Stainless Tankers ASA

Earnings Release • Aug 6, 2025

2Q25 Results Presentation

06 August 2025

DISCLAIMER AND FORWARD-LOOKING STATEMENTS

The preparation of interim financial statements requires Stainless Tankers ASA's (the "Company", "we" or "our") management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

This presentation includes forward-looking statements which are based on management's current expectations and projections about future events. All statements other than statements of historical facts included herein, including statements regarding our future financial position, market outlook and future economic projections and assumptions and risks and uncertainties related to our business, strategy, capital expenditures, projected costs and our plans and objectives for future operations, may be deemed to be forward-looking statements. Words such as "believe", "expect", "anticipate", "may", "assume", "plan", "intend", "will", "should","estimate", "risk" and similar expressions or the negatives of these expressions are intended to identify forward-looking statements.

By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forwardlooking statements are not guarantees of future performance. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements and readers of this presentation should not place undue reliance on these forward-looking statements. For additional information on risk factors related to the Company and its business, reference is made to our information document dated 27 April 2023.

Although management believes that the expectations reflected in the forward-looking statements are reasonable, we cannot assure that our future results, level of activity, performance or achievements will meet these expectations. Moreover, neither we nor any other persons assume responsibility for the accuracy and completeness of the forward-looking statements. Any forward-looking statement speaks only as of the date which such statement is made, and we undertake no obligation to update any of these statements after the date of this presentation.

Highlights

Chemical Tanker Rates & Outlook

Financial Review

Q&A

Appendix – 2Q 2025 Financial Statements

Highlights

2Q25 NAV currently estimated at \$5.44/share (NOK 55.93/share) after cumulative dividends paid of \$2.085/share NAV performance (NOK 22.16/share). NAV Total Return (\$) since inception including dividends is 49%

EBITDA of \$6.9m and net income of \$2.8m on net revenue of \$8.9m; 2Q25 pool TCE rose QoQ to \$17.8k/day but was still below budget. Net revenue was also impacted by lower revenue ship days

Market rates

Pool TCEs averaged \$17.8k/day in Q2 (\$17k/day in Q1), with July slightly lower at \$17.3k/day and a recovery in August to around \$17.8k/day. We expect a slow recovery, with FY25 rates averaging about \$17.9k/day

Dividend distributions1

Annual fleet growth of ~4% to 2027 is manageable compared to long term demand growth CAGR of ~4%

The Company declared a 2Q25 dividend of \$0.275/share (c. NOK 2.8/share), representing an annualised yield of 22% on invested equity payable on or about 2 September. Since IPO the Company has returned a total of \$2.36/share (approx. NOK 24.96/share) representing over 45% of the IPO proceeds. The Board intends to make a partial return of capital to shareholders through a special dividend following the sale of Gwen

2025 Outlook Despite geopolitical uncertainty, we remain cautiously optimistic for the rest of the year

1. STST will make dividend distributions in the form of return of paid-in-capital

NAV performance since inception

• Since inception, market value NAV/share has increased to \$5.44 post cumulative dividend of \$2.09/share or \$28.15m

• NAV Total Return* of c.49% since inception and -10.9% in 2Q25
• Vessel values fell during 2Q25 as the market weakened. We expect the 3Q improvement in rates to be supportive of values

Slow recovery to date but catalyst rich 2H25

• 2Q25 net pool TCE of \$17.8k/day. 1-yr time charter rates fell to \$18.0k/day at the end of the quarter (\$18.75k/day in March) and appear to be stabilising
• Near term demand growth challenged by geopolitical uncertainties including tariff regimes. We have lowered our rate forecasts*
• Our pool operator remains cautiously optimistic based on strong demand for main traded products such as acids, caustic soda, methanol and edible oils
• Several positive demand catalysts for the Tanker market in 2H25 (please see next page for details) support our cautiously optimistic view of a slow market recovery despite higher fleet growth

6

Geopolitics and disruption

• OPEC+ production has been rising pursuant to the announced reversal of production cuts from 2022/23. Further production increases have been agreed in July and August
• The increase in production has coincided with a correction in international oil prices
• We expect the Tanker market will benefit from a combination of factors in 2H25
  • Lower oil prices should stimulate demand
  • After the summer (peak cooling demand period in the Middle East), higher OPEC+ production should result in growing exports
  • Lower G7 Price cap on Russian oil (from \$60/bl to a dynamic pricing mechanism, currently ~\$47.6/ bl) should advantage OPEC exports

• The scope of sanctions by the US, UK, EU and UN continues to expand and are currently applicable to >700 vessels (~10% of tanker fleet)
• Sanctioned vessels are typically older than commercially traded peers. The expanding scope of sanctions therefore forces commercial trade into a smaller pool of commercially traded vessels
• Further, many of the sanctioned vessels (older than peers) are not well maintained. When sanctions are eventually lifted, accelerated scrapping may be more economically attractive than renewed maintenance to meet regulatory standards for >4% of the fleet resulting in permanent exclusion of these vessels from commercial service

