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3Q25 Results Presentation 05 November 2025
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2 Disclaimer DISCLAIMER AND FORWARD-LOOKING STATEMENTS The preparation of interim financial statements requires Stainless Tankers ASA's (the "Company", "we" or "our") management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. This presentation includes forward-looking statements which are based on management's current expectations and projections about future events. All statements other than statements of historical facts included herein, including statements regarding our future financial position, market outlook and future economic projections and assumptions and risks and uncertainties related to our business, strategy, capital expenditures, projected costs and our plans and objectives for future operations, may be deemed to be forward-looking statements. Words such as "believe", "expect", "anticipate", "may", "assume", "plan", "intend", "will", "should", "estimate", "risk" and similar expressions or the negatives of these expressions are intended to identify forward-looking statements. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward- looking statements are not guarantees of future performance. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements and readers of this presentation should not place undue reliance on these forward-looking statements. For additional information on risk factors related to the Company and its business, reference is made to our information document dated 27 April 2023. Although management believes that the expectations reflected in the forward-looking statements are reasonable, we cannot assure that our future results, level of activity, performance or achievements will meet these expectations. Moreover, neither we nor any other persons assume responsibility for the accuracy and completeness of the forward-looking statements. Any forward-looking statement speaks only as of the date which such statement is made, and we undertake no obligation to update any of these statements after the date of this presentation.
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3 Agenda Highlights Chemical Tanker Rates & Outlook Q&A Appendix – 3Q25 Financial Statements Financial Review
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4 Highlights 3Q25 EBITDA was up $4.4m (vs. $3.9m in Q2), despite the disposal of Gwen towards the end of August. Revenue slightly higher at $10.0m (vs. $9.6m in Q2), driven by higher utilisation due to fewer planned and unplanned off-hire days. Pool TCEs averaged $16.8k/day in Q3 ($17.8k/day in Q2), with October and November trending softer at approximately $15.7k/day. We expect a slow rate recovery in the coming months. Annual fleet growth of ~4% to 2027 is expected to be manageable compared to 3% demand growth expected. 1. STST will make dividend distributions in the form of return of paid- in-capital 3Q25 NAV Total Return up 1.3%, now up 54% since inception including all distributions. NAV per share at $4.99 (vs. $5.44 in Q2) after paying $0.61 per share in September.NAV performance Balanced market 3Q25 results Market rates Dividend distributions1 2026 Outlook As the geopolitical environment remains uncertain with arguably some recent positive developments and high level of deliveries expected in 2026, we remain overall cautiously optimistic for the medium-term. $0.275/share ordinary dividend and $0.335/share special dividend were paid in September. 54% of the initial capital raised has been returned to investors since inception. However, maintaining the current dividend level is unsustainable given the Company now has less vessels and pool earnings, while still healthy, have declined from prior peaks of $22k/day. Payout policy maintained The Company intends to continue full cash flow payouts, subject to capex and forecast earnings. Prudently, the fixed element of the quarterly dividend, based on the current size of the fleet and current earnings has been reset to $0.135/share (~NOK 1.36/share). However, a top up dividend will be periodically reviewed in addition to the fixed element by the Board.
