Ernst Russ Ag · XETR:ERAG
Ernst Russ — 41. Münchner Kapitalmarkt Konferenz (MKK) 2026
23 slides from Ernst Russ's conference presentation, Apr 22, 2026
Slide 1: MKK 22 April 2026
ERNST RUSS AG MKK 22 April 2026
Slide 2: Agenda
ERNST RUSS AG MKK 2026 Agenda 1 Introduction Ernst Russ 2 Ernst Russ Fleet 3 Financial Highlights 2025 & Forecast 2026 4 Strategic Outlook
Slide 3: Ernst Russ´ role in international shipping
ERNST RUSS AG MKK 2026 Ernst Russ´ role in international shipping Ship-owner / „Manage the Manager“ Subcontractors Tonnage Provider Commercial management Financing Technical management Providing tonnage for flexibility and growth Quality assurance Crewing Brokerage (Insurance, Sale & Purchase, Chart
Slide 4: Container Shipping – Charter Market
ERNST RUSS AG MKK 2026 Container Shipping – Charter Market Development of freight and charter rates Market Overview: 6000 Geopolitical Impact: Continued Red Sea re-routing supported TEU-mile demand 5000 and reshaped global trade flows. Trade policies: US–China tariff volatility 4000 pressured Transp
Slide 5: Ernst Russ Fleet
ERNST RUSS AG MKK 2026 Ernst Russ Fleet 27 18 x Container-Feeder Vessels on Water (800-3,000 TEU) 4x Cont. Intermediate 6 (3,000-5,000 TEU) Vessels on Order 1x Cont. Neo Panmax (10,000-15,000 TEU) ≈ USD 597 m Multipurpose Market value fleet on water 3x (13,000 dwt) %% %% 1x Bulker 16.6 years (40,000
Slide 6: Duration of Charter Parties – Container Vessels
ERNST RUSS AG MKK 2026 Ø Charter Duration of Charter Parties – Container Vessels Duration 32.6 months Name Ownership Segment Capacity Year built Apr 26 May 26 Jun 26 Jul 26 Aug 26 Sep 26 Oct 26 Nov 26 Dec 26 Min. Charter Rome Express Ernst Russ Container 13,400 TEU 2010 + Q2/2033 Venetia Ernst Russ
Slide 7: Duration of Charter Parties – Other Segments
ERNST RUSS AG MKK 2026 Duration of Charter Parties – Other Segments Name Ownership Segment Capacity Year built Apr 26 May 26 Jun 26 Jul 26 Aug 26 Sep 26 Oct 26 Nov 26 Dec 26 Min. Charter Multipurpose Louise Auerbach Joint Venture 4 Multipurpose 12,720 mt 2007 + Q2/2027 Ronnie Ernst Russ Multipurpose
Slide 8: Simple Earnings Logic ER-Fleet
ERNST RUSS AG MKK 2026 Simple Earnings Logic ER-Fleet Charter Trading OPEX EBITDA Rate Days Charter Rate: The Charterer pays a daily rate to rent an Ernst Russ vessel - average 18,135 USD/day in 2025. Trading days: The number of days the vessels are on-hire - in 2025 the Ernst Russ fleet operated 9,
Slide 9: Financial KPIs 2025
ERNST RUSS AG MKK 2026 Financial KPIs 2025 EBIT and EBITDA 158.1 EUR 126 Revenue 2025 EBITDA in EUR m 112 117 EBIT in EUR m 90 93 96 87 Thereof from vessel sales 68 EUR 126.2 m EBITDA 2025 38 30 11 4 63.0 % 2020 2021 2022 2023 2024 2025 Avg. EBITDA ratio last 3 years %% 192.6 % Debt-to-equity-ratio
Slide 10: Key Performance Indicators 2025 vs. 2024
ERNST RUSS AG MKK 2026 Key Performance Indicators 2025 vs. 2024 EBITDA- margin EBIT and EBITDA Key performance Shipping: Revenue vs. OPEX* Trading days 79.9% indicators on a decreased from 10,338 +35% 126 higher level than to 9,495 previous year 93 96 167 153 Despite a lower 68 Included are gains nu
Slide 11: Net Income FY 2025
ERNST RUSS AG MKK 2026 Net Income FY 2025 In EUR m Highlights EBIT 96.4 The Non-operating result includes in particular exchange rate differences Non-operating result -10.0 Net interest and investment income includes mainly interest on fixed- Net interest and term deposits and overnight investment 8
