Costamare Bulkers Holdings Limited · NYSE:CMDB
Costamare Bulkers — Q4 2025 Earnings Presentation
12 slides from Costamare Bulkers's earnings presentation, Feb 20, 2026
Slide 1: Fourth Quarter 2025 Financial Results Conference Call
Fourth Quarter 2025 Financial Results Conference Call February 20, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements”. In some cases, you can identify these statements by forward-looking words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”, “plan”, “potential”, “may”, “should”, “could”, “expect” and simi
Slide 3: Highlights (1/4): Q4 2025 Financial Results
Highlights (1/4) Q4 2025 – Financial Results ► Q4 2025 Adjusted Net Loss(1) of $1.7 million ($0.07 loss per share). ► Q4 2025 liquidity of $311.0 million(2). ► Debt(3) of $155.6 million, Cash(4) of $226.3 million / Negative net debt(5) of $70.7 million as of the end of Q4. Notes 1. Adjusted Net Loss
Slide 4: Highlights (2/4): Operating Platform – Agreement with Cargill
Highlights (2/4) Operating Platform – Effective Conclusion of Agreement with Cargill ► FFA, Forward Cargo Book and Chartered-in vessels(1) have been transferred to Cargill. ► Current focus on Kamsarmax vessels. ► 20(2) chartered-in dry bulk vessels from third-party owners of which: ❖ 6 Capesize vess
Slide 5: Highlights (3/4): Fleet Renewal - Sale and Purchase Activity
Highlights (3/4) Fleet Renewal - Sale and Purchase Activity ► Vessel Disposals ❖ Agreement for the sale of the 2011-built, 180,643 DWT capacity dry bulk vessel, Miracle (expected conclusion within Q1 – Q2 2026): ▪ Estimated capital gains of approximately $7.0 million. ▪ $4.7 million profitability(1)
Slide 6: Highlights (4/4): Owned Fleet and Employment Strategy
Highlights (4/4) Owned Fleet and Employment Strategy ► 31(1) owned dry bulk vessels of a total capacity of approximately 2.8 million DWT: ❖ 7 Capesize vessels all of which are on period charters. ❖ 7 Kamsarmax vessels out of which 6 are on period charters. ❖ 9 Ultramax vessels out of which 7 are on
Slide 7: Market Environment
Market Environment (1) Average Baltic TC Rates Forward Freight Agreements Curve – Cal 26 30.000 50.000 28,805 40.000 25.000 30.000 20.000 23,159 20.000 16,515 15,342 16,227 15.000 14,354 10.000 0 10.000 5.000 C5TC P5TC S11TC Orderbook for Dry Bulk Vessels C5TC P5TC S11TC 24,00% 20,00% ► Charter rate
Slide 8: Thank you! Q&A
Thank you! Q&A Costamare B ulkers Holdings Limited 8
Slide 9: Appendix I - Net Loss to Adj. Net Loss Reconciliation
Appendix I - Net Loss to Adj. Net Loss Reconciliation Expressed in thousands of U.S. dollars, Three-month period ended December 31 Adjusted Net Loss and Adjusted Losses per Share represent Net Loss before deferred charter-in expense, non-recurring expenses for realignment of operating platform, gene
Slide 10: Appendix II – Owned Dry Bulk Fleet Utilization
Appendix II – Owned Dry Bulk Fleet Utilization (1) We calculate utilization of our owned dry bulk fleet (including vessels chartered-in by CBI) by Three-month period ended December 31 dividing (i) the aggregate number of our on-hire days and ballast days (excluding dry dock ballast days) in a period
Slide 11: Appendix III – Owned Vessels Fleet List
Appendix III – Owned Vessels Fleet List (1) # Vessel Name Type Capacity (DWT) Year Built Type Capacity (DWT) % 1 FRONTIER Capesize 181,415 2012 2 MIRACLE (2) Capesize 180,643 2011 Capesize 1,253,703 44% 3 PROSPER Capesize 179,895 2012 Kamsarmax 571,596 20% 4 DORADO Capesize 179,842 2011 5 MAGNES Cap
Slide 12: Appendix IV – Chartered-In Vessels Fleet List
Appendix IV – Chartered-In Vessels Fleet List (1) Earliest # Vessel Name Capacity (DWT) Year Built Redelivery to # Vessel Capacity (DWT) Estimated Delivery Owners 1 SHANDONG MIGHTINESS 210,896 2021 September 2026 1 NEWBUILDING 1 81,800 Q2 2026 (2) 2 SHANDONG MISSION 210,800 2021 November 2026 3 SHAN
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