Ernst Russ Ag · XETR:ERAG
Ernst Russ — Eigenkapitalforum Frankfurt 2025
15 slides from Ernst Russ's conference presentation, Nov 24, 2025
Slide 1: Eigenkapitalforum Frankfurt
E RN ST RUS S AG Eigenkapitalforum Frankfurt 24. November 2025
Slide 2: Ernst Russ´ role in international shipping
ERNST RUSS AG EIGENKAPITALFORUM Ernst Russ´ role in international shipping Ship-owner / „Manage the Manager“ Subcontractors Tonnage Provider Commercial management Financing Technical management Providing tonnage for flexibility and growth Quality assurance Insurance Crewing Charter rate Freight rate
Slide 3: Container Shipping – Charter Market
ERNST RUSS AG EIGENKAPITALFORUM Container Shipping – Charter Market Development of freight and charter rates Market Overview: 6,000 Geopolitical Impact: Red Sea closure expected to remain through 2025 and 5,000 into Q1 2026. Trade policies: US / China 1-year truce, 4,000 impact remains to be seen. 3
Slide 4: Proven Track Record
ERNST RUSS AG EIGENKAPITALFORUM Proven Track Record Dealmaking: 3 4,000 2 Portfolio Deals: Larger Portfolios acquired at distressed prices prior to rate explosion of the pandemic era. 3,000 4 Portfolio Optimization: Reallocation of 2 capital in various points of the cycles, 2 gaining upside through
Slide 5: Ernst Russ Journey and Performance
ERNST RUSS AG EIGENKAPITALFORUM Ernst Russ Journey and Performance Q1-Q3 2025 Revenue in EUR m and Forecast Q4 2025 EBITDA [adjusted]* in EUR m 192 203 173 Q1-Q3: 93 95 101 91 119 Q1-Q3: 56 68 39 11 2020 2021 2022 2023 2024 2025 Avg. Number of vessels (reporting period) 14 18 29 30 29 27 Average cha
Slide 6: Fleet KPIs Q1-Q3 2025
ERNST RUSS AG EIGENKAPITALFORUM Fleet KPIs Q1-Q3 2025 26 19 x Container-Feeder Vessels on Water (30.09.2025) (800-3,000 TEU) 4x Cont. Intermediate 2 (3,000-5,000 TEU) Vessels on Order 1x Cont. Neo Panmax ≈ USD 557 m (10,000-15,000 TEU) Market value fleet (30.09.2025) 1x Multipurpose (13,000 dwt) 17.
Slide 7: Financial KPIs Q1-Q3 2025
ERNST RUSS AG EIGENKAPITALFORUM Financial KPIs Q1-Q3 2025 Closer Look: Revenue 119.2 EUR Revenue Q1-Q3 2025 Fixed Revenue Backlog** of USD 433 m as of 30 September 2025 EUR 99.9 m Diversification across a wide range of EBITDA Q1-Q3 2025 charterers Balanced spread of risk regarding 61.3 % duration of
Slide 8: Updated Forecast 2025
ERNST RUSS AG EIGENKAPITALFORUM Updated Forecast 2025 EUR 152-162 m 97.0% Revenue Utilization Thereof contracted: EUR 152 m (2024: EUR 172.7 m) (2024: 96.4 %) EUR 48-63 m EUR 87-102 m EBIT from ship operations EBIT incl. vessel sales (2024: EUR 65.8 m) (2024: EUR 67.7 m) 8
Slide 9: Share and Investor Relations
ERNST RUSS AG EIGENKAPITALFORUM Share and Investor Relations Shareholder Structure with Strong Partner Extended Research Coverage mwb Research („Buy“, target price 12.00 EUR) 24.7% 38.5% Quirin („Buy“, target price 11.00 EUR) 33.7 m shares Döhle Group Montega AG („Buy“, target price 10.00 EUR) J.P.&
Slide 10: Why are we here?
ERNST RUSS AG EIGENKAPITALFORUM Why are we here? High Complexity Limited free float Inactivity Historically driven high complexity of Approximately 75% of the shares held Compliance rather than engagement ownership structures by the main shareholders Investor relations activities limited to Detrimen
Slide 11: Action required regarding the capital markets
ERNST RUSS AG EIGENKAPITALFORUM Action recquired regarding the capital markets ✓ Reduction of non-strategic minority interests: Reduce Complexity 4 Reducing the minority interests in the 29 26 13 13 fleet aims to simplify the structure of Vessels Vessels Ernst Russ AG for its shareholders 25 and the
Slide 12: Action required regarding vessel portfolio
ERNST RUSS AG EIGENKAPITALFORUM Action recquired regarding vessel portfolio Container Bulker Tanker Gas Carrier / LNG sector Multi- counterparts Exemplary Long term charter duration to reduce volatility 3 years period Multi- 5 years 10 years 13 years 12
Slide 13: Strategic Roadmap
ERNST RUSS AG EIGENKAPITALFORUM Strategic Roadmap Vision Quality at scale with Disciplined Growth long-term stability Transformation Diversified yield play focusing on risk mitigation Long term goals: Clear structures and enhanced Position Ernst Russ AG as a Goal: market and investor visibility lead
Slide 14: Disclaimer
ERNST RUSS AG EIGENKAPITALFORUM Disclaimer This presentation has been prepared by Ernst Russ AG („Company“) and comprises the written materials/slides for a presentation concerning the Company. By attending this presentation and / or reviewing the slides you agree to be bound by the following condit
Slide 15: Vielen Dank für Ihre Teilnahme!
E RN ST RUS S AG Vielen Dank für Ihre Teilnahme! Ernst Russ AG Picture title and back: Adobe Stock © Mariusz Elbchaussee 370 22609 Hamburg Germany ir@ernst-russ.de | +49 40 8888 1 1800