Slide 1: Earnings Presentation
Earnings Presentation Quarter Ended June 30, 2025 August 13, 20251
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements in this presentation may be "forward-looking statements" within the meaning of federal securities laws. The matters discussed herein that are forward-looking statements are based on current management expectations that involve risks and uncertainties that may re
Slide 3: 2025 Q2 Financial Highlights
2025 Q2 Financial Highlights Financial Results in million USD except per share figures Q2 2025 Net Revenues 57.2 Net Income 29.9 4.29/ share(2) Adj. Net Income(1) 29.2 4.20/ share(2) Adj. EBITDA(1) 39.3 Dividend Declaration Repurchase Program ▪ Declared a quarterly dividend of $0.70 per share for th
Slide 4: Recent Developments, S&P, Chartering & Operational Highlights
Recent Developments, S&P, Chartering & Operational Highlights ▪ Euroseas signed an agreement to sell M/V Marcos V to an unaffiliated third party, for $50 million. The vessel is S&P scheduled to be delivered to its buyer in October 2025 ▪ M/V Emmanuel P: fixed for a min 36 to a max 38 months @ $38,00
Slide 5: Current Fleet Profile
Current Fleet Profile Current on the water fleet is comprised of 22 vessels with an average age of 12.8(1) years and a carrying capacity of 67.5k TEU. Two vessels, each with a capacity of 4,300 TEU, are expected to be delivered by H2 2027 Name Type Size (DWT) Size (TEU) Year Built/Delivered On the W
Slide 6: Vessel Employment
Vessel Employment An effective chartering strategy is essential for optimizing revenue across the market cycle 2025 2026 2027 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 MARCOS V $15,000 JONATHAN P $20,000 EM SPETSES $18,1
Slide 7: Market Overview
Market Overview ad EUROSEAS 1p
Slide 8: Containership Market Highlights – Q2 2025
Containership Market Highlights – Q2 2025 ▪ In 2025Q2, one-year time charter rates continued to strengthen, supported by limited vessel availability and robust demand, particularly in smaller segments. Market activity was primarily focused on contract extensions, with most fixtures concluded at or a
Slide 9: Last 10 Year 6-12 Month TC Rates ($/day)
Last 10 Year 6-12 Month TC Rates ($/day) 1,700 TEU Geared 2,500 TEU Geared 70,000 80,000 60,000 70,000 60,000 50,000 August 8, 2025 50,000 40,000 August 8, 2025 $/ day $/ day $28,750/day 40,000 30,000 $35,250/day 30,000 $16,599 $20,715 20,000 20,000 $9,840 $11,260 10,000 10,000 0 0 Jul 15 Jul 16 Jul
Slide 10: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020 2021 2022e 2023 2024 2025p 2026p USA 2.6 1.5 2.0 2.9 2.3 -3.5 5.9 1.9 2.9 2.8 1.9(1.8) 2.0(1.7) Eurozone 2.0 1.8 2.4 1.8 1.2 -6.6 5.3 3.4 0.4 0.9 1.0(0.8) 1.2(1.2) Japan 0.5 1.0 1.8 1.0 0.7 -4.8 2.2 1.0 1.5 0.1
Slide 11: Age Profile and Orderbook
Age Profile and Orderbook Age Profile Containership Orderbook(1) 28% 18% 22% 21% 12% For delivery in 25/26/27/28+ (as of Aug-25) 12.9% 9.0 5.0 ▪ 8000+: 53/ 97 / 157 / 299 ▪ 3-7,999: 18/ 39 / 42 / 26 8.0 1.9 ▪ 100-2,999: 46/ 80 / 72 / 15 4.0 7.0 0.7 0.1 10.8% 6.0 3.0 mTEU 2.1 7.5% 5.0 6.9% mTEU 4.5 2
