Ardmore Sustainability Report 2025

2025

Sustainability Repor t 2025

About This Report

CONTENTS INTRODUCTION A letter from our CEO and our President 2025 in Numbers

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01. ENVIRONMENTAL REPORT Sustainability Metrics

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02. SOCIAL REPORT Safety Safety Metrics People People Metrics

17 18 24 25 31

03. GOVERNANCE REPORT The Board of Directors Committees

34 35 38

STAKEHOLDER ENGAGEMENT Awards

41 42

SASB Metrics Forward-looking Statement

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This report explores Ardmore's progress and initiatives as we work toward a more sustainable future.

The global shipping industry is essential to international trade, but it faces considerable challenges on the path to sustainability. As a key player in this sector, we recognize our responsibility to implement sustainable practices that safeguard both the environment and human well-being. Our commitment lies in minimizing our environmental impact, improving energy efficiency, and embracing innovation to help propel the industry into a more sustainable future.

Offices across the globe: Cork, Ireland Principal Operating Office T: +353 21 240 9500 E: info@ardmoreshipping.com

Singapore T: +65 6329 9400 E: info.sg@ardmoreshipping.com

Bermuda T: +1 441 292 9332 E: info@ardmoreshipping.bm

Houston, US T: +1 713 425 0111 E: houston@ardmoreshipping.com

Anglo Ardmore, Singapore T: +65 6224 3119 E: info@angloardmore.com

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A letter from our CEO and our President Dear Stakeholders, In 2025, we continued to demonstrate that performance and progress are inseparable — that doing business well and doing business sustainably are one and the same. This report reflects another year of meaningful advances across our environmental, safety, people, and governance commitments.

We are proud to share the progress our teams have made.

Our energy efficiency upgrades remain the cornerstone of our sustainability strategy. In 2025, we completed MarineLine tank coating upgrades across our entire chemical tanker fleet, a significant milestone that expands our cargo flexibility, reduces the volume of water and chemicals required for tank cleaning, and improves overall cargo efficiency. We also continued to invest in Mewis Ducts to optimize inflow to the propeller, AI-enabled SteelCorr hull protection, and optimized hull cleaning regimes — technologies that have all consistently delivered meaningful emission reductions while providing strong returns on investment. Our ship-to-shore AI and digitalization program, centered on DeepSea, continues to enhance voyage execution at optimal speeds and enable precise dynamic weather routing, delivering further reductions in fuel consumption and emissions across the fleet.

The full implementation of FuelEU Maritime in January 2025 marked a step-change in the regulatory environment for our sector. Ardmore’s long-standing commitment to energy efficiency means we are well ahead of the compliance curve, and we intend to remain so. We believe that companies that have invested consistently in this area will be best placed to create value as regulations tighten further in the years ahead.

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At Ardmore, we have always understood that sustainability starts with safety. Our fleet’s strong track record continued with zero detentions in 2025 and 81% of port state inspections resulting in zero findings. The industry-wide transition to SIRE 2.0 — OCIMF’s more rigorous and forward-looking inspection framework — gathered significant momentum during the year, and our proactive preparation ensures we are well positioned under the new regime.

We continued to invest in fleet-wide connectivity to keep our seafarers informed and engaged, and we are proud that in 2025 every member of our shore-based team visited a vessel, deepening the connection between our office and seagoing colleagues.

Our people are at the heart of everything we do. We remain committed to building a culture that is inclusive, purposedriven, and supportive of well-being at every level of the organization — onshore and at sea. Notably in 2025, our Women on Ardmore Vessels Empowerment and Success (WAVES) initiative continued to grow.

On governance, we are once again honored to be recognized as the number-one-ranked public tanker company on the Webber Corporate Governance Scorecard. Our core values of Professionalism, Integrity, and Respect underpin everything we do and are the foundation of the trust our stakeholders place in us.

As we look ahead, Ardmore remains steadfast in its mission to advance performance and progress through sustainable practices. We look forward to embracing further opportunities to innovate and evolve, and we thank our seafarers, shore staff and all our valued stakeholders for their continued dedication and support.

Gernot Ruppelt & Bart Kelleher

Bart Kelleher

President & Director

Gernot Ruppelt CEO & Director

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DIRECTOR Gernot Ruppelt CEO & DIRECTOR Experience

Other Organizations

• Chief Executive Officer and Director, Ardmore (since 2024)

• Board Member, Anglo Ardmore Ship Management (2017–2025)

• Chief Commercial Officer, Ardmore (2013–2024)

• Chairman of INTERTANKO's Commercial & Markets Committee (2018–2024)

• Tanker Projects Broker at Polen & Partners, a global leader providing advisory, shipping & commodity brokerage and business intelligence services to the energy and maritime industries (New York) (2008–2013) • Trade Manager at A.P. M ller-Maersk, shipping and logistics company (United States, Denmark, Singapore, Germany) (2001–2008)

Education • Global Executive MBA, INSEAD • Institute of Chartered Shipbrokers, Maersk Academy (MISE), Hamburg Shipping School

Qualifications / Expertise Shipping Industry Experience: gained over a 24-year career working across multiple sectors in the maritime industry, including his previous role as Chief Commercial Officer of Ardmore, and prior positions with Polen & Partners and A.P. M ller-Maersk Commercial and Operation Expertise: developed through significant initiatives, including building and developing Ardmore's global trading platform and leading the company's commercial strategy, his extensive experience in various commercial roles, including Tanker Projects Broker and Trade Manager, and further evidenced through his services as Chair of INTERTANKO's Commercial and Markets Committee for six years Global / International Experience: acquired vast international exposure and significant global perspectives having worked in five countries across three continents throughout his career

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DIRECTOR Bart Kelleher PRESIDENT & DIRECTOR Experience

Other Organizations

• President and Director, Ardmore (since 2024)

• Director, Element 1 Corp (since 2022)

• Chief Financial Officer, Ardmore (2022–2024)

• Advisory Board Member, OrbitMI (since 2020)

• CEO, CFO, and Chief Strategy Officer of Chembulk Tankers, a KKR and York Capital controlled company (2016–2022)

• Member, Marshall Islands Quality Council (since 2023)

• COO and acting CFO of Principal Maritime, a private-equity sponsored shipowner; provider of comprehensive shipping advisory and management services for Apollo Global Management's shipping investments (2010–2015)

• North America Committee Member, American Bureau of Shipping (since 2020) • North America Committee Member, Det Norske Veritas (2020–2023)

Education

• Shipping and Energy financier with HSH Nordbank (2007–2010)

• MBA, Finance & Economics, Columbia Business School

• Equity Analyst with Bear Stearns (2005–2007)

• MS, Ocean Systems Management, Massachusetts Institute of Technology

• Shipboard Officer, Research at MIT, marine management (1996–2003)

• BE, Naval Architecture, New York Maritime College

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Qualifications / Expertise Shipping Industry Experience: extensive expertise gained over 30 years in the maritime sector, including executive roles at global tanker shipping companies, experience as a shipping and energy financier, and knowledge gained as a naval architect and shipboard officer Financial and Capital Markets Expertise: acquired as a result of his experience as a CFO for three companies, as well as prior roles in investment banking, commercial banking, equity research, and capital markets in the maritime and energy-related sectors at Bear Stearns and HSH Nordbank Sustainability and Technology Expertise: obtained significant experience with both hardware and software, including technology supporting sustainability through his role as a Director of Element 1 Corp, a developer of methanol to hydrogen technology, as an advisory board member to OrbitMI, an innovative technology firm offering advanced Al-based fleet performance management solutions, and through experience with venture capital funds focused on advisory services and investing across a range of sectors, including technology, supply chain, and cleantech

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2025

2025 in Numbers

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26

Vessels in Operation (at period end)

2024: 26 2023: 26 2022: 27

8.4

Cargo Volume Carried (million metric tonnes) 2024: 9.3 2023: 9.6 2022: 9.5

1.3

Distance Sailed (million nautical miles)

2024: 1.5 2023: 1.5 2022: 1.5

10.9

Fleet Average Age (years) 2024: 10.3 2023: 10.4 2022: 9.6

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Environmental

Environmental In 2025, Ardmore advanced its Performance & Progress agenda through impact-led leadership, continuous improvement, and operational efficiency, guided by the UN Sustainable Development Goals and environmental best practices.

