d'Amico International Shipping S.A. · MIL:DIS
d'Amico International Shipping — 9M 2026 Earnings Presentation
69 slides from d'Amico International Shipping's earnings presentation, Nov 5, 2026
Slide 1: Q3 & First 9M 2026 Presentation
Q3 & First 9M 2026 Presentation d’Amico International Shipping November 5th, 2026
Slide 2: Disclaimer
Disclaimer. There shall be no offering or sale of any securities of d’Amico International Shipping S.A. in the United States of America, Switzerland, Canada, Australia, Japan, the United Kingdom or any jurisdiction in which such offer, solicitation or sale would be unlawful prior to its registration
Slide 3: Agenda
AGENDA. ▪ Executive summary ▪ DIS’ overview and key financials ▪ Strategic priorities and market overview ▪ Why invest in DIS ▪ DIS’ ESG ▪ Appendix
Slide 4: Executive summary
Executive summary. • Net profit – In the first 9M’26, d’Amico International Shipping S.A. (“DIS” or “the Company”) reported a net profit of US$107.2m, compared with US$62.8m in the first 9M’25, and a net profit of US$27.8m in Q3’26, compared with US$24.3m in Q3’25. The positive results reflect the r
Slide 5: Executive summary (continued)
Executive summary (continued). • Order of two newbuilding MR2 vessels – In Jan’26, DIS ordered two MR2 (50,000 dwt) product tanker newbuildings from Jiangsu New Yangzi Shipbuilding Co., Ltd. (China) (“YZJ”) for US$45.4m each, with delivery expected in Mar’29 and Jun’29. The contract included options
Slide 6: DIS' overview and key financials
DIS’ overview and key financials
Slide 7: A modern, high-quality and versatile fleet
A modern, high-quality and versatile fleet. September 30th, 2026 DIS Fleet 1 LR1 MR Handy Total % Owned 6.0 14.0 6.0 26.0 92.9% Bareboat chartered 0.0 2.0 0.0 2.0 7.1% TOTAL on water 6.0 16.0 6.0 28.0 100.0% Vessels under construction 4.0 4.0 2.0 10.0 n.a. TOTAL including newbuildings 10.0 20.0 8.0
Slide 8: Lighter bank debt repayments and low refinancing risk
Lighter bank debt repayments and low refinancing risk. Forecasted bank debt financing cash-flow (Excluding overdraft facilities)1,2,3 US$/mm DIS’ substantial deleveraging has significantly reduced scheduled bank debt repayments. Furthermore, due to recent refinancings and voluntary prepayments, the
Slide 9: Q4'26 estimated TCE earnings
Q4’26 estimated TCE earnings1. Q4’26 fixed days Q4’26 potential blended TCE TCE US$/day % of ‘fixed days’ TCE US$/day • Contract coverage: DIS has fixed ~59% of its Q4’26 employment days at a daily average of US$ 24,203. • Fixed spot days: DIS has fixed ~25% of its Q4’26 employment days on spot voya
Slide 10: Strong earnings outlook
Strong earnings outlook. Estimated fleet evolution (avg. n. of vessels)1 Potential upside to earnings2 N. of ships (based on ‘available days’) US$/mm Estimated net results on fixed contract days3 Potential net results4 US$/mm US$/mm 1. Average number of vessels in each period based on contracts in p
Slide 11: Temporary cost pressure
Temporary cost pressure. Daily operating costs – owned and bareboat General & administrative costs – total fleet vessels1 US$/day US$/m • Following significant cost containment between FY’18 and FY’22, operating and G&A costs increased from FY’23, mainly reflecting inflationary pressures and, for G&
Slide 12: Financial results. First 9M'26 Net financial position
Financial results. First 9M’26 Net financial position. (US$ million) Dec. 31st, 2025 Sep. 30th, 2026 Gross debt (210.5) (208.3) IFRS 16 – additional liabilities (2.2) (1.7) Cash and cash equivalents 183.9 265.4 Other current financial assets1 1.4 1.2 Net financial position (NFP) (27.4) 56.6 Net fina
Slide 13: Financial results. First 9M'26 Results
Financial results. First 9M’26 Results. (US$ million) Q3’25 Q3’26 9M’25 9M’26 Non-recurring items: TCE Earnings 66.8 67.1 196.6 220.0 (US$ million) Q3’25 Q3’26 9M’25 9M’26 Total net revenue 68.0 68.2 200.2 225.7 Result on disposal of vessels (0.3) 1.0 (0.8) 5.3 Result on disposal of vessels (0.3) 1.
