Scorpio Tankers Inc. Announces Financial Results for the First Quarter of 2025 and the Declaration of a Dividend

MONACO, May 01, 2025 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers" or the "Company") today reported its results for the three months ended March 31, 2025. The Company also announced that its board of directors (the "Board of Directors") has declared a quarterly cash dividend on its common shares of $0.40 per share. Results for the three months ended March 31, 2025 and 2024 For the three months ended March 31, 2025, the Company had net income of $58.2 million, or $1.26 basic and $1.22 diluted earnings per share. For the three months ended March 31, 2025, the Company had adjusted net income (see Non-IFRS Measures section below) of $49.0 million, or $1.06 basic and $1.03 diluted earnings per share, which excludes from net income (i) a $9.4 million, or $0.20 per basic and per diluted share, fair value gain on financial assets measured at fair value, and (ii) a $0.3 million, or $0.01 per basic and diluted share, loss on the extinguishment of debt and write-offs of deferred financing fees. For the three months ended March 31, 2024, the Company had net income of $214.2 million, or $4.29 basic and $4.11 diluted earnings per share. For the three months ended March 31, 2024, the Company had adjusted net income (see Non-IFRS Measures section below) of $206.6 million, or $4.14 basic and $3.97 diluted earnings per share, which excludes from net income (i) a $3.7 million, or $0.07 per basic and diluted share, loss on the extinguishment of debt and write-offs of deferred financing fees, and (ii) an $11.3 million, or $0.23 per basic and $0.22 per diluted share, gain on the sale of a vessel. Declaration of Dividend On April 30, 2025, the Company's Board of Directors declared a quarterly cash dividend of $0.40 per common share, with a payment date of June 16, 2025 to all shareholders of record as of May 30, 2025 (the record date). As of April 30, 2025, there were 51,016,290 common shares of the Company outstanding. Summary of First Quarter 2025 and Other Recent Significant Events Below is a summary of the average daily Time Charter Equivalent ("TCE") revenue (see Non-IFRS Measures section below) and duration of contracted voyages and time charters for the Company's vessels (both in the pools and outside of the pools) thus far in the second quarter of 2025 as of the date hereof (See footnotes to "Other operating data" table below for the definition of daily TCE revenue): Pool and Spot Market Time Charters Out of the Pool Average Daily TCE RevenueExpected Revenue Days (1)% of Days Average Daily TCE RevenueExpected Revenue Days (1)% of DaysLR2$34,0002,48049% $31,500880100%MR$21,0003,57041% $22,500540100%Handymax$23,0001,17933% $23,50077100% (1) Expected Revenue Days are the total number of calendar days in the quarter for each vessel, less the total number of estimated off-hire days during the period associated with repairs or drydockings. Consequently, Expected Revenue Days represent the total number of days the vessel is expected to be available to earn revenue. Idle days, which are days when a vessel is available to earn revenue, yet is not employed, are included in revenue days. The Company uses revenue days to show changes in net vessel revenues between periods. Below is a summary of the average daily TCE revenue earned by the Company's vessels during the first quarter of 2025: Average Daily TCE RevenueVessel classPool / SpotTime ChartersLR2$30,137 $31,059MR$20,529 $23,011Handymax$18,240 N/A In April 2025, the Company entered into a time charter-out agreement on a Handymax product tanker (STI Battersea) for a term of two years at an average rate of $24,000 per day.Since January 1, 2025, the charterers of three LR2s currently on long-term time charter-out agreements (STI Gratitude, STI Gladiator, and STI Guide) exercised the options to extend the terms of their charters, each for an additional year at $31,000 per day, commencing in May, July, and July 2025, respectively.In April 2025, the Company made a prepayment of $50.0 million under its 2023 $225.0 Million Revolving Credit Facility (formerly, the "2023 $225.0 Million Credit Facility"), which had been amended to become a revolving credit facility during 2024. This payment represents the 11 remaining quarterly installment payments due under this facility, with the exception of the balloon payment due at maturity. Under the amended terms, the Company has the ability to re-borrow the prepayment at amounts reducing by $4.5 million per quarter starting July 2025. After this repayment, there is $102.6 million outstanding and $50.0 million available to draw on this facility.In March 2025, the Company redeemed the outstanding balance of $70.6 million of its Unsecured Senior Notes Due 2025, which were scheduled to mature on June 30, 2025.In February 2025, the Company executed a revolving credit facility of up to $500.0 million with a group of financial institutions (the "2025 $500.0 Million Revolving Credit Facility"). The 2025 $500.0 Million Revolving Credit Facility is a 100% revolving loan, which has a final maturity of seven years from the signing date and gives the Company the flexibility to draw down or repay the loan during the loan tenor. The 2025 $500.0 Million Revolving Credit Facility bears interest at SOFR plus a margin of 1.85% per annum for any drawn amounts and a commitment fee of 0.74% per annum applies for any undrawn amounts. The 2025 $500.0 Million Revolving Credit Facility is collateralized by 26 product tankers and will amortize/reduce in quarterly installments (starting after the second anniversary