Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Q4 2025 Earnings Presentation
15 slides from Star Bulk Carriers's earnings presentation, Feb 26, 2026
Slide 1: Financial Results Q4 2025
FINANCIAL RESULTS Q4 2025 February 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: Q4 2025 Company Highlights
Q4 2025 Company Highlights Q4 Financial Highlights Q4 Daily Figures • Net Income of $65.2 million and Adjusted Net Income(1) of $74.5 million TCE per vessel(3) $19,012 • Adjusted EBITDA(2) of $126.4 million • Declared dividend of $0.37 per share with record date of March Avg. daily OPEX per vessel(4
Slide 4: Creating Value for Shareholders
Creating Value for Shareholders Total Shareholder Value Creation (in $million) Dividends & Share Buybacks (in $million) Total actions of $3.0 billion in shareholders value $546 $527 creation since 2021 $20.1 $445 $393.1 $10.3 Dividend $978 Payments $275 Share Buybacks $525.9 $25.3 $1,409 $435.0 $163
Slide 5: Cash walk Q4 2025
Cash walk Q4 2025 Q4 2025 Cash Flow Bridge (USD million) $800.0 ($ 75.8) $700.0 $130.0 ($ 12.5) ($ 49.5) $600.0 ($ 22.7) $32.4 ($ 54.6) ($ 3.5) $500.0 $101.1 $400.0 $300.0 $501.9 $457.2 $200.0$104.3 (1) $100.0$268.5 $0.0 Cash at Cash from Cash proceeds New Debt Debt Dividend Scheduled Repurchase of
Slide 6: 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) $6.0 $5.3 Approximate Daily TCE rate with current FFA $5.0 curve $4.7 21.3% 20.0% $4.0 18.7% Free cash flow /share ($/share) $4.0 16.1% $3.4 Cash yield % $3.0 13.5% $2.7 10.9%
Slide 7: 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 Q4 2025 vessel OPEX(1) were $5,045 per vessel per day • Net cash G&A(2) expenses per vessel per day were $1,399 for Q4 2025 • We are consistently in the to
Slide 8: 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 8 Newbuilding Kamsarmax contracts, we have a total amount of $206.6 million remaining CAPEX. $206.6 $204.0 • Secured up to $130.0 million debt against 5 newbuild
Slide 9: 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 141 vessels, on a fully delivered basis(1), with an average age of ~12.1 years • On October, we entered into three novation and amendment agreements with Hengli
Slide 10: Driving Progress Across ESG Priorities
Driving Progress Across ESG Priorities • Despite the postponement of the approval of the IMO Net Zero Framework in October 2025, we continued to renew the Star Bulk fleet by divesting older, less efficient vessels and upgrading the remaining fleet with energy-saving devices, shaft power limitation,
Slide 11: Dry Bulk Supply Update
Dry Bulk Supply Update Dry bulk NET fleet growth +3.0% during full year 2025 Dry Bulk Fleet Growth • Full 2025 deliveries: 36.2 mil. dwt / Up from 33.8 mil. dwt • Full 2025 demolition: 5.2 mil. dwt / Up from 3.8 mil. dwt Orderbook increased to ~12.8% of the fleet (~136.0 mil. dwt) • Full 2025 contra
Slide 12: Dry Bulk Demand Update
Dry Bulk Demand Update Dry Bulk Trade TOTAL dry bulk trade in 2025, estimated at +1.3% in tons / +2.1% in ton-miles. 2020 2021 2022 2023 2024 2025 (e) 2026 (f) (Million tons) • Dry bulk trade supported by record bauxite and minor bulk volumes, along side a Iron ore 1,505 1,520 1,472 1,540 1,593 1,62
Slide 13: Appendix
APPENDIX STAR BULK 13
Slide 14: Q1 2026 Fleet Coverage
Q1 2026 Fleet Coverage Fleet coverage for Q1 2026 Vessel Segment Coverage(1,2) • Fleet wide coverage for Q1 2026 of 84% at a TCE of Newcastlemax /Capesize 34 vessels $17,919/day (1,2) • Flexible chartering policy diversified across vessel 21% segments $26,227/day 79% ▪ Fixed days % Vessel Segment Co
Slide 15: 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