Slide 14: Financial results. First 9M'26 Key operating measures
Financial results. First 9M’26 Key operating measures. Key Operating Q1 2025 Q2 2025 Q3 2025 9M 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Q3 2026 9M 2026 Measures Avg. n. of vessels 32.7 32.0 31.1 31.9 30.4 31.6 29.0 28.2 28.0 28.4 Fleet contract 39.6% 50.8% 54.9% 48.4% 57.7% 50.7% 62.2% 65.3% 62.2% 63.2
Slide 15: Strategic priorities and market overview
Strategic priorities and market overview
Slide 16: DIS' CAPEX commitments
DIS’ CAPEX1 commitments. Investment plan US$/mm • DIS invested US$ 924.4m1 from FY’12 to FY‘19, mostly related to 22 newbuildings ordered since 2012. • DIS invested US$306.5 million between FY’22 and 9M’26 in vessel acquisitions, including the exercise of purchase options on six modern Japanese MR2
Slide 17: DIS' purchase options on leased vessels
DIS’ purchase options on leased vessels. Exercised purchase options: Vessel Name Build Purch. Option • Starting from Sep’22, the previous lease Date Delivery Date arrangements for High Discovery and High 1 High Priority Mar-05 Feb-21 Fidelity were replaced with new ten-year High Voyager 2 Nov-14 Jan
Slide 18: DIS' purchase options on time-chartered-in vessels
DIS’ purchase options on time-chartered-in vessels. • DIS has also exercised six purchase options on its time-chartered-in vessels, which were all well in the money relative to their current market value. Exercised purchase options (US$ mm): • Two of these options, relating to the High Adventurer an
Slide 19: Contracts and modern fleet to drive future results
Contracts and modern fleet to drive future results. Average TC and TC equivalent covered rates1 % of ‘employment days’ US$/day % of ‘employment days’ US$/day DIS’ increasing % of ‘Eco’ fleet • For ’27, DIS has covered ~38% of its available vessel days at an average TC equivalent rate of ~US$ 24.6k/d
Slide 20: Strengthening freight rates and asset values
Strengthening freight rates and asset values. Historical MR TC and spot rates1 Historical MR asset values1 US$/day US$/m 70,000 1 YR TC and spot rates reached their all- time high in Oct’26 60 NB, 5yr old and 10yr old vessels are 60,000 55 respectively ~2%, in line and ~2% 50,000 50 below the last c
Slide 21: Iran war. Disruption to oil exports and declining stocks
Iran war. Disruption to oil exports and declining stocks. Global Petroleum Inventories (mb)1 Estimated disruption to Hormuz oil flows in the last 4 weeks2 8.4 20 8.2 18 8.0 16 7.8 14 15 7.6 12 7.4 10 20 7.2 8 7.0 6 6.8 4 3 6.6 2 2 6.4 - Jun-18 Jun-23 Jun-17 Jun-19 Jun-20 Jun-21 Jun-22 Jun-24 Jun-25
Slide 22: Iran war. Rising Hormuz shuttle tanker transits
Iran war. Rising Hormuz shuttle tanker transits. Crude Shuttle Tanker transits through Hormuz CPP & DPP Shuttle Tanker transits through (Kbpd)1 Hormuz (Kbpd)1 6,000 700 653 5,333 5,000 4,713 600 500 450 459 4,000 3,140 3,189 400 338 3,000 300 225 2,000 200 1,083 114 1,000 632 100 45 28 174 171 0 0 J
Slide 23: Threatened disruptions to Red Sea transits
Threatened disruptions to Red Sea transits. Saudi Red Sea and Egypt crude exports by destination Product flows via Bab-el-Mandeb by origin (mb/d)1 (mb/d)1 4.5 4.2 5.0 4.6 3.8 4.5 4.0 3.7 3.7 4.4 3.5 4.5 4.34.2 4.1 4.2 4.34.2 3.4 4.0 3.5 3.9 3.9 4.0 3.0 3.5 2.5 2.32.2 3.0 2.3 2.2 2.5 2.0 2.0 1.9 2.02
Slide 24: Declining Russian product exports
