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Ardmore Shipping (ASC) investor relations material
Ardmore Shipping Q4 2025 & Investor Day 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Reported strong financial and operational performance for Q4 and full year 2025, with robust market conditions, high vessel utilization, and strong TCE rates driving earnings.
Adjusted earnings for FY 2025 were $38.8 million ($0.95/share), and for Q4 2025 were $11.6 million ($0.28/share), with net income for Q4 at $9.3 million.
Maintained focus on disciplined capital allocation, innovation, and efficiency upgrades, supported by a scalable platform and best-in-class governance.
Completed a major drydocking and upgrade program, expanded the fleet to 26 vessels, and announced the 13th consecutive quarterly dividend.
Executed strategic fleet expansion, acquiring three modern MR tankers and leveraging asset flexibility across product and chemical segments.
Financial highlights
Adjusted earnings reached $38.8 million ($0.95/share) for the year and $11.6 million ($0.28/share) for Q4 2025.
MR tankers earned $25,300/day in Q4 and $29,100/day in Q1 2026 (50% booked); chemical tankers earned $19,900/day in Q4 and $20,800/day in Q1 (30% booked).
EBITDAR for Q4 2025 was $27 million, and for the year $95 million; adjusted EBITDA for Q4 was $25.8 million, and for the year $86.6 million.
Cash at year-end 2025 was $46.8 million, with total liquidity of $272.2 million including undrawn credit.
Declared a $0.09/share quarterly dividend, consistent with policy of paying out one-third of adjusted earnings.
Outlook and guidance
Market conditions remain highly favorable, with positive ton-mile demand, supply constraints, and robust earnings expected to persist.
1Q 2026 guidance: MR spot TCE $29,100 (50% fixed), chemical spot TCE $20,800 (30% fixed), and no statutory drydocking days scheduled.
CapEx expected to decrease to $5 million in 2026 from $30 million in 2025, with limited drydockings supporting higher revenue days.
Ongoing focus on innovation, efficiency, and maintaining financial flexibility to capitalize on market opportunities.
Management expects to benefit from strong spot market exposure and selective high-quality term charters.
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