Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Q3 2025 Earnings Presentation
23 slides from Euroseas's earnings presentation, Nov 18, 2025
Slide 1: Earnings Presentation Quarter Ended September 30, 2025
Earnings Presentation Quarter Ended September 30, 2025 November 18, 20251
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 Q3 Financial Highlights
2025 Q3 Financial Highlights Financial Results in million USD except per share figures Q3 2025 Net Revenues 56.9 Net Income 29.7 4.25/ share(2) Adj. Net Income(1) 29.6 4.23/ share(2) Adj. EBITDA(1) 38.8 Dividend Declaration Repurchase Program ▪ Declared a quarterly dividend of $0.70 per share for th
Slide 4: Recent Developments, S&P, Chartering & Operational Highlights
Recent Developments, S&P, Chartering & Operational Highlights ▪ Sold MV Marcos V for $50.0 million; the vessel was delivered to her new owners, an unaffiliated third party, on S&P Oct 20, 2025 ▪ M/V Jonathan P: extended for min 11 to max 12 months for $25,000/ day (earliest redelivery date: Oct-2026
Slide 5: Current Fleet Profile
Current Fleet Profile Current on the water fleet is comprised of 21 vessels with an average age of 12.1(1) years and a carrying capacity of 61.1k TEU. Four vessels, each with a capacity of 4,484 TEU, are expected to be delivered, two in H2 2027 and two in H1 2028 Name Type Size (DWT) Size (TEU) Year
Slide 6: Vessel Employment
Vessel Employment An optimized chartering strategy set to unlock continuous and significant cash flow through 2026 2025 2026 2027 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 MARCOS V $15,000 Sold EM SPETSES $18,100 LEONIDA
Slide 7: Market Overview
Market Overview ed EUROSEAS 1p
Slide 8: Containership Market Highlights – Q3 2025
Containership Market Highlights – Q3 2025 ▪ In Q3 2025, one-year time charter rates remained firm at elevated levels, driven by tight supply due to the limited availability of ships. As a result, charterers needed to secure their requirements by fixing forward openings. However, the freight market h
Slide 9: Last 10 Year 6-12 Month TC Rates ($/day)
$/ day $/ day 20,000 40,000 60,000 80,000 0 100,000 120,000 10,000 20,000 30,000 40,000 50,000 60,000 70,000 0 Jan 15 Jan 15 Jun 15 Jun 15 Nov 15 Nov 15 Apr 16 Apr 16 Sep 16 Sep 16 $10,100 $16,870 $13,000 $26,322 Feb 17 Feb 17 Jul 17 Jul 17 Dec 17 Dec 17 May 18 3,500 TEU gls 6-12 Month 1,700 TEU grd
Slide 10: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020 2021 2022e 2023 2024e 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
Slide 11: Age Profile and Orderbook
Age Profile and Orderbook Age Profile Containership Orderbook(1) 28% 17% 21% 21% 12% For delivery in 25/26/27/28+ (as of Nov-25) 15.0% 9.0 6.0 ▪ 8000+: 14/ 95 / 164 / 341 1.7 ▪ 3-7,999: 9 / 53 / 73 / 74 8.0 ▪ 100-2,999: 26 / 97 / 104 / 66 5.0 7.0 0.1 0.8 6.0 4.0 10.8% 2.3 8.3% mTEU 5.0 4.8 mTEU 2.1
Slide 12: Fleet Age Profile and Orderbook, 1000-3000 TEU
Fleet Age Profile and Orderbook, 1000-3000 TEU Age Profile Containership Orderbook(1) 24% 14% 9% 26% 26% 0.4 1.6 7.8% 1.4 1.2 0.3 0.6 0.7 1.0 0.6 mTEU mTEU 0.8 0.2 3.4% 2.7% 0.6 0.3 2.0% 0.6 0.5 2.1% 0.4 0.7 0.1 0.1 0.3 0.2 0.3 0.2 0.3 0.0 0.1 0.1 0.1 0.0 0-4 5-9 10-14 15-19 20+ 2020 2021 2022 2023
Slide 13: Fleet Age Profile and Orderbook, 3,000-7,999 TEU
