Slides
Page 1
4Q25 Results Presentation 04 February 2026
Page 2
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.
Page 3
3 Agenda Highlights Chemical Tanker Rates & Outlook Q&A Appendix – 4Q25 Financial Statements Financial Review
Page 4
4 Highlights 4Q25 NAV Total Return was -2.3%. Revenue was $7.3m (vs. $10.0m in Q3) and EBITDA $2.6m (vs. $4.4m in Q3), primarily impacted by the smaller fleet following the sale of Gwen in Q3 and the planned drydock off-hire for Orchid Kefalonia and Orchid Sylt, which were completed on time, within budget. Operational performance in line with expectations. Pool TCEs averaged $15.4k/day in Q4 (vs. $16.8k/day in Q3), with January and February trending higher, expecting to exceed Q3 levels . We expect a slow rate recovery in the coming months. Pool performance was negatively impacted by a high level of scheduled dockings in the pool. We expect pool performance to improve. Please see page 6. Medium term fleet growth of ~3.4% CAGR to end of 2028 should be manageable but 2026 likely to be a year of transition as demand growth recovers (from tariff impact in 2025) and the market absorbs a relatively high level of deliveries. 1. STST will make dividend distributions in the form of return of paid- in-capital NAV Total Return 50.2% since inception. NAV per share at $4.75 (vs. $4.99 in Q3) after paying $0.135 per share in December. 57% of original equity has been distributed while NAV per share is flat.NAV performance Year of transition 4Q25 results Market rates Dividend distributions1 2026 Outlook We are cautiously optimistic on improving demand and increased enforcement of sanctions tightening the overall tanker market but remain watchful of the high level of newbuild deliveries scheduled in 2026. The Company declared a 4Q25 dividend of $0.135/share (c. NOK 1.3/share) payable on or about 2 March, representing an annualised yield of 13% on current NOK 40.3 share price. Since the IPO, and following this distribution, the Company will have distributed $2.96/share (approx. NOK 31/share), returning ~60% of initial capital raised.
Page 5
5 NAV per share trading at issue price ~60% of initial capital raised returned to investors * NAV Total Return calculated on a per share basis since IPO assuming dividends reinvested 150.2 0 40 80 120 160 200 0 2 4 6 8 10 IPO 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 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) • Since inception, market value NAV/share has increased to $4.75/share post cumulative dividend of $2.83/share or $38.2m • NAV Total Return* of 50.2% since inception • NAV per share is flat since inception while STST will have returned ~60% of equity capital (including the dividend to be paid in March) • 2025 rates impacted by tariff related uncertainty 4.73 4.75 2.07 0.78 (2.83) 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 IPO Net proceeds Net Operating Profit Change in vessel value Dividends Market Based NAV (31 Dec 2025) $ per Share Market value NAV per share Change since inception
Page 6
6 Slow recovery but optimism remains for 2026 Source: Clarksons SIN, Womar Womar net pool earnings and market time charter rates Highlights * 2026: $17,000/day average expected • 4Q25 net pool TCE of $15.4k/day. 1-yr market time charter rates stabilised at $17.5k/day during the quarter. • Pool performance was also impacted by vessel positioning east of Suez for scheduled dockings which resulted in a higher concentration of vessels in Asia, negatively impacting pool earnings. This is being remedied as vessels are repositioned after their scheduled dockings. 8 vessels due for docking in 2026 vs. 18 docked in 2025. • 2025 demand growth challenged by tariffs uncertainty. Demand growth expected to improve in 2026 with greater clarity on tariffs and the tightening tanker/product market. We have revised our rate forecasts*. • Expected pool TCE results to be ~$17k/day by end of 1Q26. Pool CoA coverage for 2026 at ~40%. • Increased enforcement of US sanctions in 2026 and growing sanctions regime expected to tighten overall crude tanker market which should also be supportive. 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
Page 7