of the signing date), with a balloon payment due at maturity.In January 2025, the Company successfully placed $200.0 million of new senior unsecured bonds in the Nordic bond market (the “Unsecured Senior Notes Due 2030”). The Unsecured Senior Notes Due 2030 are due to mature in January 2030 and bear interest at a fixed coupon rate of 7.50% per annum, payable semi-annually in arrears.Since January 1, 2025, the Company purchased an additional 4,295,218 common shares in DHT Holdings Inc. (“DHT”) at an average price of $10.67 per share. The Company also sold 700,000 common shares of DHT at an average price of $11.85 per share. The Company owns approximately 7.2% of the outstanding common shares of DHT as of the date of this press release. Securities Repurchase Program As of April 30, 2025, there is $173.4 million available under the Company's 2023 Securities Repurchase Program. Diluted Weighted Number of Shares The computation of earnings per share is determined by taking into consideration the potentially dilutive shares arising from the Company’s equity incentive plan. These potentially dilutive shares are excluded from the computation of earnings per share to the extent they are anti-dilutive. For the three months ended March 31, 2025, the Company’s basic weighted average number of shares outstanding was 46,172,628. For the three months ended March 31, 2025, the Company’s diluted weighted average number of shares outstanding was 47,729,905, which included the potentially dilutive impact of restricted shares issued under the Company’s equity incentive plan. Conference Call Title: Scorpio Tankers Inc. First Quarter 2025 Conference Call Date: Thursday, May 1, 2025 Time: 9:00 AM Eastern Daylight Time and 3:00 PM Central European Summer Time The conference call will be available over the internet, through the Scorpio Tankers Inc. website www.scorpiotankers.com and the webcast link: https://edge.media-server.com/mmc/p/w9j5qh65 Participants for the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. The conference will also be available telephonically: US/CANADA Dial-In Number: 1-888-596-4144 International Dial-In Number: +1-646-968-2525 Please ask to join the Scorpio Tankers Inc. call. Participants should dial into the call 10 minutes before the scheduled time. Current Liquidity As of April 30, 2025, the Company had $397.0 million in unrestricted cash and cash equivalents and $838.2 million of undrawn revolver capacity, which includes $288.2 million of availability under the revolving portion of the 2023 $1.0 Billion Credit Facility, $50.0 million of availability under the 2023 $225.0 Million Revolving Credit Facility and $500.0 million of availability under the 2025 $500.0 Million Revolving Credit Facility. Within the next two weeks, the Company is expected to receive approximately $49 million from the Scorpio pools with respect to the monthly cash distribution for April 2025. Debt Set forth below is a summary of the principal balances of the Company’s outstanding indebtedness as of the dates presented: In thousands of U.S. DollarsOutstanding Principal as of December 31, 2024Outstanding Principal as of March 31, 2025Outstanding Principal as of April 30, 202512023 $225.0 Million Revolving Credit Facility (1) 165,675 157,200102,61022023 $49.1 Million Credit Facility 41,010 39,85639,85632023 $117.4 Million Credit Facility 91,883 87,63187,63142023 $1.0 Billion Credit Facility 351,213 351,213351,21352023 $94.0 Million Credit Facility 83,242 80,82579,5016Ocean Yield Lease Financing 22,309 21,54721,29472021 Ocean Yield Lease Financing 52,216 50,77450,2938Unsecured Senior Notes Due 2025 (2) 70,571 ——9Unsecured Senior Notes Due 2030 (3) — 200,000200,000102025 $500.0 Million Revolving Credit Facility (4) — —— Gross debt outstanding 878,119 989,046932,398 Cash and cash equivalents 332,580 419,931396,954 Net debt$545,539$569,115535,444 (1) In July 2024, the Company amended this facility, converting it from a term loan to a revolving credit facility. The amendment gives the Company the flexibility to make unscheduled repayments that can be re-drawn in the future. The outstanding amount and/or availability of the revolving credit facility continues to amortize quarterly under the same schedule as the original term loan. In April 2025, in addition to the scheduled repayment, the Company made a prepayment of $50.0 million, which remains available to be drawn as of the date of this press release. (2) In March 2025, the Company redeemed the outstanding balance of $70.6 million of its Unsecured Senior Notes Due 2025, which were scheduled to mature on June 30, 2025. (3) In January 2025, the Company successfully placed $200.0 million of new senior unsecured bonds in the Nordic bond market (the “Unsecured Senior Notes Due 2030”). The Unsecured Senior Notes Due 2030 are due to mature in January 2030 and bear interest at a fixed coupon rate of 7.50% per annum, payable semi-annually in arrears. The net proceeds from the bond issue are expected to be used for general corporate purposes, with a portion used to redeem the Company’s existing Unsecured Senior Notes Due 2025. The Unsecured Senior Notes Due 2030 contain certain financial covenants, including (i) a minimum consolidated tangible net worth of not less than $1.0 billion, (ii) minimum liquidity of no less than the greater of (a) $25.0 million and (b) $500,000 per each owned vessel and $250,000 per each time chartered-in vessel, and (iii) the ratio of net debt to total capitalization of no greater than 0.70 to 1.00. Additionally, the Company must maintain minimum liquidity (which includes undrawn amounts under revolving credit facilities