Growth of the property portfolio Retail Park Horizon Provence (France) €22,8 million EURINVESTMENT AMOUNT Results for the 1st quarter for the financial year 2025/2026 €1.39EPRA EARNINGS PER SHARE€68.56INTRINSIC VALUE PER SHARE (EPRA NTA)StabilityOF THE FAIR VALUE OF THE PORTFOLIO96.6%EPRA OCCUPANCY RATE41.4%EPRA DEBT RATIO (EPRA LTV) ESG implementation: 90 new charging stations installed in France Attachment Interim statement at 31.12.2025 ...

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Core Insights - Ardmore Shipping Corporation (ASC) is a prominent player in the shipping industry, focusing on the transportation of petroleum and chemical products with a modern, fuel-efficient fleet [1] Financial Performance - For Q4 2025, ASC reported an earnings per share (EPS) of $0.28, exceeding the estimated $0.27, with adjusted earnings of $11.6 million and net income of $9.3 million, reflecting an improvement from the previous year [2] - ASC's revenue for the reported period was $82.9 million, significantly higher than the estimated $51 million, driven by fleet expansion and successful drydocking programs [2] Market Valuation - The company has a price-to-earnings (P/E) ratio of approximately 15, indicating a competitive market valuation of earnings [3] - ASC's price-to-sales ratio is about 1.72, and the enterprise value to sales ratio is around 1.95, reflecting how investors value the company's sales [3] - The enterprise value to operating cash flow ratio is approximately 7.46, showing the company's cash flow valuation relative to its enterprise value [3] Financial Structure - ASC maintains a debt-to-equity ratio of approximately 0.18, indicating a low level of debt compared to equity, suggesting a strong financial structure [3] - The current ratio is around 4.46, demonstrating the company's ability to cover short-term liabilities [3] - The earnings yield of about 6.67% provides insight into the return on investment for shareholders, reflecting a strong earnings profile [3]

Core Viewpoint - Ardmore Shipping is hosting its 2026 Investor Day, which includes discussions on the company's fourth quarter and full year 2025 results [1]. Group 1: Event Overview - The event is being recorded and will be distributed via live webcast, with slides available on the company's website [2]. - An audio replay of the event will be accessible on the website later today [2]. - A standard earnings press release was issued prior to the market opening and is also available online [2]. Group 2: Q&A Session - Following the prepared remarks, there will be a Q&A session for attendees in the room and those joining remotely [3]. - Remote participants can submit questions at any time via email [3]. Group 3: Leadership Introduction - The leadership team of Ardmore Shipping will be introduced during the event, including Curtis McWilliams, Chair of the Board, and Gernot Ruppelt, Chief Executive [4].

Financial Data and Key Metrics Changes - Adjusted earnings for the full year were $38.8 million or $0.95 per share, while for the fourth quarter, they were $11.6 million or $0.28 per share [11] - The company achieved EBITDAR of $27 million for the quarter and $95 million for the year [13] - Cash breakeven was reported at $11,700 per day, or $10,800 per day excluding CapEx [10][23] Business Line Data and Key Metrics Changes - MR tankers earned $25,300 per day in Q4 and $29,100 per day in Q1 2026, with 50% booked [10] - Chemical tankers earned $19,900 per day in Q4 and $20,800 per day in Q1 2026, with 30% booked [10] - The company maintained a strong spot market exposure of 82% while layering in high-quality time charters [11][29] Market Data and Key Metrics Changes - The company noted a significant increase in voyage lengths due to geopolitical disruptions, particularly with the ban on Russian diesel and changes in trade routes [15][16] - The aging MR fleet is approaching scrapping, which is expected to benefit younger vessels like Ardmore's [18][19] - The global tanker fleet is experiencing tightening supply due to sanctions, with about 30% operating outside mainstream trades [14][16] Company Strategy and Development Direction - Ardmore's strategy focuses on capturing opportunities in refined oil products and complex chemical cargoes, leveraging a fully integrated trading platform [21] - The company emphasizes innovation and performance, with ongoing investments in efficiency upgrades and AI-driven voyage optimization tools [21][24] - Ardmore aims to maintain best-in-class corporate governance and a disciplined capital allocation policy [25][38] Management's Comments on Operating Environment and Future Outlook - Management highlighted favorable underlying market conditions and a robust earnings environment, with TCE performance reflecting continued strength [9] - The geopolitical landscape is reshaping trade flows, reinforcing the importance of flexibility in commercial approaches [55] - The company is committed to maintaining financial flexibility to navigate uncertainty and capitalize on opportunities [55] Other Important Information - Ardmore completed a major dry docking cycle, enhancing fleet performance and reducing future CapEx significantly [11][26] - The company has a strong focus on corporate governance, being recognized as the top-ranked tanker company in governance scorecards [38] Q&A Session Questions and Answers Question: Future capital allocation considering rising asset values - Management indicated a non-binary approach to capital allocation, balancing between growth and maintaining a strong fleet [60] Question: Thoughts on the newbuilding market for MRs - Management has not participated in the newbuilding market since 2013, finding better value in the second-hand market [63] Question: Clarification on AI returns - AI investments are focused on adoption rather than development, ensuring guaranteed returns with minimal CapEx [67]

