Slides
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Third Quarter 2026 Ardmore Shipping Corporation
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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 expected results for the fourth 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 ongoing conflict in the Middle East and related effects on transportation through the Strait of Hormuz on the Company's industry, attacks against merchant vessels in the Red Sea area, 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 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 from any rate increases and other related matters; failure of applicable assumptions to be met relating to guidance provided for the fourth 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. Earnings Highlights V. Appendix II. Market Outlook 3
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Earnings Highlights 4 Ardmore dynamically navigating strong markets 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 November 3rd, 2026 ▪ Strong performance in seasonally softer third quarter; momentum building into 4Q o Geopolitical dislocation continues to reshape trade patterns, absorbing tonnage and boosting TCE rates ▪ Disciplined execution of our Capital Allocation Policy o Opportunistic sale of Ardmore Endeavour (2013-built, STX, no scrubber) for $34.3m o As previously announced, exercised options on two Handysize tanker newbuildings; total order six vessels Earnings Highlights(1) 3Q 2026 Adjusted Earnings $16.3m EPS $0.40 Dividend per Share $0.27
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$24,700 $27,000 3Q 2025 3Q 2026 $25,300 $57,600 4Q 2025 4Q 2026 TD Earnings Highlights 5 MR TCE Over 5x Breakeven(1)(2) TCE Rates(1) 3Q 2026 4Q 2026 TD MRs $27,000 $57,600 (45% fixed) Chemical Tankers $23,300 $30,100 (60% fixed) +130% YoY Operating cash breakeven of $10,800 / day MR TCE rates surging in the fourth quarter 1) Basis MR and Chemical spot TCE rates 2) Operating cash breakeven excludes capex
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Delivering strong shareholder returns while investing in fleet renewal and growth 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 Dividend payout of two-thirds of adjusted earnings Low Operating Cash Breakeven of $10,800 / day ($11,700 including capex) 100% revolving capacity Declaring 16th consecutive cash dividend; variable payout model benefiting from high operating leverage ✓ 6 Capital Allocation Policy Well-timed fleet renewal: nine vessels acquired (six newbuildings, three secondhand) ✓ ✓ ✓ Sale of two older vessels at attractive prices Realizing high returns through continuous sea and shoreside technology upgrades ✓ ✓
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IV. Summary III. Financial and Operating Performance V. Appendix I. Earnings Highlights II. Market Outlook 7 Contents
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Current Market Dynamics 8 Elevated Crack Spreads Support Refinery Activity(2) Higher oil volumes boosting refining activity and product tanker demand 1) Vortexa 2) Bloomberg 3) IEA Oil Market Report, October 2026 Oil Volumes Accelerating(1) Higher Refinery Runs Boosting Product Tanker Demand(3) ▪ Global seaborne crude shipments have returned to pre- conflict levels ▪ Increased volumes and high crack spreads expected to boost refinery runs for 4Q 2026 and into 2027 ▪ Strong CPP volumes and continued market inefficiencies expected to drive sustained ton-mile growth 30 35 40 45 50 55 2Q 2026 3Q 2026 4Q 2026 TD mbd Global Seaborne Crude Shipments (mbd) - 10 20 30 40 50 60 70 80$ / bbl Brent Cracks WTI Cracks 76 78 80 82 84 86 88 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec mbd 5-year range 2026 2027F
