Scorpio Tankers Inc.

Hello, and welcome to the Scorpio tankers fourth quarter 2025 conference call. I would now like to turn the call over to James Doyle, head of corporate development in IR. Please go ahead, sir.

Thank you for joining us today. Welcome to the Scorpio tankers fourth quarter 2025 earnings call. On the call with me today are Emanuele Loro, Chief Executive Officer, Robert Bugbee, President, Cameron Mackey, Chief Operating Officer, Chris Avella, Chief Financial Officer, Lars Denker Nielsen, Chief Commercial Officer. Today, we issued our fourth quarter earnings press release, which is available on our website, ScorpioTankers.com. The information discussed on this call is based on information as of today, February 12, 2026, and may contain forward-looking statements that involve risk and uncertainty. Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review the forward-looking statement disclosure in the earnings press release, as well as Scorpio Tankers SEC filings, which are available at scorpiotankers.com and sec.gov. Call participants are advised that the audio of this conference call is being broadcasted live on the internet and is also being recorded for playback purposes. An archive of the webcast will be made available on the investor relations page of our website for approximately 14 days. We will be giving a short presentation today. The presentation is available at scorpiotankers.com on the investor relations page under reports and presentations. The slides will also be available on the webcast. After the presentation, we will go to Q&A. For those asking questions, please limit them to the number two. If you have an additional question, please rejoin the queue. Now I'd like to introduce our Chief Executive Officer, Emanuele Loro.

Emanuele Loro Thank you, James. Good morning, everybody, and thank you for being with us today. Scorpio Tanker delivered another strong quarter and a transformative year. In Q4, we generated $152 million of adjusted EBITDA, and for the full year, adjusted EBITDA reached $568 million. But the real story is not just earnings. The real story is structural strength. Since 2021, we have reduced net debt from $3.1 billion to a net cash position of $309 million today. This net cash position is increasing by the day and has accelerated sharply in Q1. We have fundamentally reset the company. Today, we hold approximately $1.7 billion of liquidity and growing. Our daily cash break even is $11,000 per day per vessel. In the current rate environment, this translates into powerful free cash flow generation. Even under stress conditions similar to the COVID levels, we remain around cash break even. We are structurally resilient with significant operating leverage. We have upgraded the fleet with discipline. We've sold 10 older vessels at a strong valuation, and we've been reinvesting in 10 modern new buildings. The fleet is younger, more efficient, and positioned for higher earnings power. At the same time, we are increasing the quarterly dividend to 45 cents per share, up 12.5% year over year. We're growing the dividend because we can, because we have the balance sheet, because the payout is supported by structural cash generation, not temporary conditions. Turning to fundamentals, rates have improved for five consecutive quarters with momentum continuing into Q1 2026. Refinery closures are lengthening trade routes. Ton-mile demand is expanding. Unprecedented strength in the crude market is tightening effective vessel supply in the product anchor space. These are structural drivers and not cyclical noise. We cannot control the market cycle, but we can control our preparedness. Today we operate a modern fleet. We have substantial liquidity. We have structurally low break-evens. We have a net cash balance sheet. This combination creates downside protection and upside torque. Scorpio Tankers is positioned to generate significant free cash flow and deliver durable shareholder returns across the cycle. We're stronger than we've ever been, and we're positioned to capitalize on what comes our way. With that, I'd like to turn the call to Robert.