Slide 1: Earnings Presentation, Quarter Ended June 30, 2025
Earnings Presentation Quarter Ended June 30, 2025 August 11, 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 Second Quarter Financial Highlights
2025 Second Quarter Financial Highlights Financial Results in $m, unless otherwise indicated Q2 2025 Net Revenues $11.3m Net Loss Attributable to Controlling Shareholders ($3.1m) ($1.12)/share(3) (1) (3) Adjusted Net Loss ($3.0m) ($1.10)/share Adjusted EBITDA(2) $1.9 Repurchase Program ▪ As of today
Slide 4: Recent Developments, S&P, Chartering & Operational Highlights
Recent Developments, S&P, Chartering & Operational Highlights Newbuildings / ▪ None S&P ▪ Alexandros P: fixed for about 35 days @ $29,000 ▪ Blessed Luck: fixed for about 20-25 days @ $12,000 ▪ Christos K: fixed for about 40-45 days @ $21,500 (Incl. 10 days ballast, the TCE stands at $15,300) ▪ Eirin
Slide 5: Fleet Profile
Fleet Profile EuroDry’s current fleet is comprised of 12 vessels with an average age(1) of ~13.6 years and a carrying capacity of 843k DWT. With 2 Ultramax vessels of 63,500 DWT each under construction, scheduled for delivery in the second and third quarters of 2027, the total carrying capacity will
Slide 6: Current Fleet Employment Profile
Current Fleet Employment Profile Fixed rate coverage for the remaining of 2025 (as of June 30, 2025) is about 25.5% through charters, excluding ships on index charters which are open to market fluctuations but have secured employment 2025 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Q1 Q2 Q3
Slide 7: Market Overview
Market Overview 7
Slide 8: Market Highlights 2025 Q2
Market Highlights 2025 Q2 Spot Rates ($/day) 1 Year TC Rates ($/day) Kamsarmax Panamax Supramax Kamsarmax Panamax Supramax 82k DWT 72k DWT 58k DWT 82k DWT 75k DWT 58k DWT Q2-2025 Average 11,577 10,277 11,588 Q2-2025 Average 13,217 11,827 11,529 Q2-2025 last Day (Jun 27) 13,160 11,860 12,188 Q2-2025
Slide 9: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025p 2026p USA 2.6 1.5 2.3 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 0.5 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 1.4 0.2 0
Slide 10: Vessel Orderbook
Vessel Orderbook Orderbook as % of Fleet(1) 90.0 80.0 70.0 60.0 % Fleet in DWT 50.0 40.0 30.0 20.0 Aug-2025: 10.94% 10.0 0.0 2004 2006 2008 2011 2013 2015 2018 2020 2022 2025 2003 2005 2007 2009 2010 2012 2014 2016 2017 2019 2021 2023 2024 Orderbook as % of Fleet Current Orderbook ▪ The orderbook(1)
Slide 11: Dry Bulk Fleet Overview
Dry Bulk Fleet Overview Fleet Development(1) 1,200 20 % growth in DWT terms 1,000 m DWT, year start 15 800 600 10 400 5 200 0 0 2000 2003 2004 2005 2009 2010 2014 2015 2019 2020 2024 2025 2026 2001 2002 2006 2007 2008 2011 2012 2013 2016 2017 2018 2021 2022 2023 Total Bulkcarrier Fleet Development %
Slide 12: Outlook Summary
Outlook Summary ▪ The bulk carrier market has been relatively weak in 2025 so far, with time charter rates bottoming out in Q1 2025 and thereafter recovering to profitable levels, but the momentum has vanished following the U.S. administration’s tariff proposals during Q2 2025 ‒ Demand uncertainty (
Slide 13: Position on the Dry Bulk Market Cycle
Position on the Dry Bulk Market Cycle Panamax Vessel – 1 Year Time Charter Rate Panamax(1) Vessel – 10 Year Old Historical Price Range (2015/Aug 2025) 90,000 35 80,000 30 70,000 25 60,000 50,000 20 $/day $m As of Aug 1, 2025, 1YR TC rate 40,000 for 75k DWT Panamax vessel stands at $12,625/day 15 30,
Slide 14: Financial Overview
Financial Overview 14
Slide 15: Financial Highlights: Q2 and H1 of 2024 and 2025
Financial Highlights: Q2 and H1 of 2024 and 2025 Q2 6M (in million USD except per share amounts) 2024 2025 Change (%) 2024 2025 Change (%) Net Revenues 17.44 11.28 (35.3%) 31.86 20.49 (35.7%) Net Income / (Loss) Attributable to Controlling Shareholders (0.41) (3.07) (2.19) (6.77) Net Gain/ (Loss) At
Slide 16: Fleet Data: Q2 and H1 of 2024 and 2025
Fleet Data: Q2 and H1 of 2024 and 2025 Q2 6M 2024 2025 2024 2025 Fleet (#) Number of Vessels 13.0 12.0 13.0 12.4 Utilization Operational 99.4% 99.3% 98.7% 99.2% (1) Commercial 99.6% 100.0% 99.8% 99.2% Rate (%) Overall 99.0% 99.3% 98.5% 98.4% TCE (2) ($/day/vessel) Time Charter Equivalent $14,427 $10
Slide 17: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile 25.0 ▪ As of June 30, 2025, EuroDry has outstanding debt of $102.1m with average margin of about 2.07% 20.0 ▪ Assuming 3Μ SOFR(1) of 4.32%, our cost of senior 15.0 10.2 debt is about 6.39% $m 0.4 2.0 10.0 0.8 6.7 ▪ Including swapped portion of debt, the
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights Capital Structure (June 30, 2025) ($m) Notes Assets 240.0 ▪ Cash & Other Assets: ~$20.3m 220.0 ▪ Vessels Book Value: ~$179.1m ▪ Advances for NB Vessels: ~$7.2m 200.0 Cash & Other Assets ▪ Total Assets (@ Book Value ) ~$206.6m 180.0 Advances for NB vessels Liabilities 160.0 N
Slide 19: EuroDry Contacts
EuroDry Contacts EuroDry Ltd. c/o Eurobulk Ltd 4, Messogiou & Evropis Street 151 24 Maroussi, Greece www.eurodry.gr info@eurodry.gr Tel. +30/211/1804005 Fax.+30/211/1804097 Tasos Aslidis Nicolas Bornozis/Markella Kara Chief Financial Officer Investor Relations EuroDry Ltd. Capital Link, Inc. 11 Cant