Slide 1: Earnings Presentation Quarter Ended March 31, 2025
Earnings Presentation Quarter Ended March 31, 2025 June 18, 2025 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: 2025 Q1 Financial Highlights
2025 Q1 Financial Highlights Financial Results in million USD except per share figures Q1 2025 Net Revenues 56.3 Net Income 36.9 5.29/ share(2) Adj. Net Income(1) 26.2 3.76/ share(2) (1) Adj. EBITDA 37.1 Dividend Declaration Repurchase Program ▪ Declared a quarterly dividend of $0.65 per share for t
Slide 4: Recent Developments, S&P, Chartering & Operational Highlights
Recent Developments, S&P, Chartering & Operational Highlights ▪ Euroseas signed an agreement to sell M/V Marcos V to an unaffiliated third party, for $50 million. The vessel is S&P scheduled to be delivered to its buyer in October 2025 ▪ M/V Monica: fixed for a min 24 to a max 26 months @ $23,500/ d
Slide 5: Euroholdings Ltd. Spin-off
Euroholdings Ltd. Spin-off ▪ Euroholdings Ltd. was spun off Euroseas Ltd on March 17, 2025 ‒ Three subsidiaries of Euroseas, owning the oldest vessels of Euroseas, were contributed to Euroholdings Ltd. on January 8, 2025 with retroactive effect from January 1, 2025 for 100% of the shares of Eurohold
Slide 6: Current Fleet Profile
Current Fleet Profile Current on the water fleet is comprised of 22 vessels with an average age of 12.8(1) years and a carrying capacity of 67.5k TEU. Two vessels, each with a capacity of 4,300 TEU, are expected to be delivered in the fourth quarter of 2027 Name Type Size (DWT) Size (TEU) Year Built
Slide 7: Vessel Employment
Vessel Employment An effective chartering strategy is essential for optimizing revenue across the market cycle 2025 2026 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 MARCOS V $15,000 JONATHAN P $20,000 EM SPETSES $18,10
Slide 8: Market Overview
Market Overview ad EUROSEAS 1p
Slide 9: Containership Market Highlights – Q1 2025
Containership Market Highlights – Q1 2025 ▪ In Q1 2025, one-year time charter rates remained strong due to tight availability and high demand across all vessel sizes. A large portion of the fleet has already been 'fixed forward’. In the first two weeks of June, rates continued to rise and remained a
Slide 10: Last Year 6-12 Month TC Rates ($/day)
Last 10 Year 6-12 Month TC Rates ($/day) 1,700 TEU Geared 2,500 TEU Geared 70,000 80,000 60,000 70,000 60,000 50,000 June 13, 2025 50,000 40,000 June 13, 2025 $/ day $/ day $28,000/day 40,000 $35,000/day 30,000 30,000 20,000 $16,406 $20,486 20,000 $9,715 $11,100 10,000 10,000 0 0 Jul 16 Jul 17 Jul 1
Slide 11: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020 2021 2022e 2023 2024 2025p 2026p USA 2.6 1.5 2. 2.9 2.3 -3.5 5.9 1.9 2.9 2.8 1.8(2.7) 1.7(2.1) Eurozone 2.0 1.8 2.4 1.8 1.2 -6.6 5.3 3.4 0.4 0.9 0.8(1.0) 1.2(1.4) Japan 0.5 1.0 1.8 1.0 0.7 -4.8 2.2 1.0 1.5 0.1 0
Slide 12: Age Profile and Orderbook
Age Profile and Orderbook Age Profile Containership Orderbook(1) 28% 18% 22% 21% 12% For delivery in 25/26/27/28+ (as of June-25) 9.0 5.0 ▪ 8000+: 73/ 93 / 158 / 265 ▪ 3-7,999: 20/ 35 / 31 / 18 10.9% 8.0 1.9 ▪ 100-2,999: 62/ 61 / 52 / 11 4.0 7.0 0.6 0.1 10.8% 6.0 3.0 mTEU 7.3% 5.0 2.1 7.0% mTEU 4.3
