Scorpio Tankers Inc. reported its results for the six months ended June 30, 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 June 30, 2025 and 2024

For the three months ended June 30, 2025, the Company had net income of $73.5 million, or $1.59 basic and $1.53 diluted earnings per share.

For the three months ended June 30, 2025, the Company had adjusted net income (see Non-IFRS Measures section below) of $67.8 million, or $1.47 basic and $1.41 diluted earnings per share, which excludes from net income (i) a $7.5 million, or $0.16 per basic and diluted share, fair value gain on financial assets measured at fair value, and (ii) a $1.8 million, or $0.04 per basic and diluted share, loss on the extinguishment of debt and write-offs of deferred financing fees.

For the three months ended June 30, 2024, the Company had net income of $227.3 million, or $4.54 basic and $4.34 diluted earnings per share.

For the three months ended June 30, 2024, the Company had adjusted net income (see Non-IFRS Measures section below) of $188.4 million, or $3.77 basic and $3.60 diluted earnings per share, which excludes from net income a $43.3 million, or $0.87 per basic and $0.83 per diluted share, gain on sales of vessels and a $4.4 million, or $0.09 per basic and $0.08 per diluted share, write-off or acceleration of the amortization of deferred financing fees related to unscheduled debt and lease payments and debt extinguishment costs on certain lease financing obligations.

Results for the six months ended June 30, 2025 and 2024

For the six months ended June 30, 2025, the Company had net income of $131.7 million, or $2.85 basic and $2.74 diluted earnings per share.

For the six months ended June 30, 2025, the Company had adjusted net income (see Non-IFRS Measures section below) of $116.8 million, or $2.53 basic and $2.43 diluted earnings per share, which excludes from net income (i) a $17.0 million, or $0.37 per basic and $0.35 per diluted share, fair value gain on financial assets measured at fair value, and (ii) a $2.1 million, or $0.05 per basic and $0.04 per diluted share, loss on the extinguishment of debt and write-offs of deferred financing fees.

For the six months ended June 30, 2024, the Company had net income of $441.5 million, or $8.84 basic and $8.45 diluted earnings per share.

For the six months ended June 30, 2024, the Company had adjusted net income (see Non-IFRS Measures section below) of $394.9 million, or $7.90 basic and $7.56 diluted earnings per share, which excludes from net income a $54.7 million, or $1.09 per basic and $1.05 per diluted share, gain on sales of vessels and a $8.1 million, or $0.16 per basic and $0.15 per diluted share, write-off or acceleration of the amortization of deferred financing fees related to unscheduled debt and lease payments and debt extinguishment costs on certain lease financing obligations.

Declaration of Dividend

On July 29, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.40 per common share, with a payment date of August 29, 2025 to all shareholders of record as of August 13, 2025 (the record date). As of July 29, 2025, there were 51,016,290 common shares of the Company outstanding.

Summary of Second 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 third quarter of 2025 as of the date hereof (See footnotes to “Other operating data” table below for the definition of daily TCE revenue):
• Below is a summary of the average daily TCE revenue earned by the Company’s vessels during the second quarter of 2025:
• In July 2025, the Company reached an agreement to bareboat charter-out the MR product tanker, STI Bosphorus, at a bareboat rate of $13,150 per day (which is equivalent to a time charter equivalent rate of approximately $21,000 per day). The vessel will be chartered to a third-party joint venture which will re-flag the vessel to the United States in order for it to participate in the U.S. Government’s Tanker Security Program (TSP). The contract will remain in effect until the vessel reaches 20 years of age, which will occur in 2037, subject to annual renewal within the National Defense Authorization Act (“NDAA”). The charter is expected to commence in August 2025.
• In June and July 2025, the Company submitted notice to exercise the purchase options on three vessels that are currently financed through sale and leaseback arrangements. Two of the vessels, STI Guard and STI Gallantry, are scheduled to be purchased in December 2025 and the outstanding lease obligation is scheduled to be $23.4 million per vessel at the date of purchase. The third vessel, STI Symphony, is scheduled to be purchased in February 2026 and the outstanding lease obligation is scheduled to be $18.9 million at the date of purchase.
• In April 2025, the Company commenced a time charter-out agreement on a Handymax product tanker (STI Battersea) for a term of two years at a 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.
• The Company recently fitted one of its LR2 product tankers, STI Spiga, with a new type of onboard carbon capture technology as part of its previously announced agreement with Carbon Ridge Inc. to collaborate on the development of onboard carbon capture for maritime vessels. This installation is part of a pilot study of this technology to capture and store CO2 emissions using low-cost, modular equipment that can be retrofitted onboard existing vessels.
• In April 2025, the Company made a prepayment of $50.0 million under its 2023 $225.0 Million Revolving 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 in July 2025.
• During the second quarter of 2025, the Company sold 2,745,218 common shares of DHT Holdings Inc. (“DHT”) at an average price of $12.07 per share. The Company owns 8,832,480 common shares, or approximately 5.5% of the outstanding common shares, of DHT as of the date of this press release.

Securities Repurchase Program

As of July 28, 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 June 30, 2025, the Company’s basic weighted average number of shares outstanding was 46,284,629. For the three months ended June 30, 2025, the Company’s diluted weighted average number of shares outstanding was 48,006,580, which included the potentially dilutive impact of restricted shares issued under the Company’s equity incentive plan.
Source: Scorpio Tankers Inc.