Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Q4 2025 Earnings Presentation
23 slides from Euroseas's earnings presentation, Feb 25, 2026
Slide 1: Earnings Presentation, Quarter Ended December 31, 2025
Earnings Presentation Quarter Ended December 31, 2025 February 25, 20261
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 Q4 Financial Highlights
2025 Q4 Financial Highlights Financial Results in million USD except per share figures Q4 2025 Net Revenues 57.4 Net Income 40.5 5.79/ share(2) Adj. Net Income(1) 31.3 4.48/ share(2) (1) Adj. EBITDA 40.7 Dividend Declaration Repurchase Program ▪ Declared a quarterly dividend of $0.75 per share for t
Slide 4: Recent Developments, S&P, Chartering & Operational Highlights
Recent Developments, S&P, Chartering & Operational Highlights ▪ Sold MV Marcos V for $50.0 million; the vessel was delivered to her new owners, an unaffiliated third party, on S&P Oct 20, 2025 ▪ M/V Gregos, M/V Terataki, M/V Leonidas: fixed for a min 35 to a max 37 months @ $30,000/ day Chartering ▪
Slide 5: Current Fleet Profile
Current Fleet Profile Current on the water fleet is comprised of 21 vessels with an average age of 13.1(1) years and a carrying capacity of 61.1k TEU. Four vessels, each with a capacity of 4,484 TEU, are expected to be delivered, two in H2 2027 and two in H1 2028 Name Type Size (DWT) Size (TEU) Year
Slide 6: Vessel Employment
Vessel Employment An optimized chartering strategy set to unlock continuous and significant cash flow through 2026 2026 2027 2028 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 7: Market Overview
Market Overview 4 EUROSEAS 1p
Slide 8: Containership Market Highlights – Q4 2025
Containership Market Highlights – Q4 2025 ▪ In Q4 2025, one-year time charter rates remained firm at elevated levels, supported in the near term by a large share of the fleet being fixed forward. This resilience persisted despite a softer freight market, reflecting pressure from growing vessel suppl
Slide 9: Last 10 Year 6-12 Month TC Rates ($/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 February 20, 2026 50,000 40,000 February 20, 2026 $/ day $/ day $28,000/day 40,000 $36,000/day 30,000 30,000 $17,944 $22,616 20,000 20,000 $10,825 $13,313 10,000 10,000 0 0 Aug 20 Aug
Slide 10: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025p 2026p 2027p USA 2.6 1.5 2. 2.9 2.3 -3.5 5.9 1.9 2.9 2.8 2.1(2.0) 2.4(2.1) 2.0 Eurozone 2.0 1.8 2.4 1.8 1.2 -6.6 5.3 3.4 0.5 0.9 1.4(1.2) 1.3(1.1) 1.4 Japan 0.5 1.0 1.8 1.0 0.7 -4.8 2.2 1.0 1.4 -0.2 1.1(1.1) 0.
