Interim report
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ST STAINLESS TANKERS CITY ISLAND MAJURO IMO 9360950 Interim Consolidated Financial Statements Q2 2026 and Period ended to 30 June 2026
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Consolidated statement of profit or loss and other comprehensive income In USD Notes Q2 2026 (unaudited) Q2 2025 (unaudited) H1 2026 (unaudited) H1 2025(unaudited)Operating revenue 6 11,679,324 9,911,222 20,099,410 22,708,459 Vessel voyage expenses 7 (409,885) (934,469) (830,606) (1,837,614)Vessel operating expenses 8 (4,012,293) (4,804,748) (7,850,796) (10,994,299)Administrative expenses 9 (703,177) (890,280) (1,472,147) (1,490,390)Other income 10 - 592,000 - 592,234 EBITDA 6,553,970 3,873,725 9,945,860 8,978,390 Depreciation and amortisation 12 (3,218,956) (2,882,654) (5,837,273) (5,132,969)Operating result (EBIT) 3,335,013 991,071 4,108,587 3,845,421 Gain on disposal of vessels 13 - 3,019,248 - 6,113,168 Profit before financial items (PBFI) 3,335,013 4,010,320 4,108,587 9,958,589 Financial income 11 15,069 72,783 48,446 143,474 Financial expenses 11 (851,455) (1,243,088) (1,708,467) (2,889,917)Profit before tax (EBT) 2,498,628 2,840,015 2,448,567 7,212,146 Taxes (6,726) (7,500) (13,435) (15,000)Profit and other comprehensive income for the period 2,491,902 2,832,515 2,435,132 7,197,146 Attributable to: Equity holders of the parent company 2,491,902 2,832,515 2,435,132 7,197,146 Non-controlling interests - - - - 2,491,902 2,832,515 2,435,132 7,197,146
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Consolidated statement of financial positionIn USD Notes30 Jun 2026(unaudited)31 Dec 2025(audited)ASSETSNon-current assetsVessels, drydocking and equipment 12 83,684,784 88,266,587 Total non-current assets 83,684,784 88,266,587 Current assetsTrade and other receivables 14 5,226,481 5,156,822 Cash and cash equivalent 15 2,662,933 5,303,122 Total current assets 7,889,414 10,459,944 Total assets 91,574,198 98,726,531 EQUITY AND LIABILITIESEquityShare capital 16 13,072,672 13,072,672 Share premium 16 8,898,547 12,543,547 Retained earnings 30,387,654 27,951,909 Total equity 52,358,872 53,568,127 Non-current liabilitiesInterest-bearing debt - non-current 17 16,793,419 33,280,373 Total non-current liabilities 16,793,419 33,280,373 Current liabilitiesInterest-bearing debt - current 17 19,573,747 6,176,247 Trade and other payables 18 1,375,238 4,642,103 Warrants 19 1,466,194 1,032,775 Accrued taxation 6,727 26,906 Total current liabilities 22,421,906 11,878,031 Total equity and liabilities 91,574,198 98,726,531 Board of Directors and Chief Executive Officer of Stainless Tankers ASA
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Consolidated statement of changes in equity In USD Notes Share capital Share premium Retained earningsTotal As at 31 December 2024 13,072,672 33,063,547 20,786,738 66,922,957 Profit and other comprehensive income for the year - - 7,165,170 7,165,170 Dividends distributions during the year 16 - (20,520,000) - (20,520,000) As at 31 December 2025 13,072,672 12,543,547 27,951,908 53,568,127 Prior year adjustment 614 614 Profit or loss and other comprehensive income for the period 16 - - 2,435,132 2,435,132 Dividends distributions during the period - (3,645,000) - (3,645,000) As at 30 June 2026 13,072,672 8,898,547 30,387,654 52,358,872