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UN SDGS:

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Regulatory Compliance

INNOVATION AND ENERGY EFFICIENCY

Innovation and energy efficiency have always been at the heart of Ardmore's strategy — not as a response to shifting regulations, but as fundamental drivers of how we operate and create value.

That commitment continues in 2025, even as the regulatory and geopolitical landscape grows more complex and demanding.

Throughout the year, we have deepened our investment in emerging technologies and the intelligent connections between them.

Our partnership with DeepSea exemplifies how we are leveraging AI and digitalization to transform voyage execution — optimizing speed, fuel consumption, and emissions in real time.

By integrating traditional navigational expertise with advanced data analytics, weather routing, and machine learning, we are building a fleet that is not only more efficient but also more agile in responding to the dynamic conditions of global trade.

Energy efficiency gains do not happen in isolation.

They are the product of a culture that continuously seeks improvement — from hull and propeller coating trials to biofuel adoption and the exploration of autonomous cleaning technologies.

Each initiative is connected, and each builds on the last, compounding returns across the fleet.

The regulatory environment has intensified considerably, with the full implementation of FuelEU Maritime and the continued expansion of the EU Emissions Trading System shaping new compliance obligations for the sector.

Ardmore's long-standing focus on efficiency means we are well ahead of the compliance curve, and we intend to stay there. We believe that the companies best positioned for the future are those that have already embedded sustainability into their operations — not those racing to catch up.

Key environmental regulations that all shipping companies must comply with to operate more sustainably and legally: • EU ETS • FuelEU Maritime • California Air Resources Board (CARB) At-Berth Regulation

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Energy Efficiency Technologies Our efficiency upgrades producing impactful returns

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DeepSea Al

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Al optimized tool to drive voyage efficiency.

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Upgraded Tank Coatings Increases cargo flexibility and boost earnings potential.

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Mewis Duct

Improves propeller efficiency, reducing fuel consumption.

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Microboiler

Neuro Hardware

Onboard device that cuts data latency and loss, sharpening voyage optimization and fuel savings.

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3

7

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Reduces boiler fuel consumption when in port.

Hull Cleaning Robots

Automated in-water cleaning removes hull fouling, reducing drag and fuel consumption.

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Ultrasonic Propeller Cleaning Prevents fouling around the propeller.

Propeller Boss Cap Fin

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Reduces losses caused by propeller hub vortices.

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IGG Low Load Upgrade

Maintains constant speed or fuel consumption.

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Enables the inert gas generator to run efficiently at lower loads, reducing fuel consumption.

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Low-load Boiler Optimization Reduces fuel consumption of boiler during idle periods.

FuelOpt

N2 Plant Retrofit

Enhances chemical trading capabilities.

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Variable Speed Drives

Reduces vessel’s electrical load and corresponding fuel consumption.

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VOYAGE OPTIMIZATION

Ardmore has leveraged the rise of maritime software-as-a-service (SaaS) to integrate traditional navigational expertise with novel AI technology, enhancing agility in responding to dynamic voyage factors.

In 2025 building on the partnership with DeepSea, Ardmore commenced rollout of the Neuro device across our fleet.

This is a hardware device that reduces latency, increases granularity, and minimizes data loss, leading to improved fuel savings, enhanced operational efficiency, and notably reduced carbon emissions.

Weather routing for the Ardmore Fleet is provided by WetterWelt. While vessel safety remains the overriding priority, routes are also planned to maximize efficiency, with a strong focus on reducing voyage time and fuel consumption.

WetterWelt’s team of experienced meteorologists supports our vessels throughout each passage, helping to deliver more efficient voyages and, ultimately, improved earnings.

Following each weather-routed voyage, WetterWelt reviews the performance and calculates the associated time and fuel savings. This enables us to quantify the financial impact in terms of cost savings.

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Operational Performance In 2025, Ardmore completed 11 drydockings, with each vessel recoated in a top-performing self-polishing copolymer (SPC) anti-fouling paint identified through life-cycle trials.

This high-specification coating enables a more proactive cleaning regime, with intervention timing informed by continuous monitoring of fouling factors across our trade routes.

Our hybrid intelligence system — combining standard analytical models with AI-generated analysis — continued to enhance hull and propeller decisionmaking in 2025 by minimizing data scatter and more accurately distinguishing weather-related from foulingrelated performance impacts.

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Hull & Propeller Coating Performance Management Ardmore continues to lead industry efforts in biofouling management and hull performance optimization.

A milestone three years in the making, ISO 6319 — the global standard for conducting and documenting in-water cleaning (IWC) was published.

This is an area where operational discipline translates directly into measurable emissions reductions. Advanced hull coatings can reduce a ship's resistance through water by up to 8%, lowering engine power, fuel consumption, and CO2 emissions, and supporting our CII performance.

As a member of the Clean Hull Initiative (CHI) and an active participant in the ISO/ TC8/SC2 subcommittee in Singapore, Ardmore helped draft and shape the standard alongside an international working group of experts.

We continue to trial alternative non-toxic, biocide-free solutions in anticipation of evolving regulatory expectations.

ISO 6319 supports the IMO 2023 Biofouling Guidelines by standardizing the planning, execution, and documentation of in-water cleaning, providing shipowners with consistent, recognized procedures regardless of location.

The standard establishes a stepwise framework covering preparation, hull assessment, the cleaning operation itself, and post-cleaning reporting, with capturesystem requirements scaled to the severity of fouling.

Emissions Reduced: 2024

422,083 Mt/CO²

2025

361,656 Mt/CO²

Standards Leadership

Fleet emissions fell by 14% between 2024 and 2025

Reduced: 60,427 Mt/CO²

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Resident Robotics: A Step-Change in Hull Maintenance We are evaluating ship-based resident cleaning robotics as a complement to traditional port-based services.

With the goal of maintaining hull condition without the operational downtime associated with port cleanings.

An Alicia Bot resident robot Remotely Operated Vehicle (ROV) is currently deployed on board one Ardmore vessel.

We are currently assessing its day-to-day performance and feasibility under live operating conditions.

In parallel, we have signed up to a pilot program with Fleet Robotics for their AI-enabled ROV, currently in development and designed to clean a hull in service at speeds of up to 12 knots — a capability that, if proven, would represent a meaningful step-change for the industry. The first trial is expected to take place at a port or anchorage, after which a unit will be deployed on one Ardmore vessel for a six-month pilot to evaluate operational performance.

In progress: ALICIA BOT RESIDENT ROV

In development: FLEET ROBOTICS AI ROV

Deployed on one Ardmore vessel. Live assessment of day-to-day performance under operating conditions.

Pilot program in development. Initial trial, followed by six-month vessel deployment.

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MarineLine Coatings

Biofuels

In 2025, Ardmore completed the full recoating of cargo tanks across its chemical tanker fleet, replacing traditional epoxy systems with advanced MarineLine polymer coatings.

During 2025, Ardmore purchased and consumed biofuel up to a B30 blend to bring the fleet fully in compliance with FuelEU for 2025.

This investment delivers clear environmental gains while enhancing operational and commercial performance. The ultra-smooth, non-porous coating significantly reduces cargo absorption, reducing the need for cleaning chemicals and water between cargoes.

A key enabler of this success has been the expertise and adaptability of our technical team and onboard crew.

Cleaning now relies largely on neutral detergents, which are safer for the crew and more environmentally benign.

Improved cleaning efficiency results in shorter turnaround times and reduced fuel consumption, with fuel savings of up to 30% compared to previous epoxy coatings.

The upgraded tanks also enable the safe carriage of biofuel feedstocks, renewable fuels, methanol, and vegetable oils that are increasingly central to the energy transition.

UP TO

30%

fuel savings compared to previous epoxy coatings

Increased cargo flexibility supports backhaul opportunities, reducing ballast voyages and emissions per ton-mile.

