Slide 1: Earnings Presentation, Quarter Ended December 31, 2025
Earnings Presentation Quarter Ended December 31, 2025 February 20, 20261
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 Fourth Quarter Financial Highlights
2025 Fourth Quarter Financial Highlights Financial Results in $m, unless otherwise indicated Q4 2025 Net Revenues $17.4m Net Income Attributable to Controlling Shareholders $3.2 $1.14/share(3) (1) (3) Adjusted Net Income $2.4 $0.87/share Adjusted EBITDA(2) $7.5 Repurchase Program ▪ As of today, we h
Slide 4: Recent Developments, S&P, Chartering & Operational Highlights
Recent Developments, S&P, Chartering & Operational Highlights S&P ▪ Sold MV Eirini P for $8.5 million; the vessel was delivered to her new owners, an unaffiliated third party, on Oct 21, 2025 ▪ Alexandros P: fixed for about 30 days @$22,000 (Incl 12.0 days ballast, the TCE stands at $13,000) ▪ Bless
Slide 5: Fleet Profile
Fleet Profile EuroDry’s current fleet is comprised of 11 vessels with an average age(1) of ~13.8 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 2026 is about 21.8% 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 Q4 Q1 Q2 Eirini P $8,000 $14,650 $13,00
Slide 7: Market Overview
Market Overview 7
Slide 8: Market Highlights 2025 Q4
Market Highlights 2025 Q4 Spot Rates ($/day) 1 Year TC Rates ($/day) Kamsarmax Panamax Supramax Kamsarmax Panamax Supramax 82k DWT 72k DWT 58k DWT 82k DWT 75k DWT 58k DWT Q4-2025 Average 15,872 14,572 17,768 Q4-2025 Average 15,908 14,640 13,923 Q4-2025 last Day (Dec 26) 10,950 9,650 15,688 Q4-2025 l
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 2025 2026p 2027p USA 2.6 1.5 2. 2.9 2.3 -3.5 5.9 1.9 2.9 2.8 2.1(2.0) 2.4(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 1.4(1.2) 1.3(1.1) 1.4 Japan 0.5 1.0 1.8 1.0 0.7 -4.8 2.2 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 Feb-2026: 12.39% 10.0 0.0 2005 2006 2010 2011 2015 2016 2020 2021 2025 2026 2003 2004 2007 2008 2009 2012 2013 2014 2017 2018 2019 2022 2023 2024 Orderbook as % of Fleet Current Orderbook ▪ The orderbo
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 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 Fleet Dev
Slide 12: Outlook Summary
Outlook Summary ▪ Bulk carrier markets firmed in Q4, with average Supramax and Panamax TC rates rising around 8% from Q3, the strongest levels in two years. Seasonal increases in demand for dry bulk cargoes supported the gains. Historical trading patterns which traditionally pushed the dry bulk mark
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/Feb 2026) 90,000 35 80,000 30 70,000 25 60,000 50,000 20 $/day As of Feb 13, 2026, 1YR TC rate $m for 75k DWT Panamax vessel 40,000 stands at $16,250/day 15 30
Slide 14: Financial Overview
Financial Overview 14
Slide 15: Financial Highlights: Q4 and 12M of 2024 and 2025
Financial Highlights: Q4 and 12M of 2024 and 2025 Q4 12M (in million USD except per share amounts) 2024 2025 Change (%) 2024 2025 Change (%) Net Revenues 14.51 17.39 19.9% 61.08 52.26 (14.4%) Net Income / (Loss) Attributable to Controlling Shareholders (6.23) 3.18 (12.61) (4.26) Interest & Finance C
Slide 16: Fleet Data: Q4 and 12M of 2024 and 2025
Fleet Data: Q4 and 12M of 2024 and 2025 Q4 12M (in USD/day/vessel exc. utilization rates) 2024 2025 2024 2025 Number of Vessels 13.0 11.2 13.0 12.0 Utililization Rate (%) Operational (1) 99.4% 99.6% 98.9% 99.3% (1) 100.0% 100.0% 99.9% 99.7% Commercial Overall(1) 99.4% 99.6% 98.8% 99.0% Time Charter
Slide 17: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile 25.0 20.0 10.2 ▪ As of December 31, 2025, EuroDry has outstanding debt 15.0 of $103.7m with average margin of about 1.99% 6.7 $m 21.6 1.2 ▪ Assuming 3Μ SOFR(1) of 3.66%, our cost of senior debt 10.0 as of December 31, 2025 is about 5.65% 5.0 11.0 10.8 10
Slide 18: Balance Sheet Highlights
Balance Sheet Highlights Capital Structure (December 31, 2025) ($m) Notes Assets 220.0 ▪ Cash & Other Assets: ~$31.8m ▪ Vessels Book Value: ~$165.9m 200.0 Cash & Other Assets ▪ Advances for NB Vessels: ~$14.4m 180.0 ▪ Total Assets (@ Book Value ) ~$212.1m Advances for NB vessels Net Book Value 160.0
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