with a remaining maturity date in excess of 12 months) of $100.0 million after making any distributions in the form of dividends or stock repurchases. (4) In February 2025, the Company executed the 2025 $500.0 Million Revolving Credit Facility. There is $500.0 million available to be drawn on this facility as of the date of this press release. The 2025 $500.0 Million Revolving Credit Facility is a 100% revolving loan, which has a final maturity of seven years from the signing date and gives the Company the flexibility to draw down or repay the loan during the loan tenor. The 2025 $500.0 Million Revolving Credit Facility bears interest at SOFR plus a margin of 1.85% per annum for any drawn amounts and a commitment fee of 0.74% per annum applies for any undrawn amounts. The 2025 $500.0 Million Revolving Credit Facility is collateralized by 26 product tankers and will amortize/reduce in quarterly installments (starting after the second anniversary of the signing date) with a balloon payment due at maturity. The remaining terms and conditions, including financial covenants, are similar to those set forth in the Company’s existing credit facilities. Set forth below are the estimated expected future principal repayments on the Company's outstanding indebtedness, which includes principal amounts due under the Company's secured credit facilities, lease financing arrangements and Unsecured Senior Notes Due 2030 (which also include actual scheduled payments made from April 1, 2025 through April 30, 2025): Outstanding Debt at March 31, 2025 In millions of U.S. dollars Repayments/maturities of unsecured debtUnscheduled PrepaymentsVessel financings - scheduled repayments, in addition to maturities in 2027 and thereafterTotal (1)April 1, 2025 to April 30, 2025 (2) $—$50.0$6.6$56.6Remaining Q2 2025 — — 8.0 8.0Q3 2025 — — 10.1 10.1Q4 2025 — — 10.1 10.1Q1 2026 — — 10.1 10.1Q2 2026 — — 10.1 10.1Q3 2026 — — 29.4 29.4Q4 2026 — — 29.4 29.42027 and thereafter 200.0 — 625.2 825.2 $200.0$50.0$739.0$989.0 (1) Amounts represent the principal payments due on the Company’s outstanding indebtedness as of March 31, 2025. (2) In April 2025, the Company prepaid $50.0 million, in addition the scheduled April 2025 repayment of $4.5 million, under the 2023 $225.0 Million Revolving Credit Facility. Drydock and Off-Hire Update Set forth below is a table summarizing the drydock activity that occurred during the first quarter of 2025 and the estimated expected payments to be made for the Company's drydocks through 2025 and 2026. This table also includes an estimate of off-hire days for these periods which includes (i) estimated off-hire days for drydocks, and (ii) estimated off-hire time for general repairs. Number of (3) Aggregate costs in millions of USD (1)Aggregate off-hire days (2)LR2sMRsHandymaxQ1 2025 - actual$24.7388631Q2 2025 - estimated 30.6283340Q3 2025 - estimated 6.7184130Q4 2025 - estimated 2.3119100FY 2026 - estimated 27.83391200 (1) These costs include estimated cash payments for drydocks. These amounts may include costs incurred for previous projects for which payments may not be due until subsequent quarters, or payments that are due in advance of the scheduled service and may be scheduled to occur in quarters prior to the actual drydocks. The timing of the payments set forth are estimates only and may vary as the timing of the related drydocks finalize. (2) Represents the total estimated off-hire days during the period for both drydockings or general repairs, including vessels that commenced work in a previous period. The number of off-hire days set forth in this table are estimates only and actual off-hire days may vary. (3) Represents the number of vessels scheduled to commence drydock. It does not include vessels that commenced work in prior periods but will be completed in the subsequent period. Additionally, the timing set forth in these tables may vary as drydock times are finalized. Explanation of Variances on the First Quarter of 2025 Financial Results Compared to the First Quarter of 2024 For the three months ended March 31, 2025, the Company recorded net income of $58.2 million compared to net income of $214.2 million for the three months ended March 31, 2024. The following were the significant changes between the two periods: TCE revenue, a Non-IFRS measure, is vessel revenues less voyage expenses (including bunkers and port charges). TCE revenue is included herein because it is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance irrespective of changes in the mix of charter types (i.e., spot voyages, time charters, and pool charters), and it provides useful information to investors and management. The following table sets forth TCE revenue for the three months ended March 31, 2025, and 2024: For the three months ended March 31,In thousands of U.S. dollars 2025 2024 Vessel revenue $213,984 $391,336 Voyage expenses (9,784) (1,575) TCE revenue $204,200 $389,761 TCE revenue for the three months ended March 31, 2025 decreased by $185.6 million to $204.2 million, from $389.8 million for the three months ended March 31, 2024. Overall, the average daily TCE revenue decreased to $23,971 per vessel during the three months ended March 31, 2025, from $39,660 per vessel during the three months ended March 31, 2024. The average number of vessels was 99.0 during the three months ended March 31, 2025 as compared to 110.9 during the three months ended March 31, 2024.TCE revenue for the three months ended March 31, 2025 declined as compared to the same period in the previous year. During the first quarter of 2024, market conditions were favorable as underlying consumption was growing and