Slides
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Ardmore Shipping Fourth Quarter and Full Year 2025 & Investor Day 2026
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To Submit Questions for the Q&A Session 2
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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 Shipping Corporation (“Ardmore” or the “Company”) expects, projects, believes or anticipates will, should or may occur in the future, are among these forward-looking statements, including, without limitation, statements about: future operating or financial results, including certain expected results for the first quarter of 2026; future tanker rates; global and regional economic conditions and trends; shipping market trends and market fundamentals, including expected tanker demand and scrapping levels and any potential market improvement; the Company's liquidity, financial flexibility and strength; the Company's capital allocation policy and intended actions, including future dividends; the Russia-Ukraine war, the Hamas-Israel hostilities, attacks against merchant vessels in the Red Sea area and potential outcomes related to Venezuela on the Company's industry, business, financial condition and results of operation; expected global oil consumption and refinery capacity growth; the Company’s business strategy and operating leverage; the Company’s ability to benefit from tanker rate increases, including potential increases in Earnings Per Share (“EPS”), earnings and cashflow for given tanker rate increases; the potential effects of recent actions taken by regulatory authorities (including port fee changes), as well as tariffs and other foreign policy activities, on global markets, the shipping industry and the Company’s operations; and expected revenue days, drydockings, fleet maintenance capital expenditures and debt reduction for 2026 and the quarters thereof. Although the Company believes that its expectations stated in this presentation are based on reasonable assumptions, actual results may differ materially from those projected in the forward-looking statements. Factors that might cause or contribute to such a discrepancy include but are not limited to: failure of applicable assumptions to be met relating to potential increases in EPS and cashflow from any rate increases and other related matters; economic strength and market conditions; fluctuations in spot and charter rates; changes in demand for and the supply of tanker vessel capacity; the levels of demand for the Company’s vessels and services; future developments relating to the Russia-Ukraine war (including related sanctions and import bans), the Hamas-Israel hostilities, attacks against merchant vessels in the Red Sea area and potential outcomes related to Venezuela; changes in the Company’s operating expenses; general domestic and international political conditions; potential disruption of shipping routes; changes in governmental rules and regulations, and applicability of such changes to the Company; vessel breakdowns and instances of off-hire; the declaration of any future dividends by the Company’s board of directors; and the risk factors described in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the Company’s Annual Report on Form 20-F for the year ended December 31, 2024. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. 3
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Ardmore Team 4 Name History Curtis McWilliams Chair of the Board Gernot Ruppelt CEO & Director Bart Kelleher President & Director James Fok Director ▪ Previously Ardmore CCO and Chairman of INTERTANKO’s Commercial & Markets Committee ▪ Poten & Partners (New York) and AP Møller-Maersk (United States, Denmark, Singapore, Germany) ▪ Global Executive MBA, Certificate of Corporate Governance IDP-C INSEAD ▪ Institute of Chartered Shipbrokers, Maersk Academy (MISE), Hamburg Shipping School ▪ Appointed Chairman of the Board effective 2019 and Director of Ardmore since 2016 ▪ Co-Head of Global Transportation Group at Merrill Lynch ▪ President, CEO, and Director of Trustreet Properties Inc. ▪ MBA Chicago Booth School of Business, BSE Princeton University ▪ Previously CFO of Ardmore; CEO, CFO, and Chief Strategy Officer of Chembulk Tankers; COO and acting CFO of Principal Maritime ▪ Shipping and Energy financier with HSH Nordbank, Equity Analyst with Bear Stearns ▪ Naval Architect and Shipboard Officer ▪ MBA Columbia, MS MIT, BE NY Maritime College, Certificate of Corporate Governance IDP-C INSEAD ▪ Director of Ardmore since 2023 ▪ 25 years' experience as a financial and strategic advisor, with particular expertise in Asian cross-border capital markets transactions and mechanisms ▪ Published author on the subject of Sino-American financial relations