Declining Russian product exports1 Russia’s refined product exports by destination Russia’s refined product exports Million barrels per day Million barrels per day 3.5 3.5 3.0 3.0 2.5 2.5 2.0 2.0 1.5 1.5 1.0 1.0 0.5 0.5 0.0 0.0 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26 Dec-21 Feb-22 Dec-22 Feb-23 De
Slide 25: Record refining margins and widening arbitrages
Record refining margins and widening arbitrages. Refining Margins1 Diesel and Jet Stocks in Gasoil price premium in the $/barrel 120 Atlantic basin2 West over East2 Million barrels $/tonne 100 135 130 200 80 125 150 120 60 100 115 40 110 50 105 0 20 100 Jun-25 Jun-26 Dec-25 Feb-25 Feb-26 Aug-25 Aug-
Slide 26: Sanctioned vessels and oil on water
Sanctioned vessels and oil on water. Sanctioned oil on water1 Total sanctioned tankers2 Million barrels Number of vessels % on total tankers (dwt) 500 1200 20% 450 18% 400 1000 16% 350 14% 800 300 12% 250 600 19% 10% 200 8% 150 400 6% 100 4% 200 50 2% - 0 0% Feb-25 Feb-26 Jul-25 Jul-24 Jul-26 Sep-26
Slide 27: Expected ramp-up in Venezuelan oil exports
Expected ramp-up in Venezuelan oil exports. Venezuela’s oil production 1990-2027 Million barrels per day 3.5 3.0 2.5 2.0 1.5 3.2 3.1 2.8 2.9 2.8 2.9 2.8 2.8 2.8 2.8 2.4 2.4 2.3 2.6 2.5 2.5 2.4 2.5 2.5 2.5 2.5 2.5 2.3 1.0 2.1 2.4 2.3 2.3 2.0 1.5 1.2 0.5 0.9 0.5 0.6 0.7 0.8 0.9 0.9 1.1 0.0 Key implica
Slide 28: Support from non-coated tanker market
Support from non-coated tanker market1. Coated LR2 fleet: no. clean vs. dirty trading1 Historical non-coated tankers’ TCE spot rates1 US$/day 470 785,000 420 685,000 370 585,000 485,000 320 385,000 270 285,000 220 185,000 170 85,000 120 -15,000 Cln (RHS) Dty (LHS) VLCC Suezmax Aframax Non-OPEC crude
Slide 29: Longer-term demand. Changes in the refining landscape
Longer-term demand. Changes in the refining landscape Net refinery capacity additions by year ‘23-’271 % of net refinery capacity Thousand barrels/day 1,500 additions ‘25-’271 1,300 60.0% 1,100 50.0% 900 40.0% 700 30.0% 55.8% 500 47.1% 20.0% 300 27.9% 10.0% 100 7.8% 13.7% 0.0% -100 2023 2024 2025 20
Slide 30: Growing pool of demolition candidates
Growing pool of demolition candidates. Fleet composition by age (MRs and LR1s)1 Fleet composition by age (All tankers)1 70% 60% 60.7% 62.6% 52.7% 53.6% 60% 53.6% 54.7% 47.4% 50% 44.9% 50.2% 50% 40.3% 42.2% 40% 34.0% 40% 34.6% 29.7% 28.4% 30% 25.7% 27.0% 26.1% 27.3% 22.9% 22.5% 23.0% 30% 25.0% 22.5%
Slide 31: Renewed interest in newbuilds in '26
Renewed interest in newbuilds in ‘26. MR newbuilding parity curve vs MR & LR1 orders2 second-hand values1 Period end US$ Million N. of vessels orderbook/fleet ratio 60.0 53.5 250 70% 55.0 61% 50.0 54.0 60% 45.0 43.8 200 47% 40.0 44.0 50% 35.0 34.1 150 40% 30.0 32.0 31% 25.0 24.5 30% 100 21% 20.0 17%
Slide 32: Accelerating but manageable fleet growth
Accelerating but manageable fleet growth. MR & LR1 deliveries and scrapping (m dwt) (lhs), and net MR & LR1 fleet age profile1 fleet growth (%)1 (rhs) Million Dwt Million Dwt and % of current fleet 12 14% 80 54.7% 12.7% 10 11.9% 12.0% 12% 70 8 9.9% 9.7% 10% 60 9.1% 8% 6 50 6% 4 4.8% 4.6% 4.7% 40 4.5
Slide 33: Why invest in DIS
Why invest in DIS
Slide 34: Historical NAV evolution
Historical NAV evolution. DIS’ Historical NAV evolution1,2,3 US$/m US$/share ``` Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Sep-26 Discount to NAV 29% 23% 37% 20% 60% 44% 48% 58% 37% 24% 57% 34% 21% (End of Period) As at September 30th 2026, DIS’ NAV1,2,3 was
Slide 35: Potential use of funds (excluding cash returned to shareholders)
