8%, best quarterly performance of 2025. Operational utilization for tankers was 93.4% and for dry bulk fleet was 90.4% in Q4. • Continued fleet expansion: Agreed to purchase 3 carriers and 1 tanker vessel in mid-December. After delivery of dry bulk carrier on Jan 12th, fleet on water was 20 ships. 6 more ships to be delivered in 2026. • On Feb 9th, commenced a $10 million stock repurchase program, having repurchased 251,000 shares for an aggregate amount of $900,000 to date. • Commercial strategy efficient: Reduced commercial off-hire days by 24.3% compared to Q3. • Q4 revenues $51.1 million, 95% increase vs same period last year. Operating income Q4 $13.7 million, 174% increase to Q4-24 and 33% increase vs Q3. • For full year 2025, net income $50 million, EBITDA close to $71 million, operating cash flow $81 million. • Fleet deployment: About 65% under time charter, 5 product tankers and 2 shoes maxes in spot market, 2 product tankers under period unemployment, dry bulk ships on short-time charters. • Market rate evolution: Q4 tanker and dry segments rates strengthened. Tanker rates affected by U.S.-Iran conflict, dry bulk rates driven by Chinese iron ore imports, etc. • Strategy: Based on successful commercial management of high-quality-built ships, committed to growing fleet, will have 26 vessels on water by 2026, have cash close to $200 million today.

In Q4-25, compared to Q3 of 25 with the same number of ships, net revenues from tankers decreased by almost 18%, while net revenues from the dry bulk segment rose by about 26%. For Q4-25, revenues came in at $51.1 million, marking a 95% increase against the same period of last year. Operating income for the quarter was in the order of $13.7 million, marking a 174% increase to Q4-24 and a 33% increase compared to Q3. For the full year 2025, net income came in at $50 million, EBITDA close to $71 million, and operating cash flow was as high as $81 million. Within the period of 23 to 25, the company has generated a total of $171 million of net profits and $240 million of total operating cash flow. Regarding fleet deployment, about 65% of the fleet is currently under time charter. We employ 5 product tankers and 2 shoes maxes in the spot market. The remaining 2 product tankers are under period unemployment. All our dry bulk ships are on short-time charters. Market rates: Within Q4-25, market rates strengthened further in both the tanker and dry segments. Rates for tankers were affected by the U.S.-Iran conflict, with Suezmax rates surging due to factors like OPEC exports, U.S. crude output, and high global refining margins. For the dry bulk segment, the positive trend from Q3 continued, driven by factors such as decline in Chinese mine production leading to increased iron ore imports and rise in long-haul bauxite exports from West Africa.

• Within 2026, will take delivery of another 6 ships. • On Feb 9th, commenced a $10 million stock repurchase program, with repurchase of 251,000 shares to date for $900,000.

• Recent U.S.-Iran conflict has spread a global shock and positively affected seaborne trade, particularly for the tanker segment. Duration and further escalation of conflict could hinder trade patterns and cause turmoil in oil supply and pricing. • Oil tanker trade has been disrupted with ships stranded in the Gulf, insurance risk premiums sharply increased, oil prices spiked, and transit delays and operational disruptions expected to drive further volatility. Sustained disruption to oil prices could lead to demand destruction and weakening of global economy. • Tanker fundamentals: Total order book for Suez markets stands at 21%, with 14.8% of the fleet above 20 years of age. For MR tankers, total order book is 14.8%, while 16% of the fleet is above 20 years of age. • Dry bulk market: Total order book for Hyundai ships is 7.3%, with 7.4% of the fleet being above 20 years of age. Total order book for SupraMax vessels stands at 9.5%, with 9.8% of the fleet being above 20 years of age.