Ardmore Shipping Corporation · NYSE:ASC
Ardmore Shipping — Q3 2026 Earnings Presentation
28 slides from Ardmore Shipping's earnings presentation, Nov 3, 2026
Slide 1: Ardmore Shipping Corporation Third Quarter 2026
Ardmore Shipping Corporation Third Quarter 2026
Slide 2: Disclaimer
Disclaimer This presentation contains certain statements that may be deemed to be “forward-looking statements” within the meaning of applicable U.S. federal securities laws. All statements, other than statements of historical facts, that address activities, events or developments that Ardmore Shippi
Slide 3: Contents
Contents I. Earnings Highlights II. Market Outlook III. Financial and Operating Performance IV. Summary V. Appendix 3
Slide 4: Earnings Highlights
Earnings Highlights Ardmore dynamically navigating strong markets Earnings Highlights(1) 3Q 2026 Adjusted Earnings $16.3m EPS $0.40 Dividend per Share $0.27 ▪ Strong performance in seasonally softer third quarter; momentum building into 4Q o Geopolitical dislocation continues to reshape trade patter
Slide 5: Earnings Highlights: MR TCE rates surging in the fourth quarter
Earnings Highlights MR TCE rates surging in the fourth quarter TCE Rates(1) 3Q 2026 4Q 2026 TD MR TCE Over 5x Breakeven(1)(2) $57,600 MRs $27,000 (45% fixed) $57,600 $30,100 Chemical Tankers $23,300 (60% fixed) +130% YoY $27,000 $24,700 $25,300 Operating cash breakeven of $10,800 / day 3Q 2025 3Q 20
Slide 6: Capital Allocation Policy
Capital Allocation Policy Delivering strong shareholder returns while investing in fleet renewal and growth Priority Description Highlights Maintain fleet over time Investing in fleet to drive ✓ Realizing high returns through continuous sea performance and efficiency and shoreside technology upgrade
Slide 7: Contents
Contents I. Earnings Highlights II. Market Outlook III. Financial and Operating Performance IV. Summary V. Appendix 7
Slide 8: Current Market Dynamics
Current Market Dynamics Higher oil volumes boosting refining activity and product tanker demand Oil Volumes Accelerating(1) ▪ Global seaborne crude shipments have returned to pre- conflict levels 55 50 ▪ Increased volumes and high crack spreads expected to mbd boost refinery runs for 4Q 2026 and int
Slide 9: Inventory Replenishment
Inventory Replenishment Inventory replenishment set to boost tanker demand ▪ Regional supply shortfalls due to disrupted crude and European Jet Fuel Inventory Draws(1) product flows 10 ▪ Product stocks now at multi-year lows 9 8 Million barrels ▪ Rebuilding stocks to add incremental demand, once 7 d
Slide 10: Demand Fundamentals
Demand Fundamentals Geopolitical shifts and refinery dislocation are reshaping global trade flows ▪ Energy security remains a growing priority; with governments diversifying import sources and securing seaborne supply chains ▪ Refining and consumption increasingly dislocated; closures in West replac
Slide 11: Aging Industry Fleet
Aging Industry Fleet Favorable fleet demographics outweigh capacity additions ▪ MR orderbook 18% of the fleet; in the next five years ~50% of existing fleet will be 20+ years old ▪ Handy orderbook 6% of the fleet; in the next five years ~75% of existing fleet will be 20+ years old Global MR Tanker F
Slide 12: Fleet Age and Utilization
Fleet Age and Utilization Significant decline in utilization levels as vessels age MR Utilization Rate (%)(1) 64% 51% 0-19 Years 20+ Years 0-19 Years 20+ Years 1) Vortexa 12
Slide 13: Contents
Contents I. Earnings Highlights II. Market Outlook III. Financial and Operating Performance IV. Summary V. Appendix 13
Slide 14: Continued Focus on Financial Strength
Continued Focus on Financial Strength Strong balance sheet and low breakeven, supporting newbuild capex coverage ▪ Ardmore generating robust cash flows through tight Strong Balance Sheet cost control and optimizing TCE performance Sep 30, Newbuild Pro-Forma Sep 30, US$ millions, unless otherwise sta
