Ernst Russ Ag · XETR:ERAG
Ernst Russ — Q2 2026 Earnings Presentation
26 slides from Ernst Russ's earnings presentation, Aug 25, 2026
Slide 1: Earnings Call Q2 2026
ERNST RUSS AG Earnings Call Q2 2026 25 August 2026
Slide 2: Disclaimer
ERNST RUSS AG EARNINGS CALL Q2 2026 Disclaimer This presentation has been prepared by Ernst Russ AG ("Company") and comprises the written materials/slides for a presentation concerning the Company. By attending this presentation and/or reviewing the slides you agree to be bound by the following cond
Slide 3: Agenda
ERNST RUSS AG Agenda 1 Ernst Russ AG at a glance 2 Fleet update & market 3 Financials Q2 & H1 2026 4 Q&A
Slide 4: Transformation – From a fund manager to a diversified shipowner
ERNST RUSS AG EARNINGS CALL Q2 2026 Transformation – From a fund manager to a diversified shipowner 2025 - 2024 Diversified listed 2019 shipowner Pure play shipping Start transformation with the vision to become leading european shipping Fund based asset Action required regarding vessel portfolio an
Slide 5: Business Model – Tonnage Provider and "Manage the Manager"
ERNST RUSS AG EARNINGS CALL Q2 2026 Business Model – Tonnage Provider and “Manage the Manager” Shipowner / „Manage the Manager“ Subcontractors Tonnage Provider Commercial management Financing Technical management Providing tonnage for flexibility and growth Quality assurance Crewing Brokerage (Insur
Slide 6: Shipping – Enabling Global Trade
ERNST RUSS AG EARNINGS CALL Q2 2026 Shipping – Enabling Global Trade Bakkafoss Skogafoss Ido Faith Mirror Hebe Rubina EF Ava EF Eldra Trouper Lodur Meandi Dream Ronnie Isabella B Visitor Rita Venetia Charlie Louise Auerbach Rome Express EF Olivia Frida Russ EF Emma Shipping is critical infrastructur
Slide 7: Existing fleet – Ernst Russ as of 30.06.2026
ERNST RUSS AG EARNINGS CALL Q2 2026 Existing fleet – Ernst Russ as of 30.06.2026 27* Vessels on Water Vessels on Water 18 x Container Feeder (800-3,000 TEU) ≈ USD 621 m Market value fleet 4x Container Intermediate 19,716 USD (3,000-5,000 TEU) ∅ Charter rate p.d. 21.8 months Container-Feeder %% ∅ Rem
Slide 8: Existing fleet – Charter Duration
ERNST RUSS AG EARNINGS CALL Q2 2026 Existing fleet – Charter Duration Name Ownership Segment Capacity Year built Q3 2026 Q4 2026 Q1 2027 Q2 2027 Min. Charter* Container Rome Express Ernst Russ Container 13,371 TEU 2010 + Q2/2033 Frida Russ Ernst Russ Container 2,194 TEU 2017 + Q2/2029 Venetia Ernst
Slide 9: Charter – Focusing on diversification and long-term charters
ERNST RUSS AG EARNINGS CALL Q2 2026 Charter – Focusing on diversification and long-term charters Multipurpose Container Bulker Tanker Tanker Gas Carrier Gas Carrier / LNG/ LNG Multipurpose sector Multi- 2 MPPs 2 new- 4 new- acquired buildings buildings in 2026 on order acquired counterparts Exemplar
Slide 10: Acquisition Pipeline – Ernst Russ as of 30.06.2026
ERNST RUSS AG EARNINGS CALL Q2 2026 2x Acquisition Pipeline – Ernst Russ as of 30.06.2026 Name Ownership Segment Capacity Year built 2026 2027 2028 2029 2030 2031 2032 Charter Container Newbuilding 1 Joint Venture 1 Container 2,280 TEU 2028 + 10 yrs Newbuilding 2 Joint Venture 1 Container 2,280 TEU
Slide 11: Market update – Charter rates continue to benefit from disruptions
ERNST RUSS AG EARNINGS CALL Q2 2026 Market update – Charter rates continue to benefit from disruptions Development of time charter rates (indexed basis Jan 2025 = 100*) Highlights 140 135 Shipping segments operate on distinct 130 fundamentals and have largely 125 uncorrelated charter rates. 120 Red
Slide 12: Q2 2026
_ y 022026
Slide 13: Financials – KPIs Q2 2026
ERNST RUSS AG EARNINGS CALL Q2 2026 Financials – KPIs Q2 2026 EBIT and EBITDA quarterly EUR 40.9 m EBITDA in EUR m 48 Revenue EBIT in EUR m 40 Thereof from vessel sales 29 EUR 19.1 m 27 23 23 26 EBITDA 21 22 21 22 21 19 19 15 15 16 15 13 11 EUR 11.4 m EBIT Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2