Their ability to manage the handling, storage, and combustion of biofuels ensured seamless integration with vessel systems and safeguarded performance throughout the voyages. Their readiness and professionalism were instrumental in demonstrating that biofuels can be operationally viable at scale.

Ship Recycling Although Ardmore’s current fleet age does not necessitate immediate recycling, the Company is committed to environmentally responsible practices.

Future recycling will strictly adhere to the IMO Hong Kong Convention and other applicable standards.

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Key Regulatory Milestones IMO / Global

EU Regulation

NZF Approved in Principle MEPC 83 — Apr 2025

2024

2025

EU ETS in Force Jan 2024

2026

NZF Formal Adoption

CII 21.5% Reduction

Under review for late 2026

2027

2028

FuelEU Maritime in Force Jan 2025

Target by 2030

2029

2030

2040

Onshore Power / Zero-emission Technologies When docked at EU ports from 2030

EU Regulatory Framework

IMO Net Zero Framework

EU Emissions Trading System (ETS): From January 2024, large ships entering EU ports must account for their CO2 emissions. This system covers half of the emissions from voyages that start or end outside the EU and all emissions from voyages within the EU. The goal is to require ships to reduce their emissions through regulation.

The IMO Net Zero Framework (NZF), approved in principle at MEPC 83 in April 2025, was scheduled for formal adoption in October 2025 but has been adjourned for twelve months.

Adoption is now under review for late 2026, with entry into force pushed back accordingly.

FuelEU Maritime Regulation: Starting January 2025, this regulation sets limits on the greenhouse gas (GHG) intensity of the energy used by ships. It aims for an 80% reduction in carbon intensity by 2050. From 2030, passenger and container ships at EU ports must use onshore power or zero-emission technologies while docked. During 2025, Ardmore purchased and consumed up to B30 Biofuel blends to bring the fleet fully in compliance for 2025.

The NZF remains the IMO's intended mid-term measure to deliver on the 2023 GHG Strategy. Its two principal instruments are a Global Fuel Intensity (GFI) Standard — a tightening well-to-wake limit on the GHG intensity of fuel used by ships of 5,000 GT and above — and a carbon pricing mechanism and IMO Net-Zero Fund, under which non-compliant

2050

80% GHG Reduction Target by 2050

vessels acquire remedial units and vessels using zero or near-zero (ZNZ) fuels are eligible for rewards. In the interim, the existing architecture remains fully in force: the Carbon Intensity Indicator (CII), with its reaffirmed 21.5% reduction factor by 2030, the Energy Efficiency Existing Ship Index (EEXI), and the IMO Data Collection System (DCS). Technical work on the NZF continues through the IMO's intersessional working groups.

For Ardmore, the timing of regulation is a secondary consideration. Our priority is to keep building the operational and technological foundation that will allow us to lead under the Framework, rather than adjust to it.

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60,427

reduction in Ardmore's fleet emissions in 2025, a 14% improvement on the previous year

Mt/CO2

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Greenhouse Gas Emissions (1) Direct GHG Emissions (Scope 1) (MtCO2)

Indirect GHG Emissions (Scope 2) (2) (MtCO2)

361,656

0

422,083 418,022 404,068

2024: 2023: 2022:

2024: 2023: 2022:

Total GHG Emissions (Scope 1 & 2) (MtCO2)

361,656 25 22 21

2024: 2023: 2022:

422,108 418,044 404,089

Annual Efficiency Ratio (“AER”) (3) Total Fleet (g/dwtxnm)

6.0 2024: 2023: 2022:

6.1 6.1 6.1

MR Eco-Design (g/dwtxnm)

5.8 2024: 2023: 2022:

5.8 5.7 5.8

MR Eco-Mod (g/dwtxnm)

5.9 2024: 2023: 2022:

5.8 6.1 6.2

Chemical (g/dwtxnm)

7.4 2024: 2023: 2022:

8.3 7.8 7.6

Energy Efficiency Operational Indicator (“EEOI”) (4) Total Fleet (g/ctm)

12.1

Zero

Scope 2 emissions at our principal operating office

2024: 2023: 2022:

12.4 13.3 12.5

MR Eco-Design (g/ctm)

12.0 2024: 2023: 2022:

11.7 13.2 12.2

MR Eco-Mod (g/ctm)

Chemical (g/ctm)

11.3

13.1

2024: 2023: 2022:

13.6 13.1 13.1

2024: 2023: 2022:

14.0 14.2 13.0

(1) Ardmore’s emissions data is based on the reporting tools and information reasonably available to Ardmore and its applicable third-party technical managers for Ardmore’s owned fleet. Management assesses such data and may adjust and restate the data to reflect latest information. It is expected that the shipping industry will continue to refine the performance measures for emissions and efficiency over time. AER and EEOI metrics are impacted by external factors such as charter speed, vessel orders and weather, in conjunction with overall market factors such as cargo load sizes and fleet utilization rate. As such, variance in performance can be found in the reported emissions between two periods for the same vessel and between vessels of a similar size and type. Furthermore, other companies may report slight variations (e.g. some shipping companies report CO2 in tonnes per kilometer as opposed to CO2 in tonnes per nautical mile) and consequently it is not always practical to directly compare emissions from different companies. The figures reported above represent Ardmore’s initial findings; the Company is committed to improving the methodology and transparency of its emissions reporting in line with industry best practices. Accordingly, the above results may vary as the methodology and performance measures set out by the industry evolve.

(2) Purchased electricity in our Principal Operating Office only. This is a year-on-year change in the electricity sourced from our provider.

(3) AER is a measure of carbon efficiency using the parameters of fuel consumption, distance traveled, and design deadweight tonnage (“DWT”). AER is reported in unit grams of CO2 per tonne-mile (gCO2/dwt-nm). It is calculated by dividing (i) mass of fuel consumed by fuel type converted to grams of CO2 by (ii) the product of DWT multiplied by distance traveled in nautical miles.

(4) EEOI is a tool for measuring the CO2 gas emissions in a given time period per unit of transport work performed. It is calculated by dividing (i) mass of fuel consumed by fuel type converted to grams of CO2 by (ii) the product of cargo volume carried in tonnes multiplied by laden voyage distance in nautical miles. This calculation is performed as per IMO MEPC.1/Circ684.

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Energy Consumption Heavy Fuel (Mt)

Low-sulfur Heavy Fuel (Mt)

Marine Gas Oil (Mt)

45,735

35,220

26,135

2024: 2023: 2022:

2024: 2023: 2022:

2024: 2023: 2022:

41,403 773 0

Emissions Reduced Through Weather Routing (Mt)

65,973 107,210 70,669

Emissions Reduced Through Hull Performance Monitoring (Mt)

1,289

9,391

2024: 2023: 2022:

2024: 2023: 2022:

1,147 546 1,152

10,133 21,397

27,066 24,293 28,469

ENVIRONMENTAL

We focus on practical, achievable performance initiatives that improve efficiency and reduce environmental impact. By driving consistent, incremental progress, we support our broader sustainability objectives.

6,230

Memberships Include:

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Safety is our highest priority at Ardmore, both onshore and at sea. We foster a culture of operational leadership built on open communication and accountability, empowering our people to make informed decisions and proactively address safety risks.

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UN SDGS:

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Safety OPERATIONAL LEADERSHIP AND SAFET Y CULTURE

At Ardmore, operational leadership is inseparable from our commitment to safety.

Every decision we make — ashore and at sea — is rooted in the belief that a strong safety culture is built from the bottom up: through empowered people, open communication, and a shared responsibility for one another's well-being.

We equip every team member with the knowledge, confidence, and support to make sound decisions, speak up without hesitation, and intervene wherever safety is at risk. This is not simply a policy — it is how we operate.

Our culture is anchored in three core principles: Professionalism, Integrity & Respect.

These principles underpin a work environment built on trust, continuous learning, and the free exchange of ideas — one where best practices are shared openly and safety is everyone's priority.