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Top Ranked Tanker Company for Corporate Governance (1) Fully Integrated Company Global Commercial Platform and Technical Management Product & Chemical Tankers Innovation Focus Dynamic Capital Allocation H i g h Q u a l i t y F l e e t o f 2 6 T a n k e r s 1) Webber Research: 2025 Corporate Governance Scorecard NYSE Listed with $550m Market Cap 5
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Contents IV. Board Perspective - Macro and Global Trade Update III. Business Update I. Earnings Highlights V. Summary II. Market Outlook 6 VI. Appendix
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$20,900 $23,100 $24,700 $25,300 $29,100 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 TD Earnings Highlights 7 1) Basis MR Combined spot TCE rates 2) Basis Chemical spot TCE rates 3) Cash breakeven includes normalized capex (5-year average). Operating cash breakeven excludes capex TCE Rates Nearly 3x Cash BreakevenTCE Rates 4Q 2025 1Q 2026 TD MRs(1) $25,300 $29,100 (50% fixed) Chemicals(2) $19,900 $20,800 (30% fixed) Operating cash breakeven of $10,800 / day TCE rates further accelerating into the first quarter ▪ Strong 4Q; TCE rates boosted by geopolitical disruptions and positive fundamentals ▪ Low cash breakeven of $11,700; operating cash breakeven of $10,800(3)
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▪ Executing on Capital Allocation Policy o Announcing our 13th consecutive quarterly dividend o Successful completion of extensive drydocking program, including upgraded tank coatings on chemical fleet ▪ Opportunistic time charter-out activity: o Recently fixed 2013-built MR on one-year time charter at $26,000 / day Earnings Highlights 8 1) Adjusted earnings and adjusted diluted EPS are non-GAAP measures. A definition of these measures and a reconciliation to the nearest GAAP comparable measures are included within Ardmore’s earnings release for February 12, 2026 Earnings Highlights FY 2025 4Q 2025 Adjusted Earnings(1) $38.8m $11.6m EPS(1) $0.95 $0.28 Ardmore well positioned in current market
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US$ millions, unless otherwise stated Dec 31, 2025 Dec 31, 2024 Cash $46.8 $47.0 Receivables, Inventories and Advances $65.0 $79.6 Vessels, Drydocking and Other Assets $672.7 $573.7 Equity Investment $4.2 $4.5 Total Assets $788.7 $704.8 Payables and Accruals $27.4 $30.6 Debt Facilities $127.0 $38.8 Preferred Stock - $27.8 Equity $634.3 $607.6 Total Liabilities and Equity $788.7 $704.8 Total Debt $127.0 $66.6 Leverage(2) 17% 10% 1) Cash breakeven includes normalized capex (5-year average). Operating cash breakeven excludes capex 2) Leverage = (Total Debt + Preferred Stock) / (Total Debt + Preferred Stock + Equity) Strong balance sheet and responsible capital structure, supporting low breakeven ▪ Fully redeemed preferred shares, further reducing our cash breakeven(1) ▪ Continued performance focus through TCE optimization and tight cost management Continuing to Build Financial Strength 9 Continued Focus on Financial Strength Fully redeemed in 4Q
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1) See slide 62 for more details ▪ Capturing volatility; every $10,000 / day additional TCE increases annual EPS by ~$1.90 ▪ Adjusted EBITDAR(1) of $26.7 million in 4Q 2025 (full bridge on slide 62) ▪ Refer to slide 63 for 1Q 2026 guidance numbers Recent acquisitions and fleet upgrades increased owned fleet earnings power +15% Three Months Ended 12 Months Ended US$ millions, unless otherwise stated Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 EBITDAR(1) $26.7 $23.0 $95.2 $173.1 Adjusted earnings $11.6 $10.3 $38.8 $119.5 Adjusted diluted EPS $0.28 $0.25 $0.95 $2.84 Vessel operating expenses $19.1 $15.1 $66.2 $60.3 TC-in expense: Operating expense $1.0 $3.0 $9.4 $11.8 Vessel lease expense $0.9 $2.8 $8.6 $10.9 Depreciation and amortization $11.3 $8.8 $39.4 $33.9 Overhead $6.5 $8.1 $25.1 $28.0 Net interest $4.3 $5.3 $8.4 $8.3 Preferred dividend $0.8 $1.1 $2.7 $3.7 Gain on vessel sold - - - $12.3 Key Financial Data 10 Financial Highlights
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Contents IV. Board Perspective - Macro and Global Trade Update III. Business Update I. Earnings Highlights V. Summary II. Market Outlook 11 VI. Appendix
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IEA Revised Projections Indicate Sustained Oil Demand(2) Sustained consumption growth and global refinery dislocation driving ton-mile expansion 1) Clarksons, January 2026 2) IEA – World Energy Outlook, 2025 (Current Policies Scenario) Long-Term Demand Fundamentals Expansions in Asia, Outpacing Closures in the West(1) ▪ Regional imbalances in refinery capacity bridged by seaborne transportation o Several recent refinery closures in Europe and U.S. West Coast; typically replaced with long-haul volumes from Asia / Middle East ▪ New voyage combinations emerging due to market dislocation ▪ Latest long-term forecasts showing a focus on energy security with a more gradual energy transition 12 Net Refining Capacity: +1.5m Asia: +1.8m Middle East: +0.2m Africa: +0.7m Europe: -0.5m America: -0.7m 103.9 112.8 90 95 100 105 110 115 2025 2050F Million - bpd IEA World Energy Outlook 2025
