2Q 2026 Earnings Recap

研报英文原文证据摘录

2Q 2026 Earnings Recap

Update

July 30, 2026 02:39 PM GMT

Morgan Stanley & Co. LLCMScorpio Tankers Inc. | North America Robert S Kad

Equity Analyst

2Q 2026 Earnings Recap Robert.Kad@morganstanley.comVictoria Xiong, CFA +1 212 761-0065

Research Associate

Victoria.Xiong@morganstanley.com +1 212 761-0228

AlphaSignals Earnings Reaction Joy Golub

Unchanged Meaningful upside Largely unchanged Joy.Golub@morganstanley.com +1 212 761-4924

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Scorpio Tankers Inc. (STNG.N, STNG UN)

Source: Company data, Morgan Stanley Research

Energy Shipping & Logistics | Marshall Islands

Stock Rating Equal-weight

Key Takeaways Industry View In-Line

Price target $82.00

Adjusted EBITDA: $301mm (cons: $286mm), +5% above consensus. Shr price, close (Jul 28, 2026) $79.09

Mkt cap, curr (mm) $4,194

52-Week Range $87.19-43.81

2Q results were above expectations. STNG delivered record 2Q26 financial results,

supported by strong freight markets, and continued to execute its balance sheet

optimization strategy and positioned its fleet for structural market tailwinds from

refinery dislocations and aging vessel supply. During the quarter, the company

issued $605mm of convertible notes at a YTM of ~1% and repaid $589mm of 5-7.5%

of debt instruments. Approximately 2mm common shares were repurchased at an

average price of$77.72 in 2Q26. YTD, the company has sold 19 vessels, primarily 11-

to 12-year-old ships, at values exceeding their original purchase prices. Additionally,

Scorpio chartered out three 2015-built MR product tankers for a minimum of three-

year terms, beginning in late 2026. The STI Notting Hill and STI Westminster were

each fixed at $25,000 per day, while the STI Bronx was fixed at $23,900 per day.