Ernst Russ Ag · XETR:ERAG
Ernst Russ — Metzler Small Cap Days 2026
21 slides from Ernst Russ's conference presentation, Apr 14, 2026
Slide 1: Metzler Small Cap Days
ERNST RUSS AG Metzler Small Cap Days Frankfurt 14 April 2026
Slide 2: Agenda
ERNST RUSS AG METZLER SMALL CAP DAYS Agenda 1 Introduction Ernst Russ 2 Ernst Russ Fleet 3 Financial Highlights 2025 & Forecast 2026 4 Strategic Outlook
Slide 3: Ernst Russ' role in international shipping
ERNST RUSS AG METZLER SMALL CAP DAYS 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 Crewing Brokerage (Insurance, Sale & P
Slide 4: Container Shipping – Charter Market
ERNST RUSS AG METZLER SMALL CAP DAYS Container Shipping – Charter Market Development of freight and charter rates Market Overview: 6000 Geopolitical Impact: Continued Red Sea re-routing supported TEU-mile demand 5000 and reshaped global trade flows. Trade policies: US–China tariff volatility 4000 pr
Slide 5: Ernst Russ Fleet
ERNST RUSS AG METZLER SMALL CAP DAYS Ernst Russ Fleet 27 18 x Container-Feeder Vessels on Water (800-3,000 TEU) 4x Cont. Intermediate 2 (3,000-5,000 TEU) Vessels on Order 1x Cont. Neo Panmax (10,000-15,000 TEU) ≈ USD 597 m Multipurpose Market value fleet 3x (13,000 dwt) %% %% 1x Bulker 16.6 years (4
Slide 6: Duration of Charter Parties
ERNST RUSS AG METZLER SMALL CAP DAYS Ø Charter Duration of Charter Parties Duration 28.2 months Name Ownership Segment Capacity Year built Apr 26 May 26 Jun 26 Jul 26 Aug 26 Sep 26 Oct 26 Nov 26 Dec 26 Min. Charter Rome Express Ernst Russ Container 13,400 TEU 2010 + Q2/2033 Ronnie Ernst Russ Multipu
Slide 7: Simple Earnings Logic ER-Fleet
ERNST RUSS AG METZLER SMALL CAP DAYS Simple Earnings Logic ER-Fleet Charter Trading OPEX EBITDA Rate Days Charter Rate: The Charterer pays a daily rate to rent an Ernst Russ vessel - average 18,135 USD/day in 2025. Trading days: The number of days the vessels are on-hire - in 2025 the Ernst Russ fle
Slide 8: Financial KPIs 2025
ERNST RUSS AG METZLER SMALL CAP DAYS Financial KPIs 2025 EBIT and EBITDA 158.1 EUR 126 Revenue 2025 EBITDA in EUR m 112 117 EBIT in EUR m 90 93 96 87 Thereof from vessel sales 68 EUR 126.2 m EBITDA 2025 38 30 11 4 63.0 % 2020 2021 2022 2023 2024 2025 Avg. EBITDA ratio last 3 years %% 192.6 % Debt-to
Slide 9: Key Performance Indicators 2025 vs. 2024
ERNST RUSS AG METZLER SMALL CAP DAYS Key Performance Indicators 2025 vs. 2024 EBITDA- margin EBIT and EBITDA Key performance Shipping: Revenue vs. OPEX* Trading days 79.9% indicators on a decreased from 10,338 +35% 126 higher level than to 9,495 previous year 93 96 167 153 Despite a lower 68 Include
Slide 10: Net Income FY 2025
ERNST RUSS AG METZLER SMALL CAP DAYS Net Income FY 2025 In EUR m Highlights EBIT 96.4 The Non-operating result includes in particular exchange rate differences Non-operating result -10.0 Net interest and investment income includes mainly interest on fixed- Net interest and term deposits and overnigh
Slide 11: Balance Sheet 31.12.2025
ERNST RUSS AG METZLER SMALL CAP DAYS Balance Sheet 31.12.2025 Assets ∑ 355.0 ∑ 370.1 EUR m Highlights 226.9 241.2 Strong capitalization for future growth Vessels* Robust balance sheet with equity 110.7 114.3 Liquidity ratio of 79.1% (Adj.**: 84.2%) Other assets 17.4 14.6 31.12.2024 31.12.2025 Strate
Slide 12: Cashflow FY 2025
ERNST RUSS AG METZLER SMALL CAP DAYS Cashflow FY 2025 In EUR m Cashflow EUR m Liquidity Highlights 110.7 01.01.2025 Strong EBITDA leads to positive Cashflow from operating Cashflow operating 86.9 activities Cashflow from investing activities includes proceeds from vessel sales Cashflow from (EUR 61.