7 Geopolitics & favorable age profile Source: Tufton, Clarksons SIN, IMF 20% 16% 53% 46% 22% 21% 0% 10% 20% 30% 40% 50% 60% Chemical Tanker 10k-25k dwt stainless tankers % of fleet Chemical Tanker Age Profile Orderbook >15 years old >20 years old • Increased enforcement measures push commercial trade into a smaller pool of compliant trading vessels. The scope of sanctions by the US, UK, EU and UN continues to expand, applicable to ~16% of the global tanker fleet towards the end of 2025. • 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 >5% of the tanker fleet - resulting in permanent exclusion of these vessels from commercial service. 16% 16% 33% 15% 11% 7% 0% 10% 20% 30% 40% VLCC Suezmax Aframax LR2 LR1 MR % of fleet % of tanker fleet under sanctions Aug-24 Aug-25 Oct-25 • For all chemical tankers, the orderbook increased to ~20% of fleet delivering over four years vs. ~22% of fleet which is > 20 years old already and should be phased out over five years. • For the 10k-25k dwt stainless steel tankers, the cohort of vessels > 20y old is similar but the orderbook is lower at ~16% of fleet, likely a consequence of high newbuilding prices and limited slot availability at established Japanese yards. Fewer Chinese yards have a track record in stainless steel tankers although this is changing. 21 21.8 19.5 18.5 20.1 19.9 Avg. age of sanctioned vessels
Page 8
8 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 • 17 vessels were delivered in 2025 • As of 20 January, the orderbook was c.16% of global fleet (versus c.15% previously). Scheduled deliveries: • 40 during 2026E (vs. 22 forecast in Dec-25). The high level of expected deliveries in 2026 partly results from delays to 2025 deliveries. Actual 2025 deliveries ~56% of scheduled at the beginning of year. Slippage may continue to push deliveries out to 2027/28 • 36 in 2027E (vs. 31 last quarter) • 3 vessels were removed in 2025 in total (vs. 4 expected in 3Q25). 1 vessel was removed in 4Q25. Our removals forecast over 2026-27 has decreased by 5 vessels as we expect delayed scrapping until 2028. 3 vessels were ordered during 4Q. • Forecast annual fleet growth of ~3.4% until 2028 is manageable compared to long term demand growth CAGR of ~4% but high levels of deliveries in 2026 (~7% of fleet) and demand growth uncertainty is a near-term risk. • Upside optionality on asset values from geopolitics as overall tanker fleet utilisation increases as legitimate trade is force onto a smaller pool of commercially traded vessels. Please see page 7. -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% -30 -20 -10 0 10 20 30 40 50 # vessels Deliveries Removals Fleet growth YoY (RHS)
Page 9
9 4Q25 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 31 Decemberr 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. Vessel utilisation declined to 85.8% from 97.5%, driven by the scheduled drydockings of Orchid Kefalonia and Orchid Madeira, both of which were completed within the quarter. Orchid Kefalonia completed its 4th IS and CAP 1 survey at a cost of c.$1.27m, below the $1.34m budget. Orchid Madeira completed its 4th IS and CAP 1 survey for c.$1.36m, also below the $1.39m budget. Barbouni is the only vessel scheduled for drydocking in 2026, planned for Q1. Net revenue was $7.3m, with an average net pool TCE rate of $15.4k/day (vs. $10.0m and $16.8k/day in Q3). The movement is mainly driven by the sale of Gwen in Q3 and planned off-hire from the drydockings. EBITDA was $2.6m, (vs. $4.4m in Q3), primarily impacted by the smaller fleet following the sale of Gwen and lower utilisation, partly offset by reduced Opex and SG&A. The Company recorded a net loss of $1.0m (vs. a $1.0m profit in Q3), mainly reflecting the one-off $1.5m book gain realised from the sale of Gwen. Quarter-end free cash balance stood at $5.3m. Total fleet market value was marginally lower at $98.8m. NAV for 4Q25 was $64.1m, or $4.75/share (c. NOK 46.0/share), while LTV improved from 40.3% to 39.2%. A Q3 dividend of $0.135/share (c.NOK 1.39/share) was paid in December. A Q4 dividend of $0.135/share (c. NOK 1.3/share) has been declared, representing an annualised yield of ~13% on current share price of NOK 40.3, payable on or about 2 March, reflecting a total shareholder return since IPO of $2.96/share (~NOK 31.0/share), equivalent to ~60% of initial capital raised. Highlights ^ Management view of financial performance; not prepared in accordance with IFRS Select Financials 4Q25 3Q25 Fleet stats Calendar days 552 609 Available ship days 552 609 Vessel days under ownership % 100.0% 100.0% Revenue ship days 474 594 Utilisation % 85.8% 97.5% Net pool TCE ($/day) 15,375 16,816 Condensed income statement (in $'000) Net pool revenue 7,265 9,982 Opex (4,472) (4,943) SG&A (189) (632) EBITDA 2,604 4,407 Depreciation (2,658) (3,857) Net financial expenses (926) (1,053) Other expenses (56) (26) Gain on disposal - 1,533 Net (Loss)/Profit (1,036) 1,004 Select balance sheet items (in $'000) Cash and cash equivalents (1) 5,303 7,627 Fleet book value (2) 88,267 88,278 Fleet market value (3) 98,775 99,275 Net outstanding loan balance (4) 38,715 40,040 Net loan outstanding to market value % (5) 39.2% 40.3%
