Ernst Russ Ag · XETR:ERAG
Ernst Russ — Münchner Kapitalmarkt Konferenz 2025 (40th Munich Capital Market Conference)
14 slides from Ernst Russ's conference presentation, Nov 12, 2025
Slide 1: Münchner Kapitalmarkt Konferenz
E RN ST RUS S AG Münchner Kapitalmarkt Konferenz 12. November 2025
Slide 2: Content
ERNST RUSS AG MKK 2025 Content 1 Ernst Russ Introduction 2 Market Update & Key Financials 3 Strategic Roadmap 4 Share and Investor Relations 2
Slide 3: Ernst Russ´ role in international shipping
ERNST RUSS AG MKK 2025 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 Insurance Crewing $ $ Charter rate Freight rate $ Sh
Slide 4: Container Shipping – Charter Market
ERNST RUSS AG MKK 2025 Container Shipping – Charter Market Development of freight and charter rates 6,000 Market Overview: Geopolitical Impact: Red Sea closure 5,000 expected to remain through 2025 and into Q1 2026. 4,000 Trade policies: US / China 1-year truce impact remains to be seen. 3,000 Freig
Slide 5: Ernst Russ Journey and Performance
ERNST RUSS AG MKK 2025 Ernst Russ Journey and Performance Q1-Q3 2025 Revenue in EUR m EBITDA [adjusted]* in EUR m and Forecast Q4 2025 192 203 173 Q1-Q3: 93 95 101 91 119 Q1-Q3: 56 68 39 11 2020 2021 2022 2023 2024 2025 Avg. Number of vessels (reporting period) 14 18 29 30 29 27 Average charter rate
Slide 6: Fleet KPIs Q1-Q3 2025
ERNST RUSS AG MKK 2025 Fleet KPIs Q1-Q3 2025 26 19 x Container-Feeder Vessels on Water (30.09.2025) (800-3,000 TEU) 2 4x Cont. Intermediate (3,000-5,000 TEU) Vessels on Order 1x Cont. Neo Panmax $ ≈ USD 557 m Market value fleet (30.09.2025) (10,000-15,000 TEU) 1x Multipurpose (13,000 dwt) 17.1 years
Slide 7: Financial KPIs Q1-Q3 2025
ERNST RUSS AG MKK 2025 Financial KPIs Q1-Q3 2025 Closer Look: Revenue 119.2 EUR € Revenue Q1-Q3 2025 Fixed Revenue Backlog** of USD 433 m as of 30 September 2025 EUR 99.9 m Diversification across a wide range of EBITDA Q1-Q3 2025 charterers Balanced spread of risk regarding 61.3 % duration of charte
Slide 8: Updated Forecast 2025
ERNST RUSS AG MKK 2025 Updated Forecast 2025 EUR 152-162 m 97.0% Revenue Utilization Thereof contracted: EUR 152 m (2024: EUR 172.7 m) (2024: 96.4 %) EUR 48-63 m EUR 87-102 m EBIT from ship operations EBIT incl. vessel sales © Ern st Ru ss AG (2024: EUR 65.8 m) (2024: EUR 67.7 m) 8
Slide 9: Strategic Roadmap
ERNST RUSS AG MKK 2025 Strategic Roadmap Vision Quality at scale with Disciplined Growth long-term stability Transformation Diversified yield play focusing on risk mitigation Long term goals: Clear structures and enhanced market Position Ernst Russ AG as a Goal: and investor visibility leading liste
Slide 10: Transformation started in 2025
ERNST RUSS AG MKK 2025 Transformation started in 2025 Generate Increase the visibility Reduce non-strategic minority sustainable profitability of the share interests in the fleet Shipping markets present unexpected Greater visibility aims at leveraging the Reducing the minority interests in the geop
Slide 11: Portfolio strategy – 1st executed project
ERNST RUSS AG MKK 2025 Portfolio strategy – 1st executed project Deal Vessel highlights Employment concept Eimskip & Ernst Russ Joint Venture „ElbFeeder“ 2,280 TEU containerships Initial 10-year charter contract signed contracts for 2 container vessels with with Eimskip secures long term China Merch
Slide 12: Share and Investor Relations
ERNST RUSS AG MKK 2025 Share and Investor Relations Shareholder Structure with Strong Partner Extended Research Coverage Montega AG („Buy“, target price 10.00 EUR) 24.7% 38.5% mwb Research („Buy“, target price 12.00 EUR) 33.7 m shares Döhle Group Quirin („Buy“, target price 10.00 EUR) J.P.&J.D. Döhl
Slide 13: Disclaimer
ERNST RUSS AG MKK 2025 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 conditions. The
Slide 14: Vielen Dank für Ihre Teilnahme!
E RN ST RUS S AG Vielen Dank für Ihre Teilnahme! Ernst Russ AG Picture title and back: Adobe Stock © Mariusz Elbchaussee 370 22609 Hamburg Germany ir@ernst-russ.de | +49 40 8888 1 1800
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