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5 NAV per share trading at issue price while 54% of initial capital raised already returned to investors * NAV Total Return calculated on a per share basis since IPO assuming dividends reinvested 153.7 0 40 80 120 160 200 0 2 4 6 8 10 IPO 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Index. IPO = 100 NAV or Book Value per Share Book equity value vs. Market value NAV per share since inception Book Value /share NAV /share NAV Total Return Index (RHS) 4.73 4.99 2.15 0.81 (2.70) 0 1 2 3 4 5 6 7 8 9 IPO Net proceeds Net Operating Profit Change in vessel value Dividends Market Based NAV (30 Sep 2025) $ per Share Market value NAV per share Change since inception • Since inception, market value NAV/share has increased to $4.99 post cumulative dividend of $2.70/share or $36.4m • NAV Total Return* of c.54% since inception and +1.3% in 3Q25 • Total dividend/ capital return of $0.61/share was paid in September
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6 Slow recovery but optimism remains Source: Clarksons SIN, Womar Womar net pool earnings and market time charter rates Highlights • 3Q25 net pool TCE of $16.8k/day. 1-yr market time charter rates at $17.5k-$18k/day however with limited fixtures concluded. • Near term demand growth challenged by tariffs uncertainty, albeit some recent positive developments overall. We have lowered our rate forecasts*. Demand growth expected to improve in 2026 with greater clarity on tariffs and the tightening tanker market. • US reciprocal tariffs have had an impact on the Chemicals trade demand growth so far this year but, we share the views of our pool operator and remain optimistic that the tightening of the tanker market along with trade route reconfiguration are likely to lead to market improvement in 2026. • Scope of sanctions continues to expand. Removal of sanctioned vessels from commercial trading represents high upside optionality for asset values and rates. Please see next page. 0 50 100 150 200 250 8,000 12,000 16,000 20,000 24,000 28,000 2022 2023 2024 2025 2026 Earnings in $/day Freight Rate Index 1 yr TC Rate Womar J19 Pool Actual Forecast * $16,000/day in 4Q25 (previously $18,850/day) rising to $18,000/day average in 2026
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7 Source: Tufton, Clarksons SIN, IMF Improved demand prospects amidst ongoing supply adjustment 55% 25% • ~4% CAGR long-term demand growth in Chemicals trade, has been faster than Global GDP growth of ~ 3.5% over the same period • Intervals of slower demand growth as that caused by Covid were followed by reversal toward the long-term trend growth rate • Demand growth was flat in 2025 due to significant geopolitical uncertainties including changing tariff regimes. Please see the next page. With alleviation of the uncertainty, we expect demand growth to improve to ~3% in 2026 • The IMF forecasts World GDP growth of 3.1% in 2026, underpinning our positive view 600 800 1,000 1,200 1,400 1,600 1,800tonne mile bn Chemical tanker demand Covid Geopolitics/ Tariffs 11.0 11.2 11.4 11.6 11.8 12.0 12.2 12.4knots Chemical tanker Average fleet speed • Tightening environmental regulations have resulted in ongoing reduction of average fleet speed to reduce green house gas emissions • The average speed of the global chemical tanker fleet has reduced by ~6% over the past decade. Ceteris paribus, a 10% reduction in average fleet speed will result in a c.5% supply reduction in effective capacity. This remains an active avenue for ongoing supply side adjustment which should tighten the market
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8 0% 10% 20% 30% Cars LPG Container Chemicals Ammonia Grain % (tonnes) of global trade freshly tariffed in 2025 Tariff impact on select cargoes • The scope of sanctions by the US, UK, EU and UN continues to expand, applicable to ~15% of the global tanker fleet as of August. The expanding scope of sanctions forces trading into a smaller pool of commercially traded vessels • Average age of the sanctioned tanker fleet being ~20 years, many sanctioned vessels are not well maintained. When sanctions are eventually lifted, accelerated scrapping may be more economically attractive than renewed maintenance to meet regulatory standards for >4% of the tanker fleet - resulting in permanent exclusion of these vessels from commercial service 0 10 20 30 40 VLCC Suezmax Aframax LR2 LR1 MR % of tanker fleet under sanctions 5y ago 1y ago Aug-25 Geopolitics and related disruption to chemicals and tanker fleet • US reciprocal tariffs became effective from August. The uncertainty leading up to August and the relative quantum of tariffs on the Chemicals trade had a short-term impact on the demand growth. The effects of the uncertainty has been apparent during 2025 • Tariff regimes incentivise trade route reconfiguration which has historically been positive for shipping (tonne-mile) demand • We expect the effects of the trade reroute reconfiguration to be apparent on demand growth in 2026, contributing to our expectation of 3% demand growth Source: Tufton, Clarksons SIN, IMF