Slide 12: Fleet Age Profile and Orderbook, 1000-3000 TEU
Fleet Age Profile and Orderbook, 1000-3000 TEU Age Profile Containership Orderbook(1) 25% 14% 8% 27% 25% 1.6 0.4 7.8% 1.4 1.2 0.3 0.6 0.6 0.6 1.0 mTEU mTEU 0.8 0.2 0.6 0.3 0.6 0.5 ~2.1% ~2.5% 0.1 ~1.5% 0.4 0.7 0.1 0.3 ~0.6% 0.2 0.3 0.3 0.3 0.0 0.1 0.1 0.1 0.0 0-4 5-9 10-14 15-19 20+ 2020 2021 2022 2
Slide 13: Different Supply Outlook for Feeders & Intermediate Containerships
Different Supply Outlook for Feeders & Intermediate Containerships ▪ Orderbook primarily concentrated on large containerships ‒ Capacity growth will be significant in the larger vessel sizes employed in the main lane routes between main hubs ‒ Regional distribution is done by “feeders”: the more mai
Slide 14: Outlook Summary
Outlook Summary ▪ For the remainder of 2025, two major factors will shape the container shipping market: ‒ Rerouting of ships through Suez o In early July, two attacks on cargo ships in the Red Sea by Yemen's Houthi rebels sparked renewed fears of an escalation in their campaign against internationa
Slide 15: Market Evolution
Market Evolution Cont 2,500 TEU One-Year Time Charter Rate Cont 2,500 TEU – NB & 10 Year Old Price 90,000 60 80,000 50 70,000 40 60,000 As of August 8, 2025, 1YR TC rate 50,000 for 2,500 TEU vessel stands at 30 $/ day mm USD $35,250/day 40,000 20 30,000 20,000 10 10,000 0 2015 2016 2018 2019 2020 20
Slide 16: Financial Overview
Financial Overview ad EUROSEAS 1p
Slide 17: Financial Highlights: Q2 and H1 of 2024 and 2025
Financial Highlights: Q2 and H1 of 2024 and 2025 Second Quarter Six Months (in million USD except per share amounts) 2024 2025 Change(%) 2024 2025 Change(%) Net Revenues 58.72 57.23 (2.5%) 105.44 113.58 7.7% Net Income 40.75 29.86 (26.7%) 60.75 66.78 9.9% Earnings per Share, Diluted 5.84 4.29 (26.5%
Slide 18: Fleet Data: Q2 and H1 of 2024 and 2025
Fleet Data: Q2 and H1 of 2024 and 2025 Q2 6M 2024 2025 2024 2025 Fleet (#) Number of Vessels 21.26 22.00 20.43 22.83 Utilization Operational 99.9% 99.9% 99.9% 99.6% Rate(1) Commercial 100.0% 100.0% 99.9% 100.0% (%) Overall 99.9% 99.9% 99.8% 99.6% TCE ($/day/vessel) Time Charter Equivalent (2) $31,63
Slide 19: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile 50.0 $30.0m (2 vessels) $20.0m (4 vessels) 40.0 $26.4m (2 vessels) Cost of Funding: 10.8 ▪ As of June 30, 2025, outstanding bank debt is $229.4m with 30.0 average margin of about 2.01%; assuming 3M SOFR(1) of 20.0 $m 30.0 4.23%, our cost of senior debt i
Slide 20: Balance Sheet Highlights
Balance Sheet Highlights Capital Structure Jun 2025 ($m) Notes 700 Assets ▪ Cash & Other current assets: $126.8m ▪ Advances for NB vessels: $18.1m 600 Cash & Other ▪ Vessels book value (incl. vessel held for sale): $517.3m Assets ▪ Total assets (at book value): $662.1m Advances for NB 500 vessels Li
Slide 21: Euroseas Contacts
Euroseas Contacts Euroseas Ltd. c/o Eurobulk Ltd 4, Messogiou & Evropis Street 151 24 Maroussi, Greece www.euroseas.gr euroseas@euroseas.gr Tel. +30-211-1804005 Fax.+30-211-1804097 Tasos Aslidis Nicolas Bornozis / Markella Kara Chief Financial Officer Investor Relations Euroseas Ltd. Capital Link, I