Our core principles: PROFESSIONALISM Holding ourselves to the highest standards in everything we do INTEGRITY Acting with honesty and consistency, even when it is difficult RESPECT Valuing every individual and the contribution they make

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DRYDOCKING : ZERO COMPROMISE ON SAFET Y

Drydocking is one of the highest-risk phases of vessel operations, and Ardmore treats it accordingly.

We maintain a curated list of preferred drydock facilities — strategic partners selected against our rigorous safety criteria, each subject to thorough inspection before approval.

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drydockings completed in 2025

Zero drydock-related safety incidents.

Every incident — wherever it occurs — is treated as an opportunity to learn and improve.

An Ardmore technical representative is present on-site throughout every drydock operation to monitor safety performance in real time. Any failure to meet our standards results in an immediate work stoppage until the issue is fully resolved. There are no exceptions.

2025 Drydocking Performance In 2025, Ardmore successfully completed 11 drydockings across the fleet, each carried out under our stringent safety framework. We are proud that all 11 operations were delivered without a single drydock-related safety incident — a reflection of the rigorous controls, experienced supervision, and safety-first culture embedded in our drydocking process.

One Lost Time Injury (LTI) was recorded during the 2025 drydocking period; however, this incident arose from a routine maintenance task and was entirely unrelated to drydocking operations. While the circumstances were distinct, Ardmore’s response was immediate and thorough: a dedicated safety video was produced and distributed fleet-wide, using the incident as a learning opportunity to deepen understanding of the risks associated with routine maintenance and reinforce safe working practices across all vessels.

Cross-Functional Collaboration Safety performance depends on alignment across the entire organization.

Weekly meetings between Ardmore’s technical, fleet management, and commercial teams ensure a consistent, connected approach to vessel safety and operations — enabling risks to be identified and addressed early, and operational standards to be upheld fleet-wide.

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Port State Control (PSC)

INSPECTIONS

Enhancing inspection standards through collaboration

Ship Inspection Report (SIRE) The Oil Companies International Marine Forum (OCIMF), established in 1970, has long been the global reference point for safe and environmentally responsible shipping. Its Ship Inspection Report (SIRE) Program is the industry’s most widely used vessel inspection framework, relied upon by charterers, terminal operators, and regulators to assess tanker safety.

SIRE 2.0 In 2023, OCIMF launched the SIRE 2.0 Vessel Inspection Program (VIP), placing the human element at the center of the inspection process. Ardmore was actively involved in shaping this evolution through our engagement with OCIMF and INTERTANKO, including representation on the INTERTANKO Vetting Committee.

2025 marked the first full year in which all Ardmore SIRE inspections were conducted exclusively under the SIRE 2.0 framework.

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Ardmore takes genuine pride in its external inspection record, which directly reflects the professionalism and diligence of our seafarers and shore teams. In 2025:

0.44 One of the most significant enhancements introduced

by SIRE 2.0 is the recognition of positive observations — a formal mechanism for rewarding excellence rather than merely identifying deficiencies. When an inspector records a positive observation aboard an Ardmore vessel, the crew member responsible receives a tangible reward in recognition of their contribution to our safety culture and operational standards. This approach reinforces the message that outstanding performance is noticed, valued, and celebrated.

In 2025, INTERTANKO introduced a dedicated benchmarking tool that enables member companies to compare their SIRE 2.0 ratings with industry peers.

Ardmore has adopted this tool as part of our ongoing commitment to transparency and performance improvement, using its insights to identify strengths and target areas for further development.

SIRE 2.0 doesn’t just raise the bar for inspections — it creates a framework where doing things right is actively recognized.

At Ardmore, that recognition matters.

1.86

average deficiency rate per PSC inspection

industry average for INTERTANKO members

Zero vessel detentions, Zero compromise

inspections recorded zero deficiencies

Zero 81%

These results speak for themselves — and they are the outcome of a culture in which compliance is not treated as a minimum standard, but as a foundation for continuous improvement.

Since 2024, INTERTANKO has significantly expanded its PSC benchmarking platform to incorporate inspection data from vessel owners outside of its membership. This broader dataset enables Ardmore to benchmark our PSC performance against a much wider cross-section of the industry — going beyond peer comparisons within INTERTANKO to measure ourselves against the global operator landscape. We welcome this expanded visibility.

It raises the bar for meaningful benchmarking and reinforces our confidence that Ardmore’s performance stands up to scrutiny at the highest level.

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LTIF & TRCF

Safety performance metrics

Lost Time Injury Frequency (LTIF)

Ardmore reports Lost Time Injury Frequency (LTIF) and Total Recordable Case Frequency (TRCF) annually in line with INTERTANKO guidelines.

A Lost Time Injury (LTI) is defined as the sum of fatalities, permanent disabilities, and lost workday cases — instances where a crew member is unable to return to work the day following an injury. In 2025, Ardmore recorded an LTIF of 0.23, comprising only lost-workday cases. There were no fatalities and no permanent disabilities.

These metrics provide a consistent basis for benchmarking safety performance across the industry and hold us accountable to continuous improvement.

2025 LTIF:

2025 TRCF:

0.23 1.17

Total Recordable Case Frequency (TRCF) Total recordable cases include fatalities, lost-time injuries, restricted-work cases, and medical-treatment cases. Ardmore’s 2025 TRCF of 1.17 reflects both our proactive approach to incident reporting and our commitment to crew health and safety across the fleet. Through sustained investment in safety initiatives, training, and a culture of operational leadership, we remain focused on driving further improvements in health, safety, and well-being across all our vessels.

We are immensely proud that the Ardmore Defender, Ardmore Seahawk and Ardmore Chippewa achieved 10 consecutive years LTI-free during 2025 — a remarkable milestone that reflects the sustained commitment of our crew to safety every single day.

CHAMPIONING SAFET Y EXCELLENCE

Ardmore quarterly Safety Champion Since 2016, the Ardmore Safety Champion program has recognized and celebrated seafarers who go above and beyond in advancing safety across the fleet.

Awarded quarterly, the program honors crew-led initiatives that demonstrate genuine innovation, leadership, and commitment to the well-being of colleagues.

To further strengthen the program, Ardmore has developed a bespoke digitized nomination and voting system, streamlining the process by which vessels submit nominations and shore-based teams cast their votes.

This purpose-built platform replaces manual processes with a seamless, transparent workflow — making it easier than ever for the whole company to participate in recognizing outstanding safety contributions and ensuring the program continues to grow in reach and impact.

Safety at Ardmore is not simply a duty — it is a source of pride. This program makes that tangible.

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CUSTOMIZED SAFET Y TRAINING

360 FEEDBACK

Ardmore’s commitment to seafarer training enhances safety and operational excellence

Empowering seafarers through safety feedback

AFLIX Safety Management System The AFLIX App gives every crew member on-demand access to computer-based training modules, safety videos, and the Safety Management System — directly on their mobile device or tablet. Seafarers can complete training at their own pace, in an environment that suits their individual learning style.

The platform tracks each individual’s training progress and performance, enabling targeted development and early identification of areas requiring additional support. Ardmore also produces custom safety videos drawn from real fleet near-miss incidents, transforming operational experience into practical, fleet-wide learning.

Marine Virtual Reality Ardmore uses virtual reality training — powered by digital twin technology — to help crew familiarize themselves with vessel environments before they set foot on board. From machinery spaces to deck operations, the immersive, interactive experience builds confidence and competence in a risk-free setting.

Seafarers are closest to the work — and their perspective is invaluable. Ardmore’s custom Safety Rating app enables crew members to provide anonymous, structured feedback on their peers across key safety competencies, including behavioral skills and situational awareness.

Each seafarer builds a personal safety rating over time, carried throughout their tenure with Ardmore. This creates a culture of accountability and recognition by identifying where additional support or training is needed and celebrating those who consistently lead by example.

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RISK MANAGEMENT

SECURIT Y

Collaborative risk assessment for new ports

Ensuring maritime security in high-risk regions

When calling at a port new to our fleet, or where additional scrutiny is warranted, Ardmore partners with external specialists to obtain AIS-based analysis of berthing operations.

Maritime security threats are dynamic and operationally significant. Ardmore takes a structured, intelligence-led approach to security risk management across all high-risk trading regions.

