Slides
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Second Quarter 2026Ardmore ShippingCorporation
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DisclaimerThis 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 expected results for the third quarter of 2026 for revenue days, operating costs, charter-in expenses, depreciation and amortization, overhead, interest expense and finance costs; future tanker rates; global and regional economic conditions and trends; shipping market trends and market fundamentals, including expected tanker demand and scrapping levels; the Company's liquidity, financial flexibility and strength, cost management and capital expenditure levels; the Company's capital allocation policy and intended actions, including future dividends; the Russia-Ukraine war, the Hamas-Israel war and attacks against merchant vessels in the Red Sea area, and the U.S.- Israel war with Iran and related effects on transportation through the Strait of Hormuz 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; and the Company’s ability to benefit from tanker rate increases, including potential increases in Earnings Per Share (“EPS”) 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. Although the Company believes that its expectations stated in this presentation are based on reasonableassumptions, 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 from any rate increases and other related matters; failure of applicable assumptions to be met relating to guidance provided for the third quarter of 2026; 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 geopolitical developments relating to the Russia-Ukraine war (including related sanctions, import bans and similar actions), the Hamas-Israel hostilities and attacks against merchant vessels in the Red Sea area, and the U.S.-Israel war with Iran and the level of transit through the Strait of Hormuz; changes in the Company’s operating expenses; potential disruptions of shipping routes; changes in governmental rules and regulations; 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, 2025. 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.2
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Contents IV. Summary III. Financial and Operating Performance I. Highlights V. Appendix II. Market Outlook 3
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Earnings Highlights 4 2Q 2026Earnings Highlights$48.3mAdjusted Earnings(1)$1.18EPS(1)$0.79Dividend per ShareStrong performance and disciplined execution in a rapidly evolving market 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 July 29th, 2026 Ardmore performing well in strong marketoLong-term fundamentals driven by energy security and sustained oil demandoAmplified by Middle East disruption driving higher refinery margins and long-haul replacement volumes, supporting elevated TCE ratesExercised options on two additional Handysizeproduct/chemical tanker newbuildings; total four vessels on order
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$24,700 $29,600 3Q 2025 3Q 2026 TD Earnings Highlights 5 MR TCE: YoY Growth and Nearly 3x Breakeven(1)(2)3Q 2026 TD2Q 2026TCE Rates$29,600(45% fixed)$51,900MRs(2)$25,000(50% fixed)$26,900Chemical Tankers(2) 1) Operating cash breakeven excludes capex2) Basis MR and Chemical spot TCE rates Rates remain elevated into 3Q; Nearly 3x cash breakeven+20% YoYOperating cash breakeven of $10,800 / day
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Returning capital and investing in the business HighlightsDescriptionPriorityInvesting in fleet to driveperformance and efficiencyMaintain fleet over timeResponsible long-term approach to capital structureSustain leverage below 40%Value focus through the cycle; fully scalable platformWell-timed accretive growthDividend payout of two-thirds of adjusted earningsReturn capital to shareholders Realizing strong returns through AI-enabled performance optimization and vessel efficiency projectsLow Operating Cash Breakeven of $10,800 / day ($11,700 including capex)Declaring 15thconsecutive cash dividend; approx. 20% dividend yield6 Capital Allocation Policy Well-timed fleet renewal: four newbuildings contracted plus two options, three modern MRs acquired, one older vessel sold
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IV. Summary III. Financial and Operating Performance V. Appendix I. Earnings Highlights II. Market Outlook 7 Contents
