Global Ship Lease Inc New · NYSE:GSL
Global Ship Lease Inc New — Global Ship Lease — Q4 2025 Earnings Presentation
36 slides from Global Ship Lease Inc New's earnings presentation, Mar 5, 2026
Slide 1: 4Q 2025 Results
| 4Q 2025 Results 1 th 4 Quarter Results 2025 Presentation
Slide 2: Disclaimer
Disclaimer | 4Q 2025 Results 2 This presentation does not constitute or form part of, and should not be construed as, an offer to sell or an invitation, solicitation, or inducement to purchase or subscribe for securities with respect to any transaction, nor shall it or any part of it form the basis
Slide 3: Safe Harbor Statement
Safe Harbor Statement | 4Q 2025 Results 3 This presentation contains forward-looking statements. Forward-looking statements provide our current expectations or forecasts of future events. Forward-looking statements include statements about our expectations, beliefs, plans, objectives, intentions, as
Slide 4: 4Q & FY2025 Results, and Selected Highlights
4Q & FY2025 Results, and Selected Highlights | 4Q 2025 Results 4 Geopolitical tensions & regulatory instability 4Q 2025 FY 2025 Contracted revenues: $2.24 billion, over 2.7 years¹ Revenue $190.9 million $766.5 million Fleet contract coverage¹: 99% for 2026, 81% for 2027 Net Income $100.2 million $40
Slide 5: Five Year Review: Our Transformative Performance
Five Year Review: Our Transformative Performance | 4Q 2025 Results 5 FY 2020 5 Year Change FY 2025 Revenue $282.8 million 2.71x $766.5 million Net Income $37.6 million 10.82x $406.9 million Normalized Net Income¹ $49.1 million 7.46x $366.4 million Adjusted EBITDA¹ $161.7 million 3.22x $521.4 million
Slide 6: We Continue to Build Contract Cover with Top Tier, Diversified Charterer Base
We Continue to Build Contract Cover | 4Q 2025 Results 6 with Top Tier, Diversified Charterer Base ONE 1% RCL 1% (Singapore) (Thailand) COSCO / OOCL 5% (China, incl. Hong Kong) CMA CGM 15% (France) $2.24 billion Contracted revenues @ December 31, 2025¹ ² MSC 28% (Switzerland) Share of 2.7 years of av
Slide 7: We Allocate Capital Dynamically through the Cycle
We Allocate Capital Dynamically through the Cycle | 4Q 2025 Results 7 Capital allocation driven by relative Consideration of risks to cash flows, Capitalize on cycle to generate long- returns, adjusted for risk and sustainability and profitability of term value for shareholders business through the
Slide 8: We Use the Cycle to Create Significant Long-Term Value
We Use the Cycle | 4Q 2025 Results 8 to Create Significant Long-Term Value June 2021 February 2021 June 2021 May 2023 Charter Rate & Asset Value Indices (100 = Average 2003 to 9M 2025) 450 4 x ultra-high 7 x 6,000 TEU ships 12 Borealis ships 4 x 8,500 TEU ships reefer ships 400 350 May 2019 November
Slide 9: Opportunistic Purchase of ECO-Upgraded 8,600s “Three for the Price of One”
Opportunistic Purchase of ECO-Upgraded 8,600s | 4Q 2025 Results 9 “Three for the Price of One”, with Significant Upside Potential¹ Recently Purchased Ships Charters & Upside Potential Funding 3 x 8,600 TEU, built 2010/11 Chartered to CMA CGM at below-market $90 million aggregate purchase price rates
Slide 10: 2025 Financials & Highlights
2025 Financials & Highlights | 4Q 2025 Results 10 P&L Balance Sheet Shareholder Returns Revenue: $766.5 million, up from $711.1 Gross debt: $694.7 million, up from $691.1 Supplemental dividend introduced in 2Q24, million for 2024 million at December 31, 2024 increasing quarterly dividend by 20%, to
Slide 11: We De-lever to De-risk, Grow Equity Value, and Increase Optionality
We De-lever to De-risk, | 4Q 2025 Results 11 Grow Equity Value, and Increase Optionality De-Risking of Balance Sheet Continues¹ Reduced Financial Leverage² Increases Resilience & Flexibility 1000 950 9.0 8.4 Adj. Net Debt / Adj. EBITDA (x)2 900 8.0 Debt Outstanding ($ mm)¹ 823 800 7.0 691 695 700 6.
