Pelagic Credit Plc · OSL:PLGC
Pelagic Credit — Q1 2026 Earnings Presentation
16 slides from Pelagic Credit's earnings presentation, May 29, 2026
Slide 1: Q1 2026 Earnings Presentation
1 Q1 2026 Earnings Presentation Tobias Backer, CEO 29 May 2026 Pelagic Credit
Slide 2: Disclaimer
2 Disclaimer The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law. Persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions. This presenta
Slide 3: Agenda
Agenda 1. Company overview @FH: Please add stock 2. Q1 2026 Review photo 3. Financial summary 4. Key takeaways
Slide 4: A yield-oriented maritime credit platform with contracted cash flows
A yield-oriented maritime credit platform with contracted cash flows Pelagic Credit About us Investment strategy Listed on Euronext Growth Oslo and headquartered in About Invest in sale- and leaseback transactions and other Limassol, Cyprus secured maritime credit structures Alternative investment f
Slide 5: Execution according to plan since IPO
Execution according to plan since IPO Key developments 1Q26 Closing of a lease financing of an Offshore Initial Public Offering on the Euronext Support Vessel for a German owner, adding Growth (Oslo) Stock Exchange on March 9, USD 28m to the gross bareboat charter 2026, raising USD 75m in gross equi
Slide 6: Key operational figures 1Q26
Key operational figures 1Q26 Key developments 1Q26 USD 2.3m USD 65.0m Gross bareboat charter earnings1,2 Gross bareboat charter backlog1,2 4.7 years 13.5% Average remaining charter tenor2 Project-level IRR3 (1) Represents total charter income, excludes extension options (2) as of 31/03/2026; (3) Pro
Slide 7: Portfolio snapshot
Portfolio snapshot Closed deals represent up to USD 73m of charter backlog Contractual Net Gross charter backlog Client Vessels Closing Tenor security investment1 (firm / optional)2 13.5% 3x MPPs Oct-25 5 years +1 Guarantee $17.6m $38.1m / $46.6m Base-case project-level IRR3,4 - 1x MPSV Feb-26 5 yea
Slide 8: Execution pipeline
Execution pipeline Robust pipeline of “turn-key” projects ensures timely deployment of funds Contractual Net Gross charter backlog Client Vessels Est. Closing Tenor security investment1 (firm / optional)2 Update Project in execution. 3x bulkers 3Q26 7 years 5-yr TC $10.6m $42.2m Improved end-user co
Slide 9: Deployment runway
Deployment runway Full deployment expected within FY26 Historical May ‘26 Execution Pipeline 2026 90 80 -2.6 75.0 7.2 70 -17.4 60 Deployment1 ($m) -8.5 50 -10.6 40 -5.0 30 -28.9 20 10 0 Equity raise Mar 26 Operating earnings1 Operating Deployment Deployment Deployment 3x Deployment 1x Deployment exp
Slide 10: Key financial figures 1Q26
Key financial figures 1Q26 Strong cash flow visibility in line with expectations USD 0.9m USD 48.7m 65% Net profit Cash balance Equity ratio1 11.9% USD 65.5m USD 39.7m Project-level dividend yield2,3 Lease capital outstanding Debt outstanding (1) Debt outstanding divided by total capitalization; (2)
Slide 11: Key takeaways
Key takeaways Disciplined growth, on track for quarterly distributions 1 1Q26 performance reflects resilient business model supported by predictable, contracted cash flows; well protected from the current macro-economic uncertainty 2 Listing and capital raise enable deployment into new high-quality
Slide 12: Appendices
Appendices Pelagic Partners 12
Slide 13: Interim condensed consolidated statement of profit or loss and other comprehensive income
Interim condensed consolidated statement of profit @FH: Please add stock or loss and other comprehensive income photo 1Q26 01/01/2026 - 31/03/2026 US$ Other income 379,933 Interest income calculated under the effective interest method 1,374,680 Administration expenses (399,309) Operating profit 1,35
Slide 14: Interim condensed consolidated statement of financial position
Interim condensed consolidated statement of financial position @FH: Please add stock photo 1Q26 31/03/2026 31/12/2025 US$ US$ ASSETS Non-current assets Other financial asset – restricted cash 600,000 600.000 Financial asset at amortised cost 55,544,992 38.035.600 56,144,992 38.635.600 Current assets
Slide 15: Interim condensed consolidated statement of cash flows
Interim condensed consolidated statement of cash flows @FH: Please add stock photo 1Q26 01/01/2026 - 31/03/2026 US$ CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax 903,828 Adjustments for: Amortisation of deferred financing cost 11,900 Interest income (81,825) Interest expense 516,651 Interes
Slide 16: Pelagic Credit
PELAGIC CREDIT Propelled by Pelagic Partners