Euroseas Ltd. · NASDAQ:ESEA
Euroseas — Q1 2026 Earnings Presentation
23 slides from Euroseas's earnings presentation, May 21, 2026
Slide 1: Earnings Presentation
Earnings Presentation Quarter Ended March 31, 2026 May 21, 2026 1
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: 2026 Q1 Financial Highlights
2026 Q1 Financial Highlights Financial Results in million USD except per share figures Q1 2026 Net Revenues 55.84 Net Income 32.52 4.65/ share(2) Adj. Net Income(1) 32.87 4.70/ share(2) (1) Adj. EBITDA 40.86 Dividend Declaration Repurchase Program ▪ Declared a quarterly dividend of $0.80 per share f
Slide 4: Recent Developments, S&P, Chartering & Operational Highlights
Recent Developments, S&P, Chartering & Operational Highlights ▪ Ordered additional 2 x 2,800 TEU Newbuildings ‒ Signed an agreement with Huanghai Shipbuilding Co. in China for the construction of two additional methanol- ready 2,800 TEU vessels with deliveries in Nov 2028 and Feb 2029. These vessels
Slide 5: Current Fleet Profile
Current Fleet Profile Current fleet consists of 21 vessels with an average age of 13.1(1) years and a carrying capacity of 61.1k TEU. Ten additional vessels, ranging from 1,781 TEU to 4,484 TEU, are expected to be delivered between Q3 2027 and Q1 2029. Name Type Size (DWT) Size (TEU) Year Built/Deli
Slide 6: Vessel Employment
Vessel Employment An optimized chartering strategy set to unlock continuous and significant cash flow through 2026 2026 2027 2028 Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul Aug Sep Oct Nov Dec Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 7: Market Overview
Market Overview 4 EUROSEAS 1p
Slide 8: Containership Market Highlights – Q1 2026
Containership Market Highlights – Q1 2026 ▪ In Q1 2026, one-year time charter rates remained firm at elevated levels, supported in the near term by a large share of the fleet being fixed forward as liner companies sought to manage disruption. Freight markets experienced more significant impacts, wit
Slide 9: Last 10 Year 6-12 Month TC Rates ($/day)
Last 10 Year 6-12 Month TC Rates ($/day) 1,700 TEU Geared 2,500 TEU Geared 70,000 80,000 60,000 70,000 60,000 50,000 May 15, 2026 May 15, 2026 50,000 $37,000/day 40,000 $/ day $/ day $29,250/day 40,000 30,000 30,000 $18,208 $22,954 20,000 20,000 $14,400 $11,063 10,000 10,000 0 0 Aug 20 Aug 25 Mar 20
Slide 10: World GDP & Shipping Demand Growth
World GDP & Shipping Demand Growth Real GDP (% p.a. - IMF) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026p 2027p USA 2.9 1.8 2.5 3.0 2.6 -2.1 6.2 2.5 2.9(2.5) 2.8(2.8) 2.1(2.1) 2.3(2.4) 2.1(2.0) Eurozone 2.1 1.8 2.6 1.8 1.6 -6.0 6.4 3.6 0.4(0.5) 0.9(0.8) 1.4(1.4) 1.1(1.3) 1.2(1.4) Japa
Slide 11: Age Profile and Orderbook
Age Profile and Orderbook Age Profile Containership Orderbook(1) 29% 16% 21% 20% 14% 10.0 For delivery in 26/27/28+ (as of May-26) 9.0 9.0 ▪ 8000+: 65 / 164 / 473 1.8 ▪ 3-7,999: 55 / 106 / 220 20.2% 8.0 8.0 ▪ 100-2,999: 109 / 180 / 176 7.0 7.0 1.0 0.1 6.0 6.0 mTEU 5.2 2.4 5.0 5.0 mTEU 2.1 0.8 4.0 10
Slide 12: Fleet Age Profile and Orderbook, 1000-3000 TEU
Fleet Age Profile and Orderbook, 1000-3000 TEU Age Profile Containership Orderbook(1) 23% 15% 9% 25% 28% 0.4 1.8 7.8% 1.6 5.8% 1.4 0.3 5.5% 1.2 0.7 0.5 mTEU 1.0 0.5 mTEU 0.2 0.8 2.6% 0.4 2.4% 0.6 0.5 0.6 0.1 0.4 0.7 0.1 0.4 0.3 0.2 0.3 0.2 0.0 0.1 0.1 0.1 0.0 0-4 5-9 10-14 15-19 20+ 2020 2021 2022 2
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) 17.0% 1.7% 15.6% 36.3% 29.4% 1.0 3.0 0.9 ~9.7% 2.5 0.8 0.9 9.9% 0.7 2.0 0.7 0.6 mTEU ~5.6% 0.5 mTEU 1.5 0.4 3.7% 1.0 0.7 0.3 0.3 2.0 2.3% 1.6 0.2 0.5 0.9 0.7 0.1 0.0 0.1 0.0 0.0 2020 2021 2022 2023 2024 2025 2026
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 remained firm in the first four months of 2026, driven by escalating conflict in the Middle East and resulting disruptions. TC rates have risen to new post-Covid highs, reflecting increased chartering interest from liner companies seeking to navigate thes
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 As of May 15, 2026, 1YR TC rate for 2,500 TEU vessel 40 60,000 stands at $37,000/day 50,000 30 $/ day mm USD 40,000 20 30,000 20,000 10 10,000 0 2016 2017 2018 2019 2020 2022
Slide 17: Financial Overview
Financial Overview 4 EUROSEAS 1p
Slide 18: Financial Highlights: Q1 2025 and 2026
Financial Highlights: Q1 2025 and 2026 First Quarter Six Mon (in million USD except per share amounts) 2025 2026 Change(%) Net Revenues 56.35 55.84 (0.9%) Net Income 36.91 32.52 (11.9%) Earnings per Share, Diluted 5.29 4.65 (12.1%) Interest & Finance Costs, Net(1) 3.40 1.31 Depreciation 8.05 6.68 (G
Slide 19: Fleet Data: Q1 2025 and 2026
Fleet Data: Q1 2025 and 2026 Q1 6M 2025 2026 Fleet (#) Number of Vessels 23.68 21.00 Utilization Operational 99.2% 100.0% (1) Commercial 100.0% 100.0% Rate (%) Overall 99.2% 100.0% TCE ($/day/vessel) Time Charter Equivalent(2) $27,563 $30,354 Vessel Opeating Expenses (excl. DD Expense) 6,676 6,989 G
Slide 20: Contract Coverage: A Forward Look
Contract Coverage: A Forward Look 2026 2027 2028 Average # of Vessels 20.2 19.5 24.3 Calendar Days 7,402 7,121 8,853 Available Days 7,331 7,034 8,838 Voyage Days 7,220 6,900 8,654 Total Utilization Rate 98% 98% 98% Contracted Days 6,771 5,336 3,811 Contract Coverage 92.4% 75.9% 43.1% Average Contrac
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 Cost of Funding: ▪ As of March 31, 2026, outstanding bank debt is 30.0 20.00 30.00 $213.3m with average margin of about 2.01%; $m 26.40 assuming 3M SOFR(1) of 3.65%, our cost of senior de
Slide 22: Balance Sheet Highlights
Balance Sheet Highlights Capital Structure Mar 2026 ($m) Notes Assets 700 ▪ Cash & Other current assets: $218.0m ▪ Advances for NB vessels: $45.2m Cash & Other 600 Assets ▪ Vessels book value: $459.6m ▪ Total assets (at book value): $722.7m 500 Liabilities Shareholders' Equity Advances for NB vessel
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