Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Q2 2026 Earnings Presentation
20 slides from Eurodry's earnings presentation, Aug 6, 2026
Slide 1: Earnings Presentation
Earnings Presentation Quarter Ended June 30, 2026 August 06, 2026 1
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: 2026 Second Quarter Financial Highlights
2026 Second Quarter Financial Highlights Financial Results in $m, unless otherwise indicated Q2 2026 Net Revenues $17.70m Net Income Attributable to Controlling Shareholders $6.59m $2.32/share(3) (1) Adjusted Net Income $6.95m $2.44/share(3) Adjusted EBITDA(2) $11.71m Repurchase Program ▪ As of toda
Slide 4: Recent Developments, S&P, Chartering & Operational Highlights
Recent Developments, S&P, Chartering & Operational Highlights S&P ▪ None ▪ Blessed Luck: fixed for about 30-35 days @ $12,500 ▪ Ekaterini: fixed for about 100-110 days @ $20,900 ▪ Santa Cruz: fixed for about 100-120 days @ $19,400 Chartering ▪ Xenia: fixed for about 90-100 days @ $20,000 ▪ Good Hear
Slide 5: Fleet Profile
Fleet Profile EuroDry’s fleet currently consists of 11 vessels with an average age (1) of ~13.8 years and an aggregate carrying capacity of 766k DWT. The Company is further expanding its fleet through the addition of two 63,500 DWT Ultramax vessels and two 82,000 DWT Kamsarmax vessels currently unde
Slide 6: Current Fleet Employment Profile
Current Fleet Employment Profile Fixed rate coverage for the remaining of 2026 is about 28.2% through charters, excluding ships on index charters which are open to market fluctuations but have secured employment 2026 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Q1 Q2 Q3 Q4 Starlight $18,500 $12,
Slide 7: Market Overview
Market Overview 7
Slide 8: Market Highlights 2026 Q2
Market Highlights 2026 Q2 Spot Rates ($/day) 1 Year TC Rates ($/day) Kamsarmax Panamax Supramax Kamsarmax Panamax Supramax 82k DWT 72k DWT 58k DWT 82k DWT 75k DWT 58k DWT Q2-2026 Average 19,261 17,961 19,313 Q2-2026 Average 18,625 17,067 16,740 Q2-2026 last Day (Jun 26) 18,250 16,950 23,000 Q2-2026
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 2025 2026p 2027p USA 2.9 1.8 2.5 3.0 2.6 -2.1 6.2 2.5 2.9 2.8 2.1(2.1) 2.3(2.3) 2.2(2.1) Eurozone 2.1 1.8 2.6 1.8 1.6 -6.0 6.4 3.6 0.4 1.0 1.4(1.4) 0.9(1.1) 1.2(1.2) Japan 1.8 0.7 1.6 0.8 -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 Jul-2026: 14.43% 10.0 0.0 2021 2025 2026 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2022 2023 2024 Orderbook as % of Fleet Current Orderbook ▪ The orderbo
Slide 11: Dry Bulk Fleet Overview
Dry Bulk Fleet Overview Fleet Development(1) 1,400 20 % growth in DWT terms 1,200 m DWT, year start 1,000 15 800 10 600 400 5 200 0 0 2001 2004 2005 2007 2008 2010 2011 2013 2014 2017 2020 2023 2026 2000 2002 2003 2006 2009 2012 2015 2016 2018 2019 2021 2022 2024 2025 2027 2028 Total Bulkcarrier Fle
Slide 12: Outlook Summary
Outlook Summary ▪ Bulkcarrier markets have continued to perform strongly in 2026, supported by resilient dry bulk trade fundamentals. Average Supramax and Panamax time charter rates have risen by approximately 33% YoY, reaching their highest levels in two years and broadly returning to the elevated
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 (2016/Jul 2026) 90,000 35 80,000 30 70,000 25 60,000 20 50,000 As of Jul 31, 2026, 1YR TC rate $/day $m for 75k DWT Panamax vessel stands at $17,125/day 40,000 15 30
Slide 14: Financial Overview
Financial Overview 14
Slide 15: Financial Highlights: Q2 and H1 of 2025 and 2026
Financial Highlights: Q2 and H1 of 2025 and 2026 Q2 6M (in million USD except per share amounts) 2025 2026 Change (%) 2025 2026 Change (%) Net Revenues 11.28 17.70 57.0% 20.49 30.49 48.8% Net Income / (Loss) Attributable to (3.07) 6.59 (6.77) 6.84 Controlling Shareholders Interest & Finance Costs Ne
Slide 16: Fleet Data: Q2 and H1 of 2025 and 2026
Fleet Data: Q2 and H1 of 2025 and 2026 Q2 6M 2025 2026 2025 2026 Fleet (#) Number of Vessels 12.0 11.0 12.4 11.0 Utilization Operational 99.3% 100.0% 99.2% 99.9% Rate(1) Commercial 100.0% 100.0% 99.2% 100.0% (%) Overall 99.3% 100.0% 98.4% 99.9% TCE (2) ($/day/vessel) Time Charter Equivalent $10,428
Slide 17: Indicative EBITDA Calculator
Indicative EBITDA Calculator This slide provides our internal estimates and is meant to assist our shareholders and analysts on how to evaluate and forecast our EBITDA for the following quarters EBITDA Calculator - 2026 Actual H1 2026 Q3 2026 Q4 2026 FY 2026 Number of vessels 11.0 11.0 11.0 11.0 Cal
Slide 18: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile 35.0 30.0 25.0 ▪ As of June 30, 2026, EuroDry has outstanding debt of 20.0 19.0 $98.1m with average margin of about 1.99% $m 15.0 10.2 ▪ Assuming 3Μ SOFR(1) of 3.75%, our cost of senior debt 6.7 as of June 30, 2026 is about 5.74% 1.2 10.0 5.4 5.0 10.8 10
Slide 19: Balance Sheet Highlights
Balance Sheet Highlights Capital Structure (June 30, 2026) ($m) Notes Assets 220.0 ▪ Cash & Other Assets: ~$37.9m ▪ Vessels Book Value: ~$160.2m 200.0 Cash & Other Assets ▪ Advances for NB Vessels: ~$14.4m 180.0 ▪ Total Assets (@ Book Value ) ~$212.5m Advances for NB vessels 160.0 Net Book Value Lia
Slide 20: 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