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Current Market Dynamics 8Refining Margins at Elevated Levels(1)Tight product supply boosting crack spreads, driving Atlantic refinery utilization to multi-year highs Trade inefficiencies and long-haul flows supporting product tanker rates Record U.S. Gulf exports replacing Middle East cargos -with significantly longer voyage distancesPanama Canal water levels: Potential transit cuts would further support ton-milesMiddle East supply disruptions boosting refining margins and Atlantic exports Trade Disruption Increasing Voyage Lengths81) Bloomberg2) Vortexa 45678mbdU.S. Gulf Clean Product ExportsRecord U.S. Gulf Clean Exports(2) - 10 20 30 40 50 60 70$ / bblBrent CracksWTI Cracks U.S. Gulf to Asia Volumes +25%Europe to Asia Volumes +75%U.S. Gulf to West Africa Volumes +70%
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Inventory Replenishment Boost 9 Inventories Need to be Replenished…(1)Closure of Strait of Hormuz has displaced ~3.5mbd of refined product supplyInventories drawn down sharply to cover the shortfall; U.S. and ARA oil product stocks declined materiallyIEA now projects significant oil surplus in 2027, with supply reaching ~110mbd vs. demand of ~105mbdoDriven by recovery of barrels shut in during the closure as well as continued non-OPEC+ supply growthHigher oil volumes to boost refinery throughput and support the anticipated inventory restocking cycleSupply growth and energy security concerns to support longer restocking cycle …Facilitated by Growing Oil Supply(2)91) Bloomberg2) IEA Oil Market Report, June 2026 30 32 34 36 38 40 42 44 46 48 760 780 800 820 840 860 880 900Jan-2026 Feb-2026 Mar-2026 Apr-2026 May-2026 Jun-2026Million bblTotal U.S. Oil ProductsTotal ARA Oil Products (RHS)Nearly 100m barrels drawn YTD103.595.6102.6107.7109.4110.3110.8110.990951001051101151Q 26 2Q 26 3Q 26F 4Q 26F 1Q 27F 2Q 27F 3Q 27F 4Q 27FmbdGlobal Oil Supply
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00.10.20.30.60.70.80.91.01.11.21.31.4mbdCPP Imports on Compliant TonnageCPP Imports from Russia (RHS) Russia Diesel Export Ban 10 Shortfall in Russian Refined Product Exports(1)Russia imposed a full diesel export ban amid refinery outages and domestic fuel shortagesoEstimated 40% of Russian refining capacity offlineoRussian clean product exports fell to multi-year low in July Displaced buyers sourcing replacement cargos from elsewhere; shadow fleet utilization declining as Russian volumes fall, boosting demand for compliant tonnageRussian export ban boosting demand for compliant tonnageEvolving Brazilian Imports Benefiting Mainstream Fleet(1) 101) Vortexa0.60.81.01.21.41.61.8Jan-2024 - May-2026Avg.Jun-2026 Jul-2026mbdRussian Clean Product Exports720kbdShortfall
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Revised IEA Forecasts Point to Sustained Oil Demand(2)Structural refining shifts and sustained oil demand driving ton-mile growth 1) Clarksons2) IEA World Energy Outlook 2025 Demand FundamentalsShifting Refinery Capacity Driving Long-Haul Flows(1) 11 Net Refining Capacity: +1.9mAsia: +2.1mAfrica: +0.8mEurope: -0.5mAmericas: -0.5mEnergy security remains a growing priority, with governments diversifying import sources and securing seaborne supply chainsRefining and consumption increasingly dislocated;closures in West replaced by new capacity in EastA slower energy transition extends the oil demand runway, the IEA now forecasts demand growth through 2050103.3112.890951001051101152026 2050FmbdGlobal Oil Demand
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-1.02.03.04.05.06.07.0Fleet (million Dwt)Non-EcoEco Scheduled Deliveries Oldest MR fleet in decades; half nearing scrapping age MR Fleet Age at Historical High (13.5 Years)(1)Global MR Tanker Fleet Aging Rapidly(1)MR orderbook 16% of the fleet; in the next five years 50% of MRs will be 20+ years oldHandysize orderbook only ~6% of fleet (average fleet age of over 18 years) 12 Aging MR Fleet 1) Clarksons2005200620072008200920102011201220132014201520162017201820192020202120222023202420252026 Handy Fleet20260%10%20%30%40%50%60%70%80% 5.0 7.0 9.0 11.0 13.0 15.0 17.0 19.0Orderbook as % FleetAverage Age Scrapping window within 5 yearsOrderbook43mtons13mtons>3x
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IV. Summary III. Financial and Operating Performance I. Earnings Highlights V. Appendix II. Market Outlook 13 Contents