Potential use of funds (excluding cash returned to shareholders). Potential use of funds for investments and lease reimbursements US$/mm • DIS plans lease reimbursements of US$ 15.3 million in FY’26 and US$ 14.0 million in FY’27, arising from the exercise of purchase options on its bareboat-chartere
Slide 36: Increasing shareholder returns
Increasing shareholder returns. Cash returned to shareholders Financial Leverage (NFP to FMV) US$/mm % Supported by robust earnings and a very strong financial structure (Net Financial Position to Fleet Market Value ratio of -4.3% as at end September’26), DIS has been steadily increasing returns to
Slide 37: DIS' fleet. Focus on enhanced technical efficiency
DIS’ fleet. Focus on enhanced technical efficiency. Latest Rudder OPS Propeller Wake Speed/ Prop. Propeller Low conventional with Preswirl Eco EPL (Engine (Onshore Ships Engine (C10.7) boss cap fins Duct Fins Bulb and fins vane Equal. Duct Led nozzles Power Limit) power supply) power control silicon
Slide 38: DIS' fleet. Operational efficiency improvements
DIS’ fleet. Operational efficiency improvements. Tekomar Cutting of CBM (Condition Biofouling Hull full blasting Ships Health check Prop. cleaning Users based maintenance) Risk management age above 10Y • for C02 reduction NB 5 (MR1) On the operational side, DIS' Fleet NB 6 (MR1) has adopted measures
Slide 39: Why invest in DIS today
Why invest in DIS today. • Young-fleet, most of which acquired at historically attractive prices and at top-tier yards. Furthermore, vessels are mostly eco-design (96% of the fleet) and IMO classed (79% of the fleet). • First-class in-house technical management provides DIS access to long-term chart
Slide 40: DIS' ESG
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Slide 41: DIS' purpose and values
DIS’ PURPOSE and VALUES. Long-term vision, Family tradition and Business Ethics Innovation Our sustainable business model pursues the goal of Inspired by the values of our family, we build our creating value and generating a positive impact on the business with a long-term view, focusing on innovati
Slide 42: DIS' ESG. Key figures
DIS’ ESG. Key figures ENVIRONMENTAL VALUE 2025 1 EEXI Compliant ships (as at year-end) 100.0% CII 6.24 IMO classed fleet % (as at year-end)2 79.3% Fleet age (years) 9.6 Fleet certified for the use of Biofuel blends up to B30 (%) (as at year-end) 100% Fleet with installed water ballast treatment syst
Slide 43: DIS' ESG. Environment and Safety
DIS’ ESG. Environment and Safety DIS seeks to be an industry leader on environmental and safety issues: • Among the first fleets worldwide compliant with Monitoring Reporting and Verification criteria for CO2 emissions. • Since 2011 DIS has a fleet performance monitoring department to optimize vesse
Slide 44: DIS' ESG. Environmental KPIs
DIS’ ESG. Environmental KPIs 44
Slide 45: DIS' ESG. Corporate Governance
DIS’ ESG. Corporate Governance DIS is listed on the most demanding segment of the Milan stock exchange (the Star), and has therefore adopted a first-class corporate governance framework: • Incorporated in Luxembourg, it is organized and governed in compliance with Luxembourg laws • Listed on the STA
Slide 46: DIS' ESG. Social responsibility
DIS’ ESG. Social responsibility DIS seeks a diverse and inclusive work environment, where teamwork is highly valued. The high levels of employee satisfaction result in high retention rates. • 26 onshore personnel as at 31 December 2025; • 632 seagoing personnel as at 31 December 2025; • 96% retentio