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Consolidated statement of cash flows In USD Notes Q2 2026 (unaudited) Q2 2025 (unaudited) H1 2026 (unaudited) H1 2025 (unaudited) Profit before tax (EBT) 2,498,628 2,840,015 2,448,567 7,212,146 Adjustments for: - Financial income 11 (15,069) (72,783) (48,446) (143,474) Financial expenses 11 851,455 1,243,088 1,708,467 2,889,917 Depreciation and amortisation 12 3,218,956 2,882,654 5,837,273 5,132,969 Gain on disposal of vessels 13 - (3,019,248) - (6,113,168) Tax paid (14,543) (16,458) (28,849) (16,458) Net cash generated from operating activities before changes in working capital 6,539,426 3,857,268 9,917,011 8,961,933 Changes in working capital Decrease/(Increase) in trade and other receivables 546,050 833,557 (69,625) 924,371 Increase/(Decrease) in trade and other payables (2,429,027) 586,054 (3,271,016) 2,656,002 Increase/(Decrease) in warrants 164,293 331,277 433,420 257,024 Net cash generated from operating activities 4,820,742 5,608,155 7,009,790 12,799,329 Disposal of vessels 13 - 14,990,621 - 30,002,830 Drydocking costs & other capitalised costs 12 - (1,456,230) (1,255,470) (2,916,230) Interest received 11 15,069 72,783 48,446 143,474 Change in restricted cash for drydocking reserves 14, 17 (17) 5,011,748 (34) 4,845,802 Net cash generated/(used) from investing activities 15,052 18,618,922 (1,207,057) 32,075,875 Dividends paid 16 (1,822,500) (6,750,000) (3,645,000) (10,462,500) Repayment of debt 17 (1,625,000) (12,424,375) (3,250,000) (25,878,750) Interest paid on interest-bearing debt 17 (747,955) (1,162,371) (1,527,921) (2,729,371) Other interest-bearing debt costs (20,000) - (20,000) - Net cash used in financing activities (4,215,455) (20,336,746) (8,442,921) (39,070,621) Net change in cash and cash equivalents 620,338 3,890,330 (2,640,189) 5,804,584 Cash and cash equivalents at beginning of period 2,042,594 3,613,220 5,303,122 1,698,966 Cash and cash equivalents at end of period 15 2,662,933 7,503,550 2,662,933 7,503,550
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Note 6 - Operating revenue Q2 2026 (unaudited) Q2 2025 (unaudited) H1 2026 (unaudited) H1 2025 (unaudited) USD USD USD USD Pool charter revenue 11,679,324 9,911,222 20,099,410 22,708,459 11,679,324 9,911,222 20,099,410 22,708,459 Note 7 - Vessel voyage expenses Q2 2026 (unaudited) Q2 2025 (unaudited) H1 2026(unaudited)H1 2025(unaudited) USD USD USD USDCommission fees 274,119 248,458 491,328 560,514Bunkers consumption (33,752) 401,532 52,722 603,035Pool administration costs and other expenses 136,500 156,500 271,500 359,000Other voyage expenses 33,018 127,980 15,056 315,065 409,885 934,469 830,606 1,837,614 Note 8 - Vessel operating expenses Q2 2026 (unaudited) Q2 2025 (unaudited) H1 2026 (unaudited) H1 2025 (unaudited) USD USD USD USD Vessel operating expenses 4,012,293 4,804,748 7,850,796 10,994,299 4,012,293 4,804,748 7,850,796 10,994,299 Note 9 - Administrative expenses Q2 2026 (unaudited) Q2 2025 (unaudited) H1 2026(unaudited)H1 2025 (unaudited) USD USD USD USD Auditor's remuneration 23,902 20,000 43,902 40,000 Legal and other professional fees 52,680 27,059 109,486 86,845 Directors fees (Note 20) 43,492 36,345 83,290 71,146 Management service fees 354,900 429,000 705,900 939,900 Bank charges 8,661 29,498 14,196 37,652 Warrants (Note 19) 164,293 331,276 433,420 257,024 Other expenses 55,248 17,102 81,954 57,823 703,177 890,280 1,472,147 1,490,390 During the quarter ended 30 June 2026, the Group paid a management service fee of USD 354,900 (Q2 2025: USD 429,000) to TML who is a minority shareholder in the Company, in accordance with the Management Services Agreement. The management services cover prCFO, as well as services required by the executive team for managing the Group, which include finance and accounting, supervision of third-party technical and commercial managers, and the management of corporate and administrative matters.