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1) Operating cash breakeven excludes capex. Cash breakeven includes normalized fleet capex (5-year average)2) Effective Leverage = (Total Debt incl. Committed Capex + Preferred Stock) / (Total Debt incl. Committed Capex + Preferred Stock + Equity) Strong balance sheet and disciplined capital structure, supporting newbuild capex coverageArdmore continues to focus on TCE optimization, disciplined cost management, and maintaining a strong balance sheetoLow operating cash breakeven of $10,800 / day ($11,700 / day including capex)(1)Modest effective leverage of 24% inclusive of newbuilding commitments~$290m in undrawn revolving debt capacityContinuing to Build Financial Strength 14 Continued Focus on Financial StrengthJun 30,2025Pro-FormaJun 30, 2026NewbuildCapexJun 30, 2026US$ millions, unless otherwise stated$49.5$48.1$48.1Cash$70.6$76.0$76.0Receivables, Inventories and Advances$579.3$812.8$183.6$629.2Vessels, Drydocking and Other Assets$4.4$4.2$4.2Equity Investment$703.8$941.2$757.6Total Assets$32.8$24.2$24.2Payables and Accruals$25.0$217.0$183.6$33.4Debt Facilities$27.8--Preferred Stock$618.3$700.0$700.0Equity$703.8$941.2$757.6Total Liabilities and Equity$52.8$217.0Effective Debt8%24%Effective Leverage(2)
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1) See slide 27 for more details Positioned to capture volatility; every $10,000 / day additional TCE increases annual EPS by ~$1.90Adjusted EBITDAR(1)of $61.1 million in 2Q 2026 (full bridge on slide 27)Refer to slide 28 for 3Q 2026 guidance numbersStrong TCE performance continues to drive high-quality earnings Three Months EndedJun 30, 2025Jun 30, 2026US$ millions, unless otherwise stated$22.4$61.1EBITDAR(1)$9.0$48.3Adjusted earnings$0.22$1.18Adjusted diluted EPS2224Owned Fleet$15.4$19.0Vessel operating expenses TC-in expense:$3.0$0.5Operating expense$2.7$0.5Vessel lease expense$9.2$10.9Depreciation and amortization$6.1$5.8Overhead$0.9$1.5Net interest$0.6-Preferred dividend-$12.2Gain on vessel sold Key Financial Data 15 Financial Highlights
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Limited drydockings through 2027 oBalance of year existing fleet capex $3 million for 2026Harnessing AI and digitalization to maximize commercial and operational executionoAI voyage optimization and real-time propulsion automation delivering fuel and emissions reductionsMajority of Drydockings CompletedOptimizing operating performance and earnings 16 Operational Highlights11042025 2026 2027CompletedUpcoming
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IV. Summary III. Financial and Operating Performance I. Earnings Highlights V. Appendix II. Market Outlook 17 Contents
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Leading GovernanceFinancially Robust Operating Cash Breakeven$10,800Strong TCE Performance$51,900Innovation Mindset SummaryStrong execution driving long-term value 1) Basis MR spot TCE for 2Q 2026 (1) 18
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IV. Summary III. Financial and Operating Performance I. Earnings Highlights V. Appendix II. Market Outlook 19 Contents
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1) Chartered in until August 31, 20262) Average age of owned ships as at June 30, 20263) Average age of owned ships as at June 30, 2026, including four newbuildings20 Fleet ListCountryBuiltIMODwtTypeOwnershipVessel NameKoreaSep-20202/350,192Product/ChemicalOwnedArdmore PurposeKoreaJan-20172/349,688Product/ChemicalOwnedArdmore PersistenceKoreaFeb-20172/349,709Product/ChemicalOwnedArdmore PursuitKoreaApr-20172/349,999Product/ChemicalOwnedArdmore GibraltarKoreaNov-20152/349,999Product/ChemicalOwnedArdmore SeahawkKoreaMay-20152/349,999Product/ChemicalOwnedArdmore SealionKoreaAug-20152/349,999Product/ChemicalOwnedArdmore SeawolfKoreaJun-20152/349,999Product/ChemicalOwnedArdmore SeafoxKoreaFeb-20142/349,998Product/ChemicalOwnedArdmore SeavanguardKoreaJan-20142/349,997Product/ChemicalOwnedArdmore SeavantageKoreaJun-20132/349,998Product/ChemicalOwnedArdmore SeaventureKoreaFeb-20132/349,998Product/ChemicalOwnedArdmore SeavaliantKoreaFeb-20142/349,466Product/ChemicalOwnedArdmore ExporterKoreaJan-20142/349,478Product/ChemicalOwnedArdmore EncounterKoreaJan-20142/349,494Product/ChemicalOwnedArdmore ExplorerKoreaDec-20132/349,466Product/ChemicalOwnedArdmore Endurance KoreaSep-20132/349,453Product/ChemicalOwnedArdmore EnterpriseKoreaJul-20132/349,997Product/ChemicalOwnedArdmore EndeavourKoreaFeb-2015237,791Product/ChemicalOwnedArdmore DefenderKoreaFeb-2015237,764Product/ChemicalOwnedArdmore DauntlessJapanNov-2015225,217Product/ChemicalOwnedArdmore ChippewaJapanJul-2015225,217Product/ChemicalOwnedArdmore ChinookJapanMar-2015225,217Product/ChemicalOwnedArdmore CheyenneJapanJan-2015225,215Product/ChemicalOwnedArdmore CherokeeJapanDec-2010—47,981ProductTC-InT Matterhorn(1) 11.3(2)1,121,33125TotalChina2028240,500Product/ChemicalOwnedNewbuild 1China2029240,500Product/ChemicalOwnedNewbuild 2China2029240,500Product/ChemicalOwnedNewbuild 3China2029240,500Product/ChemicalOwnedNewbuild 49.7(3)1,283,33129Pro-Forma Total (Including Newbuilds)