This intelligence — covering berthing patterns, navigational challenges, and operational risk — enables comprehensive pre-arrival risk assessments and supports the safe, efficient arrival of our vessels in unfamiliar waters.

Gulf of Guinea (West Africa) Ardmore vessels operate in High-Risk Areas of the Gulf of Guinea only following a detailed Transit Risk Assessment.

Each passage is rated on a five-tier risk scale: Critical, Severe, Substantial, Moderate, or Low, and appropriate mitigation measures are deployed accordingly.

These include: • Route optimization based on current threat intelligence • Real-time intelligence from third-party security providers • Security escort vessels where required • Deployment of onboard security personnel for enhanced crew protection

Persian Gulf, Strait of Hormuz and Sea of Oman Threats in these regions evolve with each voyage. Ardmore’s Masters, Ship Security Officers, and Company Security Officers conduct comprehensive Threat and Risk Assessments for every transit. This is supplemented by independent third-party intelligence as required.

Ardmore vessels strictly follow industry-recommended transit routes and adhere to Best Management Practices (BMPs) as issued by ICS, BIMCO, CLIA, INTERCARGO, IMCA, OCIMF, and INTERTANKO. As of the drafting of this report, Ardmore vessels continue to avoid the Persian Gulf, the Gulf of Aden and the southern Red Sea in light of ongoing security concerns.

Through proactive risk management and a commitment to the highest security standards, Ardmore ensures the safety of its people, vessels, and operations wherever it trades.

Zero

security incidents

Ardmore recorded zero security incidents in 2025 — a result of rigorous planning, active intelligence monitoring, and the professionalism of our crews and shore teams.

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Employee Health & Safety

2022

2023

2024

2025

Total Recordable Case Frequency (TRCF) (1)

0.44

0.99

0.50

1.17

Lost Time Injury Frequency (LTIF) (2)

0.22

0.49

0.25

0.23

Number of near miss reports

433

155

61

63

Seafarer fatalities

0

0

0

0

(1) TRCF: Total number of injuries that occurred per one million hours worked (2) LTIF: The number of lost time injuries that occurred per one million man hours worked

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People

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DIVERSIT Y, EQUIT Y, INCLUSION, AND BELONGING

Our people are central to Ardmore’s success.

Our commitment to Diversity, Equity, Inclusion, and Belonging (DEIB) influences everything we do.

Ardmore’s commitment to sustainability extends to the very heart of our operations: our people. Recognizing the integral role our employees, both at sea and ashore, play in our success, we have dedicated efforts to foster an inclusive, supportive, and engaging work environment.

Bringing together deep technical, commercial and operational expertise, our teams work seamlessly across sea and shore to deliver performance and progress across every part of the business. By working closely with initiatives including the Diversity Study Group and the All Aboard Alliance, Ardmore leverages data-led insights to assess progress, benchmark outcomes, and promote the exchange of industry best practices across both shore and sea.

Meaningful participation at every level of the organization underpins this approach, with shore staff and seafarers actively contributing to the development of our human resource priorities. As a founding member of the Diversity Study Group, Ardmore continues to demonstrate sustained leadership in cultivating a strong and supportive workplace culture.

Women on Ardmore Vessels: Empowerment and Success (WAVES) This commitment extends to our WAVES initiative, which supports and empowers women at sea by strengthening connections across the fleet, expanding our women officer community to 25 in 2025, and championing seafaring as a safe, fulfilling, and attractive career for women.

25

women officers

56%

increase from 16 women officers in 2024

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The Mission to Seafarers

Ardmore Offsite

At Ardmore, our seafarers are at the heart of everything we do.

In May 2025, Ardmore brought together 80 attendees representing 16 nationalities.

That commitment extends beyond our own fleet — it reflects a belief that the entire seafaring community deserves care, respect, and support. The Mission to Seafarers is one of Ardmore's most important partners. The global non-profit provides support and welfare services to seafarers around the world, operating across 200 ports in 50 countries, 365 days a year. Our CEO, Gernot Ruppelt, is proud to serve as an official Ambassador for the Mission to Seafarers — a role that reflects both his personal conviction and Ardmore's broader values. At Ardmore, we believe seafarers deserve more than just our appreciation — they deserve our commitment.

The week offered a rich mix of learning, collaboration, and cultural exchange, strengthening relationships and generating new ideas across the business. Sessions explored how cultural differences influence the way we work and communicate, reinforcing the view that Ardmore's diversity is a key competitive advantage. Alongside the structured discussions, participants experienced elements of Irish culture, including a hands-on hurling tour highlighting Kilkenny's sporting heritage and an evening at one of Ireland's oldest inns, filled with shared stories, great food, and company.

The week also incorporated a Crew Conference attended by the fleet and commercial teams, as well as dedicated off-sites for the Accounting, Finance, and Legal functions, ensuring each part of the business had focused time to plan and connect.

Ardmore's sponsorship of events like the Mission's Festival of Nine Lessons and Carols is one way we show our gratitude, helping to fund vital work that keeps crews supported, connected, and heard all year round. For Ardmore, this partnership is not charity for its own sake — it is a natural expression of who we are.

Training and Development Ardmore adopts a proactive approach to mentoring, with a primary focus on shore-based employees.

This fosters informal yet purposeful engagement across the organization. Through collaboration with the WAVES initiative, this approach is being extended to strengthen mentoring links between ship and shore. We also support early-career development through internship programs across our global offices and actively engage with schools, universities, and maritime academies to promote the Ardmore brand. In addition, our membership in the Singapore Maritime Foundation enables us to work closely with regional stakeholders to build and sustain the future maritime talent pipeline.

The Ardmore Bursary Cadet Program Introduced in 2021, the Ardmore Bursary Cadet Program is designed to support highpotential individuals who may otherwise face financial barriers to pursuing a career at sea.

The program provides both financial assistance and developmental support, helping cadets gain the skills and confidence required to succeed in a competitive maritime environment. Since its launch, sixteen bursaries have been awarded across deck, engine, and electrical pathways, including four female cadets, highlighting Ardmore’s continued commitment to sourcing diverse talent. Through this initiative, Ardmore is helping to build a more accessible talent pipeline for the maritime industry.

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Vessel Visits Everyone from the office has now had the opportunity to step on board a vessel in the Ardmore fleet, strengthening understanding and connection between ship and shore.

These visits have provided valuable first-hand insight into life at sea, from Board level through to early career colleagues. Reflections from Ardmore Board Member Helen Tveitan and Intern Eoin O’Mahony highlight the impact of these experiences, reinforcing the importance of seeing operations and people in action.

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Helen Tveitan

Eoin O’Mahony

Visiting Ardmore Seavantage at the Exxon terminal in Fawley was a valuable opportunity to spend time on board and engage directly with the Master, officers, and crew.

As an intern with limited prior exposure to the shipping industry, I found visiting Ardmore Seafox an invaluable experience.

Board Member

Although brief, the visit offered insight into both the operational demands of short sea trading and the realities of life at sea, including the impact of digital connectivity and the importance of strong shore support. I was particularly struck by the professionalism of the crew, the positive feedback on Ardmore’s ship shore initiatives, and the vital role played by organizations such as Stella Maris in supporting seafarers while away from home.

Intern

It offered real insight into the wide range of responsibilities on board, and the crew was incredibly welcoming and generous with their time. One standout moment was seeing the scale of the engine room for the first time — it far exceeded my expectations. I thoroughly enjoyed the visit and will carry the knowledge and perspective gained into my future work.

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Onboard the Ardmore Seafox

Kate Kelly, Marine Performance Analyst, reflects on her time aboard the Ardmore Seafox, from leaving the Thames in the early hours to arriving in Foynes.

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I boarded the Ardmore Seafox at the Thames port, and in the early hours of the following morning, we set sail.

We left at two in the morning, which immediately set the tone for how different life on board is compared to life ashore.

It was dark, quiet, and surprisingly calm.

Shore lights lined the river as the ship moved steadily away, while most of the world was still asleep.

It was nothing like I had imagined. The bridge was almost pitch black, the lights were kept intentionally low, and everything felt quiet and focused.