Higher fleet growth but cautiously optimistic due to 2H25 catalysts

In our segment1

• 7 vessels were delivered in 1H25 (5 plus 2 in 1Q25 & 2Q25 respectively)
• As of 16 July, the orderbook was c.16% of global fleet (versus c.15% previously). Scheduled deliveries:
  • 26 during 2025E (vs. 29 last quarter)
  • 37 during 2026E (vs. 29 last quarter)
  • 31 in 2027E (vs. 28 last quarter)
• Two vessels were removed in 1H25. 7 vessels are expected to be removed during 2025 in total (previously 8) whilst our removals forecast over 2026-27 remains unchanged
• Forecast annual fleet growth of ~4% until 2027 is manageable compared to long term demand growth CAGR of ~4%
• Note 2025 deliveries weighted to 2H but cautiously optimistic based on the positive Tanker market catalysts

2Q25 Financial performance

	Select Financials	2Q25	1Q25	Highlights
s at st et e Fl	Calendar days	660	786
	Available ship days	660	786
	Vessel days under ownership %	100.0%	100.0%
	Revenue ship days	529	724
	Utilization %	80.1%	92.1%
	Net pool TCE (\$/day)	17,773	16,922
e 0) m 0 0 o n \$' c n d i (i nt e s n e e m d e n at o st C	(+) Net revenue	8,977	11,894
	(-) Opex	(4,805)	(6,190)
	(-) SG&A	(855)	(593)	vessels
	(+/-) Other income/(expense)	579	(8)
	(+/-) Gain on disposal	3,019	3,096
	(=) EBITDA	6,915	8,199	August
	(-) Depreciation	(2,883)	(2,250)
	(+/-) Net financial expense	(1,200)	(1,584)
	Net Income	2,833	4,365
s m 0) e 0 et it 0 n \$' e (i h s	Cash and cash equivalents (1)	7,504	3,613
	Fleet book value (2)	106,180	119,578
	Fleet market value (3)	115,965	142,005
	Net outstanding loan balance (4)	48,330	60,754
	Net loan outstanding to market value % (5)	41.7%	42.8%

• All vessels traded in the Womar pool throughout the quarter
• Scheduled drydocking of City Island and repairs on Lavraki, both completed during the quarter, causing the majority of the drop in vessel utilisation from 92% to 80%
• City Island completed its 4th Intermediate Survey on 23 June, at a total cost of \$1.35m, vs a budget of \$1.36m
• Repairs on Lavraki were successfully completed on 17 June, with the vessel resuming trading on the same day; the impact is partially mitigated by expected recoveries under H&M and LOH insurance, subject to deductibles
• Revenue for the quarter was \$8.9m, reflecting the temporary off-hire impact of the two vessels
• The sale of Monax was completed during the quarter, with delivery to the buyer on 23 April, realising a gain of c.\$3m, whilst Gwen's delivery is expected to close by the end of August
• Net income of \$2.8m compared to \$4.4m in Q1, primarily due to lower utilisation
• Free cash balance was \$7.5m at quarter-end; improved after the lending bank removed certain restrictions on cash docking reserves, thereby increasing our operational flexibility
• Fleet market value at \$116m, with NAV at \$73.4m or \$5.44/share (c. NOK 55.93/share)
• LTV based on fleet market value decreased to 41.7% in Q2

• 2Q25 dividend of \$0.275/share (c. NOK 2.8/share), representing an annualised yield of 22% on invested equity, payable on or about 2 September, reflecting a total return to date of \$2.36/share (approx. NOK 24.96/share), equivalent to over 45% of the IPO proceeds

• 1) Excluding restricted cash balances

• 1. 2) Net book fleet value based on fleet value at purchase net of accumulated depreciation
• 1. 3) Based on the sale price for Gwen and the average of the valuations for the remaining vessels obtained by VesselsValue and Steem1960 as at 30 June
• 1. 4) Net outstanding loan balance comprise of loan balance outstanding not including capitalised costs LESS minimum liquidity requirement 5. 5) LTV % is based on net outstanding loan balance LESS restricted cash per vessel DIVIDED by fleet market value, as per the facility agreement

Select balance

Consolidated statement of income statement and other comprehensive income (unaudited)