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9 Source: Clarkson SIN, Banchero Costa, Steem 1960, Tufton estimates Fleet (10k-25k dwt stainless steel chemical tankers) development Highlights Higher fleet growth but cautiously optimistic medium term In the 10k-25k dwt stainless steel chemical tanker segment • 15 vessels were delivered in total YTD (7 in 1H25 plus 8 during the quarter) • As of end of October, the orderbook was c.15% of global fleet (versus c.16% previously). Scheduled deliveries: • 8 during 2025E (vs. 26 last quarter) • 48 during 2026E (vs. 37 last quarter). The high level of expected deliveries in 2026 partly results from delays to 2025 deliveries. Such delays may continue to push deliveries out to 2027 and beyond • 31 in 2027E (unchanged vs. last quarter) • Two vessels were removed YTD. 4 vessels are expected to be removed during 2025 in total (vs. 7 last quarter) whilst our removals forecast over 2026-27 remains unchanged. Only 1 vessel was ordered in our segment during 3Q. Across all shipping segments, new orders have generally fallen ~50% YoY as of 3Q25. • Forecast annual fleet growth of ~4% until 2027 is manageable compared to long term demand growth CAGR of ~4%. • Upside optionality on asset values from geopolitics. Please see previous page. -4% -2% 0% 2% 4% 6% 8% -30 -15 0 15 30 45 60 # vessels Deliveries Removals Fleet growth YoY (RHS)
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10 3Q25 Financial performance 1. 1) Excluding restricted cash balances 2. 2) Net book fleet value based on fleet value at purchase net of accumulated depreciation 3. 3) Based on the average of the valuations obtained by VesselsValue and Steem1960 as at 30 September 4. 4) Net outstanding loan balance comprise of loan balance outstanding not including capitalised costs LESS minimum liquidity requirement 5. 5) LTV % is based on net outstanding loan balance LESS restricted cash per vessel DIVIDED by fleet market value, as per the facility agreement All vessels operated in the Womar pool during the quarter, achieving higher utilisation of 97.5%, reflecting reduced off-hire days following Q2 drydock and repairs. Net revenue increased to $10m, with an average net pool TCE rate of $16,816/day (vs. $9.6m and $17,773/day in Q2), despite softer market conditions. EBITDA increased to $4.4m, (vs. $3.9m in Q2), driven by the higher utilisation and lower SG&A costs. The sale of Gwen was completed on 26 August, realising a book gain of c.$1.5m. Net profit of $1.0m (vs. $2.8m in Q2), primarily due to the $3m book gain on sale of Monax realised in Q2 and higher depreciation following an adjustment to the docking amortisation schedule for dry docking for 3rd intermediate surveys. Free cash balance stood at $7.6m at quarter-end. Following the sale of Gwen, the total fleet market value decreased from $116m to $99m. 3Q25 NAV was $67.4m or $4.99/share (c. NOK 49.9/share); LTV also decreased from 41.7% to 40.3%. The warrant holder exercised Tranche 1 of the warrants in September, which were cash settled during the same period. The Company paid a Q2 dividend of $0.275/share (NOK 2.79/share) and a special dividend of $0.335/share (NOK 3.37/share) in September. A Q3 dividend of $0.135/share (c. NOK 1.36/share) declared, representing an annualised yield of ~12.5% on current share price of NOK 44.2, payable on or about 2 December, reflecting a total return to date of $2.83/share (~NOK 29.7/share), equivalent to over ~57% of the IPO proceeds. Highlights ^ Management view of financial performance; not prepared in accordance with IFRS 3Q25 2Q25 Fleet Stats Available ship days 609 660 Revenue ship days 594 529 Utilization % 97.5% 80.1% Net pool TCE ($/day) 16,816 17,773 Condensed Income statement (in $’000) Net revenue 9,982 9,569 Vessel operating expenses (4,943) (4,805) SG&A (632) (855) EBITDA 4,407 3,909 Depreciation (3,857) (2,883) Net financial expenses (1,053) (1,200) Other expenses (26) (13) Gain on disposal 1,533 3,019 Net Profit 1,004 2,833 Select balance sheet items (in $'000) Cash and cash equivalents (1) 7,627 7,504 Fleet book value (2) 88,278 106,180 Fleet market value (3) 99,275 115,965 Net outstanding loan balance (4) 40,040 48,330 Net loan outstanding to market value % (5) 40.3% 41.7%
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Q & A
