Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Q1 2026 Earnings Presentation
20 slides from Eurodry's earnings presentation, May 20, 2026
Slide 1: Earnings Presentation Quarter Ended March 31, 2026
Earnings Presentation Quarter Ended March 31, 2026 May 20, 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 First Quarter Financial Highlights
2026 First Quarter Financial Highlights Financial Results in $m, unless otherwise indicated Q1 2026 Net Revenues $12.79m Net Income Attributable to Controlling Shareholders $0.26m $0.09/share(3) (1) (3) Adjusted Net Income $0.33m $0.12/share Adjusted EBITDA(2) $4.87m Repurchase Program ▪ As of today
Slide 4: Recent Developments, S&P, Chartering & Operational Highlights
Recent Developments, S&P, Chartering & Operational Highlights ▪ The Company has signed contracts with Hengli Shipbuilding for the construction of two 82,000 DWT eco Kamsarmax bulk carriers, built to EEDI Phase 3 standards and scheduled for delivery in Q1 and Q2 2028. The total contract value is S&P
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 23.5% 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 Santa Cruz $12,050 $11
Slide 7: Market Overview
Market Overview 7
Slide 8: Market Highlights 2026 Q1
Market Highlights 2026 Q1 Spot Rates ($/day) 1 Year TC Rates ($/day) Kamsarmax Panamax Supramax Kamsarmax Panamax Supramax 82k DWT 72k DWT 58k DWT 82k DWT 75k DWT 58k DWT Q1-2026 Average 14,590 13,290 15,263 Q1-2026 Average 17,148 15,717 14,740 Q1-2026 last Day (Mar 27) 16,050 14,750 14,000 Q1-2026
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 2025p 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(2.4) 2.1(2.0) Eurozone 2.1 1.8 2.6 1.8 1.6 -6.0 6.4 3.6 0.4 0.9 1.4(1.4) 1.1(1.3) 1.2(1.4) 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 May-2026: 13.20% 10.0 0.0 2004 2005 2008 2011 2014 2017 2018 2020 2021 2023 2024 2003 2006 2007 2009 2010 2012 2013 2015 2016 2019 2022 2025 2026 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 ▪ Bulk carrier markets have had a surprisingly strong start to 2026, with earnings proving particularly resilient through what is typically a softer period for bulker markets. Average Supramax and Panamax time charter rates rose by around 8% since Q4, reaching their strongest levels
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/May 2026) 90,000 35 80,000 30 70,000 25 60,000 50,000 20 $/day As of May 15, 2026, 1YR TC rate for 75k DWT Panamax vessel $m stands at $18,000/day 40,000 15 30
Slide 14: Financial Overview
Financial Overview 14
Slide 15: Financial Highlights: Q1 2025 and 2026
Financial Highlights: Q1 2025 and 2026 Q1 na (in million USD except per share amounts) 2025 2026 Change (%) Net Revenues 9.21 12.79 38.9% Net Income / (Loss) Attributable to Controlling Shareholders (3.70) 0.26 Interest & Finance Costs Net (incl. Interest Income) 1.77 1.48 Depreciation 3.22 2.90 Gai
Slide 16: Fleet Data: Q1 2025 and 2026
Fleet Data: Q1 2025 and 2026 Q1 na 2025 2026 Fleet (#) Number of Vessels 12.8 11.0 Utilization Operational 99.0% 99.7% Rate(1) Commercial 98.4% 100.0% (%) Overall 97.4% 99.7% TCE (2) ($/day/vessel) Time Charter Equivalent $7,167 $14,416 Vessel Operating Expenses 6,590 6,590 G&A Expenses 714 889 Tota
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 Q1 Q2 2026 Q3 2026 Q4 2026 FY 2026 Number of vessels 11.0 11.0 11.0 11.0
Slide 18: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile 35.0 30.0 25.0 ▪ As of March 31, 2026, EuroDry has outstanding debt of 20.0 19.0 $100.9m with average margin of about 1.99% $m 15.0 10.2 ▪ Assuming 3Μ SOFR(1) of 3.64%, our cost of senior debt 6.7 as of March 31, 2026 is about 5.63% 1.2 10.0 8.2 5.0 10.8
Slide 19: Balance Sheet Highlights
Balance Sheet Highlights Capital Structure (March 31, 2026) ($m) Notes Assets 220.0 ▪ Cash & Other Assets: ~$31.6m ▪ Vessels Book Value: ~$163.1m 200.0 Cash & Other ▪ Advances for NB Vessels: ~$14.4m Assets 180.0 ▪ Total Assets (@ Book Value ) ~$209.1m Advances for NB vessels 160.0 Net Book Value Li
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