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800 900 1,000 1,100 1,200 1,300 1,400 1H 2023 2H 2023 1H 2024 2H 2024 1H 2025 2H 2025 Billion Ton-miles 12M Rolling Avg. Increasing Global Refinery Throughput(1)▪ Higher refinery throughput driven by favorable margins ▪ Geopolitical disruption causing trade dislocation and longer voyages o EU ban on refined products derived from Russian crude shifting imports from Turkey to U.S.; 3x voyage distance o Venezuelan crude returning to U.S. Gulf a tailwind for U.S. CPP exports Ton-miles driven by long-term demand growth and boosted by geopolitical disruptions Increasing Ton-Mile Demand 1) Rystad, Oil Macro Monthly December 2025 – 12M Rolling Avg. 2) Vortexa, January 2026 Higher Refined Product Ton-Miles(2) 13 New EU Restrictions Increasing Voyage Distances 82.0 82.5 83.0 83.5 84.0 84.5Million bpd 2025 EU Imports From US: +78% EU Imports From Turkey: -70% Turkey - Europe 5 Days >3x Voyage Distance USG - Europe 17 Days
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16% of Overall Tanker Fleet Now Under Sanction(1). . . Step-up in sanctions enforcement directly benefiting compliant fleet Sanctions Reducing Effective Tanker Supply 1) Clarksons SIN, January 2026 2) Vortexa, Vessels Lifting Iranian, Russian, or Venezuelan Oil, January 2026 . . . With Additional 14% Operating in Dark Trades(2) 14 0% 4% 8% 12% 16% 20% 0 200 400 600 800 1,000No. of Vessels Product Tankers Crude Tankers Sanctioned Fleet % RHS 803 890 500 600 700 800 900 1,000 2024 2025 No. of Vessels ~30% of tanker fleet no longer operating in mainstream trades
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30% 35% 40% 45% 50% 55% 60% 150 200 250 300 LR2 Trading Clean % Trading Dirty 47% 53% 0-15 years 15+ Years Majority of Aframax fleet 15+ years; Orderbook = 6% Clean LR2 capacity migrating toward crude market 15 LR2 Product Tankers Moving to Crude Trade ▪ 56% of LR2s now trading in crude segment, up from 46% a year ago o Restoring Venezuela exports to U.S. would quadruple Aframax / LR2 demand on this route ▪ LR2s represent over 50% of product tanker orderbook (dwt) o Significant portion to be absorbed by crude Aframax sector (same size, negligible orderbook) o Over 50% of Aframax fleet now over 15 years old Aging Aframax Fleet with Low Orderbook(1)Clean LR2 Fleet Continues to Decline(1) 1) Clarksons, January 2026 Percentage of LR2s trading clean at historical low
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Oldest MR fleet in decades; over half approaching scrapping age MR Fleet Age at Historical High (14.3 Years)(1) Global MR Tanker Fleet Aging Rapidly(1) ▪ 2025 MR ordering activity less than half 2024 level ▪ Over half of MR fleet aged 20+ within 5 years, compared to total orderbook of 13% 16 Aging MR Fleet 1) Clarksons, January 2026 2005 2006 2007 2008 2009 2010 20112012 2013 2014 2015 2016 20172018 2019 2020 2021 2022 2023 2024 2025 0% 10% 20% 30% 40% 50% 60% 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 Orderbook as % Fleet Average Age - 1 2 3 4 5 6 7 8 Fleet (million dwt) Non-Eco Eco Scheduled Deliveries Scrapping window within 5 years Orderbook 55m tons 13m tons >4x
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46% 54% In 5 years 0-19 Years 20+ Years Significant decline in utilization for older vessels Aging MR Fleet(1) Lower Utilization of Older Vessels(2) 17 Fleet Age and Utilization 1) Clarksons Shipping Intelligence Network, January 2026 2) Vortexa, January 2026 Ballast Laden 38% 53% 62% 47% 0-19 Years 20+ Years 75% 25% Current
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Contents IV. Board Perspective - Macro and Global Trade Update III. Business Update I. Earnings Highlights V. Summary II. Market Outlook 18 VI. Appendix
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Executing on a Consistent Strategy Best-in-Class Governance Best-in-Class Governance Product and Chemical Tanker Focus Fully Integrated Platform Long-Standing Capital Allocation Policy Long-Term Value Mindset Energy Efficiency and Innovation Focus 19
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20 Strategic Focus: MR Product and Chemical Tankers Asset Flexibility Refined Products Renewable Fuels Vegetable Oils Chemicals Trading Business Access to Key Tanker Ports Across the World Wide range of cargo options, enabling greater trading versatility
