Scorpio Tankers Inc.

Good day and welcome to the Scorpio Tankers, Inc. first quarter 2026 conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to hand the call over to James Doyle, Head of Corporate Development and Investor Relations. Please go ahead.

Thank you for joining us today. Welcome to the Scorpio Tankers first quarter 2026 earnings conference 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. Earlier today, we issued our first 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, May 5th, 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 discussion of the risks and uncertainties, you should review the forward-looking statement disclosure in the earnings press release, as well as the 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 the number of questions to two. If you have an additional question, please rejoin the queue. Now, I'd like to introduce our Chief Executive Officer, Emanuele Oro.

Thank you, James, and good morning, and thank you for joining us today. I would like to start this earnings call by saying thank you. And thank you to all the stakeholders who have supported us in bringing the company to where it is today. When Robert Cameron and I started this business in 2009, I cannot say that we envisioned every detail of what the company would become. But in our most ambitious plans, I remember looking at something like this. So we have built a platform that can return capital through the cycle while preserving the flexibility to invest counter-cyclically. And this would not have been possible without the trust of our shareholders, the partnership of our customers, and most of all, the commitment of our people. So, thank you. Now, focusing on the business front, in the first quarter, the company generated $214 million of adjusted EBITDA, $151 million of adjusted net income. For years, we have focused on what we have under control, on what we can control. strengthening the balance sheet, optimizing the fleet, and reducing our cash break-evens. Today, the discipline is fully reflected in the model. Our cash position stands at approximately $1.4 billion, and it is bound to hit the $2 billion mark early in the summer, with a daily cash break-even of around $11,000 per day. To put that into perspective, in today's market, we generate, of course, substantial free cash flow, but in a stressed environment, similar to the depths of the COVID 2020 market, we remain at or above break-even. That is a structural advantage. Our recent financing further reinforces this. We reduced our cost of capital through one and three quarters convertible bonds and a new bank facility at 120 basis points. These are the lowest margins in our history. These were proactive and opportunistic actions that were executed from a position of strength and not necessity. We are applying the same discipline to the fleet. Since the start of the year, we have sold 12 of our older vessels at prices above their original purchase levels more than a decade before. So this is value realization is not only fleet management. The balance sheet strength and fleet optimization together create a powerful foundation for sustained capital returns. In April, we repurchased 1.4 million shares for around $100 million. Today, we're going further. We're announcing a new $500 million share buyback authorizations and a quarterly dividend of 45 cents per share. This is deliberate capital allocation. And by any measure, this was one of the strongest quarter in the company history, not only in earnings, but also in execution. Rates have improved for six consecutive quarters and that momentum actually not only continues but has strengthened further into the second quarter. While the timing of geopolitical developments in the Middle East remain uncertain, we remain constructive on the underlying fundamentals that are driving the tanker market. We expect Restocking and demand reassert themselves as disruptions normalize the disruption normalized. Critically, our low break-even model allow us to perform across all environments, as mentioned before. We can be resilient in a weaker market and highly levered in stronger ones. We believe Scorpio Tankers is exceptionally well-positioned to continue generating meaningful cash flow and deliver long-term shareholder value. Thank you again, and I will now turn the call to James.