Eurodry Ltd. · NASDAQ:EDRY
Eurodry — Q3 2025 Earnings Presentation
19 slides from Eurodry's earnings presentation, Nov 13, 2025
Slide 1: Earnings Presentation
Earnings Presentation Quarter Ended September 30, 2025 November 13, 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 Third Quarter Financial Highlights
2025 Third Quarter Financial Highlights Financial Results in $m, unless otherwise indicated Q3 2025 Net Revenues $14.4m Net Loss Attributable to Controlling Shareholders ($0.7m) ($0.24)/share(3) (1) (3) Adjusted Net Loss ($0.6m) ($0.23)/share (2) Adjusted EBITDA $4.1 Repurchase Program ▪ As of today
Slide 4: Recent Developments, S&P, Chartering & Operational Highlights
Recent Developments, S&P, Chartering & Operational Highlights Newbuildings / ▪ Sold MV Eirini P for $8.5 million; the vessel was delivered to her new owners, an unaffiliated third party, on Oct 21, 2025 S&P ▪ Alexandros P: fixed for about 40-50 days @ $26,000 (Incl 0.5 days ballast and 4 days waitin
Slide 5: Fleet Profile
Fleet Profile EuroDry’s current fleet is comprised of 11 vessels with an average age(1) of ~12.8 years and a carrying capacity of 766k DWT. With 2 Ultramax vessels of 63,500 DWT each under construction, scheduled for delivery in the second and third quarters of 2027, the total carrying capacity will
Slide 6: Current Fleet Employment Profile
Current Fleet Employment Profile Fixed rate coverage for the remaining of 2025 (as of September 30, 2025) is about 44.6% through charters, excluding ships on index charters which are open to market fluctuations but have secured employment 2025 2026 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Q3
Slide 7: Market Overview
Market Overview 7
Slide 8: Market Highlights 2025 Q3
Market Highlights 2025 Q3 Spot Rates ($/day) 1 Year TC Rates ($/day) Kamsarmax Panamax Supramax Kamsarmax Panamax Supramax 82k DWT 72k DWT 58k DWT 82k DWT 75k DWT 58k DWT Q3-2025 Average 15,768 14,468 16,909 Q3-2025 Average 14,885 13,346 13,125 Q3-2025 last Day (Sept 26) 16,250 14,950 18,875 Q3-2025
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 USA 2.6 1.5 2. 2.9 2.3 -3.5 5.9 1.9 2.9 2.8 2.0(1.9) 2.1(2.0) Eurozone 2.0 1.8 2.4 1.8 1.2 -6.6 5.3 3.4 0.5 0.9 1.2(1.0) 1.1(1.2) Japan 0.5 1.0 1.8 1.0 0.7 -4.8 2.2 1.0 1.4 0.1 1.
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 Nov-2025: 10.94% 10.0 0.0 2005 2008 2011 2012 2014 2015 2017 2018 2021 2024 2003 2004 2006 2007 2009 2010 2013 2016 2019 2020 2022 2023 2025 Orderbook as % of Fleet Current Orderbook ▪ The orderbook(1)
Slide 11: Dry Bulk Fleet Overview
Dry Bulk Fleet Overview Fleet Development(1) 1,200 20 % growth in DWT terms 1,000 m DWT, year start 15 800 600 10 400 5 200 0 0 2000 2003 2004 2008 2009 2013 2017 2018 2022 2023 2026 2001 2002 2005 2006 2007 2010 2011 2012 2014 2015 2016 2019 2020 2021 2024 2025 Total Bulkcarrier Fleet Development %
Slide 12: Outlook Summary
Outlook Summary ▪ Bulk carrier markets have been notably stronger recently, with the average TC rates (Supramax and Panamax) increasing by about 13% in Q3 compared to Q2, amid improved demand trends for a number of commodities; in addition, the deadly attacks in the Red Sea in the beginning of the s
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 (2015/Nov 2025) 90,000 35 80,000 30 70,000 25 60,000 50,000 20 $/day As of Nov 7, 2025, 1YR TC rate $m for 75k DWT Panamax vessel 40,000 stands at $15,125/day 15 30,
Slide 14: Financial Overview
Financial Overview 14
Slide 15: Financial Highlights: Q3 and 9M of 2024 and 2025
Financial Highlights: Q3 and 9M of 2024 and 2025 Q3 9M (in million USD except per share amounts) 2024 2025 Change (%) 2024 2025 Change (%) Net Revenues 14.71 14.39 (2.2%) 46.58 34.88 (25.1%) Net Income / (Loss) Attributable to Controlling Shareholders (4.18) (0.67) (6.37) (7.45) Net Gain/ (Loss) Att
Slide 16: Fleet Data: Q3 and 9M of 2024 and 2025
Fleet Data: Q3 and 9M of 2024 and 2025 Q3 9M (in USD/day/vessel exc. utilization rates) 2024 2025 2024 2025 Number of Vessels 13.0 12.0 13.0 12.3 Utililization Rate (%) Operational (1) 98.5% 99.3% 98.7% 99.2% Commercial (1) 100.0% 100.0% 99.9% 99.6% (1) Overall 98.5% 99.3% 98.5% 98.8% Time Charter E
Slide 17: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile 25.0 ▪ As of September 30, 2025, EuroDry has outstanding 20.0 debt of $97.9m with average margin of about 2.05% ▪ Agreed to finance the two NB Ultramaxes drawing $27m 10.2 and $26m debt, respectively, which will be available to 15.0 0.2 6.7 partially fin
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights Capital Structure (September 30, 2025) ($m) Notes Assets 220.0 ▪ Cash & Other Assets: ~$18.8m 200.0 ▪ Vessels Book Value: ~$176.1m Cash & Other Assets ▪ Advances for NB Vessels: ~$7.2m 180.0 Advances for NB vessels ▪ Total Assets (@ Book Value ) ~$202.1m 160.0 Net Book Value
Slide 19: 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