Slide 47: UN's sustainable development goals
UN’s sustainable development goals. DIS’ Sustainable DIS’ Sustainable DIS’ Sustainable Sustainability Development Sustainability Development Sustainability Development Topics Goals Topics Goals Topics Goals Vessel energy Integrated Ship recycling efficiency management system for ongoing improvement
Slide 48: UN's sustainable development goals
UN’s sustainable development goals. DIS’ Sustainable Activity performed by DIS Sustainability Topics Development Goals Vessel energy efficiency • Renewal of the fleet with “Eco” vessels, in line with IMO directives, thanks to the implementation of innovative technologies. Innovation: • Projects aime
Slide 49: UN's sustainable development goals
UN’s sustainable development goals. DIS’ Sustainable Activity performed by DIS Sustainability Topics Development Goals Integrated management • Transparent statement of policies governing operations on board managed ships - in system for ongoing order to ensure safety and efficiency - and of the meth
Slide 50: UN's sustainable development goals
UN’s sustainable development goals. DIS’ Sustainable Activity performed by DIS Sustainability Topics Development Goals Ship recycling • Preparation of hazardous material inventories on all new buildings and on the existing fleet. Stakeholder engagement • Stakeholder mapping and detection of needs an
Slide 51: Appendix
Appendix
Slide 52: IMO (MEPC 76). CII and EEXI
IMO (MEPC 76). CII and EEXI In June 2021, IMO's Marine Environment Protection Committee (MEPC 76) adopted amendments to the International Convention for the Prevention of Pollution from Ships (MARPOL) Annex VI that will require ships to reduce their greenhouse gas emissions. These amendments combine
Slide 53: IMO (MEPC 80). Net zero by 2050
IMO (MEPC 80). Net zero by 2050 In July 2023, IMO's Marine Environment Protection Committee (MEPC 80) has set more ambitious targets compared with the Initial IMO Strategy on Reduction of GHG Emissions from Ships. The new targets consider the Well-to-Wake (WtW) GHG emissions of marine fuels, as addr
Slide 54: IMO (MEPC 83). Approval of Net-Zero Framework
IMO (MEPC 83). Approval of Net-Zero Framework The 83rd session of the International Maritime Organization’s Marine Environment Protection Committee (MEPC 83), held from 7 to 11 April 2025, marked a pivotal advancement in maritime environmental regulation. Key decisions were made to align internation
Slide 55: (MEPC/ES.2). October 2025
(MEPC/ES.2). October 2025 The International Maritime Organization (IMO) has agreed to adjourn the extraordinary session of the Marine Environment Protection Committee (MEPC), which was convened from 14 to 17 October 2025 to consider the adoption of draft amendments to MARPOL Annex VI, including the
Slide 56: EU Emission Trading System (ETS) and Fuel EU
EU Emission Trading System (ETS) and Fuel EU. The European Commission has recently published a set of legislative proposals to enable the EU to attain its 2030 target of reducing its greenhouse gas emissions by at least 55% by 2030 compared with 1990 levels. In particular, the EU Commission included
Slide 57: Temporary reversal in Chinese naphtha imports growth