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190 200 210 220 230 240 250 260 270 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Million barrels 5-year range 2026 2 3 4 5 6 7 8 9 10 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Million barrels 5-year range 2026 Inventory Replenishment 9 European Jet Fuel Inventory Draws(1)▪ Regional supply shortfalls due to disrupted crude and product flows ▪ Product stocks now at multi-year lows ▪ Rebuilding stocks to add incremental demand, once disruption eases o Global oil product inventories down 190m barrels, equivalent to over 600 MR voyages ▪ Several countries planning to increase strategic reserves, adding further support to ton-mile demand Inventory replenishment set to boost tanker demand U.S. Diesel Inventory Draws(1) 1) Bloomberg U.S. Gasoline Inventory Draws(1) 80 90 100 110 120 130 140 150 160 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Million barrels 5-year range 2026
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▪ Energy security remains a growing priority; with governments diversifying import sources and securing seaborne supply chains ▪ Refining and consumption increasingly dislocated; closures in West replaced by new capacity in East ▪ Trade disruption is absorbing fleet capacity; rerouting and repositioning are lengthening voyages Notable Shifts in Trade Flows(1) Geopolitical shifts and refinery dislocation are reshaping global trade flows 1) Vortexa 2) Naphtha, Diesel, and Gasoline Demand Fundamentals 10 Med – Asia MR Naphtha voyages up 5x YoY USG – Europe jet and diesel volumes up 65% YoY USG – Asia product volumes up ~33% YoY(2)
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- 1.0 2.0 3.0 4.0 5.0 6.0 7.0 Fleet (million Dwt) Non-Eco Eco Scheduled Deliveries - 0.5 1.0 1.5 2.0 2.5 Fleet (million Dwt) Non-Eco Eco Scheduled Deliveries Favorable fleet demographics outweigh capacity additions Global MR Tanker Fleet(1) Global Handysize Tanker Fleet(1) ▪ MR orderbook 18% of the fleet; in the next five years ~50% of existing fleet will be 20+ years old ▪ Handy orderbook 6% of the fleet; in the next five years ~75% of existing fleet will be 20+ years old 11 Aging Industry Fleet 1) Clarksons Orderbook5-year Scrapping Window Orderbook 44m tons 17m tons 17m tons 1m tons 5-year Scrapping Window
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Significant decline in utilization levels as vessels age MR Utilization Rate (%)(1) 12 Fleet Age and Utilization 1) Vortexa 64% 51% 0-19 Years 20+ Years 0-19 Years 20+ Years
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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) Includes vessels under construction 2) Effective Leverage = (Total Debt incl. Committed Capex + Preferred Stock) / (Total Debt incl. Committed Capex + Preferred Stock + Equity) Strong balance sheet and low breakeven, supporting newbuild capex coverage ▪ Ardmore generating robust cash flows through tight cost control and optimizing TCE performance o Low operating cash breakeven of $10,800 / day ($11,700 / day including capex) ▪ Effective leverage of 32% including newbuilding commitments Strong Balance Sheet 14 Continued Focus on Financial Strength US$ millions, unless otherwise stated Sep 30, 2026 Newbuild Capex Pro-Forma Sep 30, 2026 Sep 30, 2025 Cash $47.5 $47.5 $47.1 Receivables, Inventories and Advances $85.7 $85.7 $69.1 Vessels held for sale $22.1 $22.1 - Vessels, Drydocking and Other Assets(1) $617.4 $257.8 $875.2 $679.4 Equity Investment $4.1 $4.1 $4.2 Total Assets $776.8 $1,034.6 $799.8 Payables and Accruals $30.8 $30.8 $27.7 Debt Facilities $61.2 $257.8 $319.0 $116.1 Preferred Stock - - $27.8 Equity $684.7 $684.7 $628.2 Total Liabilities and Equity $776.8 $1,034.6 $799.8 Effective Debt $319.0 $143.9 Effective Leverage(2) 32% 19%
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1) See slide 27 for more details ▪ 3Q 2026: Adjusted EBITDAR(1) of $28.8 million and EPS of $0.40 ▪ Refer to slide 28 for 4Q 2026 guidance numbers Delivering high-quality earnings through continued TCE strength and cost discipline Three Months Ended US$ millions, unless otherwise stated Sep 30, 2026 Sep 30, 2025 EBITDAR(1) $28.8 $27.6 Adjusted earnings $16.3 $12.6 Adjusted diluted EPS $0.40 $0.31 Vessel operating expenses $18.5 $16.4 TC-in expense: Operating expense $0.7 $2.4 Vessel lease expense $0.6 $2.2 Depreciation and amortization $10.9 $10.4 Overhead $5.8 $6.4 Net interest $0.9 $2.3 Preferred dividend - $0.6 Key Financial Data 15 Financial Highlights