Outside, there was very little to see except darkness, and every so often another ship passing by, visible only through its red and green navigation lights. With no landmarks and no background light, those moments really stayed with me.

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Onboard the Ardmore Seafox, continued...

By the time daylight arrived, land was already fading into the distance, and without really noticing the moment it happened, we were at sea. Out at sea, the sense of space was completely different again. Passing offshore wind farms was one of the most striking sights of the whole trip. From land, they often look small and distant, but out there, they felt immense,

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with rows of turbines stretching across the horizon. It was a reminder that even when the sea looks empty, there’s far more happening than you might expect.

As I settled in and found my way around, the crew played a huge role in shaping my experience on board. The Third Officer spent a large part of his day patiently walking me through the equipment on the bridge and explaining how it’s used in practice. Nothing was assumed, and no question felt too basic, which made a

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huge difference to my experience. Between the Captain, Chief Officer, and Third Officer, every question I had was answered without hesitation.

The same was true in the engine room. The Chief Engineer and Second Engineer took the time to guide me through the spaces below deck, explaining how the ship operates day to day. I did not need to understand every detail to appreciate the scale of responsibility involved.

The heat, the noise, and the complexity of the systems made it clear how much work goes into keeping everything running smoothly at sea.

Arriving in Foynes felt quite meaningful after days at sea. The shoreline slowly came back into view, green and familiar, as the ship made its steady approach. After leaving the Thames in the early hours and watching land fade away, arriving like this gave me a new appreciation for what it really means to be at sea, and for the reality of spending weeks or months on board, far from shore.

One of the things that most impacted my time on board was the generosity of the crew. From the start, they made every genuine effort to welcome me, check in on me, and ensure I felt comfortable. Despite their busy roles, they always found time to explain things, answer questions, and share their experiences. That openness turned what could have been an intimidating experience into something genuinely engaging and insightful.

By the end of the visit, what had changed most was my perspective. Working ashore, it is easy to view vessels purely through the lens of operations and performance. Being on board made it clear that each ship is a living, working environment, shaped by people, routines, and the reality of being at sea.

Kate Kelly

Marine Performance Analyst

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HYDROPONICS

This year, Ardmore started installing hydroponic growing systems onboard vessels in our fleet and in our offices.

This system enhances the working and living environments across our offices and vessels, creating healthier, more engaging spaces and promoting positive mental well-being.

For crew at sea, access to freshly grown produce supports better nutrition and fosters collaboration among crew, as caring for the plants and sharing in the harvest creates a genuine sense of ownership and connection.

Furthermore, growing produce at the point of consumption minimizes packaging and food waste and contributes to air purification in enclosed spaces.

The feedback has been overwhelmingly positive. With full fleet rollout planned, the program will continue to support employee well-being across the fleet and offices.

Hydroponics uses a water-based mineral nutrient solution rather than soil to cultivate fresh herbs and vegetables in vertical towers.

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Food Cloud Volunteering Ardmore is proud to support FoodCloud through our ongoing corporate volunteering program, with employees giving their time to help redistribute surplus food to local charities. This partnership supports local communities while helping to reduce food waste across Ireland.

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96

Volunteers

6048

Hours spent

Meals * provided

33,120 14,000

CO₂ equivalent avoided**

Kg food saved

January 1, 2025 – December 31, 2025 *0.42kg of food redistributed is equivalent to one meal. **1kg of food redistributed is equivalent to 2.3kg of CO² avoided.

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2022

2023

2024

2025

Number of shore staff

56

60

56

55

Number of shore staff nationalities

10

11

12

12

Shore staff retention

84%

98%

88%

95%

71% Europe 20% Asia 9% America

72% Europe 22% Asia 6% America

70% Europe 21% Asia 9% America

73% Europe 20% Asia 7% America

Number seafarers

935

778

880

956

Number of seafarer nationalities (3)

—

10

10

11

Seafarers retention

95%

97%

98%

98%

5% Europe 95% Asia

4% Europe 96% Asia

3% Europe 97% Asia

4% Europe 96% Asia

Shore staff by geographical location Europe

Seafarers (2)

Asia

America

Seafarers by geographical location Europe

Asia

(1) Ardmore Shipping worldwide shore staff, excluding employees of our Anglo Ardmore joint venture.

(2) Our seafarers are employed by Anglo Ardmore.

(3) Data not recorded 2022.

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2022

2023

2024

2025

Total women in shore based roles

59%

58%

56%

56%

Women in leadership

42%

40%

42%

42%

Total women in seafaring roles: Officers

0%

1%

2%

5%

Total women in seafaring roles: Officer Cadets

8%

15%

15%

20%

Diversity

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Our people enthusiastically participated in teambuilding and charity events throughout 2025, fostering camaraderie while giving back to the community.

SOCIAL

Our people are central to our success, and their safety remains our highest priority, both onshore and at sea. We recognize that strong operational leadership underpins our performance, fostering a culture that supports our people and drives our collective success.

Memberships Include:

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Governance

Environmental

At the heart of our commitment to stakeholders is a robust corporate governance framework, underpinned by ethical conduct and transparency.

Ardmore’s governance practices promote a culture of integrity, support informed and responsible decision-making, and reinforce trust with our stakeholders.

UN SDGS:

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Board of Directors Left to right: Gernot Ruppelt, Mats Berglund, Helen Tveitan de Jong, Curtis B. McWilliams, Dr. Kirsi Tikka, James Fok, Bart Kelleher

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In 2025, the Board of Directors played an active role in guiding the Company’s strategy, overseeing risk, and maintaining strong legal and ethical oversight.

This composition supports objective oversight and informed decision-making, enabling a balanced integration of governance responsibilities and operational performance.

The Board plays a vital role in steering the Company’s strategic direction, overseeing risk management, and ensuring compliance with legal and ethical obligations.

Comprising seven members, five of whom are independent Directors, the Board reflects a strong commitment to diversity, independence, and effective corporate governance.

The Board benefits from the executive team’s in-depth management expertise, complemented by the independent judgment and challenge provided by its non-executive Directors. Comprehensive biographies outlining the experience, skills, and contributions of each Board member are included in our annual report.

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Mr. Gernot Ruppelt

Board of Directors

APPOINTED AGE GROUP CITIZENSHIP RESIDENCE GENDER INDEPENDENT COMMITTEES: None

Mr. Curtis B. McWilliams APPOINTED AGE GROUP CITIZENSHIP RESIDENCE GENDER INDEPENDENT COMMITTEES: NCG

A

2016 70–79 American USA Male Yes

T&C

2024 40–49 German Ireland Male No

APPOINTED AGE GROUP CITIZENSHIP RESIDENCE GENDER INDEPENDENT COMMITTEES: None

Mr. Mats Berglund APPOINTED AGE GROUP CITIZENSHIP RESIDENCE GENDER INDEPENDENT COMMITTEES: T&C

Dr. Kirsi Tikka

Mr. Bart Kelleher

NCG

Ms. Helen Tveitan de Jong

2018 60–69 Swedish Sweden

APPOINTED AGE GROUP CITIZENSHIP RESIDENCE GENDER INDEPENDENT COMMITTEES:

Male Yes

S

A

S

T&C

2018 50–59 Dutch Norway Female Yes

S

Mr. James Fok Committee Key

APPOINTED AGE GROUP CITIZENSHIP RESIDENCE GENDER INDEPENDENT COMMITTEES:

2024 50–59 American/Irish Ireland Male No

2019 60–69 Finnish England Female Yes

APPOINTED AGE GROUP CITIZENSHIP RESIDENCE GENDER INDEPENDENT COMMITTEES: A

NCG

2023 40–49 Hong Kong Hong Kong Male Yes

NCG

S

Nominating, Corporate Governance, and Compliance (NCG) Committee Sustainability Committee

Chair

A

T&C

Audit Committee Talent and Compensation Committee

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BOARD OF DIRECTORS SKILLS MATRIX

Capital Markets / Financial Services / Investment Banking

Experience with capital structure, financing, investing activities and M&A; in-depth experience in the financial services, asset management or investment banking industries

Corporate Governance

Expertise in corporate governance principles, board practices and governance frameworks structures which provide effective oversight

•

•

•

•

Engineering

Technical engineering background and knowledge relating to the shipping industry

Finance

Senior executive level experience in financial accounting and reporting, auditing, corporate finance and/or internal controls

Global / International

Experience working with global companies and organizations; knowledge of global operations and international business strategy development and management

•

Experience overseeing development and execution of a company's operational policies and procedures

•

Shipping Industry

Significant experience in varied aspects of the shipping industry including with tankers, dry bulk, ship management, marine fuel trading, design and analytics, and/or maintenance

•

Sustainability

Experience in projects focused on environmental impact

Technology / Cyber

Experience with technological developments, including advanced automation, big data analytics, AI, cyber risk and cybersecurity

Operations

This matrix is not meant to encompass or reflect all of the skills and experience possessed by each director.