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Note 10 - Other income Q2 2026 (unaudited) Q2 2025 (unaudited) H1 2026(unaudited)H1 2025 (unaudited) USD USD USD USD Insurance recoverable Loss of Hire income - 592,000 - 592,000 Other income - - -234 - 592,000 - 592,234 During the scheduled drydock of the vessel Lavraki, damages were observed on the main engine bearings, requiring immediate repairs. As a result, the vessel was off-hire from 9 March 2025 until repairs were completed on 17 June 2025. In 1H25, 37 days were successfully recovered through , amounting to USD 592,000. Note 11 Financial income/(expenses) Q2 2026 (unaudited) Q2 2025 (unaudited) H1 2026(unaudited)H1 2025 (unaudited) USD USD USD USD Interest income 15,069 72,783 48,446 143,474 Financial income 15,069 72,783 48,446 143,474 Interest expense (Note 17) (831,455) (1,243,088) (1,688,467) (2,889,917) Loan agency fees (20,000) - (20,000) - Financial expenses (851,455) (1,243,088) (1,708,467) (2,889,917) Net financial expenses (836,386) (1,170,305) (1,660,021) (2,746,443) Note 12 - Vessels, drydocking and equipment Vessels Drydocking costs Other capitalised costs Total USD USD USD USD Cost Balance as at 31 December 2025 104,415,950 6,703,881 308,585 111,428,416 Additions - 1,183,782 71,688 1,255,470 Balance as at 30 June 2026 104,415,950 7,887,663 380,273 112,683,886 Depreciation and amortisation Balance as at 31 December 2025 21,395,143 1,667,329 99,358 23,161,830 Charge for the period 3,968,707 1,780,130 88,436 5,837,273 Balance as at 30 June 2026 25,363,850 3,447,459 187,794 28,999,103 Net book amount Balance as at 31 December 2025 83,020,807 5,036,552 209,227 88,266,586 Balance as at 30 June 2026 79,052,100 4,440,204 192,479 83,684,783 Insured value (USD) 121,800,000 Total dead weight tonnage (dwt) 31,509.82
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Note 12 - Vessels, drydocking and equipment (continued) Note 13 Assets held for sale USD Balance as at 01 January 2025 23,889,661 Additions 14,124,350 Disposals (38,014,012) Balance as at 31 December 2025 - Note 14 - Trade and other receivables 30 Jun 2026 (unaudited) 31 Dec 2025 (audited) USD 764,055 621,459 2,100,000 2,250,000 264,664 207,607 1,501,840 1,501,806 595,922 575,950 5,226,481 5,156,822 Included in the prepayments, there is an amount of USD 172,632 (2025: USD 27,636) due from the technical manager of the vessels, representing advance cash paid. Restricted cash comprise (i) a minimum liquidity requirement of USD 250,000 (2025: USD 250,000) per Vessel for the 6 vessels (2025: 6 vessels) held in a restricted cash account and (ii) funding of a dry dock reserve account of USD 1,840 (2025: USD 1,806) (Note 17).
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Note 15 - Cash and cash equivalents Cash balances are analysed as follows: 30 Jun 2026 (unaudited) 31 Dec 2025 (audited) USD USDCash at bank 1,591,309 2,549,854Deposits 1,071,624 2,753,268 2,662,933 5,303,122 Note 16 - Equity contribution No. of shares Share capital Share premium Total USD USD USDBalance as at 31 December 2024 13,500,000 13,072,672 33,063,547.00 46,136,219Dividend distribution during the year - - (20,520,000) (20,520,000)Balance as at 31 December 2025 13,500,000 13,072,672 12,543,547 25,616,219Dividend distribution during the period - - (3,645,000) (3,645,000)Balance as at 30 June 2026 13,500,000 13,072,672 8,898,547 21,971,219 On February 4, 2025, the Board of Directors approved the distribution of a cash dividend in the form of paid-in capital, amounting to USD 3,712,500 (USD 0.275 per share). On May 7, 2025, the Board of Directors approved the distribution of a cash dividend in the form of paid-in capital, amounting to USD 6,750,000 (USD 0.50 per share). On August 5, 2025, the Board of Directors approved the distribution of a cash dividend in the form of paid-in capital, amounting to USD 3,712,500 (USD 0.275 per share). On August 28, 2025, the Board of Directors approved the distribution of a cash dividend in the form of paid-in capital, amounting to USD 4,522,500 (USD 0.335 per share). On November 04, 2025, the Board of Directors approved the distribution of a cash dividend in the form of paid-in capital, amounting to USD 1,822,500 (USD 0.135 per share). On February 24, 2026, the Board of Directors approved the distribution of a cash dividend in the form of paid-in capital, amounting to USD 1,822,500 (USD 0.135 per share). On May 6, 2026, the Board of Directors approved the distribution of a cash dividend in the form of paid-in capital, amounting to USD 1,822,500 (USD 0.135 per share).