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▪ Safety of seafarers continues to be a top priority ▪ On-hire utilization of 99% during the third quarter ▪ DeepSea Neuro installed across our fleet, enabling real- time, high-frequency data collection and transmission o Delivering savings via arrival-time and speed optimization o Trialing add-on to enable automation of weather routing ▪ Forecast fleet capex of $2 million for remainder of 2026 and $13 million for 2027 (excluding newbuild capex(1)) 16 Operational Highlights Optimizing operating performance and earnings 1) See slide 28 for more details
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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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Summary Leading Governance Financially Robust Operating Cash Breakeven $10,800 Strong TCE Performance $57,600 Innovation Mindset Ardmore well positioned and capitalizing on strong market 1) Basis MR spot TCE for 4Q 2026 TD (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) As at earnings release date 2) Average age of owned ships as at September 30, 2026 3) Average age of owned ships as at September 30, 2026, including six newbuildings 20 Fleet List(1) Vessel Name Ownership Type Dwt IMO Built Country Ardmore Purpose Owned Product/Chemical 50,192 2/3 Sep-2020 Korea Ardmore Persistence Owned Product/Chemical 49,688 2/3 Jan-2017 Korea Ardmore Pursuit Owned Product/Chemical 49,709 2/3 Feb-2017 Korea Ardmore Gibraltar Owned Product/Chemical 49,999 2/3 Apr-2017 Korea Ardmore Seahawk Owned Product/Chemical 49,999 2/3 Nov-2015 Korea Ardmore Sealion Owned Product/Chemical 49,999 2/3 May-2015 Korea Ardmore Seawolf Owned Product/Chemical 49,999 2/3 Aug-2015 Korea Ardmore Seafox Owned Product/Chemical 49,999 2/3 Jun-2015 Korea Ardmore Seavanguard Owned Product/Chemical 49,998 2/3 Feb-2014 Korea Ardmore Seavantage Owned Product/Chemical 49,997 2/3 Jan-2014 Korea Ardmore Seaventure Owned Product/Chemical 49,998 2/3 Jun-2013 Korea Ardmore Seavaliant Owned Product/Chemical 49,998 2/3 Feb-2013 Korea Ardmore Exporter Owned Product/Chemical 49,466 2/3 Feb-2014 Korea Ardmore Encounter Owned Product/Chemical 49,478 2/3 Jan-2014 Korea Ardmore Explorer Owned Product/Chemical 49,494 2/3 Jan-2014 Korea Ardmore Endurance Owned Product/Chemical 49,466 2/3 Dec-2013 Korea Ardmore Enterprise Owned Product/Chemical 49,453 2/3 Sep-2013 Korea Ardmore Defender Owned Product/Chemical 37,791 2 Feb-2015 Korea Ardmore Dauntless Owned Product/Chemical 37,764 2 Feb-2015 Korea Ardmore Chippewa Owned Product/Chemical 25,217 2 Nov-2015 Japan Ardmore Chinook Owned Product/Chemical 25,217 2 Jul-2015 Japan Ardmore Cheyenne Owned Product/Chemical 25,217 2 Mar-2015 Japan Ardmore Cherokee Owned Product/Chemical 25,215 2 Jan-2015 Japan Total 23 1,023,353 11.5(2) Newbuild 1 Owned Product/Chemical 40,500 2 2028 China Newbuild 2 Owned Product/Chemical 40,500 2 2029 China Newbuild 3 Owned Product/Chemical 40,500 2 2029 China Newbuild 4 Owned Product/Chemical 40,500 2 2029 China Newbuild 5 Owned Product/Chemical 40,500 2 2029 China Newbuild 6 Owned Product/Chemical 40,500 2 2030 China Pro-Forma Total (Including Newbuilds) 29 1,266,353 9.1(3)
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$21,250 $21,250 $26,000 $19,250 (25k dwt Chemical Tanker) Ardmore Cheyenne Ardmore Exporter Ardmore Endurance Ardmore Seavaliant MR Chemical Time-Charters Out 21 ▪ 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 83% spot exposure in 4Q 2026; selective high-quality TCOs