Temporary reversal in Chinese naphtha imports growth. Chinese naphtha imports1 Thousand barrels/day 500 450 400 350 300 250 200 150 100 50 0 Apr-17 Jul-17 Oct-17 Apr-18 Jul-18 Apr-19 Jul-19 Apr-20 Jul-20 Apr-21 Jul-21 Apr-22 Jul-22 Oct-22 Apr-23 Jul-23 Apr-24 Jul-24 Apr-25 Jul-25 Apr-26 Jul-26 Oct-1
Slide 58: Jet fuel remains the most resilient oil product in '26
Jet fuel remains the most resilient oil product in ‘26. % Change in number of commercial Jet fuel & Kerosene demand 2021-2027 Global demand change by product flights vs. 20191 (kbpd)2 2026 (kbpd)2 Thousand barrels/day Y-O-Y growth Thousand barrels 30% 8,000 25% 7,000 Jet fuel & Kerosene -67 15% 20%
Slide 59: Substantial deliveries and rising scrapping potential
Substantial deliveries and rising scrapping potential. All tankers deliveries, 2026-20271 100 90 80 N. Of vessels 70 48 41 60 30 33 48 45 49 54 50 40 30 20 45 44 41 45 31 35 29 25 10 0 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 Q3'27 Q4'27 Estimated deliveries MR and LR1 Estimated deliveries all other tank
Slide 60: DIS' Shareholdings Structure
DIS’ Shareholdings Structure. Key Information on DIS’ shares 3 1. d'Amico International SA 55.66% 2. Others 40.30% 2 3. d'Amico International Shipping SA 4.04% 100.00% 1 Listing market Borsa Italiana, STAR No. of shares issued 124,106,556 Market capitalisation1 €1.1 billion Shares repurchased / % of
Slide 61: d'Amico Group Structure
d’Amico Group Structure. 100% d’Amico Società di Navigazione Spa d’Amico International S.A. 100% 100% d’Amico Ship Ishima Pte Ltd Management S.r.l. 85% 76.9% Rudder S.A.M. Sirius Ship Management S.r.l. 100% d’Amico Dry d.a.c. 55.66% d’Amico International Shipping S.A. 100% d’Amico Tankers d.a.c. 100
Slide 62: DIS' estimated sensitivity to interest rates
DIS’ estimated sensitivity to interest rates1. (US$ million) FY’26 FY’27 FY’28 Estimated average bank debt (173.4) (214.3) (246.1) Estimated average hedged bank debt 24.3 12.0 7.3 Estimated average unhedged bank debt (149.1) (202.4) (238.8) Assumed average cash & equivalents 100.0 100.0 100.0 Estima
Slide 63: Financial results. Consolidated Income Statement
Financial results. Consolidated Income Statement 63
Slide 64: Financial results. Consolidated Balance Sheet
Financial results. Consolidated Balance Sheet 64
Slide 65: Financial results. Consolidated Cash Flow Statement
Financial results. Consolidated Cash Flow Statement 65
Slide 66: DIS' current fleet overview. LR1 & MR Fleet
DIS’current fleet overview. LR1 & MR Fleet Owned - LR1 Tonnage (dwt) Year Built Builder, Country Interest1 IMO Classified Bright Future2 75,000 2019 Hyundai MIPO, South Korea (Vinashin) 100% - Cielo di Cagliari 75,000 2018 Hyundai MIPO, South Korea (Vinashin) 100% - Cielo Rosso 75,000 2018 Hyundai M
Slide 67: DIS' current fleet overview. Handy Fleet
DIS’current fleet overview. Handy Fleet Owned Tonnage (dwt) Year Built Builder, Country Interest1 IMO Classified Cielo di Salerno 39,043 2016 Hyundai MIPO, South Korea (Vinashin) 100% IMO II/IMO III Cielo di Hanoi 39,043 2016 Hyundai MIPO, South Korea (Vinashin) 100% IMO II/IMO III Cielo di Capri 39
Slide 68: DIS' New Building Program
DIS’NEW BUILDING PROGRAM. Owned Estimated tonnage (dwt) Estimated delivery date Builder, Country Interest1 MR/Handysize/LR1 YZJ2024-1642 – Tbn 75,000 Q3-2027 Jiangsu New Yangzi Shipbuilding, China 100% LR1 YZJ2024-1643 – Tbn 75,000 Q4-2027 Jiangsu New Yangzi Shipbuilding, China 100% LR1 YZJ2024-1644
Slide 69: Thank you!
Thank you!
d'Amico International Shipping — 9M 2026 Earnings Presentation on 6ix