The year unfolded amidst heightened uncertainty, and was marked by geopolitical disruption, market volatility and an uneven energy transition. While the tanker industry is no stranger to such cycles, what defined the year for AET was its ability to remain agile amid volatility, adapt quickly to changing conditions, and continue to deliver safe, reliable and differentiated operations for its customers. This disciplined approach strengthened resilience and underpinned long-term value creation, while enabling tangible progress in fleet growth and decarbonisation. We expanded our fleet with two dual-fuel Suezmax newbuilds, now providing dual-fuel capabilities in all AET's tanker sectors, and a hybrid-electric dual-fuel ethanol-ready Dynamic Positioning Shuttle Tanker (DPST), secured through balanced risk and reward sharing arrangements with our customers. These decisions allowed us to accelerate innovation while keeping the fleet future-ready and commercially resilient.

AET performed exceptionally well by staying focused on what mattered most. Our primary measure of success was putting safety first, ensuring our people, assets and operations remained protected in an increasingly uncertain and complex world. At the same time, we continued to grow and develop our talent, recognising that organisational capability is central to long-term resilience. Alongside this, we strengthened our financial resilience and maintained a disciplined approach to decarbonisation, ensuring our transition efforts continue to generate shareholder value.

As a result, AET closed the year in a strong financial position. Our diversified and agile fleet across multiple tanker segments, underpinned by a robust secured income base, continued to generate significant value. Revenue increased to US$1,206 million in FY2025, with net profit after tax of US$294 million and EBITDA of US$621 million. Our year-end cash balance stood at US$534 million, while net debt to equity improved from 0.40 in 2024 to 0.28 in 2025.

This performance reflects the strength of AET's customer value proposition and AET's steady earnings across all segments. In Mid-Sized Tankers (MST), we further strengthened our position as the largest full service lightering support operator, with a well-established presence in the U.S. Gulf, leveraging scale, operational reliability and an integrated service offering to support a broad customer base. In the Very Large Crude Carriers (VLCC) segment, despite more challenging market conditions, AET's long-term charters and differentiated dual-fuel assets helped mitigate volatility and support revenue stability. Meanwhile, the DPST segment continued to bolster AET's secured income, providing resilience through market cycles and reinforcing the durability of AET's long-term earnings base.

AET's growth over the next few years will be deliberate, resilient and differentiated, anchored by AET's 2030 goals and a disciplined path towards decarbonisation and building a future-ready fleet.

Growth will be centred on segments where AET has clear structural advantages and strong customer value propositions. This includes continuing to scale our leadership position in the MST segment and expanding our lightering hub services, where we have seen particular success in the U.S. Gulf, supported by our strong safety performance and ability to manage operational complexity. We will also continue to grow our DPST business in South America and Europe, which remains a cornerstone of secured income and cash flow visibility. In the VLCC business, AET will remain selective and disciplined, prioritising long-term charters and differentiated dual-fuel assets to manage cyclicality, mitigate volatility and ensure future-proofing of the fleet. In parallel, AET will continue to actively identify and build commercially viable new energy businesses that are strategically aligned, recognising that diversification is essential as global energy systems and customer needs continue to evolve.

Across all segments, AET will continue to grow its fleet by combining selective newbuilds, in-charters and asset-light solutions to preserve flexibility while maintaining competitiveness. Decarbonisation remains integral to our growth with our focus on investable and scalable solutions that enhance our competitiveness in an uncertain transition environment. Underpinning all this are the highest standards of safety, reliability and operational excellence, which allow us to scale without diluting standards and to deliver consistent value to our customers. This ability to scale responsibly while maintaining performance and competitiveness is enabled by leveraging technology and commercial innovation, with digitalisation and artificial intelligence acting as key catalysts for improved decision making and execution.

The delay in the implementation of the International Maritime Organization's (IMO) Net-Zero Framework reinforces the importance of a pragmatic, disciplined approach to decarbonisation. We continue to focus on emissions-reduction pathways that are technologically feasible and commercially deployable today, rather than waiting for perfect future fuels or absolute regulatory certainty. Second, commercial discipline remains central to our approach. Investment decisions whether on newbuildings, fuels or emerging technologies are assessed through the lens of balanced risk and reward and long-term strategic upsides. Third, our transition is closely aligned with customer needs. By working closely with our customers, we are able to progress decarbonisation in a way that is commercially anchored and value accretive, with equitable risk and reward sharing.

Our priorities are clear and consistent with who we are at AET. Safety and operational excellence gives us our licence to operate, builds trust with our customers, and underpins everything we do — these elements are non-negotiable and always come first.

We will continue to grow by playing to our strengths and executing smartly, focusing on disciplined, differentiated and sustainable growth even in a volatile environment. At the same time, we are building a more resilient and agile AET. This means protecting the downside through strong fundamentals and prudent risk management, while retaining the flexibility and confidence to capture upside opportunities as markets evolve. Above all, our people remain at the heart of AET. Their capability, commitment and engagement are essential to delivering safe operations, driving innovation and sustaining long-term performance.

The call to action is clear: let's build on our strengths, challenge ourselves to raise the bar, and continue working together to build a stronger, more resilient AET.