Bart Kelleher

Governance

Gernot Ruppelt

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Kirsi Tikka

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Helen Tveitan de Jong

Environmental

Mats Berglund

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Curtis B. McWilliams

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• •

•

•

•

• •

•

• • •

•

•

•

•

•

•

• •

•

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Committees NCG

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In support of strong governance and strategic oversight, Ardmore has implemented four executive committees, each with clearly defined responsibilities and direct reporting lines to the Board.

This structure ensures focused expertise on critical matters while promoting accountability and excellence.

S

Nominating, Corporate Governance, and Compliance (NCG) Committee The NCG Committee plays a pivotal role in maintaining a Board composition and governance framework that aligns with industry best practices and regulatory standards. The Committee is committed to ensuring effective and transparent governance that takes account of shareholder interests.

CHAIR MEMBER MEMBER

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Curtis McWilliams Mats Berglund James Fok

Key responsibilities include:

A

Sustainability Committee

Audit Committee

The Sustainability Committee drives the company’s commitment to environmental and social responsibility as embedded in its charter. It oversees initiatives that address key environmental and social challenges, aligning with industry best practices and long-term goals of Ardmore.

The Audit Committee is central to ensuring the integrity and transparency of the Company’s financial reporting and internal control systems.

CHAIR MEMBER MEMBER

Kirsi Tikka Mats Berglund Helen Tveitan de Jong

Key responsibilities include: Integrating sustainability across the Company’s operations by developing and overseeing the implementation of the sustainability strategy.

Identifying, assessing, and nominating qualified candidates for Board positions.

Ensuring alignment and compliance with global standards and regulatory requirements.

Overseeing Board self-evaluation to maintain optimal performance.

Acting as a key advisory body, to support the Board in its responsibility for overseeing environmental and social matters that materially impact stakeholders including assessing and addressing sustainability-related risks and opportunities critical to the Company’s long-term success.

Developing and refining corporate governance guidelines.

T&C

CHAIR MEMBER MEMBER

Helen Tveitan de Jong Curtis McWilliams James Fok

Key responsibilities include: Overseeing the integrity of financial statements, compliance with regulations, and the independence and effectiveness of auditors.

Reviewing internal controls, monitoring risk management frameworks, and facilitating communication between the Board and auditors, safeguarding transparency and financial accountability.

Evaluating internal controls and risk management processes, providing assurance on their effectiveness.

Talent and Compensation Committee The Talent and Compensation Committee oversees strategies related to talent development, succession planning, and executive compensation.

The Talent and Compensation Committee makes recommendations to the Board on executive and Board member compensation, ensuring competitive and performance-driven remuneration practices.

CHAIR MEMBER MEMBER

Mats Berglund Curtis McWilliams Kirsi Tikka

Key responsibilities include: Ensuring that the Company attracts, develops, and retains top talent aligned with its strategic goals.

Approving executive compensation, linking rewards to performance and shareholder interests.

Advocating for diverse talent, employee development, and performance evaluations to support sustainable growth.

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Anti-Corruption and Anti-Bribery

BUSINESS ETHICS

Ethics is a central pillar of Ardmore’s governance framework and an essential driver of long-term, sustainable value creation.

Code of Ethics

Board and Committee Evaluations

The Code of Ethics defines the principles of professionalism, integrity, and respect that underpin the conduct of Ardmore’s employees, directors, officers, and agents. Annual affirmation of compliance is required, and new hires commit to the Code during onboarding.

By making the Code publicly available, Ardmore reinforces transparency and accountability, strengthening stakeholder trust. Ongoing reviews ensure it remains aligned with changing values and governance expectations.

Annual self-assessments are conducted by the Board and its Committees to evaluate effectiveness, identify areas for improvement, and strengthen governance practices to support long-term performance.

Insider Trading and Clawback Policies Ardmore’s governance framework includes a rigorous insider trading policy to prevent the misuse of material non-public information and protect investor confidence.

This policy supports compliance with regulatory requirements and promotes fair and transparent markets.

Consistent with SEC standards, Ardmore’s clawback policy allows for the recovery of incentive-based compensation from senior management in the event of misconduct or material financial reporting errors.

Voluntary Quarterly Reporting While SEC rules require Ardmore, as a foreign private issuer, to file only an annual report, the Company voluntarily provides quarterly financial disclosures consistent with U.S. domestic issuer expectations. This commitment to enhanced disclosure demonstrates Ardmore’s dedication to transparency, accountability, and robust corporate governance, while reflecting alignment with global best practices and sustainable growth ambitions.

Together with our technical management, Ardmore maintains a zero-tolerance approach to corruption and bribery. This stance reflects our commitment to ethical business conduct and is underpinned by a comprehensive anti-corruption framework, including: • A robust policy aligned with recognized global anti-corruption standards • Ongoing employee training to support awareness and compliance • Procedures that are reviewed and updated regularly to ensure continued effectiveness As a proactive measure, Ardmore collaborates with the Maritime Anti-Corruption Network (MACN), supporting fair practices and advocating for stronger ethical standards across the maritime industry.

Whistleblower Policy Ardmore’s Whistleblower Policy provides a secure and formal framework for reporting concerns relating to accounting, auditing, and other compliance matters. The policy ensures that individuals who raise concerns are protected from retaliation and that all reports are investigated promptly and addressed appropriately. By encouraging early identification and resolution of issues, the policy supports a culture of trust, transparency, and integrity. Employees are encouraged to speak up with confidence that their concerns will be taken seriously and acted upon.

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#1 Ranked number one for governance by the Webber Corporate Governance Scorecard in 2025.

We are proud to be ranked first among publicly traded tanker owners for governance in the 2025 Webber Corporate Governance Scorecard. This recognition reflects Ardmore’s strong commitment to transparency, ethical conduct, and corporate responsibility.

Our governance framework is designed to support effective oversight, reinforce accountability, and promote long-term sustainable value creation.

Related Party Transactions Ardmore has one related party transaction through its 50% joint venture, Anglo Ardmore Ship Management Limited (AASML), which is jointly owned by Anglo-Eastern and Ardmore Shipping (Bermuda) Limited. No other related party transactions were reported during 2025.

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Cybersecurity Cybersecurity remains a critical priority in protecting and safeguarding our business.

Ardmore continues to enhance its capabilities to identify, mitigate, and respond to cyber threats, alongside ongoing improvements to disaster recovery and business continuity planning for both shore-based and vesselbased operations. The Company maintains a robust data privacy and cybersecurity program, supported by regular stress testing of information security and technology systems. There were no material data privacy breaches or cybersecurity incidents reported in 2025. Further information on Ardmore’s cybersecurity framework is available in the Company’s Form 20-F filing.

GOVERNANCE

Strong governance underpins Ardmore’s success by supporting transparency, accountability, and strategic alignment. Our approach fosters integrity, enhances decision-making, and builds stakeholder confidence.

Risk Management Ardmore operates a robust risk management framework.

Designed to proactively identify, assess, and address a broad spectrum of risks, ranging from safety risks at sea to financial and operational uncertainties.

Continuous monitoring and the ongoing development of mitigation strategies are central to maintaining resilience and supporting the achievement of strategic objectives. Responsibility for the effective execution of this framework is shared across the organization, encompassing employees, senior management, and the Board of Directors.

