Seanergy Maritime Holdings Corp. · NASDAQ:SHIP
Seanergy Maritime — Q4 2025 Earnings Presentation
17 slides from Seanergy Maritime's earnings presentation, Feb 17, 2026
Slide 1: Fourth Quarter & Full Year 2025 Financial Results Presentation
Fourth Quarter & Full Year 2025 Financial Results Presentation Seanergy Maritime Holdings Corp. 1
Slide 2: Important Disclosures
Important Disclosures This document contains forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding the Company’s management’s expectations, hopes, beliefs, intentions or strategies regarding the future and other statements that are other than st
Slide 3: A Strong Year of Profitability and Strategic Fleet Renewal
A Strong Year of Profitability and Strategic Fleet Renewal Consistent Profitability ✓ 5 years of profitability Financial Performance Snapshot ✓ Adj EPS of $0.68 and $1.28 in 4Q25 and FY25 respectively ✓ Approximately $51 million of market value gains on 13 vessel acquisitions since 2021, Q4 2025 FY
Slide 4: Consistent Capital Returns
Consistent Capital Returns Since Q4 2021 $42.6 million $8.5 million $10.1 million $35.1 million in regular dividends1 in special dividends in share and warrant in convertible note ✓ Declared $0.20/share dividend for Q4 2025 buybacks buybacks2 ✓ $0.43/share in total FY 2025 cash dividends ($9.1m) $45
Slide 5: Strong Commercial Performance & Earnings Visibility
Strong Commercial Performance & Earnings Visibility US$ per day ▪ Strong TCE Performance: $35,000 Consistently tracking and monetizing the Capesize cycle ➢ Q4 2025: $26,614 $30,000 ➢ FY 2025: $20,937 $25,000 $20,000 ▪ 96.3% fleet utilization FY 2025, reflecting robust $15,000 operational efficiency
Slide 6: Newbuildings: Prompt Deliveries at Attractive Pricing
Newbuildings: Prompt Deliveries at Attractive Pricing Vessel Size (dwt) Yard Scrubber Target Delivery Price SHIP 1 181K Hengli Fitted Q2 2027 $75.2m SHIP 2 181K Hengli Fitted Q3 2027 $75.2m SHIP 3 211K Hantong Fitted Q2 2028 $75.8m Capesize NB vs 5-Year Price Spread $80 $20 Prices (Millions) NB Prem
Slide 7: Robust Earnings, Strong Cash Generation, Prudent Leverage
Robust Earnings, Strong Cash Generation, Prudent Leverage ▪ Fifth consecutive profitable year - strong Q4 Profitability Q4 2025 FY 2025 performance, driven by a robust Capesize market Net Revenue $49.4m $158.1m ▪ FY 2025 Adj. EBITDA: $81.7 million, supported by a strong second half Adj. EBITDA1 $28.
Slide 8: High-Quality Earnings with Durable Cash Flow
High-Quality Earnings with Durable Cash Flow ▪ FY 2025 TCE of $20,937/day, closely aligned with the annual BCI average, supported by a balanced chartering strategy between index exposure and fixed-rate conversions. ▪ FY 2025 Adj. EBITDA1 of $81.7m, significantly above the Company’s five-year average
Slide 9: Strong Balance Sheet with Downside Protection
Strong Balance Sheet with Downside Protection ▪ Total debt outstanding of approx. $25.0 $294 million (gross of deferred Debt per vessel Millions $20.0 finance fees). $15.0 ▪ Fleet LTV reduced to approx. 43%, $10.0 driven by prudent refinancing actions Fleet LTV: 43% and resilient vessel valuations.
Slide 10: Meaningful Earnings Upside in a Strong Capesize Market
Meaningful Earnings Upside in a Strong Capesize Market ▪ Seanergy is expected to strongly benefit from any upward movement in the Capesize market: 1 ➢With BCI 2026 TCE rate at current FFAs , FY26 - EBITDA should reach ca. $122m ➢With BCI 2026 TCE rate at the levels of 2025 Average, FY26 - EBITDA sho
Slide 11: Capesize Demand Growth
Capesize Demand Growth ▪ 2025 record Brazil Iron Ore exports: 7.1% growth compared to total global iron ore volumes growth of 2.2% from 2024 Capesize Demand Highlights ▪ Bauxite Export Growth: Up 18% 2025 vs 2024. So far, growth of 14% (in millions of tons) 2025 2024 Y-o-Y Change y-o-y in the first
Slide 12: Tightening Fleet Supply Amid Environmental Regulations
Tightening Fleet Supply Amid Environmental Regulations ▪ Low orderbook: OB about 12% of current fleet, compared to 9% of fleet at or above 20 years old ▪ Cape fleet growing older: Within 2026 about 40% of the existing fleet will surpass 15 years of age, highlighting the need for fleet replacement to
Slide 13: Thank you
seanergy Thank you
Slide 14: Appendix: Definitions & Reconciliations
Appendix: Definitions & Reconciliations 14
Slide 15: Definitions
Definitions Adjusted EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") represents the sum of net income / (loss), net interest and finance costs, depreciation and amortization and, if any, income taxes during a period. EBITDA is not a recognized measurement under U.S.
Slide 16: Reconciliations
Reconciliations EBITDA Reconciliation Amounts in $ thousands FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Net (loss)/income -18,356 41,348 17,239 2,282 43, 472 21,242 Add: Net interest and finance cost 23,398 17,717 14,995 20,150 19,437 20,861 Add: Depreciation and amortization 15,040 19,944 28,2
Slide 17: Reconciliations (Cont’d)
Reconciliations (Cont’d) Daily TCE Reconciliation Amounts in $ thousands, except for TCE and operating days Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net revenues from 29,666 32,847 32,963 27,153 17,384 27,646 23,1
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