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Our Philosophy: Enhancing Performance Through Progress 1) Basis MR Combined Spot TCE 2) Since 4Q 2022 3) Webber Research: 2025 Corporate Governance Scorecard 21 Innovation Mindset Boosting financial performance through innovation 4Q 2025 TCE Cost focus with low leverage of 17% Cash Breakeven $11,700 Performance Progress #1 Governance Ranking $25,300 Strong cash generation (1) Declaring our 13th consecutive dividend Capital Returned 26% Operational Leadership Highest ranked tanker company on Webber Governance scorecard(3) Ship-to-shore collaboration with focus on seafarer well-being of market cap (2)
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Dynamically investing in the business while distributing capital 2025 HighlightsPriority Description Maintain fleet over time Investing in fleet to drive performance and efficiency Sustain leverage below 40% Responsible long-term approach to capital structure Well-timed accretive growth Value focus through the cycle; fully scalable platform Return capital to shareholders Distributing capital alongside ongoing investment in the business Upgraded tank coatings on chemical fleet Completed 11 drydockings in 2025 Realizing high returns through numerous vessel efficiency projects ✓ Refinanced debt facilities at reduced margin Fully redeemed $30m preferred shares Breakeven reduced to $11,700 / day 13th consecutive cash dividend; one-third of adjusted earnings 26% of market cap returned since 2022 through dividends and buybacks ✓ ✓ 22 Capital Allocation Policy Acquired 3 x high-quality, fuel-efficient MRs Actively developing transactions in a patient and disciplined manner ✓ ✓ ✓ ✓ ✓ ✓ ✓
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23 Returning Capital to Shareholders Capital Returned to Shareholders Since 4Q 2022 Distributing capital alongside ongoing investment in the business 13 Consecutive Quarterly Dividends 4Q 2022 to 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Capital Returned $113m $126m
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▪ Intensive drydocking cycle of nearly 50% of the fleet completed in 2025 o Limited drydockings in 2026 & 2027, about 10% of the fleet ▪ Capex expected to decrease significantly in 2026 to approx. $5 million (vs. $30m in 2025) ▪ 99% on-hire availability for FY 2025 Step-up in Revenue Days in 2026 Higher revenue days boosting earnings potential 24 Fleet Upgrades Increasing Earnings Power 1 8,888 9,152 FY 2025 FY 2026F +264 days
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▪ MarineLine coating upgrades completed on full chemical tanker fleet ▪ Providing access to wider cargo slate, enhancing triangulation opportunities and earnings o Recent voyages delivering TCE premium of up to $6,000 / day ▪ Shorter cleaning times drive increased asset utilization and lower fuel costs (approx. $500 / day for each vessel) 25 Case Study: Premium Tank Coatings Access to premium cargos and cost savings, driving increased earnings Clean Petroleum Products Specialized Biofuels MarineLine Coating Renewable Fuels Vegoils Methanol Epoxy Coating Complex Chemicals Easy Chemicals Industrial Feedstocks MarineLine Provides Greater Cargo Versatility
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26 Case-Study: Premium Tank Coatings Robust revenue generation (90% laden), with premium cargos and shorter turnaround times
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$34 $36 $38 $40 $42 $44USD Million 5-Year-Old MR Ardmore Vessel Acquisitions ▪ Timely acquisition of three high-quality, fuel-efficient MRs o Market value of vessels has appreciated 15% since purchase ▪ Leveraging a proven record of well-timed growth to drive long-term value in a cyclical industry ▪ Ardmore’s agile, performance-driven platform is highly scalable Transactions: Fleet Expansion 27 Strategic and timely fleet expansion Current $44m Value Creation Through Well-Timed Acquisitions(1)(2) 1) Clarksons, January 2026 2) Age adjusted valuation of 8-year old vessels assuming $2m per year of depreciation (actual purchase price $32.8m per vessel)
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$19,250 $21,250 $21,250 $22,000 $26,000 Ardmore Cheyenne Ardmore Exporter Ardmore Endurance Ardmore Endeavour Ardmore Seavaliant MR Chemical 82% spot exposure; selective high quality time-charters ▪ 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 Transactions: Time-Charter Activity 1) TC-Out of $21,500 / day until February 2026, $24,000 / day until March 2026, and $26,000 / day until February 2027 28 Maintaining spot focus, while supplementing with high-quality time charters (1) (25k dwt Chemical Tanker)
