Tsakos Energy Navigation Limited Q4 FY2025 earnings call

• Chairman Arapoglou noted 19 new buildings under construction in money, sold 10 - year old VLCC for $82M free cash, locked - in future revenue over 4B, 22 vessels in spot/stroke profit share. • CEO Tsakos mentioned 2025 was milestone year with strategic transactions, strong Q4 before geopolitical events, opened Venezuela to mainstream fleet, benefited from Red Sea/Gulf of Aden issues strengthening spot rates, invested in older tankers, modernized fleet with VLCC/LNG orders, had dividend policy. • COO Saroglu discussed Middle East geopolitical events affecting shipping, tanker markets healthy, 20 new time - chartered fixtures/extensions in Q4 2025, 83 - vessel pro forma fleet details, repeat clients, all - in break - even course for vessel types, solid balance sheet, fleet renewal to greener vessels. • CFO Kosmatos reviewed 2025 fleet employment, revenue, income, expenses, balance sheet; Q4 2025 financials, fleet utilization, revenues, expenses, income

No specific detailed product segment financial performance breakdown provided in the transcript beyond general fleet and revenue contributions mentions. Key points include 19 new buildings under construction already in the money, sold a 10 - year old VLCC generating $82M free cash, locked - in contracted future revenue over 4 billion, 22 vessels in spot market/stroke profit share. Fleet details: 83 - vessel pro forma fleet with different vessel types in spot, time charter with profit sharing, fixed rate time charters; shuttle tanker fleet with 16 vessels, one of largest operators; LNG vessels with new order. Financials: 2025 gross revenues ~$800M, operating income ~$252M, net income $161M; 2025 Q4 gross revenues $222M, operating income $81M, net income $58M

• Management mentioned 2026 started strongly, earnings and free cash flow set to rise significantly. • Prioritize rewarding shareholders, reducing debt, and might repurchase preferreds in April 2027. • Profit sharing expected to step up in Q1 and Q2 2026

• Geopolitical events in Middle East and Arabian Gulf, including Strait of Hormuz, affecting shipping and spot rates. • Insurance costs increased by 500% as a result of geopolitical risks

Q: About the two LNG carrier orders, whether in discussions for long - term charter employment and target durations.

A: LNG segment participated early, too early to charter long - term, more long - term investment.

Q: How index link portion is calculated and benefit from spot rate surge.

A: Tenancy is profit sharing based on Far East and Transatlantic routes, current employment ends in 8 months, appetite for prompt ship.

Q: Fixed rates of recently delivered MR2 new builds.

A: Fixed rates, very accretive in mid to high 20s.

Q: Shuttle tanker new builds financing terms.

A: Have hands - on site offices in Korean yards, concluded large syndication for finance at competitive terms.

Q: 2026 capital allocation priorities.

A: Reward shareholders, reduce debt, might repurchase preferreds.

Q: Impact of profit sharing agreements on voyage revenue.

A: $27M additional income in Q4 2025 from provisional income, first quarter to step up.

Q: Selling of VLCC, strategic fleet renewal.

A: Philosophy to sell 10 - 15 - year - old vessels, took advantage of market, selling in June.

Q: Chartering strategy and profit sharing in future quarters.

A: Profit - sharing arrangements beneficial, break - evens competitive.

Q: Insurance expenses and fuel costs due to Middle East turmoil.

A: Insurance up 500%, fuel costs mostly passed to charters as on time - charter.

Q: Dry docking schedule for rest of 2026.

A: Q1: 2 vessels, Q2: 5 vessels, Q3: 7 vessels, Q4: 3 vessels