Financial Data and Key Metrics Changes - Adjusted earnings for the full year were $38.8 million or $0.95 per share, and for the fourth quarter, they were $11.6 million or $0.28 per share [11] - EBITDA for the quarter was $27 million and for the year was $95 million, highlighting strong operating leverage [13] - The cash break-even rate was reported at $11,700 per day, or $10,800 per day excluding CapEx, indicating effective cost management [10][23] Business Line Data and Key Metrics Changes - MR tankers earned $25,300 per day in Q4 and $29,100 per day in Q1 2026, with 50% booked [10] - Chemical tankers earned $19,900 per day in Q4 and $20,800 per day in Q1 2026, with 30% booked [10] - The company maintained a strong spot market exposure of 82% while also securing high-quality fixed-rate time charters [11][29] Market Data and Key Metrics Changes - The dislocation of oil refineries is driving longer voyage lengths and increased ton-mile demand, positively impacting earnings [15] - Geopolitical disruptions, such as sanctions on Russian oil, are reshaping trade routes and benefiting compliant fleets [16] - The aging MR fleet is expected to lead to increased scrapping, providing buoyancy to the market by reducing supply [18] Company Strategy and Development Direction - Ardmore's strategy focuses on capturing opportunities in refined oil products and complex chemical cargoes, leveraging a fully integrated trading platform [21] - The company emphasizes innovation and performance, with ongoing investments in efficiency upgrades and AI-driven voyage optimization tools [22][24] - Ardmore aims to maintain best-in-class corporate governance and a disciplined capital allocation policy to create long-term value [25][38] Management's Comments on Operating Environment and Future Outlook - Management highlighted favorable underlying market conditions and a robust earnings environment, with TCE performance reflecting continued strength [9] - The geopolitical landscape is creating complexities but also opportunities for nimble operators like Ardmore [53] - The company is committed to maintaining financial flexibility to navigate uncertainties and capitalize on market shifts [55] Other Important Information - Ardmore completed a major dry docking cycle with significant performance upgrades, enhancing fleet capabilities [11][26] - The company has declared a quarterly cash dividend of $0.09 per share, consistent with its policy of returning one-third of adjusted earnings to shareholders [11] Q&A Session Summary Question: Future capital allocation considering rising asset values - Management indicated a non-binary approach to capital allocation, balancing between growth and maintaining a strong fleet [60] Question: Thoughts on the new building market for MRs - Management has not participated in the new building market since 2013, focusing instead on the second-hand market for value [63] Question: Clarification on AI returns - AI investments are viewed with caution, focusing on adoption rather than development, ensuring guaranteed returns with minimal CapEx [67]

Financial Data and Key Metrics Changes - Adjusted earnings for the full year were $38.8 million or $0.95 per share, and for the fourth quarter, they were $11.6 million or $0.28 per share [11] - EBITDA for the quarter was $27 million and for the year was $95 million, highlighting strong operating leverage [13] - The cash break-even rate was reported at $11,700 per day, or $10,800 per day excluding CapEx, indicating effective cost management [10][22] Business Line Data and Key Metrics Changes - MR tankers earned $25,300 per day in Q4 and $29,100 per day in Q1 2026, while chemical tankers earned $19,900 per day in Q4 and $20,800 per day in Q1 2026 [10] - The company maintained a strong spot market exposure of 82% while also securing high-quality fixed-rate time charters [11][29] Market Data and Key Metrics Changes - The dislocation of oil refineries is a continuing trend, with refining capacity shifting east and tightening regional supply in the West, leading to increased voyage lengths and ton miles [14] - The global tanker fleet is facing sanctions, with over 16% currently subjected to them, tightening supply and benefiting compliant fleets like Ardmore's [15] Company Strategy and Development Direction - Ardmore's strategy focuses on capturing opportunities in refined oil products and complex chemical cargoes, supported by a fully integrated trading platform [19] - The company emphasizes asset flexibility, allowing it to adapt quickly to changing market conditions and capture value across cycles [21] - Ardmore's capital allocation policy remains aligned with its long-term strategy, focusing on performance and innovation [24] Management's Comments on Operating Environment and Future Outlook - Management highlighted that geopolitical risks and supply chain disruptions are reshaping trade flows, reinforcing the importance of flexibility in operations [53] - The company is committed to maintaining financial flexibility to navigate uncertainties and capitalize on opportunities [54] Other Important Information - Ardmore completed a major dry docking cycle, enhancing fleet performance and reducing future CapEx significantly [25] - The company has been recognized for its strong corporate governance, ranking as the top tanker company in Weber's Corporate Governance Scorecard [38] Q&A Session Summary Question: Future capital allocation considering rising asset values - Management indicated a non-binary approach to capital allocation, balancing between growth and maintaining a strong fleet, while observing market conditions closely [58] Question: Thoughts on the new building market for MRs - Management has not participated in the new building market since 2013, finding better value in the second-hand market, and remains vigilant about market opportunities [60] Question: Clarification on AI returns - The response clarified that the focus is on ensuring that AI investments meet ambitious return expectations, emphasizing a strategy of adopting rather than developing AI [66]