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Note 17 - Borrowings 30 Jun 2026 (unaudited) 31 Dec 2025(audited) USD USDCurrent borrowings Bank loans 19,573,747 6,176,247 19,573,747 6,176,247Non-current borrowings Bank loans 16,793,419 33,280,373Total 36,367,166 39,456,620 Maturity of borrowings: 30 Jun 2026 (unaudited) 31 Dec 2025(audited) USD USDWithin one year 19,573,747 6,176,247Between 1 and 2 years 16,793,419 17,968,747Between two and five years - 15,311,62636,367,165 39,456,620 Movement analysis: 30 Jun 2026 (unaudited) 31 Dec 2025 (audited) USD USD Opening balance 39,456,619 74,876,617 Repayments (3,250,000) (35,743,750) Interest expense (Note 11) 1,527,921 4,610,099 Amortisation of borrowing costs (Note 11) 160,546 323,753 Interest paid (1,527,921) (4,610,099) Balance as at 30 June 2026/31 December 2025 36,367,165 39,456,620
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Note 18 - Trade and other payables 30 Jun 2026 (unaudited) 31 Dec 2025 (audited) USD USD Charterers balance payable - 47,197 Trade payables 642,393 3,230,311 Accruals 693,182 1,364,491 Other payables 39,663 104 1,375,238 4,642,103 Included in the trade payables, there is an amount of USD 499,451 (2025: USD 2,670,993) due to the technical manager of the vessels. The fair values of trade and other payables due within one year approximate to their carrying amounts as presented above. Note 19 Warrants 30 Jun 2026 (unaudited) 31 Dec 2025 (audited) USD USD Warrants 1,466,194 1,032,775 1,466,194 1,032,775 The extraordinary general meeting of the Group held on 28 February 2023, resolved, in accordance with section 11-12 of the Companies Act, to issue 1,012,500 warrants to Tufton LP. The Group offered to Tufton LP to subscribe for warrants (the "Warrants") in the Group equal to 7.5% of the total outstanding shares in the Group after completion of the Private Placement. The Warrants will vest with Tufton LP and be the offer price in the Private Placement. The Warrants can be exercised by Tufton LP from vesting onwards. The Warrants are issued as an incentive to Tufton LP for it, and its affiliates and other related parties, to maximise the value of the Group for all future shareholders. The Warrants do not carry rights in the event of a liquidation event. comprising the CEO and CFO, as well as all services required by the executive team for managing the Group. The warrants are in scope of IFRS 2 as they pertain to current intention to settle the warrants in cash. Even though this does not obligate the Group to settle in cash, it has created an expectation to the warrant holders that the warrants will be settled in cash. This expectation creates a present obligation to settle in cash and to this extend the Group should recognise the share-based payment as cash-settled share-based payments. The conditions for vesting of the first tranche of warrants were fulfilled and exercised by 31 December 2025 and thus an expense was recognised based on the difference between the share price as at the exercise date less the adjusted exercise price (which is the exercise price less dividends per share paid to date). Prior to the exercise date, the fair value of the warrant was revalued at each reporting period with the revaluation gains/losses being recognised within "administrative expenses" (Note 9). The fair value of the liability for the second and third tranche has been assessed using a valuation model that factors in the probability of meeting the market condition (i.e. the share price reaching a certain threshold). This is revalued at each reporting period with the revaluation gains/losses being recognised within "administrative expenses" (Note 9).
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Note 19 Warrants (continued) Breakdown of warrants as at 30 June 2026: Tranche 1 (vested & exercised) Tranche 2 and Tranche 3 (not vested) Total USD USD USD Warrants - 1,466,194 1,466,194 - 1,466,194 1,466,194 Breakdown of warrants as at 31 December 2025: Tranche 1 (vested) Tranche 2 and Tranche 3 (not vested) Total USD USD USD Warrants - 1,032,775 1,032,775 - 1,032,775 1,032,775 Movement analysis: 30 Jun 2026 (unaudited) 31 Dec 2025 (audited) USD USDOpening balance 01 January 2026/01 January 2025 1,032,775 1,920,845 Tranche 1 (vested) - change in fair value (Note 9) - 212,488 Tranche 1 (vested) - exercise - (770,565) Tranche 2 and Tranche 3 (not vested) - change in fair value (Note 9) 433,420 (329,993) Balance as at 30 June 2026/31 December 2025 1,466,194 1,301,902 Note 20 - Related party transactions Transactions with related parties (Note 9) Q2 2026 (unaudited) Q2 2025 (unaudited) H1 2026 (unaudited) H1 2025 (unaudited) Name Nature of relationship Nature of transactions USD USD USD USD Directorship fees Board of Directors Directorship fees 43,492 36,345 83,290 71,146 43,492 36,345 83,290 71,146
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Note 21 - Contingent liabilities The Group had no contingent liabilities as at 30 June 2026 and 31 December 2025. Note 22 Commitments The Group had no commitments as at 30 June 2026 and 31 December 2025. Note 23 - Events after the reporting period There have been no events subsequent to the period end which require adjustment of or disclosure in the consolidated financial statements or notes thereto.