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Sustaining Low Leverage 29 Strong balance sheet provides capacity for future opportunities ▪ Refinanced existing debt facilities into $350m fully revolving facility at attractive terms o Margin reduced from 2.5% to 1.8% o Maturity extended to 2031 ▪ Fully redeemed remaining $30m preferred shares ▪ Low leverage of 17%, aligned with Ardmore’s through the cycle approach to value creation(2) $16,500 $15,400 $15,300 $15,200 $13,900 $12,200 Operating Cash BE: $10,800 $11,700 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Revolving Facility Supporting Lower Cash Breakeven(1) 1) Cash breakeven includes normalized capex (5-year average). Operating cash breakeven excludes capex 2) Leverage = (Total Debt + Preferred Stock) / (Total Debt + Preferred Stock + Equity)
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Commercial Update 30
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Performing for large, diversified base of high-quality customers 31 Global Product and Chemical Tanker Platform 1
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32 Ardmore Focus: Product and Chemical Overlap Clean Petroleum Products Chemicals Gasoline Diesel Jet Fuel Naphtha Advanced Lubeoils Sunflower Oil Palm Oil Soy Oil Methyl Ester Molasses Methanol Ethylene Styrene Benzene Toluene Xylene Caustic Soda Paraxylene Ethylene Dichloride Styrene Monomer Vegetable Oils Renewable Fuels Biodiesel Ethanol Renewable Diesel Used Cooking Oil Extensive trading options; actively transporting wide spectrum of liquid cargos Strong in-house expertise, purpose built to safely handle complex cargo programs, enabling greater flexibility and increased earnings power
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33 Evolution of Atlantic Market Evolving trade routes and cargo flows adding ton-miles; Ardmore well positioned
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34 Case-Study: Atlantic Trade Combinations Atlantic voyage combination with minimal ballast; $32,300 / day TCE over 136 days
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35 Case-Study: Emerging Pacific Routes California refinery closures driving long-haul imports; $32,000 / day TCE over 117 days
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Innovation Driving Superior Performance 36
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Efficiency Upgrades Producing Impactful Returns 1. DeepSea AI 2. Upgraded Tank Coatings 13. N2 Plant Retrofit 4. Mewis Duct 5. 13 Mari 6. Microboiler 14. Variable Speed Drives 8. Ultrasonic Propeller Cleaning 9. Propeller Boss Cap Fin 10. IGG Low load upgrade 11. Low-load Boiler Optimization 12. FuelOpt 3. Hull Cleaning Robots 7. Neuro Hardware 37 1 2 7 3 58 9 6 4 10 11 12 13 14
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▪ Fuel is largest expense, typically over 50% of voyage costs o Consumption increases significantly over 5-year docking cycle due to biofouling ▪ Ardmore’s integrated approach to hull maintenance: o Self-polishing copolymer coatings, reducing drag o Hull grooming triggered automatically by on-board sensors o Ardmore hull cleaning regime up to 4x more efficient than the global fleet ▪ Trialling autonomous hull cleaning robots to further boost fuel efficiency o Facilitates open-sea cleaning o Indicative IRR of 60 – 70% Strategic approach to hull cleaning driving fuel efficiency and reducing costs Innovation Case Study: Hull Efficiency 38 Ardmore’s Approach Reducing Fuel Costs by 20%(1)(2) Hull Cleaning Robot 1) IMO GloFouling Study, 2022 2) Excess consumption vs. hull fouling over 5-year hull cleaning cycle Ardmore Fleet Reactive Approach Limited to No CleaningBest-in-Class Consumption Increase Fouling Increase
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▪ AI-driven voyage optimization boosts fuel efficiency, speed, and voyage execution o Returns of over 100% ▪ Enhancing DeepSea AI with the implementation of DeepSea Neuro high frequency data collection system o Speeds up ship-to-shore data flow for faster optimization o Enhances accuracy and reliability of live operational data feeding AI tools o Facilitated by high-bandwidth Starlink connectivity Case Study: DeepSea AI 39 Delivering smarter, more efficient operations across sea and shore
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Innovation: At Sea and Shore 40 Utilizing agentic AI to enhance workflows and automate tasks Letter Automation Report Analysis Invoice Automation Document Auto-Filing Document Summarizer Sanctions & Compliance
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1) Webber Research: 2025 Corporate Governance Scorecard Best-In-Class Governance Robust governance that strengthens confidence and long-term value Diverse and Independent Board of Directors NYSE Listed & 100% Free Float #1 Ranked Tanker Company for Corporate Governance(1) 41 Fully Integrated and Aligned Platform