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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 benot 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 3Q 2026 of $0.27 per share o Quarterly dividend calculated as two-thirds of adjusted earnings(1) o The dividend will be paid on December 15, 2026, to all shareholders of record on November 27, 2026 Three Months Ended September 30, 2026 Adjusted earnings before exclusions $16,348,000 Exclusions: Non-recurring items - Adj. earnings (for purposes of dividend calc.)(1) $16,348,000 Dividend to be paid (two-thirds of adjusted earnings) $11,030,000 Number of shares outstanding 40,851,870 Dividend Per Share (DPS) $0.27 Dividend Calculation 22 Dividend Payment
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23 Oil and Chemical Value Chain Upstream Midstream Downstream
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24 Ardmore Focus: MR & Chemical Tankers VLCC SUEZ AFRA PAN LR2 LR1 MR Chemical 930 706 693 75 569 392 2,290 2,073 Crude Tankers Product Tankers Chemical Tankers World Tanker Fleet(1) 7,728 Vessels Global MR Voyages Last 12 Months ▪ MR and chemical tankers represent ~57% 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. 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, September 2026 Regional Refinery Shift(1) Seaborne Product Trade Balances(2) 25 Refinery Summary and Seaborne Product Trade Region Closures 2025 – 2029 Openings 2025 – 2029 Europe 0.5 - Americas 0.6 0.1 Australia - - Middle East - - Africa - 0.8 China - 0.9 Asia (excl. China) - 1.2 Total (mbd) 1.1 3.0 2026F 2027F Region Imports Exports Imports Exports Middle East 1.1 3.2 1.2 4.2 North America 1.4 3.4 1.5 3.1 China 0.7 0.7 0.8 0.8 Asia (excl. China) 5.8 5.0 6.4 5.5 Europe 5.7 4.8 5.9 4.6 Latin America 2.0 1.0 2.2 1.1 Africa 1.8 0.8 1.9 0.9 Australasia 1.1 - 1.2 - Other 1.2 1.9 1.0 1.9 Total Trade (mbd) 20.8 20.8 22.1 22.1
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1) Closures based on announcement periods 26 Refinery Dislocation Boosting Ton-Mile Demand(1)
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EBITDA + vessel lease expense component (i.e. EBITDAR)(1) Three months ended Twelve months ended Reconciliation of net income / (loss) to EBITDAR(1) September 30, 2026 September 30, 2026 In thousands of U.S. Dollars Net income 16,348 112,821 Interest income (214) (1,045) Interest expense and finance costs 1,042 7,260 Income tax 44 144 Depreciation 9,194 37,254 Amortization of deferred drydock expenditures 1,725 7,058 EBITDA 28,139 163,492 Gain on vessel sold - (12,201) Unrealized gains on derivatives - (6) Loss from equity method investments 46 122 ADJUSTED EBITDA 28,185 151,407 Plus: Vessel lease expense component 605 2,459 ADJUSTED EBITDAR 28,790 153,866 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, or 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 27
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MR Combined Spot TCE: $57,600 (45% fixed) Chemical Tanker Spot TCE: $30,100 (60% fixed) Revenue Days: 2,100 Operating Expenses: $18.0 million Charter-In Expenses: - Depreciation and Amortization: $10.5 million Overhead (Commercial and Corporate): $6.3 million Interest Expense and Finance Costs: $1.0 million Capex (full year 2026): Fleet capex Newbuild capex $10 million $55 million Capex (full year 2027): Fleet capex Newbuild capex $13 million $10 million Drydockings: 4Q 2026 2027 2028 0 4 3 1) NOTE: This table provides guidance by Company management about current expectations for the listed items during the quarter ending December 31, 2026. These expectations represent forward- looking statements, and actual results for 4Q 2026 may differ materially from the amounts above. Assumptions underlying information in the table include, among others: applicable spot rates consistent with average 4Q TCE rates to date during 4Q; average fleet utilization of 99%; expense levels consistent with those for 4Q todate during 4Q 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 4Q. Factors thatmay cause the Company’s actual results for 4Q 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 28 Ardmore Indicative Guidance 4Q 2026(1)