Scorpio Tankers Inc. Announces Financial Results for the Third Quarter of 2026 and An Increase to its Quarterly Dividend

Scorpio Tankers Inc. Announces Financial Results for the Third Quarter of 2026 and An Increase to its Quarterly Dividend MONACO, Oct. 28, 2026 (GLOBE NEWSWIRE) -- Scorpio Tankers Inc. (NYSE: STNG) ("Scorpio Tankers" or the "Company") today reported its results for the three and nine months ended September 30, 2026. The Company also announced that its board of directors (the "Board of Directors") has declared a quarterly cash dividend on its common shares of $0.75 per share.

Results for the three months ended September 30, 2026 and 2025

For the three months ended September 30, 2026, the Company had net income of $224.3 million, or $4.91 basic and $4.60 diluted earnings per share.

For the three months ended September 30, 2026, the Company had adjusted net income (see Non-IFRS Measures section below) of $127.4 million, or $2.79 basic and $2.49 diluted earnings per share, which excludes from net income (i) a $152.6 million gain on sales of vessels and (ii) a $55.6 million fair value loss on financial liabilities measured at fair value.

For the three months ended September 30, 2025, the Company had net income of $84.5 million, or $1.81 basic and $1.73 diluted earnings per share.

For the three months ended September 30, 2025, the Company had adjusted net income (see Non-IFRS Measures section below) of $72.7 million, or $1.56 basic and $1.49 diluted earnings per share, which excludes from net income (i) a $12.7 million fair value gain on financial assets measured at fair value and (ii) a $0.9 million loss on the extinguishment of debt and write-offs of deferred financing fees.

Results for the nine months ended September 30, 2026 and 2025

For the nine months ended September 30, 2026, the Company had net income of $828.1 million, or $17.92 basic and $16.70 diluted earnings per share.

For the nine months ended September 30, 2026, the Company had adjusted net income (see Non-IFRS Measures section below) of $521.9 million, or $11.30 basic and $10.14 diluted earnings per share, which excludes from net income (i) a $372.6 million gain on sales of vessels, (ii) a $20.7 million write-off of deferred financing fees and debt extinguishment costs (which includes $12.8 million for the make-whole premium on the redemption of the Company’s Senior Unsecured Notes Due 2030), (iii) a $41.8 million fair value loss on financial liabilities measured at fair value, and (iv) $4.0 million of transaction costs related to the second quarter issuances of the Company's Convertible Senior Notes due 2031 (the "Convertible Notes") (described below).

For the nine months ended September 30, 2025, the Company had net income of $216.2 million, or $4.66 basic and $4.46 diluted earnings per share.

For the nine months ended September 30, 2025, the Company had adjusted net income (see Non-IFRS Measures section below) of $189.5 million, or $4.09 basic and $3.91 diluted earnings per share, which excludes from net income (i) a $29.7 million fair value gain on financial assets measured at fair value and (ii) a $3.0 million loss on the extinguishment of debt and write-offs of deferred financing fees.

Declaration of Dividend

On October 26, 2026, the Board of Directors declared a quarterly cash dividend of $0.75 per common share, with a payment date of December 4, 2026 to all shareholders of record as of November 13, 2026 (the record date). As of October 26, 2026, there were 51,078,851 common shares of the Company issued and outstanding.

Summary of Third Quarter 2026 and Other Recent Significant Events

Securities Repurchase Program

The Company did not repurchase any shares of its common stock during the three months ended September 30, 2026. As of October 28, 2026, $445.0 million remains 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 (i) the Company’s equity incentive plan, and (ii) the Company's Convertible Notes. Potentially dilutive shares are excluded from the computation of earnings per share to the extent they are anti-dilutive.

The impact of the Convertible Notes on earnings or loss per share is computed using the if-converted method. Under this method, the Company first includes the potentially dilutive impact of restricted shares issued under the Company's equity incentive plan, and then assumes that its Convertible Notes, which were issued during the second quarter of 2026, were converted into common shares during each period. The if-converted method also assumes that the interest and non-cash amortization expense of $9.0 million and $16.1 million during the three and nine months ended September 30, 2026, respectively, and the fair value change on financial liabilities associated with the Convertible Notes, which are measured at fair value through profit or loss of $55.6 million and $41.8 million, during the three and nine months ended September 30, 2026, respectively, were not incurred. Conversion is not assumed if the results of this calculation are anti-dilutive.

The computations of earnings per share are set forth below immediately following the Condensed Consolidated Statements of Income and in the section entitled Non-IFRS Measures.