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12 Appendix - Financial statements (Income Statement) Consolidated statement of income statement and other comprehensive income (unaudited) In USD Notes Q3 2025 (unaudited) Q3 2024 (unaudited) YTD 2025 (unaudited) YTD 2024 (unaudited) Operating revenue 6 10,961,346 18,188,639 33,669,805 52,187,903 Vessel voyage expenses 7 (1,139,046) (989,867) (2,976,660) (2,636,807) Vessel operating expenses 8 (4,943,043) (6,371,580) (15,937,342) (19,052,712) Administrative expenses 9 (638,347) (718,536) (2,128,737) (2,753,418) Other income 10 148,389 66,277 740,624 66,681 EBITDA 4,389,299 10,174,933 13,367,689 27,811,648 Depreciation and amoritsation 12 (3,857,328) (3,433,475) (8,990,297) (9,331,014) Operating result (EBIT) 531,971 6,741,457 4,377,392 18,480,634 Gain on disposal of vessels 13 1,533,335 - 7,646,503 - Profit before financial items (PBFI) 2,065,306 6,741,457 12,023,895 18,480,634 Financial income 11 49,993 47,914 193,467 157,809 Financial expenses 11 (1,101,372) (2,115,030) (3,991,288) (6,409,913) Profit before tax (EBT) 1,013,928 4,674,342 8,226,074 12,228,531 Taxes (10,139) (8,534) (25,139) (25,603) Profit and other comprehensive income for the period 1,003,789 4,665,808 8,200,936 12,202,928 Attributable to: Equity holders of the parent company 1,003,789 4,665,808 8,200,936 12,202,928 Non-controlling interests - - - - 1,003,789 4,665,808 8,200,936 12,202,928
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13 Appendix - Financial statements (Balance Sheet) In USD 30 Sep 2025 (unaudited) 31 Dec 2024 (audited) ASSETS Non-current assets Vessels, drydocking and equipment 88,277,630 108,397,228 Total non-current assets 88,277,630 108,397,228 Current as s ets Trade and other receivables 5,778,125 11,571,629 Cash and cash equivalent 7,627,241 1,698,966 Assets held for sale - 23,889,661 Total current assets 13,405,366 37,160,257 Total as s ets 101,682,997 145,557,484 EQUITY AND LIABILITIES Equity Share capital 13,072,672 13,072,672 Share premium 14,366,047 33,063,547 Retained earnings 28,987,674 20,786,739 Total equity 56,426,393 66,922,957 Non-current liabilities Interest-bearing debt - non-current 34,823,769 46,321,620 Total non-current liabilities 34,823,769 46,321,620 Current liabilities Interest-bearing debt - current 5,876,247 28,554,997 Trade and other payables 3,115,415 1,807,066 Warrants 1,418,673 1,920,845 Accrued taxation 22,500 30,000 Total current liabilities 10,432,835 32,312,908 Total equity and liabilities 101,682,997 145,557,484 Consolidated statement of financial position (unaudited)
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14 Appendix - Financial statements (Cash Flow Statement) In USD Q3 2025 (unaudited) Q3 2024 (unaudited) YTD 2025 (unaudited) YTD 2024 (unaudited) Profit before tax (EBT) 1,013,928 4,674,342 8,226,074 12,228,531 Adjustments for: - Financial income (49,993) (47,914) (193,467) (157,809) Financial expenses 1,101,372 2,115,030 3,991,288 6,409,913 Depreciation and amortisation 3,857,328 3,433,475 8,990,297 9,331,014 Gain on disposal of vessels (1,533,335) - (7,646,503) - Tax paid (16,180) - (32,638) - Net cas h generated from operating activities before changes in working capital 4,373,119 10,174,933 13,335,051 27,811,648 Changes in working capital Increase in trade and other receivables (224,882) 1,356,499 699,489 1,193,448 Increase/(decrease) in trade and other payables (1,347,653) (625,318) 1,308,349 882,030 Increase in warrants (759,196) - (502,172) - Accrued/(Deferred) income - 241,758 - (481,973) Net cas h generated from operating activities 2,041,388 11,147,872 14,840,717 29,405,153 Acquisition of vessels - - - (12,233) Disposal of vessels 15,657,685 - 45,660,515 - Drydocking costs & other capitalised costs (78,820) (99,212) (2,995,050) (2,740,794) Interest received 49,993 47,914 193,467 157,809 Change in restricted cash for drydocking reserves 248,213 (1,422,578) 5,094,015 (1,422,578) Net cash generated/(used) from investing activities 15,877,072 (1,473,875) 47,952,947 (4,017,795) Dividends paid (8,235,000) (3,712,500) (18,697,500) (10,125,000) Borrowing costs - - (56,096) Repayment of debt (8,540,000) (2,460,000) (34,418,750) (7,590,000) Interest paid on interest-bearing debt (1,019,768) (2,033,427) (3,749,139) (6,159,080) Net cash used in financing activities (17,794,768) (8,205,927) (56,865,389) (23,930,176) Net change in cash and cash equivalents 123,691 1,468,071 5,928,276 1,457,182 Cash and cash equivalents at beginning of period 7,503,550 2,334,489 1,698,966 2,345,378 Cash and cash equivalents at end of period 7,627,241 3,802,560 7,627,242 3,802,560 Consolidated statement of cash flows (unaudited)