Ardmore Shipping Fourth Quarter and Full Year 2025 & Investor Day 2026 To Submit Questions for the Q&A Session 2 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 ...

Core Insights - Ardmore Shipping Corporation reported financial results for the three and twelve months ended December 31, 2025, highlighting a strong finish to the year and positive momentum into 2026 [1] Financial Performance - For the year ended December 31, 2025, the company reported Adjusted earnings of $38.8 million and net income attributable to common stockholders of $36.1 million, translating to $0.95 Adjusted earnings per share, a decrease from $119.5 million and $128.6 million, or $2.87 Adjusted earnings per share for 2024 [1][2] - For the three months ended December 31, 2025, net income attributable to common stockholders was $9.3 million, or $0.23 earnings per share, compared to $5.1 million, or $0.12 earnings per share for the same period in 2024 [2][3] - Revenue for the three months ended December 31, 2025, was $82.9 million, slightly up from $82.0 million in the same period of 2024 [2][4] Fleet Operations - As of December 31, 2025, the company operated 26 vessels, including 20 MR tankers and six chemical tankers [1][2] - The average daily TCE rate for MR tankers was $25,257 for Q4 2025, with an expected increase to approximately $29,100 per day for Q1 2026 based on fixed revenue days [1][5] - The company enhanced its fixed-rate coverage, securing time charters at rates of $26,000 per day for a 2013-built MR and $21,250 per day for two 2014-built MRs [1][2] Dividend Declaration - The Board of Directors declared a cash dividend of $0.09 per common share for the quarter ended December 31, 2025, to be paid on March 13, 2026 [1][2] Geopolitical and Economic Context - The shipping industry is facing uncertainty due to geopolitical tensions, including the Russia-Ukraine conflict and escalating tensions in the Middle East, which have affected energy supply chains and shipping routes [2][3] - Increased tariffs and port fees have contributed to volatility in global markets, impacting vessel demand and operating costs [2][3] Operational Metrics - The company reported 1,836 spot revenue days for Q4 2025, down from 2,245 in Q4 2024, attributed to a heavier drydocking program and fewer vessels trading in the spot market [2][4] - Average vessel operating expenses increased to $19.1 million for Q4 2025, up from $15.1 million in Q4 2024, primarily due to the addition of three vessels [3][4] Liquidity Position - As of December 31, 2025, the company had $272.2 million in liquidity, including cash and cash equivalents of $46.8 million and undrawn amounts under revolving credit facilities of $225.4 million [3][4]

Core Insights - Ascletis Pharma Inc. has selected ASC36, an oral amylin receptor peptide agonist, for clinical development targeting obesity, with an Investigational New Drug Application (IND) submission to the FDA expected in Q2 2026 [1] Group 1: Drug Development and Efficacy - ASC36 oral tablets achieved absolute oral bioavailability of 6% to 8% in non-human primate studies, with a long elimination half-life of 116 to 167 hours, supporting once-daily dosing [1] - In non-human primates, ASC36 reduced mean body weight by up to 13.2% from baseline after 7 days of once-daily dosing and significantly reduced food intake [1] - In a diet-induced obese rat model, ASC36 demonstrated approximately 32% and 91% greater relative body weight reduction compared to eloralintide and petrelintide, respectively [1] Group 2: Technological Advancements - ASC36 was developed using Ascletis' proprietary Peptide Oral Transport Enhancement Technology (POTENT) and Artificial Intelligence-assisted Structure-Based Drug Discovery (AISBDD) [1] - The expected lower dosing of ASC36 compared to recently FDA-approved oral GLP-1R peptide agonists may provide scalability advantages in manufacturing [1] Group 3: Company Overview - Ascletis Pharma Inc. is a fully integrated biotechnology company focused on developing therapeutics for metabolic diseases, utilizing multiple proprietary technology platforms [1] - The company has a diverse pipeline portfolio, including ASC30, a small molecule GLP-1R agonist, and other peptide agonists for chronic weight management [1]