Slide 13: Fleet Age Profile and Orderbook, 1000-3000 TEU
Fleet Age Profile and Orderbook, 1000-3000 TEU Age Profile Containership Orderbook(1) 25% 14% 9% 28% 25% 0.4 1.6 7.8% 1.4 0.3 1.2 0.6 1.0 0.6 0.6 mTEU 0.2 mTEU 0.8 0.6 0.3 ~2.0% 0.6 ~1.9% 0.5 0.1 ~1.3% 0.4 0.7 0.1 0.3 0.5% 0.2 0.3 0.3 0.3 0.1 0.1 0.1 0.0 0.0 2020 2021 2022 2023 2024 2025e 2026e 2027
Slide 14: Different Supply Outlook for Feeders & Intermediate Containerships
Different Supply Outlook for Feeders & Intermediate Containerships ▪ Orderbook primarily concentrated on large containerships ‒ Capacity growth will be significant in vessel sizes employed in the main lane routes ‒ Regional distribution is done by “feeders”: the more main lane volume, the more feede
Slide 15: Outlook Summary
Outlook Summary ▪ In the remainder of 2025, the container shipping market will be determined by three major factors, including: ‒ Possible rerouting of ships through Suez, ‒ The result of the U.S. Administration’s tariff imposition, and ‒ Geopolitical events and especially the war between Iran and I
Slide 16: Market Evolution
Market Evolution Cont 2,500 TEU One-Year Time Charter Rate Cont 2,500 TEU – NB & 10 Year Old Price 60 90,000 80,000 50 70,000 60,000 40 As of June 13, 2025, 1YR TC rate 50,000 for 2,500 TEU vessel stands at $/ day 30 mm USD $35,000/day 40,000 30,000 20 20,000 10 10,000 0 0 2015 2016 2017 2018 2019 2
Slide 17: Financial Overview
Financial Overview ad EUROSEAS 1p
Slide 18: Financial Highlights: Q1 2024 and 2025
Financial Highlights: Q1 2024 and 2025 First Quarter Six Month (in million USD except per share amounts) 2024 2025 Change(%) Net Revenues 46.72 56.35 20.6% Net Income 20.00 36.91 84.6% Earnings per Share, Diluted 2.87 5.29 84.3% (1) Interest & Finance Costs, Net 1.25 3.40 Depreciation 5.44 8.05 (Gai
Slide 19: Fleet Data for Q1 of 2024 and 2025
Fleet Data for Q1 of 2024 and 2025 Q1 12M 2024 2025 Fleet (#) Number of Vessels 19.60 23.68 Utilization Operational 99.9% 99.2% (1) Commercial 99.8% 100.0% Rate (%) Overall 99.7% 99.2% TCE ($/day/vessel) Time Charter Equivalent (2) $27,806 $27,563 Vessel Opeating Expenses (excl. DD Expense) 7,267 6,
Slide 20: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile 50.0 $7.0m (1 vessel) $30.0m (2 vessels) $20.0m (4 vessels) 40.0 $26.4m (2 vessels) Cost of Funding: 7.0 ▪ As of March 31, 2025, outstanding bank debt is $244.0m with 30.0 average margin of about 2.04%; assuming 3M SOFR(1) of 20.0 $m 18.4 30.0 4.31%, our
Slide 21: Balance Sheet Highlights
Balance Sheet Highlights Capital Structure Mar 2025 ($m) Notes 700 Assets ▪ Cash & Other assets: $106.4m ▪ Advances for NB vessels: $18.1m 600 Cash & Other ▪ Vessels book value: $524.2m Assets ▪ Total assets (at book value): $648.8m Advances for 500 NB vessels Shareholders' Liabilities Equity (Net ▪
Slide 22: Euroseas Contacts
Euroseas Contacts Euroseas Ltd. c/o Eurobulk Ltd 4, Messogiou & Evropis Street 151 24 Maroussi, Greece www.euroseas.gr euroseas@euroseas.gr Tel. +30-211-1804005 Fax.+30-211-1804097 Tasos Aslidis Nicolas Bornozis / Markella Kara Chief Financial Officer Investor Relations Euroseas Ltd. Capital Link, I