Memberships Include:

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Stakeholder Engagement

Stakeholder engagement is central to our approach to identifying both existing and emerging impacts and risks. Through open dialogue, we gather valuable insights that enable us to address potential issues proactively and collaboratively. A clear understanding of stakeholder perspectives supports informed decision-making across the business.

Ardmore People

Customers

Regulatory

Ardmore complies fully with the regulations of the International Maritime Organization (IMO) and closely monitors developments in its global initiatives.

We maintain regular and constructive engagement with customers, shareholders, lenders, relevant authorities, and governing bodies. This ongoing communication ensures responsiveness to feedback, adaptability to evolving regulatory and commercial requirements, and continued compliance with all oversight entities. Such dialogue helps protect stakeholder interests while fostering strong, long-term relationships.

We actively seek input from our people through regular surveys and engagement initiatives, with a strong focus on health, safety, and well-being. Our commitment to a positive, inclusive, and supportive work environment ensures employees feel respected and motivated, contributing directly to our shared success.

Local Community

Shareholders

In addition to aligning with the global initiatives of the IMO, Ardmore maintains membership in several other key industry organizations.

These memberships and related activities are referenced in the relevant sections throughout this report.

Ardmore maintains regular and constructive engagement across all stakeholder groups, fostering strong, long-term relationships.

Financial Partners

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Awards Through 2025 our technical managers Anglo Ardmore (joint venture with Anglo-Eastern) have been honored with several prestigious awards, recognizing commitment to excellence and innovation.

These accolades highlight dedication to delivering outstanding results and pushing the boundaries.

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Engagement

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Anglo-Eastern

Anglo-Eastern Maritime Academy

January 2025

April 2025

April 2025

September 2025

Highly Commended Ship Manager

Outstanding Foreign Employers of Indian Seafarers

2nd Rank: Outstanding Maritime Training Institutes

1st Prize: Smart Helmet & IoT-Enabled Wearable System for Enclosed Space Safety

The Sailors Home and Missions to Seafarers

Committee of India's 62nd National Maritime Day Celebrations

November 2025

Top 50 Information Security Teams OnConferences Icon Awards 2025

August 2025

Outstanding performance in Port State Control (PSC)

November 2025

For the year of 2024

Excellence in Crew Management

HK Marine Department Hong Kong Shipowners Association

ShipTek International Awards 2025

Pre-sea category: AEMA

Committee of India's 62nd National Maritime Day Celebrations

September 2025

2nd Runner-Up: Augmented Reality HUD in Bridge Navigation Innovation in Maritime (IIM) Awards Technology in Maritime (TIM) 2025, Naval Connection

Innovation in Maritime (IIM) Awards Technology in Maritime (TIM) 2025, Naval Connection

September 2025

Antariksh Navigator Future-Ready Training Award Directorate General of Shipping, India

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“As we look ahead, Ardmore remains steadfast in its mission to use sustainable practices to advance performance and progress.”

— Gernot Ruppelt, CEO

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SASB Marine Transportation Industry Standard Greenhouse Gas Emissions Gross global Scope 1 emissions

Unit

Code

2024

2025

Metric tons (t) CO₂e

TR-MT-110a.1

422,083

361,656

TR-MT-110a.2

Refer: Pages 8–14 2024 Report

Refer: Pages 7-16

Discussion of longterm and short-term strategy or plan to manage Scope 1 emissions, emissions reduction targets, and an analysis of performance against those targets

n/a

Total energy consumed (1)

Gigajoules (GJ)

TR-MT-110a.3

5,538,206

4,405,576

Percentage heavy fuel oil

Percentage (%)

TR-MT-110a.3

49

74

Percentage renewable

Percentage (%)

TR-MT-110a.3

0

2

Average Energy Efficiency Design Index (EEDI) for new vessels

Grams of CO₂ per tonnautical mile

TR-MT-110a.4

5

5

1)

2)

3)

Ecological impacts

Unit

Code

2024

2025

Number of travel days

TR-MT-160a.1

141

147

Fleet implementing ballast water: 1) Treatment

Percentage (%)

TR-MT-160a.2

100%

100%

Fleet implementing ballast water: 2) Exchange

Percentage (%)

TR-MT-160a.2

0%

0%

Number

TR-MT-160a.3

0

0

Cubic meters (m³)

TR-MT-160a.3

0

0

Per 1 million man hours worked

TR-MT-320a.1

0.25

0.23

Shipping duration in marine protected areas or areas of protected conservation status

Number of spills and releases to the environment Aggregate volume of spills and releases to the environment

Employee Health & Safety Lost Time Incident Rate (LTIR)

(1) The Total Energy Consumed figures reported in the 2023 and 2024 Sustainability Reports have been restated to correct a unit conversion error.

The original calculation applied an incorrect conversion factor to fuel consumption data rather than the IMO standard calorific values of 40.2 GJ/MT for Heavy Fuel Oil, 41.2 GJ/MT for Low Sulfur Heavy Fuel Oil, and 42.7 GJ/MT for Marine Gas Oil. The originally reported and restated figures are as follows: 2023 — originally reported 553,443 GJ, restated 5,485,438 GJ; 2024 — originally reported 562,505 GJ, restated 5,538,206 GJ. All other metrics are unaffected.

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SASB Marine Transportation Industry Standard (Cont.)

Activity Metric

Unit

Code

2024

2025

Number of shipboard employees

Number

TR-MT-000.A

880

956

Total distance traveled by vessels

Nautical miles (mln nm)

TR-MT-000.B

1.53

1.30

Days

TR-MT-000.C

9,507

9,571

Thousand deadweight tons

TR-MT-000.D

1,164

1,170

Number of vessels in total shipping fleet as at December 31

Number

TR-MT-000.E

26

26

Number of vessel port calls

Number

TR-MT-000.F

1,035

1,023

Operating days Deadweight tonnage

Air Quality Air emissions of the following pollutants: 1)

NOX (excluding N 2O)

Metric tons (t)

TR-MT-120a.1

7,178

6,739

2)

SOX

Metric tons (t)

TR-MT-120a.1

842

734

3)

Particulate matter (PM10)

Metric tons (t)

TR-MT-120a.1

748

710

Business ethics

Unit

Code

2024

2025

Number of calls at ports in countries that have the twenty lowest rankings in Transparency International's Corruption Perception Index

Number

TR-MT-510a.1

5

11

Total amount of monetary losses as a result of legal proceedings associated with bribery or corruption

USD

TR-MT-510a.2

0

0

Number of marine casualties

Number

TR-MT-540a.1

1

0

Percentage classified as very serious

Percentage

TR-MT-540a.1

0

0

Number of Conditions of Class or Recommendations

Number

TR-MT-540a.2

2

0

Port State Control: 1) Deficiencies

Ratio

TR-MT-540a.3

0.37

0.44

Port State Control: 2) Detentions

Ratio

TR-MT-540a.3

0.00

0.00

Accident & Safety Management

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Forward-looking Statement This report contains statements that constitute “forward-looking statements” within the U.S. Private Securities Litigation Reform Act of 1995.

Forward-looking statements include statements concerning plans, objectives, goals, expectations, projections, strategies, beliefs about future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. In some cases, forwardlooking statements can be identified by the use of words such as “believe”, “anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”, “potential”, “may”, “will”, “expect”, and similar expressions.

Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially.

We describe some risks and uncertainties that could cause actual results and events to differ materially in our reports filed with the U.S. Securities and Exchange Commission, including the Company’s Annual Report on Form 20-F for the year ended December 31, 2025. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise.

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Offices across the globe: Cork, Ireland Principal Operating Office T: +353 21 240 9500 E: info@ardmoreshipping.com

Singapore T: +65 6329 9400 E: info.sg@ardmoreshipping.com

Bermuda T: +1 441 292 9332 E: info@ardmoreshipping.bm

Houston, US T: +1 713 425 0111 E: houston@ardmoreshipping.com

Anglo Ardmore, Singapore T: +65 6224 3119 E: info@angloardmore.com