Slide 14: Financials – Profit Performance Q2 (I)
ERNST RUSS AG EARNINGS CALL Q2 2026 Financials – Profit Performance Q2 (I) In EUR m Q2 2026 Q2 2025 Highlights 40.9 38.9 Revenues nearly stable: higher Shipping segment income from stronger average charter rate offset 23.2 by lower Management Services 19.1 revenues. 15.2 11.4 Other operating income
Slide 15: Financials – Profit Performance Q2 (II)
ERNST RUSS AG EARNINGS CALL Q2 2026 Financials – Profit Performance Q2 (II) In EUR m Q2 2026 Q2 2025 Highlights 15.2 Earnings 13.1 13.0 per share EBIT of EUR 11.4 m (Q2 2025: EUR 11.4 11.7 11.5 0.28 EUR 15.2 m), driven by effect from PY 10.3 containership disposal. 9.3 Non-operating result benefited
Slide 16: Financials – Cashflow Q2 2026
ERNST RUSS AG EARNINGS CALL Q2 2026 Financials – Cashflow Q2 2026 In EUR m Cashflow EUR m Liquidity Highlights 01.04.2026 120.2 Strong EBITDA leads to positive Cashflow from operating Cashflow. operating activities 20.7 Cashflow from investing activities includes advance payments Cashflow from regar
Slide 17: Financials – Balance Sheet 30.06.2026
ERNST RUSS AG EARNINGS CALL Q2 2026 Financials – Balance Sheet 30.06.2026 Assets ∑ 417.4 EUR m ∑ 370.1 Highlights 286.4 Strong capitalization for future 241.2 growth. Vessels* Increase in vessel assets due to Liquidity 114.3 117.7 Other assets acquisition for 2 MPP vessels and 14.6 13.3 advance paym
Slide 18: H1 2026
_Y 12026
Slide 19: Financials – KPIs H1 2026
ERNST RUSS AG EARNINGS CALL Q2 2026 Financials – KPIs H1 2026 EUR 78.6 m Revenue EUR 39.7 m EBITDA EUR 24.6 m EBIT %% 184.4 % Cash ratio 30.06.2026* 73.4 % Equity ratio 30.06.2026 EUR 0.60 Earnings per share * Liquidity in relation to current liabilities. 19
Slide 20: Financials – Cashflow H1 2026
ERNST RUSS AG EARNINGS CALL Q2 2026 Financials – Cashflow H1 2026 In EUR m Cashflow EUR m Liquidity Highlights 01.01.2026 114.3 Cashflow from operating activities Cashflow from declined compared to EUR 47.6 m in operating activities 38.1 H1 2025, reflecting slightly lower EBITDA excluding vessel sal
Slide 21: Financials – Updated Forecast 2026
ERNST RUSS AG EARNINGS CALL Q2 2026 Financials – Updated Forecast 2026 MV Lodur EUR 145-160 m 97.0% Revenues Utilization Thereof contracted: EUR 151.4 m* (2025: EUR 158.1 m) (2025: 97.7 %) Upward revision from EUR 34-44 m EUR 45-55 m 1.18 USD/EUR EBIT FX-Rate H2 2026 prev. guidance 1.20 (2025: EUR 9
Slide 22: Invest – Our share
ERNST RUSS AG EARNINGS CALL Q2 2026 Invest – Our share Consensus Performance of the share price (XETRA) Extended Research Coverage* EUR 12.85 10,00 mwb Research („Buy“, target price 13.70 EUR, 18.08.2026) 8,00 6,00 Metzler („Buy“, target price 11.70 EUR, 12.08.2026) 4,00 Montega AG („Buy“, target pr
Slide 23: Invest – Upcoming financial events
ERNST RUSS AG EARNINGS CALL Q2 2026 Invest – Upcoming financial events 26 August 2026 31 August 2026 07 September 2026 HIT Fall Conference 2026 Roadshow Metzler Hamburg Frankfurt Paris 16-17 September 2026 22 October 2026 12 November 2026 12 November 2026 Pareto Energy Arctic Shipping Nine-Month Rep
Slide 24: The short version – Four figures
ERNST RUSS AG EARNINGS CALL Q2 2026 The short version – Four figures 4 Segments 32.0 months ∅ Remaining duration charter contracts (min.) 688.6 28.0 % USD m Charter Backlog* Free float* * Including acquisition pipeline. 24
Slide 25: Q&A
ERNST RUSS AG Q&A We are happy to answer your questions!
Slide 26: Thank you for your attention!
ERNST RUSS AG Thank you for your attention! Ernst Russ AG Picture title and back: Adobe Stock © Mariusz Elbchaussee 370 22609 Hamburg Germany ir@ernst-russ.de | +49 40 8888 1 1800