Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Q2 2026 Earnings Presentation
16 slides from Star Bulk Carriers's earnings presentation, August 2026
Slide 1: Financial Results Q2 2026
FINANCIAL RESULTS Q2 2026 August 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: Q2 2026 Company Highlights
Q2 2026 Company Highlights Q2 Financial Highlights Q2 Daily Figures • Net Income of $144.9 million and Adjusted Net Income(1) of $134.8 million TCE per vessel(3) $24,486 • Adjusted EBITDA(2) of $184.2million • Declared dividend of $0.90 per share with record date of Avg. daily OPEX per vessel(4) $5,
Slide 4: Creating Value for Shareholders
Creating Value for Shareholders Total Shareholder Value Creation (in $million) Dividends & Share Buybacks (in $million) Total actions of $3.2 billion in shareholders value $546 $527 creation since 2021 $20.1 $445 $10.3 Dividend Payments $393.1 $1,070 $275 $525.9 $25.3 $1,566 $195 Share Buybacks $435
Slide 5: Cash walk Q2 2026
Cash walk Q2 2026 Q2 2026 Cash Flow Bridge (USD million) $900.0 ($ 58.7) $800.0 ($ 56.2) ($ 43.2) $700.0 $192.0 ($ 8.9) ($ 74.7) $600.0 $60.3 ($ 4.6) $500.0 $149.9 $400.0 $565.3 $300.0 $104.3(1) $200.0 $409.4 $268.5 $100.0 $0.0 Cash at Cash from Cash proceeds New Net Debt Debt Dividend Scheduled Ins
Slide 6: Operating Performance Highlights
Operating Performance Highlights Fleet Size Ownership % Market Revenue (2) % Revenue Adj. EBITDA (3) % Adj. EBITDA Q2 2026 Days Value (1) Q2 2026 Contribution Q2 2026 Contribution 24% $ 97.9 mil 35% 39% 41% $ 70.9 mil 33 Newcastlemax/ Capesize 25% $ 77.7 mil 33% 28% 24% 47 $ 42.4 mil Post Panamax/ K
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 30.0% $7.0 $6.7 Approximate Daily TCE rate with current FFA $6.0 $6.0 curve $5.4 23.2% Free cash flow /share (
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 Q2 2026 vessel OPEX(1) were $5,180 per vessel per day • Net cash G&A(2) expenses per vessel per day were $1,362 for Q2 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 5 Newbuilding Kamsarmax contracts, we have a total amount of $122.0 million remaining CAPEX. $78.0 • Expect to draw down up to $129.0 million in new debt $65.8 a
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 138 vessels, on a fully delivered basis(1), with an average age of ~12.4 years Ultramax / Newcastlemax / Supramax, Capesize, 44% • Sales of the vessels Star Sca
Slide 11: Driving Progress Across ESG Priorities
Driving Progress Across ESG Priorities ENVIRONMENT ▪ IMO MEPC* — Star Bulk remains actively engaged through industry organizations in the Net Zero Framework discussions, advancing practical, realistic and effective GHG-reduction regulations with consistent global application. ▪ EU Emissions Trading
Slide 12: Dry Bulk Supply Update
Dry Bulk Supply Update o Dry bulk NET fleet growth running at +3.3% during the last 12 months Dry Bulk Fleet Growth • Jan-June 2026 deliveries: 22.2 mil. dwt / Up from 18.5 mil. dwt • Jan-June 2026 demolition: 1.9 mil. dwt / Down from 2.2 mil. dwt o Orderbook increased to ~13.9% of the fleet (~152.7
Slide 13: Dry Bulk Demand Update
Dry Bulk Demand Update o Dry bulk trade in 2026, projected at 2.4% in tons and +3.8% ton-miles. Dry Bulk Trade 2021 2022 2023 2024 2025 2026 (f) 2027 (f) (Million tons) • Duration and extent of Middle East conflict remains key uncertainty. The IMF projects global GDP growth to slow to 3.0% in 2026 a
Slide 14: Appendix
APPENDIX STAR BULK 14
Slide 15: Q3 2026 Fleet Coverage
Q3 2026 Fleet Coverage Fleet coverage for Q3 2026 Vessel Segment Coverage(1,2) • Fleet wide coverage for Q3 2026 of 62% at a TCE of Newcastlemax /Capesize $23,547/day (1,2) 38% 40% $23,547/day $33,087/day 62% 60% ▪ Fixed days % Vessel Segment Coverage (1,2) Post Panamax / Kamsarmax / Ultramax/Supram
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