The conversion rate of the Convertible Notes has been adjusted to reflect cash dividends with respect to our common shares. The current conversion rate for the Convertible Notes is 10.0791 common shares per $1,000 principal amount of the Convertible Notes.

Conference Call

Title: Scorpio Tankers Inc. Third Quarter 2026 Conference Call

Date: Wednesday, October 28, 2026

Time: 8:00 AM Eastern Daylight Time and 1:00 PM Central European 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/etyipqgc

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: 1-833-636-1321

International Dial-In Number: +1-412-902-4260

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 October 26, 2026, the Company had $2.1 billion in unrestricted cash and cash equivalents and $483.2 million of undrawn revolver capacity under the 2025 $500.0 Million Revolving Credit Facility. Additionally, the sales of STI Elysees and STI Veneto for $143.0 million in aggregate are expected to close in the fourth quarter of 2026.

Debt

Set forth below is a summary of the principal balances of the Company’s outstanding indebtedness as of the stated dates:

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 and Convertible Notes:

Newbuilding Vessels and Joint Venture

As of October 26, 2026, the Company had commitments to construct (i) eight scrubber-fitted LR2 product tankers, (ii) five scrubber-fitted MR product tankers and (iii) four scrubber-fitted VLCCs. Additionally, the Company is committed to fund its portion of the minority equity investment in the VLCC Joint Venture, which is scheduled to be funded as installment payments become due under the various shipbuilding contracts.

As of October 26, 2026, the Company paid $185.7 million in installment payments related to its newbuildings and the VLCC Joint Venture, including the payments related to STI Moxie, which was delivered in July 2026. The table below summarizes the estimated remaining installment payments and estimated delivery timing for the vessels under construction and the VLCC Joint Venture (which also include actual scheduled payments made from October 1, 2026 through October 26, 2026) (1):

Drydockings and Off-Hire Update

Set forth below is a table summarizing the drydocking activity that occurred during the third quarter of 2026 and the estimated expected payments to be made for the Company's drydockings through the end of 2027. This table also includes an estimate of off-hire days for these periods which includes (i) estimated off-hire days for drydockings, and (ii) estimated off-hire time for general repairs.

Explanation of Variances on the Third Quarter of 2026 Financial Results Compared to the Third Quarter of 2025

For the three months ended September 30, 2026, the Company recorded net income of $224.3 million compared to net income of $84.5 million for the three months ended September 30, 2025. The following were the significant changes between the two periods:

TCE revenue for the three months ended September 30, 2026 increased as compared to the three months ended September 30, 2025 on a substantially stronger product tanker market. Spot rates eased from the elevated levels of the second quarter but remained firm and strengthened through the end of the third quarter. Continued disruption from the conflict in the Middle East lengthened refined product voyages and kept the global fleet dislocated, while robust demand, strong refining margins and rising seaborne volumes supported the late-quarter increase. The Company's LR2 vessels benefited most, earning $55,184 per day versus $31,482 in the prior-year period, aided by tight LR2 supply as larger vessels remained employed in crude trades. MR and Handymax rates strengthened as the quarter progressed, supported by increasing export volumes from the U.S. Gulf and Asia.

Amortization of deferred financing fees was $1.1 million during the three months ended September 30, 2026 and $1.8 million during the three months ended September 30, 2025.

Reconciliation of Net Income Used in the Calculation of Diluted Earnings Per Share (If-Converted Method)

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 2025 and 2026 were as follows:

About Scorpio Tankers Inc.

Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns 74 product tankers (25 LR2 tankers, 35 MR tankers and 14 Handymax tankers) with an average age of 10.3 years. The Company has reached agreements to sell two LR2 product tankers, which are expected to close in the fourth quarter of 2026. The Company has also reached agreements to construct five MR newbuildings with deliveries expected in 2027 and 2030, eight LR2 newbuildings with deliveries expected in 2027 and 2029 and four VLCC newbuildings with deliveries expected in 2028. Additional information about the Company is available at the Company’s website www.scorpiotankers.com, which is not a part of 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 (the "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 Third Quarter of 2026 Financial Results Compared to the Third Quarter of 2025". 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

Reconciliation of Adjusted Net Income Used in the Calculation of Basic and Diluted Earnings Per Share (If-Converted Method)

Reconciliation of Net Income to Adjusted EBITDA (1)

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, 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, the impact of the current and future sanctions that may impact the transportation of petroleum products, the ongoing military conflict in Iran which has had a significant direct and indirect impact on the trade of crude oil and refined petroleum products, potential disruption of shipping routes due to accidents or political events, potential liability from pending or future litigation, general domestic and international political conditions, which have and may continue to disrupt certain global shipping routes, vessel 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