Slide 11: Age Profile and Orderbook
Age Profile and Orderbook Age Profile Containership Orderbook(1) 29% 16% 21% 20% 13% 8.0 For delivery in 26/27/28+ (as of Feb-26) 9.0 ▪ 8000+: 80 / 160 / 416 17.6% 7.0 1.8 ▪ 3-7,999: 54 / 94 / 179 8.0 ▪ 100-2,999: 114 / 144 / 107 6.0 7.0 0.9 0.1 5.0 6.0 mTEU 2.4 4.0 5.0 5.2 mTEU 10.8% 8.5% 2.1 4.0 4
Slide 12: Fleet Age Profile and Orderbook, 1000-3000 TEU
Fleet Age Profile and Orderbook, 1000-3000 TEU Age Profile Containership Orderbook(1) 1.6 23% 15% 9% 25% 28% 0.4 7.8% 1.4 1.2 0.3 0.7 0.6 1.0 0.5 3.9% 3.8% mTEU mTEU 0.8 0.2 0.6 0.4 0.5 2.4% 2.4% 0.6 0.4 0.7 0.1 0.1 0.4 0.2 0.3 0.2 0.3 0.0 0.1 0.1 0.1 0.0 0-4 5-9 10-14 15-19 20+ 2020 2021 2022 2023
Slide 13: Fleet Age Profile and Orderbook, 3,000-7,999 TEU
Fleet Age Profile and Orderbook, 3,000-7,999 TEU Age Profile Containership Orderbook(1) 3.5 0.8 16.7% 1.6% 16.1% 36.9% 28.7% 9.9% 0.7 3.0 ~6.7% 0.6 2.5 0.8 0.5 ~5.0% 2.0 mTEU mTEU 0.7 0.4 3.8% 1.5 0.3 0.3 2.0 2.3% 1.0 0.6 0.2 1.5 0.5 1.0 0.1 0.7 0.0 0.0 0.1 0.0 0-4 5-9 10-14 15-19 20+ 2020 2021 2022
Slide 14: 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 15: Outlook Summary
Outlook Summary ▪ Container shipping markets continue to exhibit mixed trends. Time charter rates remain strong, supported by much of the fleet being fixed forward; however, weaker freight rates, firm fleet growth, macroeconomic uncertainty, and the strong possibility of ships being rerouted again v
Slide 16: 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 February 20, 2026, 1YR TC 50,000 rate for 2,500 TEU vessel stands 30 mm USD $/ day at $36,000/day 40,000 20 30,000 20,000 10 10,000 0 2016 2017 2018 2020 2021
Slide 17: Financial Overview
Financial Overview 4 EUROSEAS 1p
Slide 18: Financial Highlights: Q4 and 12M of 2024 and 2025
Financial Highlights: Q4 and 12M of 2024 and 2025 Fourth Quarter Twelve Months (in million USD except per share amounts) 2024 2025 Change(%) 2024 2025 Change(%) Net Revenues 53.31 57.39 7.7% 212.90 227.87 7.0% Net Income 24.39 40.49 66.0% 112.78 136.97 21.5% Earnings per Share, Diluted 3.49 5.79 65.
Slide 19: Fleet Data: Q4 and 12M of 2024 and 2025
Fleet Data: Q4 and 12M of 2024 and 2025 Q4 12M 2024 2025 2024 2025 Fleet (#) Number of Vessels 23.00 21.22 21.73 22.22 Utilization Operational 99.6% 99.9% 99.7% 99.7% (1) Commercial 100.0% 100.0% 100.0% 100.0% Rate (%) Overall 99.6% 99.9% 99.7% 99.7% TCE ($/day/vessel) Time Charter Equivalent (2) $2
Slide 20: Contract Coverage: A Forward Look
Contract Coverage: A Forward Look 2026 2027 2028 Average # of Vessels 20.2 19.5 23.2 Calendar Days 7,402 7,121 8,485 Available Days 7,366 6,999 8,470 Voyage Days 7,208 6,869 8,294 Total Utilization Rate 98% 98% 98% Contracted Days 6,380 4,979 3,453 Contract Coverage 87% 71% 41% Average Contracted Ra
Slide 21: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile 50.0 $30.0m (2 vessels) $20.0m (4 vessels) $26.4m (2 vessels) 40.0 Cost of Funding: ▪ As of December 31, 2025, outstanding bank debt is 30.0 $218.6m with average margin of about 2.01%; 20.0 $m 30.0 assuming 3M SOFR(1) of 3.67%, our cost of senior debt 20
Slide 22: Balance Sheet Highlights
Balance Sheet Highlights Capital Structure Dec 2025 ($m) Notes Assets 700 ▪ Cash & Other current assets: $198.7m ▪ Advances for NB vessels: $35.9m Cash & Other ▪ Vessels book value (incl. vessel held for sale): $465.9m 600 Assets ▪ Total assets (at book value): $700.5m Shareholders' 500 Equity (Net
Slide 23: 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