export volumes were robust. This market environment was exacerbated by the conditions in the Southern Red Sea, whereby drone and missile attacks on commercial vessels in that region by groups believed to be affiliated with the Yemen-based Houthi rebel group forced the re-routing of much of the global shipping fleet around the Cape of Good Hope. These extraordinary conditions increased ton-mile demand and resulted in record high average daily spot TCE rates on the Company’s LR2 vessels (which are the primary vessel class making these longer-haul voyages) during the first quarter of 2024, with the remainder of the Company’s fleet benefiting from a spill-over effect.Though Red Sea transits remained muted over the course of 2024, supply chains for refined petroleum products recalibrated, and the ton-mile expansion caused by these conditions contracted to normalized levels during the second half of 2024 and into the first quarter of 2025. Additionally, refinery maintenance occurred earlier than in previous years, peaking in February and March 2025, leading to lower refined petroleum product exports. Nevertheless, while daily spot TCE rates were not at the extraordinary levels seen at this time last year, they were sustained at cyclically strong levels throughout the quarter, supported by robust and growing underlying demand for refined petroleum products. Vessel operating costs for the three months ended March 31, 2025 decreased by $7.5 million to $70.6 million, from $78.1 million for the three months ended March 31, 2024. The decrease in vessel operating costs was primarily driven by a decrease in the average number of vessels due to the sales of 11 MRs and one LR2 product tanker throughout 2024. This decrease was partially offset by an increase in average daily vessel operating costs to $7,924 per vessel for the three months ended March 31, 2025 from $7,743 per vessel for the three months ended March 31, 2024. This increase was primarily due to higher costs for repairs and maintenance and spare parts, particularly for LR2s.Voyage expenses increased by $8.2 million, from $1.6 million for the three months ended March 31, 2024 to $9.8 million for the three months ended March 31, 2025 due to (i) an increased number of vessels temporarily trading in the spot market as these vessels were repositioned due to drydocks and (ii) an increase of $4.5 million related to the acquisition of EU allowances ("EUAs") to meet European Emissions Trading System ("EU ETS") requirements, for which the cost was passed along to customers in full and recognized as part of revenue.Depreciation expense for the three months ended March 31, 2025 decreased by $3.2 million to $44.7 million, from $47.9 million for the three months ended March 31, 2024. This decrease was primarily attributable to the decrease in the average number of owned vessels to 99.0 during the three months ended March 31, 2025 compared to 110.9 during the three months ended March 31, 2024, resulting from the sales of 11 MRs and one LR2 product tanker throughout 2024 offset in part by depreciation resulting from the 48 completed drydocks during 2024.General and administrative expenses for the three months ended March 31, 2025 decreased by $1.6 million to $28.5 million, from $30.1 million for the three months ended March 31, 2024 primarily due to a decrease in cash compensation costs. Non-cash restricted stock amortization increased during the three months ended March 31, 2025 as compared to the same period in the prior year resulting primarily from grants made in the second quarter of 2024.Financial expenses for the three months ended March 31, 2025 decreased by $17.4 million to $19.6 million, from $37.0 million for the three months ended March 31, 2024. This decrease was primarily attributable to the overall reduction in interest expense on debt and sale leaseback arrangements due to the Company's deleveraging efforts. Average indebtedness was $1.0 billion during the three months ended March 31, 2025 as compared to $1.5 billion during the three months ended March 31, 2024. Additionally: The Company recorded a $0.3 million loss on the extinguishment of debt and write-offs of deferred financing fees during the three months ended March 31, 2025, as compared to $3.7 million during the three months ended March 31, 2024.Amortization of deferred financing fees was $1.8 million during the three months ended March 31, 2025, as compared to $3.0 million during the three months ended March 31, 2024. Dividend income and fair value gain on financial assets measured at fair value through profit or loss, net includes $1.9 million of dividends received from the Company's investment in DHT and a fair value gain of $9.4 million in the value of this investment as of March 31, 2025. Scorpio Tankers Inc. and SubsidiariesCondensed Consolidated Statements of Income(unaudited) For the three months ended March 31,In thousands of U.S. dollars except per share and share data 2025 2024 Revenue Vessel revenue$213,984 $391,336 Operating expenses Vessel operating costs (70,604) (78,125) Voyage expenses (9,784) (1,575) Depreciation (44,671) (47,910) General and administrative expenses (28,512) (30,089) Gain on sales of vessels — 11,330 Total operating expenses (153,571) (146,369)Operating income 60,413 244,967 Other (expenses) and income, net Financial expenses (19,619) (36,994) Financial income 4,523 4,590 Share of income from dual fuel tanker joint venture 1,051 1,519 Dividend income and fair value gain on financial assets measured at fair value through profit or loss, net 11,353 — Other income and (expenses), net 492 109 Total other expense, net (2,200) (30,776)Net