Fleet Age Profile and Orderbook, 3,000-7,999 TEU Age Profile Containership Orderbook(1) 3.5 0.8 16.6% 1.6% 16.8% 38.0% 27.1% 9.9% 0.7 3.0 0.6 2.5 0.8 0.5 2.0 mTEU mTEU 0.6 0.4 ~4.3% ~3.7% 1.5 3.3% 0.3 0.3 2.1 2.3% 1.0 0.6 0.2 1.5 0.5 1.0 0.1 0.6 0.0 0.0 0.1 0.0 0-4 5-9 10-14 15-19 20+ 2020 2021 2022
Slide 14: Different Supply Outlook for Feeders & Intermediate Containerships
Different Supply Outlook for Feeders & Intermediate Containerships ▪ Orderbook primarily concentrated on large containerships ‒ Capacity growth will be significant in the larger vessel sizes employed in the main lane routes between main hubs ‒ Regional distribution is done by “feeders”: the more mai
Slide 15: Outlook Summary
Outlook Summary ▪ Container shipping markets show mixed trends. TC rates remain strong, but the SCFI freight index has fallen to its lowest level since early 2024. ‒ TC rates remain near historic highs, supported by limited near-term supply (much of the fleet is fixed forward), continued rerouting t
Slide 16: Market Evolution
Market Evolution Cont 2,500 TEU One-Year Time Charter Rate Cont 2,500 TEU – NB & 10 Year Old Price 90,000 60 80,000 50 70,000 60,000 40 As of November 14, 2025, 1YR TC 50,000 rate for 2,500 TEU vessel stands $/ day at $35,750/day 30 mm USD 40,000 30,000 20 20,000 10 10,000 0 0 2015 2016 2017 2018 20
Slide 17: Financial Overview
Financial Overview ed EUROSEAS 1p
Slide 18: Financial Highlights: Q3 and 9M of 2024 and 2025
Financial Highlights: Q3 and 9M of 2024 and 2025 Third Quarter Nine Months (in million USD except per share amounts) 2024 2025 Change(%) 2024 2025 Change(%) Net Revenues 54.15 56.91 5.1% 159.59 170.49 6.8% Net Income 27.63 29.70 7.5% 88.38 96.47 9.2% Earnings per Share, Diluted 3.95 4.25 7.6% 12.66
Slide 19: Fleet Data: Q3 and 9M of 2024 and 2025
Fleet Data: Q3 and 9M of 2024 and 2025 Q3 9M 2024 2025 2024 2025 Fleet (#) Number of Vessels 23.00 22.00 21.30 22.60 Utilization Operational 99.8% 99.9% 99.8% 99.7% (1) Commercial 100.0% 100.0% 99.9% 100.0% Rate (%) Overall 99.8% 99.9% 99.7% 99.7% TCE ($/day/vessel) Time Charter Equivalent (2) $26,4
Slide 20: Contract Coverage: A Forward Look
Contract Coverage: A Forward Look 2026 2027 2028 Average # of Vessels 20.2 19.5 22.4 Calendar Days 7,402 7,121 8,177 Available Days 7,366 6,999 8,162 Voyage Days 7,208 6,869 7,993 Total Utilization Rate 98% 98% 98% Contracted Days 5,386 3,575 2,335 Contract Coverage 75% 52% 29% Average Contracted Ra
Slide 21: Debt Repayment Profile
Debt Repayment Profile Debt Repayment Profile 50.0 $30.0m (2 vessels) $20.0m (4 vessels) $26.4m (2 vessels) 40.0 5.4 Cost of Funding: ▪ As of September 30, 2025, outstanding bank debt is 30.0 20.0 $224.0m with average margin of about 2.01%; $m 30.0 assuming 3M SOFR(1) of 3.87%, our cost of senior de
Slide 22: Balance Sheet Highlights
Balance Sheet Highlights Capital Structure Sept 2025 ($m) Notes 700 Assets ▪ Cash & Other current assets: $126.4m 600 Cash & Other ▪ Advances for NB vessels: $35.9m Assets ▪ Vessels book value (incl. vessel held for sale): $512.5m Advances for NB vessels ▪ Total assets (at book value): $674.8m 500 S
Slide 23: Euroseas Contacts
Euroseas Contacts Euroseas Ltd. c/o Eurobulk Ltd 4, Messogiou & Evropis Street 151 24 Maroussi, Greece www.euroseas.gr euroseas@euroseas.gr Tel. +30-211-1804005 Fax.+30-211-1804097 Tasos Aslidis Nicolas Bornozis / Markella Kara Chief Financial Officer Investor Relations Euroseas Ltd. Capital Link, I