Slide 15: Financial Highlights
Financial Highlights Delivering high-quality earnings through continued TCE strength and cost discipline Key Financial Data ▪ 3Q 2026: Adjusted EBITDAR(1) of $28.8 million and EPS of $0.40 Three Months Ended ▪ Refer to slide 28 for 4Q 2026 guidance numbers US$ millions, unless otherwise stated Sep 3
Slide 16: Operational Highlights
Operational Highlights Optimizing operating performance and earnings ▪ Safety of seafarers continues to be a top priority ▪ On-hire utilization of 99% during the third quarter ▪ DeepSea Neuro installed across our fleet, enabling real- time, high-frequency data collection and transmission o Deliverin
Slide 17: Contents
Contents I. Earnings Highlights II. Market Outlook III. Financial and Operating Performance IV. Summary V. Appendix 17
Slide 18: Summary
Summary Ardmore well positioned and capitalizing on strong market Strong TCE Leading Performance (1) Governance $57,600 Financially Robust Operating Cash Innovation Breakeven Mindset $10,800 1) Basis MR spot TCE for 4Q 2026 TD 18
Slide 19: Contents
Contents I. Earnings Highlights II. Market Outlook III. Financial and Operating Performance IV. Summary V. Appendix 19
Slide 20: Fleet List
Fleet List(1) Vessel Name Ownership Type Dwt IMO Built Country Ardmore Purpose Owned Product/Chemical 50,192 2/3 Sep-2020 Korea Ardmore Persistence Owned Product/Chemical 49,688 2/3 Jan-2017 Korea Ardmore Pursuit Owned Product/Chemical 49,709 2/3 Feb-2017 Korea Ardmore Gibraltar Owned Product/Chemic
Slide 21: Time-Charters Out
Time-Charters Out ▪ Enhancing the value of our trading book through opportunistic time charters o Active portfolio management - adjusting coverage as markets evolve to ensure high-quality earnings o Prioritizing counterparty quality and duration mix to support long-term performance 83% spot exposure
Slide 22: Dividend Payment
Dividend Payment ▪ In line with our consistent Dividend Policy, Ardmore declared a quarterly cash dividend for 3Q 2026 of $0.27 per share o Quarterly dividend calculated as two-thirds of adjusted earnings(1) o The dividend will be paid on December 15, 2026, to all shareholders of record on November
Slide 23: Oil and Chemical Value Chain
Oil and Chemical Value Chain Upstream Midstream Downstream 23
Slide 24: Ardmore Focus: MR & Chemical Tankers
Ardmore Focus: MR & Chemical Tankers World Tanker Fleet(1) 7,728 Vessels Crude Tankers Product Tankers Chemical Tankers VLCC SUEZ AFRA PAN LR2 LR1 MR Chemical 930 706 693 75 569 392 2,290 2,073 Ardmore owns and operates MR & Chemical Tankers Global MR Voyages Last 12 Months Growing Share of World Ta
Slide 25: Refinery Summary and Seaborne Product Trade
Refinery Summary and Seaborne Product Trade Regional Refinery Shift(1) Region Closures 2025 – 2029 Openings 2025 – 2029 Europe 0.5 - Americas 0.6 0.1 Australia - - Middle East - - Africa - 0.8 China - 0.9 Asia (excl. China) - 1.2 Total (mbd) 1.1 3.0 Seaborne Product Trade Balances(2) 2026F 2027F Reg
Slide 26: Refinery Dislocation Boosting Ton-Mile Demand
Refinery Dislocation Boosting Ton-Mile Demand(1) 1) Closures based on announcement periods 26
Slide 27: EBITDA + vessel lease expense component (i.e. EBITDAR)
EBITDA + vessel lease expense component (i.e. EBITDAR)(1) Three months ended Twelve months ended Reconciliation of net income / (loss) to EBITDAR(1) September 30, 2026 September 30, 2026 In thousands of U.S. Dollars Net income 16,348 112,821 Interest income (214) (1,045) Interest expense and finance
Slide 28: Ardmore Indicative Guidance 4Q 2026
Ardmore Indicative Guidance 4Q 2026(1) MR Combined Spot TCE: $57,600 (45% fixed) Chemical Tanker Spot TCE: $30,100 (60% fixed) Revenue Days: 2,100 Operating Expenses: $18.0 million Charter-In Expenses: - Depreciation and Amortization: $10.5 million Overhead (Commercial and Corporate): $6.3 million I