Ardmore Shipping
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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.
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Q4 2025 & Investor Day 2026 earnings summary12 Feb, 2026

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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Frequently asked questions

Ardmore Shipping Corporation specializes in the seaborne transportation of petroleum products and chemicals worldwide. The company operates a fleet of product and chemical tankers, providing its shipping services through voyage charters, time charters, and commercial pools. Ardmore's fleet consists of high-quality, modern vessels, including both owned and chartered-in ships. The company is headquartered in Hamilton, Bermuda, and its shares are listed on the New York Stock Exchange.

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