Slide 12: Our Low Cost of Debt & Low Break-Even Rates
Our Low Cost of Debt & Low Break-Even Rates: | 4Q 2025 Results 12 Strong Platform to Manage Cycle & Build Value Strong Credit Profile has Reduced Borrowing Costs1 Minimizing Vessels’ Average Daily Break-Even Rates 2 Daily interest expense paid (net of paid interest rate caps income) 8.00% 7.56% 7.59
Slide 13: We Provide Mid-Size & Smaller Containerships: Flexible Assets & Backbone of Global Trade
We Provide Mid-Size & Smaller Containerships: | 4Q 2025 Results 13 Flexible Assets & Backbone of Global Trade GSL focus High-reefer, mid-size & smaller containerships ~74% Deployment of sub-10,000 TEU ships: everywhere¹ Proportion of global containerized trade volume in non - Mainlane trades² Sub-10
Slide 14: Key Middle East Chokepoints Effectively Closed
Key Middle East Chokepoints Effectively Closed¹ | 4Q 2025 Results 14 Geopolitical tensions, trade disruptions, tariffs Strait of Hormuz & Persian Gulf Red Sea & Suez Normally, ~20% of containerized trade Normally, ~3-4% of containerized trade volumes move through Red Sea & Suez² volumes move through
Slide 15: Impact of US Tariffs & China’s Reaction is Unpredictable
Impact of US Tariffs & China’s Reaction is Unpredictable; | 4Q 2025 Results 15 2019 Trade Tensions may be Instructive (Directionally) China / US Mainlane Reduced direct trade, following 2019 tariffs Disruption to China-focused supply chains Negative impact on very large containerships dependent on (
Slide 16: Regulatory Instability Driven by Geopolitical Tensions
Regulatory Instability Driven by Geopolitical Tensions | 4Q 2025 Results 16 USTR, China Port Fees, IMO Net Zero: Deferrals & Suspensions USTR Port fees introduced by US in October 2025, targeting Chinese tonnage Industry successfully adapting to manage / mitigate exposure, helped by a lead time of s
Slide 17: Supply-Side Trends: Idle Capacity Minimal, Scrapping Still Largely on Hold
Supply-Side Trends: | 4Q 2025 Results 17 Idle Capacity Minimal, Scrapping Still Largely on Hold Idle Capacity of Global Containership Fleet Remains Minimal¹ 3.0 12,000+ TEU 14.0% 7,600-11,999 TEU Idle Fleet Ratio (Green Line) 2.7 0.8% 12.0% Idle Capacity (TEU mm) 5,200-7,599 TEU 2.4 3,900-5,200 TEU
Slide 18: Overall Orderbook is Meaningful, but Our Sector-Focused Fundamentals Remain Supportive
Overall Orderbook is Meaningful, | 4Q 2025 Results 18 but Our Sector-Focused Fundamentals Remain Supportive Orderbook & Fleet Ratios, by Size Segment¹ Sub-10,000 TEU Deliveries v. Age Profile¹ • Median age for 10,000+ TEU fleet: 7.0 years 34.5% 9.0 55.5% 3.5 • • Median age for sub-10,000 TEU fleet:
Slide 19: Charter Market Rates Firm for Now, but Forward Visibility Limited
Charter Market Rates Firm for Now, | 4Q 2025 Results 19 but Forward Visibility Limited & Sentiment Cautious Short Term (6 – 12 Months) Charter Market Index, 2021 – 2025¹ 250 Market Rates (Indicative) Ship Size (TEU) $ / Day 200 * Average break-even rates 2,200 – 2,999 25,000 $9,832 per vessel per da
Slide 20: Summary
Summary | 4Q 2025 Results 20 1 Forward visibility on cash flows: $1.26 billion added to contracted revenues, resulting in forward contract cover of $2.24 billion over 2.7 years¹ 2 High levels of macro, geopolitical, and regulatory uncertainty; we are focused on maximizing optionality, to manage risk
Slide 21: Appendix
| 4Q 2025 Results 21 ▪ Financial Statements ▪ EBITDA Calculator & CAPEX Guidance Appendix ▪ ▪ Reconciliation of Non-GAAP Financial Measures Debt Structure ▪ Decarbonization & Associated Regulations
Slide 22: Financial Statements: Balance Sheet at December 31, 2025 (Unaudited)
Financial Statements: Balance Sheet at December 31, 2025 (Unaudited) | 4Q 2025 Results 22 (Expressed in thousands of U.S. dollars, except share data) December 31, 2025 December 31, 2024 ASSETS CURRENT ASSETS Cash and cash equivalents $ 273,876 $ 141,375 Time deposits 199,100 26,150 Restricted cash 5
Slide 23: Financial Statements: P&L for 4Q25 & FY 2025 (Unaudited)
Financial Statements: P&L for 4Q25 & FY 2025 (Unaudited) | 4Q 2025 Results 23 (Expressed in thousands of U.S. dollars) Three months ended December 31, Year ended December 31, 2025 2024 2025 2024 OPERATING REVENUES Time charter revenues $ 187,351 $ 181,430 $ 752,965 $ 705,529 Amortization of intangib
Slide 24: Financial Statements: Cash Flow for 4Q25 & FY 2025 (Unaudited)