income$58,213 $214,191 Earnings per share Basic$1.26 $4.29 Diluted$1.22 $4.11 Basic weighted average shares outstanding 46,172,628 49,905,272 Diluted weighted average shares outstanding (1) 47,729,905 52,069,380 (1) The computation of diluted earnings per share for the three months ended March 31, 2025 and 2024, includes the effect of potentially dilutive unvested shares of restricted stock. Scorpio Tankers Inc. and SubsidiariesCondensed Consolidated Balance Sheets(unaudited) As ofIn thousands of U.S. dollarsMarch 31, 2025 December 31, 2024Assets Current assets Cash and cash equivalents$419,931 $332,580 Financial assets measured at fair value through profit or loss 117,713 74,157 Accounts receivable 168,662 150,183 Prepaid expenses and other current assets 9,643 9,230 Inventories 13,025 10,173 Total current assets 728,974 576,323 Non-current assets Vessels and drydock 3,169,170 3,190,820 Other assets 66,183 58,312 Goodwill 8,197 8,197 Total non-current assets 3,243,550 3,257,329 Total assets$3,972,524 $3,833,652 Current liabilities Current portion of long-term debt$84,666 $122,797 Lease liability - sale and leaseback vessels 8,634 8,592 Accounts payable 33,193 32,213 Accrued expenses and other liabilities 47,186 73,591 Total current liabilities 173,679 237,193 Non-current liabilities Long-term debt 815,436 665,887 Lease liability - sale and leaseback vessels 62,516 64,691 Other long-term liabilities — — Total non-current liabilities 877,952 730,578 Total liabilities 1,051,631 967,771 Shareholders' equity Issued, authorized and fully paid-in share capital: Share capital 760 760 Additional paid-in capital 3,176,623 3,159,548 Treasury shares (1,467,127) (1,466,818)Retained earnings 1,210,637 1,172,391 Total shareholders' equity 2,920,893 2,865,881 Total liabilities and shareholders' equity$3,972,524 $3,833,652 Scorpio Tankers Inc. and SubsidiariesCondensed Consolidated Statements of Cash Flows (unaudited) For the three months ended March 31,In thousands of U.S. dollars 2025 2024 Operating activities Net income$58,213 $214,191 Depreciation 44,671 47,910 Equity settled share based compensation expense 17,075 9,610 Amortization of deferred financing fees 1,763 2,978 Non-cash debt extinguishment costs 264 322 Net gain on sales of vessels — (11,330)Accretion of fair value measurement on debt assumed in business combinations 17 21 Fair value gain on financial assets measured at fair value through profit or loss (9,447) — Share of income from dual fuel tanker joint venture (1,051) (1,519)Dividend from financial assets measured at fair value through profit or loss (1,906) — 109,599 262,183 Changes in assets and liabilities: Increase in inventories (2,852) (370)Increase in accounts receivable (18,479) (30,644)(Increase) / decrease in prepaid expenses and other current assets (413) 84 Decrease in other assets — 1,250 Increase in accounts payable 3,531 3,663 Decrease in accrued expenses (27,480) (14,036) (45,693) (40,053)Net cash inflow from operating activities 63,906 222,130 Investing activities Net proceeds from sales of vessels — 38,561 Distributions from dual fuel tanker joint venture 1,225 495 Investment in dual fuel tanker joint venture — (361)Purchases of financial assets measured at fair value through profit or loss (42,402) — Proceeds from sale of financial assets measured at fair value through profit or loss 8,293 — Dividend from financial assets measured at fair value through profit or loss 1,906 — Drydock, ballast water treatment system and other vessel related payments (24,663) (10,560)Net cash (outflow) / inflow from investing activities (55,641) 28,135 Financing activities Debt repayments (89,057) (313,867)Issuance of debt 200,000 99,000 Debt issuance costs (11,581) (202)Dividends paid (19,967) (21,243)Repurchase of common stock (309) — Net cash inflow / (outflow) from financing activities 79,086 (236,312)Increase in cash and cash equivalents 87,351 13,953 Cash and cash equivalents at January 1, 332,580 355,551 Cash and cash equivalents at March 31,$419,931 $369,504 Scorpio Tankers Inc. and SubsidiariesOther operating data for the three months ended March 31, 2025 and 2024 (unaudited) For the three months ended March 31, 2025 2024Adjusted EBITDA(1) (in thousands of U.S. dollars except Fleet Data) $123,702 $292,785 Average Daily Results Fleet TCE per revenue day (2) $23,971 $39,660Vessel operating costs per day (3) $7,924 $7,743Average number of vessels 99.0 110.9 LR2 TCE per revenue day (2) $30,392 $50,663Vessel operating costs per day (3) $8,805 $8,552Average number of vessels 38.0 39.0 MR TCE per revenue day (2) $20,847 $33,934Vessel operating costs per day (3) $7,383 $7,369Average number of vessels 47.0 57.9 Handymax TCE per revenue day (2) $18,240 $32,427Vessel operating costs per day (3) $7,346 $7,027Average number of vessels 14.0 14.0 Capital Expenditures Drydock, scrubber, ballast water treatment system and other vessel related payments (in thousands of U.S. dollars) $24,663 $10,560 (1)See Non-IFRS Measures section below.(2)Freight rates are commonly measured in the shipping industry in terms of time charter equivalent per day (or TCE per day), which is calculated by subtracting voyage expenses, including bunkers and port charges, from vessel revenue and dividing the net amount (time charter equivalent revenues) by the number of revenue days in the period. Revenue days are the number of days vessels are part of the fleet less the number of days vessels are off-hire for drydock and repairs.