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42 Board Skills Matrix Ardmore’s Board ‒ a broad spectrum of expertise, experience, and diverse backgrounds
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Contents IV. Board Perspective - Macro and Global Trade Update III. Business Update I. Earnings Highlights V. Summary II. Market Outlook 43 VI. Appendix
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44 Board Member Perspective ▪ 25 years' experience as a financial and strategic advisor, with particular expertise in Asian cross-border capital markets transactions and mechanisms ▪ Chief Commercial Officer, CMU OmniClear, a subsidiary of the Hong Kong Monetary Authority ▪ Former Senior Executive, Hong Kong Exchanges and Clearing ▪ Former Investment banker, leading investment banks (JPMorgan, Deutsche Bank, Credit Suisse, Citigroup) ▪ Published author on the subject of Sino-American financial relations James Fok Director
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Key Macro Themes the Board is Tracking 45 The Geopolitical Environment1 Technology Shifts2 Global Liquidity3
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Geopolitical Risks Likely to Remain and are Driving Structural Changes in Supply Chains 46 Geopolitics Dominate Global Risks for 2026(1) Supply-side Shocks Driving a Restructuring in Supply Chains 18% 14% 8% 7% 7% 5% 4% 4% 3% 3% 27% Geoeconomic confrontation State-based armed conflict Extreme weather events Societal polarisation Misinformation & disinformation Economic downturn Human rights / civic freedoms erosion Adverse outcomes of AI Cyber insecurity Inequality Others Geopolitical Environmental Societal Technological Economic Others The Old Worldview 2018-25 Supply Side “Shocks” Optimize for efficiency Capital light Export pollution Wall Street over Main Street Supply chain security Strategic redundancy De-emphasize ESG “It’s Main Street’s turn…” Covid-19 Ukraine Trade War The New Worldview 1) World Economic Forum Global Risk Perception Survey 2025-26 Trade tensions, tariffs and sanctions have created a more complex operating environment
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10% 15% 15% 10%13% 6% 31% 2005 17% 13% 9% 6% 5%5%5% 41% 2025 ASEAN EU US Hong Kong South Korea Japan Taiwan Others However, Global Trade Continues to Expand 47 Total Volume of Global Merchandise Trade China’s Trading Partners by Share 1) World Trade Organization, 2025 2) General Administration of Customs of the People’s Republic of China, 2025 16.2 15.7 17.4 19.2 18.7 17.3 21.8 24.7 23.6 24.1 26.5 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Global trade value(1) US$ trillion -13% -3% 11% 10% -2% -7% 26% 13% -5% 2% 10% YoY % Share of total trade(2) % Share of total trade(2) % US$1.4 tn US$6.4 tn Ardmore’s positioning as a nimble player in the spot market is an advantage amidst changing trade patterns
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Contrasting Approaches to AI 48 The Consumer Model The Industrial Model Sample use cases: • Smart assistants • Image editing / content generation • Personalized shopping Sample use cases: • Predictive machinery maintenance • Energy management / optimization • Logistics vs. While it remains to be seen if large investments in consumer AI will pay off, industrial AI applications are already transforming productivity
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Sources of Innovation and Technology Leadership are Undergoing Change 49 Global Innovation Index(1) 1) World Intellectual Property Organization, 2025 Technology is vital to the shipping industry’s operational efficiency and fuel economy. Increasingly, sourcing leading-edge technologies requires global awareness
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8.21 8.15 2.35 1.40 1.29 1.29 0.79 0.59 Ch i… US Ja p… U K Fr a… Ca n… Ita ly Ge r… How will Strained Fiscal Positions Impact Access to Funding? 50 Increasing Pressure on Govt. Finance since Covid-19 1) International Monetary Fund, 2025 111% 88% 237% 121% 101% 113% 135% 64% 2019-25 % increase in government debt outstanding(1) US$ trillion 90% 59% 236% 108% 86% 98% 134% 59% 20252019 Government debt as % of GDP(1) % Strained government balance sheets, persistent inflation and high equity valuations in the US have increased volatility. Access to liquidity is fundamental for us to capture periodic market opportunities
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Less than 1 Year 1 - 3 Years 3 - 5 Years 5 - 10 Years 10+ Years 79% 21% 2019 Greater China Others 63% 37% 2025 Evolution of Global Financial Markets 51 Shifting Global Interest Rate Landscape(1) Growing Offshore RMB Bond Issuance by International Issuers 1) PBOC, HKMA, Federal Reserve of St. Louis 2) Bloomberg, CICC, HKEX, January 2026 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% China loan prime rate US federal funds rate Share of total issuance(2) % Share of total issuance(2) % Lengthening Maturities in Offshore RMB Bond Market 4% 78% 14% 4% 0% Share of total issuance(2) % 2023 2025 6% 49%24% 16% 5% Share of total issuance(2) % Structural factors are driving growth in alternative debt capital markets – something that could provide opportunities in the future