Slide 12: Balance Sheet 31.12.2025
ERNST RUSS AG MKK 2026 Balance Sheet 31.12.2025 Assets ∑ 355.0 ∑ 370.1 EUR m Highlights 226.9 241.2 Strong capitalization for future growth Vessels* Robust balance sheet with equity 110.7 114.3 Liquidity ratio of 79.1% (Adj.**: 84.2%) Other assets 17.4 14.6 31.12.2024 31.12.2025 Strategic joint vent
Slide 13: Cashflow FY 2025
ERNST RUSS AG MKK 2026 Cashflow FY 2025 In EUR m Cashflow EUR m Liquidity Highlights 110.7 01.01.2025 Strong EBITDA leads to positive Cashflow from operating Cashflow operating 86.9 activities Cashflow from investing activities includes proceeds from vessel sales Cashflow from (EUR 61.2 m) and inves
Slide 14: Forecast 2026
ERNST RUSS AG MKK 2026 Forecast 2026 EUR 145-160 m 97.0% Revenue Utilization Thereof contracted: EUR 138.6 m (2025: EUR 158.1 m) (2025: 97.7 %) EUR 34-44 m 1.20 USD/EUR EBIT FX-Rate © Dietmar Hasenpusch (2025: EUR 96.4 m incl. vessel sales of EUR 42.9 m) (2025: 1.13 USD/EUR) 14
Slide 15: Strategic Roadmap
ERNST RUSS AG MKK 2026 Strategic Roadmap Phase 1: Transformation Phase 2: Disciplined Growth Phase 3: Vision Start of the Fleet Modernization Program Diversified yield play focusing on risk mitigation Portfolio Approach ✓ Sale of older tonnage to rejuvenate fleet ✓ 24 container newbuildings ordered,
Slide 16: Consistent Progress in Strategy Execution – Some Highlights
ERNST RUSS AG MKK 2026 Consistent Progress in Strategy Execution – Some Highlights + USD Optimised fixed revenue backlog 200 m Optimised charter duration* (2 MPPs & in EUR m Tanker New- 35 32.6 buildings) +61% 449 30 26.0 25 279 20 13.7 15 10 2024 2025 2026 months 31.12.2024 31.12.2025 Reduction of
Slide 17: Diversified yield play focusing on risk mitigation
ERNST RUSS AG MKK 2026 Diversified yield play focusing on risk mitigation 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 Exemplary Long term charter dur
Slide 18: Ernst Russ Share Overview
ERNST RUSS AG MKK 2026 Ernst Russ Share Overview Performance of the share price (XETRA) Extended Research Coverage* 8,00 Montega AG („Buy“, target price 12.50 EUR, 17.04.2026) 6,00 Metzler („Buy“, target price 11.20 EUR, 16.04.2026) 4,00 mwb Research („Buy“, target price 13.50 EUR, 15.04.2026) 2,00
Slide 19: Resilient Amid Disruption – HALO
ERNST RUSS AG MKK 2026 Resilient Amid Disruption HALO Heavy Assets Low Obsolescence Substantial physical capital with high replication barriers — Economic relevance that persists across technological cycles — cost, regulation, time-to-build, engineering complexity. assets that AI cannot replace or c
Slide 20: Financial Calendar 2026
ERNST RUSS AG MKK 2026 Financial Calendar 2026 22 April 2026 28 May 2026 4 June 2026 23 June 2026 MKK 3-Month Report AGM 2026 Scale Summit Munich + Earnings Call virtual virtual 24 June 2026 25 August 2026 26 August 2026 12 November 2026 mwb inspired Half-Year Report HIT 9-Month Report virtual + Ear
Slide 21: Q&A
ERNST RUSS AG Q&A We are happy to answer your questions
Slide 22: Disclaimer
ERNST RUSS AG MKK 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 conditions. The d
Slide 23: 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
Ernst Russ — 41. Münchner Kapitalmarkt Konferenz (MKK) 2026 on 6ix