(3)Vessel operating costs per day represent vessel operating costs divided by the number of operating days during the period. Operating days are the total number of available days in a period with respect to vessels that are owned, operating under a lease financing arrangement, or bareboat chartered-in, before deducting available days due to off-hire days and days in drydock. Operating days is a measurement that is only applicable to vessels that are owned, operating under a lease financing arrangement, or bareboat chartered-in, not time chartered-in vessels. Fleet list as of May 1, 2025 Vessel Name Year Built DWT Ice class Employment Vessel type Scrubber Owned and sale leaseback vessels 1STI Brixton 2014 38,734 1A SHTP (1) Handymax N/A2STI Comandante 2014 38,734 1A SHTP (1) Handymax N/A3STI Pimlico 2014 38,734 1A SHTP (1) Handymax N/A4STI Hackney 2014 38,734 1A SHTP (1) Handymax N/A5STI Acton 2014 38,734 1A SHTP (1) Handymax N/A6STI Fulham 2014 38,734 1A SHTP (1) Handymax N/A7STI Camden 2014 38,734 1A SHTP (1) Handymax N/A8STI Battersea 2014 38,734 1A Time Charter (5) Handymax N/A9STI Wembley 2014 38,734 1A SHTP (1) Handymax N/A10STI Finchley 2014 38,734 1A SHTP (1) Handymax N/A11STI Clapham 2014 38,734 1A SHTP (1) Handymax N/A12STI Poplar 2014 38,734 1A SHTP (1) Handymax N/A13STI Hammersmith 2015 38,734 1A SHTP (1) Handymax N/A14STI Rotherhithe 2015 38,734 1A SHTP (1) Handymax N/A15STI Duchessa 2014 49,990 — Time Charter (6) MR No16STI Opera 2014 49,990 — SMRP (2) MR No17STI Meraux 2014 49,990 — SMRP (2) MR Yes18STI Venere 2014 49,990 — SMRP (2) MR Yes19STI Virtus 2014 49,990 — SMRP (2) MR Yes20STI Aqua 2014 49,990 — SMRP (2) MR Yes21STI Dama 2014 49,990 — SMRP (2) MR Yes22STI Regina 2014 49,990 — SMRP (2) MR Yes23STI St. Charles 2014 49,990 — SMRP (2) MR Yes24STI Mayfair 2014 49,990 — SMRP (2) MR Yes25STI Yorkville 2014 49,990 — SMRP (2) MR Yes26STI Milwaukee 2014 49,990 — SMRP (2) MR Yes27STI Battery 2014 49,990 — SMRP (2) MR Yes28STI Soho 2014 49,990 — SMRP (2) MR Yes29STI Memphis 2014 49,990 — Time Charter (7) MR Yes30STI Gramercy 2015 49,990 — SMRP (2) MR Yes31STI Bronx 2015 49,990 — SMRP (2) MR Yes32STI Pontiac 2015 49,990 — SMRP (2) MR Yes33STI Queens 2015 49,990 — SMRP (2) MR Yes34STI Osceola 2015 49,990 — SMRP (2) MR Yes35STI Notting Hill 2015 49,687 1B SMRP (2) MR Yes36STI Seneca 2015 49,990 — SMRP (2) MR Yes37STI Westminster 2015 49,687 1B SMRP (2) MR Yes38STI Brooklyn 2015 49,990 — SMRP (2) MR Yes39STI Black Hawk 2015 49,990 — SMRP (2) MR Yes40STI Galata 2017 49,990 — SMRP (2) MR Yes41STI Bosphorus 2017 49,990 — SMRP (2) MR No42STI Leblon 2017 49,990 — SMRP (2) MR Yes43STI La Boca 2017 49,990 — SMRP (2) MR Yes44STI San Telmo 2017 49,990 1B SMRP (2) MR No45STI Donald C Trauscht 2017 49,990 1B SMRP (2) MR No46STI Esles II 2018 49,990 1B SMRP (2) MR No47STI Jardins 2018 49,990 1B Time Charter (8) MR No48STI Magic 2019 50,000 — SMRP (2) MR Yes49STI Mystery 2019 50,000 — SMRP (2) MR Yes50STI Marvel 2019 50,000 — SMRP (2) MR Yes51STI Magnetic 2019 50,000 — Time Charter (9) MR Yes52STI Millennia 2019 50,000 — SMRP (2) MR Yes53STI Magister 2019 50,000 — SMRP (2) MR Yes54STI Mythic 2019 50,000 — SMRP (2) MR Yes55STI Marshall 2019 50,000 — Time Charter (10) MR Yes56STI Modest 2019 50,000 — SMRP (2) MR Yes57STI Maverick 2019 50,000 — SMRP (2) MR Yes58STI Miracle 2020 50,000 — Time Charter (11) MR Yes59STI Maestro 2020 50,000 — SMRP (2) MR Yes60STI Mighty 2020 50,000 — SMRP (2) MR Yes61STI Maximus 2020 50,000 — SMRP (2) MR Yes62STI Elysees 2014 109,999 — SLR2P (3) LR2 Yes63STI Madison 2014 109,999 — SLR2P (3) LR2 Yes64STI Park 2014 109,999 — SLR2P (3) LR2 Yes65STI Orchard 2014 109,999 — SLR2P (3) LR2 Yes66STI Sloane 2014 109,999 — SLR2P (3) LR2 Yes67STI Broadway 2014 109,999 — SLR2P (3) LR2 Yes68STI Condotti 2014 109,999 — SLR2P (3) LR2 Yes69STI Rose 2015 109,999 — SLR2P (3) LR2 Yes70STI Veneto 2015 109,999 — SLR2P (3) LR2 Yes71STI Alexis 2015 109,999 — MPL (4) LR2 Yes72STI Winnie 2015 109,999 — SLR2P (3) LR2 Yes73STI Oxford 2015 109,999 — SLR2P (3) LR2 Yes74STI Lauren 2015 109,999 — SLR2P (3) LR2 Yes75STI Connaught 2015 109,999 — Time Charter (12) LR2 Yes76STI Spiga 2015 109,999 — MPL (4) LR2 Yes77STI Kingsway 2015 109,999 — SLR2P (3) LR2 Yes78STI Solidarity 2015 109,999 — SLR2P (3) LR2 Yes79STI Lombard 2015 109,999 — Time Charter (13) LR2 Yes80STI Grace 2016 109,999 — Time Charter (14) LR2 Yes81STI Jermyn 2016 109,999 — Time Charter (15) LR2 Yes82STI Sanctity 2016 109,999 — SLR2P (3) LR2 Yes83STI Solace 2016 109,999 — SLR2P (3) LR2 Yes84STI Stability 2016 109,999 — SLR2P (3) LR2 Yes85STI Steadfast 2016 109,999 — SLR2P (3) LR2 Yes86STI Supreme 2016 109,999 — SLR2P (3) LR2 Yes87STI Symphony 2016 109,999 — SLR2P (3) LR2 Yes88STI Gallantry 2016 113,000 — SLR2P (3) LR2 Yes89STI Goal 2016 113,000 — SLR2P (3) LR2 Yes90STI Guard 2016 113,000 — Time Charter (16) LR2 Yes91STI Guide 2016 113,000 — Time Charter (17) LR2 Yes92STI Selatar 2017 109,999 — SLR2P (3) LR2 Yes93STI Rambla 2017 109,999 — SLR2P (3) LR2 Yes94STI Gauntlet 2017 113,000 — Time Charter (18) LR2 Yes95STI Gladiator 2017 113,000 — Time Charter (17) LR2 Yes96STI Gratitude 2017 113,000 — Time Charter (19) LR2 Yes97STI Lobelia 2019 110,000 — SLR2P (3) LR2 Yes98STI Lotus 2019 110,000 — SLR2P (3) LR2 Yes99STI Lavender 2019 110,000 — Time Charter (20) LR2 Yes Total Fleet DWT 7,092,312 (1) This vessel operates in the Scorpio Handymax Tanker Pool, or SHTP. SHTP is operated by Scorpio Commercial Management S.A.M. (SCM). SHTP and SCM are related parties to the Company.(2) This vessel operates in the Scorpio MR Pool, or SMRP. SMRP is operated by SCM. SMRP and SCM are related parties to the Company.(3) This vessel operates in the Scorpio LR2 Pool, or SLR2P. SLR2P is operated by SCM. SLR2P and SCM are related parties to the Company.