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• Below is a summary of the average daily TCE revenue earned by the Company's vessels during the first quarter of 2025:

• 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:

⁽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):

⁽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.

⁽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:

• 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.

⁽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.

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:

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

⁽¹⁾ Summation difference due to rounding

⁽¹⁾ Summation difference due to rounding

Reconciliation of Net Income to Adjusted EBITDA

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 Relations
Tel: +1 203-900-0559
Email: investor.relations@scorpiotankers.com