Slide 13: Forecast 2026
ERNST RUSS AG METZLER SMALL CAP DAYS Forecast 2026 EUR 145-160 m 97.0% Revenue Utilization Thereof contracted: EUR 138.6 m (2025: EUR 158.1 m) (2025: 97.7 %) EUR 34-44 m 1.20 USD/EUR EBIT FX-Rate © Dietmar Hasenpusch (2025: EUR 96.4 m incl. vessel sales of EUR 42.9 m) (2025: 1.13 USD/EUR) 13
Slide 14: Strategic Roadmap
ERNST RUSS AG METZLER SMALL CAP DAYS Strategic Roadmap Phase 1: Transformation Phase 2: Disciplined Growth Phase 3: Vision Start of the Fleet Modernization Program Diversified yield play focusing on risk mitigation Portfolio Approach ✓ Sale of older Tonnage to rejuvenate fleet ✓ Order of two newbuil
Slide 15: Consistent Progress in Strategy Execution – Some Highlights
ERNST RUSS AG METZLER SMALL CAP DAYS Consistent Progress in Strategy Execution – Some Highlights Ø Charter Duration Optimised charter duration Optimised fixed revenue backlog 28.2 in EUR m 30 months 26,0 +61% 449 25 279 20 15 13,7 10 2024 2025 2026 31.12.2024 31.12.2025 Reduction of non-strategic mi
Slide 16: Diversified yield play focusing on risk mitigation
ERNST RUSS AG METZLER SMALL CAP DAYS Diversified yield play focusing on risk mitigation Multipurpose Container Bulker Tanker Tanker Gas Carrier Gas Carrier / LNG/ LNG Multipurpose sector Multi- 2 MPPs 2 new- acquired buildings in 2026 on order counterparts Exemplary Long term charter duration to red
Slide 17: Ernst Russ Share Overview
ERNST RUSS AG METZLER SMALL CAP DAYS Ernst Russ Share Overview Performance of the share price (XETRA) Extended Research Coverage* 8,00 Metzler („Buy“, target price 10.50 EUR, 26.03.2026) 6,00 mwb Research („Buy“, target price 12.50 EUR, 26.03.2026) 4,00 Montega AG („Buy“, target price 12.00 EUR, 31.
Slide 18: Resilient Amid Disruption – HALO
ERNST RUSS AG METZLER SMALL CAP DAYS Resilient Amid Disruption HALO Heavy Assets Low Obsolescence Substantial physical capital with high replication barriers — Economic relevance that persists across technological cycles — cost, regulation, time-to-build, engineering complexity. assets that AI canno
Slide 19: Financial Calendar 2026
ERNST RUSS AG METZLER SMALL CAP DAYS Financial Calendar 2026 22 April 2026 28 May 2026 4 June 2026 23 June 2026 MKK 3-Month Report AGM 2026 Scale Summit Munich + Earnings Call virtual virtual 24 June 2026 25 August 2026 26 August 2026 12 November 2026 mwb inspired Half-Year Report HIT 9-Month Report
Slide 20: Disclaimer
ERNST RUSS AG METZLER SMALL CAP DAYS 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 con
Slide 21: Thank you for your attention!
ERNST RUSS AG Thank you for your attention! Ernst Russ AG Picture title and back: Adobe Stock © Mariusz Elbchaussee 370 22609 Hamburg Germany ir@ernst-russ.de | +49 40 8888 1 1800