Page 10
Q & A
Page 11
11 Appendix - Financial statements (Income Statement) Consolidated statement of income statement and other comprehensive income (unaudited) In USD Q4 2025 (unaudited) Q4 2024 (unaudited) YTD 2025 (unaudited) YTD 2024 (audited) Operating revenue 7,693,161 15,996,012 40,509,165 68,183,915 Vessel voyage expenses (430,119) (725,469) (2,552,978) (3,362,275) Vessel operating expenses (4,472,043) (5,909,115) (20,409,385) (24,961,826) Administrative expenses (187,632) (2,008,513) (2,316,368) (4,761,932) Other income - 110,150 740,624 176,831 EBITDA 2,603,367 7,463,065 15,971,057 35,274,713 Depreciation and amoritsation (2,657,586) (3,214,144) (11,647,884) (12,545,158) Operating result (EBIT) (54,219) 4,248,921 4,323,173 22,729,555 Gain on disposal of vessels - - 7,646,503 - (Loss)/Profit before financial items (PBFI) (54,219) 4,248,921 11,969,677 22,729,555 Financial income 22,920 59,483 216,387 217,292 Financial expenses (942,564) (1,888,581) (4,933,853) (8,298,494) (Loss)/Profit before tax (EBT) (973,863) 2,419,822 7,252,211 14,648,353 Taxes (61,902) 12,924 (87,041) (12,679) (Loss)/Profit and other comprehensive income for the p (1,035,765) 2,432,746 7,165,170 14,635,673
Page 12
12 Appendix - Financial statements (Balance Sheet) In USD 31 Dec 2025 (unaudited) 31 Dec 2024 (audited) ASSETS Non-current assets Vessels, drydocking and equipment 88,266,587 108,397,228 Total non-current assets 88,266,587 108,397,228 Current assets Trade and other receivables 5,156,822 11,571,629 Cash and cash equivalent 5,303,122 1,698,966 Assets held for sale - 23,889,661 Total current assets 10,459,944 37,160,257 Total assets 98,726,531 145,557,484 EQUITY AND LIABILITIES Equity Share capital 13,072,672 13,072,672 Share premium 12,543,547 33,063,547 Retained earnings 27,951,909 20,786,739 Total equity 53,568,127 66,922,957 Non-current liabilities Interest-bearing debt - non-current 33,280,373 46,321,620 Total non-current liabilities 33,280,373 46,321,620 Current liabilities Interest-bearing debt - current 6,176,247 28,554,997 Trade and other payables 4,642,103 1,807,066 Warrants 1,032,775 1,920,845 Accrued taxation 26,906 30,000 Total current liabilities 11,878,031 32,312,908 Total equity and liabilities 98,726,531 145,557,484 Consolidated statement of financial position (unaudited)
Page 13
13 Appendix - Financial statements (Cash Flow Statement) In USD Q4 2025 (unaudited) Q4 2024 (unaudited) YTD 2025 (unaudited) YTD 2024 (audited) (Loss)/Profit before tax (EBT) (973,863) 2,419,822 7,252,211 14,648,353 Adjustments for: Financial income (22,920) (59,484) (216,387) (217,292) Financial expenses 942,564 1,888,581 4,933,853 8,298,494 Depreciation and amortisation 2,657,586 3,214,144 11,647,884 12,545,158 Gain on disposal of vessels - - (7,646,503) - Tax paid (57,496) (16,816) (90,134) (16,816) Net cas h generated from operating activities before changes in working capital 2,545,871 7,446,248 15,880,923 35,257,897 Changes in working capital Decrease/(Increase) in trade and other receivables 621,322 (775,331) 1,320,811 418,117 Increase/(Decrease) in trade and other payables 1,526,688 (1,456,429) 2,835,037 (574,399) Increase/(Decrease) in warrants (385,898) 1,920,845 (888,070) 1,920,845 Accrued/(Deferred) income - - - (481,973) Net cas h generated from operating activities 4,307,983 7,135,333 19,148,700 36,540,487 Acquisition of vessels - - - (12,233) Disposal of vessels - - 45,660,515 - Drydocking costs & other capitalised costs (2,646,543) - (5,641,592) (2,740,794) Interest received 22,920 59,483 216,387 217,292 Change in restricted cash for drydocking reserves (19) (1,318,932) 5,093,996 (2,741,509) Net cash generated/(used) from investing activities (2,623,642) (1,259,449) 45,329,305 (5,277,244) Dividends paid (1,822,500) (3,712,500) (20,520,000) (13,837,500) Borrowing costs - - (56,096) Repayment of debt (1,325,000) (2,460,000) (35,743,750) (10,050,000) Interest paid on interest-bearing debt (860,961) (1,806,977) (4,610,099) (7,966,058) Net cash used in financing activities (4,008,461) (7,979,477) (60,873,849) (31,909,654) Net change in cash and cash equivalents (2,324,120) (2,103,593) 3,604,156 (646,411) Cash and cash equivalents at beginning of year 7,627,241 3,802,560 1,698,966 2,345,378 Cash and cash equivalents at end of year 5,303,122 1,698,966 5,303,122 1,698,967 Consolidated statement of cash flows (unaudited)