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Business Implications 52 Innovation with Purpose Geopolitics Leading to Continued Trade Disruptions Financial Flexibility
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Contents IV. Board Perspective - Macro and Global Trade Update III. Business Update I. Earnings Highlights V. Summary II. Market Outlook 53 VI. Appendix
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Leading Governance Financially Robust Low Cash Breakeven $11,700 Strong TCE Performance $25,300 Innovation Mindset Summary Delivering on strategy to create long-term value 1) Basis MR Combined spot TCE for 4Q 2025 (1) 54
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Contents IV. Board Perspective - Macro and Global Trade Update III. Business Update I. Earnings Highlights V. Summary II. Market Outlook 55 VI. Appendix
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1) Chartered in until June 2026 2) Average age of owned ships as at December 31, 2025 56 Fleet List Vessel Name Ownership Type Dwt IMO Built Country Specification Ardmore Purpose Owned Product/Chemical 50,192 2/3 Sep-2020 Korea Eco-design Ardmore Persistence Owned Product/Chemical 49,688 2/3 Jan-2017 Korea Eco-design Ardmore Pursuit Owned Product/Chemical 49,709 2/3 Feb-2017 Korea Eco-design Ardmore Gibraltar Owned Product/Chemical 49,999 2/3 Apr-2017 Korea Eco-design Ardmore Seahawk Owned Product/Chemical 49,999 2/3 Nov-2015 Korea Eco-design Ardmore Sealion Owned Product/Chemical 49,999 2/3 May-2015 Korea Eco-design Ardmore Seawolf Owned Product/Chemical 49,999 2/3 Aug-2015 Korea Eco-design Ardmore Seafox Owned Product/Chemical 49,999 2/3 Jun-2015 Korea Eco-design Ardmore Seavanguard Owned Product/Chemical 49,998 2/3 Feb-2014 Korea Eco-design Ardmore Seavantage Owned Product/Chemical 49,997 2/3 Jan-2014 Korea Eco-design Ardmore Seaventure Owned Product/Chemical 49,998 2/3 Jun-2013 Korea Eco-design Ardmore Seavaliant Owned Product/Chemical 49,998 2/3 Feb-2013 Korea Eco-design Ardmore Engineer Owned Product/Chemical 49,420 2/3 Mar-2014 Korea Eco-design Ardmore Exporter Owned Product/Chemical 49,466 2/3 Feb-2014 Korea Eco-design Ardmore Encounter Owned Product/Chemical 49,478 2/3 Jan-2014 Korea Eco-design Ardmore Explorer Owned Product/Chemical 49,494 2/3 Jan-2014 Korea Eco-design Ardmore Endurance Owned Product/Chemical 49,466 2/3 Dec-2013 Korea Eco-design Ardmore Enterprise Owned Product/Chemical 49,453 2/3 Sep-2013 Korea Eco-design Ardmore Endeavour Owned Product/Chemical 49,997 2/3 Jul-2013 Korea Eco-design Ardmore Defender Owned Product/Chemical 37,791 2 Feb-2015 Korea Eco-design Ardmore Dauntless Owned Product/Chemical 37,764 2 Feb-2015 Korea Eco-design Ardmore Chippewa Owned Product/Chemical 25,217 2 Nov-2015 Japan Eco-design Ardmore Chinook Owned Product/Chemical 25,217 2 Jul-2015 Japan Eco-design Ardmore Cheyenne Owned Product/Chemical 25,217 2 Mar-2015 Japan Eco-design Ardmore Cherokee Owned Product/Chemical 25,215 2 Jan-2015 Japan Eco-design T Matterhorn(1) TC-In Product 47,981 — Dec-2010 Japan Eco-mod Total 26 1,170,751 10.9(2)
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1) Adjusted earnings is a non-GAAP financial measure and represents net income / (loss) attributable to common stockholders excluding gain or loss on sale of vessels and write-off of deferred finance fees because they are considered to be not representative of the Company’s operating performance. For the purposes of the quarterly dividend calculation, Adjusted earnings will exclude the impact of unrealized gains / (losses) and certain non-recurring items ▪ In line with our consistent Dividend Policy, Ardmore declared a quarterly cash dividend for 4Q 2025 of $0.09 per share o Quarterly dividend calculated as one-third of adjusted earnings(1) o The dividend will be paid on March 13, 2026, to all shareholders of record on February 27, 2026 Three Months Ended December 31, 2025 Adjusted earnings before exclusions $11,552,000 Exclusions: Non-recurring items - Adj. earnings (for purposes of dividend calc.) $11,552,000 Dividend to be paid $3,851,000 Number of shares outstanding 40,731,441 Dividends Per Share (DPS) $0.09 Dividend Calculation 57 Dividend Payment
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58 Oil and Chemical Value Chain Upstream Midstream Downstream