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$19,250 $26,000 Ardmore CheyenneArdmore ExporterArdmore EnduranceArdmore SeavaliantMRChemicalTime-Charters Out 21(25k dwt Chemical Tanker) Enhancing the value of our trading book through opportunistic time chartersoActive portfolio management—adjusting coverage as markets evolve to ensure high-quality earningsoPrioritizing counterparty quality and duration mix to support long-term performance83% spot exposure for 3Q 2026; selective high quality TCOs$21,250$21,250
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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 2Q 2026 of $0.79 per shareoQuarterly dividend calculated as two-thirds of adjusted earnings(1)oThe dividend will be paid on September 15, 2026, to all shareholders of record on August 28, 2026Three Months Ended June 30, 2026$48,314,000Adjusted earnings before exclusionsExclusions:-Non-recurring items$48,314,000Adj. earnings (for purposes of dividend calc.) (1)$32,273,000Dividend to be paid (two-thirds of adjusted earnings)40,851,870Number of shares outstanding$0.79Dividend Per Share (DPS)Dividend Calculation 22 Dividend Payment
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23 Oil and Chemical Value ChainUpstreamMidstreamDownstream
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24 Ardmore Focus: MR & Chemical TankersChemicalMRLR1LR2PANAFRASUEZVLCC2,0392,27238654875697694924Crude TankersProduct TankersChemical TankersWorld Tanker Fleet(1)7,635 VesselsWorkhorses of the Global Tanker FleetMR and chemical tankers represent ~56% of the world tanker fleet by number of shipsDislocation of refineries and petrochemical facilities is accelerating the shift in seaborne oil transport from crude to refined productsMRs 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. Chemical Tankers >10,000 dwt
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1) Data sourced from Clarksons; Closures based on announcement periods2) Clarksons Shipping Intelligence Network, Oil & Tanker Outlook, June 2026 Regional Refinery Shift(1)Seaborne Product Trade Balances(2) 25 Refinery Summary and Seaborne Product TradeOpenings 2025 – 2029Closures 2025 – 2029Region-0.5Europe0.10.6Americas--Australia--Middle East0.8-Africa0.9-China1.2-Asia (excl. China)3.01.1Total (mbd)2027F2026FExportsImportsExportsImportsRegion4.51.23.61.1Middle East3.11.63.41.6North America0.80.80.70.8China5.46.64.85.9Asia (excl. China)4.66.04.85.9Europe1.02.21.02.1Latin America0.92.00.81.9Africa2.2-2.1-FSU-1.2-1.1Australasia0.21.10.21.0Other22.722.721.421.4Total Trade (mbd)
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1) Closures based on announcement periods26 Refinery Dislocation Boosting Ton-Mile Demand(1)
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EBITDA + vessel lease expense component (i.e. EBITDAR)(1)Twelve months endedThree months ended June 30, 2026June 30, 2026Reconciliation of net income / (loss) to EBITDAR(1)In thousands of U.S. Dollars109,26060,515Net income(1,021)(286)Interest income7,9621,739Interest expense and finance costs24210Income tax36,8149,135Depreciation6,9531,728Amortization of deferred drydock expenditures160,21072,841EBITDA(12,201)(12,201)Gain on vessel sold469-Loss on extinguishment of debt(6)-Unrealized gains on derivatives1965Loss from equity method investments148,66860,645ADJUSTED EBITDA4,038491Plus: Vessel lease expense component152,70661,136ADJUSTED EBITDAR1) 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 companiesAdjusted 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 IFRSIFRS 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. GAAPTherefore, to assist in the process of a like-for-like valuation, we utilize “EBITDAR” as comparable to “EBITDA” reported by IFRS peers27
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$29,600 (45% fixed)MR Combined Spot TCE:$25,000 (50% fixed)Chemical Tanker Spot TCE:2,250Revenue Days:$18.0 millionOperating Expenses:$1.2 millionCharter-In Expenses:$11.0 millionDepreciation and Amortization: $6.3 millionOverhead (Commercial and Corporate):$1.2 millionInterest Expense and Finance Costs:$8.0 million$36.0 millionCapex (full year 2026): Fleet capexNewbuild capex1) NOTE: This table provides guidance by Company management about current expectations for the listed items during the quarter ending September 30, 2026. These expectations represent forward-looking statements, and actual results for 3Q 2026 may differ materially from the amounts above. Assumptions underlying information in the table include, among others: applicable spot rates consistent with average 3Q TCE rates to date during 3Q; average fleet utilization of 99%; expense levels consistent with those for 3Q to date during 3Q 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 3Q. Factors that may cause the Company’s actual results for 3Q 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 rates28 Ardmore Indicative Guidance 3Q 2026(1)