Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Q1 2026 Earnings Presentation
16 slides from Star Bulk Carriers's earnings presentation, May 21, 2026
Slide 1: Financial Results Q1 2026
FINANCIAL RESULTS Q1 2026 May 2026 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains certain forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may include statements concerning the Company’s plans, objectives, goals
Slide 3: Q1 2026 Company Highlights
Q1 2026 Company Highlights Q1 Financial Highlights Q1 Daily Figures • Net Income of $58.5 million and Adjusted Net Income(1) of $63.0 million TCE per vessel(3) $18,493 • Adjusted EBITDA(2) of $114.3 million • Declared dividend of $0.50 per share with record date of Avg. daily OPEX per vessel(4) $5,0
Slide 4: Creating Value for Shareholders
Creating Value for Shareholders Total Shareholder Value Creation (in $million) Dividends & Share Buybacks (in $million) Total actions of $3.1 billion in shareholders value $546 $527 creation since 2021 $20.1 $445 $10.3 Dividend $393.1 $275 $1,027 Payments $525.9 $25.3 $1,465 Share Buybacks $435.0 $1
Slide 5: Cash walk Q1 2026
Cash walk Q1 2026 Q1 2026 Cash Flow Bridge (USD million) $800.0 ($ 157.1) $700.0 $79.6 $21.1 $600.0 ($ 41.4) $112.4 ($ 49.3) $500.0 ($ 37.9) ($ 13.0) ($ 7.0) $400.0 $300.0 $104.3(1) $501.9 $409.4 $200.0 $268.5 $100.0 $0.0 Cash at Cash from Cash proceeds New Net Debt Debt Dividend Scheduled debt Repu
Slide 6: Operating Performance Highlights
Operating Performance Highlights Fleet Size Ownership % Market Revenue % Revenue Adj. EBITDA (2) % Adj. EBITDA Q1 2026 Days Value (1) Q1 2026 Contribution Q1 2026 Contribution 24% $ 69.6 mil 41% 33% $ 41.1 mil 36% 32 36 % Newcastlemax/ Capesize 22% $ 62.3 mil 33% 29% 28% $ 32.2 mil 45 28% Post Panam
Slide 7: Operating Leverage and Cash Flow Potential
Operating Leverage and Cash Flow Potential Illustrative Annual Free Cash Flow Yield at Various Daily TCE Levels(1), (2), (3) Illustrative NTM Free Cash Flow yield at various TCE rate levels $6.0 $6.0 Approximate Daily TCE $5.3 22.6% rate with current FFA curve 20.0% $5.0 20.2% $4.7 Free cash flow /s
Slide 8: Continued Operational Excellence
Continued Operational Excellence We operate a fleet with one of the lowest average daily OPEX among our peers without compromising quality • For Q1 2026 vessel OPEX(1) were $5,045 per vessel per day • Net cash G&A(2) expenses per vessel per day were $1,375 for Q1 2026 Average Daily OPEX(1) $10,000 1
Slide 9: Investing in Upgrading and Renewing our fleet
Investing in Upgrading and Renewing our fleet Fleet Renewal Lifetime Upgrades Newbuilding and Efficiency Upgrades CAPEX Schedule • For our 8 Newbuilding Kamsarmax contracts, we have a total amount of $195.0 million remaining CAPEX. $78.0 • Secured up to $130.0 million debt against 5 newbuilding vess
Slide 10: Scaled Fleet with Significant Operating Leverage
Scaled Fleet with Significant Operating Leverage Fleet Update • One of the largest dry bulk fleet among U.S. and European listed peers with 141 vessels, on a fully delivered basis(1), with an average age of ~12.2 years • During Q2 2026, we delivered to their new owners Star Scarlett and Star Mariell
Slide 11: Driving Progress Across ESG Priorities
Driving Progress Across ESG Priorities • At the latest IMO Marine Environment Protection Committee session (MEPC 84), no consensus was reached on the Net Zero Framework, with member states remaining divided between those who consider it fit for purpose and those calling for amendment. The Committee
Slide 12: Dry Bulk Supply Update
Dry Bulk Supply Update o Dry bulk NET fleet growth running at +3.0% during the last 12 months Dry Bulk Fleet Growth • Jan-Apr 2026 deliveries: 14.2 mil. dwt / Up from 12.7 mil. dwt • Jan-Apr 2026 demolition: 1.5 mil. dwt / Up from 1.2 mil. dwt o Orderbook increased to ~13.2% of the fleet (~142.4 mil
Slide 13: Dry Bulk Demand Update
Dry Bulk Demand Update o 2026 Trade, projected to expand +1.3% in tons and +2.5% ton-miles. Dry Bulk Trade 2021 2022 2023 2024 2025 2026 (f) 2027 (f) • Middle East conflict duration remains the key uncertainty; higher energy prices lifting (Million tons) inflation expectations and weighing on global
Slide 14: Appendix
APPENDIX STAR BULK 14
Slide 15: Q2 2026 Fleet Coverage
Q2 2026 Fleet Coverage Fleet coverage for Q2 2026 Vessel Segment Coverage(1,2) • Fleet wide coverage for Q2 2026 of 82% at a TCE of Newcastlemax /Capesize 32 vessels $22,166/day (1,2) 18% 23% $22,166/day $32,802/day 82% 77% ▪ Fixed days % Vessel Segment Coverage (1,2) Post Panamax / Kamsarmax / Pana
Slide 16: Thank You
THANK YOU Contacts Company: Simos Spyrou, Christos Begleris Co ‐ Chief Financial Officers Star Bulk Carriers Corp. c/o Star Bulk Management Inc. 40 Ag. Konstantinou Av. Maroussi 15124 Athens, Greece Tel. +30 (210) 617-8400 Email: info@starbulk.com www.starbulk.com Investor Relations / Financial Medi