Star Bulk Carriers Corp. · NASDAQ:SBLK
Star Bulk Carriers — Q3 2025 Earnings Presentation
14 slides from Star Bulk Carriers's earnings presentation, Nov 19, 2025
Slide 1: Financial Results Q3 2025
FINANCIAL RESULTS Q3 2025 November 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains certain forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may include statements concerning the Company’s plans, objectives, goals
Slide 3: Q3 2025 Company Highlights
Q3 2025 Company Highlights Q3 Financial Highlights Q3 Daily Figures • Net Income of $18.5 million and Adjusted Net Income(1) of $32.4 million TCE per vessel(3) $16,634 • Adjusted EBITDA(2) of $87 million Avg. daily OPEX per vessel(4) $5,096 • Declared dividend of $0.11 per share with record date of
Slide 4: Creating Value for Shareholders
Creating Value for Shareholders Total Shareholder Value Creation (in $million) Dividends & Share Buybacks (in $million) Total actions of $2.8 billion in shareholders value creation since 2021 $546 $527 $445 $20.1 $10.3 $932 Dividend $275 Payments $393.1 $1,367 $525.9 $25.3 Share Buybacks $435.0 $249
Slide 5: Cash walk Q3 2025
Cash walk Q3 2025 Q3 2025 Cash Flow Bridge (USD million) $700.0 ($ 67.8) $600.0 $77.5 ($ 5.7) ($ 52.3) $500.0 ($ 6.6) ($ 3.7) ($ 7.2) $92.2 $400.0 $300.0 $457.2 $430.8 $200.0 $104.3(1) $100.0 $268.5 $0.0 Cash at Beginning Cash from Cash proceeds Debt Dividend Payment Scheduled debt Repurchase of NB
Slide 6: Continued Operational Excellence
Continued Operational Excellence We operate a fleet with one of the lowest average daily OPEX among our peers without compromising quality • For Q3 2025 vessel OPEX(1) were $5,096 per vessel per day • Net cash G&A(2) expenses per vessel per day were $1,325 for Q3 2025 • We are consistently in the to
Slide 7: Investing in Upgrading and Renewing our fleet
Investing in Upgrading and Renewing our fleet Fleet Renewal Lifetime Upgrades Newbuilding and Efficiency Upgrades CAPEX Schedule • On October, we entered into three novation and amendment agreements with Hengli Shipbuilding for 82k dwt Kamsarmax newbuilding vessels to be delivered in Q3 2026. $203.7
Slide 8: Scaled Fleet with Significant Operating Leverage
Scaled Fleet with Significant Operating Leverage Fleet Update • One of the largest dry bulk fleet among U.S. and European listed peers with 145 vessels, on a fully delivered basis(1), with an average age of ~11.9 years • On October, we entered into three novation and amendment agreements with Hengli
Slide 9: Driving Progress Across ESG Priorities
Driving Progress Across ESG Priorities • For the seventh consecutive year, Star Bulk has published its annual Environmental, Social, and Governance (ESG) Report, which provides a comprehensive overview of the Company’s sustainability strategy, performance, and future goals. • Through transparent and
Slide 10: Dry Bulk Supply Update
Dry Bulk Supply Update ₋ Dry bulk NET fleet growth running at +2.9% during the last 12 months Dry Bulk Fleet Growth • Jan-Oct 2025 deliveries: 31.2 mil. dwt / Up from 30.0 mil. dwt • Jan-Oct 2025 demolition: 3.9 mil. dwt / Up from 3.0 mil. dwt ₋ Orderbook decreased to ~10.9% of the fleet (~116.2 mil
Slide 11: Dry Bulk Demand Update
Dry Bulk Demand Update ₋ During 2025, TOTAL dry bulk ton-miles projected to increase +1.4%. Dry Bulk Trade 2020 2021 2022 2023 2024 2025 (f) 2026 (f) • Total dry bulk trade volumes increased 5.1% y-o-y during Q3, supported by strong iron (Million tons) ore, grain and minor bulk exports and a recover
Slide 12: Appendix
APPENDIX STAR BULK 12
Slide 13: Q4 2025 Fleet Coverage
Q4 2025 Fleet Coverage Fleet coverage for Q4 2025 Vessel Segment Coverage(1,2) • Fleet wide coverage for Q4 2025 of 74% at a TCE of Newcastlemax /Capesize 34 vessels $18,790/day (1,2) • Flexible chartering policy diversified across vessel segments 35% $27,325/day 65% ▪ Fixed days % Vessel Segment Co
Slide 14: Thank You
THANK YOU Contacts Company: Simos Spyrou, Christos Begleris Co ‐ Chief Financial Officers Star Bulk Carriers Corp. c/o Star Bulk Management Inc. 40 Ag. Konstantinou Av. Maroussi 15124 Athens, Greece Tel. +30 (210) 617-8400 Email: info@starbulk.com www.starbulk.com Investor Relations / Financial Medi