In USD	Q2 2025 (unaudited)	Q2 2024 (unaudited)	H1 2025 (unaudited)	H1 2024 (unaudited)
Operating revenue	9,911,222	17,994,471	22,708,459	33,999,264
Vessel voyage expenses	(934,469)		(932,995) (1,837,614) (1,646,940)
Vessel operating expenses	(4,804,748) (6,238,683)		(10,994,299)	(12,681,132)
Administrative expenses			(890,280) (1,315,657) (1,490,390) (2,034,882)
Other income	592,000	-	592,234	404
Gain/(loss) on disposal	3,019,248	-	6,113,168	-
EBITDA	6,892,974	9,507,137	15,091,558	17,636,716
Depreciation and amoritsation			(2,882,654) (2,877,260) (5,132,969) (5,897,539)
Operating result (EBIT)	4,010,320	6,629,877	9,958,589	11,739,176
Financial income	72,783	53,881	143,474	109,895
Financial expenses			(1,243,088) (2,134,840) (2,889,917) (4,294,883)
Profit before tax (EBT)	2,840,015	4,548,918	7,212,146	7,554,189
Taxes	(7,500)	(8,535)	(15,000)	(17,069)
Profit and other comprehensive income for the period 2,832,515		4,540,383	7,197,146	7,537,120
Attributable to:
Equity holders of the parent company	2,832,515	4,540,383	7,197,146	7,537,120
Non-controlling interests	-	-	-	-

2,832,515 4,540,383 7,197,146 7,537,120

Appendix - Financial statements (Balance Sheet)

Consolidated statement of financial position (unaudited)

In USD	30 June 2025 (unaudited)	31 Dec 2024 (audited)
ASSETS
Non-current assets
Vessels, drydocking and equipment	92,056,139	108,397,228
Total non-current assets	92,056,139	108,397,228
Current assets
Trade and other receivables	5,817,913	11,571,629
Cash and cash equivalent	7,503,550	1,698,966
Assets held for sale	14,124,350	23,889,661
Total current assets	27,445,813	37,160,257
Total assets	119,501,952	145,557,484
EQUITY AND LIABILITIES
Equity
Share capital	13,072,672	13,072,672
Share premium	22,601,047	33,063,547
Retained earnings	27,983,885	20,786,739
Total equity	63,657,603	66,922,957
Non-current liabilities
Interest-bearing debt - non-current	36,367,166	46,321,620
Total non-current liabilities	36,367,166	46,321,620
Current liabilities
Interest-bearing debt - current	12,791,247	28,554,997
Trade and other payables	4,463,068	1,807,066
Warrants	2,177,869	1,920,845
Accrued taxation	45,000	30,000
Total current liabilities	19,477,183	32,312,908
Total equity and liabilities	119,501,953	145,557,484

Consolidated statement of cash flows (unaudited)

In USD	Q2 2025 (unaudited)	Q2 2024 (unaudited)	H1 2025 (unaudited)	H1 2024 (unaudited)
Profit and other comprehensive income for the period		2,840,015 4,548,918	7,212,146	7,554,189
Adjustments for:
Financial income	(72,783)	(53,881)	(143,474)	(109,895)
Financial expenses		1,243,088 2,134,840	2,889,917	4,294,883
Depreciation and amortisation		2,882,654 2,877,260	5,132,969	5,897,539
Gain/(loss) on disposal	(3,019,248)		(6,113,168)	-
Tax paid	(16,458)	-	(16,458)	-
Net cash generated from operating activities before changes in working capital		3,857,268 9,507,137		8,961,933 17,636,716
Changes in working capital
Increase in trade and other receivables	833,557	494,382	924,371	126,194
Increase/(decrease) in trade and other payables	586,054	(79,668)	2,656,002	861,508
Increase in warrants	331,277	645,839	257,024	645,839
Accrued/(Deferred) income	-	(250,615)	-	(723,731)
Net cash generated from operating activities			5,608,155 10,317,075 12,799,329 18,546,526
Acquisition of vessels	-	-		(12,233)
Disposal of vessels	14,990,621	-	30,002,830	-
Drydocking costs		(1,456,230) (2,641,582)	(2,916,230)	(2,641,582)
Interest received	72,783	53,881	143,474	109,895
Change in restricted cash for drydocking reserves	5,011,748	262,504	4,845,802	(289,246)
Net cash generated/(used) from investing activities			18,618,922 (2,325,197) 32,075,875	(2,833,166)
Dividends paid			(6,750,000) (3,375,000) (10,462,500)	(6,412,500)
Borrowing costs	-	-		(56,096)
Repayment of debt			(12,424,375) (2,565,000) (25,878,750)	(5,130,000)
Commitment fees	-		-
Interest paid on interest-bearing debt		(1,162,371) (2,054,123)	(2,729,371)	(4,125,653)
Net cash generated from financing activities			(20,336,746) (7,994,123) (39,070,621) (15,724,249)
Net change in cash and cash equivalents	3,890,330	(2,245)	5,804,584	(10,889)
Cash and cash equivalents at beginning of period		3,613,220 2,336,734	1,698,966	2,345,378
Cash and cash equivalents at end of period		7,503,550 2,334,489	7,503,550	2,334,489