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59 Our Focus – MR & Chemical Tankers VLCC SUEZ AFRA PAN LR2 LR1 MR Chemical 907 671 691 73 509 376 2,215 1,979 Crude Tankers Product Tankers Chemical Tankers World Tanker Fleet(1) 7,421 Vessels Workhorses of the Global Tanker Fleet ▪ MR and chemical tankers represent ~55% of the world tanker fleet by number of ships ▪ Dislocation of refineries and petrochemical facilities is accelerating the shift in seaborne oil transport from crude to refined products ▪ MRs trade everywhere and are the ship of choice for oil traders due to their versatility Growing Share of World Tanker Fleet Ardmore owns and operates MR & Chemical Tankers 1) Clarksons, January 2026. Chemical Tankers >10,000 dwt
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1) Data sourced from Clarksons; Closures based on announcement periods 2) Clarksons Shipping Intelligence Network, Oil & Tanker Outlook, December 2025 Regional Refinery Shift(1) Seaborne Product Trade Balances(2) 60 Refinery Summary and Seaborne Product Trade Region Closures 2023 – 2028 Openings 2023 – 2028 Europe 0.6 - America 0.7 0.3 Australia - - Middle East - 0.5 Africa - 0.7 China 0.4 1.3 Asia (excl. China) 0.2 1.1 Total (mbd) 1.9 3.8 2026F 2027F Region Imports Exports Imports Exports Middle East 1.2 4.7 1.2 4.8 North America 1.6 3.0 1.6 2.9 China 0.9 0.7 0.8 0.6 Asia (excl. China) 6.5 5.7 6.7 5.8 Europe 6.3 4.3 6.3 4.3 Latin America 2.2 1.0 2.3 1.0 Africa 2.1 1.0 2.0 1.1 FSU - 2.1 - 2.2 Australasia 1.2 - 1.2 - Other 0.7 0.2 0.8 0.2 Total Trade (mbd) 22.7 22.7 22.9 22.9
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1) Closures based on announcement periods 61 Refinery Dislocation Boosting Ton-Mile Demand(1)
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EBITDA + vessel lease expense component (i.e. EBITDAR) Three months ended Twelve months ended Reconciliation of net income / (loss) to EBITDAR(1) December 31, 2025 December 31, 2025 In thousands of U.S. Dollars Net income 12,375 41,014 Interest income (352) (955) Interest expense and finance costs 2,391 6,112 Income tax 39 241 Depreciation 9,541 33,849 Amortization of deferred drydock expenditures 1,760 5,558 EBITDA 25,754 85,819 Gain on vessel sold - - Loss on extinguishment of debt - 469 Unrealized gains on derivatives (6) (6) Impairment of equity method investment - - Gain on sale of e1 Marine LLC - - Loss from equity method investments 20 308 ADJUSTED EBITDA 25,768 86,590 Plus: Vessel lease expense component 907 8,632 ADJUSTED EBITDAR 26,675 95,222 1) EBITDA and EBITDAR are not items recognized by U.S. GAAP (i.e., non-GAAP measures) and should not be considered as alternatives to net income or loss, any other indicator of a company’s operating performance required by U.S. GAAP. The definitions of EBITDA and EBITDAR used here may not be comparable to that used by other companies ▪ Adjusted EBITDAR(1) (i.e., EBITDA plus bareboat equivalent lease expense) is a metric to enable a comparable valuation with IFRS reporting peers, as Ardmore reports under U.S. GAAP, while most of our peers report under IFRS ▪ IFRS differs from U.S. GAAP in its presentation of lease expense by including it in depreciation, whereas U.S. GAAP does not; as a consequence, vessels that are chartered in for greater than one year result in higher EBITDA under IFRS than U.S. GAAP ▪ Therefore, to assist in the process of a like-for-like valuation, we utilize “EBITDAR” as comparable to “EBITDA” reported by IFRS peers 62
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MR Combined Spot TCE: $29,100 (50% fixed) Chemical Tanker Spot TCE: $20,800 (30% fixed) Revenue Days: 2,250 Operating Expenses: $17.5 million Charter-In Expenses: $1.0 million Depreciation and Amortization: $11.5 million Overhead (Commercial and Corporate): Overhead (Commercial and Corporate) Run Rate: $6.5 million $6.0 million Interest Expense and Finance Costs: $2.0 million 1) NOTE: This table provides guidance by Company management about current expectations for the listed items during the quarter ending March 31, 2026. These expectations represent forward-looking statements, and actual results for 1Q 2026 may differ materially from the amounts above. Assumptions underlying information in the table include, among others: applicable spot rates consistent with average 1Q TCE rates to date during 1Q; average fleet utilization of 99%; expense levels consistent with those for 1Q to dateduring 1Q on a per vessel basis; no changes in interest rates generally or under the Company’s existing credit facilities; anticipated amounts of outstanding debt for the remainder of 1Q. Factors that may cause the Company’s actual results for 1Q to vary materially from those set forth in the table include, among others: actual fleet size, charter rates obtained by the Company, vessel employment, operating and other costs, inflationary impacts and interest rates 63 Ardmore Indicative Guidance 1Q 2026(1)