Financial Statements: Cash Flow for 4Q25 & FY 2025 (Unaudited) | 4Q 2025 Results 24 (Expressed in thousands of U.S. dollars) Three months ended December 31, Years ended December 31, 2025 2024 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME $ 102,605 $ 92,564 $ 416,455 $ 353,628 ADJUSTMENT
Slide 25: Adjusted EBITDA and Operating Cash Flow Calculator (Illustrative)
Adjusted EBITDA and Operating Cash Flow Calculator (Illustrative) | 4Q 2025 Results 25 The table below presents our illustrative calculator for our fleet for 2025 and 2026, based on historical performance, contracted revenue, and assumed expenses, Capitalized and Drydocking Expenses, Finance Expense
Slide 26: CAPEX Guidance
CAPEX Guidance | 4Q 2025 Results 26 Indicative CAPEX, based on average costs FY2024 – FY2025 and adjusted for annualized inflation modelled at 2.5% and 1.40% for 2026 and 2027, respectively ▪ Average special survey & dry-docking for 2026 and 2027: ~$3.48 million (15 vessels) and $3.53 million (9 ves
Slide 27: Adjusted EBITDA & Normalized Net Income – Reconciliation (1/2)
Adjusted EBITDA & Normalized Net Income – Reconciliation (1/2) | 4Q 2025 Results 27 (Expressed in thousands of U.S dollars) Reconciliation of Non-U.S. GAAP Adjusted Financial Measures EBITDA - Unaudited Three months Three months Year ended Year ended Year ended ended ended Adjusted EBITDA December 3
Slide 28: Adjusted EBITDA & Normalized Net Income – Reconciliation (2/2)
Adjusted EBITDA & Normalized Net Income – Reconciliation (2/2) | 4Q 2025 Results 28 (Expressed in thousands of U.S dollars) Normalized Net Income Normalized Net Income - Normalized net income represents net income available to common Unaudited shareholders, after adjusting for certain non-recurring
Slide 29: Year-End Adj. Net Debt to Adj. EBITDA - Reconciliation
Year - End Adj. Net Debt to Adj. EBITDA - Reconciliation | 4Q 2025 Results 29 (Expressed in thousands of U.S dollars) (Expressed in thousands of U.S dollars, except Adjusted Net Debt / LTM Adjusted EBITDA Ratio) Adjusted Net Debt / Adjusted EBITDA Year Ending 31-Dec-2018 31-Dec-2019 31-Dec-2020 31-D
Slide 30: EPS & Normalized EPS – Reconciliation (1/2)
EPS & Normalized EPS – Reconciliation (1/2) | 4Q 2025 Results 30 (Expressed in thousands of U.S dollars, except share data) EPS – Basic & Fully Diluted Normalized EPS – Basic & Fully Diluted Three Three Three Three months months Year ended Year ended Year ended months months Year ended Year ended Ye
Slide 31: EPS & Normalized EPS – Reconciliation (2/2)
EPS & Normalized EPS – Reconciliation (2/2) | 4Q 2025 Results 31 (Expressed in thousands of U.S dollars, except share data) Reconciliations of Basic and Normalized Basic EPS Reconciliations of Diluted, and Normalized Diluted EPS Three months Three months Three months Three months Year ended Year end
Slide 32: Debt Structure as at December 31, 2025
Debt Structure as at December 31, 2025 | 4Q 2025 Results 32 (Expressed in millions of U.S dollars) Outstanding Balance Collateralized Balloon as at December 31, Interest Repayment Maturity Ships Installment 2025 MSC Tianjin, MSC Qingdao, Kumasi, Ian H, GSL Ningbo, GSL Nicoletta, Manet, Julie, GSL Ch
Slide 33: Revenue origin by country as at December 31, 2025 (unaudited)
Revenue origin by country as at December 31, 2025 (unaudited) | 4Q 2025 Results 33 (Expressed in millions of U.S dollars) Unaudited revenue origin by country 1 Year ended December 31, 2025 Year ended December 31, 2024 Revenue (USD Percentage Revenue (USD Percentage million) of revenue million) of re
Slide 34: Decarbonization Update 1/3
Decarbonization Update 1/3 | 4Q 2025 Results 34 Evolving Regulatory Environment (Highlights) EEXI – (IMO) Energy Efficiency Existing Ship Index. Determined by ship’s technical characteristics. Pass or fail. Compliance required by ship’s first annual IAPP survey after January 1, 2023 CII – (IMO) Carb
Slide 35: Decarbonization Update 2/3
Decarbonization Update 2/3 | 4Q 2025 Results 35 Expected Implications for Global Containership Fleet Reduced operating speeds to disproportionately reduce fuel consumption and emissions. Decrease in average operating speed of global fleet by one knot would reduce effective supply by ~6% [Red Sea dis
Slide 36: Decarbonization Update 3/3
Decarbonization Update 3/3 | 4Q 2025 Results 36 GSL Actions to Maintain Commercial Positioning of Fleet¹ Engine Power Limiters (EPLs) installed, where appropriate, to facilitate compliance with EEXI Retro-fitting Energy Saving Technologies (ESTs) to ships, for regulatory compliance / commercial valu