(4) This vessel operates in the Mercury Pool Limited, or MPL. MPL is operated by SCM. MPL and SCM are related parties to the Company.(5) This vessel commenced a time charter in April 2025 for two years at a rate of $24,000 per day.(6) This vessel commenced a time charter in October 2022 for three years at an average rate of $25,000 per day.(7) This vessel commenced a time charter in June 2022 for three years at an average rate of $21,000 per day. The daily rate is the average rate over the three-year period, which is payable during the first six months at $30,000 per day, the next six months are payable at $20,000 per day, and years two and three are payable at $19,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $22,500 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $24,000 per day.(8) This vessel commenced a time charter in October 2024 for three years at a rate of $29,550 per day.(9) This vessel commenced a time charter in July 2022 for three years at an average rate of $23,000 per day. The daily rate is the average rate over the three-year period, which is payable in years one, two, and three at $30,000 per day, $20,000 per day, and $19,000 per day, respectively. The charterers have the option to extend the term of this agreement for an additional year at $24,500 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $26,000 per day.(10) This vessel commenced a time charter in July 2022 for three years at a rate of $23,000 per day. The charterers declined the option to extend the term of this agreement for an additional year at $24,000 per day and the vessel is expected to be redelivered between May 2025 and August 2025.(11) This vessel commenced a time charter in August 2022 for three years at a rate of $21,000 per day. The daily rate is the average rate over the three-year period, which is payable during the first six months at $30,000 per day, the next six months are payable at $20,000 per day, and years two and three are payable at $19,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $22,500 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $24,000 per day.(12) In April 2023, STI Connaught replaced STI Goal on a time charter which initially commenced in August 2022 for three years at a rate of $30,000 per day. The charterers have the option to extend the term of this agreement for an additional year at $32,000 per day. If this option is declared, the charterers have the option to further extend the term of this agreement for an additional year at $34,000 per day.(13) This vessel commenced a time charter in September 2022 for three years at an average rate of $32,750 per day. The charterer has the option to extend the term of this agreement for an additional year at $34,750 per day. If this option is declared, the charterer has the option to further extend the term of this agreement for an additional year at $36,750 per day.(14) This vessel commenced a time charter in December 2022 for three years at an average rate of $37,500 per day. The daily rate is the average rate over the three-year period, which is payable during the first six months at $47,000 per day, the next 6 months are payable at $28,000 per day, and years two and three are payable at $37,500 per day.(15) This vessel commenced a time charter in April 2023 for three years at a rate of $40,000 per day. The charterer has the option to extend the term of this agreement for an additional year at $42,500 per day.(16) This vessel commenced a time charter in July 2022 for five years at a rate of $28,000 per day.(17) This vessel commenced a time charter in July 2022 for three years at an average rate of $28,000 per day. In April 2025, the charterers exercised their option to extend the term of this agreement for an additional year at $31,000 per day commencing in July 2025. The charterers have the option to further extend the term of this agreement for an additional year at $33,000 per day.(18) This vessel commenced a time charter in November 2022 for three years at an average rate of $32,750 per day.(19) This vessel commenced a time charter in May 2022 for three years at an average rate of $28,000 per day. In February 2025, the charterers exercised their option to extend the term of this agreement for an additional year at $31,000 per day commencing in May 2025. The charterers have an additional option to further extend the term of this agreement for an additional year at $33,000 per day.(20) This vessel commenced a time charter in December 2022 for three years at an average rate of $35,000 per day. Dividend Policy The declaration and payment of dividends is subject at all times to the discretion of the Company's Board of Directors. The timing and the amount of dividends, if any, depends on the Company's earnings, financial condition, cash requirements and availability, fleet renewal and expansion, restrictions in loan agreements, the provisions of Marshall Islands law affecting the payment of dividends and other factors. The Company's dividends paid during 2024 and 2025 were as follows: Date paidDividend per commonshareMarch 2024$0.40June 2024$0.40September 2024$0.40December 2024$0.40March 2025$0.40 On April 30, 2025, the Company's Board of Directors declared a quarterly cash dividend of $0.40 per common share, with a payment date of June 16, 2025 to all shareholders of record as of May 30, 2025 (the record date). As of April 30, 2025, there were 51,016,290 common shares of the Company outstanding. About Scorpio Tankers Inc. Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns or lease finances 99 product tankers (38 LR2 tankers, 47 MR tankers and 14 Handymax tankers) with an average age of 9.1 years. Additional information about the Company is available at the Company's website www.scorpiotankers.com. Information on the Company’s website does not constitute a part of and is not incorporated by reference into this press release. Non-IFRS Measures Reconciliation of IFRS Financial Information to Non-IFRS Financial Information This press release describes time charter equivalent revenue, or TCE revenue, adjusted net income or loss, and adjusted EBITDA, which are not measures prepared in accordance with IFRS ("Non-IFRS" measures). The Non-IFRS measures are presented in this press release as we believe that they provide investors and other users of our financial statements, such as our lenders, with a means of evaluating and understanding how the Company's management evaluates the Company's operating performance. These Non-IFRS measures should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with IFRS. The Company believes that the presentation of TCE revenue, adjusted net income or loss with adjusted earnings or loss per share, basic and diluted, and adjusted EBITDA are useful to investors or other users of our financial statements, such as our lenders, because they facilitate the comparability and the evaluation of companies in the Company’s industry. In addition, the Company believes that TCE revenue, adjusted net income or loss with adjusted earnings or loss per share, basic and diluted, and adjusted EBITDA are useful in evaluating its operating performance compared to that of other companies in the Company’s industry. The Company’s definitions of TCE revenue, adjusted net income or loss with adjusted earnings or loss per share, basic and diluted, and adjusted EBITDA may not be the same as reported by other companies in the shipping industry or other industries. TCE revenue, on a historical basis, is reconciled above in the section entitled "Explanation of Variances on the First Quarter of 2025 Financial Results Compared to the First Quarter of 2024". The Company has not provided a reconciliation of forward-looking TCE revenue because the most directly comparable IFRS measure on a forward-looking basis is not available to the Company without unreasonable effort. Reconciliation of Net Income to Adjusted Net Income For the three months ended March 31, 2025 Per share Per share In thousands of U.S. dollars except per share data Amount basic diluted Net income $58,213 $1.26 $1.22 Adjustments: Loss on extinguishment of debt and write-off of deferred financing fees 264 0.01 0.01 Fair value gain on financial assets measured at fair value through profit or loss (9,447) (0.20) (0.20) Adjusted net income $49,030 $1.06 (1)$1.03 (1) Summation difference due to rounding For the three months ended March 31, 2024 Per share Per share In thousands of U.S. dollars except per share data Amount basic diluted Net income $214,191 $4.29 $4.11 Adjustments: Loss on extinguishment of debt and write-off of deferred financing fees 3,692 $0.07 $0.07 Gain on sales of vessels (11,330) (0.23) (0.22) Adjusted net income $206,553 $4.14 (1)$3.97 (1) (1) Summation difference due to rounding Reconciliation of Net Income to Adjusted EBITDA For the three months ended March 31,In thousands of U.S. dollars 2025 2024 Net Income $58,213 $214,191 Financial expenses 19,619 36,994 Financial income (4,523) (4,590) Depreciation 44,671 47,910 Equity settled share based compensation expense 17,075 9,610 Gain on sales of vessels — (11,330) Dividend income and fair value gain on financial assets measured at fair value through profit or loss, net (11,353) — Adjusted EBITDA $123,702 $292,785 Forward-Looking Statements Matters discussed in this press release may constitute forward‐looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward‐looking statements in order to encourage companies to provide prospective information about their business. Forward‐looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "expect," "anticipate," "estimate," "intend," "plan," "target," "project," "likely," "may," "will," "would," "could" and similar expressions identify forward‐looking statements. The forward‐looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. The Company undertakes no obligation, and specifically declines any obligation, except as required by law, to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward‐looking statements include unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies in response to epidemics and other public health concerns including any effect on demand for petroleum products and the transportation thereof, expansion and growth of the Company’s operations, risks relating to the integration of assets or operations of entities that it has or may in the future acquire and the possibility that the anticipated synergies and other benefits of such acquisitions may not be realized within expected timeframes or at all, the failure of counterparties to fully perform their contracts with the Company, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, including the impact of the conflict in Ukraine and the developments in the Middle East, including the armed conflict between Israel and Hamas, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off‐hires, and other factors. Please see the Company's filings with the SEC for a more complete discussion of certain of these and other risks and uncertainties. Contact Information Scorpio Tankers Inc.James Doyle - Head of Corporate Development & Investor RelationsTel: +1 203-900-0559Email: investor.relations@scorpiotankers.com

Scorpio Tankers Inc. Announces Financial Results for the First Quarter of 2025 and the Declaration of a Dividend

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